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林德（LIN）与万事达卡（MA）财务数据对比。点击上方公司名可切换其他公司
万事达卡的季度营收约是林德的1.0倍（$8.8B vs $8.8B），万事达卡净利率更高（46.1% vs 17.5%，领先28.6%），万事达卡同比增速更快（17.6% vs 5.8%），万事达卡自由现金流更多（$4.9B vs $1.6B），过去两年万事达卡的营收复合增速更高（17.8% vs 4.0%）
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。
万事达卡是总部位于美国纽约帕切斯的跨国支付卡服务企业，核心业务为处理商户收单银行与持卡人发卡机构之间的支付交易，同时提供旗下品牌借记卡、信用卡、预付卡及相关配套支付服务，服务网络覆盖全球，于2006年公开上市。
LIN vs MA — 直观对比
营收规模更大
MA
是对方的1.0倍
$8.8B
营收增速更快
MA
高出11.8%
5.8%
净利率更高
MA
高出28.6%
17.5%
自由现金流更多
MA
多$3.3B
$1.6B
两年增速更快
MA
近两年复合增速
4.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $8.8B | $8.8B |
| 净利润 | $1.5B | $4.1B |
| 毛利率 | — | — |
| 营业利润率 | 23.0% | 55.8% |
| 净利率 | 17.5% | 46.1% |
| 营收同比 | 5.8% | 17.6% |
| 净利润同比 | -11.3% | 21.5% |
| 每股收益（稀释后） | $3.28 | $4.52 |
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LINMA
| Q4 25 | $8.8B | $8.8B | ||
| Q3 25 | $8.6B | $8.6B | ||
| Q2 25 | $8.5B | $8.1B | ||
| Q1 25 | $8.1B | $7.3B | ||
| Q4 24 | $8.3B | $7.5B | ||
| Q3 24 | $8.4B | $7.4B | ||
| Q2 24 | $8.3B | $7.0B | ||
| Q1 24 | $8.1B | $6.3B |
净利润LINMA
| Q4 25 | $1.5B | $4.1B | ||
| Q3 25 | $1.9B | $3.9B | ||
| Q2 25 | $1.8B | $3.7B | ||
| Q1 25 | $1.7B | $3.3B | ||
| Q4 24 | $1.7B | $3.3B | ||
| Q3 24 | $1.6B | $3.3B | ||
| Q2 24 | $1.7B | $3.3B | ||
| Q1 24 | $1.6B | $3.0B |
营业利润率LINMA
| Q4 25 | 23.0% | 55.8% | ||
| Q3 25 | 27.5% | 58.8% | ||
| Q2 25 | 27.7% | 58.7% | ||
| Q1 25 | 26.9% | 57.2% | ||
| Q4 24 | 27.4% | 52.6% | ||
| Q3 24 | 25.0% | 54.3% | ||
| Q2 24 | 26.4% | 58.0% | ||
| Q1 24 | 25.9% | 56.8% |
净利率LINMA
| Q4 25 | 17.5% | 46.1% | ||
| Q3 25 | 22.4% | 45.7% | ||
| Q2 25 | 20.8% | 45.5% | ||
| Q1 25 | 20.6% | 45.2% | ||
| Q4 24 | 20.8% | 44.6% | ||
| Q3 24 | 18.5% | 44.3% | ||
| Q2 24 | 20.1% | 46.8% | ||
| Q1 24 | 20.1% | 47.4% |
每股收益（稀释后）LINMA
| Q4 25 | $3.28 | $4.52 | ||
| Q3 25 | $4.09 | $4.34 | ||
| Q2 25 | $3.73 | $4.07 | ||
| Q1 25 | $3.51 | $3.59 | ||
| Q4 24 | $3.61 | $3.64 | ||
| Q3 24 | $3.22 | $3.53 | ||
| Q2 24 | $3.44 | $3.50 | ||
| Q1 24 | $3.35 | $3.22 |
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 | $10.6B |
| 总债务越低越好 | $20.7B | — |
| 股东权益账面价值 | $38.2B | $7.7B |
| 总资产 | $86.8B | $54.2B |
| 负债/权益比越低杠杆越低 | 0.54× | — |
8季度趋势，按日历期对齐
现金及短期投资LINMA
| Q4 25 | $5.1B | $10.6B | ||
| Q3 25 | $4.5B | $10.3B | ||
| Q2 25 | $4.8B | $9.0B | ||
| Q1 25 | $5.3B | $7.6B | ||
| Q4 24 | $4.8B | $8.4B | ||
| Q3 24 | $5.2B | $11.1B | ||
| Q2 24 | $4.6B | $7.0B | ||
| Q1 24 | $4.8B | $7.3B |
总债务LINMA
| Q4 25 | $20.7B | — | ||
