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林德（LIN）与高通（QCOM）财务数据对比。点击上方公司名可切换其他公司
高通的季度营收约是林德的1.4倍（$12.3B vs $8.8B），高通净利率更高（24.5% vs 17.5%，领先7.1%），林德同比增速更快（5.8% vs 5.0%），高通自由现金流更多（$4.4B vs $1.6B），过去两年高通的营收复合增速更高（14.2% 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。
高通是总部位于美国加利福尼亚州圣迭戈、在特拉华州注册的跨国企业，主营无线技术相关的半导体、软件及服务业务，持有5G、4G、CDMA2000、TD-SCDMA、WCDMA等移动通信标准的核心专利，是全球无线通信领域的核心供应商。
LIN vs QCOM — 直观对比
营收规模更大
QCOM
是对方的1.4倍
$8.8B
营收增速更快
LIN
高出0.8%
5.0%
净利率更高
QCOM
高出7.1%
17.5%
自由现金流更多
QCOM
多$2.8B
$1.6B
两年增速更快
QCOM
近两年复合增速
4.0%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $8.8B | $12.3B |
| 净利润 | $1.5B | $3.0B |
| 毛利率 | — | 54.6% |
| 营业利润率 | 23.0% | 27.5% |
| 净利率 | 17.5% | 24.5% |
| 营收同比 | 5.8% | 5.0% |
| 净利润同比 | -11.3% | -5.5% |
| 每股收益（稀释后） | $3.28 | $2.78 |
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LINQCOM
| Q4 25 | $8.8B | $12.3B | ||
| Q3 25 | $8.6B | $11.3B | ||
| Q2 25 | $8.5B | $10.4B | ||
| Q1 25 | $8.1B | $11.0B | ||
| Q4 24 | $8.3B | $11.7B | ||
| Q3 24 | $8.4B | $10.2B | ||
| Q2 24 | $8.3B | $9.4B | ||
| Q1 24 | $8.1B | $9.4B |
净利润LINQCOM
| Q4 25 | $1.5B | $3.0B | ||
| Q3 25 | $1.9B | $-3.1B | ||
| Q2 25 | $1.8B | $2.7B | ||
| Q1 25 | $1.7B | $2.8B | ||
| Q4 24 | $1.7B | $3.2B | ||
| Q3 24 | $1.6B | $2.9B | ||
| Q2 24 | $1.7B | $2.1B | ||
| Q1 24 | $1.6B | $2.3B |
毛利率LINQCOM
| Q4 25 | — | 54.6% | ||
| Q3 25 | — | 55.3% | ||
| Q2 25 | — | 55.6% | ||
| Q1 25 | — | 55.0% | ||
| Q4 24 | — | 55.8% | ||
| Q3 24 | — | 56.4% | ||
| Q2 24 | — | 55.6% | ||
| Q1 24 | — | 56.3% |
营业利润率LINQCOM
| Q4 25 | 23.0% | 27.5% | ||
| Q3 25 | 27.5% | 25.9% | ||
| Q2 25 | 27.7% | 26.6% | ||
| Q1 25 | 26.9% | 28.4% | ||
| Q4 24 | 27.4% | 30.5% | ||
| Q3 24 | 25.0% | 25.2% | ||
| Q2 24 | 26.4% | 23.6% | ||
| Q1 24 | 25.9% | 24.9% |
净利率LINQCOM
| Q4 25 | 17.5% | 24.5% | ||
| Q3 25 | 22.4% | -27.7% | ||
| Q2 25 | 20.8% | 25.7% | ||
| Q1 25 | 20.6% | 25.6% | ||
| Q4 24 | 20.8% | 27.3% | ||
| Q3 24 | 18.5% | 28.5% | ||
| Q2 24 | 20.1% | 22.7% | ||
| Q1 24 | 20.1% | 24.8% |
每股收益（稀释后）LINQCOM
| Q4 25 | $3.28 | $2.78 | ||
| Q3 25 | $4.09 | $-2.77 | ||
| Q2 25 | $3.73 | $2.43 | ||
| Q1 25 | $3.51 | $2.52 | ||
| Q4 24 | $3.61 | $2.83 | ||
| Q3 24 | $3.22 | $2.57 | ||
| Q2 24 | $3.44 | $1.88 | ||
| Q1 24 | $3.35 | $2.06 |
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 | $11.8B |
| 总债务越低越好 | $20.7B | $14.8B |
| 股东权益账面价值 | $38.2B | $23.1B |
| 总资产 | $86.8B | $53.0B |
| 负债/权益比越低杠杆越低 | 0.54× | 0.64× |
8季度趋势，按日历期对齐
现金及短期投资LINQCOM
| Q4 25 | $5.1B | $11.8B | ||
| Q3 25 | $4.5B | $10.2B | ||
| Q2 25 | $4.8B | $10.0B | ||
| Q1 25 | $5.3B | $13.8B | ||
| Q4 24 | $4.8B | $14.3B | ||
| Q3 24 | $5.2B | $13.3B | ||
