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空气化工产品公司（APD）与林德（LIN）财务数据对比。点击上方公司名可切换其他公司
林德的季度营收约是空气化工产品公司的2.8倍（$8.8B vs $3.1B）。空气化工产品公司净利率更高（21.9% vs 17.5%，领先4.4%）。空气化工产品公司同比增速更快（5.8% vs 5.8%）。林德自由现金流更多（$1.6B vs $-350.5M）。过去两年林德的营收复合增速更高（4.0% vs 2.9%）
空气化工产品公司是全球知名的工业气体供应商，业务覆盖全球各地，主营大气气体、工艺气体、特种气体、相关设备及服务，产品涵盖氧气、氮气、氩气、氢气、氦气、二氧化碳、一氧化碳、合成气等，同时供应空分装置、非低温发生器等气体生产处理设备，服务炼油、化工、气化等多个行业领域。
林德是全球知名跨国化工企业，按市场份额及营收计为全球最大工业气体供应商。公司1879年由德国科学家、工程师卡尔·冯·林德在德国威斯巴登创立，现总部位于英国沃金，在爱尔兰注册，2018年由原林德股份公司与1907年在美国成立的普莱克斯合并组建。
APD vs LIN — 直观对比
营收规模更大
LIN
是对方的2.8倍
$3.1B
营收增速更快
APD
高出0.0%
5.8%
净利率更高
APD
高出4.4%
17.5%
自由现金流更多
LIN
多$1.9B
$-350.5M
两年增速更快
LIN
近两年复合增速
2.9%
损益表 — Q1 2026 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $3.1B | $8.8B |
| 净利润 | $678.2M | $1.5B |
| 毛利率 | 32.1% | — |
| 营业利润率 | 23.7% | 23.0% |
| 净利率 | 21.9% | 17.5% |
| 营收同比 | 5.8% | 5.8% |
| 净利润同比 | 9.8% | -11.3% |
| 每股收益（稀释后） | $3.04 | $3.28 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收APDLIN
| Q4 25 | $3.1B | $8.8B | ||
| Q3 25 | $3.2B | $8.6B | ||
| Q2 25 | $3.0B | $8.5B | ||
| Q1 25 | $2.9B | $8.1B | ||
| Q4 24 | $2.9B | $8.3B | ||
| Q3 24 | $3.2B | $8.4B | ||
| Q2 24 | $3.0B | $8.3B | ||
| Q1 24 | $2.9B | $8.1B |
净利润APDLIN
| Q4 25 | $678.2M | $1.5B | ||
| Q3 25 | $4.9M | $1.9B | ||
| Q2 25 | $713.8M | $1.8B | ||
| Q1 25 | $-1.7B | $1.7B | ||
| Q4 24 | $617.4M | $1.7B | ||
| Q3 24 | $1.9B | $1.6B | ||
| Q2 24 | $696.6M | $1.7B | ||
| Q1 24 | $572.4M | $1.6B |
毛利率APDLIN
| Q4 25 | 32.1% | — | ||
| Q3 25 | 32.3% | — | ||
| Q2 25 | 32.5% | — | ||
| Q1 25 | 29.6% | — | ||
| Q4 24 | 31.2% | — | ||
| Q3 24 | 34.0% | — | ||
| Q2 24 | 32.8% | — | ||
| Q1 24 | 32.0% | — |
营业利润率APDLIN
| Q4 25 | 23.7% | 23.0% | ||
| Q3 25 | 0.5% | 27.5% | ||
| Q2 25 | 26.2% | 27.7% | ||
| Q1 25 | -79.8% | 26.9% | ||
| Q4 24 | 22.0% | 27.4% | ||
| Q3 24 | 76.1% | 25.0% | ||
| Q2 24 | 24.7% | 26.4% | ||
| Q1 24 | 21.7% | 25.9% |
净利率APDLIN
| Q4 25 | 21.9% | 17.5% | ||
| Q3 25 | 0.2% | 22.4% | ||
| Q2 25 | 23.6% | 20.8% | ||
| Q1 25 | -59.3% | 20.6% | ||
| Q4 24 | 21.1% | 20.8% | ||
| Q3 24 | 61.2% | 18.5% | ||
| Q2 24 | 23.3% | 20.1% | ||
| Q1 24 | 19.5% | 20.1% |
每股收益（稀释后）APDLIN
| Q4 25 | $3.04 | $3.28 | ||
| Q3 25 | $0.03 | $4.09 | ||
| Q2 25 | $3.20 | $3.73 | ||
| Q1 25 | $-7.77 | $3.51 | ||
| Q4 24 | $2.77 | $3.61 | ||
| Q3 24 | $8.75 | $3.22 | ||
| Q2 24 | $3.13 | $3.44 | ||
| Q1 24 | $2.57 | $3.35 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $1.0B | $5.1B |
| 总债务越低越好 | — | $20.7B |
| 股东权益账面价值 | $15.4B | $38.2B |
| 总资产 | $41.2B | $86.8B |
| 负债/权益比越低杠杆越低 | — | 0.54× |
8季度趋势，按日历期对齐
现金及短期投资APDLIN
| Q4 25 | $1.0B | $5.1B | ||
| Q3 25 | $1.9B | $4.5B | ||
| Q2 25 | $2.3B | $4.8B | ||
| Q1 25 | $1.6B | $5.3B | ||
| Q4 24 | $2.0B | $4.8B | ||
| Q3 24 | $3.0B | $5.2B | ||
| Q2 24 | $2.4B | $4.6B | ||
