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CDW Corporation（CDW）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CDW Corporation的1.6倍（$8.8B vs $5.5B），CDW Corporation同比增速更快（6.3% vs 5.8%），林德自由现金流更多（$1.6B vs $395.9M），过去两年CDW Corporation的营收复合增速更高（6.3% vs 4.0%）
CDW公司是美国多品牌信息技术服务提供商，服务覆盖美国、英国、加拿大三国的商业、政府、教育、医疗领域，总部位于伊利诺伊州弗农希尔斯，位列《财富》500强，2023年全年净销售额达210亿美元。
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。
CDW vs LIN — 直观对比
营收规模更大
LIN
是对方的1.6倍
$5.5B
营收增速更快
CDW
高出0.4%
5.8%
自由现金流更多
LIN
多$1.2B
$395.9M
两年增速更快
CDW
近两年复合增速
4.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.5B | $8.8B |
| 净利润 | — | $1.5B |
| 毛利率 | 22.8% | — |
| 营业利润率 | 7.8% | 23.0% |
| 净利率 | — | 17.5% |
| 营收同比 | 6.3% | 5.8% |
| 净利润同比 | — | -11.3% |
| 每股收益（稀释后） | $2.13 | $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CDWLIN
| Q4 25 | $5.5B | $8.8B | ||
| Q3 25 | $5.7B | $8.6B | ||
| Q2 25 | $6.0B | $8.5B | ||
| Q1 25 | $5.2B | $8.1B | ||
| Q4 24 | $5.2B | $8.3B | ||
| Q3 24 | $5.5B | $8.4B | ||
| Q2 24 | $5.4B | $8.3B | ||
| Q1 24 | $4.9B | $8.1B |
净利润CDWLIN
| Q4 25 | — | $1.5B | ||
| Q3 25 | $291.0M | $1.9B | ||
| Q2 25 | $271.2M | $1.8B | ||
| Q1 25 | $224.9M | $1.7B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | $316.4M | $1.6B | ||
| Q2 24 | $281.1M | $1.7B | ||
| Q1 24 | $216.1M | $1.6B |
毛利率CDWLIN
| Q4 25 | 22.8% | — | ||
| Q3 25 | 21.9% | — | ||
| Q2 25 | 20.8% | — | ||
| Q1 25 | 21.6% | — | ||
| Q4 24 | 22.3% | — | ||
| Q3 24 | 21.8% | — | ||
| Q2 24 | 21.8% | — | ||
| Q1 24 | 21.8% | — |
营业利润率CDWLIN
| Q4 25 | 7.8% | 23.0% | ||
| Q3 25 | 7.7% | 27.5% | ||
| Q2 25 | 7.0% | 27.7% | ||
| Q1 25 | 7.0% | 26.9% | ||
| Q4 24 | 7.9% | 27.4% | ||
| Q3 24 | 8.7% | 25.0% | ||
| Q2 24 | 8.0% | 26.4% | ||
| Q1 24 | 6.7% | 25.9% |
净利率CDWLIN
| Q4 25 | — | 17.5% | ||
| Q3 25 | 5.1% | 22.4% | ||
| Q2 25 | 4.5% | 20.8% | ||
| Q1 25 | 4.3% | 20.6% | ||
| Q4 24 | — | 20.8% | ||
| Q3 24 | 5.7% | 18.5% | ||
| Q2 24 | 5.2% | 20.1% | ||
| Q1 24 | 4.4% | 20.1% |
每股收益（稀释后）CDWLIN
| Q4 25 | $2.13 | $3.28 | ||
| Q3 25 | $2.21 | $4.09 | ||
| Q2 25 | $2.05 | $3.73 | ||
| Q1 25 | $1.69 | $3.51 | ||
| Q4 24 | $1.97 | $3.61 | ||
| Q3 24 | $2.34 | $3.22 | ||
| Q2 24 | $2.07 | $3.44 | ||
| Q1 24 | $1.59 | $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 | $618.7M | $5.1B |
| 总债务越低越好 | — | $20.7B |
| 股东权益账面价值 | $2.6B | $38.2B |
| 总资产 | $16.0B | $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CDWLIN
