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DROPBOX, INC.（DBX）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DROPBOX, INC.的1.2倍（$766.5M vs $636.2M），DROPBOX, INC.净利率更高（17.1% vs 2.2%，领先14.9%），SCANSOURCE, INC.同比增速更快（2.5% vs -1.1%），DROPBOX, INC.自由现金流更多（$224.9M vs $28.9M），过去两年SCANSOURCE, INC.的营收复合增速更高（0.9% vs 0.4%）
Dropbox是总部位于美国加利福尼亚州旧金山的云服务企业，2007年由麻省理工学院学生德鲁·休斯顿与阿拉什·费尔多西创立，初创阶段获得创业孵化器Y Combinator的种子投资，核心业务包含云存储、文件同步、个人云及配套客户端软件等服务。
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。
DBX vs SCSC — 直观对比
营收规模更大
SCSC
是对方的1.2倍
$636.2M
营收增速更快
SCSC
高出3.7%
-1.1%
净利率更高
DBX
高出14.9%
2.2%
自由现金流更多
DBX
多$196.0M
$28.9M
两年增速更快
SCSC
近两年复合增速
0.4%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $636.2M | $766.5M |
| 净利润 | $108.7M | $16.5M |
| 毛利率 | 79.2% | 13.4% |
| 营业利润率 | 25.5% | 2.3% |
| 净利率 | 17.1% | 2.2% |
| 营收同比 | -1.1% | 2.5% |
| 净利润同比 | 5.7% | -3.3% |
| 每股收益（稀释后） | $0.43 | $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DBXSCSC
| Q4 25 | $636.2M | $766.5M | ||
| Q3 25 | $634.4M | $739.6M | ||
| Q2 25 | $625.7M | $812.9M | ||
| Q1 25 | $624.7M | $704.8M | ||
| Q4 24 | $643.6M | $747.5M | ||
| Q3 24 | $638.8M | $775.6M | ||
| Q2 24 | $634.5M | $746.1M | ||
| Q1 24 | $631.3M | $752.6M |
净利润DBXSCSC
| Q4 25 | $108.7M | $16.5M | ||
| Q3 25 | $123.8M | $19.9M | ||
| Q2 25 | $125.6M | $20.1M | ||
| Q1 25 | $150.3M | $17.4M | ||
| Q4 24 | $102.8M | $17.1M | ||
| Q3 24 | $106.7M | $17.0M | ||
| Q2 24 | $110.5M | $16.1M | ||
| Q1 24 | $132.3M | $12.8M |
毛利率DBXSCSC
| Q4 25 | 79.2% | 13.4% | ||
| Q3 25 | 79.8% | 14.5% | ||
| Q2 25 | 80.2% | 12.9% | ||
| Q1 25 | 81.3% | 14.2% | ||
| Q4 24 | 81.2% | 13.6% | ||
| Q3 24 | 82.5% | 13.1% | ||
| Q2 24 | 83.1% | 13.0% | ||
| Q1 24 | 83.2% | 12.6% |
营业利润率DBXSCSC
| Q4 25 | 25.5% | 2.3% | ||
| Q3 25 | 27.5% | 3.5% | ||
| Q2 25 | 26.9% | 3.3% | ||
| Q1 25 | 29.4% | 3.2% | ||
| Q4 24 | 13.7% | 2.5% | ||
| Q3 24 | 20.0% | 2.3% | ||
| Q2 24 | 20.0% | 2.9% | ||
| Q1 24 | 22.7% | 2.3% |
净利率DBXSCSC
| Q4 25 | 17.1% | 2.2% | ||
| Q3 25 | 19.5% | 2.7% | ||
| Q2 25 | 20.1% | 2.5% | ||
| Q1 25 | 24.1% | 2.5% | ||
| Q4 24 | 16.0% | 2.3% | ||
| Q3 24 | 16.7% | 2.2% | ||
| Q2 24 | 17.4% | 2.2% | ||
| Q1 24 | 21.0% | 1.7% |
每股收益（稀释后）DBXSCSC
| Q4 25 | $0.43 | $0.75 | ||
| Q3 25 | $0.47 | $0.89 | ||
| Q2 25 | $0.45 | $0.87 | ||
