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LINCOLN NATIONAL CORP（LNC）与德事隆（TXT）财务数据对比。点击上方公司名可切换其他公司
LINCOLN NATIONAL CORP的季度营收约是德事隆的1.2倍（$4.9B vs $4.2B），LINCOLN NATIONAL CORP净利率更高（15.3% vs 5.6%，领先9.7%），德事隆同比增速更快（15.6% vs -2.8%），过去两年德事隆的营收复合增速更高（15.4% 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。
德事隆是总部位于美国罗德岛州普罗维登斯的工业集团，1923年由罗亚尔·利特尔创立，前身为特种纱线公司。旗下拥有贝尔德事隆、考泰斯、德事隆航空、莱康明发动机等子公司，业务覆盖25个国家，2020年员工总数超3.3万人，2021年位列美国财富500强第265位。
LNC vs TXT — 直观对比
营收规模更大
LNC
是对方的1.2倍
$4.2B
营收增速更快
TXT
高出18.3%
-2.8%
净利率更高
LNC
高出9.7%
5.6%
两年增速更快
TXT
近两年复合增速
9.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.9B | $4.2B |
| 净利润 | $755.0M | $235.0M |
| 毛利率 | — | — |
| 营业利润率 | 18.6% | — |
| 净利率 | 15.3% | 5.6% |
| 营收同比 | -2.8% | 15.6% |
| 净利润同比 | -55.2% | 66.7% |
| 每股收益（稀释后） | $4.32 | — |
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LNCTXT
| Q4 25 | $4.9B | $4.2B | ||
| Q3 25 | $4.6B | $3.6B | ||
| Q2 25 | $4.0B | $3.7B | ||
| Q1 25 | $4.7B | $3.3B | ||
| Q4 24 | $5.1B | $3.6B | ||
| Q3 24 | $4.1B | $3.4B | ||
| Q2 24 | $5.2B | $3.5B | ||
| Q1 24 | $4.1B | $3.1B |
净利润LNCTXT
| Q4 25 | $755.0M | $235.0M | ||
| Q3 25 | $445.0M | $234.0M | ||
| Q2 25 | $699.0M | $245.0M | ||
| Q1 25 | $-722.0M | $207.0M | ||
| Q4 24 | $1.7B | $141.0M | ||
| Q3 24 | $-528.0M | $223.0M | ||
| Q2 24 | $895.0M | $259.0M | ||
| Q1 24 | $1.2B | $201.0M |
营业利润率LNCTXT
| Q4 25 | 18.6% | — | ||
| Q3 25 | 11.5% | — | ||
| Q2 25 | 21.0% | — | ||
| Q1 25 | -20.2% | — | ||
| Q4 24 | 41.5% | 3.6% | ||
| Q3 24 | -17.1% | 7.4% | ||
| Q2 24 | 21.3% | 9.2% | ||
| Q1 24 | 37.1% | 7.6% |
净利率LNCTXT
| Q4 25 | 15.3% | 5.6% | ||
| Q3 25 | 9.8% | 6.5% | ||
| Q2 25 | 17.3% | 6.6% | ||
| Q1 25 | -15.4% | 6.3% | ||
| Q4 24 | 33.3% | 3.9% | ||
| Q3 24 | -12.8% | 6.5% | ||
| Q2 24 | 17.4% | 7.3% | ||
| Q1 24 | 29.7% | 6.4% |
每股收益（稀释后）LNCTXT
| Q4 25 | $4.32 | — | ||
| Q3 25 | $2.12 | — | ||
| Q2 25 | $3.80 | — | ||
| Q1 25 | $-4.41 | $1.13 | ||
| Q4 24 | $9.66 | — | ||
| Q3 24 | $-3.29 | — | ||
| Q2 24 | $5.11 | — | ||
| Q1 24 | $6.93 | $1.03 |
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 | — | — |
| 总债务越低越好 | $6.3B | — |
| 股东权益账面价值 | $10.9B | — |
| 总资产 | $417.2B | — |
| 负债/权益比越低杠杆越低 | 0.57× | — |
8季度趋势，按日历期对齐
总债务LNCTXT
| Q4 25 | $6.3B | — | ||
| Q3 25 | $5.8B | — | ||
| 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LNCTXT
| Q4 25 | $10.9B | — | ||
