vs
林德（LIN）与WESCO INTERNATIONAL INC（WCC）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WESCO INTERNATIONAL INC的1.4倍（$8.8B vs $6.1B），林德净利率更高（17.5% vs 2.6%，领先14.8%），WESCO INTERNATIONAL INC同比增速更快（10.3% vs 5.8%），林德自由现金流更多（$1.6B vs $27.5M），过去两年WESCO INTERNATIONAL INC的营收复合增速更高（6.5% 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。
WESCO国际是一家美国上市控股公司，旗下子公司WESCO Distribution主营电气产品分销及相关服务，总部位于宾夕法尼亚州匹兹堡市，可为工业、基建、商业等多领域客户提供一站式电气供应链解决方案与技术支持服务。
LIN vs WCC — 直观对比
营收规模更大
LIN
是对方的1.4倍
$6.1B
营收增速更快
WCC
高出4.5%
5.8%
净利率更高
LIN
高出14.8%
2.6%
自由现金流更多
LIN
多$1.5B
$27.5M
两年增速更快
WCC
近两年复合增速
4.0%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $8.8B | $6.1B |
| 净利润 | $1.5B | $159.8M |
| 毛利率 | — | 21.2% |
| 营业利润率 | 23.0% | 5.3% |
| 净利率 | 17.5% | 2.6% |
| 营收同比 | 5.8% | 10.3% |
| 净利润同比 | -11.3% | -3.4% |
| 每股收益（稀释后） | $3.28 | $3.33 |
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LINWCC
| Q4 25 | $8.8B | $6.1B | ||
| Q3 25 | $8.6B | $6.2B | ||
| Q2 25 | $8.5B | $5.9B | ||
| Q1 25 | $8.1B | $5.3B | ||
| Q4 24 | $8.3B | $5.5B | ||
| Q3 24 | $8.4B | $5.5B | ||
| Q2 24 | $8.3B | $5.5B | ||
| Q1 24 | $8.1B | $5.3B |
净利润LINWCC
| Q4 25 | $1.5B | $159.8M | ||
| Q3 25 | $1.9B | $187.5M | ||
| Q2 25 | $1.8B | $174.5M | ||
| Q1 25 | $1.7B | $118.4M | ||
| Q4 24 | $1.7B | $165.4M | ||
| Q3 24 | $1.6B | $204.3M | ||
| Q2 24 | $1.7B | $232.1M | ||
| Q1 24 | $1.6B | $115.8M |
毛利率LINWCC
| Q4 25 | — | 21.2% | ||
| Q3 25 | — | 21.3% | ||
| Q2 25 | — | 21.1% | ||
| Q1 25 | — | 21.1% | ||
| Q4 24 | — | 21.2% | ||
| Q3 24 | — | 22.1% | ||
| Q2 24 | — | 21.9% | ||
| Q1 24 | — | 21.3% |
营业利润率LINWCC
| Q4 25 | 23.0% | 5.3% | ||
| Q3 25 | 27.5% | 5.6% | ||
| Q2 25 | 27.7% | 5.5% | ||
| Q1 25 | 26.9% | 4.5% | ||
| Q4 24 | 27.4% | 5.5% | ||
| Q3 24 | 25.0% | 6.1% | ||
| Q2 24 | 26.4% | 5.9% | ||
| Q1 24 | 25.9% | 4.9% |
净利率LINWCC
| Q4 25 | 17.5% | 2.6% | ||
| Q3 25 | 22.4% | 3.0% | ||
| Q2 25 | 20.8% | 3.0% | ||
| Q1 25 | 20.6% | 2.2% | ||
| Q4 24 | 20.8% | 3.0% | ||
| Q3 24 | 18.5% | 3.7% | ||
| Q2 24 | 20.1% | 4.2% | ||
| Q1 24 | 20.1% | 2.2% |
每股收益（稀释后）LINWCC
| Q4 25 | $3.28 | $3.33 | ||
| Q3 25 | $4.09 | $3.79 | ||
| Q2 25 | $3.73 | $3.83 | ||
| Q1 25 | $3.51 | $2.10 | ||
| Q4 24 | $3.61 | $3.01 | ||
| Q3 24 | $3.22 | $3.81 | ||
| Q2 24 | $3.44 | $4.28 | ||
| Q1 24 | $3.35 | $1.95 |
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 | — |
| 总债务越低越好 | $20.7B | — |
| 股东权益账面价值 | $38.2B | $5.0B |
| 总资产 | $86.8B | $16.5B |
| 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LINWCC
| Q4 25 | $5.1B | — | ||
| Q3 25 | $4.5B | — | ||
| Q2 25 | $4.8B | — | ||
| Q1 25 | $5.3B | — | ||
