vs
LINCOLN NATIONAL CORP（LNC）与摩托罗拉解决方案（MSI）财务数据对比。点击上方公司名可切换其他公司
LINCOLN NATIONAL CORP的季度营收约是摩托罗拉解决方案的1.5倍（$4.9B vs $3.4B），摩托罗拉解决方案净利率更高（19.2% vs 15.3%，领先3.9%），摩托罗拉解决方案同比增速更快（12.3% vs -2.8%），过去两年摩托罗拉解决方案的营收复合增速更高（18.9% vs 9.4%）
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。
摩托罗拉解决方案是美国科技企业，总部位于伊利诺伊州芝加哥，2011年由摩托罗拉公司拆分成立。公司面向公共安全部门及企业客户，提供关键通信、视频安防、指挥中心技术等安全防护类产品与服务。
LNC vs MSI — 直观对比
营收规模更大
LNC
是对方的1.5倍
$3.4B
营收增速更快
MSI
高出15.1%
-2.8%
净利率更高
MSI
高出3.9%
15.3%
两年增速更快
MSI
近两年复合增速
9.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.9B | $3.4B |
| 净利润 | $755.0M | $649.0M |
| 毛利率 | — | 52.3% |
| 营业利润率 | 18.6% | 27.9% |
| 净利率 | 15.3% | 19.2% |
| 营收同比 | -2.8% | 12.3% |
| 净利润同比 | -55.2% | 6.2% |
| 每股收益（稀释后） | $4.32 | $3.85 |
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LNCMSI
| Q4 25 | $4.9B | $3.4B | ||
| Q3 25 | $4.6B | $3.0B | ||
| Q2 25 | $4.0B | $2.8B | ||
| Q1 25 | $4.7B | $2.5B | ||
| Q4 24 | $5.1B | $3.0B | ||
| Q3 24 | $4.1B | $2.8B | ||
| Q2 24 | $5.2B | $2.6B | ||
| Q1 24 | $4.1B | $2.4B |
净利润LNCMSI
| Q4 25 | $755.0M | $649.0M | ||
| Q3 25 | $445.0M | $562.0M | ||
| Q2 25 | $699.0M | $513.0M | ||
| Q1 25 | $-722.0M | $430.0M | ||
| Q4 24 | $1.7B | $611.0M | ||
| Q3 24 | $-528.0M | $562.0M | ||
| Q2 24 | $895.0M | $443.0M | ||
| Q1 24 | $1.2B | $-39.0M |
毛利率LNCMSI
| Q4 25 | — | 52.3% | ||
| Q3 25 | — | 51.6% | ||
| Q2 25 | — | 51.1% | ||
| Q1 25 | — | 51.4% | ||
| Q4 24 | — | 51.4% | ||
| Q3 24 | — | 51.4% | ||
| Q2 24 | — | 51.0% | ||
| Q1 24 | — | 49.9% |
营业利润率LNCMSI
| Q4 25 | 18.6% | 27.9% | ||
| Q3 25 | 11.5% | 25.6% | ||
| Q2 25 | 21.0% | 25.0% | ||
| Q1 25 | -20.2% | 23.0% | ||
| Q4 24 | 41.5% | 27.0% | ||
| Q3 24 | -17.1% | 25.5% | ||
| Q2 24 | 21.3% | 24.5% | ||
| Q1 24 | 37.1% | 21.7% |
净利率LNCMSI
| Q4 25 | 15.3% | 19.2% | ||
| Q3 25 | 9.8% | 18.7% | ||
| Q2 25 | 17.3% | 18.6% | ||
| Q1 25 | -15.4% | 17.0% | ||
| Q4 24 | 33.3% | 20.3% | ||
| Q3 24 | -12.8% | 20.1% | ||
| Q2 24 | 17.4% | 16.9% | ||
| Q1 24 | 29.7% | -1.6% |
每股收益（稀释后）LNCMSI
| Q4 25 | $4.32 | $3.85 | ||
| Q3 25 | $2.12 | $3.33 | ||
| Q2 25 | $3.80 | $3.04 | ||
| Q1 25 | $-4.41 | $2.53 | ||
| Q4 24 | $9.66 | $3.57 | ||
| Q3 24 | $-3.29 | $3.29 | ||
| Q2 24 | $5.11 | $2.60 | ||
| Q1 24 | $6.93 | $-0.23 |
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 | — | $1.2B |
| 总债务越低越好 | $6.3B | — |
| 股东权益账面价值 | $10.9B | $2.4B |
| 总资产 | $417.2B | $19.4B |
| 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LNCMSI
| Q4 25 | — | $1.2B | ||
| Q3 25 | — | $894.0M | ||
