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LINCOLN NATIONAL CORP（LNC）与新美亚（SANM）财务数据对比。点击上方公司名可切换其他公司
LINCOLN NATIONAL CORP的季度营收约是新美亚的1.5倍（$4.9B vs $3.2B），LINCOLN NATIONAL CORP净利率更高（15.3% vs 1.5%，领先13.8%），新美亚同比增速更快（59.0% vs -2.8%），过去两年新美亚的营收复合增速更高（31.9% 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。
新美亚公司是总部位于美国加利福尼亚州圣何塞的电子制造服务（EMS）提供商，服务通信、计算机硬件领域的原始设备制造商（OEM）。集团拥有近80个生产基地，是全球规模最大的印刷电路板和背板独立制造商之一，2022年位列《财富》世界500强第482位。
LNC vs SANM — 直观对比
营收规模更大
LNC
是对方的1.5倍
$3.2B
营收增速更快
SANM
高出61.7%
-2.8%
净利率更高
LNC
高出13.8%
1.5%
两年增速更快
SANM
近两年复合增速
9.4%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.9B | $3.2B |
| 净利润 | $755.0M | $49.3M |
| 毛利率 | — | 7.6% |
| 营业利润率 | 18.6% | 2.3% |
| 净利率 | 15.3% | 1.5% |
| 营收同比 | -2.8% | 59.0% |
| 净利润同比 | -55.2% | -24.2% |
| 每股收益（稀释后） | $4.32 | $0.89 |
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LNCSANM
| Q4 25 | $4.9B | $3.2B | ||
| Q3 25 | $4.6B | $2.1B | ||
| Q2 25 | $4.0B | $2.0B | ||
| Q1 25 | $4.7B | $2.0B | ||
| Q4 24 | $5.1B | $2.0B | ||
| Q3 24 | $4.1B | $2.0B | ||
| Q2 24 | $5.2B | $1.8B | ||
| Q1 24 | $4.1B | $1.8B |
净利润LNCSANM
| Q4 25 | $755.0M | $49.3M | ||
| Q3 25 | $445.0M | $48.1M | ||
| Q2 25 | $699.0M | $68.6M | ||
| Q1 25 | $-722.0M | $64.2M | ||
| Q4 24 | $1.7B | $65.0M | ||
| Q3 24 | $-528.0M | $61.4M | ||
| Q2 24 | $895.0M | $51.6M | ||
| Q1 24 | $1.2B | $52.5M |
毛利率LNCSANM
| Q4 25 | — | 7.6% | ||
| Q3 25 | — | 9.1% | ||
| Q2 25 | — | 8.9% | ||
| Q1 25 | — | 8.9% | ||
| Q4 24 | — | 8.4% | ||
| Q3 24 | — | 8.5% | ||
| Q2 24 | — | 8.3% | ||
| Q1 24 | — | 8.4% |
营业利润率LNCSANM
| Q4 25 | 18.6% | 2.3% | ||
| Q3 25 | 11.5% | 3.7% | ||
| Q2 25 | 21.0% | 4.7% | ||
| Q1 25 | -20.2% | 4.6% | ||
| Q4 24 | 41.5% | 4.4% | ||
| Q3 24 | -17.1% | 4.4% | ||
| Q2 24 | 21.3% | 4.5% | ||
| Q1 24 | 37.1% | 4.1% |
净利率LNCSANM
| Q4 25 | 15.3% | 1.5% | ||
| Q3 25 | 9.8% | 2.3% | ||
| Q2 25 | 17.3% | 3.4% | ||
| Q1 25 | -15.4% | 3.2% | ||
| Q4 24 | 33.3% | 3.2% | ||
| Q3 24 | -12.8% | 3.0% | ||
| Q2 24 | 17.4% | 2.8% | ||
| Q1 24 | 29.7% | 2.9% |
每股收益（稀释后）LNCSANM
| Q4 25 | $4.32 | $0.89 | ||
| Q3 25 | $2.12 | $0.88 | ||
| Q2 25 | $3.80 | $1.26 | ||
| Q1 25 | $-4.41 | $1.16 | ||
| Q4 24 | $9.66 | $1.16 | ||
| Q3 24 | $-3.29 | $1.09 | ||
| Q2 24 | $5.11 | $0.91 | ||
| Q1 24 | $6.93 | $0.93 |
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 | — | $1.4B |
| 总债务越低越好 | $6.3B | $2.2B |
| 股东权益账面价值 | $10.9B | $2.7B |
| 总资产 | $417.2B | $9.8B |
| 负债/权益比越低杠杆越低 | 0.57× | 0.82× |
8季度趋势，按日历期对齐
现金及短期投资LNCSANM
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | $926.3M | ||
