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LPL Financial Holdings Inc.（LPLA）与Wabtec（WAB）财务数据对比。点击上方公司名可切换其他公司
LPL Financial Holdings Inc.的季度营收约是Wabtec的1.7倍（$4.9B vs $3.0B），Wabtec净利率更高（12.3% vs 6.1%，领先6.2%），LPL Financial Holdings Inc.同比增速更快（40.4% vs 13.0%），过去两年LPL Financial Holdings Inc.的营收复合增速更高（32.0% vs 5.6%）
LPL Financial Holdings Inc.成立于1989年，是美国规模最大的独立经纪自营商。截至2021年，公司拥有超17500名财务顾问，咨询及经纪类资产规模超1万亿美元，2023财年总营收约103亿美元，在波士顿、福特米尔、奥斯汀、圣迭戈设有核心办事处，是FINRA和SIPC成员。
西屋空气制动技术公司（通称Wabtec）是美国知名轨道交通设备企业，1999年由西屋空气制动公司（WABCO）与动力设备厂商MotivePower合并组建，总部设于宾夕法尼亚州匹兹堡，在全球轨交制动系统、牵引动力设备等领域拥有领先的技术实力与市场份额。
LPLA vs WAB — 直观对比
营收规模更大
LPLA
是对方的1.7倍
$3.0B
营收增速更快
LPLA
高出27.4%
13.0%
净利率更高
WAB
高出6.2%
6.1%
两年增速更快
LPLA
近两年复合增速
5.6%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $4.9B | $3.0B |
| 净利润 | $300.7M | $363.0M |
| 毛利率 | — | 36.0% |
| 营业利润率 | 8.1% | 17.5% |
| 净利率 | 6.1% | 12.3% |
| 营收同比 | 40.4% | 13.0% |
| 净利润同比 | 11.1% | 11.0% |
| 每股收益（稀释后） | $3.65 | $2.12 |
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LPLAWAB
| Q1 26 | — | $3.0B | ||
| Q4 25 | $4.9B | $3.0B | ||
| Q3 25 | $4.6B | $2.9B | ||
| Q2 25 | $3.8B | $2.7B | ||
| Q1 25 | $3.7B | $2.6B | ||
| Q4 24 | $3.5B | $2.6B | ||
| Q3 24 | $3.1B | $2.7B | ||
| Q2 24 | $2.9B | $2.6B |
净利润LPLAWAB
| Q1 26 | — | $363.0M | ||
| Q4 25 | $300.7M | $202.0M | ||
| Q3 25 | $-29.5M | $310.0M | ||
| Q2 25 | $273.2M | $336.0M | ||
| Q1 25 | $318.6M | $322.0M | ||
| Q4 24 | $270.7M | $212.0M | ||
| Q3 24 | $255.3M | $283.0M | ||
| Q2 24 | $243.8M | $289.0M |
毛利率LPLAWAB
| Q1 26 | — | 36.0% | ||
| Q4 25 | — | 32.6% | ||
| Q3 25 | — | 34.7% | ||
| Q2 25 | — | 34.7% | ||
| Q1 25 | — | 34.5% | ||
| Q4 24 | — | 30.9% | ||
| Q3 24 | — | 33.0% | ||
| Q2 24 | — | 33.1% |
营业利润率LPLAWAB
| Q1 26 | — | 17.5% | ||
| Q4 25 | 8.1% | 12.0% | ||
| Q3 25 | -0.7% | 17.0% | ||
| Q2 25 | 9.6% | 17.4% | ||
| Q1 25 | 11.4% | 18.2% | ||
| Q4 24 | 9.7% | 12.9% | ||
| Q3 24 | 11.2% | 16.3% | ||
| Q2 24 | 11.3% | 16.3% |
净利率LPLAWAB
| Q1 26 | — | 12.3% | ||
| Q4 25 | 6.1% | 6.8% | ||
| Q3 25 | -0.6% | 10.7% | ||
| Q2 25 | 7.1% | 12.4% | ||
| Q1 25 | 8.7% | 12.3% | ||
| Q4 24 | 7.7% | 8.2% | ||
| Q3 24 | 8.2% | 10.6% | ||
| Q2 24 | 8.3% | 10.9% |
每股收益（稀释后）LPLAWAB
| Q1 26 | — | $2.12 | ||
| Q4 25 | $3.65 | $1.18 | ||
| Q3 25 | $-0.37 | $1.81 | ||
| Q2 25 | $3.40 | $1.96 | ||
| Q1 25 | $4.24 | $1.88 | ||
| Q4 24 | $3.58 | $1.24 | ||
| Q3 24 | $3.39 | $1.63 | ||
| Q2 24 | $3.23 | $1.64 |
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 | $1.1B | — |
| 总债务越低越好 | $7.3B | $4.7B |
| 股东权益账面价值 | $5.3B | $11.1B |
| 总资产 | $18.5B | $23.2B |
| 负债/权益比越低杠杆越低 | 1.36× | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资LPLAWAB
