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林德（LIN）与VALHI INC（VHI）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VALHI INC的17.7倍（$8.8B vs $494.5M）。林德净利率更高（17.5% vs -10.8%，领先28.2%）。林德同比增速更快（5.8% vs 2.8%）。林德自由现金流更多（$1.6B vs $89.8M）。过去两年林德的营收复合增速更高（4.0% vs -3.5%）
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。
Valhi是一家美国控股公司，1987年由LLC公司与合并糖业公司合并成立，通过全资及控股子公司在多个不同行业开展业务。截至2014年12月，Contran公司持有其93%的普通股，2014年已跻身财富美国1000强企业之列。
LIN vs VHI — 直观对比
营收规模更大
LIN
是对方的17.7倍
$494.5M
营收增速更快
LIN
高出3.0%
2.8%
净利率更高
LIN
高出28.2%
-10.8%
自由现金流更多
LIN
多$1.5B
$89.8M
两年增速更快
LIN
近两年复合增速
-3.5%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $8.8B | $494.5M |
| 净利润 | $1.5B | $-53.2M |
| 毛利率 | — | 6.9% |
| 营业利润率 | 23.0% | -6.2% |
| 净利率 | 17.5% | -10.8% |
| 营收同比 | 5.8% | 2.8% |
| 净利润同比 | -11.3% | -333.3% |
| 每股收益（稀释后） | $3.28 | $-1.86 |
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LINVHI
| Q4 25 | $8.8B | $494.5M | ||
| Q3 25 | $8.6B | $503.5M | ||
| Q2 25 | $8.5B | $540.4M | ||
| Q1 25 | $8.1B | $538.6M | ||
| Q4 24 | $8.3B | $480.9M | ||
| Q3 24 | $8.4B | $533.6M | ||
| Q2 24 | $8.3B | $559.7M | ||
| Q1 24 | $8.1B | $530.6M |
净利润LINVHI
| Q4 25 | $1.5B | $-53.2M | ||
| Q3 25 | $1.9B | $-22.2M | ||
| Q2 25 | $1.8B | $900.0K | ||
| Q1 25 | $1.7B | $16.9M | ||
| Q4 24 | $1.7B | $22.8M | ||
| Q3 24 | $1.6B | $57.5M | ||
| Q2 24 | $1.7B | $19.9M | ||
| Q1 24 | $1.6B | $7.8M |
毛利率LINVHI
| Q4 25 | — | 6.9% | ||
| Q3 25 | — | 12.0% | ||
| Q2 25 | — | 14.5% | ||
| Q1 25 | — | 22.7% | ||
| Q4 24 | — | 20.9% | ||
| Q3 24 | — | 21.8% | ||
| Q2 24 | — | 21.7% | ||
| Q1 24 | — | 16.3% |
营业利润率LINVHI
| Q4 25 | 23.0% | -6.2% | ||
| Q3 25 | 27.5% | 1.7% | ||
| Q2 25 | 27.7% | 6.6% | ||
| Q1 25 | 26.9% | 9.3% | ||
| Q4 24 | 27.4% | 11.8% | ||
| Q3 24 | 25.0% | 12.7% | ||
| Q2 24 | 26.4% | 9.8% | ||
| Q1 24 | 25.9% | 5.9% |
净利率LINVHI
| Q4 25 | 17.5% | -10.8% | ||
| Q3 25 | 22.4% | -4.4% | ||
| Q2 25 | 20.8% | 0.2% | ||
| Q1 25 | 20.6% | 3.1% | ||
| Q4 24 | 20.8% | 4.7% | ||
| Q3 24 | 18.5% | 10.8% | ||
| Q2 24 | 20.1% | 3.6% | ||
| Q1 24 | 20.1% | 1.5% |
每股收益（稀释后）LINVHI
| Q4 25 | $3.28 | $-1.86 | ||
| Q3 25 | $4.09 | $-0.78 | ||
| Q2 25 | $3.73 | $0.03 | ||
| Q1 25 | $3.51 | $0.59 | ||
| Q4 24 | $3.61 | $0.81 | ||
| Q3 24 | $3.22 | $2.01 | ||
| Q2 24 | $3.44 | $0.70 | ||
| Q1 24 | $3.35 | $0.27 |
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 | $216.9M |
| 总债务越低越好 | $20.7B | $590.9M |
| 股东权益账面价值 | $38.2B | $1.0B |
| 总资产 | $86.8B | $2.6B |
| 负债/权益比越低杠杆越低 | 0.54× | 0.58× |
8季度趋势，按日历期对齐
现金及短期投资LINVHI
| Q4 25 | $5.1B | $216.9M | ||
| Q3 25 | $4.5B | $186.6M | ||
| Q2 25 | $4.8B | $190.9M | ||
| Q1 25 | $5.3B | $196.4M | ||
| Q4 24 | $4.8B | $350.2M | ||
| Q3 24 | $5.2B | $316.7M | ||
| Q2 24 | $4.6B | $386.9M | ||
