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林德（LIN）与联合太平洋（UNP）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联合太平洋的1.4倍（$8.8B vs $6.2B），联合太平洋净利率更高（27.4% vs 17.5%，领先9.9%），林德同比增速更快（5.8% vs 3.2%），林德自由现金流更多（$1.6B vs $631.0M），过去两年林德的营收复合增速更高（4.0% vs 1.7%）
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。
联合太平洋是美国一级货运铁路运营商，共运营8300台机车，线路总长超5.18万公里，覆盖芝加哥、新奥尔良以西的23个美国州，是全美规模仅次于BNSF的第二大铁路企业。
LIN vs UNP — 直观对比
营收规模更大
LIN
是对方的1.4倍
$6.2B
营收增速更快
LIN
高出2.7%
3.2%
净利率更高
UNP
高出9.9%
17.5%
自由现金流更多
LIN
多$941.0M
$631.0M
两年增速更快
LIN
近两年复合增速
1.7%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $8.8B | $6.2B |
| 净利润 | $1.5B | $1.7B |
| 毛利率 | — | — |
| 营业利润率 | 23.0% | 39.5% |
| 净利率 | 17.5% | 27.4% |
| 营收同比 | 5.8% | 3.2% |
| 净利润同比 | -11.3% | 4.6% |
| 每股收益（稀释后） | $3.28 | $2.87 |
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LINUNP
| Q1 26 | — | $6.2B | ||
| Q4 25 | $8.8B | $6.1B | ||
| Q3 25 | $8.6B | $6.2B | ||
| Q2 25 | $8.5B | $6.2B | ||
| Q1 25 | $8.1B | $6.0B | ||
| Q4 24 | $8.3B | $6.1B | ||
| Q3 24 | $8.4B | $6.1B | ||
| Q2 24 | $8.3B | $6.0B |
净利润LINUNP
| Q1 26 | — | $1.7B | ||
| Q4 25 | $1.5B | $1.8B | ||
| Q3 25 | $1.9B | $1.8B | ||
| Q2 25 | $1.8B | $1.9B | ||
| Q1 25 | $1.7B | $1.6B | ||
| Q4 24 | $1.7B | $1.8B | ||
| Q3 24 | $1.6B | $1.7B | ||
| Q2 24 | $1.7B | $1.7B |
营业利润率LINUNP
| Q1 26 | — | 39.5% | ||
| Q4 25 | 23.0% | 39.5% | ||
| Q3 25 | 27.5% | 40.8% | ||
| Q2 25 | 27.7% | 41.0% | ||
| Q1 25 | 26.9% | 39.3% | ||
| Q4 24 | 27.4% | 41.3% | ||
| Q3 24 | 25.0% | 39.7% | ||
| Q2 24 | 26.4% | 40.0% |
净利率LINUNP
| Q1 26 | — | 27.4% | ||
| Q4 25 | 17.5% | 30.4% | ||
| Q3 25 | 22.4% | 28.6% | ||
| Q2 25 | 20.8% | 30.5% | ||
| Q1 25 | 20.6% | 27.0% | ||
| Q4 24 | 20.8% | 28.8% | ||
| Q3 24 | 18.5% | 27.4% | ||
| Q2 24 | 20.1% | 27.9% |
每股收益（稀释后）LINUNP
| Q1 26 | — | $2.87 | ||
| Q4 25 | $3.28 | $3.12 | ||
| Q3 25 | $4.09 | $3.01 | ||
| Q2 25 | $3.73 | $3.15 | ||
| Q1 25 | $3.51 | $2.70 | ||
| Q4 24 | $3.61 | $2.91 | ||
| Q3 24 | $3.22 | $2.75 | ||
| Q2 24 | $3.44 | $2.74 |
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 | $735.0M |
| 总债务越低越好 | $20.7B | — |
| 股东权益账面价值 | $38.2B | — |
| 总资产 | $86.8B | $69.6B |
| 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LINUNP
| Q1 26 | — | $735.0M | ||
| Q4 25 | $5.1B | $1.3B | ||
| Q3 25 | $4.5B | $808.0M | ||
| Q2 25 | $4.8B | $1.1B | ||
| Q1 25 | $5.3B | $1.4B | ||
| Q4 24 | $4.8B | $1.0B | ||
| Q3 24 | $5.2B | $947.0M | ||
| Q2 24 | $4.6B | $1.1B |
总债务LINUNP
