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林肯电气（LECO）与PTC Inc.（PTC）财务数据对比。点击上方公司名可切换其他公司
林肯电气的季度营收约是PTC Inc.的1.6倍（$1.1B vs $685.8M），PTC Inc.净利率更高（24.3% vs 12.6%，领先11.7%），PTC Inc.同比增速更快（21.4% vs 5.5%），PTC Inc.自由现金流更多（$267.4M vs $52.0M），过去两年PTC Inc.的营收复合增速更高（6.6% vs 4.9%）
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。
PTC是1985年成立的美国计算机软件与服务企业，总部位于马萨诸塞州波士顿。公司1988年率先推出参数化关联特征驱动的三维CAD建模软件，1998年发布基于互联网的产品生命周期管理（PLM）产品，目前面向合作伙伴与开发者提供物联网、增强现实（AR）平台及相关产品服务。
LECO vs PTC — 直观对比
营收规模更大
LECO
是对方的1.6倍
$685.8M
营收增速更快
PTC
高出15.8%
5.5%
净利率更高
PTC
高出11.7%
12.6%
自由现金流更多
PTC
多$215.4M
$52.0M
两年增速更快
PTC
近两年复合增速
4.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $685.8M |
| 净利润 | $136.0M | $166.5M |
| 毛利率 | 34.7% | 82.8% |
| 营业利润率 | 17.1% | 32.2% |
| 净利率 | 12.6% | 24.3% |
| 营收同比 | 5.5% | 21.4% |
| 净利润同比 | -3.0% | 102.5% |
| 每股收益（稀释后） | $2.45 | $1.39 |
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LECOPTC
| Q4 25 | $1.1B | $685.8M | ||
| Q3 25 | $1.1B | $893.8M | ||
| Q2 25 | $1.1B | $643.9M | ||
| Q1 25 | $1.0B | $636.4M | ||
| Q4 24 | $1.0B | $565.1M | ||
| Q3 24 | $983.8M | $626.5M | ||
| Q2 24 | $1.0B | $518.6M | ||
| Q1 24 | $981.2M | $603.1M |
净利润LECOPTC
| Q4 25 | $136.0M | $166.5M | ||
| Q3 25 | $122.6M | $347.8M | ||
| Q2 25 | $143.4M | $141.3M | ||
| Q1 25 | $118.5M | $162.6M | ||
| Q4 24 | $140.2M | $82.2M | ||
| Q3 24 | $100.8M | $126.5M | ||
| Q2 24 | $101.7M | $69.0M | ||
| Q1 24 | $123.4M | $114.4M |
毛利率LECOPTC
| Q4 25 | 34.7% | 82.8% | ||
| Q3 25 | 36.7% | 86.9% | ||
| Q2 25 | 37.3% | 82.9% | ||
| Q1 25 | 36.4% | 83.3% | ||
| Q4 24 | 36.1% | 80.2% | ||
| Q3 24 | 35.8% | 82.0% | ||
| Q2 24 | 37.6% | 78.4% | ||
| Q1 24 | 37.5% | 81.8% |
营业利润率LECOPTC
| Q4 25 | 17.1% | 32.2% | ||
| Q3 25 | 16.6% | 48.5% | ||
| Q2 25 | 17.6% | 32.6% | ||
| Q1 25 | 16.4% | 35.1% | ||
| Q4 24 | 17.3% | 20.4% | ||
| Q3 24 | 14.8% | 31.0% | ||
| Q2 24 | 14.6% | 18.5% | ||
| Q1 24 | 16.8% | 29.8% |
净利率LECOPTC
| Q4 25 | 12.6% | 24.3% | ||
| Q3 25 | 11.6% | 38.9% | ||
| Q2 25 | 13.2% | 21.9% | ||
| Q1 25 | 11.8% | 25.6% | ||
| Q4 24 | 13.7% | 14.6% | ||
| Q3 24 | 10.2% | 20.2% | ||
| Q2 24 | 10.0% | 13.3% | ||
| Q1 24 | 12.6% | 19.0% |
每股收益（稀释后）LECOPTC
| Q4 25 | $2.45 | $1.39 | ||
| Q3 25 | $2.21 | $2.88 | ||
| Q2 25 | $2.56 | $1.17 | ||
| Q1 25 | $2.10 | $1.35 | ||
| Q4 24 | $2.47 | $0.68 | ||
| Q3 24 | $1.77 | $1.05 | ||
| Q2 24 | $1.77 | $0.57 | ||
| Q1 24 | $2.14 | $0.95 |
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 | $209.7M |
| 总债务越低越好 | — | $1.2B |
| 股东权益账面价值 | $1.5B | $3.8B |
| 总资产 | $3.8B | $6.4B |
| 负债/权益比越低杠杆越低 | — | 0.31× |
8季度趋势，按日历期对齐
现金及短期投资LECOPTC
| Q4 25 | $308.8M | $209.7M | ||
| Q3 25 | $293.0M | $184.4M | ||
| Q2 25 | $299.5M | $199.3M | ||
