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林肯电气（LECO）与Ryman Hospitality Properties, Inc.（RHP）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Ryman Hospitality Properties, Inc.的1.5倍（$1.1B vs $737.8M），林肯电气净利率更高（12.6% vs 10.1%，领先2.5%），Ryman Hospitality Properties, Inc.同比增速更快（13.9% vs 5.5%），Ryman Hospitality Properties, Inc.自由现金流更多（$58.5M vs $52.0M），过去两年Ryman Hospitality Properties, Inc.的营收复合增速更高（18.2% 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。
莱曼酒店地产是一家主营酒店、度假村、娱乐及媒体业务的企业，得名于旗下位于田纳西州纳什维尔的国家历史地标莱曼礼堂。公司历史可追溯至曾为俄克拉荷马出版公司子公司时期，1983年收购WSM公司后奠定现代业务基础，同时将知名演出IP大奥普里等核心资产纳入麾下。
LECO vs RHP — 直观对比
营收规模更大
LECO
是对方的1.5倍
$737.8M
营收增速更快
RHP
高出8.4%
5.5%
净利率更高
LECO
高出2.5%
10.1%
自由现金流更多
RHP
多$6.5M
$52.0M
两年增速更快
RHP
近两年复合增速
4.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $737.8M |
| 净利润 | $136.0M | $74.5M |
| 毛利率 | 34.7% | 41.4% |
| 营业利润率 | 17.1% | 19.4% |
| 净利率 | 12.6% | 10.1% |
| 营收同比 | 5.5% | 13.9% |
| 净利润同比 | -3.0% | 3.0% |
| 每股收益（稀释后） | $2.45 | $1.12 |
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LECORHP
| Q4 25 | $1.1B | $737.8M | ||
| Q3 25 | $1.1B | $592.5M | ||
| Q2 25 | $1.1B | $659.5M | ||
| Q1 25 | $1.0B | $587.3M | ||
| Q4 24 | $1.0B | $647.6M | ||
| Q3 24 | $983.8M | $550.0M | ||
| Q2 24 | $1.0B | $613.3M | ||
| Q1 24 | $981.2M | $528.3M |
净利润LECORHP
| Q4 25 | $136.0M | $74.5M | ||
| Q3 25 | $122.6M | $34.9M | ||
| Q2 25 | $143.4M | $71.8M | ||
| Q1 25 | $118.5M | $63.0M | ||
| Q4 24 | $140.2M | $72.3M | ||
| Q3 24 | $100.8M | $59.0M | ||
| Q2 24 | $101.7M | $100.8M | ||
| Q1 24 | $123.4M | $42.8M |
毛利率LECORHP
| Q4 25 | 34.7% | 41.4% | ||
| Q3 25 | 36.7% | 40.9% | ||
| Q2 25 | 37.3% | 49.7% | ||
| Q1 25 | 36.4% | 44.4% | ||
| Q4 24 | 36.1% | 40.4% | ||
| Q3 24 | 35.8% | 43.1% | ||
| Q2 24 | 37.6% | 48.4% | ||
| Q1 24 | 37.5% | 41.5% |
营业利润率LECORHP
| Q4 25 | 17.1% | 19.4% | ||
| Q3 25 | 16.6% | 15.0% | ||
| Q2 25 | 17.6% | 21.1% | ||
| Q1 25 | 16.4% | 19.8% | ||
| Q4 24 | 17.3% | 18.6% | ||
| Q3 24 | 14.8% | 19.3% | ||
| Q2 24 | 14.6% | 27.4% | ||
| Q1 24 | 16.8% | 18.2% |
净利率LECORHP
| Q4 25 | 12.6% | 10.1% | ||
| Q3 25 | 11.6% | 5.9% | ||
| Q2 25 | 13.2% | 10.9% | ||
| Q1 25 | 11.8% | 10.7% | ||
| Q4 24 | 13.7% | 11.2% | ||
| Q3 24 | 10.2% | 10.7% | ||
| Q2 24 | 10.0% | 16.4% | ||
| Q1 24 | 12.6% | 8.1% |
每股收益（稀释后）LECORHP
| Q4 25 | $2.45 | $1.12 | ||
| Q3 25 | $2.21 | $0.53 | ||
| Q2 25 | $2.56 | $1.12 | ||
| Q1 25 | $2.10 | $1.00 | ||
| Q4 24 | $2.47 | $1.12 | ||
| Q3 24 | $1.77 | $0.94 | ||
| Q2 24 | $1.77 | $1.65 | ||
| Q1 24 | $2.14 | $0.67 |
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 | $471.4M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.5B | $750.2M |
| 总资产 | $3.8B | $6.2B |
| 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LECORHP
