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Constellation Energy（CEG）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Constellation Energy的1.5倍（$8.8B vs $5.7B），林德净利率更高（17.5% vs 7.6%，领先9.9%），Constellation Energy同比增速更快（25.8% vs 5.8%），林德自由现金流更多（$1.6B vs $-181.0M），过去两年Constellation Energy的营收复合增速更高（4.0% vs 4.0%）
Constellation Energy是总部位于美国马里兰州巴尔的摩的大型能源企业，核心业务涵盖电力供应、天然气供应以及专业能源管理服务，业务范围覆盖美国本土全境，累计服务的个人及企业客户总量约200万。
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。
CEG vs LIN — 直观对比
营收规模更大
LIN
是对方的1.5倍
$5.7B
营收增速更快
CEG
高出20.0%
5.8%
净利率更高
LIN
高出9.9%
7.6%
自由现金流更多
LIN
多$1.8B
$-181.0M
两年增速更快
CEG
近两年复合增速
4.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $5.7B | $8.8B |
| 净利润 | $432.0M | $1.5B |
| 毛利率 | — | — |
| 营业利润率 | 10.5% | 23.0% |
| 净利率 | 7.6% | 17.5% |
| 营收同比 | 25.8% | 5.8% |
| 净利润同比 | -49.3% | -11.3% |
| 每股收益（稀释后） | $1.38 | $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CEGLIN
| Q4 25 | $5.7B | $8.8B | ||
| Q3 25 | $5.7B | $8.6B | ||
| Q2 25 | $5.2B | $8.5B | ||
| Q1 25 | $6.1B | $8.1B | ||
| Q4 24 | $4.5B | $8.3B | ||
| Q3 24 | $4.8B | $8.4B | ||
| Q2 24 | $4.4B | $8.3B | ||
| Q1 24 | $5.3B | $8.1B |
净利润CEGLIN
| Q4 25 | $432.0M | $1.5B | ||
| Q3 25 | $930.0M | $1.9B | ||
| Q2 25 | $839.0M | $1.8B | ||
| Q1 25 | $118.0M | $1.7B | ||
| Q4 24 | $852.0M | $1.7B | ||
| Q3 24 | $1.2B | $1.6B | ||
| Q2 24 | $814.0M | $1.7B | ||
| Q1 24 | $883.0M | $1.6B |
营业利润率CEGLIN
| Q4 25 | 10.5% | 23.0% | ||
| Q3 25 | 19.0% | 27.5% | ||
| Q2 25 | 18.4% | 27.7% | ||
| Q1 25 | 7.4% | 26.9% | ||
| Q4 24 | 21.5% | 27.4% | ||
| Q3 24 | 30.7% | 25.0% | ||
| Q2 24 | 25.0% | 26.4% | ||
| Q1 24 | 15.5% | 25.9% |
净利率CEGLIN
| Q4 25 | 7.6% | 17.5% | ||
| Q3 25 | 16.3% | 22.4% | ||
| Q2 25 | 16.3% | 20.8% | ||
| Q1 25 | 1.9% | 20.6% | ||
| Q4 24 | 18.8% | 20.8% | ||
| Q3 24 | 25.1% | 18.5% | ||
| Q2 24 | 18.5% | 20.1% | ||
| Q1 24 | 16.8% | 20.1% |
每股收益（稀释后）CEGLIN
| Q4 25 | $1.38 | $3.28 | ||
| Q3 25 | $2.97 | $4.09 | ||
| Q2 25 | $2.67 | $3.73 | ||
| Q1 25 | $0.38 | $3.51 | ||
| Q4 24 | $2.71 | $3.61 | ||
| Q3 24 | $3.82 | $3.22 | ||
| Q2 24 | $2.58 | $3.44 | ||
| Q1 24 | $2.78 | $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 | $3.6B | $5.1B |
| 总债务越低越好 | $7.4B | $20.7B |
| 股东权益账面价值 | $14.5B | $38.2B |
| 总资产 | $57.2B | $86.8B |
| 负债/权益比越低杠杆越低 | 0.51× | 0.54× |
8季度趋势，按日历期对齐
现金及短期投资CEGLIN
| Q4 25 | $3.6B | $5.1B | ||
| Q3 25 | $4.0B | $4.5B | ||
| Q2 25 | $2.0B | $4.8B | ||
| Q1 25 | $1.8B | $5.3B | ||
| Q4 24 | $3.0B | $4.8B | ||
| Q3 24 | $1.8B | $5.2B | ||
| Q2 24 | $311.0M | $4.6B | ||
| Q1 24 | $562.0M | $4.8B |
总债务CEGLIN
| Q4 25 | $7.4B | $20.7B | ||
| Q3 25 | — | $18.6B | ||
| Q2 25 | — | $19.7B | ||
