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林肯电气（LECO）与RUSH ENTERPRISES INC \TX\（RUSHA）财务数据对比。点击上方公司名可切换其他公司
RUSH ENTERPRISES INC \TX\的季度营收约是林肯电气的1.6倍（$1.7B vs $1.1B），林肯电气净利率更高（12.6% vs 3.7%，领先8.9%），林肯电气同比增速更快（5.5% vs -9.0%），RUSH ENTERPRISES INC \TX\自由现金流更多（$411.6M vs $52.0M），过去两年林肯电气的营收复合增速更高（4.9% vs -6.8%）
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。
Rush Enterprises是总部位于美国得克萨斯州新布朗费尔斯的商用车经销商，核心业务是通过旗下Rush Truck Centers销售全新及二手卡车。2019年该公司在全美20个州运营超200家卡车中心，在加拿大设有14个网点，2020年入选财富500强榜单。
LECO vs RUSHA — 直观对比
营收规模更大
RUSHA
是对方的1.6倍
$1.1B
营收增速更快
LECO
高出14.6%
-9.0%
净利率更高
LECO
高出8.9%
3.7%
自由现金流更多
RUSHA
多$359.5M
$52.0M
两年增速更快
LECO
近两年复合增速
-6.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $1.7B |
| 净利润 | $136.0M | $61.7M |
| 毛利率 | 34.7% | 20.4% |
| 营业利润率 | 17.1% | 4.9% |
| 净利率 | 12.6% | 3.7% |
| 营收同比 | 5.5% | -9.0% |
| 净利润同比 | -3.0% | 1.8% |
| 每股收益（稀释后） | $2.45 | $0.77 |
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LECORUSHA
| Q1 26 | — | $1.7B | ||
| Q4 25 | $1.1B | $1.7B | ||
| Q3 25 | $1.1B | $1.8B | ||
| Q2 25 | $1.1B | $1.8B | ||
| Q1 25 | $1.0B | $1.8B | ||
| Q4 24 | $1.0B | $1.9B | ||
| Q3 24 | $983.8M | $1.8B | ||
| Q2 24 | $1.0B | $1.9B |
净利润LECORUSHA
| Q1 26 | — | $61.7M | ||
| Q4 25 | $136.0M | $64.3M | ||
| Q3 25 | $122.6M | $66.7M | ||
| Q2 25 | $143.4M | $72.4M | ||
| Q1 25 | $118.5M | $60.3M | ||
| Q4 24 | $140.2M | $74.8M | ||
| Q3 24 | $100.8M | $79.1M | ||
| Q2 24 | $101.7M | $78.7M |
毛利率LECORUSHA
| Q1 26 | — | 20.4% | ||
| Q4 25 | 34.7% | 20.8% | ||
| Q3 25 | 36.7% | 21.0% | ||
| Q2 25 | 37.3% | 20.7% | ||
| Q1 25 | 36.4% | 20.3% | ||
| Q4 24 | 36.1% | 19.3% | ||
| Q3 24 | 35.8% | 21.0% | ||
| Q2 24 | 37.6% | 20.2% |
营业利润率LECORUSHA
| Q1 26 | — | 4.9% | ||
| Q4 25 | 17.1% | 5.5% | ||
| Q3 25 | 16.6% | 5.6% | ||
| Q2 25 | 17.6% | 6.0% | ||
| Q1 25 | 16.4% | 5.2% | ||
| Q4 24 | 17.3% | 5.8% | ||
| Q3 24 | 14.8% | 6.7% | ||
| Q2 24 | 14.6% | 6.4% |
净利率LECORUSHA
| Q1 26 | — | 3.7% | ||
| Q4 25 | 12.6% | 3.8% | ||
| Q3 25 | 11.6% | 3.7% | ||
| Q2 25 | 13.2% | 3.9% | ||
| Q1 25 | 11.8% | 3.4% | ||
| Q4 24 | 13.7% | 3.9% | ||
| Q3 24 | 10.2% | 4.4% | ||
| Q2 24 | 10.0% | 4.1% |
每股收益（稀释后）LECORUSHA
| Q1 26 | — | $0.77 | ||
| Q4 25 | $2.45 | $0.81 | ||
| Q3 25 | $2.21 | $0.83 | ||
| Q2 25 | $2.56 | $0.90 | ||
| Q1 25 | $2.10 | $0.73 | ||
| Q4 24 | $2.47 | $-95.13 | ||
| Q3 24 | $1.77 | $0.97 | ||
| Q2 24 | $1.77 | $97.00 |
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 | — |
| 总债务越低越好 | — | $277.8M |
| 股东权益账面价值 | $1.5B | $2.3B |
| 总资产 | $3.8B | $4.5B |
| 负债/权益比越低杠杆越低 | — | 0.12× |
8季度趋势，按日历期对齐
现金及短期投资LECORUSHA
| Q1 26 | — | — | ||
| Q4 25 | $308.8M | $212.6M | ||
