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林德（LIN）与3M（MMM）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3M的1.5倍（$8.8B vs $6.0B），林德净利率更高（17.5% vs 10.8%，领先6.6%），林德同比增速更快（5.8% vs 1.3%），3M自由现金流更多（$2.0B vs $1.6B），过去两年林德的营收复合增速更高（4.0% vs -1.8%）
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。
3M是美国知名跨国综合企业，业务覆盖工业、劳动者安全防护、消费品等多个领域，总部位于圣保罗郊区的枫木市。公司现有超6万款产品，涵盖胶粘剂、研磨材料、防火防护产品、个人防护装备、窗膜、车漆保护膜、电子连接绝缘材料、汽车养护产品、光学膜等品类。
LIN vs MMM — 直观对比
营收规模更大
LIN
是对方的1.5倍
$6.0B
营收增速更快
LIN
高出4.5%
1.3%
净利率更高
LIN
高出6.6%
10.8%
自由现金流更多
MMM
多$454.0M
$1.6B
两年增速更快
LIN
近两年复合增速
-1.8%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $8.8B | $6.0B |
| 净利润 | $1.5B | $653.0M |
| 毛利率 | — | 40.7% |
| 营业利润率 | 23.0% | 23.2% |
| 净利率 | 17.5% | 10.8% |
| 营收同比 | 5.8% | 1.3% |
| 净利润同比 | -11.3% | -41.5% |
| 每股收益（稀释后） | $3.28 | $1.23 |
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LINMMM
| Q1 26 | — | $6.0B | ||
| Q4 25 | $8.8B | $6.1B | ||
| Q3 25 | $8.6B | $6.5B | ||
| Q2 25 | $8.5B | $6.3B | ||
| Q1 25 | $8.1B | $6.0B | ||
| Q4 24 | $8.3B | $6.0B | ||
| Q3 24 | $8.4B | $6.3B | ||
| Q2 24 | $8.3B | $6.3B |
净利润LINMMM
| Q1 26 | — | $653.0M | ||
| Q4 25 | $1.5B | $577.0M | ||
| Q3 25 | $1.9B | $834.0M | ||
| Q2 25 | $1.8B | $723.0M | ||
| Q1 25 | $1.7B | $1.1B | ||
| Q4 24 | $1.7B | $728.0M | ||
| Q3 24 | $1.6B | $1.4B | ||
| Q2 24 | $1.7B | $1.1B |
毛利率LINMMM
| Q1 26 | — | 40.7% | ||
| Q4 25 | — | 33.6% | ||
| Q3 25 | — | 41.8% | ||
| Q2 25 | — | 42.5% | ||
| Q1 25 | — | 41.6% | ||
| Q4 24 | — | 51.7% | ||
| Q3 24 | — | 42.1% | ||
| Q2 24 | — | 42.9% |
营业利润率LINMMM
| Q1 26 | — | 23.2% | ||
| Q4 25 | 23.0% | 13.0% | ||
| Q3 25 | 27.5% | 22.2% | ||
| Q2 25 | 27.7% | 18.0% | ||
| Q1 25 | 26.9% | 20.9% | ||
| Q4 24 | 27.4% | 12.2% | ||
| Q3 24 | 25.0% | 20.9% | ||
| Q2 24 | 26.4% | 20.3% |
净利率LINMMM
| Q1 26 | — | 10.8% | ||
| Q4 25 | 17.5% | 9.4% | ||
| Q3 25 | 22.4% | 12.8% | ||
| Q2 25 | 20.8% | 11.4% | ||
| Q1 25 | 20.6% | 18.7% | ||
| Q4 24 | 20.8% | 12.1% | ||
| Q3 24 | 18.5% | 21.8% | ||
| Q2 24 | 20.1% | 18.3% |
每股收益（稀释后）LINMMM
| Q1 26 | — | $1.23 | ||
| Q4 25 | $3.28 | $1.07 | ||
| Q3 25 | $4.09 | $1.55 | ||
| Q2 25 | $3.73 | $1.34 | ||
| Q1 25 | $3.51 | $2.04 | ||
| Q4 24 | $3.61 | $1.33 | ||
| Q3 24 | $3.22 | $2.48 | ||
| Q2 24 | $3.44 | $2.07 |
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 | $3.7B |
| 总债务越低越好 | $20.7B | $10.9B |
| 股东权益账面价值 | $38.2B | $3.3B |
| 总资产 | $86.8B | $35.4B |
| 负债/权益比越低杠杆越低 | 0.54× | 3.29× |
8季度趋势，按日历期对齐
现金及短期投资LINMMM
| Q1 26 | — | $3.7B | ||
| Q4 25 | $5.1B | — | ||
| Q3 25 | $4.5B | — | ||
| Q2 25 | $4.8B | — | ||
| Q1 25 | $5.3B | — | ||
| Q4 24 | $4.8B | — | ||
| Q3 24 | $5.2B | — | ||
