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C.H. Robinson（CHRW）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C.H. Robinson的1.3倍（$4.9B vs $3.9B），LINCOLN NATIONAL CORP净利率更高（15.3% vs 3.5%，领先11.9%），LINCOLN NATIONAL CORP同比增速更快（-2.8% vs -6.5%），过去两年LINCOLN NATIONAL CORP的营收复合增速更高（9.4% vs -5.8%）
C.H. Robinson是美国知名第三方物流与运输服务企业，业务涵盖货运代理、运输管理、中介经纪及仓储服务，可提供整车、零担、空运、多式联运、海运等多种运输解决方案，满足全球客户差异化物流需求。
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。
CHRW vs LNC — 直观对比
营收规模更大
LNC
是对方的1.3倍
$3.9B
营收增速更快
LNC
高出3.7%
-6.5%
净利率更高
LNC
高出11.9%
3.5%
两年增速更快
LNC
近两年复合增速
-5.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $3.9B | $4.9B |
| 净利润 | $136.3M | $755.0M |
| 毛利率 | — | — |
| 营业利润率 | 4.6% | 18.6% |
| 净利率 | 3.5% | 15.3% |
| 营收同比 | -6.5% | -2.8% |
| 净利润同比 | -8.7% | -55.2% |
| 每股收益（稀释后） | $1.12 | $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CHRWLNC
| Q4 25 | $3.9B | $4.9B | ||
| Q3 25 | $4.1B | $4.6B | ||
| Q2 25 | $4.1B | $4.0B | ||
| Q1 25 | $4.0B | $4.7B | ||
| Q4 24 | $4.2B | $5.1B | ||
| Q3 24 | $4.6B | $4.1B | ||
| Q2 24 | $4.5B | $5.2B | ||
| Q1 24 | $4.4B | $4.1B |
净利润CHRWLNC
| Q4 25 | $136.3M | $755.0M | ||
| Q3 25 | $163.0M | $445.0M | ||
| Q2 25 | $152.5M | $699.0M | ||
| Q1 25 | $135.3M | $-722.0M | ||
| Q4 24 | $149.3M | $1.7B | ||
| Q3 24 | $97.2M | $-528.0M | ||
| Q2 24 | $126.3M | $895.0M | ||
| Q1 24 | $92.9M | $1.2B |
营业利润率CHRWLNC
| Q4 25 | 4.6% | 18.6% | ||
| Q3 25 | 5.3% | 11.5% | ||
| Q2 25 | 5.2% | 21.0% | ||
| Q1 25 | 4.4% | -20.2% | ||
| Q4 24 | 4.4% | 41.5% | ||
| Q3 24 | 3.9% | -17.1% | ||
| Q2 24 | 4.0% | 21.3% | ||
| Q1 24 | 2.9% | 37.1% |
净利率CHRWLNC
| Q4 25 | 3.5% | 15.3% | ||
| Q3 25 | 3.9% | 9.8% | ||
| Q2 25 | 3.7% | 17.3% | ||
| Q1 25 | 3.3% | -15.4% | ||
| Q4 24 | 3.6% | 33.3% | ||
| Q3 24 | 2.1% | -12.8% | ||
| Q2 24 | 2.8% | 17.4% | ||
| Q1 24 | 2.1% | 29.7% |
每股收益（稀释后）CHRWLNC
| Q4 25 | $1.12 | $4.32 | ||
| Q3 25 | $1.34 | $2.12 | ||
| Q2 25 | $1.26 | $3.80 | ||
| Q1 25 | $1.11 | $-4.41 | ||
| Q4 24 | $1.23 | $9.66 | ||
| Q3 24 | $0.80 | $-3.29 | ||
| Q2 24 | $1.05 | $5.11 | ||
| Q1 24 | $0.78 | $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 | $160.9M | — |
| 总债务越低越好 | $1.1B | $6.3B |
| 股东权益账面价值 | $1.8B | $10.9B |
| 总资产 | $5.1B | $417.2B |
| 负债/权益比越低杠杆越低 | 0.59× | 0.57× |
8季度趋势，按日历期对齐
现金及短期投资CHRWLNC
| Q4 25 | $160.9M | — | ||
| Q3 25 | $136.8M | — | ||
| Q2 25 | $156.0M | — | ||
| Q1 25 | $129.9M | — | ||
| Q4 24 | $145.8M | — | ||
| Q3 24 | $131.7M | — | ||
| Q2 24 | $113.2M | — | ||
| Q1 24 | $121.8M | — |
总债务CHRWLNC
| Q4 25 | $1.1B | $6.3B | ||
| Q3 25 | $1.2B | $5.8B | ||
| Q2 25 | $1.4B | $5.8B | ||
