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BLACK HILLS CORP（BKH）与SCANSOURCE, INC.（SCSC）财务数据对比。点击上方公司名可切换其他公司
SCANSOURCE, INC.的季度营收约是BLACK HILLS CORP的1.2倍（$766.5M vs $622.7M），BLACK HILLS CORP净利率更高（16.8% vs 2.2%，领先14.7%），BLACK HILLS CORP同比增速更快（6.4% vs 2.5%），SCANSOURCE, INC.自由现金流更多（$28.9M vs $-101.5M），过去两年SCANSOURCE, INC.的营收复合增速更高（0.9% vs -6.8%）
布莱克山集团是美国多元化能源企业，总部位于南达科他州拉皮德城，名称来源于当地的布莱克山区域。公司主营电力与天然气公用事业，服务覆盖南达科他、蒙大拿、怀俄明、科罗拉多等多个州，电力产品行销整个美国西部地区。
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。
BKH vs SCSC — 直观对比
营收规模更大
SCSC
是对方的1.2倍
$622.7M
营收增速更快
BKH
高出3.9%
2.5%
净利率更高
BKH
高出14.7%
2.2%
自由现金流更多
SCSC
多$130.4M
$-101.5M
两年增速更快
SCSC
近两年复合增速
-6.8%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $622.7M | $766.5M |
| 净利润 | $104.9M | $16.5M |
| 毛利率 | — | 13.4% |
| 营业利润率 | 27.5% | 2.3% |
| 净利率 | 16.8% | 2.2% |
| 营收同比 | 6.4% | 2.5% |
| 净利润同比 | 7.0% | -3.3% |
| 每股收益（稀释后） | $1.39 | $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BKHSCSC
| Q4 25 | $622.7M | $766.5M | ||
| Q3 25 | $427.4M | $739.6M | ||
| Q2 25 | $435.7M | $812.9M | ||
| Q1 25 | $800.4M | $704.8M | ||
| Q4 24 | $585.1M | $747.5M | ||
| Q3 24 | $398.6M | $775.6M | ||
| Q2 24 | $397.1M | $746.1M | ||
| Q1 24 | $717.2M | $752.6M |
净利润BKHSCSC
| Q4 25 | $104.9M | $16.5M | ||
| Q3 25 | $24.9M | $19.9M | ||
| Q2 25 | $27.5M | $20.1M | ||
| Q1 25 | $134.3M | $17.4M | ||
| Q4 24 | $98.0M | $17.1M | ||
| Q3 24 | $24.4M | $17.0M | ||
| Q2 24 | $22.8M | $16.1M | ||
| Q1 24 | $127.9M | $12.8M |
毛利率BKHSCSC
| 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BKHSCSC
| Q4 25 | 27.5% | 2.3% | ||
| Q3 25 | 18.4% | 3.5% | ||
| Q2 25 | 18.9% | 3.3% | ||
| Q1 25 | 25.6% | 3.2% | ||
| Q4 24 | 27.9% | 2.5% | ||
| Q3 24 | 19.0% | 2.3% | ||
| Q2 24 | 17.8% | 2.9% | ||
| Q1 24 | 27.0% | 2.3% |
净利率BKHSCSC
| Q4 25 | 16.8% | 2.2% | ||
| Q3 25 | 5.8% | 2.7% | ||
| Q2 25 | 6.3% | 2.5% | ||
| Q1 25 | 16.8% | 2.5% | ||
| Q4 24 | 16.7% | 2.3% | ||
| Q3 24 | 6.1% | 2.2% | ||
| Q2 24 | 5.7% | 2.2% | ||
| Q1 24 | 17.8% | 1.7% |
每股收益（稀释后）BKHSCSC
| Q4 25 | $1.39 | $0.75 | ||
| Q3 25 | $0.34 | $0.89 | ||
| Q2 25 | $0.38 | $0.87 | ||
| Q1 25 | $1.87 | $0.74 | ||
| Q4 24 | $1.36 | $0.70 | ||
| Q3 24 | $0.35 | $0.69 | ||
| Q2 24 | $0.33 | $0.66 | ||
| Q1 24 | $1.87 | $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 | $182.8M | $83.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.8B | $910.9M |
| 总资产 | $10.9B | $1.7B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资BKHSCSC
| Q4 25 | $182.8M | $83.5M | ||
| Q3 25 | $21.1M | $124.9M | ||
| Q2 25 | $8.1M | $126.2M | ||