| Q1 24 | $4.8B | $372.7M |
总债务LINVHI
| Q4 25 | $20.7B | $590.9M | ||
| Q3 25 | $18.6B | $661.5M | ||
| Q2 25 | $19.7B | $544.8M | ||
| Q1 25 | $17.6B | $525.9M | ||
| Q4 24 | $15.3B | $484.4M | ||
| Q3 24 | $17.5B | $526.6M | ||
| Q2 24 | $16.9B | $497.4M | ||
| Q1 24 | $15.2B | $511.2M |
股东权益LINVHI
| Q4 25 | $38.2B | $1.0B | ||
| Q3 25 | $38.6B | $1.0B | ||
| Q2 25 | $38.5B | $1.1B | ||
| Q1 25 | $38.0B | $1.1B | ||
| Q4 24 | $38.1B | $1.0B | ||
| Q3 24 | $39.2B | $1.0B | ||
| Q2 24 | $38.2B | $962.6M | ||
| Q1 24 | $38.8B | $928.2M |
总资产LINVHI
| Q4 25 | $86.8B | $2.6B | ||
| Q3 25 | $86.0B | $2.7B | ||
| Q2 25 | $86.1B | $2.8B | ||
| Q1 25 | $82.7B | $2.8B | ||
| Q4 24 | $80.1B | $2.8B | ||
| Q3 24 | $82.5B | $2.8B | ||
| Q2 24 | $80.2B | $2.5B | ||
| Q1 24 | $80.3B | $2.6B |
负债/权益比LINVHI
| Q4 25 | 0.54× | 0.58× | ||
| Q3 25 | 0.48× | 0.63× | ||
| Q2 25 | 0.51× | 0.51× | ||
| Q1 25 | 0.46× | 0.49× | ||
| Q4 24 | 0.40× | 0.47× | ||
| Q3 24 | 0.45× | 0.52× | ||
| Q2 24 | 0.44× | 0.52× | ||
| Q1 24 | 0.39× | 0.55× |
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 | $100.6M |
| 自由现金流经营现金流 - 资本支出 | $1.6B | $89.8M |
| 自由现金流率自由现金流/营收 | 17.9% | 18.2% |
| 资本支出强度资本支出/营收 | 16.6% | 2.2% |
| 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 | $-82.1M |
8季度趋势，按日历期对齐
经营现金流LINVHI
| Q4 25 | $3.0B | $100.6M | ||
| Q3 25 | $2.9B | $-1.9M | ||
| Q2 25 | $2.2B | $21.7M | ||
| Q1 25 | $2.2B | $-155.9M | ||
| Q4 24 | $2.8B | $45.8M | ||
| Q3 24 | $2.7B | $13.5M | ||
| Q2 24 | $1.9B | $33.5M | ||
| Q1 24 | $2.0B | $-48.8M |
自由现金流LINVHI
| Q4 25 | $1.6B | $89.8M | ||
| Q3 25 | $1.7B | $-12.3M | ||
| Q2 25 | $954.0M | $9.1M | ||
| Q1 25 | $891.0M | $-168.7M | ||
| Q4 24 | $1.6B | $33.3M | ||
| Q3 24 | $1.7B | $3.9M | ||
| Q2 24 | $796.0M | $29.7M | ||
| Q1 24 | $906.0M | $-53.8M |
自由现金流率LINVHI
| Q4 25 | 17.9% | 18.2% | ||
| Q3 25 | 19.4% | -2.4% | ||
| Q2 25 | 11.2% | 1.7% | ||
| Q1 25 | 11.0% | -31.3% | ||
| Q4 24 | 18.8% | 6.9% | ||
| Q3 24 | 19.9% | 0.7% | ||
| Q2 24 | 9.6% | 5.3% | ||
| Q1 24 | 11.2% | -10.1% |
资本支出强度LINVHI
| Q4 25 | 16.6% | 2.2% | ||
| Q3 25 | 14.8% | 2.1% | ||
| Q2 25 | 14.8% | 2.3% | ||
| Q1 25 | 15.7% | 2.4% | ||
| Q4 24 | 15.1% | 2.6% | ||
| Q3 24 | 12.8% | 1.8% | ||
| Q2 24 | 13.7% | 0.7% | ||
| Q1 24 | 12.9% | 0.9% |
现金转化率LINVHI
| Q4 25 | 1.98× | — | ||
| Q3 25 | 1.53× | — | ||
| Q2 25 | 1.25× | 24.11× | ||
| Q1 25 | 1.29× | -9.22× | ||
| Q4 24 | 1.63× | 2.01× | ||
| Q3 24 | 1.76× | 0.23× | ||
| Q2 24 | 1.16× | 1.68× | ||
| Q1 24 | 1.20× | -6.26× |
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% |
VHI
| Chemicals | $418.3M | 85% |
| Real Estate Management And Development | $38.5M | 8% |
| Security Products | $29.5M | 6% |
| Marine Components | $8.2M | 2% |
