vs
佳明（GRMN）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
佳明的季度营收约是林肯电气的2.0倍（$2.1B vs $1.1B），佳明净利率更高（24.9% vs 12.6%，领先12.3%），佳明同比增速更快（16.6% vs 5.5%），佳明自由现金流更多（$429.6M vs $52.0M），过去两年佳明的营收复合增速更高（24.0% vs 4.9%）
佳明（Garmin）是总部位于美国堪萨斯州奥拉西的跨国科技企业，专注于设计、研发、生产及销售GPS功能产品，以及导航、通讯、传感类信息产品，业务覆盖汽车、航空、航海、户外、运动健身等多个领域。
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。
GRMN vs LECO — 直观对比
营收规模更大
GRMN
是对方的2.0倍
$1.1B
营收增速更快
GRMN
高出11.0%
5.5%
净利率更高
GRMN
高出12.3%
12.6%
自由现金流更多
GRMN
多$377.6M
$52.0M
两年增速更快
GRMN
近两年复合增速
4.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.1B |
| 净利润 | $528.7M | $136.0M |
| 毛利率 | 59.2% | 34.7% |
| 营业利润率 | 28.9% | 17.1% |
| 净利率 | 24.9% | 12.6% |
| 营收同比 | 16.6% | 5.5% |
| 净利润同比 | 21.3% | -3.0% |
| 每股收益（稀释后） | $2.72 | $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GRMNLECO
| Q4 25 | $2.1B | $1.1B | ||
| Q3 25 | $1.8B | $1.1B | ||
| Q2 25 | $1.8B | $1.1B | ||
| Q1 25 | $1.5B | $1.0B | ||
| Q4 24 | $1.8B | $1.0B | ||
| Q3 24 | $1.6B | $983.8M | ||
| Q2 24 | $1.5B | $1.0B | ||
| Q1 24 | $1.4B | $981.2M |
净利润GRMNLECO
| Q4 25 | $528.7M | $136.0M | ||
| Q3 25 | $401.6M | $122.6M | ||
| Q2 25 | $400.8M | $143.4M | ||
| Q1 25 | $332.8M | $118.5M | ||
| Q4 24 | $435.7M | $140.2M | ||
| Q3 24 | $399.1M | $100.8M | ||
| Q2 24 | $300.6M | $101.7M | ||
| Q1 24 | $276.0M | $123.4M |
毛利率GRMNLECO
| Q4 25 | 59.2% | 34.7% | ||
| Q3 25 | 59.1% | 36.7% | ||
| Q2 25 | 58.8% | 37.3% | ||
| Q1 25 | 57.6% | 36.4% | ||
| Q4 24 | 59.3% | 36.1% | ||
| Q3 24 | 60.0% | 35.8% | ||
| Q2 24 | 57.3% | 37.6% | ||
| Q1 24 | 58.1% | 37.5% |
营业利润率GRMNLECO
| Q4 25 | 28.9% | 17.1% | ||
| Q3 25 | 25.8% | 16.6% | ||
| Q2 25 | 26.0% | 17.6% | ||
| Q1 25 | 21.7% | 16.4% | ||
| Q4 24 | 28.3% | 17.3% | ||
| Q3 24 | 27.6% | 14.8% | ||
| Q2 24 | 22.7% | 14.6% | ||
| Q1 24 | 21.6% | 16.8% |
净利率GRMNLECO
| Q4 25 | 24.9% | 12.6% | ||
| Q3 25 | 22.7% | 11.6% | ||
| Q2 25 | 22.1% | 13.2% | ||
| Q1 25 | 21.7% | 11.8% | ||
| Q4 24 | 23.9% | 13.7% | ||
| Q3 24 | 25.2% | 10.2% | ||
| Q2 24 | 20.0% | 10.0% | ||
| Q1 24 | 20.0% | 12.6% |
每股收益（稀释后）GRMNLECO
| Q4 25 | $2.72 | $2.45 | ||
| Q3 25 | $2.08 | $2.21 | ||
| Q2 25 | $2.07 | $2.56 | ||
| Q1 25 | $1.72 | $2.10 | ||
| Q4 24 | $2.24 | $2.47 | ||
| Q3 24 | $2.07 | $1.77 | ||
| Q2 24 | $1.56 | $1.77 | ||
| Q1 24 | $1.43 | $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 | $2.3B | $308.8M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $9.0B | $1.5B |
| 总资产 | $11.0B | $3.8B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资GRMNLECO
| Q4 25 | $2.3B | $308.8M | ||
| Q3 25 | $2.1B | $293.0M | ||
