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林德（LIN）与利安德巴塞尔（LYB）财务数据对比。点击上方公司名可切换其他公司
林德的季度营收约是利安德巴塞尔的1.2倍（$8.8B vs $7.1B），林德净利率更高（17.5% vs -2.0%，领先19.4%），林德同比增速更快（5.8% vs -25.3%），林德自由现金流更多（$1.6B vs $1.1B），过去两年林德的营收复合增速更高（4.0% vs -15.5%）
林德是全球知名跨国化工企业，按市场份额及营收计为全球最大工业气体供应商。公司1879年由德国科学家、工程师卡尔·冯·林德在德国威斯巴登创立，现总部位于英国沃金，在爱尔兰注册，2018年由原林德股份公司与1907年在美国成立的普莱克斯合并组建。
利安德巴塞尔是跨国化工巨头，注册地位于荷兰，美国业务总部设在得克萨斯州休斯敦，在英国伦敦设有办事处。作为全球最大的聚乙烯、聚丙烯技术授权商，公司还生产乙烯、丙烯、聚烯烃、氧化燃料等各类化工产品。
LIN vs LYB — 直观对比
营收规模更大
LIN
是对方的1.2倍
$7.1B
营收增速更快
LIN
高出31.2%
-25.3%
净利率更高
LIN
高出19.4%
-2.0%
自由现金流更多
LIN
多$515.0M
$1.1B
两年增速更快
LIN
近两年复合增速
-15.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $8.8B | $7.1B |
| 净利润 | $1.5B | $-140.0M |
| 毛利率 | — | 4.7% |
| 营业利润率 | 23.0% | -1.2% |
| 净利率 | 17.5% | -2.0% |
| 营收同比 | 5.8% | -25.3% |
| 净利润同比 | -11.3% | 76.8% |
| 每股收益（稀释后） | $3.28 | $-0.45 |
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LINLYB
| Q4 25 | $8.8B | $7.1B | ||
| Q3 25 | $8.6B | $7.7B | ||
| Q2 25 | $8.5B | $7.7B | ||
| Q1 25 | $8.1B | $7.7B | ||
| Q4 24 | $8.3B | $9.5B | ||
| Q3 24 | $8.4B | $10.3B | ||
| Q2 24 | $8.3B | $10.6B | ||
| Q1 24 | $8.1B | $9.9B |
净利润LINLYB
| Q4 25 | $1.5B | $-140.0M | ||
| Q3 25 | $1.9B | $-890.0M | ||
| Q2 25 | $1.8B | $115.0M | ||
| Q1 25 | $1.7B | $177.0M | ||
| Q4 24 | $1.7B | $-603.0M | ||
| Q3 24 | $1.6B | $573.0M | ||
| Q2 24 | $1.7B | $924.0M | ||
| Q1 24 | $1.6B | $473.0M |
毛利率LINLYB
| Q4 25 | — | 4.7% | ||
| Q3 25 | — | 11.7% | ||
| Q2 25 | — | 10.3% | ||
| Q1 25 | — | 7.2% | ||
| Q4 24 | — | 7.9% | ||
| Q3 24 | — | 12.0% | ||
| Q2 24 | — | 13.4% | ||
| Q1 24 | — | 11.7% |
营业利润率LINLYB
| Q4 25 | 23.0% | -1.2% | ||
| Q3 25 | 27.5% | -9.5% | ||
| Q2 25 | 27.7% | 3.7% | ||
| Q1 25 | 26.9% | 1.5% | ||
| Q4 24 | 27.4% | -6.9% | ||
| Q3 24 | 25.0% | 7.8% | ||
| Q2 24 | 26.4% | 9.2% | ||
| Q1 24 | 25.9% | 7.1% |
净利率LINLYB
| Q4 25 | 17.5% | -2.0% | ||
| Q3 25 | 22.4% | -11.5% | ||
| Q2 25 | 20.8% | 1.5% | ||
| Q1 25 | 20.6% | 2.3% | ||
| Q4 24 | 20.8% | -6.3% | ||
| Q3 24 | 18.5% | 5.6% | ||
| Q2 24 | 20.1% | 8.8% | ||
| Q1 24 | 20.1% | 4.8% |
每股收益（稀释后）LINLYB
| Q4 25 | $3.28 | $-0.45 | ||
| Q3 25 | $4.09 | $-2.77 | ||
| Q2 25 | $3.73 | $0.34 | ||
| Q1 25 | $3.51 | $0.54 | ||
| Q4 24 | $3.61 | $-1.86 | ||
| Q3 24 | $3.22 | $1.75 | ||
| Q2 24 | $3.44 | $2.82 | ||
| Q1 24 | $3.35 | $1.44 |
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 | $5.1B | $5.5B |
| 总债务越低越好 | $20.7B | $12.1B |
| 股东权益账面价值 | $38.2B | $10.1B |
| 总资产 | $86.8B | $34.0B |
| 负债/权益比越低杠杆越低 | 0.54× | 1.20× |
8季度趋势，按日历期对齐
现金及短期投资LINLYB
| Q4 25 | $5.1B | $5.5B | ||
| Q3 25 | $4.5B | $2.5B | ||
| Q2 25 | $4.8B | $2.5B | ||
| Q1 25 | $5.3B | $3.0B | ||
| Q4 24 | $4.8B | $6.0B | ||
| Q3 24 | $5.2B | $4.3B | ||
| Q2 24 | $4.6B | $4.7B | ||
| Q1 24 | $4.8B | $3.8B |
总债务LINLYB
| Q4 25 | $20.7B | $12.1B | ||
| Q3 25 | $18.6B | $10.6B | ||
| Q2 25 | $19.7B | $11.2B | ||
| Q1 25 | $17.6B | $10.6B | ||
| Q4 24 | $15.3B | $10.5B | ||
| Q3 24 | $17.5B | $11.1B | ||
