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林德（LIN）与标普全球（VG）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标普全球的2.0倍（$8.8B vs $4.4B），标普全球净利率更高（26.8% vs 17.5%，领先9.3%），标普全球同比增速更快（191.7% vs 5.8%），林德自由现金流更多（$1.6B vs $-1.5B），过去两年标普全球的营收复合增速更高（77.3% 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。
标普全球是总部位于美国纽约曼哈顿的上市企业，核心业务涵盖金融信息与数据分析、能源及大宗商品情报服务，旗下拥有标普全球评级、标普全球能源、标普全球市场财智、印度信用评级机构CRISIL等子品牌，同时是标普道琼斯指数合资公司的控股股东。
LIN vs VG — 直观对比
营收规模更大
LIN
是对方的2.0倍
$4.4B
营收增速更快
VG
高出185.8%
5.8%
净利率更高
VG
高出9.3%
17.5%
自由现金流更多
LIN
多$3.1B
$-1.5B
两年增速更快
VG
近两年复合增速
4.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $8.8B | $4.4B |
| 净利润 | $1.5B | $1.2B |
| 毛利率 | — | — |
| 营业利润率 | 23.0% | 38.7% |
| 净利率 | 17.5% | 26.8% |
| 营收同比 | 5.8% | 191.7% |
| 净利润同比 | -11.3% | 20.3% |
| 每股收益（稀释后） | $3.28 | $0.41 |
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LINVG
| Q4 25 | $8.8B | $4.4B | ||
| Q3 25 | $8.6B | $3.3B | ||
| Q2 25 | $8.5B | $3.1B | ||
| Q1 25 | $8.1B | $2.9B | ||
| Q4 24 | $8.3B | $1.5B | ||
| Q3 24 | $8.4B | $926.0M | ||
| Q2 24 | $8.3B | $1.1B | ||
| Q1 24 | $8.1B | $1.4B |
净利润LINVG
| Q4 25 | $1.5B | $1.2B | ||
| Q3 25 | $1.9B | $550.0M | ||
| Q2 25 | $1.8B | $475.0M | ||
| Q1 25 | $1.7B | $517.0M | ||
| Q4 24 | $1.7B | $990.0M | ||
| Q3 24 | $1.6B | $-294.0M | ||
| Q2 24 | $1.7B | $352.0M | ||
| Q1 24 | $1.6B | $698.0M |
营业利润率LINVG
| Q4 25 | 23.0% | 38.7% | ||
| Q3 25 | 27.5% | 39.7% | ||
| Q2 25 | 27.7% | 33.5% | ||
| Q1 25 | 26.9% | 37.3% | ||
| Q4 24 | 27.4% | 39.0% | ||
| Q3 24 | 25.0% | 20.4% | ||
| Q2 24 | 26.4% | 32.8% | ||
| Q1 24 | 25.9% | 43.6% |
净利率LINVG
| Q4 25 | 17.5% | 26.8% | ||
| Q3 25 | 22.4% | 16.5% | ||
| Q2 25 | 20.8% | 15.3% | ||
| Q1 25 | 20.6% | 17.9% | ||
| Q4 24 | 20.8% | 65.0% | ||
| Q3 24 | 18.5% | -31.7% | ||
| Q2 24 | 20.1% | 31.8% | ||
| Q1 24 | 20.1% | 49.4% |
每股收益（稀释后）LINVG
| Q4 25 | $3.28 | $0.41 | ||
| Q3 25 | $4.09 | $0.16 | ||
| Q2 25 | $3.73 | $0.14 | ||
| Q1 25 | $3.51 | $0.15 | ||
| Q4 24 | $3.61 | $0.35 | ||
| Q3 24 | $3.22 | $-0.15 | ||
| Q2 24 | $3.44 | $0.12 | ||
| Q1 24 | $3.35 | $0.25 |
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 | $2.4B |
| 总债务越低越好 | $20.7B | $34.2B |
| 股东权益账面价值 | $38.2B | $6.7B |
| 总资产 | $86.8B | $53.4B |
| 负债/权益比越低杠杆越低 | 0.54× | 5.07× |
8季度趋势，按日历期对齐
现金及短期投资LINVG
| Q4 25 | $5.1B | $2.4B | ||
| Q3 25 | $4.5B | $1.9B | ||
| Q2 25 | $4.8B | $2.2B | ||
| Q1 25 | $5.3B | $3.6B | ||
| Q4 24 | $4.8B | $3.6B | ||
| Q3 24 | $5.2B | — | ||
| Q2 24 | $4.6B | — | ||
| Q1 24 | $4.8B | — |
总债务LINVG
