vs
Generac（GNRC）与林肯电气（LECO）财务数据对比。点击上方公司名可切换其他公司
Generac的季度营收约是林肯电气的1.0倍（$1.1B vs $1.1B），林肯电气净利率更高（12.6% vs -2.2%，领先14.9%），林肯电气同比增速更快（5.5% vs -11.6%），Generac自由现金流更多（$129.9M vs $52.0M），过去两年Generac的营收复合增速更高（10.8% vs 4.9%）
Generac Holdings Inc.（简称Generac）是美国财富1000强企业，主营面向住宅、小型商业及工业领域的备用发电产品，功率覆盖800瓦至9兆瓦，通过独立经销商、零售商及批发商渠道发售，总部位于威斯康星州沃基肖，在该州多地设有生产基地。
林肯电气是美国跨国焊接产品制造企业，总部位于俄亥俄州欧几里得市，主营弧焊设备、焊接配件、等离子及氧燃料切割设备、焊接机器人系统等，业务覆盖160余个国家和地区，在全球设有42个生产基地，同时在19个国家布局了生产联盟及合资企业。
GNRC vs LECO — 直观对比
营收规模更大
GNRC
是对方的1.0倍
$1.1B
营收增速更快
LECO
高出17.2%
-11.6%
净利率更高
LECO
高出14.9%
-2.2%
自由现金流更多
GNRC
多$77.9M
$52.0M
两年增速更快
GNRC
近两年复合增速
4.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $1.1B |
| 净利润 | $-24.5M | $136.0M |
| 毛利率 | 36.3% | 34.7% |
| 营业利润率 | -0.9% | 17.1% |
| 净利率 | -2.2% | 12.6% |
| 营收同比 | -11.6% | 5.5% |
| 净利润同比 | -120.9% | -3.0% |
| 每股收益（稀释后） | $-0.41 | $2.45 |
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GNRCLECO
| Q4 25 | $1.1B | $1.1B | ||
| Q3 25 | $1.1B | $1.1B | ||
| Q2 25 | $1.1B | $1.1B | ||
| Q1 25 | $942.1M | $1.0B | ||
| Q4 24 | $1.2B | $1.0B | ||
| Q3 24 | $1.2B | $983.8M | ||
| Q2 24 | $998.2M | $1.0B | ||
| Q1 24 | $889.3M | $981.2M |
净利润GNRCLECO
| Q4 25 | $-24.5M | $136.0M | ||
| Q3 25 | $66.2M | $122.6M | ||
| Q2 25 | $74.0M | $143.4M | ||
| Q1 25 | $43.8M | $118.5M | ||
| Q4 24 | $117.2M | $140.2M | ||
| Q3 24 | $113.7M | $100.8M | ||
| Q2 24 | $59.1M | $101.7M | ||
| Q1 24 | $26.2M | $123.4M |
毛利率GNRCLECO
| Q4 25 | 36.3% | 34.7% | ||
| Q3 25 | 38.3% | 36.7% | ||
| Q2 25 | 39.3% | 37.3% | ||
| Q1 25 | 39.5% | 36.4% | ||
| Q4 24 | 40.6% | 36.1% | ||
| Q3 24 | 40.2% | 35.8% | ||
| Q2 24 | 37.6% | 37.6% | ||
| Q1 24 | 35.6% | 37.5% |
营业利润率GNRCLECO
| Q4 25 | -0.9% | 17.1% | ||
| Q3 25 | 9.3% | 16.6% | ||
| Q2 25 | 10.5% | 17.6% | ||
| Q1 25 | 8.9% | 16.4% | ||
| Q4 24 | 16.0% | 17.3% | ||
| Q3 24 | 14.4% | 14.8% | ||
| Q2 24 | 10.3% | 14.6% | ||
| Q1 24 | 7.5% | 16.8% |
净利率GNRCLECO
| Q4 25 | -2.2% | 12.6% | ||
| Q3 25 | 5.9% | 11.6% | ||
| Q2 25 | 7.0% | 13.2% | ||
| Q1 25 | 4.7% | 11.8% | ||
| Q4 24 | 9.5% | 13.7% | ||
| Q3 24 | 9.7% | 10.2% | ||
| Q2 24 | 5.9% | 10.0% | ||
| Q1 24 | 2.9% | 12.6% |
每股收益（稀释后）GNRCLECO
| Q4 25 | $-0.41 | $2.45 | ||
| Q3 25 | $1.12 | $2.21 | ||
| Q2 25 | $1.25 | $2.56 | ||
| Q1 25 | $0.73 | $2.10 | ||
| Q4 24 | $2.14 | $2.47 | ||
| Q3 24 | $1.89 | $1.77 | ||
| Q2 24 | $0.97 | $1.77 | ||
| Q1 24 | $0.39 | $2.14 |
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 | $341.4M | $308.8M |
| 总债务越低越好 | $1.3B | — |
| 股东权益账面价值 | $2.6B | $1.5B |
| 总资产 | $5.6B | $3.8B |
| 负债/权益比越低杠杆越低 | 0.48× | — |
8季度趋势，按日历期对齐
现金及短期投资GNRCLECO
| Q4 25 | $341.4M | $308.8M | ||
| Q3 25 | $300.0M | $293.0M | ||
| Q2 25 | $223.5M | $299.5M | ||
| Q1 25 | $187.5M | $394.7M | ||
| Q4 24 | $281.3M | $377.3M | ||
| Q3 24 | $214.2M | $404.2M | ||
