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林德（LIN）与麦当劳（MCD）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麦当劳的1.3倍（$8.8B vs $7.0B），麦当劳净利率更高（30.9% vs 17.5%，领先13.4%），麦当劳同比增速更快（9.7% vs 5.8%），麦当劳自由现金流更多（$1.6B vs $1.6B），过去两年麦当劳的营收复合增速更高（6.6% 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。
麦当劳是源自美国的知名跨国连锁快餐品牌，主营汉堡、薯条、炸鸡等快餐食品，业务覆盖全球多个国家和地区。截至2024年，其全球门店数量在所有餐饮连锁品牌中位列第二，仅次于中国本土品牌蜜雪冰城。
LIN vs MCD — 直观对比
营收规模更大
LIN
是对方的1.3倍
$7.0B
营收增速更快
MCD
高出3.9%
5.8%
净利率更高
MCD
高出13.4%
17.5%
自由现金流更多
MCD
多$66.0M
$1.6B
两年增速更快
MCD
近两年复合增速
4.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $8.8B | $7.0B |
| 净利润 | $1.5B | $2.2B |
| 毛利率 | — | — |
| 营业利润率 | 23.0% | 45.0% |
| 净利率 | 17.5% | 30.9% |
| 营收同比 | 5.8% | 9.7% |
| 净利润同比 | -11.3% | 7.3% |
| 每股收益（稀释后） | $3.28 | $3.03 |
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LINMCD
| Q4 25 | $8.8B | $7.0B | ||
| Q3 25 | $8.6B | $7.1B | ||
| Q2 25 | $8.5B | $6.8B | ||
| Q1 25 | $8.1B | $6.0B | ||
| Q4 24 | $8.3B | $6.4B | ||
| Q3 24 | $8.4B | $6.9B | ||
| Q2 24 | $8.3B | $6.5B | ||
| Q1 24 | $8.1B | $6.2B |
净利润LINMCD
| Q4 25 | $1.5B | $2.2B | ||
| Q3 25 | $1.9B | $2.3B | ||
| Q2 25 | $1.8B | $2.3B | ||
| Q1 25 | $1.7B | $1.9B | ||
| Q4 24 | $1.7B | $2.0B | ||
| Q3 24 | $1.6B | $2.3B | ||
| Q2 24 | $1.7B | $2.0B | ||
| Q1 24 | $1.6B | $1.9B |
毛利率LINMCD
| Q4 25 | — | — | ||
| Q3 25 | — | 90.6% | ||
| Q2 25 | — | 90.4% | ||
| Q1 25 | — | 89.6% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 90.6% | ||
| Q2 24 | — | 90.3% | ||
| Q1 24 | — | 89.8% |
营业利润率LINMCD
| Q4 25 | 23.0% | 45.0% | ||
| Q3 25 | 27.5% | 47.4% | ||
| Q2 25 | 27.7% | 47.2% | ||
| Q1 25 | 26.9% | 44.5% | ||
| Q4 24 | 27.4% | 44.9% | ||
| Q3 24 | 25.0% | 46.4% | ||
| Q2 24 | 26.4% | 45.0% | ||
| Q1 24 | 25.9% | 44.4% |
净利率LINMCD
| Q4 25 | 17.5% | 30.9% | ||
| Q3 25 | 22.4% | 32.2% | ||
| Q2 25 | 20.8% | 32.9% | ||
| Q1 25 | 20.6% | 31.4% | ||
| Q4 24 | 20.8% | 31.6% | ||
| Q3 24 | 18.5% | 32.8% | ||
| Q2 24 | 20.1% | 31.2% | ||
| Q1 24 | 20.1% | 31.3% |
每股收益（稀释后）LINMCD
| Q4 25 | $3.28 | $3.03 | ||
| Q3 25 | $4.09 | $3.18 | ||
| Q2 25 | $3.73 | $3.14 | ||
| Q1 25 | $3.51 | $2.60 | ||
| Q4 24 | $3.61 | $2.80 | ||
| Q3 24 | $3.22 | $3.13 | ||
| Q2 24 | $3.44 | $2.80 | ||
| Q1 24 | $3.35 | $2.66 |
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 | $774.0M |
| 总债务越低越好 | $20.7B | $40.0B |
| 股东权益账面价值 | $38.2B | $-1.8B |
| 总资产 | $86.8B | $59.5B |
| 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LINMCD
| Q4 25 | $5.1B | $774.0M | ||
| Q3 25 | $4.5B | $2.4B | ||
| Q2 25 | $4.8B | $1.9B | ||
