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F&G Annuities & Life, Inc.（FG）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F&G Annuities & Life, Inc.的2.8倍（$4.9B vs $1.8B）。LINCOLN NATIONAL CORP净利率更高（15.3% vs 7.3%，领先8.1%）。F&G Annuities & Life, Inc.同比增速更快（13.2% vs -2.8%）。过去两年LINCOLN NATIONAL CORP的营收复合增速更高（9.4% vs 6.1%）
F&G年金人寿保险公司是一家总部位于美国爱荷华州得梅因的上市企业，成立于1959年，核心业务涵盖年金产品、人寿保险及养老金收购服务，长期为客户提供多元化的风险保障与养老财务解决方案。
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。
FG vs LNC — 直观对比
营收规模更大
LNC
是对方的2.8倍
$1.8B
营收增速更快
FG
高出16.0%
-2.8%
净利率更高
LNC
高出8.1%
7.3%
两年增速更快
LNC
近两年复合增速
6.1%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.8B | $4.9B |
| 净利润 | $128.0M | $755.0M |
| 毛利率 | — | — |
| 营业利润率 | — | 18.6% |
| 净利率 | 7.3% | 15.3% |
| 营收同比 | 13.2% | -2.8% |
| 净利润同比 | -60.9% | -55.2% |
| 每股收益（稀释后） | $0.97 | $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FGLNC
| Q4 25 | $1.8B | $4.9B | ||
| Q3 25 | $1.7B | $4.6B | ||
| Q2 25 | $1.4B | $4.0B | ||
| Q1 25 | $908.0M | $4.7B | ||
| Q4 24 | $1.6B | $5.1B | ||
| Q3 24 | $1.4B | $4.1B | ||
| Q2 24 | $1.2B | $5.2B | ||
| Q1 24 | $1.6B | $4.1B |
净利润FGLNC
| Q4 25 | $128.0M | $755.0M | ||
| Q3 25 | $118.0M | $445.0M | ||
| Q2 25 | $40.0M | $699.0M | ||
| Q1 25 | $-21.0M | $-722.0M | ||
| Q4 24 | $327.0M | $1.7B | ||
| Q3 24 | $-6.0M | $-528.0M | ||
| Q2 24 | $203.0M | $895.0M | ||
| Q1 24 | $115.0M | $1.2B |
营业利润率FGLNC
| Q4 25 | — | 18.6% | ||
| Q3 25 | — | 11.5% | ||
| Q2 25 | — | 21.0% | ||
| Q1 25 | — | -20.2% | ||
| Q4 24 | — | 41.5% | ||
| Q3 24 | — | -17.1% | ||
| Q2 24 | — | 21.3% | ||
| Q1 24 | — | 37.1% |
净利率FGLNC
| Q4 25 | 7.3% | 15.3% | ||
| Q3 25 | 7.0% | 9.8% | ||
| Q2 25 | 2.9% | 17.3% | ||
| Q1 25 | -2.3% | -15.4% | ||
| Q4 24 | 21.0% | 33.3% | ||
| Q3 24 | -0.4% | -12.8% | ||
| Q2 24 | 17.3% | 17.4% | ||
| Q1 24 | 7.3% | 29.7% |
每股收益（稀释后）FGLNC
| Q4 25 | $0.97 | $4.32 | ||
| Q3 25 | $0.85 | $2.12 | ||
| Q2 25 | $0.26 | $3.80 | ||
| Q1 25 | $-0.20 | $-4.41 | ||
| Q4 24 | $2.53 | $9.66 | ||
| Q3 24 | $-0.08 | $-3.29 | ||
| Q2 24 | $1.55 | $5.11 | ||
| Q1 24 | $0.88 | $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 | $1.5B | — |
| 总债务越低越好 | $2.2B | $6.3B |
| 股东权益账面价值 | $4.8B | $10.9B |
| 总资产 | $98.4B | $417.2B |
| 负债/权益比越低杠杆越低 | 0.47× | 0.57× |
8季度趋势，按日历期对齐
现金及短期投资FGLNC
| Q4 25 | $1.5B | — | ||
| Q3 25 | $2.2B | — | ||
| Q2 25 | $1.9B | — | ||
| Q1 25 | $3.3B | — | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | $3.5B | — | ||
| Q2 24 | $3.5B | — | ||
| Q1 24 | $2.4B | — |
总债务FGLNC
| Q4 25 | $2.2B | $6.3B | ||
| Q3 25 | $2.2B | $5.8B | ||
| Q2 25 | $2.2B | $5.8B | ||
| Q1 25 | $2.2B | $5.9B | ||
| Q4 24 | $2.2B | $6.1B | ||
| Q3 24 | $2.0B | $5.9B | ||
| Q2 24 | $2.0B | $5.7B | ||
| Q1 24 | $1.7B | $5.7B |
股东权益FGLNC
| Q4 25 | $4.8B | $10.9B | ||
| Q3 25 | $4.8B | $10.5B | ||
| Q2 25 | $4.4B | $9.5B | ||
| Q1 25 | $4.4B | $8.2B | ||
| Q4 24 | $4.0B | $8.3B | ||
| Q3 24 | $4.3B | $9.0B | ||
| Q2 24 | $3.7B | $7.9B | ||
| Q1 24 | $3.5B | $7.5B |
总资产FGLNC
| Q4 25 | $98.4B | $417.2B | ||
| Q3 25 | $96.1B | $415.3B | ||
| Q2 25 | $91.8B | $399.1B | ||
| Q1 25 | $88.0B | $382.9B | ||
| Q4 24 | $85.0B | $390.8B | ||
| Q3 24 | $84.1B | $396.8B | ||
| Q2 24 | $78.5B | $384.5B | ||
| Q1 24 | $74.4B | $383.4B |
负债/权益比FGLNC
| Q4 25 | 0.47× | 0.57× | ||
| Q3 25 | 0.46× | 0.55× | ||
| Q2 25 | 0.50× | 0.60× | ||
| Q1 25 | 0.51× | 0.72× | ||
| Q4 24 | 0.55× | 0.74× | ||
| Q3 24 | 0.47× | 0.65× | ||
| Q2 24 | 0.56× | 0.72× | ||
| Q1 24 | 0.49× | 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 | $1.2B | $233.0M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 9.13× | 0.31× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流FGLNC
| Q4 25 | $1.2B | $233.0M | ||
| Q3 25 | $937.0M | $-1.1B | ||
| Q2 25 | $1.6B | $1.0B | ||
| Q1 25 | $956.0M | $-272.0M | ||
| Q4 24 | $1.3B | $222.0M | ||
| Q3 24 | $2.1B | $-27.0M | ||
| Q2 24 | $1.1B | $-859.0M | ||
| Q1 24 | $1.5B | $-1.3B |
现金转化率FGLNC
| Q4 25 | 9.13× | 0.31× | ||
| Q3 25 | 7.94× | -2.56× | ||
| Q2 25 | 40.50× | 1.45× | ||
| Q1 25 | — | — | ||
| Q4 24 | 4.04× | 0.13× | ||
| Q3 24 | — | — | ||
| Q2 24 | 5.20× | -0.96× | ||
| Q1 24 | 13.34× | -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
FG
| Reportable Segment | $1.0B | 57% |
| Other | $728.0M | 41% |
| Roar Joint Venture LLC | $24.0M | 1% |
LNC
| Life Segment | $1.6B | 33% |
| Group Protection Segment | $1.5B | 31% |
| Annuities Segment | $1.3B | 27% |
| Other | $435.0M | 9% |