| Q2 24 | $4.6B | — |
总债务LINMMM
| Q1 26 | — | $10.9B | ||
| Q4 25 | $20.7B | $12.6B | ||
| Q3 25 | $18.6B | $12.6B | ||
| Q2 25 | $19.7B | $13.1B | ||
| Q1 25 | $17.6B | $13.5B | ||
| Q4 24 | $15.3B | $13.0B | ||
| Q3 24 | $17.5B | $13.2B | ||
| Q2 24 | $16.9B | $13.1B |
股东权益LINMMM
| Q1 26 | — | $3.3B | ||
| Q4 25 | $38.2B | $4.7B | ||
| Q3 25 | $38.6B | $4.6B | ||
| Q2 25 | $38.5B | $4.3B | ||
| Q1 25 | $38.0B | $4.5B | ||
| Q4 24 | $38.1B | $3.8B | ||
| Q3 24 | $39.2B | $4.6B | ||
| Q2 24 | $38.2B | $3.9B |
总资产LINMMM
| Q1 26 | — | $35.4B | ||
| Q4 25 | $86.8B | $37.7B | ||
| Q3 25 | $86.0B | $37.6B | ||
| Q2 25 | $86.1B | $38.0B | ||
| Q1 25 | $82.7B | $40.0B | ||
| Q4 24 | $80.1B | $39.9B | ||
| Q3 24 | $82.5B | $40.9B | ||
| Q2 24 | $80.2B | $43.4B |
负债/权益比LINMMM
| Q1 26 | — | 3.29× | ||
| Q4 25 | 0.54× | 2.68× | ||
| Q3 25 | 0.48× | 2.72× | ||
| Q2 25 | 0.51× | 3.06× | ||
| Q1 25 | 0.46× | 3.02× | ||
| Q4 24 | 0.40× | 3.40× | ||
| Q3 24 | 0.45× | 2.84× | ||
| Q2 24 | 0.44× | 3.34× |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $1.6B | $2.0B |
| 自由现金流率自由现金流/营收 | 17.9% | 33.6% |
| 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× | — |
| 过去12个月自由现金流最近4个季度 | $5.1B | $3.7B |
8季度趋势，按日历期对齐
经营现金流LINMMM
| Q1 26 | — | — | ||
| Q4 25 | $3.0B | $1.6B | ||
| Q3 25 | $2.9B | $1.8B | ||
| Q2 25 | $2.2B | $-954.0M | ||
| Q1 25 | $2.2B | $-79.0M | ||
| Q4 24 | $2.8B | $1.8B | ||
| Q3 24 | $2.7B | $-1.8B | ||
| Q2 24 | $1.9B | $1.0B |
自由现金流LINMMM
| Q1 26 | — | $2.0B | ||
| Q4 25 | $1.6B | $1.3B | ||
| Q3 25 | $1.7B | $1.5B | ||
| Q2 25 | $954.0M | $-1.2B | ||
| Q1 25 | $891.0M | $-315.0M | ||
| Q4 24 | $1.6B | $1.5B | ||
| Q3 24 | $1.7B | $-2.0B | ||
| Q2 24 | $796.0M | $752.0M |
自由现金流率LINMMM
| Q1 26 | — | 33.6% | ||
| Q4 25 | 17.9% | 21.8% | ||
| Q3 25 | 19.4% | 23.6% | ||
| Q2 25 | 11.2% | -18.3% | ||
| Q1 25 | 11.0% | -5.3% | ||
| Q4 24 | 18.8% | 25.4% | ||
| Q3 24 | 19.9% | -32.3% | ||
| Q2 24 | 9.6% | 12.0% |
资本支出强度LINMMM
| Q1 26 | — | — | ||
| Q4 25 | 16.6% | 4.0% | ||
| Q3 25 | 14.8% | 3.3% | ||
| Q2 25 | 14.8% | 3.3% | ||
| Q1 25 | 15.7% | 4.0% | ||
| Q4 24 | 15.1% | 4.8% | ||
| Q3 24 | 12.8% | 3.9% | ||
| Q2 24 | 13.7% | 4.3% |
现金转化率LINMMM
| Q1 26 | — | — | ||
| Q4 25 | 1.98× | 2.74× | ||
| Q3 25 | 1.53× | 2.11× | ||
| Q2 25 | 1.25× | -1.32× | ||
| Q1 25 | 1.29× | -0.07× | ||
| Q4 24 | 1.63× | 2.50× | ||
| Q3 24 | 1.76× | -1.30× | ||
| Q2 24 | 1.16× | 0.89× |
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% |
MMM
| Safety and Industrial business segment | $2.9B | 49% |
| Transportation and Electronics business segment | $1.8B | 31% |
| Consumer business segment | $1.1B | 19% |
| Corporate | $121.0M | 2% |