| Q2 24 | $16.9B | $11.0B | ||
| Q1 24 | $15.2B | $11.0B |
股东权益LINLYB
| Q4 25 | $38.2B | $10.1B | ||
| Q3 25 | $38.6B | $10.6B | ||
| Q2 25 | $38.5B | $11.9B | ||
| Q1 25 | $38.0B | $12.2B | ||
| Q4 24 | $38.1B | $12.5B | ||
| Q3 24 | $39.2B | $13.7B | ||
| Q2 24 | $38.2B | $13.4B | ||
| Q1 24 | $38.8B | $13.0B |
总资产LINLYB
| Q4 25 | $86.8B | $34.0B | ||
| Q3 25 | $86.0B | $33.8B | ||
| Q2 25 | $86.1B | $35.4B | ||
| Q1 25 | $82.7B | $35.2B | ||
| Q4 24 | $80.1B | $35.7B | ||
| Q3 24 | $82.5B | $37.3B | ||
| Q2 24 | $80.2B | $37.1B | ||
| Q1 24 | $80.3B | $36.6B |
负债/权益比LINLYB
| Q4 25 | 0.54× | 1.20× | ||
| Q3 25 | 0.48× | 1.00× | ||
| Q2 25 | 0.51× | 0.94× | ||
| Q1 25 | 0.46× | 0.87× | ||
| Q4 24 | 0.40× | 0.85× | ||
| Q3 24 | 0.45× | 0.81× | ||
| Q2 24 | 0.44× | 0.82× | ||
| Q1 24 | 0.39× | 0.85× |
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 | $3.0B | $1.5B |
| 自由现金流经营现金流 - 资本支出 | $1.6B | $1.1B |
| 自由现金流率自由现金流/营收 | 17.9% | 14.9% |
| 资本支出强度资本支出/营收 | 16.6% | 6.3% |
| 现金转化率经营现金流/净利润 | 1.98× | — |
| 过去12个月自由现金流最近4个季度 | $5.1B | $384.0M |
8季度趋势，按日历期对齐
经营现金流LINLYB
| Q4 25 | $3.0B | $1.5B | ||
| Q3 25 | $2.9B | $983.0M | ||
| Q2 25 | $2.2B | $351.0M | ||
| Q1 25 | $2.2B | $-579.0M | ||
| Q4 24 | $2.8B | $1.9B | ||
| Q3 24 | $2.7B | $670.0M | ||
| Q2 24 | $1.9B | $1.3B | ||
| Q1 24 | $2.0B | $-114.0M |
自由现金流LINLYB
| Q4 25 | $1.6B | $1.1B | ||
| Q3 25 | $1.7B | $577.0M | ||
| Q2 25 | $954.0M | $-188.0M | ||
| Q1 25 | $891.0M | $-1.1B | ||
| Q4 24 | $1.6B | $1.4B | ||
| Q3 24 | $1.7B | $302.0M | ||
| Q2 24 | $796.0M | $864.0M | ||
| Q1 24 | $906.0M | $-597.0M |
自由现金流率LINLYB
| Q4 25 | 17.9% | 14.9% | ||
| Q3 25 | 19.4% | 7.5% | ||
| Q2 25 | 11.2% | -2.5% | ||
| Q1 25 | 11.0% | -13.8% | ||
| Q4 24 | 18.8% | 14.9% | ||
| Q3 24 | 19.9% | 2.9% | ||
| Q2 24 | 9.6% | 8.2% | ||
| Q1 24 | 11.2% | -6.0% |
资本支出强度LINLYB
| Q4 25 | 16.6% | 6.3% | ||
| Q3 25 | 14.8% | 5.3% | ||
| Q2 25 | 14.8% | 7.0% | ||
| Q1 25 | 15.7% | 6.3% | ||
| Q4 24 | 15.1% | 5.3% | ||
| Q3 24 | 12.8% | 3.6% | ||
| Q2 24 | 13.7% | 4.6% | ||
| Q1 24 | 12.9% | 4.9% |
现金转化率LINLYB
| Q4 25 | 1.98× | — | ||
| Q3 25 | 1.53× | — | ||
| Q2 25 | 1.25× | 3.05× | ||
| Q1 25 | 1.29× | -3.27× | ||
| Q4 24 | 1.63× | — | ||
| Q3 24 | 1.76× | 1.17× | ||
| Q2 24 | 1.16× | 1.46× | ||
| Q1 24 | 1.20× | -0.24× |
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
LIN
| Other | $4.9B | 56% |
| Packaged Gas | $1.6B | 19% |
| Merchant | $1.2B | 14% |
| On Site | $950.0M | 11% |
| Other Distribution Methods | $64.0M | 1% |
LYB
| Polypropylene | $1.3B | 18% |
| Oxyfuels And Related Products | $1.3B | 18% |
| Olefins And Co Products | $1.1B | 15% |
| Advanced Polymer Solutions | $774.0M | 11% |
| Po And Derivatives | $497.0M | 7% |
| Other | $492.0M | 7% |
| DE | $440.0M | 6% |
| MX | $353.0M | 5% |
| Intermediate Chemicals | $341.0M | 5% |
| Discontinued Operations Disposed Of By Means Other Than Sale | $265.0M | 4% |
| Other Products | $199.0M | 3% |
| Related Party | $126.0M | 2% |
