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QWEST CORP（CTBB）与SCANSOURCE, INC.（SCSC）财务数据对比。点击上方公司名可切换其他公司
QWEST CORP的季度营收约是SCANSOURCE, INC.的1.4倍（$1.1B vs $766.5M），SCANSOURCE, INC.净利率更高（2.2% vs -187.5%，领先189.6%），SCANSOURCE, INC.同比增速更快（2.5% vs -15.0%），QWEST CORP自由现金流更多（$160.0M vs $28.9M），过去两年SCANSOURCE, INC.的营收复合增速更高（0.9% vs -8.6%）
奎斯特公司（以CenturyLink QC名义运营）是一家隶属于 lumen Technologies 的地区性贝尔运营公司。其前身为1911年成立的山地电话电报公司，先后更名为山地贝尔、美国西部通讯，2000年改为现名，业务整合了原Malheur Bell、西北贝尔、太平洋西北贝尔的运营资源。
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。
CTBB vs SCSC — 直观对比
营收规模更大
CTBB
是对方的1.4倍
$766.5M
营收增速更快
SCSC
高出17.6%
-15.0%
净利率更高
SCSC
高出189.6%
-187.5%
自由现金流更多
CTBB
多$131.1M
$28.9M
两年增速更快
SCSC
近两年复合增速
-8.6%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.1B | $766.5M |
| 净利润 | $-2.1B | $16.5M |
| 毛利率 | 67.9% | 13.4% |
| 营业利润率 | -183.2% | 2.3% |
| 净利率 | -187.5% | 2.2% |
| 营收同比 | -15.0% | 2.5% |
| 净利润同比 | -627.9% | -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CTBBSCSC
| Q4 25 | $1.1B | $766.5M | ||
| Q3 25 | $1.1B | $739.6M | ||
| Q2 25 | $1.1B | $812.9M | ||
| Q1 25 | $1.2B | $704.8M | ||
| Q4 24 | $1.3B | $747.5M | ||
| Q3 24 | $1.3B | $775.6M | ||
| Q2 24 | $1.3B | $746.1M | ||
| Q1 24 | $1.3B | $752.6M |
净利润CTBBSCSC
| Q4 25 | $-2.1B | $16.5M | ||
| Q3 25 | $176.0M | $19.9M | ||
| Q2 25 | $277.0M | $20.1M | ||
| Q1 25 | $284.0M | $17.4M | ||
| Q4 24 | $391.0M | $17.1M | ||
| Q3 24 | $365.0M | $17.0M | ||
| Q2 24 | $378.0M | $16.1M | ||
| Q1 24 | $353.0M | $12.8M |
毛利率CTBBSCSC
| Q4 25 | 67.9% | 13.4% | ||
| Q3 25 | 65.3% | 14.5% | ||
| Q2 25 | 68.2% | 12.9% | ||
| Q1 25 | 69.3% | 14.2% | ||
| Q4 24 | 71.2% | 13.6% | ||
| Q3 24 | 69.9% | 13.1% | ||
| Q2 24 | 71.6% | 13.0% | ||
| Q1 24 | 71.9% | 12.6% |
营业利润率CTBBSCSC
| Q4 25 | -183.2% | 2.3% | ||
| Q3 25 | 22.3% | 3.5% | ||
| Q2 25 | 33.1% | 3.3% | ||
| Q1 25 | 33.7% | 3.2% | ||
| Q4 24 | 40.7% | 2.5% | ||
| Q3 24 | 38.5% | 2.3% | ||
| Q2 24 | 40.3% | 2.9% | ||
| Q1 24 | 37.6% | 2.3% |
净利率CTBBSCSC
| Q4 25 | -187.5% | 2.2% | ||
| Q3 25 | 16.1% | 2.7% | ||
| Q2 25 | 24.3% | 2.5% | ||
| Q1 25 | 24.7% | 2.5% | ||
| Q4 24 | 30.2% | 2.3% | ||
| Q3 24 | 28.2% | 2.2% | ||
| Q2 24 | 28.7% | 2.2% | ||
| Q1 24 | 26.8% | 1.7% |
每股收益（稀释后）CTBBSCSC
| 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 | $39.0M | $83.5M |
| 总债务越低越好 | $1.7B | — |
| 股东权益账面价值 | $10.9B | $910.9M |
| 总资产 | $15.8B | $1.7B |
| 负债/权益比越低杠杆越低 | 0.15× | — |
8季度趋势，按日历期对齐
现金及短期投资CTBBSCSC
| Q4 25 | $39.0M | $83.5M | ||
| Q3 25 | $36.0M | $124.9M | ||
| Q2 25 | $25.0M | $126.2M | ||
| Q1 25 | $40.0M | $146.3M | ||
| Q4 24 | $26.0M | $110.5M | ||
| Q3 24 | $22.0M | $145.0M | ||
| Q2 24 | $18.0M | $185.5M | ||
| Q1 24 | $14.0M | $159.1M |
