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LINCOLN NATIONAL CORP（LNC）与惠而浦（WHR）财务数据对比。点击上方公司名可切换其他公司
LINCOLN NATIONAL CORP的季度营收约是惠而浦的1.2倍（$4.9B vs $4.1B），LINCOLN NATIONAL CORP净利率更高（15.3% vs 2.7%，领先12.7%），惠而浦同比增速更快（-0.9% vs -2.8%），过去两年LINCOLN NATIONAL CORP的营收复合增速更高（9.4% vs -4.5%）
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。
惠而浦是总部位于美国密歇根州本顿特许镇的跨国家电研发、生产及销售企业，位列《财富》世界500强。2023年集团年销售额约190亿美元，全球员工规模近5.9万人，在世界各地布局超55座生产及技术研发中心。
LNC vs WHR — 直观对比
营收规模更大
LNC
是对方的1.2倍
$4.1B
营收增速更快
WHR
高出1.8%
-2.8%
净利率更高
LNC
高出12.7%
2.7%
两年增速更快
LNC
近两年复合增速
-4.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.9B | $4.1B |
| 净利润 | $755.0M | $109.0M |
| 毛利率 | — | 14.0% |
| 营业利润率 | 18.6% | 6.0% |
| 净利率 | 15.3% | 2.7% |
| 营收同比 | -2.8% | -0.9% |
| 净利润同比 | -55.2% | 127.8% |
| 每股收益（稀释后） | $4.32 | $1.92 |
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LNCWHR
| Q4 25 | $4.9B | $4.1B | ||
| Q3 25 | $4.6B | $4.0B | ||
| Q2 25 | $4.0B | $3.8B | ||
| Q1 25 | $4.7B | $3.6B | ||
| Q4 24 | $5.1B | $4.1B | ||
| Q3 24 | $4.1B | $4.0B | ||
| Q2 24 | $5.2B | $4.0B | ||
| Q1 24 | $4.1B | $4.5B |
净利润LNCWHR
| Q4 25 | $755.0M | $109.0M | ||
| Q3 25 | $445.0M | $73.0M | ||
| Q2 25 | $699.0M | $65.0M | ||
| Q1 25 | $-722.0M | $71.0M | ||
| Q4 24 | $1.7B | $-392.0M | ||
| Q3 24 | $-528.0M | $109.0M | ||
| Q2 24 | $895.0M | $219.0M | ||
| Q1 24 | $1.2B | $-259.0M |
毛利率LNCWHR
| Q4 25 | — | 14.0% | ||
| Q3 25 | — | 14.7% | ||
| Q2 25 | — | 16.2% | ||
| Q1 25 | — | 16.8% | ||
| Q4 24 | — | 16.2% | ||
| Q3 24 | — | 16.1% | ||
| Q2 24 | — | 15.7% | ||
| Q1 24 | — | 14.3% |
营业利润率LNCWHR
| Q4 25 | 18.6% | 6.0% | ||
| Q3 25 | 11.5% | 5.1% | ||
| Q2 25 | 21.0% | 5.4% | ||
| Q1 25 | -20.2% | 5.1% | ||
| Q4 24 | 41.5% | -3.3% | ||
| Q3 24 | -17.1% | 6.6% | ||
| Q2 24 | 21.3% | 3.3% | ||
| Q1 24 | 37.1% | -2.6% |
净利率LNCWHR
| Q4 25 | 15.3% | 2.7% | ||
| Q3 25 | 9.8% | 1.8% | ||
| Q2 25 | 17.3% | 1.7% | ||
| Q1 25 | -15.4% | 2.0% | ||
| Q4 24 | 33.3% | -9.5% | ||
| Q3 24 | -12.8% | 2.7% | ||
| Q2 24 | 17.4% | 5.5% | ||
| Q1 24 | 29.7% | -5.8% |
每股收益（稀释后）LNCWHR
| Q4 25 | $4.32 | $1.92 | ||
| Q3 25 | $2.12 | $1.29 | ||
| Q2 25 | $3.80 | $1.17 | ||
| Q1 25 | $-4.41 | $1.28 | ||
| Q4 24 | $9.66 | $-7.11 | ||
| Q3 24 | $-3.29 | $2.00 | ||
| Q2 24 | $5.11 | $3.96 | ||
| Q1 24 | $6.93 | $-4.72 |
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 | — | $669.0M |
| 总债务越低越好 | $6.3B | $6.2B |
| 股东权益账面价值 | $10.9B | $2.7B |
| 总资产 | $417.2B | $16.0B |
| 负债/权益比越低杠杆越低 | 0.57× | 2.26× |
8季度趋势，按日历期对齐
现金及短期投资LNCWHR
| Q4 25 | — | $669.0M | ||