| Q4 25 | $308.8M | $471.4M | ||
| Q3 25 | $293.0M | $483.3M | ||
| Q2 25 | $299.5M | $420.6M | ||
| Q1 25 | $394.7M | $413.9M | ||
| Q4 24 | $377.3M | $477.7M | ||
| Q3 24 | $404.2M | $534.9M | ||
| Q2 24 | $272.7M | $498.4M | ||
| Q1 24 | $375.0M | $465.3M |
股东权益LECORHP
| Q4 25 | $1.5B | $750.2M | ||
| Q3 25 | $1.4B | $758.5M | ||
| Q2 25 | $1.4B | $800.4M | ||
| Q1 25 | $1.3B | $531.5M | ||
| Q4 24 | $1.3B | $549.0M | ||
| Q3 24 | $1.3B | $551.9M | ||
| Q2 24 | $1.3B | $562.6M | ||
| Q1 24 | $1.3B | $529.9M |
总资产LECORHP
| Q4 25 | $3.8B | $6.2B | ||
| Q3 25 | $3.8B | $6.2B | ||
| Q2 25 | $3.7B | $6.1B | ||
| Q1 25 | $3.6B | $5.2B | ||
| Q4 24 | $3.5B | $5.2B | ||
| Q3 24 | $3.7B | $5.2B | ||
| Q2 24 | $3.4B | $5.1B | ||
| Q1 24 | $3.4B | $5.1B |
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 | $164.7M |
| 自由现金流经营现金流 - 资本支出 | $52.0M | $58.5M |
| 自由现金流率自由现金流/营收 | 4.8% | 7.9% |
| 资本支出强度资本支出/营收 | 4.0% | 14.4% |
| 现金转化率经营现金流/净利润 | 0.70× | 2.21× |
| 过去12个月自由现金流最近4个季度 | $534.2M | $232.4M |
8季度趋势，按日历期对齐
经营现金流LECORHP
| Q4 25 | $95.0M | $164.7M | ||
| Q3 25 | $236.7M | $205.2M | ||
| Q2 25 | $143.8M | $122.5M | ||
| Q1 25 | $185.7M | $98.2M | ||
| Q4 24 | $95.8M | $166.6M | ||
| Q3 24 | $199.2M | $218.1M | ||
| Q2 24 | $170.7M | $184.3M | ||
| Q1 24 | $133.3M | $7.5M |
自由现金流LECORHP
| Q4 25 | $52.0M | $58.5M | ||
| Q3 25 | $205.1M | $135.4M | ||
| Q2 25 | $118.4M | $53.0M | ||
| Q1 25 | $158.7M | $-14.5M | ||
| Q4 24 | $64.3M | $76.0M | ||
| Q3 24 | $163.5M | $85.7M | ||
| Q2 24 | $147.5M | $78.8M | ||
| Q1 24 | $107.0M | $-72.0M |
自由现金流率LECORHP
| Q4 25 | 4.8% | 7.9% | ||
| Q3 25 | 19.3% | 22.9% | ||
| Q2 25 | 10.9% | 8.0% | ||
| Q1 25 | 15.8% | -2.5% | ||
| Q4 24 | 6.3% | 11.7% | ||
| Q3 24 | 16.6% | 15.6% | ||
| Q2 24 | 14.4% | 12.9% | ||
| Q1 24 | 10.9% | -13.6% |
资本支出强度LECORHP
| Q4 25 | 4.0% | 14.4% | ||
| Q3 25 | 3.0% | 11.8% | ||
| Q2 25 | 2.3% | 10.5% | ||
| Q1 25 | 2.7% | 19.2% | ||
| Q4 24 | 3.1% | 14.0% | ||
| Q3 24 | 3.6% | 24.1% | ||
| Q2 24 | 2.3% | 17.2% | ||
| Q1 24 | 2.7% | 15.0% |
现金转化率LECORHP
| Q4 25 | 0.70× | 2.21× | ||
| Q3 25 | 1.93× | 5.88× | ||
| Q2 25 | 1.00× | 1.71× | ||
| Q1 25 | 1.57× | 1.56× | ||
| Q4 24 | 0.68× | 2.30× | ||
| Q3 24 | 1.98× | 3.70× | ||
| Q2 24 | 1.68× | 1.83× | ||
| Q1 24 | 1.08× | 0.17× |
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% |
RHP
| Hotel Other | $157.7M | 21% |
| Gaylord Opryland | $147.4M | 20% |
| Hotel Transient Rooms | $93.6M | 13% |
| Hotel Food And Beverage Outlets | $92.2M | 12% |
| Gaylord Palms | $88.2M | 12% |
| Jw Marriott Hill Country | $53.7M | 7% |
| Entertainment Admissions And Ticketing | $43.1M | 6% |
| Entertainment Food And Beverage | $38.1M | 5% |
| Entertainment Retail And Other | $28.3M | 4% |
| Ac Hotel | $2.4M | 0% |
