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林德（LIN）与梅西百货（M）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梅西百货的1.9倍（$8.8B vs $4.7B），林德净利率更高（17.5% vs 0.2%，领先17.2%），林德同比增速更快（5.8% vs -0.6%），林德自由现金流更多（$1.6B vs $-101.0M），过去两年林德的营收复合增速更高（4.0% vs -23.8%）
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。
梅西百货是美国知名百货控股集团，1929年成立时名为联合百货，最初持有Abraham & Straus、Lazarus等多个区域连锁百货品牌，次年布鲁明戴尔正式加入。集团早年频繁开展资产并购与剥离，1994年收购1858年创立的老牌百货梅西，随后更名并发展为美国头部百货零售企业。
LIN vs M — 直观对比
营收规模更大
LIN
是对方的1.9倍
$4.7B
营收增速更快
LIN
高出6.4%
-0.6%
净利率更高
LIN
高出17.2%
0.2%
自由现金流更多
LIN
多$1.7B
$-101.0M
两年增速更快
LIN
近两年复合增速
-23.8%
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $8.8B | $4.7B |
| 净利润 | $1.5B | $11.0M |
| 毛利率 | — | 39.4% |
| 营业利润率 | 23.0% | 0.9% |
| 净利率 | 17.5% | 0.2% |
| 营收同比 | 5.8% | -0.6% |
| 净利润同比 | -11.3% | -60.7% |
| 每股收益（稀释后） | $3.28 | $0.04 |
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LINM
| Q4 25 | $8.8B | $4.7B | ||
| Q3 25 | $8.6B | $4.8B | ||
| Q2 25 | $8.5B | $4.6B | ||
| Q1 25 | $8.1B | $7.8B | ||
| Q4 24 | $8.3B | $4.7B | ||
| Q3 24 | $8.4B | $4.9B | ||
| Q2 24 | $8.3B | $4.8B | ||
| Q1 24 | $8.1B | $8.1B |
净利润LINM
| Q4 25 | $1.5B | $11.0M | ||
| Q3 25 | $1.9B | $87.0M | ||
| Q2 25 | $1.8B | $38.0M | ||
| Q1 25 | $1.7B | $342.0M | ||
| Q4 24 | $1.7B | $28.0M | ||
| Q3 24 | $1.6B | $150.0M | ||
| Q2 24 | $1.7B | $62.0M | ||
| Q1 24 | $1.6B | $-71.0M |
毛利率LINM
| Q4 25 | — | 39.4% | ||
| Q3 25 | — | 39.7% | ||
| Q2 25 | — | 39.2% | ||
| Q1 25 | — | 35.7% | ||
| Q4 24 | — | 39.6% | ||
| Q3 24 | — | 40.5% | ||
| Q2 24 | — | 39.2% | ||
| Q1 24 | — | 37.5% |
营业利润率LINM
| Q4 25 | 23.0% | 0.9% | ||
| Q3 25 | 27.5% | 3.1% | ||
| Q2 25 | 27.7% | 2.0% | ||
| Q1 25 | 26.9% | 6.4% | ||
| Q4 24 | 27.4% | 1.3% | ||
| Q3 24 | 25.0% | 4.5% | ||
| Q2 24 | 26.4% | 2.6% | ||
| Q1 24 | 25.9% | -0.9% |
净利率LINM
| Q4 25 | 17.5% | 0.2% | ||
| Q3 25 | 22.4% | 1.8% | ||
| Q2 25 | 20.8% | 0.8% | ||
| Q1 25 | 20.6% | 4.4% | ||
| Q4 24 | 20.8% | 0.6% | ||
| Q3 24 | 18.5% | 3.0% | ||
| Q2 24 | 20.1% | 1.3% | ||
| Q1 24 | 20.1% | -0.9% |
每股收益（稀释后）LINM
| Q4 25 | $3.28 | $0.04 | ||
| Q3 25 | $4.09 | $0.31 | ||
| Q2 25 | $3.73 | $0.13 | ||
| Q1 25 | $3.51 | $1.22 | ||
| Q4 24 | $3.61 | $0.10 | ||
| Q3 24 | $3.22 | $0.53 | ||
| Q2 24 | $3.44 | $0.22 | ||
| Q1 24 | $3.35 | $-0.25 |
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 | $447.0M |
| 总债务越低越好 | $20.7B | $2.4B |
| 股东权益账面价值 | $38.2B | $4.3B |
| 总资产 | $86.8B | $17.1B |
| 负债/权益比越低杠杆越低 | 0.54× | 0.56× |
8季度趋势，按日历期对齐
现金及短期投资LINM
| Q4 25 | $5.1B | $447.0M | ||
| Q3 25 | $4.5B | $829.0M | ||
| Q2 25 | $4.8B | $932.0M | ||
| Q1 25 | $5.3B | $1.3B | ||
| Q4 24 | $4.8B | $315.0M | ||
| Q3 24 | $5.2B | $646.0M | ||
| Q2 24 | $4.6B | $876.0M | ||
| Q1 24 | $4.8B | $1.0B |
总债务LINM