| Q1 25 | — | $17.6B | ||
| Q4 24 | $8.5B | $15.3B | ||
| Q3 24 | — | $17.5B | ||
| Q2 24 | — | $16.9B | ||
| Q1 24 | — | $15.2B |
股东权益CEGLIN
| Q4 25 | $14.5B | $38.2B | ||
| Q3 25 | $14.3B | $38.6B | ||
| Q2 25 | $13.4B | $38.5B | ||
| Q1 25 | $13.0B | $38.0B | ||
| Q4 24 | $13.2B | $38.1B | ||
| Q3 24 | $12.6B | $39.2B | ||
| Q2 24 | $11.4B | $38.2B | ||
| Q1 24 | $11.2B | $38.8B |
总资产CEGLIN
| Q4 25 | $57.2B | $86.8B | ||
| Q3 25 | $56.2B | $86.0B | ||
| Q2 25 | $53.0B | $86.1B | ||
| Q1 25 | $52.3B | $82.7B | ||
| Q4 24 | $52.9B | $80.1B | ||
| Q3 24 | $51.8B | $82.5B | ||
| Q2 24 | $51.3B | $80.2B | ||
| Q1 24 | $52.0B | $80.3B |
负债/权益比CEGLIN
| Q4 25 | 0.51× | 0.54× | ||
| Q3 25 | — | 0.48× | ||
| Q2 25 | — | 0.51× | ||
| Q1 25 | — | 0.46× | ||
| Q4 24 | 0.64× | 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 | $805.0M | $3.0B |
| 自由现金流经营现金流 - 资本支出 | $-181.0M | $1.6B |
| 自由现金流率自由现金流/营收 | -3.2% | 17.9% |
| 资本支出强度资本支出/营收 | 17.3% | 16.6% |
| 现金转化率经营现金流/净利润 | 1.86× | 1.98× |
| 过去12个月自由现金流最近4个季度 | $1.3B | $5.1B |
8季度趋势，按日历期对齐
经营现金流CEGLIN
| Q4 25 | $805.0M | $3.0B | ||
| Q3 25 | $1.8B | $2.9B | ||
| Q2 25 | $1.5B | $2.2B | ||
| Q1 25 | $107.0M | $2.2B | ||
| Q4 24 | $-1.0B | $2.8B | ||
| Q3 24 | $-112.0M | $2.7B | ||
| Q2 24 | $-613.0M | $1.9B | ||
| Q1 24 | $-723.0M | $2.0B |
自由现金流CEGLIN
| Q4 25 | $-181.0M | $1.6B | ||
| Q3 25 | $1.5B | $1.7B | ||
| Q2 25 | $710.0M | $954.0M | ||
| Q1 25 | $-699.0M | $891.0M | ||
| Q4 24 | $-1.7B | $1.6B | ||
| Q3 24 | $-664.0M | $1.7B | ||
| Q2 24 | $-1.2B | $796.0M | ||
| Q1 24 | $-1.5B | $906.0M |
自由现金流率CEGLIN
| Q4 25 | -3.2% | 17.9% | ||
| Q3 25 | 25.6% | 19.4% | ||
| Q2 25 | 13.8% | 11.2% | ||
| Q1 25 | -11.4% | 11.0% | ||
| Q4 24 | -38.6% | 18.8% | ||
| Q3 24 | -13.9% | 19.9% | ||
| Q2 24 | -26.3% | 9.6% | ||
| Q1 24 | -27.8% | 11.2% |
资本支出强度CEGLIN
| Q4 25 | 17.3% | 16.6% | ||
| Q3 25 | 6.8% | 14.8% | ||
| Q2 25 | 14.9% | 14.8% | ||
| Q1 25 | 13.2% | 15.7% | ||
| Q4 24 | 16.1% | 15.1% | ||
| Q3 24 | 11.6% | 12.8% | ||
| Q2 24 | 12.4% | 13.7% | ||
| Q1 24 | 14.0% | 12.9% |
现金转化率CEGLIN
| Q4 25 | 1.86× | 1.98× | ||
| Q3 25 | 1.99× | 1.53× | ||
| Q2 25 | 1.76× | 1.25× | ||
| Q1 25 | 0.91× | 1.29× | ||
| Q4 24 | -1.19× | 1.63× | ||
| Q3 24 | -0.09× | 1.76× | ||
| Q2 24 | -0.75× | 1.16× | ||
| Q1 24 | -0.82× | 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
CEG
| Constellation Mid Atlantic | $1.6B | 29% |
| Constellation Midwest | $1.3B | 23% |
| Constellation Other Regions | $1.1B | 20% |
| Other | $660.0M | 12% |
| Constellation New York | $618.0M | 11% |
| Constellation ERCOT | $292.0M | 5% |
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% |