| Q1 26 | — | — | ||
| Q4 25 | $20.7B | $30.3B | ||
| Q3 25 | $18.6B | $30.3B | ||
| Q2 25 | $19.7B | $30.3B | ||
| Q1 25 | $17.6B | $30.6B | ||
| Q4 24 | $15.3B | $29.8B | ||
| Q3 24 | $17.5B | $29.8B | ||
| Q2 24 | $16.9B | $31.2B |
股东权益LINUNP
| Q1 26 | — | — | ||
| Q4 25 | $38.2B | $18.5B | ||
| Q3 25 | $38.6B | $17.3B | ||
| Q2 25 | $38.5B | $16.3B | ||
| Q1 25 | $38.0B | $16.0B | ||
| Q4 24 | $38.1B | $16.9B | ||
| Q3 24 | $39.2B | $16.6B | ||
| Q2 24 | $38.2B | $16.5B |
总资产LINUNP
| Q1 26 | — | $69.6B | ||
| Q4 25 | $86.8B | $69.7B | ||
| Q3 25 | $86.0B | $68.6B | ||
| Q2 25 | $86.1B | $68.6B | ||
| Q1 25 | $82.7B | $68.5B | ||
| Q4 24 | $80.1B | $67.7B | ||
| Q3 24 | $82.5B | $67.6B | ||
| Q2 24 | $80.2B | $67.8B |
负债/权益比LINUNP
| Q1 26 | — | — | ||
| Q4 25 | 0.54× | 1.64× | ||
| Q3 25 | 0.48× | 1.75× | ||
| Q2 25 | 0.51× | 1.86× | ||
| Q1 25 | 0.46× | 1.91× | ||
| Q4 24 | 0.40× | 1.76× | ||
| Q3 24 | 0.45× | 1.79× | ||
| Q2 24 | 0.44× | 1.89× |
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 | $631.0M |
| 自由现金流率自由现金流/营收 | 17.9% | 10.1% |
| 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 | $4.8B |
8季度趋势，按日历期对齐
经营现金流LINUNP
| Q1 26 | — | — | ||
| Q4 25 | $3.0B | $2.2B | ||
| Q3 25 | $2.9B | $2.5B | ||
| Q2 25 | $2.2B | $2.3B | ||
| Q1 25 | $2.2B | $2.2B | ||
| Q4 24 | $2.8B | $2.7B | ||
| Q3 24 | $2.7B | $2.7B | ||
| Q2 24 | $1.9B | $1.9B |
自由现金流LINUNP
| Q1 26 | — | $631.0M | ||
| Q4 25 | $1.6B | $1.2B | ||
| Q3 25 | $1.7B | $1.6B | ||
| Q2 25 | $954.0M | $1.4B | ||
| Q1 25 | $891.0M | $1.3B | ||
| Q4 24 | $1.6B | $1.7B | ||
| Q3 24 | $1.7B | $1.8B | ||
| Q2 24 | $796.0M | $1.0B |
自由现金流率LINUNP
| Q1 26 | — | 10.1% | ||
| Q4 25 | 17.9% | 20.1% | ||
| Q3 25 | 19.4% | 25.2% | ||
| Q2 25 | 11.2% | 22.7% | ||
| Q1 25 | 11.0% | 21.6% | ||
| Q4 24 | 18.8% | 28.4% | ||
| Q3 24 | 19.9% | 29.9% | ||
| Q2 24 | 9.6% | 16.8% |
资本支出强度LINUNP
| Q1 26 | — | — | ||
| Q4 25 | 16.6% | 16.4% | ||
| Q3 25 | 14.8% | 15.2% | ||
| Q2 25 | 14.8% | 15.2% | ||
| Q1 25 | 15.7% | 15.0% | ||
| Q4 24 | 15.1% | 15.1% | ||
| Q3 24 | 12.8% | 13.6% | ||
| Q2 24 | 13.7% | 15.0% |
现金转化率LINUNP
| Q1 26 | — | — | ||
| Q4 25 | 1.98× | 1.20× | ||
| Q3 25 | 1.53× | 1.41× | ||
| Q2 25 | 1.25× | 1.24× | ||
| Q1 25 | 1.29× | 1.36× | ||
| Q4 24 | 1.63× | 1.51× | ||
| Q3 24 | 1.76× | 1.59× | ||
| Q2 24 | 1.16× | 1.14× |
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% |
UNP
| Freight revenues | $5.9B | 95% |
| Other revenues | $324.0M | 5% |
