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林肯电气（LECO）与越洋钻探（RIG）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越洋钻探的1.0倍（$1.1B vs $1.0B），林肯电气净利率更高（12.6% vs 2.4%，领先10.2%），越洋钻探同比增速更快（9.6% vs 5.5%），越洋钻探自由现金流更多（$321.0M vs $52.0M），过去两年越洋钻探的营收复合增速更高（16.9% 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。
越洋钻探（Transocean Ltd.）是按营收计全球规模最大的海上钻探承包商，总部位于瑞士施泰因豪森，起源于美国，目前在加拿大、美国、挪威、英国、印度、巴西、新加坡等20个国家设有办事机构，业务覆盖全球主要海上油气开采区域。
LECO vs RIG — 直观对比
营收规模更大
LECO
是对方的1.0倍
$1.0B
营收增速更快
RIG
高出4.0%
5.5%
净利率更高
LECO
高出10.2%
2.4%
自由现金流更多
RIG
多$269.0M
$52.0M
两年增速更快
RIG
近两年复合增速
4.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $1.0B |
| 净利润 | $136.0M | $25.0M |
| 毛利率 | 34.7% | 42.0% |
| 营业利润率 | 17.1% | 23.0% |
| 净利率 | 12.6% | 2.4% |
| 营收同比 | 5.5% | 9.6% |
| 净利润同比 | -3.0% | 257.1% |
| 每股收益（稀释后） | $2.45 | $0.13 |
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LECORIG
| Q4 25 | $1.1B | $1.0B | ||
| Q3 25 | $1.1B | $1.0B | ||
| Q2 25 | $1.1B | $988.0M | ||
| Q1 25 | $1.0B | $906.0M | ||
| Q4 24 | $1.0B | $952.0M | ||
| Q3 24 | $983.8M | $948.0M | ||
| Q2 24 | $1.0B | $861.0M | ||
| Q1 24 | $981.2M | $763.0M |
净利润LECORIG
| Q4 25 | $136.0M | $25.0M | ||
| Q3 25 | $122.6M | $-1.9B | ||
| Q2 25 | $143.4M | $-938.0M | ||
| Q1 25 | $118.5M | $-79.0M | ||
| Q4 24 | $140.2M | $7.0M | ||
| Q3 24 | $100.8M | $-494.0M | ||
| Q2 24 | $101.7M | $-123.0M | ||
| Q1 24 | $123.4M | $98.0M |
毛利率LECORIG
| Q4 25 | 34.7% | 42.0% | ||
| Q3 25 | 36.7% | 43.2% | ||
| Q2 25 | 37.3% | 39.4% | ||
| Q1 25 | 36.4% | 31.8% | ||
| Q4 24 | 36.1% | 39.2% | ||
| Q3 24 | 35.8% | 40.6% | ||
| Q2 24 | 37.6% | 38.0% | ||
| Q1 24 | 37.5% | 31.5% |
营业利润率LECORIG
| Q4 25 | 17.1% | 23.0% | ||
| Q3 25 | 16.6% | -163.1% | ||
| Q2 25 | 17.6% | -97.6% | ||
| Q1 25 | 16.4% | 7.1% | ||
| Q4 24 | 17.3% | 13.7% | ||
| Q3 24 | 14.8% | -51.2% | ||
| Q2 24 | 14.6% | -6.9% | ||
| Q1 24 | 16.8% | -0.4% |
净利率LECORIG
| Q4 25 | 12.6% | 2.4% | ||
| Q3 25 | 11.6% | -187.1% | ||
| Q2 25 | 13.2% | -94.9% | ||
| Q1 25 | 11.8% | -8.7% | ||
| Q4 24 | 13.7% | 0.7% | ||
| Q3 24 | 10.2% | -52.1% | ||
| Q2 24 | 10.0% | -14.3% | ||
| Q1 24 | 12.6% | 12.8% |
每股收益（稀释后）LECORIG
| Q4 25 | $2.45 | $0.13 | ||
| Q3 25 | $2.21 | $-2.00 | ||
| Q2 25 | $2.56 | $-1.06 | ||
| Q1 25 | $2.10 | $-0.11 | ||
| Q4 24 | $2.47 | $-0.14 | ||
| Q3 24 | $1.77 | $-0.58 | ||
| Q2 24 | $1.77 | $-0.15 | ||
| Q1 24 | $2.14 | $0.11 |
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 | $620.0M |
| 总债务越低越好 | — | $5.2B |
| 股东权益账面价值 | $1.5B | $8.1B |
| 总资产 | $3.8B | $15.6B |
| 负债/权益比越低杠杆越低 | — | 0.64× |
8季度趋势，按日历期对齐
现金及短期投资LECORIG
| Q4 25 | $308.8M | $620.0M | ||
| Q3 25 | $293.0M | $833.0M | ||
| Q2 25 | $299.5M | $377.0M | ||
| Q1 25 | $394.7M | $263.0M | ||
| Q4 24 | $377.3M | $560.0M | ||
