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BJ's Wholesale Club Holdings, Inc.（BJ）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
BJ's Wholesale Club Holdings, Inc.的季度营收约是LINCOLN NATIONAL CORP的1.1倍（$5.3B vs $4.9B），LINCOLN NATIONAL CORP净利率更高（15.3% vs 2.8%，领先12.5%），BJ's Wholesale Club Holdings, Inc.同比增速更快（4.9% vs -2.8%），过去两年LINCOLN NATIONAL CORP的营收复合增速更高（9.4% vs -0.1%）
BJ's Wholesale Club Holdings是美国区域型会员制仓储连锁商超，总部位于马萨诸塞州马尔伯勒，业务覆盖美国东部地区及俄亥俄、密歇根、肯塔基州路易斯维尔、印第安纳、田纳西、佛罗里达、阿拉巴马等地，主要竞争对手为好市多和山姆会员店。
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。
BJ vs LNC — 直观对比
营收规模更大
BJ
是对方的1.1倍
$4.9B
营收增速更快
BJ
高出7.6%
-2.8%
净利率更高
LNC
高出12.5%
2.8%
两年增速更快
LNC
近两年复合增速
-0.1%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.3B | $4.9B |
| 净利润 | $152.1M | $755.0M |
| 毛利率 | 19.0% | — |
| 营业利润率 | 4.1% | 18.6% |
| 净利率 | 2.8% | 15.3% |
| 营收同比 | 4.9% | -2.8% |
| 净利润同比 | -2.4% | -55.2% |
| 每股收益（稀释后） | $1.15 | $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BJLNC
| Q4 25 | $5.3B | $4.9B | ||
| Q3 25 | $5.4B | $4.6B | ||
| Q2 25 | $5.2B | $4.0B | ||
| Q1 25 | $5.3B | $4.7B | ||
| Q4 24 | $5.1B | $5.1B | ||
| Q3 24 | $5.2B | $4.1B | ||
| Q2 24 | $4.9B | $5.2B | ||
| Q1 24 | $5.4B | $4.1B |
净利润BJLNC
| Q4 25 | $152.1M | $755.0M | ||
| Q3 25 | $150.7M | $445.0M | ||
| Q2 25 | $149.8M | $699.0M | ||
| Q1 25 | $122.7M | $-722.0M | ||
| Q4 24 | $155.7M | $1.7B | ||
| Q3 24 | $145.0M | $-528.0M | ||
| Q2 24 | $111.0M | $895.0M | ||
| Q1 24 | $145.9M | $1.2B |
毛利率BJLNC
| Q4 25 | 19.0% | — | ||
| Q3 25 | 18.7% | — | ||
| Q2 25 | 18.8% | — | ||
| Q1 25 | 18.0% | — | ||
| Q4 24 | 19.1% | — | ||
| Q3 24 | 18.4% | — | ||
| Q2 24 | 18.0% | — | ||
| Q1 24 | 18.0% | — |
营业利润率BJLNC
| Q4 25 | 4.1% | 18.6% | ||
| Q3 25 | 4.0% | 11.5% | ||
| Q2 25 | 4.0% | 21.0% | ||
| Q1 25 | 3.4% | -20.2% | ||
| Q4 24 | 4.5% | 41.5% | ||
| Q3 24 | 3.9% | -17.1% | ||
| Q2 24 | 3.3% | 21.3% | ||
| Q1 24 | 4.0% | 37.1% |
净利率BJLNC
| Q4 25 | 2.8% | 15.3% | ||
| Q3 25 | 2.8% | 9.8% | ||
| Q2 25 | 2.9% | 17.3% | ||
| Q1 25 | 2.3% | -15.4% | ||
| Q4 24 | 3.1% | 33.3% | ||
| Q3 24 | 2.8% | -12.8% | ||
| Q2 24 | 2.3% | 17.4% | ||
| Q1 24 | 2.7% | 29.7% |
每股收益（稀释后）BJLNC
| Q4 25 | $1.15 | $4.32 | ||
| Q3 25 | $1.14 | $2.12 | ||
| Q2 25 | $1.13 | $3.80 | ||
| Q1 25 | $0.92 | $-4.41 | ||
| Q4 24 | $1.17 | $9.66 | ||
| Q3 24 | $1.08 | $-3.29 | ||
| Q2 24 | $0.83 | $5.11 | ||
| Q1 24 | $1.09 | $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 | $45.1M | — |
| 总债务越低越好 | $399.0M | $6.3B |
| 股东权益账面价值 | $2.2B | $10.9B |
| 总资产 | $7.5B | $417.2B |
| 负债/权益比越低杠杆越低 | 0.18× | 0.57× |
8季度趋势，按日历期对齐
现金及短期投资BJLNC
| Q4 25 | $45.1M | — | ||
| Q3 25 | $47.3M | — | ||
| Q2 25 | $39.5M | — | ||
| Q1 25 | $28.3M | — | ||
