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Axon Enterprise（AXON）与林肯电气（LECO）财务数据对比。点击上方公司名可切换其他公司
林肯电气的季度营收约是Axon Enterprise的1.4倍（$1.1B vs $796.7M）。林肯电气净利率更高（12.6% vs 0.3%，领先12.3%）。Axon Enterprise同比增速更快（38.9% vs 5.5%）。Axon Enterprise自由现金流更多（$155.4M vs $52.0M）。过去两年Axon Enterprise的营收复合增速更高（31.5% vs 4.9%）
Axon Enterprise是总部位于美国亚利桑那州斯科茨代尔的企业，面向军队、执法部门及民用市场开发各类武器装备与相关技术产品，业务覆盖公共安全、国防及民用消费等多个领域，为不同用户群体提供适配的产品解决方案。
林肯电气是美国跨国焊接产品制造企业，总部位于俄亥俄州欧几里得市，主营弧焊设备、焊接配件、等离子及氧燃料切割设备、焊接机器人系统等，业务覆盖160余个国家和地区，在全球设有42个生产基地，同时在19个国家布局了生产联盟及合资企业。
AXON vs LECO — 直观对比
营收规模更大
LECO
是对方的1.4倍
$796.7M
营收增速更快
AXON
高出33.4%
5.5%
净利率更高
LECO
高出12.3%
0.3%
自由现金流更多
AXON
多$103.4M
$52.0M
两年增速更快
AXON
近两年复合增速
4.9%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $796.7M | $1.1B |
| 净利润 | $2.7M | $136.0M |
| 毛利率 | 57.9% | 34.7% |
| 营业利润率 | -6.3% | 17.1% |
| 净利率 | 0.3% | 12.6% |
| 营收同比 | 38.9% | 5.5% |
| 净利润同比 | -98.0% | -3.0% |
| 每股收益（稀释后） | $0.02 | $2.45 |
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AXONLECO
| Q4 25 | $796.7M | $1.1B | ||
| Q3 25 | $710.6M | $1.1B | ||
| Q2 25 | $668.5M | $1.1B | ||
| Q1 25 | $603.6M | $1.0B | ||
| Q4 24 | $573.4M | $1.0B | ||
| Q3 24 | $544.3M | $983.8M | ||
| Q2 24 | $504.1M | $1.0B | ||
| Q1 24 | $460.7M | $981.2M |
净利润AXONLECO
| Q4 25 | $2.7M | $136.0M | ||
| Q3 25 | $-2.2M | $122.6M | ||
| Q2 25 | $36.1M | $143.4M | ||
| Q1 25 | $88.0M | $118.5M | ||
| Q4 24 | $136.0M | $140.2M | ||
| Q3 24 | $67.0M | $100.8M | ||
| Q2 24 | $40.8M | $101.7M | ||
| Q1 24 | $133.2M | $123.4M |
毛利率AXONLECO
| Q4 25 | 57.9% | 34.7% | ||
| Q3 25 | 60.1% | 36.7% | ||
| Q2 25 | 60.4% | 37.3% | ||
| Q1 25 | 60.6% | 36.4% | ||
| Q4 24 | 60.5% | 36.1% | ||
| Q3 24 | 60.8% | 35.8% | ||
| Q2 24 | 60.3% | 37.6% | ||
| Q1 24 | 56.4% | 37.5% |
营业利润率AXONLECO
| Q4 25 | -6.3% | 17.1% | ||
| Q3 25 | -0.3% | 16.6% | ||
| Q2 25 | -0.2% | 17.6% | ||
| Q1 25 | -1.5% | 16.4% | ||
| Q4 24 | -2.6% | 17.3% | ||
| Q3 24 | 4.4% | 14.8% | ||
| Q2 24 | 6.5% | 14.6% | ||
| Q1 24 | 3.5% | 16.8% |
净利率AXONLECO
| Q4 25 | 0.3% | 12.6% | ||
| Q3 25 | -0.3% | 11.6% | ||
| Q2 25 | 5.4% | 13.2% | ||
| Q1 25 | 14.6% | 11.8% | ||
| Q4 24 | 23.7% | 13.7% | ||
| Q3 24 | 12.3% | 10.2% | ||
| Q2 24 | 8.1% | 10.0% | ||
| Q1 24 | 28.9% | 12.6% |
每股收益（稀释后）AXONLECO
| Q4 25 | $0.02 | $2.45 | ||
| Q3 25 | $-0.03 | $2.21 | ||
| Q2 25 | $0.44 | $2.56 | ||
| Q1 25 | $1.08 | $2.10 | ||
| Q4 24 | $1.68 | $2.47 | ||
| Q3 24 | $0.86 | $1.77 | ||
| Q2 24 | $0.53 | $1.77 | ||
| Q1 24 | $1.73 | $2.14 |
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 | $1.7B | $308.8M |
| 总债务越低越好 | $1.8B | — |
| 股东权益账面价值 | $3.2B | $1.5B |
| 总资产 | $7.0B | $3.8B |
| 负债/权益比越低杠杆越低 | 0.56× | — |
8季度趋势，按日历期对齐
现金及短期投资AXONLECO
| Q4 25 | $1.7B | $308.8M | ||
| Q3 25 | $2.4B | $293.0M | ||
| Q2 25 | $2.1B | $299.5M | ||
| Q1 25 | $2.2B | $394.7M | ||
