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林德（LIN）与万豪国际（MAR）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万豪国际的1.3倍（$8.8B vs $6.7B），林德净利率更高（17.5% vs 6.7%，领先10.8%），林德同比增速更快（5.8% vs 4.1%），过去两年万豪国际的营收复合增速更高（5.8% 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。
万豪国际是美国跨国酒店管理集团，主营业务为运营、特许经营及授权各类住宿品牌，覆盖酒店、住宅、分时度假等多元物业类型。集团旗下拥有37个以上酒店及时度假品牌，全球布局9000余处经营点位，客房总量超159万间，总部位于美国马里兰州贝塞斯达，脱胎于原万豪集团的酒店业务板块。
LIN vs MAR — 直观对比
营收规模更大
LIN
是对方的1.3倍
$6.7B
营收增速更快
LIN
高出1.8%
4.1%
净利率更高
LIN
高出10.8%
6.7%
两年增速更快
MAR
近两年复合增速
4.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $8.8B | $6.7B |
| 净利润 | $1.5B | $445.0M |
| 毛利率 | — | — |
| 营业利润率 | 23.0% | 11.6% |
| 净利率 | 17.5% | 6.7% |
| 营收同比 | 5.8% | 4.1% |
| 净利润同比 | -11.3% | -2.2% |
| 每股收益（稀释后） | $3.28 | $1.67 |
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LINMAR
| Q4 25 | $8.8B | $6.7B | ||
| Q3 25 | $8.6B | $6.5B | ||
| Q2 25 | $8.5B | $6.7B | ||
| Q1 25 | $8.1B | $6.3B | ||
| Q4 24 | $8.3B | $6.4B | ||
| Q3 24 | $8.4B | $6.3B | ||
| Q2 24 | $8.3B | $6.4B | ||
| Q1 24 | $8.1B | $6.0B |
净利润LINMAR
| Q4 25 | $1.5B | $445.0M | ||
| Q3 25 | $1.9B | $728.0M | ||
| Q2 25 | $1.8B | $763.0M | ||
| Q1 25 | $1.7B | $665.0M | ||
| Q4 24 | $1.7B | $455.0M | ||
| Q3 24 | $1.6B | $584.0M | ||
| Q2 24 | $1.7B | $772.0M | ||
| Q1 24 | $1.6B | $564.0M |
营业利润率LINMAR
| Q4 25 | 23.0% | 11.6% | ||
| Q3 25 | 27.5% | 18.2% | ||
| Q2 25 | 27.7% | 18.3% | ||
| Q1 25 | 26.9% | 15.1% | ||
| Q4 24 | 27.4% | 11.7% | ||
| Q3 24 | 25.0% | 15.1% | ||
| Q2 24 | 26.4% | 18.6% | ||
| Q1 24 | 25.9% | 14.7% |
净利率LINMAR
| Q4 25 | 17.5% | 6.7% | ||
| Q3 25 | 22.4% | 11.2% | ||
| Q2 25 | 20.8% | 11.3% | ||
| Q1 25 | 20.6% | 10.6% | ||
| Q4 24 | 20.8% | 7.1% | ||
| Q3 24 | 18.5% | 9.3% | ||
| Q2 24 | 20.1% | 12.0% | ||
| Q1 24 | 20.1% | 9.4% |
每股收益（稀释后）LINMAR
| Q4 25 | $3.28 | $1.67 | ||
| Q3 25 | $4.09 | $2.67 | ||
| Q2 25 | $3.73 | $2.78 | ||
| Q1 25 | $3.51 | $2.39 | ||
| Q4 24 | $3.61 | $1.64 | ||
| Q3 24 | $3.22 | $2.07 | ||
| Q2 24 | $3.44 | $2.69 | ||
| Q1 24 | $3.35 | $1.93 |
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 | $358.0M |
| 总债务越低越好 | $20.7B | $15.0B |
| 股东权益账面价值 | $38.2B | $-3.8B |
| 总资产 | $86.8B | $27.5B |
| 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LINMAR
| Q4 25 | $5.1B | $358.0M | ||
| Q3 25 | $4.5B | $678.0M | ||
| Q2 25 | $4.8B | $671.0M | ||
| Q1 25 | $5.3B | $523.0M | ||
| Q4 24 | $4.8B | $396.0M | ||