| Q1 25 | $6.6M | $146.3M | ||
| Q4 24 | $16.1M | $110.5M | ||
| Q3 24 | $12.5M | $145.0M | ||
| Q2 24 | $624.8M | $185.5M | ||
| Q1 24 | $123.0M | $159.1M |
股东权益BKHSCSC
| Q4 25 | $3.8B | $910.9M | ||
| Q3 25 | $3.8B | $914.0M | ||
| Q2 25 | $3.6B | $906.4M | ||
| Q1 25 | $3.6B | $901.7M | ||
| Q4 24 | $3.5B | $900.7M | ||
| Q3 24 | $3.4B | $920.9M | ||
| Q2 24 | $3.4B | $924.3M | ||
| Q1 24 | $3.3B | $944.1M |
总资产BKHSCSC
| Q4 25 | $10.9B | $1.7B | ||
| Q3 25 | $10.3B | $1.7B | ||
| Q2 25 | $10.1B | $1.8B | ||
| Q1 25 | $10.1B | $1.7B | ||
| Q4 24 | $10.0B | $1.7B | ||
| Q3 24 | $9.7B | $1.8B | ||
| Q2 24 | $10.2B | $1.8B | ||
| Q1 24 | $9.7B | $1.8B |
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 | $168.1M | $30.8M |
| 自由现金流经营现金流 - 资本支出 | $-101.5M | $28.9M |
| 自由现金流率自由现金流/营收 | -16.3% | 3.8% |
| 资本支出强度资本支出/营收 | 43.3% | 0.3% |
| 现金转化率经营现金流/净利润 | 1.60× | 1.87× |
| 过去12个月自由现金流最近4个季度 | $-146.4M | — |
8季度趋势，按日历期对齐
经营现金流BKHSCSC
| Q4 25 | $168.1M | $30.8M | ||
| Q3 25 | $88.9M | $23.2M | ||
| Q2 25 | $188.6M | — | ||
| Q1 25 | $227.8M | $66.1M | ||
| Q4 24 | $153.2M | $-6.2M | ||
| Q3 24 | $102.1M | $44.8M | ||
| Q2 24 | $230.6M | — | ||
| Q1 24 | $233.4M | $160.2M |
自由现金流BKHSCSC
| Q4 25 | $-101.5M | $28.9M | ||
| Q3 25 | $-89.5M | $20.8M | ||
| Q2 25 | $-30.3M | — | ||
| Q1 25 | $74.9M | $64.6M | ||
| Q4 24 | $-60.5M | $-8.2M | ||
| Q3 24 | $-86.0M | $42.5M | ||
| Q2 24 | $64.4M | — | ||
| Q1 24 | $57.2M | $157.7M |
自由现金流率BKHSCSC
| Q4 25 | -16.3% | 3.8% | ||
| Q3 25 | -20.9% | 2.8% | ||
| Q2 25 | -7.0% | — | ||
| Q1 25 | 9.4% | 9.2% | ||
| Q4 24 | -10.3% | -1.1% | ||
| Q3 24 | -21.6% | 5.5% | ||
| Q2 24 | 16.2% | — | ||
| Q1 24 | 8.0% | 21.0% |
资本支出强度BKHSCSC
| Q4 25 | 43.3% | 0.3% | ||
| Q3 25 | 41.7% | 0.3% | ||
| Q2 25 | 50.2% | 0.3% | ||
| Q1 25 | 19.1% | 0.2% | ||
| Q4 24 | 36.5% | 0.3% | ||
| Q3 24 | 47.2% | 0.3% | ||
| Q2 24 | 41.9% | 0.2% | ||
| Q1 24 | 24.6% | 0.3% |
现金转化率BKHSCSC
| Q4 25 | 1.60× | 1.87× | ||
| Q3 25 | 3.57× | 1.17× | ||
| Q2 25 | 6.86× | — | ||
| Q1 25 | 1.70× | 3.79× | ||
| Q4 24 | 1.56× | -0.36× | ||
| Q3 24 | 4.18× | 2.64× | ||
| Q2 24 | 10.11× | — | ||
| Q1 24 | 1.82× | 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
BKH
| Gas Utilities | $391.1M | 63% |
| Retail Electric Natural Gasand Coal | $189.7M | 30% |
| Other | $15.3M | 2% |
| Market Off System Sales | $13.6M | 2% |
| Transferred At Point In Time | $8.9M | 1% |
| Wholesale | $4.9M | 1% |
| Inter Segment Revenues | $2.4M | 0% |
SCSC
| Products And Services | $723.4M | 94% |
| Intelisys Advisory | $25.0M | 3% |
| Recurring Revenue | $18.2M | 2% |
