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LINCOLN NATIONAL CORP（LNC）与Xcel Energy（XEL）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Xcel Energy的1.4倍（$4.9B vs $3.6B），Xcel Energy净利率更高（15.9% vs 15.3%，领先0.6%），Xcel Energy同比增速更快（14.1% vs -2.8%），过去两年LINCOLN NATIONAL CORP的营收复合增速更高（9.4% vs -1.2%）
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。
Xcel Energy是总部位于美国明尼苏达州明尼阿波利斯的受监管电力及天然气供应企业，截至2025年中业务覆盖美国八个州的部分区域，共服务约390万电力用户、220万天然气用户，旗下设有四家运营子公司。
LNC vs XEL — 直观对比
营收规模更大
LNC
是对方的1.4倍
$3.6B
营收增速更快
XEL
高出16.9%
-2.8%
净利率更高
XEL
高出0.6%
15.3%
两年增速更快
LNC
近两年复合增速
-1.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $4.9B | $3.6B |
| 净利润 | $755.0M | $567.0M |
| 毛利率 | — | — |
| 营业利润率 | 18.6% | 16.3% |
| 净利率 | 15.3% | 15.9% |
| 营收同比 | -2.8% | 14.1% |
| 净利润同比 | -55.2% | 22.2% |
| 每股收益（稀释后） | $4.32 | $0.95 |
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LNCXEL
| Q4 25 | $4.9B | $3.6B | ||
| Q3 25 | $4.6B | $3.9B | ||
| Q2 25 | $4.0B | $3.3B | ||
| Q1 25 | $4.7B | $3.9B | ||
| Q4 24 | $5.1B | $3.1B | ||
| Q3 24 | $4.1B | $3.6B | ||
| Q2 24 | $5.2B | $3.0B | ||
| Q1 24 | $4.1B | $3.6B |
净利润LNCXEL
| Q4 25 | $755.0M | $567.0M | ||
| Q3 25 | $445.0M | $524.0M | ||
| Q2 25 | $699.0M | $444.0M | ||
| Q1 25 | $-722.0M | $483.0M | ||
| Q4 24 | $1.7B | $464.0M | ||
| Q3 24 | $-528.0M | $682.0M | ||
| Q2 24 | $895.0M | $302.0M | ||
| Q1 24 | $1.2B | $488.0M |
营业利润率LNCXEL
| Q4 25 | 18.6% | 16.3% | ||
| Q3 25 | 11.5% | 19.1% | ||
| Q2 25 | 21.0% | 17.6% | ||
| Q1 25 | -20.2% | 17.3% | ||
| Q4 24 | 41.5% | 11.1% | ||
| Q3 24 | -17.1% | 25.0% | ||
| Q2 24 | 21.3% | 14.8% | ||
| Q1 24 | 37.1% | 18.6% |
净利率LNCXEL
| Q4 25 | 15.3% | 15.9% | ||
| Q3 25 | 9.8% | 13.4% | ||
| Q2 25 | 17.3% | 13.5% | ||
| Q1 25 | -15.4% | 12.4% | ||
| Q4 24 | 33.3% | 14.9% | ||
| Q3 24 | -12.8% | 18.7% | ||
| Q2 24 | 17.4% | 10.0% | ||
| Q1 24 | 29.7% | 13.4% |
每股收益（稀释后）LNCXEL
| Q4 25 | $4.32 | $0.95 | ||
| Q3 25 | $2.12 | $0.88 | ||
| Q2 25 | $3.80 | $0.75 | ||
| Q1 25 | $-4.41 | $0.84 | ||
| Q4 24 | $9.66 | $0.81 | ||
| Q3 24 | $-3.29 | $1.21 | ||
| Q2 24 | $5.11 | $0.54 | ||
| Q1 24 | $6.93 | $0.88 |
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 | $31.8B |
| 股东权益账面价值 | $10.9B | $23.6B |
| 总资产 | $417.2B | $81.4B |
| 负债/权益比越低杠杆越低 | 0.57× | 1.35× |
8季度趋势，按日历期对齐
现金及短期投资LNCXEL
| Q4 25 | — | — | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | — | $179.0M | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | — | $1.6B | ||
| Q1 24 | — | $501.0M |
总债务LNCXEL
| Q4 25 | $6.3B | $31.8B | ||
| Q3 25 | $5.8B | $32.0B | ||
| Q2 25 | $5.8B | $31.1B | ||
