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空气化工产品公司（APD）与LINCOLN NATIONAL CORP（LNC）财务数据对比。点击上方公司名可切换其他公司
LINCOLN NATIONAL CORP的季度营收约是空气化工产品公司的1.6倍（$4.9B vs $3.1B），空气化工产品公司净利率更高（21.9% vs 15.3%，领先6.5%），空气化工产品公司同比增速更快（5.8% vs -2.8%），过去两年LINCOLN NATIONAL CORP的营收复合增速更高（9.4% 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。
林肯国民公司是美国财富200强控股企业，通过旗下多家子公司开展保险、投资管理等多元金融业务，“林肯金融集团”是该公司及其所有子公司共同使用的市场推广品牌名称。
APD vs LNC — 直观对比
营收规模更大
LNC
是对方的1.6倍
$3.1B
营收增速更快
APD
高出8.6%
-2.8%
净利率更高
APD
高出6.5%
15.3%
两年增速更快
LNC
近两年复合增速
2.9%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.1B | $4.9B |
| 净利润 | $678.2M | $755.0M |
| 毛利率 | 32.1% | — |
| 营业利润率 | 23.7% | 18.6% |
| 净利率 | 21.9% | 15.3% |
| 营收同比 | 5.8% | -2.8% |
| 净利润同比 | 9.8% | -55.2% |
| 每股收益（稀释后） | $3.04 | $4.32 |
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APDLNC
| Q4 25 | $3.1B | $4.9B | ||
| Q3 25 | $3.2B | $4.6B | ||
| Q2 25 | $3.0B | $4.0B | ||
| Q1 25 | $2.9B | $4.7B | ||
| Q4 24 | $2.9B | $5.1B | ||
| Q3 24 | $3.2B | $4.1B | ||
| Q2 24 | $3.0B | $5.2B | ||
| Q1 24 | $2.9B | $4.1B |
净利润APDLNC
| Q4 25 | $678.2M | $755.0M | ||
| Q3 25 | $4.9M | $445.0M | ||
| Q2 25 | $713.8M | $699.0M | ||
| Q1 25 | $-1.7B | $-722.0M | ||
| Q4 24 | $617.4M | $1.7B | ||
| Q3 24 | $1.9B | $-528.0M | ||
| Q2 24 | $696.6M | $895.0M | ||
| Q1 24 | $572.4M | $1.2B |
毛利率APDLNC
| 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APDLNC
| Q4 25 | 23.7% | 18.6% | ||
| Q3 25 | 0.5% | 11.5% | ||
| Q2 25 | 26.2% | 21.0% | ||
| Q1 25 | -79.8% | -20.2% | ||
| Q4 24 | 22.0% | 41.5% | ||
| Q3 24 | 76.1% | -17.1% | ||
| Q2 24 | 24.7% | 21.3% | ||
| Q1 24 | 21.7% | 37.1% |
净利率APDLNC
| Q4 25 | 21.9% | 15.3% | ||
| Q3 25 | 0.2% | 9.8% | ||
| Q2 25 | 23.6% | 17.3% | ||
| Q1 25 | -59.3% | -15.4% | ||
| Q4 24 | 21.1% | 33.3% | ||
| Q3 24 | 61.2% | -12.8% | ||
| Q2 24 | 23.3% | 17.4% | ||
| Q1 24 | 19.5% | 29.7% |
每股收益（稀释后）APDLNC
| Q4 25 | $3.04 | $4.32 | ||
| Q3 25 | $0.03 | $2.12 | ||
| Q2 25 | $3.20 | $3.80 | ||
| Q1 25 | $-7.77 | $-4.41 | ||
| Q4 24 | $2.77 | $9.66 | ||
| Q3 24 | $8.75 | $-3.29 | ||
| Q2 24 | $3.13 | $5.11 | ||
| Q1 24 | $2.57 | $6.93 |
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 | — |
| 总债务越低越好 | — | $6.3B |
| 股东权益账面价值 | $15.4B | $10.9B |
| 总资产 | $41.2B | $417.2B |
| 负债/权益比越低杠杆越低 | — | 0.57× |
8季度趋势，按日历期对齐
现金及短期投资APDLNC
| Q4 25 | $1.0B | — | ||
| Q3 25 | $1.9B | — | ||
| Q2 25 | $2.3B | — | ||
| Q1 25 | $1.6B | — | ||
| Q4 24 | $2.0B | — | ||
| Q3 24 | $3.0B | — | ||
| Q2 24 | $2.4B | — | ||
| Q1 24 | $2.6B | — |
总债务APDLNC
| Q4 25 | — | $6.3B | ||