| Q2 25 | — | $3.2B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | — | $2.1B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $1.4B | ||
| Q1 24 | — | $1.5B |
总债务LNCMSI
| Q4 25 | $6.3B | — | ||
| Q3 25 | $5.8B | — | ||
| Q2 25 | $5.8B | — | ||
| Q1 25 | $5.9B | — | ||
| Q4 24 | $6.1B | — | ||
| Q3 24 | $5.9B | — | ||
| Q2 24 | $5.7B | — | ||
| Q1 24 | $5.7B | — |
股东权益LNCMSI
| Q4 25 | $10.9B | $2.4B | ||
| Q3 25 | $10.5B | $2.3B | ||
| Q2 25 | $9.5B | $2.0B | ||
| Q1 25 | $8.2B | $1.6B | ||
| Q4 24 | $8.3B | $1.7B | ||
| Q3 24 | $9.0B | $1.3B | ||
| Q2 24 | $7.9B | $802.0M | ||
| Q1 24 | $7.5B | $521.0M |
总资产LNCMSI
| Q4 25 | $417.2B | $19.4B | ||
| Q3 25 | $415.3B | $18.8B | ||
| Q2 25 | $399.1B | $16.4B | ||
| Q1 25 | $382.9B | $14.4B | ||
| Q4 24 | $390.8B | $14.6B | ||
| Q3 24 | $396.8B | $13.9B | ||
| Q2 24 | $384.5B | $13.3B | ||
| Q1 24 | $383.4B | $13.3B |
负债/权益比LNCMSI
| 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 | $1.3B |
| 自由现金流经营现金流 - 资本支出 | — | $1.1B |
| 自由现金流率自由现金流/营收 | — | 33.8% |
| 资本支出强度资本支出/营收 | — | 3.4% |
| 现金转化率经营现金流/净利润 | 0.31× | 1.94× |
| 过去12个月自由现金流最近4个季度 | — | $2.6B |
8季度趋势，按日历期对齐
经营现金流LNCMSI
| Q4 25 | $233.0M | $1.3B | ||
| Q3 25 | $-1.1B | $798.0M | ||
| Q2 25 | $1.0B | $273.0M | ||
| Q1 25 | $-272.0M | $510.0M | ||
| Q4 24 | $222.0M | $1.1B | ||
| Q3 24 | $-27.0M | $759.0M | ||
| Q2 24 | $-859.0M | $180.0M | ||
| Q1 24 | $-1.3B | $382.0M |
自由现金流LNCMSI
| Q4 25 | — | $1.1B | ||
| Q3 25 | — | $732.0M | ||
| Q2 25 | — | $225.0M | ||
| Q1 25 | — | $473.0M | ||
| Q4 24 | — | $984.0M | ||
| Q3 24 | — | $702.0M | ||
| Q2 24 | — | $112.0M | ||
| Q1 24 | — | $336.0M |
自由现金流率LNCMSI
| Q4 25 | — | 33.8% | ||
| Q3 25 | — | 24.3% | ||
| Q2 25 | — | 8.1% | ||
| Q1 25 | — | 18.7% | ||
| Q4 24 | — | 32.7% | ||
| Q3 24 | — | 25.2% | ||
| Q2 24 | — | 4.3% | ||
| Q1 24 | — | 14.1% |
资本支出强度LNCMSI
| Q4 25 | — | 3.4% | ||
| Q3 25 | — | 2.2% | ||
| Q2 25 | — | 1.7% | ||
| Q1 25 | — | 1.5% | ||
| Q4 24 | — | 2.9% | ||
| Q3 24 | — | 2.0% | ||
| Q2 24 | — | 2.6% | ||
| Q1 24 | — | 1.9% |
现金转化率LNCMSI
| Q4 25 | 0.31× | 1.94× | ||
| Q3 25 | -2.56× | 1.42× | ||
| Q2 25 | 1.45× | 0.53× | ||
| Q1 25 | — | 1.19× | ||
| Q4 24 | 0.13× | 1.75× | ||
| Q3 24 | — | 1.35× | ||
| Q2 24 | -0.96× | 0.41× | ||
| Q1 24 | -1.10× | — |
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% |
MSI
| Product And Systems Integration Segment | $1.5B | 45% |
| Services And Software Segment | $833.0M | 25% |
| Sales Channel Through Intermediary | $772.0M | 23% |
| Command Center Software | $258.0M | 8% |
