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林德（LIN）与美国联合航空（UAL）财务数据对比。点击上方公司名可切换其他公司
美国联合航空的季度营收约是林德的1.7倍（$14.6B vs $8.8B），林德净利率更高（17.5% vs 4.8%，领先12.7%），美国联合航空同比增速更快（10.6% vs 5.8%），美国联合航空自由现金流更多（$2.0B vs $1.6B），过去两年林德的营收复合增速更高（4.0% vs -1.3%）
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。
美国联合航空是美国主要航企，总部位于伊利诺伊州芝加哥，运营覆盖美国本土及六大洲的广阔国内外航线网络，区域航线由独立航司以美联航快运品牌运营，作为星空联盟五大创始航司之一，其航线网络可辐射全球各地。
LIN vs UAL — 直观对比
营收规模更大
UAL
是对方的1.7倍
$8.8B
营收增速更快
UAL
高出4.7%
5.8%
净利率更高
LIN
高出12.7%
4.8%
自由现金流更多
UAL
多$454.0M
$1.6B
两年增速更快
LIN
近两年复合增速
-1.3%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $8.8B | $14.6B |
| 净利润 | $1.5B | $699.0M |
| 毛利率 | — | — |
| 营业利润率 | 23.0% | 6.8% |
| 净利率 | 17.5% | 4.8% |
| 营收同比 | 5.8% | 10.6% |
| 净利润同比 | -11.3% | 80.6% |
| 每股收益（稀释后） | $3.28 | $2.14 |
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LINUAL
| Q1 26 | — | $14.6B | ||
| Q4 25 | $8.8B | $15.4B | ||
| Q3 25 | $8.6B | $15.2B | ||
| Q2 25 | $8.5B | $15.2B | ||
| Q1 25 | $8.1B | $13.2B | ||
| Q4 24 | $8.3B | $14.7B | ||
| Q3 24 | $8.4B | $14.8B | ||
| Q2 24 | $8.3B | $15.0B |
净利润LINUAL
| Q1 26 | — | $699.0M | ||
| Q4 25 | $1.5B | $1.0B | ||
| Q3 25 | $1.9B | $949.0M | ||
| Q2 25 | $1.8B | $973.0M | ||
| Q1 25 | $1.7B | $387.0M | ||
| Q4 24 | $1.7B | $985.0M | ||
| Q3 24 | $1.6B | $965.0M | ||
| Q2 24 | $1.7B | $1.3B |
营业利润率LINUAL
| Q1 26 | — | 6.8% | ||
| Q4 25 | 23.0% | 9.0% | ||
| Q3 25 | 27.5% | 9.2% | ||
| Q2 25 | 27.7% | 8.7% | ||
| Q1 25 | 26.9% | 4.6% | ||
| Q4 24 | 27.4% | 10.2% | ||
| Q3 24 | 25.0% | 10.5% | ||
| Q2 24 | 26.4% | 12.9% |
净利率LINUAL
| Q1 26 | — | 4.8% | ||
| Q4 25 | 17.5% | 6.8% | ||
| Q3 25 | 22.4% | 6.2% | ||
| Q2 25 | 20.8% | 6.4% | ||
| Q1 25 | 20.6% | 2.9% | ||
| Q4 24 | 20.8% | 6.7% | ||
| Q3 24 | 18.5% | 6.5% | ||
| Q2 24 | 20.1% | 8.8% |
每股收益（稀释后）LINUAL
| Q1 26 | — | $2.14 | ||
| Q4 25 | $3.28 | $3.17 | ||
| Q3 25 | $4.09 | $2.90 | ||
| Q2 25 | $3.73 | $2.97 | ||
| Q1 25 | $3.51 | $1.16 | ||
| Q4 24 | $3.61 | $2.97 | ||
| Q3 24 | $3.22 | $2.90 | ||
| Q2 24 | $3.44 | $3.96 |
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 | $14.2B |
| 总债务越低越好 | $20.7B | — |
| 股东权益账面价值 | $38.2B | $15.9B |
| 总资产 | $86.8B | $80.9B |
| 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LINUAL
| Q1 26 | — | $14.2B | ||
| Q4 25 | $5.1B | $12.2B | ||
| Q3 25 | $4.5B | $13.3B | ||
| Q2 25 | $4.8B | $15.6B | ||
| Q1 25 | $5.3B | $15.3B | ||
| Q4 24 | $4.8B | $14.5B | ||
| Q3 24 | $5.2B | $14.2B | ||
| Q2 24 | $4.6B | $15.2B |
总债务LINUAL
| Q1 26 | — | — | ||
