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林肯电气（LECO）与SPX Technologies, Inc.（SPXC）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SPX Technologies, Inc.的1.7倍（$1.1B vs $637.3M）。林肯电气净利率更高（12.6% vs 12.2%，领先0.4%）。SPX Technologies, Inc.同比增速更快（19.4% vs 5.5%）。SPX Technologies, Inc.自由现金流更多（$126.7M vs $52.0M）。过去两年SPX Technologies, Inc.的营收复合增速更高（17.0% 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。
SPX Technologies是美国头部制造企业，总部位于北卡罗来纳州夏洛特市，业务布局暖通空调、检测测量、输发电及工程解决方案四大核心领域，产品涵盖冷却塔、锅炉、地下管线定位仪、电力变压器、热交换器等，旗下拥有Waukesha、Dielectric、Genfare等多个知名品牌。
LECO vs SPXC — 直观对比
营收规模更大
LECO
是对方的1.7倍
$637.3M
营收增速更快
SPXC
高出13.9%
5.5%
净利率更高
LECO
高出0.4%
12.2%
自由现金流更多
SPXC
多$74.7M
$52.0M
两年增速更快
SPXC
近两年复合增速
4.9%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $637.3M |
| 净利润 | $136.0M | $77.9M |
| 毛利率 | 34.7% | 39.8% |
| 营业利润率 | 17.1% | 15.7% |
| 净利率 | 12.6% | 12.2% |
| 营收同比 | 5.5% | 19.4% |
| 净利润同比 | -3.0% | 36.4% |
| 每股收益（稀释后） | $2.45 | $1.56 |
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LECOSPXC
| Q4 25 | $1.1B | $637.3M | ||
| Q3 25 | $1.1B | $592.8M | ||
| Q2 25 | $1.1B | $552.4M | ||
| Q1 25 | $1.0B | $482.6M | ||
| Q4 24 | $1.0B | $533.7M | ||
| Q3 24 | $983.8M | $483.7M | ||
| Q2 24 | $1.0B | $501.3M | ||
| Q1 24 | $981.2M | $465.2M |
净利润LECOSPXC
| Q4 25 | $136.0M | $77.9M | ||
| Q3 25 | $122.6M | $62.7M | ||
| Q2 25 | $143.4M | $52.2M | ||
| Q1 25 | $118.5M | $51.2M | ||
| Q4 24 | $140.2M | $57.1M | ||
| Q3 24 | $100.8M | $50.2M | ||
| Q2 24 | $101.7M | $44.2M | ||
| Q1 24 | $123.4M | $49.0M |
毛利率LECOSPXC
| Q4 25 | 34.7% | 39.8% | ||
| Q3 25 | 36.7% | 40.4% | ||
| Q2 25 | 37.3% | 41.4% | ||
| Q1 25 | 36.4% | 40.6% | ||
| Q4 24 | 36.1% | 40.9% | ||
| Q3 24 | 35.8% | 40.9% | ||
| Q2 24 | 37.6% | 40.1% | ||
| Q1 24 | 37.5% | 39.3% |
营业利润率LECOSPXC
| Q4 25 | 17.1% | 15.7% | ||
| Q3 25 | 16.6% | 16.4% | ||
| Q2 25 | 17.6% | 15.7% | ||
| Q1 25 | 16.4% | 13.8% | ||
| Q4 24 | 17.3% | 16.9% | ||
| Q3 24 | 14.8% | 16.3% | ||
| Q2 24 | 14.6% | 14.9% | ||
| Q1 24 | 16.8% | 13.9% |
净利率LECOSPXC
| Q4 25 | 12.6% | 12.2% | ||
| Q3 25 | 11.6% | 10.6% | ||
| Q2 25 | 13.2% | 9.4% | ||
| Q1 25 | 11.8% | 10.6% | ||
| Q4 24 | 13.7% | 10.7% | ||
| Q3 24 | 10.2% | 10.4% | ||
| Q2 24 | 10.0% | 8.8% | ||
| Q1 24 | 12.6% | 10.5% |
每股收益（稀释后）LECOSPXC
| Q4 25 | $2.45 | $1.56 | ||
| Q3 25 | $2.21 | $1.28 | ||
| Q2 25 | $2.56 | $1.10 | ||
| Q1 25 | $2.10 | $1.09 | ||
| Q4 24 | $2.47 | $1.21 | ||
| Q3 24 | $1.77 | $1.06 | ||
| Q2 24 | $1.77 | $0.94 | ||
| Q1 24 | $2.14 | $1.05 |
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 | $364.0M |
| 总债务越低越好 | — | $496.7M |
| 股东权益账面价值 | $1.5B | $2.2B |
| 总资产 | $3.8B | $3.6B |
| 负债/权益比越低杠杆越低 | — | 0.22× |
8季度趋势，按日历期对齐
现金及短期投资LECOSPXC
| Q4 25 | $308.8M | $364.0M | ||
| Q3 25 | $293.0M | $229.4M | ||
| Q2 25 | $299.5M | $132.8M | ||
| Q1 25 | $394.7M | $177.8M | ||
| Q4 24 | $377.3M | $156.9M | ||
| Q3 24 | $404.2M | $124.8M | ||