总债务CTBBSCSC
| Q4 25 | $1.7B | — | ||
| Q3 25 | $1.7B | — | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $1.7B | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $1.7B | — | ||
| Q2 24 | $1.9B | — | ||
| Q1 24 | $1.9B | — |
股东权益CTBBSCSC
| Q4 25 | $10.9B | $910.9M | ||
| Q3 25 | $13.0B | $914.0M | ||
| Q2 25 | $12.8B | $906.4M | ||
| Q1 25 | $12.5B | $901.7M | ||
| Q4 24 | $12.2B | $900.7M | ||
| Q3 24 | $11.9B | $920.9M | ||
| Q2 24 | $11.5B | $924.3M | ||
| Q1 24 | $11.1B | $944.1M |
总资产CTBBSCSC
| Q4 25 | $15.8B | $1.7B | ||
| Q3 25 | $17.9B | $1.7B | ||
| Q2 25 | $17.8B | $1.8B | ||
| Q1 25 | $17.6B | $1.7B | ||
| Q4 24 | $17.4B | $1.7B | ||
| Q3 24 | $17.0B | $1.8B | ||
| Q2 24 | $16.6B | $1.8B | ||
| Q1 24 | $16.4B | $1.8B |
负债/权益比CTBBSCSC
| Q4 25 | 0.15× | — | ||
| Q3 25 | 0.13× | — | ||
| Q2 25 | 0.13× | — | ||
| Q1 25 | 0.13× | — | ||
| Q4 24 | 0.14× | — | ||
| Q3 24 | 0.14× | — | ||
| Q2 24 | 0.17× | — | ||
| Q1 24 | 0.17× | — |
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 | $402.0M | $30.8M |
| 自由现金流经营现金流 - 资本支出 | $160.0M | $28.9M |
| 自由现金流率自由现金流/营收 | 14.5% | 3.8% |
| 资本支出强度资本支出/营收 | 22.0% | 0.3% |
| 现金转化率经营现金流/净利润 | — | 1.87× |
| 过去12个月自由现金流最近4个季度 | $938.0M | — |
8季度趋势，按日历期对齐
经营现金流CTBBSCSC
| Q4 25 | $402.0M | $30.8M | ||
| Q3 25 | $427.0M | $23.2M | ||
| Q2 25 | $480.0M | — | ||
| Q1 25 | $453.0M | $66.1M | ||
| Q4 24 | $548.0M | $-6.2M | ||
| Q3 24 | $627.0M | $44.8M | ||
| Q2 24 | $548.0M | — | ||
| Q1 24 | $471.0M | $160.2M |
自由现金流CTBBSCSC
| Q4 25 | $160.0M | $28.9M | ||
| Q3 25 | $252.0M | $20.8M | ||
| Q2 25 | $276.0M | — | ||
| Q1 25 | $250.0M | $64.6M | ||
| Q4 24 | $277.0M | $-8.2M | ||
| Q3 24 | $396.0M | $42.5M | ||
| Q2 24 | $280.0M | — | ||
| Q1 24 | $194.0M | $157.7M |
自由现金流率CTBBSCSC
| Q4 25 | 14.5% | 3.8% | ||
| Q3 25 | 23.1% | 2.8% | ||
| Q2 25 | 24.2% | — | ||
| Q1 25 | 21.7% | 9.2% | ||
| Q4 24 | 21.4% | -1.1% | ||
| Q3 24 | 30.6% | 5.5% | ||
| Q2 24 | 21.3% | — | ||
| Q1 24 | 14.7% | 21.0% |
资本支出强度CTBBSCSC
| Q4 25 | 22.0% | 0.3% | ||
| Q3 25 | 16.0% | 0.3% | ||
| Q2 25 | 17.9% | 0.3% | ||
| Q1 25 | 17.6% | 0.2% | ||
| Q4 24 | 20.9% | 0.3% | ||
| Q3 24 | 17.9% | 0.3% | ||
| Q2 24 | 20.4% | 0.2% | ||
| Q1 24 | 21.0% | 0.3% |
现金转化率CTBBSCSC
| Q4 25 | — | 1.87× | ||
| Q3 25 | 2.43× | 1.17× | ||
| Q2 25 | 1.73× | — | ||
| Q1 25 | 1.60× | 3.79× | ||
| Q4 24 | 1.40× | -0.36× | ||
| Q3 24 | 1.72× | 2.64× | ||
| Q2 24 | 1.45× | — | ||
| Q1 24 | 1.33× | 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
CTBB
| Nonrelated Party | $665.0M | 60% |
| Other | $436.0M | 40% |
SCSC
| Products And Services | $723.4M | 94% |
| Intelisys Advisory | $25.0M | 3% |
| Recurring Revenue | $18.2M | 2% |
