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LINCOLN NATIONAL CORP（LNC）与麦当劳（MCD）财务数据对比。点击上方公司名可切换其他公司
麦当劳的季度营收约是LINCOLN NATIONAL CORP的1.4倍（$7.0B vs $4.9B），麦当劳净利率更高（30.9% vs 15.3%，领先15.5%），麦当劳同比增速更快（9.7% vs -2.8%），过去两年LINCOLN NATIONAL CORP的营收复合增速更高（9.4% vs 6.6%）
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。
麦当劳是源自美国的知名跨国连锁快餐品牌，主营汉堡、薯条、炸鸡等快餐食品，业务覆盖全球多个国家和地区。截至2024年，其全球门店数量在所有餐饮连锁品牌中位列第二，仅次于中国本土品牌蜜雪冰城。
LNC vs MCD — 直观对比
营收规模更大
MCD
是对方的1.4倍
$4.9B
营收增速更快
MCD
高出12.5%
-2.8%
净利率更高
MCD
高出15.5%
15.3%
两年增速更快
LNC
近两年复合增速
6.6%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.9B | $7.0B |
| 净利润 | $755.0M | $2.2B |
| 毛利率 | — | — |
| 营业利润率 | 18.6% | 45.0% |
| 净利率 | 15.3% | 30.9% |
| 营收同比 | -2.8% | 9.7% |
| 净利润同比 | -55.2% | 7.3% |
| 每股收益（稀释后） | $4.32 | $3.03 |
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LNCMCD
| Q4 25 | $4.9B | $7.0B | ||
| Q3 25 | $4.6B | $7.1B | ||
| Q2 25 | $4.0B | $6.8B | ||
| Q1 25 | $4.7B | $6.0B | ||
| Q4 24 | $5.1B | $6.4B | ||
| Q3 24 | $4.1B | $6.9B | ||
| Q2 24 | $5.2B | $6.5B | ||
| Q1 24 | $4.1B | $6.2B |
净利润LNCMCD
| Q4 25 | $755.0M | $2.2B | ||
| Q3 25 | $445.0M | $2.3B | ||
| Q2 25 | $699.0M | $2.3B | ||
| Q1 25 | $-722.0M | $1.9B | ||
| Q4 24 | $1.7B | $2.0B | ||
| Q3 24 | $-528.0M | $2.3B | ||
| Q2 24 | $895.0M | $2.0B | ||
| Q1 24 | $1.2B | $1.9B |
毛利率LNCMCD
| Q4 25 | — | — | ||
| Q3 25 | — | 90.6% | ||
| Q2 25 | — | 90.4% | ||
| Q1 25 | — | 89.6% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 90.6% | ||
| Q2 24 | — | 90.3% | ||
| Q1 24 | — | 89.8% |
营业利润率LNCMCD
| Q4 25 | 18.6% | 45.0% | ||
| Q3 25 | 11.5% | 47.4% | ||
| Q2 25 | 21.0% | 47.2% | ||
| Q1 25 | -20.2% | 44.5% | ||
| Q4 24 | 41.5% | 44.9% | ||
| Q3 24 | -17.1% | 46.4% | ||
| Q2 24 | 21.3% | 45.0% | ||
| Q1 24 | 37.1% | 44.4% |
净利率LNCMCD
| Q4 25 | 15.3% | 30.9% | ||
| Q3 25 | 9.8% | 32.2% | ||
| Q2 25 | 17.3% | 32.9% | ||
| Q1 25 | -15.4% | 31.4% | ||
| Q4 24 | 33.3% | 31.6% | ||
| Q3 24 | -12.8% | 32.8% | ||
| Q2 24 | 17.4% | 31.2% | ||
| Q1 24 | 29.7% | 31.3% |
每股收益（稀释后）LNCMCD
| Q4 25 | $4.32 | $3.03 | ||
| Q3 25 | $2.12 | $3.18 | ||
| Q2 25 | $3.80 | $3.14 | ||
| Q1 25 | $-4.41 | $2.60 | ||
| Q4 24 | $9.66 | $2.80 | ||
| Q3 24 | $-3.29 | $3.13 | ||
| Q2 24 | $5.11 | $2.80 | ||
| Q1 24 | $6.93 | $2.66 |
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 | — | $774.0M |
| 总债务越低越好 | $6.3B | $40.0B |
| 股东权益账面价值 | $10.9B | $-1.8B |
| 总资产 | $417.2B | $59.5B |
| 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LNCMCD
| Q4 25 | — | $774.0M | ||
