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LINCOLN NATIONAL CORP（LNC）与TENET HEALTHCARE CORP（THC）财务数据对比。点击上方公司名可切换其他公司
TENET HEALTHCARE CORP的季度营收约是LINCOLN NATIONAL CORP的1.1倍（$5.5B vs $4.9B），LINCOLN NATIONAL CORP净利率更高（15.3% vs 11.7%，领先3.7%），TENET HEALTHCARE CORP同比增速更快（9.0% vs -2.8%），过去两年LINCOLN NATIONAL CORP的营收复合增速更高（9.4% vs 1.5%）
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。
Tenet Healthcare Corporation是总部位于美国达拉斯的营利性跨国医疗服务企业，旗下拥有USPI等多个品牌、子公司、合资企业及合作主体，运营65家医院及超过450个医疗设施，还通过旗下Conifer Health Solutions为各类医疗系统及其他客户提供专业医疗支持服务
LNC vs THC — 直观对比
营收规模更大
THC
是对方的1.1倍
$4.9B
营收增速更快
THC
高出11.7%
-2.8%
净利率更高
LNC
高出3.7%
11.7%
两年增速更快
LNC
近两年复合增速
1.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.9B | $5.5B |
| 净利润 | $755.0M | $644.0M |
| 毛利率 | — | — |
| 营业利润率 | 18.6% | 15.4% |
| 净利率 | 15.3% | 11.7% |
| 营收同比 | -2.8% | 9.0% |
| 净利润同比 | -55.2% | 12.6% |
| 每股收益（稀释后） | $4.32 | $4.22 |
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LNCTHC
| Q4 25 | $4.9B | $5.5B | ||
| Q3 25 | $4.6B | $5.3B | ||
| Q2 25 | $4.0B | $5.3B | ||
| Q1 25 | $4.7B | $5.2B | ||
| Q4 24 | $5.1B | $5.1B | ||
| Q3 24 | $4.1B | $5.1B | ||
| Q2 24 | $5.2B | $5.1B | ||
| Q1 24 | $4.1B | $5.4B |
净利润LNCTHC
| Q4 25 | $755.0M | $644.0M | ||
| Q3 25 | $445.0M | $579.0M | ||
| Q2 25 | $699.0M | $522.0M | ||
| Q1 25 | $-722.0M | $622.0M | ||
| Q4 24 | $1.7B | $572.0M | ||
| Q3 24 | $-528.0M | $681.0M | ||
| Q2 24 | $895.0M | $477.0M | ||
| Q1 24 | $1.2B | $2.3B |
营业利润率LNCTHC
| Q4 25 | 18.6% | 15.4% | ||
| Q3 25 | 11.5% | 16.8% | ||
| Q2 25 | 21.0% | 15.6% | ||
| Q1 25 | -20.2% | 18.1% | ||
| Q4 24 | 41.5% | 16.2% | ||
| Q3 24 | -17.1% | 21.3% | ||
| Q2 24 | 21.3% | 14.9% | ||
| Q1 24 | 37.1% | 61.2% |
净利率LNCTHC
| Q4 25 | 15.3% | 11.7% | ||
| Q3 25 | 9.8% | 10.9% | ||
| Q2 25 | 17.3% | 9.9% | ||
| Q1 25 | -15.4% | 11.9% | ||
| Q4 24 | 33.3% | 11.3% | ||
| Q3 24 | -12.8% | 13.3% | ||
| Q2 24 | 17.4% | 9.3% | ||
| Q1 24 | 29.7% | 43.5% |
每股收益（稀释后）LNCTHC
| Q4 25 | $4.32 | $4.22 | ||
| Q3 25 | $2.12 | $3.86 | ||
| Q2 25 | $3.80 | $3.14 | ||
| Q1 25 | $-4.41 | $4.27 | ||
| Q4 24 | $9.66 | $3.79 | ||
| Q3 24 | $-3.29 | $4.89 | ||
| Q2 24 | $5.11 | $2.64 | ||
| Q1 24 | $6.93 | $21.38 |
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 | — | $2.9B |
| 总债务越低越好 | $6.3B | $13.1B |
| 股东权益账面价值 | $10.9B | $4.2B |
| 总资产 | $417.2B | $29.7B |
| 负债/权益比越低杠杆越低 | 0.57× | 3.10× |
8季度趋势，按日历期对齐
现金及短期投资LNCTHC
| Q4 25 | — | $2.9B | ||
| Q3 25 | — | $3.0B | ||
| Q2 25 | — | $2.6B | ||
| Q1 25 | — | $3.0B | ||
| Q4 24 | — | $3.0B | ||
| Q3 24 | — | $4.1B | ||
| Q2 24 | — | $2.9B | ||
| Q1 24 | — | $2.5B |
总债务LNCTHC
