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ADT Inc.（ADT）与SCANSOURCE, INC.（SCSC）财务数据对比。点击上方公司名可切换其他公司
ADT Inc.的季度营收约是SCANSOURCE, INC.的1.7倍（$1.3B vs $766.5M），ADT Inc.净利率更高（11.4% vs 2.2%，领先9.2%），ADT Inc.同比增速更快（2.9% vs 2.5%），ADT Inc.自由现金流更多（$323.5M vs $28.9M），过去两年ADT Inc.的营收复合增速更高（2.7% vs 0.9%）
ADT Inc.是美国头部安防企业，总部位于佛罗里达州博卡拉顿，业务覆盖美国与加拿大，为住宅、小型商户提供电子安防、消防防护及相关报警监控服务。公司2016年被阿波罗全球管理以69亿美元杠杆收购，2018年1月于纽约证券交易所上市。
ScanSource是全球领先的专业技术分销商，主营销售点系统、条码扫描设备、网络安全产品、云服务及通信解决方案，面向北美、拉美、欧洲的增值经销商、服务提供商及企业客户，覆盖零售、医疗、工业、公共部门等领域。
ADT vs SCSC — 直观对比
营收规模更大
ADT
是对方的1.7倍
$766.5M
营收增速更快
ADT
高出0.3%
2.5%
净利率更高
ADT
高出9.2%
2.2%
自由现金流更多
ADT
多$294.7M
$28.9M
两年增速更快
ADT
近两年复合增速
0.9%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $766.5M |
| 净利润 | $145.4M | $16.5M |
| 毛利率 | — | 13.4% |
| 营业利润率 | 26.1% | 2.3% |
| 净利率 | 11.4% | 2.2% |
| 营收同比 | 2.9% | 2.5% |
| 净利润同比 | -23.5% | -3.3% |
| 每股收益（稀释后） | — | $0.75 |
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ADTSCSC
| Q4 25 | $1.3B | $766.5M | ||
| Q3 25 | $1.3B | $739.6M | ||
| Q2 25 | $1.3B | $812.9M | ||
| Q1 25 | $1.3B | $704.8M | ||
| Q4 24 | $1.2B | $747.5M | ||
| Q3 24 | $1.2B | $775.6M | ||
| Q2 24 | $1.2B | $746.1M | ||
| Q1 24 | $1.2B | $752.6M |
净利润ADTSCSC
| Q4 25 | $145.4M | $16.5M | ||
| Q3 25 | $145.1M | $19.9M | ||
| Q2 25 | $165.2M | $20.1M | ||
| Q1 25 | $140.2M | $17.4M | ||
| Q4 24 | $190.0M | $17.1M | ||
| Q3 24 | $127.2M | $17.0M | ||
| Q2 24 | $92.4M | $16.1M | ||
| Q1 24 | $91.6M | $12.8M |
毛利率ADTSCSC
| Q4 25 | — | 13.4% | ||
| Q3 25 | — | 14.5% | ||
| Q2 25 | — | 12.9% | ||
| Q1 25 | — | 14.2% | ||
| Q4 24 | — | 13.6% | ||
| Q3 24 | — | 13.1% | ||
| Q2 24 | — | 13.0% | ||
| Q1 24 | — | 12.6% |
营业利润率ADTSCSC
| Q4 25 | 26.1% | 2.3% | ||
| Q3 25 | 24.3% | 3.5% | ||
| Q2 25 | 26.6% | 3.3% | ||
| Q1 25 | 25.2% | 3.2% | ||
| Q4 24 | 32.4% | 2.5% | ||
| Q3 24 | 26.2% | 2.3% | ||
| Q2 24 | 23.6% | 2.9% | ||
| Q1 24 | 16.2% | 2.3% |
净利率ADTSCSC
| Q4 25 | 11.4% | 2.2% | ||
| Q3 25 | 11.2% | 2.7% | ||
| Q2 25 | 12.8% | 2.5% | ||
| Q1 25 | 11.1% | 2.5% | ||
| Q4 24 | 15.3% | 2.3% | ||
| Q3 24 | 10.2% | 2.2% | ||
| Q2 24 | 7.7% | 2.2% | ||
| Q1 24 | 7.6% | 1.7% |
每股收益（稀释后）ADTSCSC
| Q4 25 | — | $0.75 | ||
| Q3 25 | — | $0.89 | ||
| Q2 25 | — | $0.87 | ||
| Q1 25 | — | $0.74 | ||
| Q4 24 | — | $0.70 | ||
| Q3 24 | — | $0.69 | ||
| Q2 24 | — | $0.66 | ||
| Q1 24 | — | $0.50 |
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 | $80.8M | $83.5M |
| 总债务越低越好 | $7.4B | — |
| 股东权益账面价值 | $3.8B | $910.9M |
| 总资产 | $15.8B | $1.7B |
| 负债/权益比越低杠杆越低 | 1.95× | — |
8季度趋势，按日历期对齐
现金及短期投资ADTSCSC
| Q4 25 | $80.8M | $83.5M | ||
| Q3 25 | $62.8M | $124.9M | ||
| Q2 25 | $45.2M | $126.2M | ||
| Q1 25 | $3.7M | $146.3M | ||
| Q4 24 | $96.2M | $110.5M | ||
| Q3 24 | $95.3M | $145.0M | ||