| Q3 24 | $5.2B | $394.0M | ||
| Q2 24 | $4.6B | $349.0M | ||
| Q1 24 | $4.8B | $429.0M |
总债务LINMAR
| Q4 25 | $20.7B | $15.0B | ||
| Q3 25 | $18.6B | $14.4B | ||
| Q2 25 | $19.7B | $14.5B | ||
| Q1 25 | $17.6B | $14.1B | ||
| Q4 24 | $15.3B | $13.1B | ||
| Q3 24 | $17.5B | $12.7B | ||
| Q2 24 | $16.9B | $12.2B | ||
| Q1 24 | $15.2B | $11.7B |
股东权益LINMAR
| Q4 25 | $38.2B | $-3.8B | ||
| Q3 25 | $38.6B | $-3.1B | ||
| Q2 25 | $38.5B | $-3.0B | ||
| Q1 25 | $38.0B | $-3.2B | ||
| Q4 24 | $38.1B | $-3.0B | ||
| Q3 24 | $39.2B | $-2.4B | ||
| Q2 24 | $38.2B | $-2.1B | ||
| Q1 24 | $38.8B | $-1.6B |
总资产LINMAR
| Q4 25 | $86.8B | $27.5B | ||
| Q3 25 | $86.0B | $27.8B | ||
| Q2 25 | $86.1B | $27.3B | ||
| Q1 25 | $82.7B | $26.7B | ||
| Q4 24 | $80.1B | $26.2B | ||
| Q3 24 | $82.5B | $26.2B | ||
| Q2 24 | $80.2B | $25.7B | ||
| Q1 24 | $80.3B | $25.8B |
负债/权益比LINMAR
| 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 | $829.0M |
| 自由现金流经营现金流 - 资本支出 | $1.6B | — |
| 自由现金流率自由现金流/营收 | 17.9% | — |
| 资本支出强度资本支出/营收 | 16.6% | — |
| 现金转化率经营现金流/净利润 | 1.98× | 1.86× |
| 过去12个月自由现金流最近4个季度 | $5.1B | — |
8季度趋势，按日历期对齐
经营现金流LINMAR
| Q4 25 | $3.0B | $829.0M | ||
| Q3 25 | $2.9B | $1.1B | ||
| Q2 25 | $2.2B | $643.0M | ||
| Q1 25 | $2.2B | $647.0M | ||
| Q4 24 | $2.8B | $318.0M | ||
| Q3 24 | $2.7B | $880.0M | ||
| Q2 24 | $1.9B | $772.0M | ||
| Q1 24 | $2.0B | $779.0M |
自由现金流LINMAR
| Q4 25 | $1.6B | — | ||
| Q3 25 | $1.7B | $951.0M | ||
| Q2 25 | $954.0M | $488.0M | ||
| Q1 25 | $891.0M | $512.0M | ||
| Q4 24 | $1.6B | $-24.0M | ||
| Q3 24 | $1.7B | $706.0M | ||
| Q2 24 | $796.0M | $647.0M | ||
| Q1 24 | $906.0M | $670.0M |
自由现金流率LINMAR
| Q4 25 | 17.9% | — | ||
| Q3 25 | 19.4% | 14.7% | ||
| Q2 25 | 11.2% | 7.2% | ||
| Q1 25 | 11.0% | 8.2% | ||
| Q4 24 | 18.8% | -0.4% | ||
| Q3 24 | 19.9% | 11.3% | ||
| Q2 24 | 9.6% | 10.0% | ||
| Q1 24 | 11.2% | 11.2% |
资本支出强度LINMAR
| Q4 25 | 16.6% | — | ||
| Q3 25 | 14.8% | 2.2% | ||
| Q2 25 | 14.8% | 2.3% | ||
| Q1 25 | 15.7% | 2.2% | ||
| Q4 24 | 15.1% | 5.3% | ||
| Q3 24 | 12.8% | 2.8% | ||
| Q2 24 | 13.7% | 1.9% | ||
| Q1 24 | 12.9% | 1.8% |
现金转化率LINMAR
| Q4 25 | 1.98× | 1.86× | ||
| Q3 25 | 1.53× | 1.50× | ||
| Q2 25 | 1.25× | 0.84× | ||
| Q1 25 | 1.29× | 0.97× | ||
| Q4 24 | 1.63× | 0.70× | ||
| Q3 24 | 1.76× | 1.51× | ||
| Q2 24 | 1.16× | 1.00× | ||
| Q1 24 | 1.20× | 1.38× |
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% |
MAR
暂无分部数据