| Q4 25 | $6.3B | $13.1B | ||
| Q3 25 | $5.8B | $13.1B | ||
| Q2 25 | $5.8B | $13.1B | ||
| Q1 25 | $5.9B | $13.1B | ||
| Q4 24 | $6.1B | $13.1B | ||
| Q3 24 | $5.9B | $12.8B | ||
| Q2 24 | $5.7B | $12.8B | ||
| Q1 24 | $5.7B | $12.8B |
股东权益LNCTHC
| Q4 25 | $10.9B | $4.2B | ||
| Q3 25 | $10.5B | $4.0B | ||
| Q2 25 | $9.5B | $3.7B | ||
| Q1 25 | $8.2B | $4.2B | ||
| Q4 24 | $8.3B | $4.2B | ||
| Q3 24 | $9.0B | $3.8B | ||
| Q2 24 | $7.9B | $3.5B | ||
| Q1 24 | $7.5B | $3.5B |
总资产LNCTHC
| Q4 25 | $417.2B | $29.7B | ||
| Q3 25 | $415.3B | $29.4B | ||
| Q2 25 | $399.1B | $28.7B | ||
| Q1 25 | $382.9B | $29.2B | ||
| Q4 24 | $390.8B | $28.9B | ||
| Q3 24 | $396.8B | $29.4B | ||
| Q2 24 | $384.5B | $29.3B | ||
| Q1 24 | $383.4B | $28.9B |
负债/权益比LNCTHC
| Q4 25 | 0.57× | 3.10× | ||
| Q3 25 | 0.55× | 3.26× | ||
| Q2 25 | 0.60× | 3.49× | ||
| Q1 25 | 0.72× | 3.13× | ||
| Q4 24 | 0.74× | 3.14× | ||
| Q3 24 | 0.65× | 3.33× | ||
| Q2 24 | 0.72× | 3.67× | ||
| Q1 24 | 0.76× | 3.70× |
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 | $731.0M |
| 自由现金流经营现金流 - 资本支出 | — | $367.0M |
| 自由现金流率自由现金流/营收 | — | 6.6% |
| 资本支出强度资本支出/营收 | — | 6.6% |
| 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 | — | $2.5B |
8季度趋势，按日历期对齐
经营现金流LNCTHC
| Q4 25 | $233.0M | $731.0M | ||
| Q3 25 | $-1.1B | $1.1B | ||
| Q2 25 | $1.0B | $936.0M | ||
| Q1 25 | $-272.0M | $815.0M | ||
| Q4 24 | $222.0M | $-331.0M | ||
| Q3 24 | $-27.0M | $1.0B | ||
| Q2 24 | $-859.0M | $747.0M | ||
| Q1 24 | $-1.3B | $586.0M |
自由现金流LNCTHC
| Q4 25 | — | $367.0M | ||
| Q3 25 | — | $778.0M | ||
| Q2 25 | — | $743.0M | ||
| Q1 25 | — | $642.0M | ||
| Q4 24 | — | $-661.0M | ||
| Q3 24 | — | $829.0M | ||
| Q2 24 | — | $602.0M | ||
| Q1 24 | — | $346.0M |
自由现金流率LNCTHC
| Q4 25 | — | 6.6% | ||
| Q3 25 | — | 14.7% | ||
| Q2 25 | — | 14.1% | ||
| Q1 25 | — | 12.3% | ||
| Q4 24 | — | -13.0% | ||
| Q3 24 | — | 16.2% | ||
| Q2 24 | — | 11.8% | ||
| Q1 24 | — | 6.4% |
资本支出强度LNCTHC
| Q4 25 | — | 6.6% | ||
| Q3 25 | — | 5.3% | ||
| Q2 25 | — | 3.7% | ||
| Q1 25 | — | 3.3% | ||
| Q4 24 | — | 6.5% | ||
| Q3 24 | — | 4.2% | ||
| Q2 24 | — | 2.8% | ||
| Q1 24 | — | 4.5% |
现金转化率LNCTHC
| Q4 25 | 0.31× | 1.14× | ||
| Q3 25 | -2.56× | 1.83× | ||
| Q2 25 | 1.45× | 1.79× | ||
| Q1 25 | — | 1.31× | ||
| Q4 24 | 0.13× | -0.58× | ||
| Q3 24 | — | 1.53× | ||
| Q2 24 | -0.96× | 1.57× | ||
| Q1 24 | -1.10× | 0.25× |
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% |
THC
| Other | $2.9B | 52% |
| Health Care Patient Service | $1.4B | 25% |
| Equity Method Investment Nonconsolidated Investee Or Group Of Investees | $1.2B | 22% |
| Health Care Other Sources | $56.0M | 1% |