| Q2 24 | $37.9M | $185.5M | ||
| Q1 24 | $4.0M | $159.1M |
总债务ADTSCSC
| Q4 25 | $7.4B | — | ||
| Q3 25 | $7.3B | — | ||
| Q2 25 | $6.8B | — | ||
| Q1 25 | $7.6B | — | ||
| Q4 24 | $7.5B | — | ||
| Q3 24 | $7.5B | — | ||
| Q2 24 | $7.5B | — | ||
| Q1 24 | $7.6B | — |
股东权益ADTSCSC
| Q4 25 | $3.8B | $910.9M | ||
| Q3 25 | $3.7B | $914.0M | ||
| Q2 25 | $3.7B | $906.4M | ||
| Q1 25 | $3.6B | $901.7M | ||
| Q4 24 | $3.8B | $900.7M | ||
| Q3 24 | $3.9B | $920.9M | ||
| Q2 24 | $3.8B | $924.3M | ||
| Q1 24 | $3.7B | $944.1M |
总资产ADTSCSC
| Q4 25 | $15.8B | $1.7B | ||
| Q3 25 | $16.0B | $1.7B | ||
| Q2 25 | $16.0B | $1.8B | ||
| Q1 25 | $15.8B | $1.7B | ||
| Q4 24 | $16.1B | $1.7B | ||
| Q3 24 | $16.1B | $1.8B | ||
| Q2 24 | $16.0B | $1.8B | ||
| Q1 24 | $15.9B | $1.8B |
负债/权益比ADTSCSC
| Q4 25 | 1.95× | — | ||
| Q3 25 | 1.99× | — | ||
| Q2 25 | 1.84× | — | ||
| Q1 25 | 2.10× | — | ||
| Q4 24 | 1.98× | — | ||
| Q3 24 | 1.93× | — | ||
| Q2 24 | 1.98× | — | ||
| Q1 24 | 2.03× | — |
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 | $373.6M | $30.8M |
| 自由现金流经营现金流 - 资本支出 | $323.5M | $28.9M |
| 自由现金流率自由现金流/营收 | 25.4% | 3.8% |
| 资本支出强度资本支出/营收 | 3.9% | 0.3% |
| 现金转化率经营现金流/净利润 | 2.57× | 1.87× |
| 过去12个月自由现金流最近4个季度 | $1.7B | — |
8季度趋势，按日历期对齐
经营现金流ADTSCSC
| Q4 25 | $373.6M | $30.8M | ||
| Q3 25 | $480.1M | $23.2M | ||
| Q2 25 | $563.9M | — | ||
| Q1 25 | $466.6M | $66.1M | ||
| Q4 24 | $459.7M | $-6.2M | ||
| Q3 24 | $498.2M | $44.8M | ||
| Q2 24 | $563.2M | — | ||
| Q1 24 | $363.8M | $160.2M |
自由现金流ADTSCSC
| Q4 25 | $323.5M | $28.9M | ||
| Q3 25 | $437.4M | $20.8M | ||
| Q2 25 | $526.3M | — | ||
| Q1 25 | $421.2M | $64.6M | ||
| Q4 24 | $426.0M | $-8.2M | ||
| Q3 24 | $455.5M | $42.5M | ||
| Q2 24 | $516.5M | — | ||
| Q1 24 | $323.1M | $157.7M |
自由现金流率ADTSCSC
| Q4 25 | 25.4% | 3.8% | ||
| Q3 25 | 33.7% | 2.8% | ||
| Q2 25 | 40.9% | — | ||
| Q1 25 | 33.2% | 9.2% | ||
| Q4 24 | 34.3% | -1.1% | ||
| Q3 24 | 36.6% | 5.5% | ||
| Q2 24 | 42.9% | — | ||
| Q1 24 | 26.7% | 21.0% |
资本支出强度ADTSCSC
| Q4 25 | 3.9% | 0.3% | ||
| Q3 25 | 3.3% | 0.3% | ||
| Q2 25 | 2.9% | 0.3% | ||
| Q1 25 | 3.6% | 0.2% | ||
| Q4 24 | 2.7% | 0.3% | ||
| Q3 24 | 3.4% | 0.3% | ||
| Q2 24 | 3.9% | 0.2% | ||
| Q1 24 | 3.4% | 0.3% |
现金转化率ADTSCSC
| Q4 25 | 2.57× | 1.87× | ||
| Q3 25 | 3.31× | 1.17× | ||
| Q2 25 | 3.41× | — | ||
| Q1 25 | 3.33× | 3.79× | ||
| Q4 24 | 2.42× | -0.36× | ||
| Q3 24 | 3.92× | 2.64× | ||
| Q2 24 | 6.10× | — | ||
| Q1 24 | 3.97× | 12.51× |
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
ADT
| Recurring Monthly Revenue | $1.0B | 82% |
| Installation Revenue | $103.0M | 8% |
| Other | $89.9M | 7% |
| Other Related Services | $36.0M | 3% |
SCSC
| Products And Services | $723.4M | 94% |
| Intelisys Advisory | $25.0M | 3% |
| Recurring Revenue | $18.2M | 2% |
