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LINCOLN NATIONAL CORP（LNC）与Smurfit Westrock（SW）财务数据对比。点击上方公司名可切换其他公司
Smurfit Westrock的季度营收约是LINCOLN NATIONAL CORP的1.5倍（$7.6B vs $4.9B），LINCOLN NATIONAL CORP净利率更高（15.3% vs 1.3%，领先14.1%），Smurfit Westrock同比增速更快（0.5% vs -2.8%），过去两年Smurfit Westrock的营收复合增速更高（60.8% 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。
Smurfit Westrock plc是总部位于爱尔兰都柏林的企业，核心业务为生产瓦楞包装及各类纸制包装产品，公司股票同时在纽约证券交易所和伦敦证券交易所挂牌上市。
LNC vs SW — 直观对比
营收规模更大
SW
是对方的1.5倍
$4.9B
营收增速更快
SW
高出3.3%
-2.8%
净利率更高
LNC
高出14.1%
1.3%
两年增速更快
SW
近两年复合增速
9.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.9B | $7.6B |
| 净利润 | $755.0M | $97.0M |
| 毛利率 | — | 18.2% |
| 营业利润率 | 18.6% | 5.1% |
| 净利率 | 15.3% | 1.3% |
| 营收同比 | -2.8% | 0.5% |
| 净利润同比 | -55.2% | -33.6% |
| 每股收益（稀释后） | $4.32 | $0.18 |
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LNCSW
| Q4 25 | $4.9B | $7.6B | ||
| Q3 25 | $4.6B | $8.0B | ||
| Q2 25 | $4.0B | $7.9B | ||
| Q1 25 | $4.7B | $7.7B | ||
| Q4 24 | $5.1B | $7.5B | ||
| Q3 24 | $4.1B | $7.7B | ||
| Q2 24 | $5.2B | $3.0B | ||
| Q1 24 | $4.1B | $2.9B |
净利润LNCSW
| Q4 25 | $755.0M | $97.0M | ||
| Q3 25 | $445.0M | $246.0M | ||
| Q2 25 | $699.0M | $-28.0M | ||
| Q1 25 | $-722.0M | $384.0M | ||
| Q4 24 | $1.7B | $146.0M | ||
| Q3 24 | $-528.0M | $-150.0M | ||
| Q2 24 | $895.0M | $132.0M | ||
| Q1 24 | $1.2B | $191.0M |
毛利率LNCSW
| Q4 25 | — | 18.2% | ||
| Q3 25 | — | 19.6% | ||
| Q2 25 | — | 19.1% | ||
| Q1 25 | — | 20.6% | ||
| Q4 24 | — | 19.1% | ||
| Q3 24 | — | 17.6% | ||
| Q2 24 | — | 23.3% | ||
| Q1 24 | — | 24.2% |
营业利润率LNCSW
| Q4 25 | 18.6% | 5.1% | ||
| Q3 25 | 11.5% | 6.6% | ||
| Q2 25 | 21.0% | 3.2% | ||
| Q1 25 | -20.2% | 7.2% | ||
| Q4 24 | 41.5% | 5.3% | ||
| Q3 24 | -17.1% | 0.7% | ||
| Q2 24 | 21.3% | 8.2% | ||
| Q1 24 | 37.1% | 10.5% |
净利率LNCSW
| Q4 25 | 15.3% | 1.3% | ||
| Q3 25 | 9.8% | 3.1% | ||
| Q2 25 | 17.3% | -0.4% | ||
| Q1 25 | -15.4% | 5.0% | ||
| Q4 24 | 33.3% | 1.9% | ||
| Q3 24 | -12.8% | -2.0% | ||
| Q2 24 | 17.4% | 4.4% | ||
| Q1 24 | 29.7% | 6.5% |
每股收益（稀释后）LNCSW
| Q4 25 | $4.32 | $0.18 | ||
| Q3 25 | $2.12 | $0.47 | ||
| Q2 25 | $3.80 | $-0.05 | ||
| Q1 25 | $-4.41 | $0.73 | ||
| Q4 24 | $9.66 | $-0.12 | ||
| Q3 24 | $-3.29 | $-0.30 | ||
| Q2 24 | $5.11 | $0.51 | ||
| Q1 24 | $6.93 | $0.73 |
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 | — | $892.0M |
| 总债务越低越好 | $6.3B | $13.4B |
| 股东权益账面价值 | $10.9B | $18.3B |
| 总资产 | $417.2B | $45.2B |
| 负债/权益比越低杠杆越低 | 0.57× | 0.73× |
8季度趋势，按日历期对齐
现金及短期投资LNCSW
| Q4 25 | — | $892.0M | ||
| Q3 25 | — | $851.0M | ||
| Q2 25 | — | $778.0M | ||