| Q3 25 | $10.5B | $7.5B | ||
| Q2 25 | $9.5B | $7.4B | ||
| Q1 25 | $8.2B | $7.3B | ||
| Q4 24 | $8.3B | $7.2B | ||
| Q3 24 | $9.0B | $7.0B | ||
| Q2 24 | $7.9B | $6.9B | ||
| Q1 24 | $7.5B | $6.9B |
总资产LNCTXT
| Q4 25 | $417.2B | — | ||
| Q3 25 | $415.3B | $17.4B | ||
| Q2 25 | $399.1B | $17.1B | ||
| Q1 25 | $382.9B | $16.9B | ||
| Q4 24 | $390.8B | $16.8B | ||
| Q3 24 | $396.8B | $16.5B | ||
| Q2 24 | $384.5B | $16.4B | ||
| Q1 24 | $383.4B | $16.4B |
负债/权益比LNCTXT
| Q4 25 | 0.57× | — | ||
| Q3 25 | 0.55× | — | ||
| 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 | $700.0M |
| 自由现金流经营现金流 - 资本支出 | — | $527.0M |
| 自由现金流率自由现金流/营收 | — | 12.6% |
| 资本支出强度资本支出/营收 | — | 4.1% |
| 现金转化率经营现金流/净利润 | 0.31× | 2.98× |
| 过去12个月自由现金流最近4个季度 | — | $929.0M |
8季度趋势，按日历期对齐
经营现金流LNCTXT
| Q4 25 | $233.0M | $700.0M | ||
| Q3 25 | $-1.1B | $349.0M | ||
| Q2 25 | $1.0B | $387.0M | ||
| Q1 25 | $-272.0M | $-124.0M | ||
| Q4 24 | $222.0M | $446.0M | ||
| Q3 24 | $-27.0M | $208.0M | ||
| Q2 24 | $-859.0M | $367.0M | ||
| Q1 24 | $-1.3B | $-7.0M |
自由现金流LNCTXT
| Q4 25 | — | $527.0M | ||
| Q3 25 | — | $273.0M | ||
| Q2 25 | — | $309.0M | ||
| Q1 25 | — | $-180.0M | ||
| Q4 24 | — | $293.0M | ||
| Q3 24 | — | $137.0M | ||
| Q2 24 | — | $293.0M | ||
| Q1 24 | — | $-73.0M |
自由现金流率LNCTXT
| Q4 25 | — | 12.6% | ||
| Q3 25 | — | 7.6% | ||
| Q2 25 | — | 8.3% | ||
| Q1 25 | — | -5.4% | ||
| Q4 24 | — | 8.1% | ||
| Q3 24 | — | 4.0% | ||
| Q2 24 | — | 8.3% | ||
| Q1 24 | — | -2.3% |
资本支出强度LNCTXT
| Q4 25 | — | 4.1% | ||
| Q3 25 | — | 2.1% | ||
| Q2 25 | — | 2.1% | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | — | 4.2% | ||
| Q3 24 | — | 2.1% | ||
| Q2 24 | — | 2.1% | ||
| Q1 24 | — | 2.1% |
现金转化率LNCTXT
| Q4 25 | 0.31× | 2.98× | ||
| Q3 25 | -2.56× | 1.49× | ||
| Q2 25 | 1.45× | 1.58× | ||
| Q1 25 | — | -0.60× | ||
| Q4 24 | 0.13× | 3.16× | ||
| Q3 24 | — | 0.93× | ||
| Q2 24 | -0.96× | 1.42× | ||
| Q1 24 | -1.10× | -0.03× |
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% |
TXT
| Aircraft | $1.2B | 29% |
| Military Aircraft And Support Programs | $655.0M | 16% |
| Aftermarket Parts And Services | $551.0M | 13% |
| Services | $507.0M | 12% |
| Fuel Systems And Functional Components | $480.0M | 11% |
| Textron Systems | $323.0M | 8% |
| Other | $317.0M | 8% |
| US Government | $119.0M | 3% |
| Finance | $18.0M | 0% |
| Textron E Aviation Segment | $7.0M | 0% |
