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柯蒂斯-莱特（CW）与SCANSOURCE, INC.（SCSC）财务数据对比。点击上方公司名可切换其他公司
柯蒂斯-莱特的季度营收约是SCANSOURCE, INC.的1.2倍（$947.0M vs $766.5M），柯蒂斯-莱特净利率更高（14.5% vs 2.2%，领先12.3%），柯蒂斯-莱特同比增速更快（14.9% vs 2.5%），柯蒂斯-莱特自由现金流更多（$315.1M vs $28.9M），过去两年柯蒂斯-莱特的营收复合增速更高（15.2% vs 0.9%）
柯蒂斯-莱特公司是总部位于美国北卡罗来纳州戴维森的制造与服务提供商，在美国内外均设有工厂及业务网点。公司1929年由柯蒂斯、莱特及多家供应商合并成立，成立之初即为美国最大航空企业，二战期间为美军生产了超14.2万台航空发动机。
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。
CW vs SCSC — 直观对比
营收规模更大
CW
是对方的1.2倍
$766.5M
营收增速更快
CW
高出12.3%
2.5%
净利率更高
CW
高出12.3%
2.2%
自由现金流更多
CW
多$286.2M
$28.9M
两年增速更快
CW
近两年复合增速
0.9%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $947.0M | $766.5M |
| 净利润 | $137.0M | $16.5M |
| 毛利率 | 37.5% | 13.4% |
| 营业利润率 | 19.2% | 2.3% |
| 净利率 | 14.5% | 2.2% |
| 营收同比 | 14.9% | 2.5% |
| 净利润同比 | 16.2% | -3.3% |
| 每股收益（稀释后） | $3.69 | $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CWSCSC
| Q4 25 | $947.0M | $766.5M | ||
| Q3 25 | $869.2M | $739.6M | ||
| Q2 25 | $876.6M | $812.9M | ||
| Q1 25 | $805.6M | $704.8M | ||
| Q4 24 | $824.3M | $747.5M | ||
| Q3 24 | $798.9M | $775.6M | ||
| Q2 24 | $784.8M | $746.1M | ||
| Q1 24 | $713.2M | $752.6M |
净利润CWSCSC
| Q4 25 | $137.0M | $16.5M | ||
| Q3 25 | $124.8M | $19.9M | ||
| Q2 25 | $121.1M | $20.1M | ||
| Q1 25 | $101.3M | $17.4M | ||
| Q4 24 | $117.9M | $17.1M | ||
| Q3 24 | $111.2M | $17.0M | ||
| Q2 24 | $99.5M | $16.1M | ||
| Q1 24 | $76.5M | $12.8M |
毛利率CWSCSC
| Q4 25 | 37.5% | 13.4% | ||
| Q3 25 | 37.7% | 14.5% | ||
| Q2 25 | 37.2% | 12.9% | ||
| Q1 25 | 36.3% | 14.2% | ||
| Q4 24 | 38.5% | 13.6% | ||
| Q3 24 | 37.3% | 13.1% | ||
| Q2 24 | 36.2% | 13.0% | ||
| Q1 24 | 35.6% | 12.6% |
营业利润率CWSCSC
| Q4 25 | 19.2% | 2.3% | ||
| Q3 25 | 19.1% | 3.5% | ||
| Q2 25 | 17.8% | 3.3% | ||
| Q1 25 | 16.0% | 3.2% | ||
| Q4 24 | 18.8% | 2.5% | ||
| Q3 24 | 18.1% | 2.3% | ||
| Q2 24 | 16.4% | 2.9% | ||
| Q1 24 | 14.0% | 2.3% |
净利率CWSCSC
| Q4 25 | 14.5% | 2.2% | ||
| Q3 25 | 14.4% | 2.7% | ||
| Q2 25 | 13.8% | 2.5% | ||
| Q1 25 | 12.6% | 2.5% | ||
| Q4 24 | 14.3% | 2.3% | ||
| Q3 24 | 13.9% | 2.2% | ||
| Q2 24 | 12.7% | 2.2% | ||
| Q1 24 | 10.7% | 1.7% |
每股收益（稀释后）CWSCSC
| Q4 25 | $3.69 | $0.75 | ||
| Q3 25 | $3.31 | $0.89 | ||
| Q2 25 | $3.19 | $0.87 | ||
| Q1 25 | $2.68 | $0.74 | ||
| Q4 24 | $3.09 | $0.70 | ||
| Q3 24 | $2.89 | $0.69 | ||
| Q2 24 | $2.58 | $0.66 | ||
| Q1 24 | $1.99 | $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 | — | $83.5M |
| 总债务越低越好 | $957.9M | — |
| 股东权益账面价值 | $2.5B | $910.9M |
| 总资产 | $5.2B | $1.7B |
| 负债/权益比越低杠杆越低 | 0.38× | — |
8季度趋势，按日历期对齐
现金及短期投资CWSCSC
| Q4 25 | — | $83.5M | ||
| Q3 25 | — | $124.9M | ||
| Q2 25 | — | $126.2M | ||
| Q1 25 | $226.5M | $146.3M | ||
| Q4 24 | $385.0M | $110.5M | ||