| Q1 25 | — | $797.0M | ||
| Q4 24 | — | $855.0M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $26.8K | ||
| Q1 24 | — | $108 |
总债务LNCSW
| Q4 25 | $6.3B | $13.4B | ||
| Q3 25 | $5.8B | $13.3B | ||
| Q2 25 | $5.8B | $13.3B | ||
| Q1 25 | $5.9B | $12.9B | ||
| Q4 24 | $6.1B | $12.5B | ||
| Q3 24 | $5.9B | $13.2B | ||
| Q2 24 | $5.7B | — | ||
| Q1 24 | $5.7B | — |
股东权益LNCSW
| Q4 25 | $10.9B | $18.3B | ||
| Q3 25 | $10.5B | $18.4B | ||
| Q2 25 | $9.5B | $18.3B | ||
| Q1 25 | $8.2B | $17.9B | ||
| Q4 24 | $8.3B | $17.4B | ||
| Q3 24 | $9.0B | $18.0B | ||
| Q2 24 | $7.9B | $14.5K | ||
| Q1 24 | $7.5B | $108 |
总资产LNCSW
| Q4 25 | $417.2B | $45.2B | ||
| Q3 25 | $415.3B | $45.6B | ||
| Q2 25 | $399.1B | $45.7B | ||
| Q1 25 | $382.9B | $44.6B | ||
| Q4 24 | $390.8B | $43.8B | ||
| Q3 24 | $396.8B | $45.0B | ||
| Q2 24 | $384.5B | $26.8K | ||
| Q1 24 | $383.4B | $108 |
负债/权益比LNCSW
| Q4 25 | 0.57× | 0.73× | ||
| Q3 25 | 0.55× | 0.72× | ||
| Q2 25 | 0.60× | 0.73× | ||
| Q1 25 | 0.72× | 0.72× | ||
| Q4 24 | 0.74× | 0.72× | ||
| Q3 24 | 0.65× | 0.73× | ||
| 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 | $1.2B |
| 自由现金流经营现金流 - 资本支出 | — | $612.0M |
| 自由现金流率自由现金流/营收 | — | 8.1% |
| 资本支出强度资本支出/营收 | — | 7.7% |
| 现金转化率经营现金流/净利润 | 0.31× | 12.32× |
| 过去12个月自由现金流最近4个季度 | — | $1.2B |
8季度趋势，按日历期对齐
经营现金流LNCSW
| Q4 25 | $233.0M | $1.2B | ||
| Q3 25 | $-1.1B | $1.1B | ||
| Q2 25 | $1.0B | $829.0M | ||
| Q1 25 | $-272.0M | $235.0M | ||
| Q4 24 | $222.0M | $781.0M | ||
| Q3 24 | $-27.0M | $320.0M | ||
| Q2 24 | $-859.0M | $340.0M | ||
| Q1 24 | $-1.3B | $42.0M |
自由现金流LNCSW
| Q4 25 | — | $612.0M | ||
| Q3 25 | — | $523.0M | ||
| Q2 25 | — | $307.0M | ||
| Q1 25 | — | $-242.0M | ||
| Q4 24 | — | $212.0M | ||
| Q3 24 | — | $-192.0M | ||
| Q2 24 | — | $163.0M | ||
| Q1 24 | — | $-166.0M |
自由现金流率LNCSW
| Q4 25 | — | 8.1% | ||
| Q3 25 | — | 6.5% | ||
| Q2 25 | — | 3.9% | ||
| Q1 25 | — | -3.2% | ||
| Q4 24 | — | 2.8% | ||
| Q3 24 | — | -2.5% | ||
| Q2 24 | — | 5.5% | ||
| Q1 24 | — | -5.7% |
资本支出强度LNCSW
| Q4 25 | — | 7.7% | ||
| Q3 25 | — | 7.6% | ||
| Q2 25 | — | 6.6% | ||
| Q1 25 | — | 6.2% | ||
| Q4 24 | — | 7.5% | ||
| Q3 24 | — | 6.7% | ||
| Q2 24 | — | 6.0% | ||
| Q1 24 | — | 7.1% |
现金转化率LNCSW
| Q4 25 | 0.31× | 12.32× | ||
| Q3 25 | -2.56× | 4.61× | ||
| Q2 25 | 1.45× | — | ||
| Q1 25 | — | 0.61× | ||
| Q4 24 | 0.13× | 5.35× | ||
| Q3 24 | — | — | ||
| Q2 24 | -0.96× | 2.58× | ||
| Q1 24 | -1.10× | 0.22× |
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% |
SW
| Packaging | $3.3B | 43% |
| Other | $3.2B | 43% |
| Paper | $1.1B | 14% |