| Q3 25 | — | $934.0M | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $1.0B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | — | $1.2B |
总债务LNCWHR
| Q4 25 | $6.3B | $6.2B | ||
| Q3 25 | $5.8B | — | ||
| Q2 25 | $5.8B | — | ||
| Q1 25 | $5.9B | — | ||
| Q4 24 | $6.1B | $6.6B | ||
| Q3 24 | $5.9B | — | ||
| Q2 24 | $5.7B | — | ||
| Q1 24 | $5.7B | — |
股东权益LNCWHR
| Q4 25 | $10.9B | $2.7B | ||
| Q3 25 | $10.5B | $2.6B | ||
| Q2 25 | $9.5B | $2.6B | ||
| Q1 25 | $8.2B | $2.6B | ||
| Q4 24 | $8.3B | $2.7B | ||
| Q3 24 | $9.0B | $3.0B | ||
| Q2 24 | $7.9B | $3.1B | ||
| Q1 24 | $7.5B | $2.4B |
总资产LNCWHR
| Q4 25 | $417.2B | $16.0B | ||
| Q3 25 | $415.3B | $16.9B | ||
| Q2 25 | $399.1B | $16.8B | ||
| Q1 25 | $382.9B | $16.5B | ||
| Q4 24 | $390.8B | $16.3B | ||
| Q3 24 | $396.8B | $17.2B | ||
| Q2 24 | $384.5B | $17.3B | ||
| Q1 24 | $383.4B | $17.4B |
负债/权益比LNCWHR
| Q4 25 | 0.57× | 2.26× | ||
| Q3 25 | 0.55× | — | ||
| Q2 25 | 0.60× | — | ||
| Q1 25 | 0.72× | — | ||
| Q4 24 | 0.74× | 2.46× | ||
| 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 | $1.1B |
| 自由现金流经营现金流 - 资本支出 | — | $989.0M |
| 自由现金流率自由现金流/营收 | — | 24.1% |
| 资本支出强度资本支出/营收 | — | 3.7% |
| 现金转化率经营现金流/净利润 | 0.31× | 10.45× |
| 过去12个月自由现金流最近4个季度 | — | $81.0M |
8季度趋势，按日历期对齐
经营现金流LNCWHR
| Q4 25 | $233.0M | $1.1B | ||
| Q3 25 | $-1.1B | $33.0M | ||
| Q2 25 | $1.0B | $19.0M | ||
| Q1 25 | $-272.0M | $-721.0M | ||
| Q4 24 | $222.0M | $1.1B | ||
| Q3 24 | $-27.0M | $214.0M | ||
| Q2 24 | $-859.0M | $388.0M | ||
| Q1 24 | $-1.3B | $-873.0M |
自由现金流LNCWHR
| Q4 25 | — | $989.0M | ||
| Q3 25 | — | $-52.0M | ||
| Q2 25 | — | $-63.0M | ||
| Q1 25 | — | $-793.0M | ||
| Q4 24 | — | $970.0M | ||
| Q3 24 | — | $127.0M | ||
| Q2 24 | — | $275.0M | ||
| Q1 24 | — | $-988.0M |
自由现金流率LNCWHR
| Q4 25 | — | 24.1% | ||
| Q3 25 | — | -1.3% | ||
| Q2 25 | — | -1.7% | ||
| Q1 25 | — | -21.9% | ||
| Q4 24 | — | 23.5% | ||
| Q3 24 | — | 3.2% | ||
| Q2 24 | — | 6.9% | ||
| Q1 24 | — | -22.0% |
资本支出强度LNCWHR
| Q4 25 | — | 3.7% | ||
| Q3 25 | — | 2.1% | ||
| Q2 25 | — | 2.2% | ||
| Q1 25 | — | 2.0% | ||
| Q4 24 | — | 3.3% | ||
| Q3 24 | — | 2.2% | ||
| Q2 24 | — | 2.8% | ||
| Q1 24 | — | 2.6% |
现金转化率LNCWHR
| Q4 25 | 0.31× | 10.45× | ||
| Q3 25 | -2.56× | 0.45× | ||
| Q2 25 | 1.45× | 0.29× | ||
| Q1 25 | — | -10.15× | ||
| Q4 24 | 0.13× | — | ||
| Q3 24 | — | 1.96× | ||
| Q2 24 | -0.96× | 1.77× | ||
| Q1 24 | -1.10× | — |
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% |
WHR
| Refrigeration | $1.2B | 30% |
| Laundry | $1.1B | 27% |
| Cooking | $1.1B | 26% |
| Dishwashing | $299.0M | 7% |
| Other | $266.0M | 6% |
| Spare Parts And Warranties | $139.0M | 3% |
