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LINCOLN NATIONAL CORP（LNC）与万豪国际（MAR）财务数据对比。点击上方公司名可切换其他公司
万豪国际的季度营收约是LINCOLN NATIONAL CORP的1.4倍（$6.7B vs $4.9B），LINCOLN NATIONAL CORP净利率更高（15.3% vs 6.7%，领先8.7%），万豪国际同比增速更快（4.1% vs -2.8%），过去两年LINCOLN NATIONAL CORP的营收复合增速更高（9.4% vs 5.8%）
林肯国民公司是美国财富200强控股企业，通过旗下多家子公司开展保险、投资管理等多元金融业务，“林肯金融集团”是该公司及其所有子公司共同使用的市场推广品牌名称。
万豪国际是美国跨国酒店管理集团，主营业务为运营、特许经营及授权各类住宿品牌，覆盖酒店、住宅、分时度假等多元物业类型。集团旗下拥有37个以上酒店及时度假品牌，全球布局9000余处经营点位，客房总量超159万间，总部位于美国马里兰州贝塞斯达，脱胎于原万豪集团的酒店业务板块。
LNC vs MAR — 直观对比
营收规模更大
MAR
是对方的1.4倍
$4.9B
营收增速更快
MAR
高出6.8%
-2.8%
净利率更高
LNC
高出8.7%
6.7%
两年增速更快
LNC
近两年复合增速
5.8%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.9B | $6.7B |
| 净利润 | $755.0M | $445.0M |
| 毛利率 | — | — |
| 营业利润率 | 18.6% | 11.6% |
| 净利率 | 15.3% | 6.7% |
| 营收同比 | -2.8% | 4.1% |
| 净利润同比 | -55.2% | -2.2% |
| 每股收益（稀释后） | $4.32 | $1.67 |
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LNCMAR
| Q4 25 | $4.9B | $6.7B | ||
| Q3 25 | $4.6B | $6.5B | ||
| Q2 25 | $4.0B | $6.7B | ||
| Q1 25 | $4.7B | $6.3B | ||
| Q4 24 | $5.1B | $6.4B | ||
| Q3 24 | $4.1B | $6.3B | ||
| Q2 24 | $5.2B | $6.4B | ||
| Q1 24 | $4.1B | $6.0B |
净利润LNCMAR
| Q4 25 | $755.0M | $445.0M | ||
| Q3 25 | $445.0M | $728.0M | ||
| Q2 25 | $699.0M | $763.0M | ||
| Q1 25 | $-722.0M | $665.0M | ||
| Q4 24 | $1.7B | $455.0M | ||
| Q3 24 | $-528.0M | $584.0M | ||
| Q2 24 | $895.0M | $772.0M | ||
| Q1 24 | $1.2B | $564.0M |
营业利润率LNCMAR
| Q4 25 | 18.6% | 11.6% | ||
| Q3 25 | 11.5% | 18.2% | ||
| Q2 25 | 21.0% | 18.3% | ||
| Q1 25 | -20.2% | 15.1% | ||
| Q4 24 | 41.5% | 11.7% | ||
| Q3 24 | -17.1% | 15.1% | ||
| Q2 24 | 21.3% | 18.6% | ||
| Q1 24 | 37.1% | 14.7% |
净利率LNCMAR
| Q4 25 | 15.3% | 6.7% | ||
| Q3 25 | 9.8% | 11.2% | ||
| Q2 25 | 17.3% | 11.3% | ||
| Q1 25 | -15.4% | 10.6% | ||
| Q4 24 | 33.3% | 7.1% | ||
| Q3 24 | -12.8% | 9.3% | ||
| Q2 24 | 17.4% | 12.0% | ||
| Q1 24 | 29.7% | 9.4% |
每股收益（稀释后）LNCMAR
| Q4 25 | $4.32 | $1.67 | ||
| Q3 25 | $2.12 | $2.67 | ||
| Q2 25 | $3.80 | $2.78 | ||
| Q1 25 | $-4.41 | $2.39 | ||
| Q4 24 | $9.66 | $1.64 | ||
| Q3 24 | $-3.29 | $2.07 | ||
| Q2 24 | $5.11 | $2.69 | ||
| Q1 24 | $6.93 | $1.93 |
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 | — | $358.0M |
| 总债务越低越好 | $6.3B | $15.0B |
| 股东权益账面价值 | $10.9B | $-3.8B |
| 总资产 | $417.2B | $27.5B |
| 负债/权益比越低杠杆越低 | 0.57× | — |
8季度趋势，按日历期对齐
现金及短期投资LNCMAR
| Q4 25 | — | $358.0M | ||
| Q3 25 | — | $678.0M | ||
| Q2 25 | — | $671.0M | ||
| Q1 25 | — | $523.0M | ||
| Q4 24 | — | $396.0M | ||
| Q3 24 | — | $394.0M | ||