| Q1 24 | $2.6B | $4.8B |
总债务APDLIN
| Q4 25 | — | $20.7B | ||
| Q3 25 | — | $18.6B | ||
| Q2 25 | — | $19.7B | ||
| Q1 25 | — | $17.6B | ||
| Q4 24 | — | $15.3B | ||
| Q3 24 | — | $17.5B | ||
| Q2 24 | — | $16.9B | ||
| Q1 24 | — | $15.2B |
股东权益APDLIN
| Q4 25 | $15.4B | $38.2B | ||
| Q3 25 | $15.0B | $38.6B | ||
| Q2 25 | $15.5B | $38.5B | ||
| Q1 25 | $14.7B | $38.0B | ||
| Q4 24 | $16.7B | $38.1B | ||
| Q3 24 | $17.0B | $39.2B | ||
| Q2 24 | $15.1B | $38.2B | ||
| Q1 24 | $14.9B | $38.8B |
总资产APDLIN
| Q4 25 | $41.2B | $86.8B | ||
| Q3 25 | $41.1B | $86.0B | ||
| Q2 25 | $41.7B | $86.1B | ||
| Q1 25 | $38.9B | $82.7B | ||
| Q4 24 | $40.0B | $80.1B | ||
| Q3 24 | $39.6B | $82.5B | ||
| Q2 24 | $37.0B | $80.2B | ||
| Q1 24 | $35.9B | $80.3B |
负债/权益比APDLIN
| Q4 25 | — | 0.54× | ||
| Q3 25 | — | 0.48× | ||
| Q2 25 | — | 0.51× | ||
| Q1 25 | — | 0.46× | ||
| Q4 24 | — | 0.40× | ||
| Q3 24 | — | 0.45× | ||
| Q2 24 | — | 0.44× | ||
| Q1 24 | — | 0.39× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $900.7M | $3.0B |
| 自由现金流经营现金流 - 资本支出 | $-350.5M | $1.6B |
| 自由现金流率自由现金流/营收 | -11.3% | 17.9% |
| 资本支出强度资本支出/营收 | 40.3% | 16.6% |
| 现金转化率经营现金流/净利润 | 1.33× | 1.98× |
| 过去12个月自由现金流最近4个季度 | — | $5.1B |
8季度趋势，按日历期对齐
经营现金流APDLIN
| Q4 25 | $900.7M | $3.0B | ||
| Q3 25 | — | $2.9B | ||
| Q2 25 | $855.8M | $2.2B | ||
| Q1 25 | $328.1M | $2.2B | ||
| Q4 24 | $811.7M | $2.8B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | $1.3B | $1.9B | ||
| Q1 24 | $801.7M | $2.0B |
自由现金流APDLIN
| Q4 25 | $-350.5M | $1.6B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | $-640.0M | $954.0M | ||
| Q1 25 | $-1.6B | $891.0M | ||
| Q4 24 | $-1.3B | $1.6B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | $-345.2M | $796.0M | ||
| Q1 24 | $-867.7M | $906.0M |
自由现金流率APDLIN
| Q4 25 | -11.3% | 17.9% | ||
| Q3 25 | — | 19.4% | ||
| Q2 25 | -21.2% | 11.2% | ||
| Q1 25 | -53.6% | 11.0% | ||
| Q4 24 | -44.5% | 18.8% | ||
| Q3 24 | — | 19.9% | ||
| Q2 24 | -11.6% | 9.6% | ||
| Q1 24 | -29.6% | 11.2% |
资本支出强度APDLIN
| Q4 25 | 40.3% | 16.6% | ||
| Q3 25 | 47.9% | 14.8% | ||
| Q2 25 | 49.5% | 14.8% | ||
| Q1 25 | 64.9% | 15.7% | ||
| Q4 24 | 72.2% | 15.1% | ||
| Q3 24 | 65.1% | 12.8% | ||
| Q2 24 | 53.8% | 13.7% | ||
| Q1 24 | 57.0% | 12.9% |
现金转化率APDLIN
| Q4 25 | 1.33× | 1.98× | ||
| Q3 25 | — | 1.53× | ||
| Q2 25 | 1.20× | 1.25× | ||
| Q1 25 | — | 1.29× | ||
| Q4 24 | 1.31× | 1.63× | ||
| Q3 24 | — | 1.76× | ||
| Q2 24 | 1.81× | 1.16× | ||
| Q1 24 | 1.40× | 1.20× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
APD
| Other | $1.6B | 53% |
| Onsite | $783.9M | 25% |
| Merchant | $557.8M | 18% |
| Saleof Equipment | $117.0M | 4% |
LIN
| Other | $4.9B | 56% |
| Packaged Gas | $1.6B | 19% |
| Merchant | $1.2B | 14% |
| On Site | $950.0M | 11% |
| Other Distribution Methods | $64.0M | 1% |
