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林德（LIN）与TENET HEALTHCARE CORP（THC）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TENET HEALTHCARE CORP的1.6倍（$8.8B vs $5.5B），林德净利率更高（17.5% vs 11.7%，领先5.8%），TENET HEALTHCARE CORP同比增速更快（9.0% vs 5.8%），林德自由现金流更多（$1.6B vs $367.0M），过去两年林德的营收复合增速更高（4.0% vs 1.5%）
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。
Tenet Healthcare Corporation是总部位于美国达拉斯的营利性跨国医疗服务企业，旗下拥有USPI等多个品牌、子公司、合资企业及合作主体，运营65家医院及超过450个医疗设施，还通过旗下Conifer Health Solutions为各类医疗系统及其他客户提供专业医疗支持服务
LIN vs THC — 直观对比
营收规模更大
LIN
是对方的1.6倍
$5.5B
营收增速更快
THC
高出3.2%
5.8%
净利率更高
LIN
高出5.8%
11.7%
自由现金流更多
LIN
多$1.2B
$367.0M
两年增速更快
LIN
近两年复合增速
1.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $8.8B | $5.5B |
| 净利润 | $1.5B | $644.0M |
| 毛利率 | — | — |
| 营业利润率 | 23.0% | 15.4% |
| 净利率 | 17.5% | 11.7% |
| 营收同比 | 5.8% | 9.0% |
| 净利润同比 | -11.3% | 12.6% |
| 每股收益（稀释后） | $3.28 | $4.22 |
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LINTHC
| Q4 25 | $8.8B | $5.5B | ||
| Q3 25 | $8.6B | $5.3B | ||
| Q2 25 | $8.5B | $5.3B | ||
| Q1 25 | $8.1B | $5.2B | ||
| Q4 24 | $8.3B | $5.1B | ||
| Q3 24 | $8.4B | $5.1B | ||
| Q2 24 | $8.3B | $5.1B | ||
| Q1 24 | $8.1B | $5.4B |
净利润LINTHC
| Q4 25 | $1.5B | $644.0M | ||
| Q3 25 | $1.9B | $579.0M | ||
| Q2 25 | $1.8B | $522.0M | ||
| Q1 25 | $1.7B | $622.0M | ||
| Q4 24 | $1.7B | $572.0M | ||
| Q3 24 | $1.6B | $681.0M | ||
| Q2 24 | $1.7B | $477.0M | ||
| Q1 24 | $1.6B | $2.3B |
营业利润率LINTHC
| Q4 25 | 23.0% | 15.4% | ||
| Q3 25 | 27.5% | 16.8% | ||
| Q2 25 | 27.7% | 15.6% | ||
| Q1 25 | 26.9% | 18.1% | ||
| Q4 24 | 27.4% | 16.2% | ||
| Q3 24 | 25.0% | 21.3% | ||
| Q2 24 | 26.4% | 14.9% | ||
| Q1 24 | 25.9% | 61.2% |
净利率LINTHC
| Q4 25 | 17.5% | 11.7% | ||
| Q3 25 | 22.4% | 10.9% | ||
| Q2 25 | 20.8% | 9.9% | ||
| Q1 25 | 20.6% | 11.9% | ||
| Q4 24 | 20.8% | 11.3% | ||
| Q3 24 | 18.5% | 13.3% | ||
| Q2 24 | 20.1% | 9.3% | ||
| Q1 24 | 20.1% | 43.5% |
每股收益（稀释后）LINTHC
| Q4 25 | $3.28 | $4.22 | ||
| Q3 25 | $4.09 | $3.86 | ||
| Q2 25 | $3.73 | $3.14 | ||
| Q1 25 | $3.51 | $4.27 | ||
| Q4 24 | $3.61 | $3.79 | ||
| Q3 24 | $3.22 | $4.89 | ||
| Q2 24 | $3.44 | $2.64 | ||
| Q1 24 | $3.35 | $21.38 |
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 | $2.9B |
| 总债务越低越好 | $20.7B | $13.1B |
| 股东权益账面价值 | $38.2B | $4.2B |
| 总资产 | $86.8B | $29.7B |
| 负债/权益比越低杠杆越低 | 0.54× | 3.10× |
8季度趋势，按日历期对齐
现金及短期投资LINTHC
| Q4 25 | $5.1B | $2.9B | ||
| Q3 25 | $4.5B | $3.0B | ||
| Q2 25 | $4.8B | $2.6B | ||
| Q1 25 | $5.3B | $3.0B | ||
| Q4 24 | $4.8B | $3.0B | ||
| Q3 24 | $5.2B | $4.1B | ||
| Q2 24 | $4.6B | $2.9B | ||
| Q1 24 | $4.8B | $2.5B |
总债务LINTHC
| Q4 25 | $20.7B | $13.1B | ||
| Q3 25 | $18.6B | $13.1B | ||
