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林肯电气（LECO）与3M（MMM）财务数据对比。点击上方公司名可切换其他公司
3M的季度营收约是林肯电气的5.6倍（$6.0B vs $1.1B）。林肯电气净利率更高（12.6% vs 10.8%，领先1.8%）。林肯电气同比增速更快（5.5% vs 1.3%）。3M自由现金流更多（$2.0B vs $52.0M）。过去两年林肯电气的营收复合增速更高（4.9% vs -1.8%）
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。
3M是美国知名跨国综合企业，业务覆盖工业、劳动者安全防护、消费品等多个领域，总部位于圣保罗郊区的枫木市。公司现有超6万款产品，涵盖胶粘剂、研磨材料、防火防护产品、个人防护装备、窗膜、车漆保护膜、电子连接绝缘材料、汽车养护产品、光学膜等品类。
LECO vs MMM — 直观对比
营收规模更大
MMM
是对方的5.6倍
$1.1B
营收增速更快
LECO
高出4.2%
1.3%
净利率更高
LECO
高出1.8%
10.8%
自由现金流更多
MMM
多$2.0B
$52.0M
两年增速更快
LECO
近两年复合增速
-1.8%
损益表 — Q4 2025 vs Q1 2026
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $6.0B |
| 净利润 | $136.0M | $653.0M |
| 毛利率 | 34.7% | 40.7% |
| 营业利润率 | 17.1% | 23.2% |
| 净利率 | 12.6% | 10.8% |
| 营收同比 | 5.5% | 1.3% |
| 净利润同比 | -3.0% | -41.5% |
| 每股收益（稀释后） | $2.45 | $1.23 |
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LECOMMM
| Q1 26 | — | $6.0B | ||
| Q4 25 | $1.1B | $6.1B | ||
| Q3 25 | $1.1B | $6.5B | ||
| Q2 25 | $1.1B | $6.3B | ||
| Q1 25 | $1.0B | $6.0B | ||
| Q4 24 | $1.0B | $6.0B | ||
| Q3 24 | $983.8M | $6.3B | ||
| Q2 24 | $1.0B | $6.3B |
净利润LECOMMM
| Q1 26 | — | $653.0M | ||
| Q4 25 | $136.0M | $577.0M | ||
| Q3 25 | $122.6M | $834.0M | ||
| Q2 25 | $143.4M | $723.0M | ||
| Q1 25 | $118.5M | $1.1B | ||
| Q4 24 | $140.2M | $728.0M | ||
| Q3 24 | $100.8M | $1.4B | ||
| Q2 24 | $101.7M | $1.1B |
毛利率LECOMMM
| Q1 26 | — | 40.7% | ||
| Q4 25 | 34.7% | 33.6% | ||
| Q3 25 | 36.7% | 41.8% | ||
| Q2 25 | 37.3% | 42.5% | ||
| Q1 25 | 36.4% | 41.6% | ||
| Q4 24 | 36.1% | 51.7% | ||
| Q3 24 | 35.8% | 42.1% | ||
| Q2 24 | 37.6% | 42.9% |
营业利润率LECOMMM
| Q1 26 | — | 23.2% | ||
| Q4 25 | 17.1% | 13.0% | ||
| Q3 25 | 16.6% | 22.2% | ||
| Q2 25 | 17.6% | 18.0% | ||
| Q1 25 | 16.4% | 20.9% | ||
| Q4 24 | 17.3% | 12.2% | ||
| Q3 24 | 14.8% | 20.9% | ||
| Q2 24 | 14.6% | 20.3% |
净利率LECOMMM
| Q1 26 | — | 10.8% | ||
| Q4 25 | 12.6% | 9.4% | ||
| Q3 25 | 11.6% | 12.8% | ||
| Q2 25 | 13.2% | 11.4% | ||
| Q1 25 | 11.8% | 18.7% | ||
| Q4 24 | 13.7% | 12.1% | ||
| Q3 24 | 10.2% | 21.8% | ||
| Q2 24 | 10.0% | 18.3% |
每股收益（稀释后）LECOMMM
| Q1 26 | — | $1.23 | ||
| Q4 25 | $2.45 | $1.07 | ||
| Q3 25 | $2.21 | $1.55 | ||
| Q2 25 | $2.56 | $1.34 | ||
| Q1 25 | $2.10 | $2.04 | ||
| Q4 24 | $2.47 | $1.33 | ||
| Q3 24 | $1.77 | $2.48 | ||
| Q2 24 | $1.77 | $2.07 |
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 | $308.8M | $3.7B |
| 总债务越低越好 | — | $10.9B |
| 股东权益账面价值 | $1.5B | $3.3B |
| 总资产 | $3.8B | $35.4B |
| 负债/权益比越低杠杆越低 | — | 3.29× |
8季度趋势，按日历期对齐
现金及短期投资LECOMMM
| Q1 26 | — | $3.7B | ||
| Q4 25 | $308.8M | — | ||
| Q3 25 | $293.0M | — | ||
| Q2 25 | $299.5M | — | ||
| Q1 25 | $394.7M | — | ||
| Q4 24 | $377.3M | — | ||
| Q3 24 | $404.2M | — | ||
| Q2 24 | $272.7M | — |
