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LINCOLN NATIONAL CORP（LNC）与信安金融集团（PFG）财务数据对比。点击上方公司名可切换其他公司
LINCOLN NATIONAL CORP的季度营收约是信安金融集团的1.1倍（$4.9B vs $4.6B），LINCOLN NATIONAL CORP净利率更高（15.3% vs 11.3%，领先4.0%），LINCOLN NATIONAL CORP同比增速更快（-2.8% vs -3.7%），过去两年LINCOLN NATIONAL CORP的营收复合增速更高（9.4% vs 6.3%）
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。
信安金融集团（股票代码：PFG）是总部位于美国艾奥瓦州得梅因的全球性金融服务企业，核心业务涵盖投资管理、保险服务两大板块，在全球多个区域开展业务，为机构客户和个人用户提供专业定制化的金融解决方案，在行业内拥有较高知名度。
LNC vs PFG — 直观对比
营收规模更大
LNC
是对方的1.1倍
$4.6B
营收增速更快
LNC
高出0.9%
-3.7%
净利率更高
LNC
高出4.0%
11.3%
两年增速更快
LNC
近两年复合增速
6.3%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.9B | $4.6B |
| 净利润 | $755.0M | $517.0M |
| 毛利率 | — | — |
| 营业利润率 | 18.6% | — |
| 净利率 | 15.3% | 11.3% |
| 营收同比 | -2.8% | -3.7% |
| 净利润同比 | -55.2% | -42.9% |
| 每股收益（稀释后） | $4.32 | $2.30 |
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LNCPFG
| Q4 25 | $4.9B | $4.6B | ||
| Q3 25 | $4.6B | $3.7B | ||
| Q2 25 | $4.0B | $3.7B | ||
| Q1 25 | $4.7B | $3.7B | ||
| Q4 24 | $5.1B | $4.8B | ||
| Q3 24 | $4.1B | $3.0B | ||
| Q2 24 | $5.2B | $4.3B | ||
| Q1 24 | $4.1B | $4.1B |
净利润LNCPFG
| Q4 25 | $755.0M | $517.0M | ||
| Q3 25 | $445.0M | $213.8M | ||
| Q2 25 | $699.0M | $406.2M | ||
| Q1 25 | $-722.0M | $48.1M | ||
| Q4 24 | $1.7B | $905.4M | ||
| Q3 24 | $-528.0M | $-220.0M | ||
| Q2 24 | $895.0M | $353.1M | ||
| Q1 24 | $1.2B | $532.5M |
营业利润率LNCPFG
| Q4 25 | 18.6% | — | ||
| Q3 25 | 11.5% | — | ||
| Q2 25 | 21.0% | — | ||
| Q1 25 | -20.2% | — | ||
| Q4 24 | 41.5% | — | ||
| Q3 24 | -17.1% | — | ||
| Q2 24 | 21.3% | — | ||
| Q1 24 | 37.1% | — |
净利率LNCPFG
| Q4 25 | 15.3% | 11.3% | ||
| Q3 25 | 9.8% | 5.8% | ||
| Q2 25 | 17.3% | 11.1% | ||
| Q1 25 | -15.4% | 1.3% | ||
| Q4 24 | 33.3% | 19.1% | ||
| Q3 24 | -12.8% | -7.3% | ||
| Q2 24 | 17.4% | 8.2% | ||
| Q1 24 | 29.7% | 13.1% |
每股收益（稀释后）LNCPFG
| Q4 25 | $4.32 | $2.30 | ||
| Q3 25 | $2.12 | $0.95 | ||
| Q2 25 | $3.80 | $1.79 | ||
| Q1 25 | $-4.41 | $0.21 | ||
| Q4 24 | $9.66 | $3.92 | ||
| Q3 24 | $-3.29 | $-0.95 | ||
| Q2 24 | $5.11 | $1.49 | ||
| Q1 24 | $6.93 | $2.22 |
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 | — | $4.4B |
| 总债务越低越好 | $6.3B | $3.9B |
| 股东权益账面价值 | $10.9B | $11.9B |
| 总资产 | $417.2B | $341.4B |
| 负债/权益比越低杠杆越低 | 0.57× | 0.33× |
8季度趋势，按日历期对齐
现金及短期投资LNCPFG
| Q4 25 | — | $4.4B | ||
| Q3 25 | — | $5.1B | ||
| Q2 25 | — | $3.7B | ||
| Q1 25 | — | $3.9B | ||
| Q4 24 | — | $4.2B | ||
