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LINCOLN NATIONAL CORP（LNC）与WEC Energy Group（WEC）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WEC Energy Group的1.9倍（$4.9B vs $2.5B），LINCOLN NATIONAL CORP净利率更高（15.3% vs 12.5%，领先2.9%），WEC Energy Group同比增速更快（11.1% vs -2.8%），过去两年LINCOLN NATIONAL CORP的营收复合增速更高（9.4% vs -2.7%）
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。
WEC能源集团是总部位于美国威斯康星州密尔沃基的知名能源企业，业务覆盖美国四个州，为总计440万用户提供可靠的电力及天然气供应服务，是北美地区颇具规模的区域性能源服务商。
LNC vs WEC — 直观对比
营收规模更大
LNC
是对方的1.9倍
$2.5B
营收增速更快
WEC
高出13.8%
-2.8%
净利率更高
LNC
高出2.9%
12.5%
两年增速更快
LNC
近两年复合增速
-2.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.9B | $2.5B |
| 净利润 | $755.0M | $316.8M |
| 毛利率 | — | 63.7% |
| 营业利润率 | 18.6% | 17.9% |
| 净利率 | 15.3% | 12.5% |
| 营收同比 | -2.8% | 11.1% |
| 净利润同比 | -55.2% | -30.1% |
| 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LNCWEC
| Q4 25 | $4.9B | $2.5B | ||
| Q3 25 | $4.6B | $2.1B | ||
| Q2 25 | $4.0B | $2.0B | ||
| Q1 25 | $4.7B | $3.1B | ||
| Q4 24 | $5.1B | $2.3B | ||
| Q3 24 | $4.1B | $1.9B | ||
| Q2 24 | $5.2B | $1.8B | ||
| Q1 24 | $4.1B | $2.7B |
净利润LNCWEC
| Q4 25 | $755.0M | $316.8M | ||
| Q3 25 | $445.0M | $270.2M | ||
| Q2 25 | $699.0M | $243.0M | ||
| Q1 25 | $-722.0M | $725.5M | ||
| Q4 24 | $1.7B | $453.1M | ||
| Q3 24 | $-528.0M | $238.6M | ||
| Q2 24 | $895.0M | $210.0M | ||
| Q1 24 | $1.2B | $622.6M |
毛利率LNCWEC
| Q4 25 | — | 63.7% | ||
| Q3 25 | — | 71.1% | ||
| Q2 25 | — | 71.6% | ||
| Q1 25 | — | 63.0% | ||
| Q4 24 | — | 67.7% | ||
| Q3 24 | — | 72.1% | ||
| Q2 24 | — | 73.5% | ||
| Q1 24 | — | 65.4% |
营业利润率LNCWEC
| Q4 25 | 18.6% | 17.9% | ||
| Q3 25 | 11.5% | 21.4% | ||
| Q2 25 | 21.0% | 20.1% | ||
| Q1 25 | -20.2% | 29.8% | ||
| Q4 24 | 41.5% | 25.9% | ||
| Q3 24 | -17.1% | 20.6% | ||
| Q2 24 | 21.3% | 20.6% | ||
| Q1 24 | 37.1% | 30.3% |
净利率LNCWEC
| Q4 25 | 15.3% | 12.5% | ||
| Q3 25 | 9.8% | 12.8% | ||
| Q2 25 | 17.3% | 12.1% | ||
| Q1 25 | -15.4% | 23.0% | ||
| Q4 24 | 33.3% | 19.8% | ||
| Q3 24 | -12.8% | 12.8% | ||
| Q2 24 | 17.4% | 11.9% | ||
| Q1 24 | 29.7% | 23.2% |
每股收益（稀释后）LNCWEC
| Q4 25 | $4.32 | — | ||
| Q3 25 | $2.12 | — | ||
| Q2 25 | $3.80 | — | ||
| Q1 25 | $-4.41 | — | ||
| Q4 24 | $9.66 | — | ||
| Q3 24 | $-3.29 | — | ||
| Q2 24 | $5.11 | — | ||
| Q1 24 | $6.93 | — |
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 | — | $27.6M |
| 总债务越低越好 | $6.3B | $20.0B |
| 股东权益账面价值 | $10.9B | $14.1B |
| 总资产 | $417.2B | $51.5B |
| 负债/权益比越低杠杆越低 | 0.57× | 1.42× |
8季度趋势，按日历期对齐
现金及短期投资LNCWEC
| Q4 25 | — | $27.6M | ||
| Q3 25 | — | $51.1M | ||
| Q2 25 | — | $23.0M | ||
| Q1 25 | — | $82.2M | ||
| Q4 24 | — | $9.8M | ||