| Q2 24 | $272.7M | $128.1M | ||
| Q1 24 | $375.0M | $100.5M |
总债务LECOSPXC
| Q4 25 | — | $496.7M | ||
| Q3 25 | — | $499.8M | ||
| Q2 25 | — | $950.3M | ||
| Q1 25 | — | $872.0M | ||
| Q4 24 | — | $577.0M | ||
| Q3 24 | — | $665.2M | ||
| Q2 24 | — | $509.9M | ||
| Q1 24 | — | $516.6M |
股东权益LECOSPXC
| Q4 25 | $1.5B | $2.2B | ||
| Q3 25 | $1.4B | $2.1B | ||
| Q2 25 | $1.4B | $1.5B | ||
| Q1 25 | $1.3B | $1.4B | ||
| Q4 24 | $1.3B | $1.4B | ||
| Q3 24 | $1.3B | $1.4B | ||
| Q2 24 | $1.3B | $1.3B | ||
| Q1 24 | $1.3B | $1.2B |
总资产LECOSPXC
| Q4 25 | $3.8B | $3.6B | ||
| Q3 25 | $3.8B | $3.4B | ||
| Q2 25 | $3.7B | $3.3B | ||
| Q1 25 | $3.6B | $3.1B | ||
| Q4 24 | $3.5B | $2.7B | ||
| Q3 24 | $3.7B | $2.8B | ||
| Q2 24 | $3.4B | $2.8B | ||
| Q1 24 | $3.4B | $2.8B |
负债/权益比LECOSPXC
| Q4 25 | — | 0.22× | ||
| Q3 25 | — | 0.23× | ||
| Q2 25 | — | 0.62× | ||
| Q1 25 | — | 0.60× | ||
| Q4 24 | — | 0.42× | ||
| Q3 24 | — | 0.49× | ||
| Q2 24 | — | 0.40× | ||
| Q1 24 | — | 0.42× |
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 | $195.2M |
| 自由现金流经营现金流 - 资本支出 | $52.0M | $126.7M |
| 自由现金流率自由现金流/营收 | 4.8% | 19.9% |
| 资本支出强度资本支出/营收 | 4.0% | 10.7% |
| 现金转化率经营现金流/净利润 | 0.70× | 2.51× |
| 过去12个月自由现金流最近4个季度 | $534.2M | $241.2M |
8季度趋势，按日历期对齐
经营现金流LECOSPXC
| Q4 25 | $95.0M | $195.2M | ||
| Q3 25 | $236.7M | $106.5M | ||
| Q2 25 | $143.8M | $42.5M | ||
| Q1 25 | $185.7M | $-10.9M | ||
| Q4 24 | $95.8M | $166.5M | ||
| Q3 24 | $199.2M | $51.4M | ||
| Q2 24 | $170.7M | $57.5M | ||
| Q1 24 | $133.3M | $10.5M |
自由现金流LECOSPXC
| Q4 25 | $52.0M | $126.7M | ||
| Q3 25 | $205.1M | $96.1M | ||
| Q2 25 | $118.4M | $34.8M | ||
| Q1 25 | $158.7M | $-16.4M | ||
| Q4 24 | $64.3M | $156.7M | ||
| Q3 24 | $163.5M | $43.5M | ||
| Q2 24 | $147.5M | $47.1M | ||
| Q1 24 | $107.0M | $600.0K |
自由现金流率LECOSPXC
| Q4 25 | 4.8% | 19.9% | ||
| Q3 25 | 19.3% | 16.2% | ||
| Q2 25 | 10.9% | 6.3% | ||
| Q1 25 | 15.8% | -3.4% | ||
| Q4 24 | 6.3% | 29.4% | ||
| Q3 24 | 16.6% | 9.0% | ||
| Q2 24 | 14.4% | 9.4% | ||
| Q1 24 | 10.9% | 0.1% |
资本支出强度LECOSPXC
| Q4 25 | 4.0% | 10.7% | ||
| Q3 25 | 3.0% | 1.8% | ||
| Q2 25 | 2.3% | 1.4% | ||
| Q1 25 | 2.7% | 1.1% | ||
| Q4 24 | 3.1% | 1.8% | ||
| Q3 24 | 3.6% | 1.6% | ||
| Q2 24 | 2.3% | 2.1% | ||
| Q1 24 | 2.7% | 2.1% |
现金转化率LECOSPXC
| Q4 25 | 0.70× | 2.51× | ||
| Q3 25 | 1.93× | 1.70× | ||
| Q2 25 | 1.00× | 0.81× | ||
| Q1 25 | 1.57× | -0.21× | ||
| Q4 24 | 0.68× | 2.92× | ||
| Q3 24 | 1.98× | 1.02× | ||
| Q2 24 | 1.68× | 1.30× | ||
| Q1 24 | 1.08× | 0.21× |
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% |
SPXC
| Package And Process Cooling Equipment And Services And Engineered Air Movement And Handling Solutions | $258.5M | 41% |
| Detectionand Measurement Reportable Segment | $206.2M | 32% |
| CA | $57.7M | 9% |
| Kranze Technology Solutions Inc | $37.9M | 6% |
| GB | $32.0M | 5% |
| Other Foreign Countries | $28.6M | 4% |
| Other | $16.4M | 3% |