| Q1 25 | $394.7M | $235.2M | ||
| Q4 24 | $377.3M | $196.3M | ||
| Q3 24 | $404.2M | $265.8M | ||
| Q2 24 | $272.7M | $247.7M | ||
| Q1 24 | $375.0M | $249.0M |
总债务LECOPTC
| Q4 25 | — | $1.2B | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $1.3B | ||
| Q1 24 | — | $1.5B |
股东权益LECOPTC
| Q4 25 | $1.5B | $3.8B | ||
| Q3 25 | $1.4B | $3.8B | ||
| Q2 25 | $1.4B | $3.5B | ||
| Q1 25 | $1.3B | $3.4B | ||
| Q4 24 | $1.3B | $3.2B | ||
| Q3 24 | $1.3B | $3.2B | ||
| Q2 24 | $1.3B | $3.0B | ||
| Q1 24 | $1.3B | $2.9B |
总资产LECOPTC
| Q4 25 | $3.8B | $6.4B | ||
| Q3 25 | $3.8B | $6.6B | ||
| Q2 25 | $3.7B | $6.2B | ||
| Q1 25 | $3.6B | $6.2B | ||
| Q4 24 | $3.5B | $6.1B | ||
| Q3 24 | $3.7B | $6.4B | ||
| Q2 24 | $3.4B | $6.1B | ||
| Q1 24 | $3.4B | $6.2B |
负债/权益比LECOPTC
| Q4 25 | — | 0.31× | ||
| Q3 25 | — | 0.31× | ||
| Q2 25 | — | 0.34× | ||
| Q1 25 | — | 0.40× | ||
| Q4 24 | — | 0.32× | ||
| Q3 24 | — | 0.38× | ||
| Q2 24 | — | 0.43× | ||
| Q1 24 | — | 0.51× |
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 | $269.7M |
| 自由现金流经营现金流 - 资本支出 | $52.0M | $267.4M |
| 自由现金流率自由现金流/营收 | 4.8% | 39.0% |
| 资本支出强度资本支出/营收 | 4.0% | 0.3% |
| 现金转化率经营现金流/净利润 | 0.70× | 1.62× |
| 过去12个月自由现金流最近4个季度 | $534.2M | $888.4M |
8季度趋势，按日历期对齐
经营现金流LECOPTC
| Q4 25 | $95.0M | $269.7M | ||
| Q3 25 | $236.7M | $104.0M | ||
| Q2 25 | $143.8M | $243.9M | ||
| Q1 25 | $185.7M | $281.3M | ||
| Q4 24 | $95.8M | $238.4M | ||
| Q3 24 | $199.2M | $98.1M | ||
| Q2 24 | $170.7M | $213.8M | ||
| Q1 24 | $133.3M | $250.7M |
自由现金流LECOPTC
| Q4 25 | $52.0M | $267.4M | ||
| Q3 25 | $205.1M | $100.5M | ||
| Q2 25 | $118.4M | $242.0M | ||
| Q1 25 | $158.7M | $278.5M | ||
| Q4 24 | $64.3M | $235.7M | ||
| Q3 24 | $163.5M | $93.6M | ||
| Q2 24 | $147.5M | $212.2M | ||
| Q1 24 | $107.0M | $247.1M |
自由现金流率LECOPTC
| Q4 25 | 4.8% | 39.0% | ||
| Q3 25 | 19.3% | 11.2% | ||
| Q2 25 | 10.9% | 37.6% | ||
| Q1 25 | 15.8% | 43.8% | ||
| Q4 24 | 6.3% | 41.7% | ||
| Q3 24 | 16.6% | 14.9% | ||
| Q2 24 | 14.4% | 40.9% | ||
| Q1 24 | 10.9% | 41.0% |
资本支出强度LECOPTC
| Q4 25 | 4.0% | 0.3% | ||
| Q3 25 | 3.0% | 0.4% | ||
| Q2 25 | 2.3% | 0.3% | ||
| Q1 25 | 2.7% | 0.4% | ||
| Q4 24 | 3.1% | 0.5% | ||
| Q3 24 | 3.6% | 0.7% | ||
| Q2 24 | 2.3% | 0.3% | ||
| Q1 24 | 2.7% | 0.6% |
现金转化率LECOPTC
| Q4 25 | 0.70× | 1.62× | ||
| Q3 25 | 1.93× | 0.30× | ||
| Q2 25 | 1.00× | 1.73× | ||
| Q1 25 | 1.57× | 1.73× | ||
| Q4 24 | 0.68× | 2.90× | ||
| Q3 24 | 1.98× | 0.78× | ||
| Q2 24 | 1.68× | 3.10× | ||
| Q1 24 | 1.08× | 2.19× |
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% |
PTC
| Support And Cloud Services | $393.3M | 57% |
| License | $269.7M | 39% |
| Technology Service | $22.9M | 3% |
| Perpetual License | $5.6M | 1% |