总债务LECOMMM
| Q1 26 | — | $10.9B | ||
| Q4 25 | — | $12.6B | ||
| Q3 25 | — | $12.6B | ||
| Q2 25 | — | $13.1B | ||
| Q1 25 | — | $13.5B | ||
| Q4 24 | — | $13.0B | ||
| Q3 24 | — | $13.2B | ||
| Q2 24 | — | $13.1B |
股东权益LECOMMM
| Q1 26 | — | $3.3B | ||
| Q4 25 | $1.5B | $4.7B | ||
| Q3 25 | $1.4B | $4.6B | ||
| Q2 25 | $1.4B | $4.3B | ||
| Q1 25 | $1.3B | $4.5B | ||
| Q4 24 | $1.3B | $3.8B | ||
| Q3 24 | $1.3B | $4.6B | ||
| Q2 24 | $1.3B | $3.9B |
总资产LECOMMM
| Q1 26 | — | $35.4B | ||
| Q4 25 | $3.8B | $37.7B | ||
| Q3 25 | $3.8B | $37.6B | ||
| Q2 25 | $3.7B | $38.0B | ||
| Q1 25 | $3.6B | $40.0B | ||
| Q4 24 | $3.5B | $39.9B | ||
| Q3 24 | $3.7B | $40.9B | ||
| Q2 24 | $3.4B | $43.4B |
负债/权益比LECOMMM
| Q1 26 | — | 3.29× | ||
| Q4 25 | — | 2.68× | ||
| Q3 25 | — | 2.72× | ||
| Q2 25 | — | 3.06× | ||
| Q1 25 | — | 3.02× | ||
| Q4 24 | — | 3.40× | ||
| Q3 24 | — | 2.84× | ||
| Q2 24 | — | 3.34× |
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 | $95.0M | — |
| 自由现金流经营现金流 - 资本支出 | $52.0M | $2.0B |
| 自由现金流率自由现金流/营收 | 4.8% | 33.6% |
| 资本支出强度资本支出/营收 | 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 | $534.2M | $3.7B |
8季度趋势，按日历期对齐
经营现金流LECOMMM
| Q1 26 | — | — | ||
| Q4 25 | $95.0M | $1.6B | ||
| Q3 25 | $236.7M | $1.8B | ||
| Q2 25 | $143.8M | $-954.0M | ||
| Q1 25 | $185.7M | $-79.0M | ||
| Q4 24 | $95.8M | $1.8B | ||
| Q3 24 | $199.2M | $-1.8B | ||
| Q2 24 | $170.7M | $1.0B |
自由现金流LECOMMM
| Q1 26 | — | $2.0B | ||
| Q4 25 | $52.0M | $1.3B | ||
| Q3 25 | $205.1M | $1.5B | ||
| Q2 25 | $118.4M | $-1.2B | ||
| Q1 25 | $158.7M | $-315.0M | ||
| Q4 24 | $64.3M | $1.5B | ||
| Q3 24 | $163.5M | $-2.0B | ||
| Q2 24 | $147.5M | $752.0M |
自由现金流率LECOMMM
| Q1 26 | — | 33.6% | ||
| Q4 25 | 4.8% | 21.8% | ||
| Q3 25 | 19.3% | 23.6% | ||
| Q2 25 | 10.9% | -18.3% | ||
| Q1 25 | 15.8% | -5.3% | ||
| Q4 24 | 6.3% | 25.4% | ||
| Q3 24 | 16.6% | -32.3% | ||
| Q2 24 | 14.4% | 12.0% |
资本支出强度LECOMMM
| Q1 26 | — | — | ||
| Q4 25 | 4.0% | 4.0% | ||
| Q3 25 | 3.0% | 3.3% | ||
| Q2 25 | 2.3% | 3.3% | ||
| Q1 25 | 2.7% | 4.0% | ||
| Q4 24 | 3.1% | 4.8% | ||
| Q3 24 | 3.6% | 3.9% | ||
| Q2 24 | 2.3% | 4.3% |
现金转化率LECOMMM
| Q1 26 | — | — | ||
| Q4 25 | 0.70× | 2.74× | ||
| Q3 25 | 1.93× | 2.11× | ||
| Q2 25 | 1.00× | -1.32× | ||
| Q1 25 | 1.57× | -0.07× | ||
| Q4 24 | 0.68× | 2.50× | ||
| Q3 24 | 1.98× | -1.30× | ||
| Q2 24 | 1.68× | 0.89× |
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
LECO
| Americas Welding | $681.9M | 63% |
| International Welding | $259.4M | 24% |
| Harris Products Group | $137.4M | 13% |
MMM
| Safety and Industrial business segment | $2.9B | 49% |
| Transportation and Electronics business segment | $1.8B | 31% |
| Consumer business segment | $1.1B | 19% |
| Corporate | $121.0M | 2% |
