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林德（LIN）与Smurfit Westrock（SW）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Smurfit Westrock的1.2倍（$8.8B vs $7.6B），林德净利率更高（17.5% vs 1.3%，领先16.2%），林德同比增速更快（5.8% vs 0.5%），林德自由现金流更多（$1.6B vs $612.0M），过去两年Smurfit Westrock的营收复合增速更高（60.8% 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。
Smurfit Westrock plc是总部位于爱尔兰都柏林的企业，核心业务为生产瓦楞包装及各类纸制包装产品，公司股票同时在纽约证券交易所和伦敦证券交易所挂牌上市。
LIN vs SW — 直观对比
营收规模更大
LIN
是对方的1.2倍
$7.6B
营收增速更快
LIN
高出5.3%
0.5%
净利率更高
LIN
高出16.2%
1.3%
自由现金流更多
LIN
多$960.0M
$612.0M
两年增速更快
SW
近两年复合增速
4.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $8.8B | $7.6B |
| 净利润 | $1.5B | $97.0M |
| 毛利率 | — | 18.2% |
| 营业利润率 | 23.0% | 5.1% |
| 净利率 | 17.5% | 1.3% |
| 营收同比 | 5.8% | 0.5% |
| 净利润同比 | -11.3% | -33.6% |
| 每股收益（稀释后） | $3.28 | $0.18 |
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LINSW
| Q4 25 | $8.8B | $7.6B | ||
| Q3 25 | $8.6B | $8.0B | ||
| Q2 25 | $8.5B | $7.9B | ||
| Q1 25 | $8.1B | $7.7B | ||
| Q4 24 | $8.3B | $7.5B | ||
| Q3 24 | $8.4B | $7.7B | ||
| Q2 24 | $8.3B | $3.0B | ||
| Q1 24 | $8.1B | $2.9B |
净利润LINSW
| Q4 25 | $1.5B | $97.0M | ||
| Q3 25 | $1.9B | $246.0M | ||
| Q2 25 | $1.8B | $-28.0M | ||
| Q1 25 | $1.7B | $384.0M | ||
| Q4 24 | $1.7B | $146.0M | ||
| Q3 24 | $1.6B | $-150.0M | ||
| Q2 24 | $1.7B | $132.0M | ||
| Q1 24 | $1.6B | $191.0M |
毛利率LINSW
| Q4 25 | — | 18.2% | ||
| Q3 25 | — | 19.6% | ||
| Q2 25 | — | 19.1% | ||
| Q1 25 | — | 20.6% | ||
| Q4 24 | — | 19.1% | ||
| Q3 24 | — | 17.6% | ||
| Q2 24 | — | 23.3% | ||
| Q1 24 | — | 24.2% |
营业利润率LINSW
| Q4 25 | 23.0% | 5.1% | ||
| Q3 25 | 27.5% | 6.6% | ||
| Q2 25 | 27.7% | 3.2% | ||
| Q1 25 | 26.9% | 7.2% | ||
| Q4 24 | 27.4% | 5.3% | ||
| Q3 24 | 25.0% | 0.7% | ||
| Q2 24 | 26.4% | 8.2% | ||
| Q1 24 | 25.9% | 10.5% |
净利率LINSW
| Q4 25 | 17.5% | 1.3% | ||
| Q3 25 | 22.4% | 3.1% | ||
| Q2 25 | 20.8% | -0.4% | ||
| Q1 25 | 20.6% | 5.0% | ||
| Q4 24 | 20.8% | 1.9% | ||
| Q3 24 | 18.5% | -2.0% | ||
| Q2 24 | 20.1% | 4.4% | ||
| Q1 24 | 20.1% | 6.5% |
每股收益（稀释后）LINSW
| Q4 25 | $3.28 | $0.18 | ||
| Q3 25 | $4.09 | $0.47 | ||
| Q2 25 | $3.73 | $-0.05 | ||
| Q1 25 | $3.51 | $0.73 | ||
| Q4 24 | $3.61 | $-0.12 | ||
| Q3 24 | $3.22 | $-0.30 | ||
| Q2 24 | $3.44 | $0.51 | ||
| Q1 24 | $3.35 | $0.73 |
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 | $892.0M |
| 总债务越低越好 | $20.7B | $13.4B |
| 股东权益账面价值 | $38.2B | $18.3B |
| 总资产 | $86.8B | $45.2B |
| 负债/权益比越低杠杆越低 | 0.54× | 0.73× |
8季度趋势，按日历期对齐
现金及短期投资LINSW
| Q4 25 | $5.1B | $892.0M | ||
| Q3 25 | $4.5B | $851.0M | ||
| Q2 25 | $4.8B | $778.0M | ||
| Q1 25 | $5.3B | $797.0M | ||
| Q4 24 | $4.8B | $855.0M | ||