| Q2 24 | $4.6B | $13.0B | ||
| Q1 24 | $4.8B | $13.9B |
总债务LINQCOM
| Q4 25 | $20.7B | $14.8B | ||
| Q3 25 | $18.6B | $14.8B | ||
| Q2 25 | $19.7B | $14.8B | ||
| Q1 25 | $17.6B | $13.3B | ||
| Q4 24 | $15.3B | $13.2B | ||
| Q3 24 | $17.5B | $13.3B | ||
| Q2 24 | $16.9B | $13.2B | ||
| Q1 24 | $15.2B | $14.5B |
股东权益LINQCOM
| Q4 25 | $38.2B | $23.1B | ||
| Q3 25 | $38.6B | $21.2B | ||
| Q2 25 | $38.5B | $27.2B | ||
| Q1 25 | $38.0B | $27.7B | ||
| Q4 24 | $38.1B | $26.9B | ||
| Q3 24 | $39.2B | $26.3B | ||
| Q2 24 | $38.2B | $24.7B | ||
| Q1 24 | $38.8B | $24.5B |
总资产LINQCOM
| Q4 25 | $86.8B | $53.0B | ||
| Q3 25 | $86.0B | $50.1B | ||
| Q2 25 | $86.1B | $54.9B | ||
| Q1 25 | $82.7B | $55.4B | ||
| Q4 24 | $80.1B | $55.6B | ||
| Q3 24 | $82.5B | $55.2B | ||
| Q2 24 | $80.2B | $52.7B | ||
| Q1 24 | $80.3B | $53.2B |
负债/权益比LINQCOM
| Q4 25 | 0.54× | 0.64× | ||
| Q3 25 | 0.48× | 0.70× | ||
| Q2 25 | 0.51× | 0.54× | ||
| Q1 25 | 0.46× | 0.48× | ||
| Q4 24 | 0.40× | 0.49× | ||
| Q3 24 | 0.45× | 0.51× | ||
| Q2 24 | 0.44× | 0.53× | ||
| Q1 24 | 0.39× | 0.59× |
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 | $4.4B |
| 自由现金流率自由现金流/营收 | 17.9% | 36.0% |
| 资本支出强度资本支出/营收 | 16.6% | 4.5% |
| 现金转化率经营现金流/净利润 | 1.98× | 1.65× |
| 过去12个月自由现金流最近4个季度 | $5.1B | $12.9B |
8季度趋势，按日历期对齐
经营现金流LINQCOM
| Q4 25 | $3.0B | $5.0B | ||
| Q3 25 | $2.9B | $4.0B | ||
| Q2 25 | $2.2B | $2.9B | ||
| Q1 25 | $2.2B | $2.6B | ||
| Q4 24 | $2.8B | $4.6B | ||
| Q3 24 | $2.7B | $2.6B | ||
| Q2 24 | $1.9B | $3.1B | ||
| Q1 24 | $2.0B | $3.6B |
自由现金流LINQCOM
| Q4 25 | $1.6B | $4.4B | ||
| Q3 25 | $1.7B | $3.6B | ||
| Q2 25 | $954.0M | $2.6B | ||
| Q1 25 | $891.0M | $2.3B | ||
| Q4 24 | $1.6B | $4.3B | ||
| Q3 24 | $1.7B | $2.4B | ||
| Q2 24 | $796.0M | $2.7B | ||
| Q1 24 | $906.0M | $3.4B |
自由现金流率LINQCOM
| Q4 25 | 17.9% | 36.0% | ||
| Q3 25 | 19.4% | 31.8% | ||
| Q2 25 | 11.2% | 24.9% | ||
| Q1 25 | 11.0% | 21.3% | ||
| Q4 24 | 18.8% | 36.9% | ||
| Q3 24 | 19.9% | 23.3% | ||
| Q2 24 | 9.6% | 28.4% | ||
| Q1 24 | 11.2% | 35.9% |
资本支出强度LINQCOM
| Q4 25 | 16.6% | 4.5% | ||
| Q3 25 | 14.8% | 3.6% | ||
| Q2 25 | 14.8% | 2.8% | ||
| Q1 25 | 15.7% | 1.9% | ||
| Q4 24 | 15.1% | 2.4% | ||
| Q3 24 | 12.8% | 2.5% | ||
| Q2 24 | 13.7% | 4.1% | ||
| Q1 24 | 12.9% | 2.0% |
现金转化率LINQCOM
| Q4 25 | 1.98× | 1.65× | ||
| Q3 25 | 1.53× | — | ||
| Q2 25 | 1.25× | 1.08× | ||
| Q1 25 | 1.29× | 0.91× | ||
| Q4 24 | 1.63× | 1.44× | ||
| Q3 24 | 1.76× | 0.91× | ||
| Q2 24 | 1.16× | 1.43× | ||
| Q1 24 | 1.20× | 1.53× |
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% |
QCOM
| Handsets | $7.8B | 64% |
| Io T | $1.7B | 14% |
| Qtl | $1.6B | 13% |
| Automotive | $1.1B | 9% |