| Q2 24 | $218.3M | $272.7M | ||
| Q1 24 | $249.4M | $375.0M |
总债务GNRCLECO
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.4B | — | ||
| Q2 25 | $1.3B | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.4B | — |
股东权益GNRCLECO
| Q4 25 | $2.6B | $1.5B | ||
| Q3 25 | $2.6B | $1.4B | ||
| Q2 25 | $2.6B | $1.4B | ||
| Q1 25 | $2.5B | $1.3B | ||
| Q4 24 | $2.5B | $1.3B | ||
| Q3 24 | $2.4B | $1.3B | ||
| Q2 24 | $2.4B | $1.3B | ||
| Q1 24 | $2.4B | $1.3B |
总资产GNRCLECO
| Q4 25 | $5.6B | $3.8B | ||
| Q3 25 | $5.6B | $3.8B | ||
| Q2 25 | $5.4B | $3.7B | ||
| Q1 25 | $5.1B | $3.6B | ||
| Q4 24 | $5.1B | $3.5B | ||
| Q3 24 | $5.2B | $3.7B | ||
| Q2 24 | $5.1B | $3.4B | ||
| Q1 24 | $5.1B | $3.4B |
负债/权益比GNRCLECO
| Q4 25 | 0.48× | — | ||
| Q3 25 | 0.51× | — | ||
| Q2 25 | 0.50× | — | ||
| Q1 25 | 0.48× | — | ||
| Q4 24 | 0.49× | — | ||
| Q3 24 | 0.56× | — | ||
| Q2 24 | 0.61× | — | ||
| Q1 24 | 0.61× | — |
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 | $189.3M | $95.0M |
| 自由现金流经营现金流 - 资本支出 | $129.9M | $52.0M |
| 自由现金流率自由现金流/营收 | 11.9% | 4.8% |
| 资本支出强度资本支出/营收 | 5.4% | 4.0% |
| 现金转化率经营现金流/净利润 | — | 0.70× |
| 过去12个月自由现金流最近4个季度 | $268.1M | $534.2M |
8季度趋势，按日历期对齐
经营现金流GNRCLECO
| Q4 25 | $189.3M | $95.0M | ||
| Q3 25 | $118.4M | $236.7M | ||
| Q2 25 | $72.2M | $143.8M | ||
| Q1 25 | $58.2M | $185.7M | ||
| Q4 24 | $339.5M | $95.8M | ||
| Q3 24 | $212.3M | $199.2M | ||
| Q2 24 | $77.7M | $170.7M | ||
| Q1 24 | $111.9M | $133.3M |
自由现金流GNRCLECO
| Q4 25 | $129.9M | $52.0M | ||
| Q3 25 | $96.5M | $205.1M | ||
| Q2 25 | $14.5M | $118.4M | ||
| Q1 25 | $27.2M | $158.7M | ||
| Q4 24 | $286.1M | $64.3M | ||
| Q3 24 | $183.7M | $163.5M | ||
| Q2 24 | $49.7M | $147.5M | ||
| Q1 24 | $85.1M | $107.0M |
自由现金流率GNRCLECO
| Q4 25 | 11.9% | 4.8% | ||
| Q3 25 | 8.7% | 19.3% | ||
| Q2 25 | 1.4% | 10.9% | ||
| Q1 25 | 2.9% | 15.8% | ||
| Q4 24 | 23.2% | 6.3% | ||
| Q3 24 | 15.6% | 16.6% | ||
| Q2 24 | 5.0% | 14.4% | ||
| Q1 24 | 9.6% | 10.9% |
资本支出强度GNRCLECO
| Q4 25 | 5.4% | 4.0% | ||
| Q3 25 | 2.0% | 3.0% | ||
| Q2 25 | 5.4% | 2.3% | ||
| Q1 25 | 3.3% | 2.7% | ||
| Q4 24 | 4.3% | 3.1% | ||
| Q3 24 | 2.4% | 3.6% | ||
| Q2 24 | 2.8% | 2.3% | ||
| Q1 24 | 3.0% | 2.7% |
现金转化率GNRCLECO
| Q4 25 | — | 0.70× | ||
| Q3 25 | 1.79× | 1.93× | ||
| Q2 25 | 0.98× | 1.00× | ||
| Q1 25 | 1.33× | 1.57× | ||
| Q4 24 | 2.90× | 0.68× | ||
| Q3 24 | 1.87× | 1.98× | ||
| Q2 24 | 1.31× | 1.68× | ||
| Q1 24 | 4.27× | 1.08× |
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
GNRC
| Residential Power Products | $550.1M | 50% |
| Commercial And Industrial Power Products | $228.4M | 21% |
| Other | $202.3M | 19% |
| Other Products And Services | $106.0M | 10% |
| Intersegment Sales | $4.8M | 0% |
LECO
| Americas Welding | $681.9M | 63% |
| International Welding | $259.4M | 24% |
| Harris Products Group | $137.4M | 13% |