| Q3 24 | $5.2B | — | ||
| Q2 24 | $4.6B | $26.8K | ||
| Q1 24 | $4.8B | $108 |
总债务LINSW
| Q4 25 | $20.7B | $13.4B | ||
| Q3 25 | $18.6B | $13.3B | ||
| Q2 25 | $19.7B | $13.3B | ||
| Q1 25 | $17.6B | $12.9B | ||
| Q4 24 | $15.3B | $12.5B | ||
| Q3 24 | $17.5B | $13.2B | ||
| Q2 24 | $16.9B | — | ||
| Q1 24 | $15.2B | — |
股东权益LINSW
| Q4 25 | $38.2B | $18.3B | ||
| Q3 25 | $38.6B | $18.4B | ||
| Q2 25 | $38.5B | $18.3B | ||
| Q1 25 | $38.0B | $17.9B | ||
| Q4 24 | $38.1B | $17.4B | ||
| Q3 24 | $39.2B | $18.0B | ||
| Q2 24 | $38.2B | $14.5K | ||
| Q1 24 | $38.8B | $108 |
总资产LINSW
| Q4 25 | $86.8B | $45.2B | ||
| Q3 25 | $86.0B | $45.6B | ||
| Q2 25 | $86.1B | $45.7B | ||
| Q1 25 | $82.7B | $44.6B | ||
| Q4 24 | $80.1B | $43.8B | ||
| Q3 24 | $82.5B | $45.0B | ||
| Q2 24 | $80.2B | $26.8K | ||
| Q1 24 | $80.3B | $108 |
负债/权益比LINSW
| Q4 25 | 0.54× | 0.73× | ||
| Q3 25 | 0.48× | 0.72× | ||
| Q2 25 | 0.51× | 0.73× | ||
| Q1 25 | 0.46× | 0.72× | ||
| Q4 24 | 0.40× | 0.72× | ||
| Q3 24 | 0.45× | 0.73× | ||
| 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 | $1.2B |
| 自由现金流经营现金流 - 资本支出 | $1.6B | $612.0M |
| 自由现金流率自由现金流/营收 | 17.9% | 8.1% |
| 资本支出强度资本支出/营收 | 16.6% | 7.7% |
| 现金转化率经营现金流/净利润 | 1.98× | 12.32× |
| 过去12个月自由现金流最近4个季度 | $5.1B | $1.2B |
8季度趋势，按日历期对齐
经营现金流LINSW
| Q4 25 | $3.0B | $1.2B | ||
| Q3 25 | $2.9B | $1.1B | ||
| Q2 25 | $2.2B | $829.0M | ||
| Q1 25 | $2.2B | $235.0M | ||
| Q4 24 | $2.8B | $781.0M | ||
| Q3 24 | $2.7B | $320.0M | ||
| Q2 24 | $1.9B | $340.0M | ||
| Q1 24 | $2.0B | $42.0M |
自由现金流LINSW
| Q4 25 | $1.6B | $612.0M | ||
| Q3 25 | $1.7B | $523.0M | ||
| Q2 25 | $954.0M | $307.0M | ||
| Q1 25 | $891.0M | $-242.0M | ||
| Q4 24 | $1.6B | $212.0M | ||
| Q3 24 | $1.7B | $-192.0M | ||
| Q2 24 | $796.0M | $163.0M | ||
| Q1 24 | $906.0M | $-166.0M |
自由现金流率LINSW
| Q4 25 | 17.9% | 8.1% | ||
| Q3 25 | 19.4% | 6.5% | ||
| Q2 25 | 11.2% | 3.9% | ||
| Q1 25 | 11.0% | -3.2% | ||
| Q4 24 | 18.8% | 2.8% | ||
| Q3 24 | 19.9% | -2.5% | ||
| Q2 24 | 9.6% | 5.5% | ||
| Q1 24 | 11.2% | -5.7% |
资本支出强度LINSW
| Q4 25 | 16.6% | 7.7% | ||
| Q3 25 | 14.8% | 7.6% | ||
| Q2 25 | 14.8% | 6.6% | ||
| Q1 25 | 15.7% | 6.2% | ||
| Q4 24 | 15.1% | 7.5% | ||
| Q3 24 | 12.8% | 6.7% | ||
| Q2 24 | 13.7% | 6.0% | ||
| Q1 24 | 12.9% | 7.1% |
现金转化率LINSW
| Q4 25 | 1.98× | 12.32× | ||
| Q3 25 | 1.53× | 4.61× | ||
| Q2 25 | 1.25× | — | ||
| Q1 25 | 1.29× | 0.61× | ||
| Q4 24 | 1.63× | 5.35× | ||
| Q3 24 | 1.76× | — | ||
| Q2 24 | 1.16× | 2.58× | ||
| Q1 24 | 1.20× | 0.22× |
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% |
SW
| Packaging | $3.3B | 43% |
| Other | $3.2B | 43% |
| Paper | $1.1B | 14% |