| Q4 24 | $33.9M | — | ||
| Q3 24 | $38.1M | — | ||
| Q2 24 | $35.1M | — | ||
| Q1 24 | $36.0M | — |
总债务BJLNC
| Q4 25 | $399.0M | $6.3B | ||
| Q3 25 | $399.0M | $5.8B | ||
| Q2 25 | $398.9M | $5.8B | ||
| Q1 25 | $398.8M | $5.9B | ||
| Q4 24 | $398.7M | $6.1B | ||
| Q3 24 | $398.6M | $5.9B | ||
| Q2 24 | $398.5M | $5.7B | ||
| Q1 24 | $398.4M | $5.7B |
股东权益BJLNC
| Q4 25 | $2.2B | $10.9B | ||
| Q3 25 | $2.1B | $10.5B | ||
| Q2 25 | $2.0B | $9.5B | ||
| Q1 25 | $1.8B | $8.2B | ||
| Q4 24 | $1.8B | $8.3B | ||
| Q3 24 | $1.7B | $9.0B | ||
| Q2 24 | $1.5B | $7.9B | ||
| Q1 24 | $1.5B | $7.5B |
总资产BJLNC
| Q4 25 | $7.5B | $417.2B | ||
| Q3 25 | $7.2B | $415.3B | ||
| Q2 25 | $7.2B | $399.1B | ||
| Q1 25 | $7.1B | $382.9B | ||
| Q4 24 | $7.2B | $390.8B | ||
| Q3 24 | $6.9B | $396.8B | ||
| Q2 24 | $6.8B | $384.5B | ||
| Q1 24 | $6.7B | $383.4B |
负债/权益比BJLNC
| Q4 25 | 0.18× | 0.57× | ||
| Q3 25 | 0.19× | 0.55× | ||
| Q2 25 | 0.20× | 0.60× | ||
| Q1 25 | 0.22× | 0.72× | ||
| Q4 24 | 0.23× | 0.74× | ||
| Q3 24 | 0.24× | 0.65× | ||
| Q2 24 | 0.26× | 0.72× | ||
| Q1 24 | 0.27× | 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 | $181.1M | $233.0M |
| 自由现金流经营现金流 - 资本支出 | $-13.7M | — |
| 自由现金流率自由现金流/营收 | -0.3% | — |
| 资本支出强度资本支出/营收 | 3.6% | — |
| 现金转化率经营现金流/净利润 | 1.19× | 0.31× |
| 过去12个月自由现金流最近4个季度 | $249.6M | — |
8季度趋势，按日历期对齐
经营现金流BJLNC
| Q4 25 | $181.1M | $233.0M | ||
| Q3 25 | $249.9M | $-1.1B | ||
| Q2 25 | $208.1M | $1.0B | ||
| Q1 25 | $271.9M | $-272.0M | ||
| Q4 24 | $206.8M | $222.0M | ||
| Q3 24 | $221.4M | $-27.0M | ||
| Q2 24 | $200.8M | $-859.0M | ||
| Q1 24 | $274.4M | $-1.3B |
自由现金流BJLNC
| Q4 25 | $-13.7M | — | ||
| Q3 25 | $84.3M | — | ||
| Q2 25 | $67.6M | — | ||
| Q1 25 | $111.5M | — | ||
| Q4 24 | $18.8M | — | ||
| Q3 24 | $87.5M | — | ||
| Q2 24 | $95.1M | — | ||
| Q1 24 | $155.2M | — |
自由现金流率BJLNC
| Q4 25 | -0.3% | — | ||
| Q3 25 | 1.6% | — | ||
| Q2 25 | 1.3% | — | ||
| Q1 25 | 2.1% | — | ||
| Q4 24 | 0.4% | — | ||
| Q3 24 | 1.7% | — | ||
| Q2 24 | 1.9% | — | ||
| Q1 24 | 2.9% | — |
资本支出强度BJLNC
| Q4 25 | 3.6% | — | ||
| Q3 25 | 3.1% | — | ||
| Q2 25 | 2.7% | — | ||
| Q1 25 | 3.0% | — | ||
| Q4 24 | 3.7% | — | ||
| Q3 24 | 2.6% | — | ||
| Q2 24 | 2.1% | — | ||
| Q1 24 | 2.2% | — |
现金转化率BJLNC
| Q4 25 | 1.19× | 0.31× | ||
| Q3 25 | 1.66× | -2.56× | ||
| Q2 25 | 1.39× | 1.45× | ||
| Q1 25 | 2.22× | — | ||
| Q4 24 | 1.33× | 0.13× | ||
| Q3 24 | 1.53× | — | ||
| Q2 24 | 1.81× | -0.96× | ||
| Q1 24 | 1.88× | -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
BJ
| Products | $5.4B | 102% |
| Membership | $129.8M | 2% |
LNC
| Life Segment | $1.6B | 33% |
| Group Protection Segment | $1.5B | 31% |
| Annuities Segment | $1.3B | 27% |
| Other | $435.0M | 9% |