| Q2 25 | — | $797.9M | ||
| Q1 25 | — | $647.1M | ||
| Q4 24 | — | $642.4M | ||
| Q3 24 | — | $625.9M | ||
| Q2 24 | — | $657.7M | ||
| Q1 24 | — | $650.9M |
总债务LNCSANM
| Q4 25 | $6.3B | $2.2B | ||
| Q3 25 | $5.8B | $300.5M | ||
| 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LNCSANM
| Q4 25 | $10.9B | $2.7B | ||
| Q3 25 | $10.5B | $2.5B | ||
| Q2 25 | $9.5B | $2.5B | ||
| Q1 25 | $8.2B | $2.4B | ||
| Q4 24 | $8.3B | $2.4B | ||
| Q3 24 | $9.0B | $2.4B | ||
| Q2 24 | $7.9B | $2.3B | ||
| Q1 24 | $7.5B | $2.3B |
总资产LNCSANM
| Q4 25 | $417.2B | $9.8B | ||
| Q3 25 | $415.3B | $5.9B | ||
| Q2 25 | $399.1B | $5.2B | ||
| Q1 25 | $382.9B | $5.0B | ||
| Q4 24 | $390.8B | $4.8B | ||
| Q3 24 | $396.8B | $4.8B | ||
| Q2 24 | $384.5B | $4.7B | ||
| Q1 24 | $383.4B | $4.7B |
负债/权益比LNCSANM
| Q4 25 | 0.57× | 0.82× | ||
| Q3 25 | 0.55× | 0.12× | ||
| 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 | $178.7M |
| 自由现金流经营现金流 - 资本支出 | — | $91.9M |
| 自由现金流率自由现金流/营收 | — | 2.9% |
| 资本支出强度资本支出/营收 | — | 2.7% |
| 现金转化率经营现金流/净利润 | 0.31× | 3.63× |
| 过去12个月自由现金流最近4个季度 | — | $518.3M |
8季度趋势，按日历期对齐
经营现金流LNCSANM
| Q4 25 | $233.0M | $178.7M | ||
| Q3 25 | $-1.1B | $199.1M | ||
| Q2 25 | $1.0B | $200.8M | ||
| Q1 25 | $-272.0M | $156.9M | ||
| Q4 24 | $222.0M | $63.9M | ||
| Q3 24 | $-27.0M | $51.9M | ||
| Q2 24 | $-859.0M | $90.0M | ||
| Q1 24 | $-1.3B | $72.3M |
自由现金流LNCSANM
| Q4 25 | — | $91.9M | ||
| Q3 25 | — | $136.6M | ||
| Q2 25 | — | $163.7M | ||
| Q1 25 | — | $126.1M | ||
| Q4 24 | — | $46.9M | ||
| Q3 24 | — | $27.2M | ||
| Q2 24 | — | $67.2M | ||
| Q1 24 | — | $42.7M |
自由现金流率LNCSANM
| Q4 25 | — | 2.9% | ||
| Q3 25 | — | 6.5% | ||
| Q2 25 | — | 8.0% | ||
| Q1 25 | — | 6.4% | ||
| Q4 24 | — | 2.3% | ||
| Q3 24 | — | 1.4% | ||
| Q2 24 | — | 3.7% | ||
| Q1 24 | — | 2.3% |
资本支出强度LNCSANM
| Q4 25 | — | 2.7% | ||
| Q3 25 | — | 3.0% | ||
| Q2 25 | — | 1.8% | ||
| Q1 25 | — | 1.5% | ||
| Q4 24 | — | 0.9% | ||
| Q3 24 | — | 1.2% | ||
| Q2 24 | — | 1.2% | ||
| Q1 24 | — | 1.6% |
现金转化率LNCSANM
| Q4 25 | 0.31× | 3.63× | ||
| Q3 25 | -2.56× | 4.14× | ||
| Q2 25 | 1.45× | 2.93× | ||
| Q1 25 | — | 2.44× | ||
| Q4 24 | 0.13× | 0.98× | ||
| Q3 24 | — | 0.85× | ||
| Q2 24 | -0.96× | 1.74× | ||
| 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% |
SANM
| Industrial And Energy Medical Defense And Aerospace And Automotive And Transportation | $1.2B | 38% |
| ZT Systems | $1.1B | 34% |
| Other Segments CPS | $434.3M | 14% |
| CPS Third Party Revenue | $412.7M | 13% |
| Change In Accounting Method Accounted For As Change In Estimate | $2.7M | 0% |