| Q3 25 | $18.6B | — | ||
| Q2 25 | $19.7B | — | ||
| Q1 25 | $17.6B | — | ||
| Q4 24 | $15.3B | — | ||
| Q3 24 | $17.5B | — | ||
| Q2 24 | $16.9B | — | ||
| Q1 24 | $15.2B | — |
股东权益LINMA
| Q4 25 | $38.2B | $7.7B | ||
| Q3 25 | $38.6B | $7.9B | ||
| Q2 25 | $38.5B | $7.9B | ||
| Q1 25 | $38.0B | $6.7B | ||
| Q4 24 | $38.1B | $6.5B | ||
| Q3 24 | $39.2B | $7.4B | ||
| Q2 24 | $38.2B | $7.4B | ||
| Q1 24 | $38.8B | $7.2B |
总资产LINMA
| Q4 25 | $86.8B | $54.2B | ||
| Q3 25 | $86.0B | $53.3B | ||
| Q2 25 | $86.1B | $51.4B | ||
| Q1 25 | $82.7B | $48.5B | ||
| Q4 24 | $80.1B | $48.1B | ||
| Q3 24 | $82.5B | $47.2B | ||
| Q2 24 | $80.2B | $42.3B | ||
| Q1 24 | $80.3B | $42.6B |
负债/权益比LINMA
| Q4 25 | 0.54× | — | ||
| Q3 25 | 0.48× | — | ||
| Q2 25 | 0.51× | — | ||
| Q1 25 | 0.46× | — | ||
| Q4 24 | 0.40× | — | ||
| Q3 24 | 0.45× | — | ||
| Q2 24 | 0.44× | — | ||
| Q1 24 | 0.39× | — |
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 | $5.0B |
| 自由现金流经营现金流 - 资本支出 | $1.6B | $4.9B |
| 自由现金流率自由现金流/营收 | 17.9% | 55.5% |
| 资本支出强度资本支出/营收 | 16.6% | 1.3% |
| 现金转化率经营现金流/净利润 | 1.98× | 1.23× |
| 过去12个月自由现金流最近4个季度 | $5.1B | $17.2B |
8季度趋势，按日历期对齐
经营现金流LINMA
| Q4 25 | $3.0B | $5.0B | ||
| Q3 25 | $2.9B | $5.7B | ||
| Q2 25 | $2.2B | $4.6B | ||
| Q1 25 | $2.2B | $2.4B | ||
| Q4 24 | $2.8B | $4.8B | ||
| Q3 24 | $2.7B | $5.1B | ||
| Q2 24 | $1.9B | $3.1B | ||
| Q1 24 | $2.0B | $1.7B |
自由现金流LINMA
| Q4 25 | $1.6B | $4.9B | ||
| Q3 25 | $1.7B | $5.5B | ||
| Q2 25 | $954.0M | $4.6B | ||
| Q1 25 | $891.0M | $2.2B | ||
| Q4 24 | $1.6B | $4.7B | ||
| Q3 24 | $1.7B | $5.0B | ||
| Q2 24 | $796.0M | $3.0B | ||
| Q1 24 | $906.0M | $1.5B |
自由现金流率LINMA
| Q4 25 | 17.9% | 55.5% | ||
| Q3 25 | 19.4% | 63.8% | ||
| Q2 25 | 11.2% | 56.1% | ||
| Q1 25 | 11.0% | 30.6% | ||
| Q4 24 | 18.8% | 63.3% | ||
| Q3 24 | 19.9% | 68.2% | ||
| Q2 24 | 9.6% | 43.4% | ||
| Q1 24 | 11.2% | 23.9% |
资本支出强度LINMA
| Q4 25 | 16.6% | 1.3% | ||
| Q3 25 | 14.8% | 2.1% | ||
| Q2 25 | 14.8% | 0.5% | ||
| Q1 25 | 15.7% | 2.2% | ||
| Q4 24 | 15.1% | 1.3% | ||
| Q3 24 | 12.8% | 1.5% | ||
| Q2 24 | 13.7% | 1.7% | ||
| Q1 24 | 12.9% | 2.5% |
现金转化率LINMA
| Q4 25 | 1.98× | 1.23× | ||
| Q3 25 | 1.53× | 1.44× | ||
| Q2 25 | 1.25× | 1.24× | ||
| Q1 25 | 1.29× | 0.73× | ||
| Q4 24 | 1.63× | 1.45× | ||
| Q3 24 | 1.76× | 1.57× | ||
| Q2 24 | 1.16× | 0.96× | ||
| Q1 24 | 1.20× | 0.56× |
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% |
MA
| Payment Network | $4.9B | 56% |
| Value Added Services And Solutions | $3.9B | 44% |
