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LINCOLN NATIONAL CORP（LNC）与南方铜业（SCCO）财务数据对比。点击上方公司名可切换其他公司
LINCOLN NATIONAL CORP的季度营收约是南方铜业的1.3倍（$4.9B vs $3.9B），南方铜业净利率更高（33.9% vs 15.3%，领先18.6%），南方铜业同比增速更快（39.0% vs -2.8%），过去两年南方铜业的营收复合增速更高（22.0% 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。
南方铜业注册地为美国特拉华州，总部位于亚利桑那州凤凰城，在秘鲁、墨西哥两地持有多座铜矿、冶炼厂及精炼厂，旗下拥有夸霍内、托克帕拉、布埃纳维斯塔等知名矿山。2024年公司铜产量达21亿磅，同时产出银、钼、锌等多种金属。
LNC vs SCCO — 直观对比
营收规模更大
LNC
是对方的1.3倍
$3.9B
营收增速更快
SCCO
高出41.7%
-2.8%
净利率更高
SCCO
高出18.6%
15.3%
两年增速更快
SCCO
近两年复合增速
9.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.9B | $3.9B |
| 净利润 | $755.0M | $1.3B |
| 毛利率 | — | 62.0% |
| 营业利润率 | 18.6% | 54.5% |
| 净利率 | 15.3% | 33.9% |
| 营收同比 | -2.8% | 39.0% |
| 净利润同比 | -55.2% | 64.7% |
| 每股收益（稀释后） | $4.32 | $1.49 |
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LNCSCCO
| Q4 25 | $4.9B | $3.9B | ||
| Q3 25 | $4.6B | $3.4B | ||
| Q2 25 | $4.0B | $3.1B | ||
| Q1 25 | $4.7B | $3.1B | ||
| Q4 24 | $5.1B | $2.8B | ||
| Q3 24 | $4.1B | $2.9B | ||
| Q2 24 | $5.2B | $3.1B | ||
| Q1 24 | $4.1B | $2.6B |
净利润LNCSCCO
| Q4 25 | $755.0M | $1.3B | ||
| Q3 25 | $445.0M | $1.1B | ||
| Q2 25 | $699.0M | $976.7M | ||
| Q1 25 | $-722.0M | $949.1M | ||
| Q4 24 | $1.7B | $796.2M | ||
| Q3 24 | $-528.0M | $899.8M | ||
| Q2 24 | $895.0M | $953.8M | ||
| Q1 24 | $1.2B | $738.8M |
毛利率LNCSCCO
| Q4 25 | — | 62.0% | ||
| Q3 25 | — | 59.8% | ||
| Q2 25 | — | 60.3% | ||
| Q1 25 | — | 57.7% | ||
| Q4 24 | — | 56.5% | ||
| Q3 24 | — | 58.3% | ||
| Q2 24 | — | 59.9% | ||
| Q1 24 | — | 55.5% |
营业利润率LNCSCCO
| Q4 25 | 18.6% | 54.5% | ||
| Q3 25 | 11.5% | 52.4% | ||
| Q2 25 | 21.0% | 52.0% | ||
| Q1 25 | -20.2% | 49.2% | ||
| Q4 24 | 41.5% | 47.0% | ||
| Q3 24 | -17.1% | 49.5% | ||
| Q2 24 | 21.3% | 51.5% | ||
| Q1 24 | 37.1% | 45.8% |
净利率LNCSCCO
| Q4 25 | 15.3% | 33.9% | ||
| Q3 25 | 9.8% | 32.9% | ||
| Q2 25 | 17.3% | 32.0% | ||
| Q1 25 | -15.4% | 30.4% | ||
| Q4 24 | 33.3% | 28.6% | ||
| Q3 24 | -12.8% | 30.7% | ||
| Q2 24 | 17.4% | 30.6% | ||
| Q1 24 | 29.7% | 28.4% |
每股收益（稀释后）LNCSCCO
| Q4 25 | $4.32 | $1.49 | ||
| Q3 25 | $2.12 | $1.35 | ||
| Q2 25 | $3.80 | $1.21 | ||
| Q1 25 | $-4.41 | $1.19 | ||
| Q4 24 | $9.66 | $1.02 | ||
| Q3 24 | $-3.29 | $1.15 | ||
| Q2 24 | $5.11 | $1.22 | ||
| Q1 24 | $6.93 | $0.95 |
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 | — | $4.9B |
| 总债务越低越好 | $6.3B | $6.8B |
| 股东权益账面价值 | $10.9B | $11.0B |
| 总资产 | $417.2B | $21.4B |
| 负债/权益比越低杠杆越低 | 0.57× | 0.61× |
8季度趋势，按日历期对齐
现金及短期投资LNCSCCO
| Q4 25 | — | $4.9B | ||
| Q3 25 | — | $4.5B | ||
| Q2 25 | — | $4.0B | ||
| Q1 25 | — | $4.3B | ||
| Q4 24 | — | $3.5B | ||
| Q3 24 | — | $3.0B | ||
| Q2 24 | — | $2.2B | ||
| Q1 24 | — | $1.6B |
总债务LNCSCCO