| Q3 24 | — | $145.0M | ||
| Q2 24 | — | $185.5M | ||
| Q1 24 | $338.0M | $159.1M |
总债务CWSCSC
| Q4 25 | $957.9M | — | ||
| Q3 25 | $968.6M | — | ||
| Q2 25 | $958.4M | — | ||
| Q1 25 | $958.6M | — | ||
| Q4 24 | $1.0B | — | ||
| Q3 24 | $1.0B | — | ||
| Q2 24 | $1.0B | — | ||
| Q1 24 | $1.1B | — |
股东权益CWSCSC
| Q4 25 | $2.5B | $910.9M | ||
| Q3 25 | $2.5B | $914.0M | ||
| Q2 25 | $2.7B | $906.4M | ||
| Q1 25 | $2.6B | $901.7M | ||
| Q4 24 | $2.4B | $900.7M | ||
| Q3 24 | $2.5B | $920.9M | ||
| Q2 24 | $2.5B | $924.3M | ||
| Q1 24 | $2.4B | $944.1M |
总资产CWSCSC
| Q4 25 | $5.2B | $1.7B | ||
| Q3 25 | $5.1B | $1.7B | ||
| Q2 25 | $5.2B | $1.8B | ||
| Q1 25 | $5.0B | $1.7B | ||
| Q4 24 | $5.0B | $1.7B | ||
| Q3 24 | $4.9B | $1.8B | ||
| Q2 24 | $4.7B | $1.8B | ||
| Q1 24 | $4.6B | $1.8B |
负债/权益比CWSCSC
| Q4 25 | 0.38× | — | ||
| Q3 25 | 0.38× | — | ||
| Q2 25 | 0.35× | — | ||
| Q1 25 | 0.37× | — | ||
| Q4 24 | 0.43× | — | ||
| Q3 24 | 0.42× | — | ||
| Q2 24 | 0.43× | — | ||
| Q1 24 | 0.44× | — |
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 | $352.7M | $30.8M |
| 自由现金流经营现金流 - 资本支出 | $315.1M | $28.9M |
| 自由现金流率自由现金流/营收 | 33.3% | 3.8% |
| 资本支出强度资本支出/营收 | 4.0% | 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 | $553.7M | — |
8季度趋势，按日历期对齐
经营现金流CWSCSC
| Q4 25 | $352.7M | $30.8M | ||
| Q3 25 | $192.8M | $23.2M | ||
| Q2 25 | $136.6M | — | ||
| Q1 25 | $-38.8M | $66.1M | ||
| Q4 24 | $301.3M | $-6.2M | ||
| Q3 24 | $177.3M | $44.8M | ||
| Q2 24 | $111.3M | — | ||
| Q1 24 | $-45.6M | $160.2M |
自由现金流CWSCSC
| Q4 25 | $315.1M | $28.9M | ||
| Q3 25 | $175.9M | $20.8M | ||
| Q2 25 | $117.2M | — | ||
| Q1 25 | $-54.5M | $64.6M | ||
| Q4 24 | $278.0M | $-8.2M | ||
| Q3 24 | $162.7M | $42.5M | ||
| Q2 24 | $100.3M | — | ||
| Q1 24 | $-57.7M | $157.7M |
自由现金流率CWSCSC
| Q4 25 | 33.3% | 3.8% | ||
| Q3 25 | 20.2% | 2.8% | ||
| Q2 25 | 13.4% | — | ||
| Q1 25 | -6.8% | 9.2% | ||
| Q4 24 | 33.7% | -1.1% | ||
| Q3 24 | 20.4% | 5.5% | ||
| Q2 24 | 12.8% | — | ||
| Q1 24 | -8.1% | 21.0% |
资本支出强度CWSCSC
| Q4 25 | 4.0% | 0.3% | ||
| Q3 25 | 1.9% | 0.3% | ||
| Q2 25 | 2.2% | 0.3% | ||
| Q1 25 | 2.0% | 0.2% | ||
| Q4 24 | 2.8% | 0.3% | ||
| Q3 24 | 1.8% | 0.3% | ||
| Q2 24 | 1.4% | 0.2% | ||
| Q1 24 | 1.7% | 0.3% |
现金转化率CWSCSC
| Q4 25 | 2.57× | 1.87× | ||
| Q3 25 | 1.54× | 1.17× | ||
| Q2 25 | 1.13× | — | ||
| Q1 25 | -0.38× | 3.79× | ||
| Q4 24 | 2.56× | -0.36× | ||
| Q3 24 | 1.59× | 2.64× | ||
| Q2 24 | 1.12× | — | ||
| Q1 24 | -0.60× | 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
CW
| Naval Power | $417.4M | 44% |
| Defense Electronics | $268.3M | 28% |
| Aerospace Industrial | $262.4M | 28% |
SCSC
| Products And Services | $723.4M | 94% |
| Intelisys Advisory | $25.0M | 3% |
| Recurring Revenue | $18.2M | 2% |