| Q4 24 | $4.8B | — | ||
| Q3 24 | $5.2B | — | ||
| Q2 24 | $4.6B | — | ||
| Q1 24 | $4.8B | — |
总债务LINWCC
| Q4 25 | $20.7B | — | ||
| Q3 25 | $18.6B | — | ||
| Q2 25 | $19.7B | — | ||
| Q1 25 | $17.6B | — | ||
| Q4 24 | $15.3B | — | ||
| Q3 24 | $17.5B | — | ||
| Q2 24 | $16.9B | — | ||
| Q1 24 | $15.2B | — |
股东权益LINWCC
| Q4 25 | $38.2B | $5.0B | ||
| Q3 25 | $38.6B | $4.8B | ||
| Q2 25 | $38.5B | $4.8B | ||
| Q1 25 | $38.0B | $5.0B | ||
| Q4 24 | $38.1B | $5.0B | ||
| Q3 24 | $39.2B | $5.0B | ||
| Q2 24 | $38.2B | $4.9B | ||
| Q1 24 | $38.8B | $5.0B |
总资产LINWCC
| Q4 25 | $86.8B | $16.5B | ||
| Q3 25 | $86.0B | $16.6B | ||
| Q2 25 | $86.1B | $16.2B | ||
| Q1 25 | $82.7B | $15.5B | ||
| Q4 24 | $80.1B | $15.1B | ||
| Q3 24 | $82.5B | $15.3B | ||
| Q2 24 | $80.2B | $15.1B | ||
| Q1 24 | $80.3B | $15.5B |
负债/权益比LINWCC
| Q4 25 | 0.54× | — | ||
| Q3 25 | 0.48× | — | ||
| Q2 25 | 0.51× | — | ||
| Q1 25 | 0.46× | — | ||
| Q4 24 | 0.40× | — | ||
| 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 | $71.9M |
| 自由现金流经营现金流 - 资本支出 | $1.6B | $27.5M |
| 自由现金流率自由现金流/营收 | 17.9% | 0.5% |
| 资本支出强度资本支出/营收 | 16.6% | 0.7% |
| 现金转化率经营现金流/净利润 | 1.98× | 0.45× |
| 过去12个月自由现金流最近4个季度 | $5.1B | $25.2M |
8季度趋势，按日历期对齐
经营现金流LINWCC
| Q4 25 | $3.0B | $71.9M | ||
| Q3 25 | $2.9B | $-82.7M | ||
| Q2 25 | $2.2B | $107.8M | ||
| Q1 25 | $2.2B | $28.0M | ||
| Q4 24 | $2.8B | $276.6M | ||
| Q3 24 | $2.7B | $302.1M | ||
| Q2 24 | $1.9B | $-223.8M | ||
| Q1 24 | $2.0B | $746.3M |
自由现金流LINWCC
| Q4 25 | $1.6B | $27.5M | ||
| Q3 25 | $1.7B | $-95.9M | ||
| Q2 25 | $954.0M | $86.0M | ||
| Q1 25 | $891.0M | $7.6M | ||
| Q4 24 | $1.6B | $252.3M | ||
| Q3 24 | $1.7B | $272.9M | ||
| Q2 24 | $796.0M | $-244.6M | ||
| Q1 24 | $906.0M | $725.9M |
自由现金流率LINWCC
| Q4 25 | 17.9% | 0.5% | ||
| Q3 25 | 19.4% | -1.5% | ||
| Q2 25 | 11.2% | 1.5% | ||
| Q1 25 | 11.0% | 0.1% | ||
| Q4 24 | 18.8% | 4.6% | ||
| Q3 24 | 19.9% | 5.0% | ||
| Q2 24 | 9.6% | -4.5% | ||
| Q1 24 | 11.2% | 13.6% |
资本支出强度LINWCC
| Q4 25 | 16.6% | 0.7% | ||
| Q3 25 | 14.8% | 0.2% | ||
| Q2 25 | 14.8% | 0.4% | ||
| Q1 25 | 15.7% | 0.4% | ||
| Q4 24 | 15.1% | 0.4% | ||
| Q3 24 | 12.8% | 0.5% | ||
| Q2 24 | 13.7% | 0.4% | ||
| Q1 24 | 12.9% | 0.4% |
现金转化率LINWCC
| Q4 25 | 1.98× | 0.45× | ||
| Q3 25 | 1.53× | -0.44× | ||
| Q2 25 | 1.25× | 0.62× | ||
| Q1 25 | 1.29× | 0.24× | ||
| Q4 24 | 1.63× | 1.67× | ||
| Q3 24 | 1.76× | 1.48× | ||
| Q2 24 | 1.16× | -0.96× | ||
| Q1 24 | 1.20× | 6.44× |
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% |
WCC
| CSS | $2.4B | 40% |
| EES | $2.3B | 37% |
| UBS | $1.4B | 23% |