| Q4 25 | $618.7M | $5.1B | ||
| Q3 25 | $452.9M | $4.5B | ||
| Q2 25 | $481.0M | $4.8B | ||
| Q1 25 | $688.1M | $5.3B | ||
| Q4 24 | $717.7M | $4.8B | ||
| Q3 24 | $1.2B | $5.2B | ||
| Q2 24 | $665.3M | $4.6B | ||
| Q1 24 | $803.8M | $4.8B |
总债务CDWLIN
| 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CDWLIN
| Q4 25 | $2.6B | $38.2B | ||
| Q3 25 | $2.5B | $38.6B | ||
| Q2 25 | $2.5B | $38.5B | ||
| Q1 25 | $2.3B | $38.0B | ||
| Q4 24 | $2.4B | $38.1B | ||
| Q3 24 | $2.3B | $39.2B | ||
| Q2 24 | $2.2B | $38.2B | ||
| Q1 24 | $2.1B | $38.8B |
总资产CDWLIN
| Q4 25 | $16.0B | $86.8B | ||
| Q3 25 | $15.2B | $86.0B | ||
| Q2 25 | $15.3B | $86.1B | ||
| Q1 25 | $15.0B | $82.7B | ||
| Q4 24 | $14.7B | $80.1B | ||
| Q3 24 | $14.4B | $82.5B | ||
| Q2 24 | $13.6B | $80.2B | ||
| Q1 24 | $13.2B | $80.3B |
负债/权益比CDWLIN
| 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 | $433.8M | $3.0B |
| 自由现金流经营现金流 - 资本支出 | $395.9M | $1.6B |
| 自由现金流率自由现金流/营收 | 7.2% | 17.9% |
| 资本支出强度资本支出/营收 | 0.7% | 16.6% |
| 现金转化率经营现金流/净利润 | — | 1.98× |
| 过去12个月自由现金流最近4个季度 | $1.1B | $5.1B |
8季度趋势，按日历期对齐
经营现金流CDWLIN
| Q4 25 | $433.8M | $3.0B | ||
| Q3 25 | $328.3M | $2.9B | ||
| Q2 25 | $155.9M | $2.2B | ||
| Q1 25 | $287.2M | $2.2B | ||
| Q4 24 | $345.3M | $2.8B | ||
| Q3 24 | $342.1M | $2.7B | ||
| Q2 24 | $149.9M | $1.9B | ||
| Q1 24 | $440.0M | $2.0B |
自由现金流CDWLIN
| Q4 25 | $395.9M | $1.6B | ||
| Q3 25 | $298.5M | $1.7B | ||
| Q2 25 | $133.4M | $954.0M | ||
| Q1 25 | $260.3M | $891.0M | ||
| Q4 24 | $316.7M | $1.6B | ||
| Q3 24 | $308.5M | $1.7B | ||
| Q2 24 | $119.0M | $796.0M | ||
| Q1 24 | $410.5M | $906.0M |
自由现金流率CDWLIN
| Q4 25 | 7.2% | 17.9% | ||
| Q3 25 | 5.2% | 19.4% | ||
| Q2 25 | 2.2% | 11.2% | ||
| Q1 25 | 5.0% | 11.0% | ||
| Q4 24 | 6.1% | 18.8% | ||
| Q3 24 | 5.6% | 19.9% | ||
| Q2 24 | 2.2% | 9.6% | ||
| Q1 24 | 8.4% | 11.2% |
资本支出强度CDWLIN
| Q4 25 | 0.7% | 16.6% | ||
| Q3 25 | 0.5% | 14.8% | ||
| Q2 25 | 0.4% | 14.8% | ||
| Q1 25 | 0.5% | 15.7% | ||
| Q4 24 | 0.6% | 15.1% | ||
| Q3 24 | 0.6% | 12.8% | ||
| Q2 24 | 0.6% | 13.7% | ||
| Q1 24 | 0.6% | 12.9% |
现金转化率CDWLIN
| Q4 25 | — | 1.98× | ||
| Q3 25 | 1.13× | 1.53× | ||
| Q2 25 | 0.57× | 1.25× | ||
| Q1 25 | 1.28× | 1.29× | ||
| Q4 24 | — | 1.63× | ||
| Q3 24 | 1.08× | 1.76× | ||
| Q2 24 | 0.53× | 1.16× | ||
| Q1 24 | 2.04× | 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
CDW
暂无分部数据
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% |