| Q1 25 | $5.9B | $29.4B | ||
| Q4 24 | $6.1B | $27.3B | ||
| Q3 24 | $5.9B | $27.5B | ||
| Q2 24 | $5.7B | $27.7B | ||
| Q1 24 | $5.7B | $26.4B |
股东权益LNCXEL
| Q4 25 | $10.9B | $23.6B | ||
| Q3 25 | $10.5B | $21.2B | ||
| Q2 25 | $9.5B | $21.0B | ||
| Q1 25 | $8.2B | $19.8B | ||
| Q4 24 | $8.3B | $19.5B | ||
| Q3 24 | $9.0B | $19.4B | ||
| Q2 24 | $7.9B | $18.0B | ||
| Q1 24 | $7.5B | $17.8B |
总资产LNCXEL
| Q4 25 | $417.2B | $81.4B | ||
| Q3 25 | $415.3B | $79.2B | ||
| Q2 25 | $399.1B | $75.3B | ||
| Q1 25 | $382.9B | $72.7B | ||
| Q4 24 | $390.8B | $70.0B | ||
| Q3 24 | $396.8B | $69.3B | ||
| Q2 24 | $384.5B | $67.9B | ||
| Q1 24 | $383.4B | $65.6B |
负债/权益比LNCXEL
| Q4 25 | 0.57× | 1.35× | ||
| Q3 25 | 0.55× | 1.51× | ||
| Q2 25 | 0.60× | 1.48× | ||
| Q1 25 | 0.72× | 1.48× | ||
| Q4 24 | 0.74× | 1.40× | ||
| Q3 24 | 0.65× | 1.42× | ||
| Q2 24 | 0.72× | 1.54× | ||
| Q1 24 | 0.76× | 1.48× |
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 | $209.0M |
| 自由现金流经营现金流 - 资本支出 | — | $-3.2B |
| 自由现金流率自由现金流/营收 | — | -90.7% |
| 资本支出强度资本支出/营收 | — | 96.5% |
| 现金转化率经营现金流/净利润 | 0.31× | 0.37× |
| 过去12个月自由现金流最近4个季度 | — | $-6.8B |
8季度趋势，按日历期对齐
经营现金流LNCXEL
| Q4 25 | $233.0M | $209.0M | ||
| Q3 25 | $-1.1B | $1.8B | ||
| Q2 25 | $1.0B | $1.1B | ||
| Q1 25 | $-272.0M | $1.0B | ||
| Q4 24 | $222.0M | $664.0M | ||
| Q3 24 | $-27.0M | $1.7B | ||
| Q2 24 | $-859.0M | $1.2B | ||
| Q1 24 | $-1.3B | $1.1B |
自由现金流LNCXEL
| Q4 25 | — | $-3.2B | ||
| Q3 25 | — | $-1.3B | ||
| Q2 25 | — | $-1.3B | ||
| Q1 25 | — | $-960.0M | ||
| Q4 24 | — | $-1.6B | ||
| Q3 24 | — | $-42.0M | ||
| Q2 24 | — | $-641.0M | ||
| Q1 24 | — | $-487.0M |
自由现金流率LNCXEL
| Q4 25 | — | -90.7% | ||
| Q3 25 | — | -33.0% | ||
| Q2 25 | — | -40.9% | ||
| Q1 25 | — | -24.6% | ||
| Q4 24 | — | -49.8% | ||
| Q3 24 | — | -1.2% | ||
| Q2 24 | — | -21.2% | ||
| Q1 24 | — | -13.3% |
资本支出强度LNCXEL
| Q4 25 | — | 96.5% | ||
| Q3 25 | — | 78.0% | ||
| Q2 25 | — | 73.8% | ||
| Q1 25 | — | 50.9% | ||
| Q4 24 | — | 71.1% | ||
| Q3 24 | — | 48.8% | ||
| Q2 24 | — | 60.5% | ||
| Q1 24 | — | 42.1% |
现金转化率LNCXEL
| Q4 25 | 0.31× | 0.37× | ||
| Q3 25 | -2.56× | 3.37× | ||
| Q2 25 | 1.45× | 2.43× | ||
| Q1 25 | — | 2.13× | ||
| Q4 24 | 0.13× | 1.43× | ||
| Q3 24 | — | 2.55× | ||
| Q2 24 | -0.96× | 3.94× | ||
| Q1 24 | -1.10× | 2.15× |
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% |
XEL
| Retail Distribution | $2.3B | 64% |
| Regulated Natural Gas Segment | $737.0M | 21% |
| Alternativeand Other | $212.0M | 6% |
| Transmission Services | $164.0M | 5% |
| Wholesale Distribution | $159.0M | 4% |
| Other Services | $8.0M | 0% |