| Q1 25 | $5.3B | $1.2B | ||
| Q4 24 | $4.8B | $1.1B | ||
| Q3 24 | $5.2B | $1.2B | ||
| Q2 24 | $4.6B | $792.0M | ||
| Q1 24 | $4.8B | $838.0M |
总债务LINMCD
| Q4 25 | $20.7B | $40.0B | ||
| Q3 25 | $18.6B | — | ||
| Q2 25 | $19.7B | — | ||
| Q1 25 | $17.6B | — | ||
| Q4 24 | $15.3B | $38.4B | ||
| Q3 24 | $17.5B | — | ||
| Q2 24 | $16.9B | — | ||
| Q1 24 | $15.2B | — |
股东权益LINMCD
| Q4 25 | $38.2B | $-1.8B | ||
| Q3 25 | $38.6B | $-2.2B | ||
| Q2 25 | $38.5B | $-2.8B | ||
| Q1 25 | $38.0B | $-3.5B | ||
| Q4 24 | $38.1B | $-3.8B | ||
| Q3 24 | $39.2B | $-5.2B | ||
| Q2 24 | $38.2B | $-4.8B | ||
| Q1 24 | $38.8B | $-4.8B |
总资产LINMCD
| Q4 25 | $86.8B | $59.5B | ||
| Q3 25 | $86.0B | $60.6B | ||
| Q2 25 | $86.1B | $59.6B | ||
| Q1 25 | $82.7B | $56.3B | ||
| Q4 24 | $80.1B | $55.2B | ||
| Q3 24 | $82.5B | $56.2B | ||
| Q2 24 | $80.2B | $53.8B | ||
| Q1 24 | $80.3B | $53.5B |
负债/权益比LINMCD
| 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 | $2.7B |
| 自由现金流经营现金流 - 资本支出 | $1.6B | $1.6B |
| 自由现金流率自由现金流/营收 | 17.9% | 23.4% |
| 资本支出强度资本支出/营收 | 16.6% | 15.1% |
| 现金转化率经营现金流/净利润 | 1.98× | 1.25× |
| 过去12个月自由现金流最近4个季度 | $5.1B | $7.2B |
8季度趋势，按日历期对齐
经营现金流LINMCD
| Q4 25 | $3.0B | $2.7B | ||
| Q3 25 | $2.9B | $3.4B | ||
| Q2 25 | $2.2B | $2.0B | ||
| Q1 25 | $2.2B | $2.4B | ||
| Q4 24 | $2.8B | $2.6B | ||
| Q3 24 | $2.7B | $2.7B | ||
| Q2 24 | $1.9B | $1.7B | ||
| Q1 24 | $2.0B | $2.4B |
自由现金流LINMCD
| Q4 25 | $1.6B | $1.6B | ||
| Q3 25 | $1.7B | $2.4B | ||
| Q2 25 | $954.0M | $1.3B | ||
| Q1 25 | $891.0M | $1.9B | ||
| Q4 24 | $1.6B | $1.8B | ||
| Q3 24 | $1.7B | $1.9B | ||
| Q2 24 | $796.0M | $1.1B | ||
| Q1 24 | $906.0M | $1.8B |
自由现金流率LINMCD
| Q4 25 | 17.9% | 23.4% | ||
| Q3 25 | 19.4% | 34.1% | ||
| Q2 25 | 11.2% | 18.3% | ||
| Q1 25 | 11.0% | 31.5% | ||
| Q4 24 | 18.8% | 28.6% | ||
| Q3 24 | 19.9% | 28.3% | ||
| Q2 24 | 9.6% | 16.3% | ||
| Q1 24 | 11.2% | 29.9% |
资本支出强度LINMCD
| Q4 25 | 16.6% | 15.1% | ||
| Q3 25 | 14.8% | 14.3% | ||
| Q2 25 | 14.8% | 10.9% | ||
| Q1 25 | 15.7% | 9.3% | ||
| Q4 24 | 15.1% | 12.6% | ||
| Q3 24 | 12.8% | 11.6% | ||
| Q2 24 | 13.7% | 9.7% | ||
| Q1 24 | 12.9% | 8.9% |
现金转化率LINMCD
| Q4 25 | 1.98× | 1.25× | ||
| Q3 25 | 1.53× | 1.50× | ||
| Q2 25 | 1.25× | 0.89× | ||
| Q1 25 | 1.29× | 1.30× | ||
| Q4 24 | 1.63× | 1.30× | ||
| Q3 24 | 1.76× | 1.21× | ||
| Q2 24 | 1.16× | 0.84× | ||
| Q1 24 | 1.20× | 1.24× |
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% |
MCD
| International Operated Markets | $3.6B | 51% |
| Other | $2.8B | 40% |
| International Developmental Licensed Marketsand Corporate | $633.0M | 9% |
