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LINCOLN NATIONAL CORP（LNC）与Voya Financial, Inc.（VOYA）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Voya Financial, Inc.的8.2倍（$4.9B vs $603.0M）。Voya Financial, Inc.净利率更高（23.2% vs 15.3%，领先7.9%）。Voya Financial, Inc.同比增速更快（7.5% vs -2.8%）。过去两年LINCOLN NATIONAL CORP的营收复合增速更高（9.4% vs 7.8%）
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。
Voya Financial是总部位于美国纽约的金融服务机构，业务覆盖退休规划、投资管理及保险领域。其前身为ING集团美国运营子公司，2013年完成分拆并通过首次公开募股获得独立资金支持，2014年4月正式启用Voya Financial品牌，旗下前身机构最早在1970年代就已进入美国市场。
LNC vs VOYA — 直观对比
营收规模更大
LNC
是对方的8.2倍
$603.0M
营收增速更快
VOYA
高出10.3%
-2.8%
净利率更高
VOYA
高出7.9%
15.3%
两年增速更快
LNC
近两年复合增速
7.8%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $4.9B | $603.0M |
| 净利润 | $755.0M | $140.0M |
| 毛利率 | — | — |
| 营业利润率 | 18.6% | 28.0% |
| 净利率 | 15.3% | 23.2% |
| 营收同比 | -2.8% | 7.5% |
| 净利润同比 | -55.2% | 44.3% |
| 每股收益（稀释后） | $4.32 | $1.41 |
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LNCVOYA
| Q4 25 | $4.9B | $603.0M | ||
| Q3 25 | $4.6B | $572.0M | ||
| Q2 25 | $4.0B | $542.0M | ||
| Q1 25 | $4.7B | $538.0M | ||
| Q4 24 | $5.1B | $561.0M | ||
| Q3 24 | $4.1B | $542.0M | ||
| Q2 24 | $5.2B | $528.0M | ||
| Q1 24 | $4.1B | $519.0M |
净利润LNCVOYA
| Q4 25 | $755.0M | $140.0M | ||
| Q3 25 | $445.0M | $192.0M | ||
| Q2 25 | $699.0M | $166.0M | ||
| Q1 25 | $-722.0M | $156.0M | ||
| Q4 24 | $1.7B | $97.0M | ||
| Q3 24 | $-528.0M | $114.0M | ||
| Q2 24 | $895.0M | $205.0M | ||
| Q1 24 | $1.2B | $251.0M |
营业利润率LNCVOYA
| Q4 25 | 18.6% | 28.0% | ||
| Q3 25 | 11.5% | 53.7% | ||
| Q2 25 | 21.0% | 34.7% | ||
| Q1 25 | -20.2% | 32.2% | ||
| Q4 24 | 41.5% | 21.4% | ||
| Q3 24 | -17.1% | 21.4% | ||
| Q2 24 | 21.3% | 52.3% | ||
| Q1 24 | 37.1% | 55.3% |
净利率LNCVOYA
| Q4 25 | 15.3% | 23.2% | ||
| Q3 25 | 9.8% | 33.6% | ||
| Q2 25 | 17.3% | 30.6% | ||
| Q1 25 | -15.4% | 29.0% | ||
| Q4 24 | 33.3% | 17.3% | ||
| Q3 24 | -12.8% | 21.0% | ||
| Q2 24 | 17.4% | 38.8% | ||
| Q1 24 | 29.7% | 48.4% |
每股收益（稀释后）LNCVOYA
| Q4 25 | $4.32 | $1.41 | ||
| Q3 25 | $2.12 | $1.80 | ||
| Q2 25 | $3.80 | $1.66 | ||
| Q1 25 | $-4.41 | $1.42 | ||
| Q4 24 | $9.66 | $0.99 | ||
| Q3 24 | $-3.29 | $0.98 | ||
| Q2 24 | $5.11 | $1.96 | ||
| Q1 24 | $6.93 | $2.24 |
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 | $2.1B |
| 股东权益账面价值 | $10.9B | $5.0B |
| 总资产 | $417.2B | $178.9B |
| 负债/权益比越低杠杆越低 | 0.57× | 0.42× |
8季度趋势，按日历期对齐
总债务LNCVOYA
| Q4 25 | $6.3B | $2.1B | ||
| Q3 25 | $5.8B | $2.1B | ||
| Q2 25 | $5.8B | $2.1B | ||
| Q1 25 | $5.9B | $2.1B | ||
| Q4 24 | $6.1B | $2.5B | ||
| Q3 24 | $5.9B | $2.5B | ||
| Q2 24 | $5.7B | $2.1B | ||
| Q1 24 | $5.7B | $2.1B |
股东权益LNCVOYA
| Q4 25 | $10.9B | $5.0B | ||
| Q3 25 | $10.5B | $5.0B | ||
| Q2 25 | $9.5B | $4.6B | ||
| Q1 25 | $8.2B | $4.4B | ||
| Q4 24 | $8.3B | $4.0B | ||
| Q3 24 | $9.0B | $4.7B | ||
| Q2 24 | $7.9B | $4.0B | ||
| Q1 24 | $7.5B | $4.2B |
总资产LNCVOYA
| Q4 25 | $417.2B | $178.9B | ||
| Q3 25 | $415.3B | $177.4B | ||
| Q2 25 | $399.1B | $172.4B | ||
| Q1 25 | $382.9B | $163.9B | ||
| Q4 24 | $390.8B | $163.9B | ||
| Q3 24 | $396.8B | $166.9B | ||
| Q2 24 | $384.5B | $161.3B | ||
| Q1 24 | $383.4B | $161.6B |
负债/权益比LNCVOYA
| Q4 25 | 0.57× | 0.42× | ||
| Q3 25 | 0.55× | 0.42× | ||
| Q2 25 | 0.60× | 0.45× | ||
| Q1 25 | 0.72× | 0.48× | ||
| Q4 24 | 0.74× | 0.62× | ||
| Q3 24 | 0.65× | 0.53× | ||
| Q2 24 | 0.72× | 0.52× | ||
| Q1 24 | 0.76× | 0.51× |
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 | $557.0M |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 0.31× | 3.98× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流LNCVOYA
| Q4 25 | $233.0M | $557.0M | ||
| Q3 25 | $-1.1B | $168.0M | ||
| Q2 25 | $1.0B | $742.0M | ||
| Q1 25 | $-272.0M | $-179.0M | ||
| Q4 24 | $222.0M | $79.0M | ||
| Q3 24 | $-27.0M | $719.0M | ||
| Q2 24 | $-859.0M | $316.0M | ||
| Q1 24 | $-1.3B | $231.0M |
现金转化率LNCVOYA
| Q4 25 | 0.31× | 3.98× | ||
| Q3 25 | -2.56× | 0.88× | ||
| Q2 25 | 1.45× | 4.47× | ||
| Q1 25 | — | -1.15× | ||
| Q4 24 | 0.13× | 0.81× | ||
| Q3 24 | — | 6.31× | ||
| Q2 24 | -0.96× | 1.54× | ||
| Q1 24 | -1.10× | 0.92× |
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% |
VOYA
| Other | $295.0M | 49% |
| Investment Management Segment | $274.0M | 45% |
| Distribution Fees Member | $34.0M | 6% |