| Q2 25 | $19.7B | $13.1B | ||
| Q1 25 | $17.6B | $13.1B | ||
| Q4 24 | $15.3B | $13.1B | ||
| Q3 24 | $17.5B | $12.8B | ||
| Q2 24 | $16.9B | $12.8B | ||
| Q1 24 | $15.2B | $12.8B |
股东权益LINTHC
| Q4 25 | $38.2B | $4.2B | ||
| Q3 25 | $38.6B | $4.0B | ||
| Q2 25 | $38.5B | $3.7B | ||
| Q1 25 | $38.0B | $4.2B | ||
| Q4 24 | $38.1B | $4.2B | ||
| Q3 24 | $39.2B | $3.8B | ||
| Q2 24 | $38.2B | $3.5B | ||
| Q1 24 | $38.8B | $3.5B |
总资产LINTHC
| Q4 25 | $86.8B | $29.7B | ||
| Q3 25 | $86.0B | $29.4B | ||
| Q2 25 | $86.1B | $28.7B | ||
| Q1 25 | $82.7B | $29.2B | ||
| Q4 24 | $80.1B | $28.9B | ||
| Q3 24 | $82.5B | $29.4B | ||
| Q2 24 | $80.2B | $29.3B | ||
| Q1 24 | $80.3B | $28.9B |
负债/权益比LINTHC
| Q4 25 | 0.54× | 3.10× | ||
| Q3 25 | 0.48× | 3.26× | ||
| Q2 25 | 0.51× | 3.49× | ||
| Q1 25 | 0.46× | 3.13× | ||
| Q4 24 | 0.40× | 3.14× | ||
| Q3 24 | 0.45× | 3.33× | ||
| Q2 24 | 0.44× | 3.67× | ||
| Q1 24 | 0.39× | 3.70× |
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 | $731.0M |
| 自由现金流经营现金流 - 资本支出 | $1.6B | $367.0M |
| 自由现金流率自由现金流/营收 | 17.9% | 6.6% |
| 资本支出强度资本支出/营收 | 16.6% | 6.6% |
| 现金转化率经营现金流/净利润 | 1.98× | 1.14× |
| 过去12个月自由现金流最近4个季度 | $5.1B | $2.5B |
8季度趋势，按日历期对齐
经营现金流LINTHC
| Q4 25 | $3.0B | $731.0M | ||
| Q3 25 | $2.9B | $1.1B | ||
| Q2 25 | $2.2B | $936.0M | ||
| Q1 25 | $2.2B | $815.0M | ||
| Q4 24 | $2.8B | $-331.0M | ||
| Q3 24 | $2.7B | $1.0B | ||
| Q2 24 | $1.9B | $747.0M | ||
| Q1 24 | $2.0B | $586.0M |
自由现金流LINTHC
| Q4 25 | $1.6B | $367.0M | ||
| Q3 25 | $1.7B | $778.0M | ||
| Q2 25 | $954.0M | $743.0M | ||
| Q1 25 | $891.0M | $642.0M | ||
| Q4 24 | $1.6B | $-661.0M | ||
| Q3 24 | $1.7B | $829.0M | ||
| Q2 24 | $796.0M | $602.0M | ||
| Q1 24 | $906.0M | $346.0M |
自由现金流率LINTHC
| Q4 25 | 17.9% | 6.6% | ||
| Q3 25 | 19.4% | 14.7% | ||
| Q2 25 | 11.2% | 14.1% | ||
| Q1 25 | 11.0% | 12.3% | ||
| Q4 24 | 18.8% | -13.0% | ||
| Q3 24 | 19.9% | 16.2% | ||
| Q2 24 | 9.6% | 11.8% | ||
| Q1 24 | 11.2% | 6.4% |
资本支出强度LINTHC
| Q4 25 | 16.6% | 6.6% | ||
| Q3 25 | 14.8% | 5.3% | ||
| Q2 25 | 14.8% | 3.7% | ||
| Q1 25 | 15.7% | 3.3% | ||
| Q4 24 | 15.1% | 6.5% | ||
| Q3 24 | 12.8% | 4.2% | ||
| Q2 24 | 13.7% | 2.8% | ||
| Q1 24 | 12.9% | 4.5% |
现金转化率LINTHC
| Q4 25 | 1.98× | 1.14× | ||
| Q3 25 | 1.53× | 1.83× | ||
| Q2 25 | 1.25× | 1.79× | ||
| Q1 25 | 1.29× | 1.31× | ||
| Q4 24 | 1.63× | -0.58× | ||
| Q3 24 | 1.76× | 1.53× | ||
| Q2 24 | 1.16× | 1.57× | ||
| Q1 24 | 1.20× | 0.25× |
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% |
THC
| Other | $2.9B | 52% |
| Health Care Patient Service | $1.4B | 25% |
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $1.2B | 22% |
| Health Care Other Sources | $56.0M | 1% |