| Q2 24 | — | $349.0M | ||
| Q1 24 | — | $429.0M |
总债务LNCMAR
| Q4 25 | $6.3B | $15.0B | ||
| Q3 25 | $5.8B | $14.4B | ||
| Q2 25 | $5.8B | $14.5B | ||
| Q1 25 | $5.9B | $14.1B | ||
| Q4 24 | $6.1B | $13.1B | ||
| Q3 24 | $5.9B | $12.7B | ||
| Q2 24 | $5.7B | $12.2B | ||
| Q1 24 | $5.7B | $11.7B |
股东权益LNCMAR
| Q4 25 | $10.9B | $-3.8B | ||
| Q3 25 | $10.5B | $-3.1B | ||
| Q2 25 | $9.5B | $-3.0B | ||
| Q1 25 | $8.2B | $-3.2B | ||
| Q4 24 | $8.3B | $-3.0B | ||
| Q3 24 | $9.0B | $-2.4B | ||
| Q2 24 | $7.9B | $-2.1B | ||
| Q1 24 | $7.5B | $-1.6B |
总资产LNCMAR
| Q4 25 | $417.2B | $27.5B | ||
| Q3 25 | $415.3B | $27.8B | ||
| Q2 25 | $399.1B | $27.3B | ||
| Q1 25 | $382.9B | $26.7B | ||
| Q4 24 | $390.8B | $26.2B | ||
| Q3 24 | $396.8B | $26.2B | ||
| Q2 24 | $384.5B | $25.7B | ||
| Q1 24 | $383.4B | $25.8B |
负债/权益比LNCMAR
| Q4 25 | 0.57× | — | ||
| Q3 25 | 0.55× | — | ||
| Q2 25 | 0.60× | — | ||
| Q1 25 | 0.72× | — | ||
| Q4 24 | 0.74× | — | ||
| Q3 24 | 0.65× | — | ||
| Q2 24 | 0.72× | — | ||
| Q1 24 | 0.76× | — |
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 | $233.0M | $829.0M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 0.31× | 1.86× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流LNCMAR
| Q4 25 | $233.0M | $829.0M | ||
| Q3 25 | $-1.1B | $1.1B | ||
| Q2 25 | $1.0B | $643.0M | ||
| Q1 25 | $-272.0M | $647.0M | ||
| Q4 24 | $222.0M | $318.0M | ||
| Q3 24 | $-27.0M | $880.0M | ||
| Q2 24 | $-859.0M | $772.0M | ||
| Q1 24 | $-1.3B | $779.0M |
自由现金流LNCMAR
| Q4 25 | — | — | ||
| Q3 25 | — | $951.0M | ||
| Q2 25 | — | $488.0M | ||
| Q1 25 | — | $512.0M | ||
| Q4 24 | — | $-24.0M | ||
| Q3 24 | — | $706.0M | ||
| Q2 24 | — | $647.0M | ||
| Q1 24 | — | $670.0M |
自由现金流率LNCMAR
| Q4 25 | — | — | ||
| Q3 25 | — | 14.7% | ||
| Q2 25 | — | 7.2% | ||
| Q1 25 | — | 8.2% | ||
| Q4 24 | — | -0.4% | ||
| Q3 24 | — | 11.3% | ||
| Q2 24 | — | 10.0% | ||
| Q1 24 | — | 11.2% |
资本支出强度LNCMAR
| Q4 25 | — | — | ||
| Q3 25 | — | 2.2% | ||
| Q2 25 | — | 2.3% | ||
| Q1 25 | — | 2.2% | ||
| Q4 24 | — | 5.3% | ||
| Q3 24 | — | 2.8% | ||
| Q2 24 | — | 1.9% | ||
| Q1 24 | — | 1.8% |
现金转化率LNCMAR
| Q4 25 | 0.31× | 1.86× | ||
| Q3 25 | -2.56× | 1.50× | ||
| Q2 25 | 1.45× | 0.84× | ||
| Q1 25 | — | 0.97× | ||
| Q4 24 | 0.13× | 0.70× | ||
| Q3 24 | — | 1.51× | ||
| Q2 24 | -0.96× | 1.00× | ||
| Q1 24 | -1.10× | 1.38× |
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
LNC
| Life Segment | $1.6B | 33% |
| Group Protection Segment | $1.5B | 31% |
| Annuities Segment | $1.3B | 27% |
| Other | $435.0M | 9% |
MAR
暂无分部数据