| Q2 25 | $2.1B | $299.5M | ||
| Q1 25 | $2.2B | $394.7M | ||
| Q4 24 | $2.1B | $377.3M | ||
| Q3 24 | $2.0B | $404.2M | ||
| Q2 24 | $1.9B | $272.7M | ||
| Q1 24 | $1.9B | $375.0M |
股东权益GRMNLECO
| Q4 25 | $9.0B | $1.5B | ||
| Q3 25 | $8.5B | $1.4B | ||
| Q2 25 | $8.1B | $1.4B | ||
| Q1 25 | $8.2B | $1.3B | ||
| Q4 24 | $7.8B | $1.3B | ||
| Q3 24 | $7.5B | $1.3B | ||
| Q2 24 | $7.0B | $1.3B | ||
| Q1 24 | $7.2B | $1.3B |
总资产GRMNLECO
| Q4 25 | $11.0B | $3.8B | ||
| Q3 25 | $10.5B | $3.8B | ||
| Q2 25 | $10.3B | $3.7B | ||
| Q1 25 | $9.8B | $3.6B | ||
| Q4 24 | $9.6B | $3.5B | ||
| Q3 24 | $9.3B | $3.7B | ||
| Q2 24 | $8.9B | $3.4B | ||
| Q1 24 | $8.6B | $3.4B |
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 | $553.8M | $95.0M |
| 自由现金流经营现金流 - 资本支出 | $429.6M | $52.0M |
| 自由现金流率自由现金流/营收 | 20.2% | 4.8% |
| 资本支出强度资本支出/营收 | 5.8% | 4.0% |
| 现金转化率经营现金流/净利润 | 1.05× | 0.70× |
| 过去12个月自由现金流最近4个季度 | $1.4B | $534.2M |
8季度趋势，按日历期对齐
经营现金流GRMNLECO
| Q4 25 | $553.8M | $95.0M | ||
| Q3 25 | $485.6M | $236.7M | ||
| Q2 25 | $173.2M | $143.8M | ||
| Q1 25 | $420.8M | $185.7M | ||
| Q4 24 | $483.9M | $95.8M | ||
| Q3 24 | $258.0M | $199.2M | ||
| Q2 24 | $255.3M | $170.7M | ||
| Q1 24 | $435.3M | $133.3M |
自由现金流GRMNLECO
| Q4 25 | $429.6M | $52.0M | ||
| Q3 25 | $425.1M | $205.1M | ||
| Q2 25 | $127.5M | $118.4M | ||
| Q1 25 | $380.7M | $158.7M | ||
| Q4 24 | $399.2M | $64.3M | ||
| Q3 24 | $219.4M | $163.5M | ||
| Q2 24 | $218.2M | $147.5M | ||
| Q1 24 | $402.1M | $107.0M |
自由现金流率GRMNLECO
| Q4 25 | 20.2% | 4.8% | ||
| Q3 25 | 24.0% | 19.3% | ||
| Q2 25 | 7.0% | 10.9% | ||
| Q1 25 | 24.8% | 15.8% | ||
| Q4 24 | 21.9% | 6.3% | ||
| Q3 24 | 13.8% | 16.6% | ||
| Q2 24 | 14.5% | 14.4% | ||
| Q1 24 | 29.1% | 10.9% |
资本支出强度GRMNLECO
| Q4 25 | 5.8% | 4.0% | ||
| Q3 25 | 3.4% | 3.0% | ||
| Q2 25 | 2.5% | 2.3% | ||
| Q1 25 | 2.6% | 2.7% | ||
| Q4 24 | 4.6% | 3.1% | ||
| Q3 24 | 2.4% | 3.6% | ||
| Q2 24 | 2.5% | 2.3% | ||
| Q1 24 | 2.4% | 2.7% |
现金转化率GRMNLECO
| Q4 25 | 1.05× | 0.70× | ||
| Q3 25 | 1.21× | 1.93× | ||
| Q2 25 | 0.43× | 1.00× | ||
| Q1 25 | 1.26× | 1.57× | ||
| Q4 24 | 1.11× | 0.68× | ||
| Q3 24 | 0.65× | 1.98× | ||
| Q2 24 | 0.85× | 1.68× | ||
| Q1 24 | 1.58× | 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
GRMN
| Fitness Segment | $765.8M | 36% |
| Outdoor Segment | $627.6M | 30% |
| Marine Segment | $296.9M | 14% |
| Aviation Segment | $274.2M | 13% |
| Auto Oem Segment | $160.4M | 8% |
LECO
| Americas Welding | $681.9M | 63% |
| International Welding | $259.4M | 24% |
| Harris Products Group | $137.4M | 13% |