| Q4 24 | $788.1M | $377.3M | ||
| Q3 24 | $1.0B | $404.2M | ||
| Q2 24 | $968.9M | $272.7M | ||
| Q1 24 | $964.1M | $375.0M |
总债务AXONLECO
| Q4 25 | $1.8B | — | ||
| Q3 25 | $2.0B | — | ||
| Q2 25 | $2.0B | — | ||
| Q1 25 | $2.0B | — | ||
| Q4 24 | $680.3M | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益AXONLECO
| Q4 25 | $3.2B | $1.5B | ||
| Q3 25 | $3.0B | $1.4B | ||
| Q2 25 | $2.7B | $1.4B | ||
| Q1 25 | $2.6B | $1.3B | ||
| Q4 24 | $2.3B | $1.3B | ||
| Q3 24 | $2.1B | $1.3B | ||
| Q2 24 | $1.9B | $1.3B | ||
| Q1 24 | $1.8B | $1.3B |
总资产AXONLECO
| Q4 25 | $7.0B | $3.8B | ||
| Q3 25 | $6.7B | $3.8B | ||
| Q2 25 | $6.2B | $3.7B | ||
| Q1 25 | $6.1B | $3.6B | ||
| Q4 24 | $4.5B | $3.5B | ||
| Q3 24 | $4.0B | $3.7B | ||
| Q2 24 | $3.7B | $3.4B | ||
| Q1 24 | $3.6B | $3.4B |
负债/权益比AXONLECO
| Q4 25 | 0.56× | — | ||
| Q3 25 | 0.66× | — | ||
| Q2 25 | 0.73× | — | ||
| Q1 25 | 0.79× | — | ||
| Q4 24 | 0.29× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $217.2M | $95.0M |
| 自由现金流经营现金流 - 资本支出 | $155.4M | $52.0M |
| 自由现金流率自由现金流/营收 | 19.5% | 4.8% |
| 资本支出强度资本支出/营收 | 7.8% | 4.0% |
| 现金转化率经营现金流/净利润 | 79.14× | 0.70× |
| 过去12个月自由现金流最近4个季度 | $75.1M | $534.2M |
8季度趋势，按日历期对齐
经营现金流AXONLECO
| Q4 25 | $217.2M | $95.0M | ||
| Q3 25 | $60.0M | $236.7M | ||
| Q2 25 | $-91.7M | $143.8M | ||
| Q1 25 | $25.8M | $185.7M | ||
| Q4 24 | $250.2M | $95.8M | ||
| Q3 24 | $91.3M | $199.2M | ||
| Q2 24 | $82.8M | $170.7M | ||
| Q1 24 | $-15.9M | $133.3M |
自由现金流AXONLECO
| Q4 25 | $155.4M | $52.0M | ||
| Q3 25 | $33.4M | $205.1M | ||
| Q2 25 | $-114.7M | $118.4M | ||
| Q1 25 | $932.0K | $158.7M | ||
| Q4 24 | $225.4M | $64.3M | ||
| Q3 24 | $64.8M | $163.5M | ||
| Q2 24 | $71.4M | $147.5M | ||
| Q1 24 | $-32.1M | $107.0M |
自由现金流率AXONLECO
| Q4 25 | 19.5% | 4.8% | ||
| Q3 25 | 4.7% | 19.3% | ||
| Q2 25 | -17.2% | 10.9% | ||
| Q1 25 | 0.2% | 15.8% | ||
| Q4 24 | 39.3% | 6.3% | ||
| Q3 24 | 11.9% | 16.6% | ||
| Q2 24 | 14.2% | 14.4% | ||
| Q1 24 | -7.0% | 10.9% |
资本支出强度AXONLECO
| Q4 25 | 7.8% | 4.0% | ||
| Q3 25 | 3.7% | 3.0% | ||
| Q2 25 | 3.4% | 2.3% | ||
| Q1 25 | 4.1% | 2.7% | ||
| Q4 24 | 4.3% | 3.1% | ||
| Q3 24 | 4.9% | 3.6% | ||
| Q2 24 | 2.2% | 2.3% | ||
| Q1 24 | 3.5% | 2.7% |
现金转化率AXONLECO
| Q4 25 | 79.14× | 0.70× | ||
| Q3 25 | — | 1.93× | ||
| Q2 25 | -2.54× | 1.00× | ||
| Q1 25 | 0.29× | 1.57× | ||
| Q4 24 | 1.84× | 0.68× | ||
| Q3 24 | 1.36× | 1.98× | ||
| Q2 24 | 2.03× | 1.68× | ||
| Q1 24 | -0.12× | 1.08× |
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
AXON
| Software And Sensors Segment | $342.5M | 43% |
| TASER Devices Professional | $264.2M | 33% |
| Personal Sensors | $109.1M | 14% |
| Platform Solutions | $80.9M | 10% |
LECO
| Americas Welding | $681.9M | 63% |
| International Welding | $259.4M | 24% |
| Harris Products Group | $137.4M | 13% |