| Q3 24 | $404.2M | $435.0M | ||
| Q2 24 | $272.7M | $475.0M | ||
| Q1 24 | $375.0M | $446.0M |
总债务LECORIG
| Q4 25 | — | $5.2B | ||
| Q3 25 | — | $4.8B | ||
| Q2 25 | — | $5.9B | ||
| Q1 25 | — | $5.9B | ||
| Q4 24 | — | $6.2B | ||
| Q3 24 | — | $6.5B | ||
| Q2 24 | — | $6.8B | ||
| Q1 24 | — | $6.8B |
股东权益LECORIG
| Q4 25 | $1.5B | $8.1B | ||
| Q3 25 | $1.4B | $8.1B | ||
| Q2 25 | $1.4B | $9.4B | ||
| Q1 25 | $1.3B | $10.2B | ||
| Q4 24 | $1.3B | $10.3B | ||
| Q3 24 | $1.3B | $10.2B | ||
| Q2 24 | $1.3B | $10.7B | ||
| Q1 24 | $1.3B | $10.5B |
总资产LECORIG
| Q4 25 | $3.8B | $15.6B | ||
| Q3 25 | $3.8B | $16.2B | ||
| Q2 25 | $3.7B | $17.8B | ||
| Q1 25 | $3.6B | $19.0B | ||
| Q4 24 | $3.5B | $19.4B | ||
| Q3 24 | $3.7B | $19.5B | ||
| Q2 24 | $3.4B | $20.3B | ||
| Q1 24 | $3.4B | $19.9B |
负债/权益比LECORIG
| Q4 25 | — | 0.64× | ||
| Q3 25 | — | 0.60× | ||
| Q2 25 | — | 0.63× | ||
| Q1 25 | — | 0.58× | ||
| Q4 24 | — | 0.60× | ||
| Q3 24 | — | 0.64× | ||
| Q2 24 | — | 0.63× | ||
| Q1 24 | — | 0.65× |
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 | $349.0M |
| 自由现金流经营现金流 - 资本支出 | $52.0M | $321.0M |
| 自由现金流率自由现金流/营收 | 4.8% | 30.8% |
| 资本支出强度资本支出/营收 | 4.0% | 2.7% |
| 现金转化率经营现金流/净利润 | 0.70× | 13.96× |
| 过去12个月自由现金流最近4个季度 | $534.2M | $626.0M |
8季度趋势，按日历期对齐
经营现金流LECORIG
| Q4 25 | $95.0M | $349.0M | ||
| Q3 25 | $236.7M | $246.0M | ||
| Q2 25 | $143.8M | $128.0M | ||
| Q1 25 | $185.7M | $26.0M | ||
| Q4 24 | $95.8M | $206.0M | ||
| Q3 24 | $199.2M | $194.0M | ||
| Q2 24 | $170.7M | $133.0M | ||
| Q1 24 | $133.3M | $-86.0M |
自由现金流LECORIG
| Q4 25 | $52.0M | $321.0M | ||
| Q3 25 | $205.1M | $235.0M | ||
| Q2 25 | $118.4M | $104.0M | ||
| Q1 25 | $158.7M | $-34.0M | ||
| Q4 24 | $64.3M | $177.0M | ||
| Q3 24 | $163.5M | $136.0M | ||
| Q2 24 | $147.5M | $49.0M | ||
| Q1 24 | $107.0M | $-169.0M |
自由现金流率LECORIG
| Q4 25 | 4.8% | 30.8% | ||
| Q3 25 | 19.3% | 22.9% | ||
| Q2 25 | 10.9% | 10.5% | ||
| Q1 25 | 15.8% | -3.8% | ||
| Q4 24 | 6.3% | 18.6% | ||
| Q3 24 | 16.6% | 14.3% | ||
| Q2 24 | 14.4% | 5.7% | ||
| Q1 24 | 10.9% | -22.1% |
资本支出强度LECORIG
| Q4 25 | 4.0% | 2.7% | ||
| Q3 25 | 3.0% | 1.1% | ||
| Q2 25 | 2.3% | 2.4% | ||
| Q1 25 | 2.7% | 6.6% | ||
| Q4 24 | 3.1% | 3.0% | ||
| Q3 24 | 3.6% | 6.1% | ||
| Q2 24 | 2.3% | 9.8% | ||
| Q1 24 | 2.7% | 10.9% |
现金转化率LECORIG
| Q4 25 | 0.70× | 13.96× | ||
| Q3 25 | 1.93× | — | ||
| Q2 25 | 1.00× | — | ||
| Q1 25 | 1.57× | — | ||
| Q4 24 | 0.68× | 29.43× | ||
| Q3 24 | 1.98× | — | ||
| Q2 24 | 1.68× | — | ||
| Q1 24 | 1.08× | -0.88× |
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% |
RIG
| Ultra Deepwater Floaters | $433.0M | 42% |
| BR | $236.0M | 23% |
| Other Geographical | $211.0M | 20% |
| Harsh Environment Floaters | $163.0M | 16% |