| Q4 25 | $20.7B | $2.4B | ||
| Q3 25 | $18.6B | $2.4B | ||
| Q2 25 | $19.7B | $2.8B | ||
| Q1 25 | $17.6B | $2.8B | ||
| Q4 24 | $15.3B | $2.8B | ||
| Q3 24 | $17.5B | $3.0B | ||
| Q2 24 | $16.9B | $3.0B | ||
| Q1 24 | $15.2B | $3.0B |
股东权益LINM
| Q4 25 | $38.2B | $4.3B | ||
| Q3 25 | $38.6B | $4.5B | ||
| Q2 25 | $38.5B | $4.5B | ||
| Q1 25 | $38.0B | $4.6B | ||
| Q4 24 | $38.1B | $4.1B | ||
| Q3 24 | $39.2B | $4.3B | ||
| Q2 24 | $38.2B | $4.2B | ||
| Q1 24 | $38.8B | $4.1B |
总资产LINM
| Q4 25 | $86.8B | $17.1B | ||
| Q3 25 | $86.0B | $15.6B | ||
| Q2 25 | $86.1B | $16.1B | ||
| Q1 25 | $82.7B | $16.4B | ||
| Q4 24 | $80.1B | $17.3B | ||
| Q3 24 | $82.5B | $15.8B | ||
| Q2 24 | $80.2B | $16.4B | ||
| Q1 24 | $80.3B | $16.2B |
负债/权益比LINM
| Q4 25 | 0.54× | 0.56× | ||
| Q3 25 | 0.48× | 0.55× | ||
| Q2 25 | 0.51× | 0.62× | ||
| Q1 25 | 0.46× | 0.61× | ||
| Q4 24 | 0.40× | 0.67× | ||
| Q3 24 | 0.45× | 0.70× | ||
| Q2 24 | 0.44× | 0.72× | ||
| Q1 24 | 0.39× | 0.72× |
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 | $-8.0M |
| 自由现金流经营现金流 - 资本支出 | $1.6B | $-101.0M |
| 自由现金流率自由现金流/营收 | 17.9% | -2.1% |
| 资本支出强度资本支出/营收 | 16.6% | 2.0% |
| 现金转化率经营现金流/净利润 | 1.98× | -0.73× |
| 过去12个月自由现金流最近4个季度 | $5.1B | $1.2B |
8季度趋势，按日历期对齐
经营现金流LINM
| Q4 25 | $3.0B | $-8.0M | ||
| Q3 25 | $2.9B | $319.0M | ||
| Q2 25 | $2.2B | $-64.0M | ||
| Q1 25 | $2.2B | $1.3B | ||
| Q4 24 | $2.8B | $-167.0M | ||
| Q3 24 | $2.7B | $8.0M | ||
| Q2 24 | $1.9B | $129.0M | ||
| Q1 24 | $2.0B | $1.1B |
自由现金流LINM
| Q4 25 | $1.6B | $-101.0M | ||
| Q3 25 | $1.7B | $240.0M | ||
| Q2 25 | $954.0M | $-164.0M | ||
| Q1 25 | $891.0M | $1.2B | ||
| Q4 24 | $1.6B | $-295.0M | ||
| Q3 24 | $1.7B | $-109.0M | ||
| Q2 24 | $796.0M | $-25.0M | ||
| Q1 24 | $906.0M | $1.0B |
自由现金流率LINM
| Q4 25 | 17.9% | -2.1% | ||
| Q3 25 | 19.4% | 5.0% | ||
| Q2 25 | 11.2% | -3.6% | ||
| Q1 25 | 11.0% | 15.3% | ||
| Q4 24 | 18.8% | -6.2% | ||
| Q3 24 | 19.9% | -2.2% | ||
| Q2 24 | 9.6% | -0.5% | ||
| Q1 24 | 11.2% | 12.3% |
资本支出强度LINM
| Q4 25 | 16.6% | 2.0% | ||
| Q3 25 | 14.8% | 1.6% | ||
| Q2 25 | 14.8% | 2.2% | ||
| Q1 25 | 15.7% | 1.5% | ||
| Q4 24 | 15.1% | 2.7% | ||
| Q3 24 | 12.8% | 2.4% | ||
| Q2 24 | 13.7% | 3.2% | ||
| Q1 24 | 12.9% | 1.8% |
现金转化率LINM
| Q4 25 | 1.98× | -0.73× | ||
| Q3 25 | 1.53× | 3.67× | ||
| Q2 25 | 1.25× | -1.68× | ||
| Q1 25 | 1.29× | 3.82× | ||
| Q4 24 | 1.63× | -5.96× | ||
| Q3 24 | 1.76× | 0.05× | ||
| Q2 24 | 1.16× | 2.08× | ||
| Q1 24 | 1.20× | — |
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% |
M
| Womens Accessories Shoes Cosmetics And Fragrances | $1.9B | 41% |
| Womens Apparel | $1.1B | 23% |
| Mens And Kids | $1.0B | 22% |
| Home Other | $638.0M | 14% |
| Credit Card Revenues Net | $158.0M | 3% |
| Macys Media Network Revenue Net | $42.0M | 1% |