| Q3 24 | — | $322.5M | ||
| Q2 24 | — | $224.0M | ||
| Q1 24 | — | $38.9M |
总债务LNCWEC
| Q4 25 | $6.3B | $20.0B | ||
| Q3 25 | $5.8B | — | ||
| Q2 25 | $5.8B | — | ||
| Q1 25 | $5.9B | — | ||
| Q4 24 | $6.1B | $18.9B | ||
| Q3 24 | $5.9B | $16.9B | ||
| Q2 24 | $5.7B | $16.9B | ||
| Q1 24 | $5.7B | $15.4B |
股东权益LNCWEC
| Q4 25 | $10.9B | $14.1B | ||
| Q3 25 | $10.5B | $14.0B | ||
| Q2 25 | $9.5B | $13.7B | ||
| Q1 25 | $8.2B | $13.4B | ||
| Q4 24 | $8.3B | $12.8B | ||
| Q3 24 | $9.0B | $12.4B | ||
| Q2 24 | $7.9B | $12.4B | ||
| Q1 24 | $7.5B | $12.4B |
总资产LNCWEC
| Q4 25 | $417.2B | $51.5B | ||
| Q3 25 | $415.3B | $49.8B | ||
| Q2 25 | $399.1B | $48.5B | ||
| Q1 25 | $382.9B | $48.2B | ||
| Q4 24 | $390.8B | $47.4B | ||
| Q3 24 | $396.8B | $45.2B | ||
| Q2 24 | $384.5B | $44.6B | ||
| Q1 24 | $383.4B | $43.9B |
负债/权益比LNCWEC
| Q4 25 | 0.57× | 1.42× | ||
| Q3 25 | 0.55× | — | ||
| Q2 25 | 0.60× | — | ||
| Q1 25 | 0.72× | — | ||
| Q4 24 | 0.74× | 1.48× | ||
| Q3 24 | 0.65× | 1.36× | ||
| Q2 24 | 0.72× | 1.36× | ||
| Q1 24 | 0.76× | 1.24× |
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 | $424.6M |
| 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× | 1.34× |
| 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LNCWEC
| Q4 25 | $233.0M | $424.6M | ||
| Q3 25 | $-1.1B | $938.9M | ||
| Q2 25 | $1.0B | $853.3M | ||
| Q1 25 | $-272.0M | $1.2B | ||
| Q4 24 | $222.0M | $581.8M | ||
| Q3 24 | $-27.0M | $729.0M | ||
| Q2 24 | $-859.0M | $1.0B | ||
| Q1 24 | $-1.3B | $863.6M |
自由现金流LNCWEC
| Q4 25 | — | — | ||
| Q3 25 | — | $-625.7M | ||
| Q2 25 | — | $23.9M | ||
| Q1 25 | — | $461.5M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-67.3M | ||
| Q2 24 | — | $343.5M | ||
| Q1 24 | — | $419.1M |
自由现金流率LNCWEC
| Q4 25 | — | — | ||
| Q3 25 | — | -29.7% | ||
| Q2 25 | — | 1.2% | ||
| Q1 25 | — | 14.7% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | -3.6% | ||
| Q2 24 | — | 19.4% | ||
| Q1 24 | — | 15.6% |
资本支出强度LNCWEC
| Q4 25 | — | — | ||
| Q3 25 | — | 74.4% | ||
| Q2 25 | — | 41.3% | ||
| Q1 25 | — | 22.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 42.7% | ||
| Q2 24 | — | 39.2% | ||
| Q1 24 | — | 16.6% |
现金转化率LNCWEC
| Q4 25 | 0.31× | 1.34× | ||
| Q3 25 | -2.56× | 3.47× | ||
| Q2 25 | 1.45× | 3.51× | ||
| Q1 25 | — | 1.60× | ||
| Q4 24 | 0.13× | 1.28× | ||
| Q3 24 | — | 3.06× | ||
| Q2 24 | -0.96× | 4.94× | ||
| Q1 24 | -1.10× | 1.39× |
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% |
WEC
| Wisconsin | $1.9B | 73% |
| Illinois | $441.2M | 17% |
| Other States | $165.1M | 7% |
| External Revenues | $74.0M | 3% |
| Otheroperatingrevenues | $8.0M | 0% |