| Q3 25 | $293.0M | $242.0M | ||
| Q2 25 | $299.5M | $211.1M | ||
| Q1 25 | $394.7M | $228.7M | ||
| Q4 24 | $377.3M | $228.1M | ||
| Q3 24 | $404.2M | $185.1M | ||
| Q2 24 | $272.7M | $167.3M |
总债务LECORUSHA
| Q1 26 | — | $277.8M | ||
| Q4 25 | — | $274.8M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $408.4M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益LECORUSHA
| Q1 26 | — | $2.3B | ||
| Q4 25 | $1.5B | $2.2B | ||
| Q3 25 | $1.4B | $2.2B | ||
| Q2 25 | $1.4B | $2.2B | ||
| Q1 25 | $1.3B | $2.2B | ||
| Q4 24 | $1.3B | $2.1B | ||
| Q3 24 | $1.3B | $2.1B | ||
| Q2 24 | $1.3B | $2.0B |
总资产LECORUSHA
| Q1 26 | — | $4.5B | ||
| Q4 25 | $3.8B | $4.4B | ||
| Q3 25 | $3.8B | $4.6B | ||
| Q2 25 | $3.7B | $4.7B | ||
| Q1 25 | $3.6B | $4.7B | ||
| Q4 24 | $3.5B | $4.6B | ||
| Q3 24 | $3.7B | $4.6B | ||
| Q2 24 | $3.4B | $4.5B |
负债/权益比LECORUSHA
| Q1 26 | — | 0.12× | ||
| Q4 25 | — | 0.12× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.19× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $411.6M |
| 自由现金流率自由现金流/营收 | 4.8% | 24.4% |
| 资本支出强度资本支出/营收 | 4.0% | 2.0% |
| 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 | $828.4M |
8季度趋势，按日历期对齐
经营现金流LECORUSHA
| Q1 26 | — | — | ||
| Q4 25 | $95.0M | $112.9M | ||
| Q3 25 | $236.7M | $367.8M | ||
| Q2 25 | $143.8M | $227.6M | ||
| Q1 25 | $185.7M | $153.5M | ||
| Q4 24 | $95.8M | $392.3M | ||
| Q3 24 | $199.2M | $111.7M | ||
| Q2 24 | $170.7M | $270.6M |
自由现金流LECORUSHA
| Q1 26 | — | $411.6M | ||
| Q4 25 | $52.0M | $31.9M | ||
| Q3 25 | $205.1M | $271.2M | ||
| Q2 25 | $118.4M | $113.8M | ||
| Q1 25 | $158.7M | $45.1M | ||
| Q4 24 | $64.3M | $263.5M | ||
| Q3 24 | $163.5M | $-20.0M | ||
| Q2 24 | $147.5M | $177.2M |
自由现金流率LECORUSHA
| Q1 26 | — | 24.4% | ||
| Q4 25 | 4.8% | 1.9% | ||
| Q3 25 | 19.3% | 15.2% | ||
| Q2 25 | 10.9% | 6.2% | ||
| Q1 25 | 15.8% | 2.6% | ||
| Q4 24 | 6.3% | 13.7% | ||
| Q3 24 | 16.6% | -1.1% | ||
| Q2 24 | 14.4% | 9.1% |
资本支出强度LECORUSHA
| Q1 26 | — | 2.0% | ||
| Q4 25 | 4.0% | 4.8% | ||
| Q3 25 | 3.0% | 5.4% | ||
| Q2 25 | 2.3% | 6.2% | ||
| Q1 25 | 2.7% | 6.2% | ||
| Q4 24 | 3.1% | 6.7% | ||
| Q3 24 | 3.6% | 7.3% | ||
| Q2 24 | 2.3% | 4.8% |
现金转化率LECORUSHA
| Q1 26 | — | — | ||
| Q4 25 | 0.70× | 1.75× | ||
| Q3 25 | 1.93× | 5.51× | ||
| Q2 25 | 1.00× | 3.14× | ||
| Q1 25 | 1.57× | 2.55× | ||
| Q4 24 | 0.68× | 5.25× | ||
| Q3 24 | 1.98× | 1.41× | ||
| Q2 24 | 1.68× | 3.44× |
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% |
RUSHA
| New and used commercial vehicle sales | $955.1M | 57% |
| Aftermarket products and services sales | $627.2M | 37% |
| Lease and rental sales | $92.3M | 5% |
| Finance and insurance | $5.6M | 0% |