| Q4 25 | $20.7B | $20.6B | ||
| Q3 25 | $18.6B | $20.8B | ||
| Q2 25 | $19.7B | $20.9B | ||
| Q1 25 | $17.6B | $24.4B | ||
| Q4 24 | $15.3B | $25.2B | ||
| Q3 24 | $17.5B | — | ||
| Q2 24 | $16.9B | — |
股东权益LINUAL
| Q1 26 | — | $15.9B | ||
| Q4 25 | $38.2B | $15.3B | ||
| Q3 25 | $38.6B | $14.3B | ||
| Q2 25 | $38.5B | $13.4B | ||
| Q1 25 | $38.0B | $12.6B | ||
| Q4 24 | $38.1B | $12.7B | ||
| Q3 24 | $39.2B | $11.4B | ||
| Q2 24 | $38.2B | $10.5B |
总资产LINUAL
| Q1 26 | — | $80.9B | ||
| Q4 25 | $86.8B | $76.4B | ||
| Q3 25 | $86.0B | $76.3B | ||
| Q2 25 | $86.1B | $77.2B | ||
| Q1 25 | $82.7B | $76.1B | ||
| Q4 24 | $80.1B | $74.1B | ||
| Q3 24 | $82.5B | $72.6B | ||
| Q2 24 | $80.2B | $73.3B |
负债/权益比LINUAL
| Q1 26 | — | — | ||
| Q4 25 | 0.54× | 1.35× | ||
| Q3 25 | 0.48× | 1.45× | ||
| Q2 25 | 0.51× | 1.56× | ||
| Q1 25 | 0.46× | 1.93× | ||
| Q4 24 | 0.40× | 1.99× | ||
| Q3 24 | 0.45× | — | ||
| Q2 24 | 0.44× | — |
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 | $4.8B |
| 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% | 13.9% |
| 资本支出强度资本支出/营收 | 16.6% | 13.9% |
| 现金转化率经营现金流/净利润 | 1.98× | 6.87× |
| 过去12个月自由现金流最近4个季度 | $5.1B | $2.1B |
8季度趋势，按日历期对齐
经营现金流LINUAL
| Q1 26 | — | $4.8B | ||
| Q4 25 | $3.0B | $1.3B | ||
| Q3 25 | $2.9B | $1.2B | ||
| Q2 25 | $2.2B | $2.2B | ||
| Q1 25 | $2.2B | $3.7B | ||
| Q4 24 | $2.8B | $2.2B | ||
| Q3 24 | $2.7B | $1.5B | ||
| Q2 24 | $1.9B | $2.9B |
自由现金流LINUAL
| Q1 26 | — | $2.0B | ||
| Q4 25 | $1.6B | $-604.0M | ||
| Q3 25 | $1.7B | $-246.0M | ||
| Q2 25 | $954.0M | $930.0M | ||
| Q1 25 | $891.0M | $2.5B | ||
| Q4 24 | $1.6B | $549.0M | ||
| Q3 24 | $1.7B | $88.0M | ||
| Q2 24 | $796.0M | $1.7B |
自由现金流率LINUAL
| Q1 26 | — | 13.9% | ||
| Q4 25 | 17.9% | -3.9% | ||
| Q3 25 | 19.4% | -1.6% | ||
| Q2 25 | 11.2% | 6.1% | ||
| Q1 25 | 11.0% | 18.7% | ||
| Q4 24 | 18.8% | 3.7% | ||
| Q3 24 | 19.9% | 0.6% | ||
| Q2 24 | 9.6% | 11.4% |
资本支出强度LINUAL
| Q1 26 | — | 13.9% | ||
| Q4 25 | 16.6% | 12.3% | ||
| Q3 25 | 14.8% | 9.6% | ||
| Q2 25 | 14.8% | 8.4% | ||
| Q1 25 | 15.7% | 9.3% | ||
| Q4 24 | 15.1% | 11.4% | ||
| Q3 24 | 12.8% | 9.5% | ||
| Q2 24 | 13.7% | 7.8% |
现金转化率LINUAL
| Q1 26 | — | 6.87× | ||
| Q4 25 | 1.98× | 1.23× | ||
| Q3 25 | 1.53× | 1.28× | ||
| Q2 25 | 1.25× | 2.28× | ||
| Q1 25 | 1.29× | 9.59× | ||
| Q4 24 | 1.63× | 2.26× | ||
| Q3 24 | 1.76× | 1.55× | ||
| Q2 24 | 1.16× | 2.17× |
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% |
UAL
| Passenger revenue | $13.2B | 90% |
| Other | $1.0B | 7% |
| Cargo revenue | $422.0M | 3% |