| Q3 25 | — | $2.4B | ||
| Q2 25 | — | $1.9B | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $792.0M | ||
| Q1 24 | — | $838.0M |
总债务LNCMCD
| Q4 25 | $6.3B | $40.0B | ||
| Q3 25 | $5.8B | — | ||
| Q2 25 | $5.8B | — | ||
| Q1 25 | $5.9B | — | ||
| Q4 24 | $6.1B | $38.4B | ||
| Q3 24 | $5.9B | — | ||
| Q2 24 | $5.7B | — | ||
| Q1 24 | $5.7B | — |
股东权益LNCMCD
| Q4 25 | $10.9B | $-1.8B | ||
| Q3 25 | $10.5B | $-2.2B | ||
| Q2 25 | $9.5B | $-2.8B | ||
| Q1 25 | $8.2B | $-3.5B | ||
| Q4 24 | $8.3B | $-3.8B | ||
| Q3 24 | $9.0B | $-5.2B | ||
| Q2 24 | $7.9B | $-4.8B | ||
| Q1 24 | $7.5B | $-4.8B |
总资产LNCMCD
| Q4 25 | $417.2B | $59.5B | ||
| Q3 25 | $415.3B | $60.6B | ||
| Q2 25 | $399.1B | $59.6B | ||
| Q1 25 | $382.9B | $56.3B | ||
| Q4 24 | $390.8B | $55.2B | ||
| Q3 24 | $396.8B | $56.2B | ||
| Q2 24 | $384.5B | $53.8B | ||
| Q1 24 | $383.4B | $53.5B |
负债/权益比LNCMCD
| 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 | $2.7B |
| 自由现金流经营现金流 - 资本支出 | — | $1.6B |
| 自由现金流率自由现金流/营收 | — | 23.4% |
| 资本支出强度资本支出/营收 | — | 15.1% |
| 现金转化率经营现金流/净利润 | 0.31× | 1.25× |
| 过去12个月自由现金流最近4个季度 | — | $7.2B |
8季度趋势，按日历期对齐
经营现金流LNCMCD
| Q4 25 | $233.0M | $2.7B | ||
| Q3 25 | $-1.1B | $3.4B | ||
| Q2 25 | $1.0B | $2.0B | ||
| Q1 25 | $-272.0M | $2.4B | ||
| Q4 24 | $222.0M | $2.6B | ||
| Q3 24 | $-27.0M | $2.7B | ||
| Q2 24 | $-859.0M | $1.7B | ||
| Q1 24 | $-1.3B | $2.4B |
自由现金流LNCMCD
| Q4 25 | — | $1.6B | ||
| Q3 25 | — | $2.4B | ||
| Q2 25 | — | $1.3B | ||
| Q1 25 | — | $1.9B | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | — | $1.9B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | — | $1.8B |
自由现金流率LNCMCD
| Q4 25 | — | 23.4% | ||
| Q3 25 | — | 34.1% | ||
| Q2 25 | — | 18.3% | ||
| Q1 25 | — | 31.5% | ||
| Q4 24 | — | 28.6% | ||
| Q3 24 | — | 28.3% | ||
| Q2 24 | — | 16.3% | ||
| Q1 24 | — | 29.9% |
资本支出强度LNCMCD
| Q4 25 | — | 15.1% | ||
| Q3 25 | — | 14.3% | ||
| Q2 25 | — | 10.9% | ||
| Q1 25 | — | 9.3% | ||
| Q4 24 | — | 12.6% | ||
| Q3 24 | — | 11.6% | ||
| Q2 24 | — | 9.7% | ||
| Q1 24 | — | 8.9% |
现金转化率LNCMCD
| Q4 25 | 0.31× | 1.25× | ||
| Q3 25 | -2.56× | 1.50× | ||
| Q2 25 | 1.45× | 0.89× | ||
| Q1 25 | — | 1.30× | ||
| Q4 24 | 0.13× | 1.30× | ||
| Q3 24 | — | 1.21× | ||
| Q2 24 | -0.96× | 0.84× | ||
| Q1 24 | -1.10× | 1.24× |
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% |
MCD
| International Operated Markets | $3.6B | 51% |
| Other | $2.8B | 40% |
| International Developmental Licensed Marketsand Corporate | $633.0M | 9% |