| Q3 25 | — | $5.8B | ||
| Q2 25 | — | $5.8B | ||
| Q1 25 | — | $5.9B | ||
| Q4 24 | — | $6.1B | ||
| Q3 24 | — | $5.9B | ||
| Q2 24 | — | $5.7B | ||
| Q1 24 | — | $5.7B |
股东权益APDLNC
| Q4 25 | $15.4B | $10.9B | ||
| Q3 25 | $15.0B | $10.5B | ||
| Q2 25 | $15.5B | $9.5B | ||
| Q1 25 | $14.7B | $8.2B | ||
| Q4 24 | $16.7B | $8.3B | ||
| Q3 24 | $17.0B | $9.0B | ||
| Q2 24 | $15.1B | $7.9B | ||
| Q1 24 | $14.9B | $7.5B |
总资产APDLNC
| Q4 25 | $41.2B | $417.2B | ||
| Q3 25 | $41.1B | $415.3B | ||
| Q2 25 | $41.7B | $399.1B | ||
| Q1 25 | $38.9B | $382.9B | ||
| Q4 24 | $40.0B | $390.8B | ||
| Q3 24 | $39.6B | $396.8B | ||
| Q2 24 | $37.0B | $384.5B | ||
| Q1 24 | $35.9B | $383.4B |
负债/权益比APDLNC
| Q4 25 | — | 0.57× | ||
| Q3 25 | — | 0.55× | ||
| Q2 25 | — | 0.60× | ||
| Q1 25 | — | 0.72× | ||
| Q4 24 | — | 0.74× | ||
| Q3 24 | — | 0.65× | ||
| Q2 24 | — | 0.72× | ||
| Q1 24 | — | 0.76× |
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 | $233.0M |
| 自由现金流经营现金流 - 资本支出 | $-350.5M | — |
| 自由现金流率自由现金流/营收 | -11.3% | — |
| 资本支出强度资本支出/营收 | 40.3% | — |
| 现金转化率经营现金流/净利润 | 1.33× | 0.31× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流APDLNC
| Q4 25 | $900.7M | $233.0M | ||
| Q3 25 | — | $-1.1B | ||
| Q2 25 | $855.8M | $1.0B | ||
| Q1 25 | $328.1M | $-272.0M | ||
| Q4 24 | $811.7M | $222.0M | ||
| Q3 24 | — | $-27.0M | ||
| Q2 24 | $1.3B | $-859.0M | ||
| Q1 24 | $801.7M | $-1.3B |
自由现金流APDLNC
| Q4 25 | $-350.5M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $-640.0M | — | ||
| Q1 25 | $-1.6B | — | ||
| Q4 24 | $-1.3B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | $-345.2M | — | ||
| Q1 24 | $-867.7M | — |
自由现金流率APDLNC
| Q4 25 | -11.3% | — | ||
| Q3 25 | — | — | ||
| Q2 25 | -21.2% | — | ||
| Q1 25 | -53.6% | — | ||
| Q4 24 | -44.5% | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -11.6% | — | ||
| Q1 24 | -29.6% | — |
资本支出强度APDLNC
| Q4 25 | 40.3% | — | ||
| Q3 25 | 47.9% | — | ||
| Q2 25 | 49.5% | — | ||
| Q1 25 | 64.9% | — | ||
| Q4 24 | 72.2% | — | ||
| Q3 24 | 65.1% | — | ||
| Q2 24 | 53.8% | — | ||
| Q1 24 | 57.0% | — |
现金转化率APDLNC
| Q4 25 | 1.33× | 0.31× | ||
| Q3 25 | — | -2.56× | ||
| Q2 25 | 1.20× | 1.45× | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.31× | 0.13× | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.81× | -0.96× | ||
| Q1 24 | 1.40× | -1.10× |
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% |
LNC
| Life Segment | $1.6B | 33% |
| Group Protection Segment | $1.5B | 31% |
| Annuities Segment | $1.3B | 27% |
| Other | $435.0M | 9% |