| Q4 25 | $6.3B | $6.8B | ||
| Q3 25 | $5.8B | — | ||
| Q2 25 | $5.8B | — | ||
| Q1 25 | $5.9B | — | ||
| Q4 24 | $6.1B | $6.3B | ||
| Q3 24 | $5.9B | — | ||
| Q2 24 | $5.7B | $6.3B | ||
| Q1 24 | $5.7B | $6.3B |
股东权益LNCSCCO
| Q4 25 | $10.9B | $11.0B | ||
| Q3 25 | $10.5B | $10.4B | ||
| Q2 25 | $9.5B | $10.0B | ||
| Q1 25 | $8.2B | $9.6B | ||
| Q4 24 | $8.3B | $9.2B | ||
| Q3 24 | $9.0B | $8.9B | ||
| Q2 24 | $7.9B | $8.5B | ||
| Q1 24 | $7.5B | $7.5B |
总资产LNCSCCO
| Q4 25 | $417.2B | $21.4B | ||
| Q3 25 | $415.3B | $20.3B | ||
| Q2 25 | $399.1B | $19.6B | ||
| Q1 25 | $382.9B | $19.8B | ||
| Q4 24 | $390.8B | $18.7B | ||
| Q3 24 | $396.8B | $18.4B | ||
| Q2 24 | $384.5B | $17.8B | ||
| Q1 24 | $383.4B | $16.8B |
负债/权益比LNCSCCO
| Q4 25 | 0.57× | 0.61× | ||
| Q3 25 | 0.55× | — | ||
| Q2 25 | 0.60× | — | ||
| Q1 25 | 0.72× | — | ||
| Q4 24 | 0.74× | 0.68× | ||
| Q3 24 | 0.65× | — | ||
| Q2 24 | 0.72× | 0.74× | ||
| Q1 24 | 0.76× | 0.83× |
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 | $1.5B |
| 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 | — | 27.7% |
| 资本支出强度资本支出/营收 | — | 10.9% |
| 现金转化率经营现金流/净利润 | 0.31× | 1.14× |
| 过去12个月自由现金流最近4个季度 | — | $3.4B |
8季度趋势，按日历期对齐
经营现金流LNCSCCO
| Q4 25 | $233.0M | $1.5B | ||
| Q3 25 | $-1.1B | $1.6B | ||
| Q2 25 | $1.0B | $976.8M | ||
| Q1 25 | $-272.0M | $721.4M | ||
| Q4 24 | $222.0M | $1.4B | ||
| Q3 24 | $-27.0M | $1.4B | ||
| Q2 24 | $-859.0M | $962.1M | ||
| Q1 24 | $-1.3B | $659.7M |
自由现金流LNCSCCO
| Q4 25 | — | $1.1B | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | — | $741.1M | ||
| Q1 25 | — | $403.6M | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $630.3M | ||
| Q1 24 | — | $445.9M |
自由现金流率LNCSCCO
| Q4 25 | — | 27.7% | ||
| Q3 25 | — | 35.8% | ||
| Q2 25 | — | 24.3% | ||
| Q1 25 | — | 12.9% | ||
| Q4 24 | — | 40.4% | ||
| Q3 24 | — | 40.7% | ||
| Q2 24 | — | 20.2% | ||
| Q1 24 | — | 17.2% |
资本支出强度LNCSCCO
| Q4 25 | — | 10.9% | ||
| Q3 25 | — | 10.3% | ||
| Q2 25 | — | 7.7% | ||
| Q1 25 | — | 10.2% | ||
| Q4 24 | — | 8.5% | ||
| Q3 24 | — | 8.4% | ||
| Q2 24 | — | 10.6% | ||
| Q1 24 | — | 8.2% |
现金转化率LNCSCCO
| Q4 25 | 0.31× | 1.14× | ||
| Q3 25 | -2.56× | 1.40× | ||
| Q2 25 | 1.45× | 1.00× | ||
| Q1 25 | — | 0.76× | ||
| Q4 24 | 0.13× | 1.71× | ||
| Q3 24 | — | 1.60× | ||
| Q2 24 | -0.96× | 1.01× | ||
| Q1 24 | -1.10× | 0.89× |
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% |
SCCO
| Other | $1.3B | 32% |
| MX | $726.4M | 19% |
| CH | $560.4M | 14% |
| PE | $218.8M | 6% |
| Silver | $201.1M | 5% |
| BR | $157.9M | 4% |
| CL | $149.0M | 4% |
| Molybdenum | $143.3M | 4% |
| ES | $130.8M | 3% |
| Mexican IMMSA Unit | $129.8M | 3% |
| IT | $107.1M | 3% |
| Zinc | $88.8M | 2% |