| Q1 25 | $1.4B | $5.9B | ||
| Q4 24 | $1.4B | $6.1B | ||
| Q3 24 | $1.6B | $5.9B | ||
| Q2 24 | $1.6B | $5.7B | ||
| Q1 24 | $1.7B | $5.7B |
股东权益CHRWLNC
| Q4 25 | $1.8B | $10.9B | ||
| Q3 25 | $1.9B | $10.5B | ||
| Q2 25 | $1.8B | $9.5B | ||
| Q1 25 | $1.7B | $8.2B | ||
| Q4 24 | $1.7B | $8.3B | ||
| Q3 24 | $1.6B | $9.0B | ||
| Q2 24 | $1.5B | $7.9B | ||
| Q1 24 | $1.4B | $7.5B |
总资产CHRWLNC
| Q4 25 | $5.1B | $417.2B | ||
| Q3 25 | $5.2B | $415.3B | ||
| Q2 25 | $5.3B | $399.1B | ||
| Q1 25 | $5.2B | $382.9B | ||
| Q4 24 | $5.3B | $390.8B | ||
| Q3 24 | $5.6B | $396.8B | ||
| Q2 24 | $5.5B | $384.5B | ||
| Q1 24 | $5.5B | $383.4B |
负债/权益比CHRWLNC
| Q4 25 | 0.59× | 0.57× | ||
| Q3 25 | 0.64× | 0.55× | ||
| Q2 25 | 0.76× | 0.60× | ||
| Q1 25 | 0.80× | 0.72× | ||
| Q4 24 | 0.80× | 0.74× | ||
| Q3 24 | 0.95× | 0.65× | ||
| Q2 24 | 1.07× | 0.72× | ||
| Q1 24 | 1.19× | 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 | $305.4M | $233.0M |
| 自由现金流经营现金流 - 资本支出 | $302.4M | — |
| 自由现金流率自由现金流/营收 | 7.7% | — |
| 资本支出强度资本支出/营收 | 0.1% | — |
| 现金转化率经营现金流/净利润 | 2.24× | 0.31× |
| 过去12个月自由现金流最近4个季度 | $894.9M | — |
8季度趋势，按日历期对齐
经营现金流CHRWLNC
| Q4 25 | $305.4M | $233.0M | ||
| Q3 25 | $275.4M | $-1.1B | ||
| Q2 25 | $227.1M | $1.0B | ||
| Q1 25 | $106.5M | $-272.0M | ||
| Q4 24 | $267.9M | $222.0M | ||
| Q3 24 | $108.1M | $-27.0M | ||
| Q2 24 | $166.4M | $-859.0M | ||
| Q1 24 | $-33.3M | $-1.3B |
自由现金流CHRWLNC
| Q4 25 | $302.4M | — | ||
| Q3 25 | $269.5M | — | ||
| Q2 25 | $219.8M | — | ||
| Q1 25 | $103.2M | — | ||
| Q4 24 | $265.3M | — | ||
| Q3 24 | $103.3M | — | ||
| Q2 24 | $159.8M | — | ||
| Q1 24 | $-41.9M | — |
自由现金流率CHRWLNC
| Q4 25 | 7.7% | — | ||
| Q3 25 | 6.5% | — | ||
| Q2 25 | 5.3% | — | ||
| Q1 25 | 2.5% | — | ||
| Q4 24 | 6.3% | — | ||
| Q3 24 | 2.2% | — | ||
| Q2 24 | 3.6% | — | ||
| Q1 24 | -1.0% | — |
资本支出强度CHRWLNC
| Q4 25 | 0.1% | — | ||
| Q3 25 | 0.1% | — | ||
| Q2 25 | 0.2% | — | ||
| Q1 25 | 0.1% | — | ||
| Q4 24 | 0.1% | — | ||
| Q3 24 | 0.1% | — | ||
| Q2 24 | 0.1% | — | ||
| Q1 24 | 0.2% | — |
现金转化率CHRWLNC
| Q4 25 | 2.24× | 0.31× | ||
| Q3 25 | 1.69× | -2.56× | ||
| Q2 25 | 1.49× | 1.45× | ||
| Q1 25 | 0.79× | — | ||
| Q4 24 | 1.79× | 0.13× | ||
| Q3 24 | 1.11× | — | ||
| Q2 24 | 1.32× | -0.96× | ||
| Q1 24 | -0.36× | -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
CHRW
| North American Service Transportation NAST | $2.8B | 72% |
| Global Forwarding | $731.0M | 19% |
| Sourcing | $340.9M | 9% |
LNC
| Life Segment | $1.6B | 33% |
| Group Protection Segment | $1.5B | 31% |
| Annuities Segment | $1.3B | 27% |
| Other | $435.0M | 9% |