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | — | ||
| Q3 25 | $1.6B | — | ||
| Q2 25 | $4.3B | — | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.0B | — | ||
| Q3 24 | $1.6B | — | ||
| Q2 24 | $1.4B | — |
总债务LPLAWAB
| Q1 26 | — | $4.7B | ||
| Q4 25 | $7.3B | $5.5B | ||
| Q3 25 | $7.5B | $5.3B | ||
| Q2 25 | $7.2B | $4.8B | ||
| Q1 25 | $5.7B | $4.0B | ||
| Q4 24 | $5.5B | $4.0B | ||
| Q3 24 | $4.4B | $4.0B | ||
| Q2 24 | $4.4B | $4.0B |
股东权益LPLAWAB
| Q1 26 | — | $11.1B | ||
| Q4 25 | $5.3B | $11.1B | ||
| Q3 25 | $5.0B | $11.0B | ||
| Q2 25 | $5.1B | $10.8B | ||
| Q1 25 | $3.1B | $10.4B | ||
| Q4 24 | $2.9B | $10.1B | ||
| Q3 24 | $2.8B | $10.3B | ||
| Q2 24 | $2.5B | $10.5B |
总资产LPLAWAB
| Q1 26 | — | $23.2B | ||
| Q4 25 | $18.5B | $22.1B | ||
| Q3 25 | $18.0B | $21.5B | ||
| Q2 25 | $17.5B | $20.4B | ||
| Q1 25 | $14.0B | $19.1B | ||
| Q4 24 | $13.3B | $18.7B | ||
| Q3 24 | $11.9B | $18.6B | ||
| Q2 24 | $11.5B | $18.9B |
负债/权益比LPLAWAB
| Q1 26 | — | 0.42× | ||
| Q4 25 | 1.36× | 0.50× | ||
| Q3 25 | 1.49× | 0.48× | ||
| Q2 25 | 1.41× | 0.44× | ||
| Q1 25 | 1.82× | 0.39× | ||
| Q4 24 | 1.87× | 0.39× | ||
| Q3 24 | 1.60× | 0.39× | ||
| Q2 24 | 1.77× | 0.38× |
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 | $785.0M | $199.0M |
| 自由现金流经营现金流 - 资本支出 | $613.3M | — |
| 自由现金流率自由现金流/营收 | 12.4% | — |
| 资本支出强度资本支出/营收 | 3.5% | — |
| 现金转化率经营现金流/净利润 | 2.61× | 0.55× |
| 过去12个月自由现金流最近4个季度 | $-981.8M | — |
8季度趋势，按日历期对齐
经营现金流LPLAWAB
| Q1 26 | — | $199.0M | ||
| Q4 25 | $785.0M | $992.0M | ||
| Q3 25 | $-1.7B | $367.0M | ||
| Q2 25 | $193.3M | $209.0M | ||
| Q1 25 | $339.8M | $191.0M | ||
| Q4 24 | $-178.8M | $723.0M | ||
| Q3 24 | $209.3M | $542.0M | ||
| Q2 24 | $-178.9M | $235.0M |
自由现金流LPLAWAB
| Q1 26 | — | — | ||
| Q4 25 | $613.3M | $870.0M | ||
| Q3 25 | $-1.9B | $312.0M | ||
| Q2 25 | $56.3M | $170.0M | ||
| Q1 25 | $220.3M | $147.0M | ||
| Q4 24 | $-344.3M | $639.0M | ||
| Q3 24 | $62.3M | $496.0M | ||
| Q2 24 | $-307.8M | $189.0M |
自由现金流率LPLAWAB
| Q1 26 | — | — | ||
| Q4 25 | 12.4% | 29.3% | ||
| Q3 25 | -41.1% | 10.8% | ||
| Q2 25 | 1.5% | 6.3% | ||
| Q1 25 | 6.0% | 5.6% | ||
| Q4 24 | -9.8% | 24.7% | ||
| Q3 24 | 2.0% | 18.6% | ||
| Q2 24 | -10.5% | 7.1% |
资本支出强度LPLAWAB
| Q1 26 | — | — | ||
| Q4 25 | 3.5% | 4.1% | ||
| Q3 25 | 3.1% | 1.9% | ||
| Q2 25 | 3.6% | 1.4% | ||
| Q1 25 | 3.3% | 1.7% | ||
| Q4 24 | 4.7% | 3.3% | ||
| Q3 24 | 4.7% | 1.7% | ||
| Q2 24 | 4.4% | 1.7% |
现金转化率LPLAWAB
| Q1 26 | — | 0.55× | ||
| Q4 25 | 2.61× | 4.91× | ||
| Q3 25 | — | 1.18× | ||
| Q2 25 | 0.71× | 0.62× | ||
| Q1 25 | 1.07× | 0.59× | ||
| Q4 24 | -0.66× | 3.41× | ||
| Q3 24 | 0.82× | 1.92× | ||
| Q2 24 | -0.73× | 0.81× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