| Q3 24 | — | $6.2B | ||
| Q2 24 | — | $4.8B | ||
| Q1 24 | — | $4.2B |
总债务LNCPFG
| Q4 25 | $6.3B | $3.9B | ||
| Q3 25 | $5.8B | $3.9B | ||
| Q2 25 | $5.8B | $3.9B | ||
| Q1 25 | $5.9B | $4.3B | ||
| Q4 24 | $6.1B | $4.0B | ||
| Q3 24 | $5.9B | $3.9B | ||
| Q2 24 | $5.7B | $3.9B | ||
| Q1 24 | $5.7B | $3.9B |
股东权益LNCPFG
| Q4 25 | $10.9B | $11.9B | ||
| Q3 25 | $10.5B | $11.7B | ||
| Q2 25 | $9.5B | $11.4B | ||
| Q1 25 | $8.2B | $11.2B | ||
| Q4 24 | $8.3B | $11.1B | ||
| Q3 24 | $9.0B | $11.2B | ||
| Q2 24 | $7.9B | $11.0B | ||
| Q1 24 | $7.5B | $11.2B |
总资产LNCPFG
| Q4 25 | $417.2B | $341.4B | ||
| Q3 25 | $415.3B | $334.5B | ||
| Q2 25 | $399.1B | $323.1B | ||
| Q1 25 | $382.9B | $313.0B | ||
| Q4 24 | $390.8B | $313.7B | ||
| Q3 24 | $396.8B | $322.9B | ||
| Q2 24 | $384.5B | $308.8B | ||
| Q1 24 | $383.4B | $308.7B |
负债/权益比LNCPFG
| Q4 25 | 0.57× | 0.33× | ||
| Q3 25 | 0.55× | 0.34× | ||
| Q2 25 | 0.60× | 0.34× | ||
| Q1 25 | 0.72× | 0.39× | ||
| Q4 24 | 0.74× | 0.36× | ||
| Q3 24 | 0.65× | 0.35× | ||
| Q2 24 | 0.72× | 0.36× | ||
| Q1 24 | 0.76× | 0.35× |
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 | $1.7B |
| 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× | 3.37× |
| 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LNCPFG
| Q4 25 | $233.0M | $1.7B | ||
| Q3 25 | $-1.1B | $1.0B | ||
| Q2 25 | $1.0B | $811.9M | ||
| Q1 25 | $-272.0M | $977.3M | ||
| Q4 24 | $222.0M | $1.5B | ||
| Q3 24 | $-27.0M | $1.1B | ||
| Q2 24 | $-859.0M | $1.4B | ||
| Q1 24 | $-1.3B | $584.2M |
现金转化率LNCPFG
| Q4 25 | 0.31× | 3.37× | ||
| Q3 25 | -2.56× | 4.70× | ||
| Q2 25 | 1.45× | 2.00× | ||
| Q1 25 | — | 20.32× | ||
| Q4 24 | 0.13× | 1.61× | ||
| Q3 24 | — | — | ||
| Q2 24 | -0.96× | 4.05× | ||
| Q1 24 | -1.10× | 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% |
PFG
| Segment Retirement And Income Solutions | $1.6B | 36% |
| Segment Benefits And Protection | $1.1B | 23% |
| Other | $582.8M | 13% |
| Segment Principal Asset Management | $465.6M | 10% |
| Subsegment Investment Management | $449.4M | 10% |
| Administrative Service | $152.2M | 3% |
| Subsegment International Pension | $91.2M | 2% |
| Segment Corporate | $73.0M | 2% |
| Subsegment Life Insurance | $26.1M | 1% |
| Financial Service Other | $25.1M | 1% |
| Residential Mortgage | $7.4M | 0% |
| Subsegment Specialty Benefits | $3.7M | 0% |
| Deposit Account | $3.4M | 0% |
| Commission Income | $1.8M | 0% |