| Q4 25 | $20.7B | $34.2B | ||
| Q3 25 | $18.6B | $32.6B | ||
| Q2 25 | $19.7B | $30.0B | ||
| Q1 25 | $17.6B | $29.3B | ||
| Q4 24 | $15.3B | $29.3B | ||
| Q3 24 | $17.5B | — | ||
| Q2 24 | $16.9B | — | ||
| Q1 24 | $15.2B | — |
股东权益LINVG
| Q4 25 | $38.2B | $6.7B | ||
| Q3 25 | $38.6B | $5.7B | ||
| Q2 25 | $38.5B | $5.3B | ||
| Q1 25 | $38.0B | $4.9B | ||
| Q4 24 | $38.1B | $2.9B | ||
| Q3 24 | $39.2B | — | ||
| Q2 24 | $38.2B | — | ||
| Q1 24 | $38.8B | — |
总资产LINVG
| Q4 25 | $86.8B | $53.4B | ||
| Q3 25 | $86.0B | $50.1B | ||
| Q2 25 | $86.1B | $46.5B | ||
| Q1 25 | $82.7B | $45.1B | ||
| Q4 24 | $80.1B | $43.5B | ||
| Q3 24 | $82.5B | — | ||
| Q2 24 | $80.2B | — | ||
| Q1 24 | $80.3B | — |
负债/权益比LINVG
| Q4 25 | 0.54× | 5.07× | ||
| Q3 25 | 0.48× | 5.73× | ||
| Q2 25 | 0.51× | 5.69× | ||
| Q1 25 | 0.46× | 6.01× | ||
| Q4 24 | 0.40× | 10.11× | ||
| Q3 24 | 0.45× | — | ||
| 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 | $2.1B |
| 自由现金流经营现金流 - 资本支出 | $1.6B | $-1.5B |
| 自由现金流率自由现金流/营收 | 17.9% | -34.1% |
| 资本支出强度资本支出/营收 | 16.6% | 81.6% |
| 现金转化率经营现金流/净利润 | 1.98× | 1.77× |
| 过去12个月自由现金流最近4个季度 | $5.1B | $-6.8B |
8季度趋势，按日历期对齐
经营现金流LINVG
| Q4 25 | $3.0B | $2.1B | ||
| Q3 25 | $2.9B | $1.9B | ||
| Q2 25 | $2.2B | $1.5B | ||
| Q1 25 | $2.2B | $1.1B | ||
| Q4 24 | $2.8B | — | ||
| Q3 24 | $2.7B | — | ||
| Q2 24 | $1.9B | — | ||
| Q1 24 | $2.0B | $638.0M |
自由现金流LINVG
| Q4 25 | $1.6B | $-1.5B | ||
| Q3 25 | $1.7B | $-1.4B | ||
| Q2 25 | $954.0M | $-1.5B | ||
| Q1 25 | $891.0M | $-2.4B | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $1.7B | — | ||
| Q2 24 | $796.0M | — | ||
| Q1 24 | $906.0M | $-2.4B |
自由现金流率LINVG
| Q4 25 | 17.9% | -34.1% | ||
| Q3 25 | 19.4% | -42.4% | ||
| Q2 25 | 11.2% | -49.1% | ||
| Q1 25 | 11.0% | -81.3% | ||
| Q4 24 | 18.8% | — | ||
| Q3 24 | 19.9% | — | ||
| Q2 24 | 9.6% | — | ||
| Q1 24 | 11.2% | -167.3% |
资本支出强度LINVG
| Q4 25 | 16.6% | 81.6% | ||
| Q3 25 | 14.8% | 98.9% | ||
| Q2 25 | 14.8% | 96.1% | ||
| Q1 25 | 15.7% | 119.8% | ||
| Q4 24 | 15.1% | — | ||
| Q3 24 | 12.8% | — | ||
| Q2 24 | 13.7% | — | ||
| Q1 24 | 12.9% | 212.4% |
现金转化率LINVG
| Q4 25 | 1.98× | 1.77× | ||
| Q3 25 | 1.53× | 3.42× | ||
| Q2 25 | 1.25× | 3.07× | ||
| Q1 25 | 1.29× | 2.15× | ||
| Q4 24 | 1.63× | — | ||
| Q3 24 | 1.76× | — | ||
| Q2 24 | 1.16× | — | ||
| Q1 24 | 1.20× | 0.91× |
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% |
VG
| Plaquemines Project Segment | $3.4B | 76% |
| Calcasieu Project Segment | $841.0M | 19% |
| Other | $208.0M | 5% |