| Q1 25 | $0.51 | $0.74 | ||
| Q4 24 | $0.33 | $0.70 | ||
| Q3 24 | $0.34 | $0.69 | ||
| Q2 24 | $0.34 | $0.66 | ||
| Q1 24 | $0.39 | $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 | $891.3M | $83.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $-1.8B | $910.9M |
| 总资产 | $2.8B | $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DBXSCSC
| Q4 25 | $891.3M | $83.5M | ||
| Q3 25 | $730.7M | $124.9M | ||
| Q2 25 | $736.3M | $126.2M | ||
| Q1 25 | $942.2M | $146.3M | ||
| Q4 24 | $1.3B | $110.5M | ||
| Q3 24 | $517.6M | $145.0M | ||
| Q2 24 | $515.1M | $185.5M | ||
| Q1 24 | $548.9M | $159.1M |
股东权益DBXSCSC
| Q4 25 | $-1.8B | $910.9M | ||
| Q3 25 | $-1.5B | $914.0M | ||
| Q2 25 | $-1.3B | $906.4M | ||
| Q1 25 | $-1.1B | $901.7M | ||
| Q4 24 | $-752.4M | $900.7M | ||
| Q3 24 | $-546.1M | $920.9M | ||
| Q2 24 | $-371.3M | $924.3M | ||
| Q1 24 | $-277.2M | $944.1M |
总资产DBXSCSC
| Q4 25 | $2.8B | $1.7B | ||
| Q3 25 | $2.8B | $1.7B | ||
| Q2 25 | $2.8B | $1.8B | ||
| Q1 25 | $3.0B | $1.7B | ||
| Q4 24 | $3.3B | $1.7B | ||
| Q3 24 | $2.6B | $1.8B | ||
| Q2 24 | $2.7B | $1.8B | ||
| Q1 24 | $2.8B | $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 | $235.4M | $30.8M |
| 自由现金流经营现金流 - 资本支出 | $224.9M | $28.9M |
| 自由现金流率自由现金流/营收 | 35.4% | 3.8% |
| 资本支出强度资本支出/营收 | 1.7% | 0.3% |
| 现金转化率经营现金流/净利润 | 2.17× | 1.87× |
| 过去12个月自由现金流最近4个季度 | $930.8M | — |
8季度趋势，按日历期对齐
经营现金流DBXSCSC
| Q4 25 | $235.4M | $30.8M | ||
| Q3 25 | $302.1M | $23.2M | ||
| Q2 25 | $260.5M | — | ||
| Q1 25 | $153.8M | $66.1M | ||
| Q4 24 | $213.8M | $-6.2M | ||
| Q3 24 | $274.2M | $44.8M | ||
| Q2 24 | $230.6M | — | ||
| Q1 24 | $175.5M | $160.2M |
自由现金流DBXSCSC
| Q4 25 | $224.9M | $28.9M | ||
| Q3 25 | $293.7M | $20.8M | ||
| Q2 25 | $258.5M | — | ||
| Q1 25 | $153.7M | $64.6M | ||
| Q4 24 | $210.5M | $-8.2M | ||
| Q3 24 | $270.1M | $42.5M | ||
| Q2 24 | $224.7M | — | ||
| Q1 24 | $166.3M | $157.7M |
自由现金流率DBXSCSC
| Q4 25 | 35.4% | 3.8% | ||
| Q3 25 | 46.3% | 2.8% | ||
| Q2 25 | 41.3% | — | ||
| Q1 25 | 24.6% | 9.2% | ||
| Q4 24 | 32.7% | -1.1% | ||
| Q3 24 | 42.3% | 5.5% | ||
| Q2 24 | 35.4% | — | ||
| Q1 24 | 26.3% | 21.0% |
资本支出强度DBXSCSC
| Q4 25 | 1.7% | 0.3% | ||
| Q3 25 | 1.3% | 0.3% | ||
| Q2 25 | 0.3% | 0.3% | ||
| Q1 25 | 0.0% | 0.2% | ||
| Q4 24 | 0.5% | 0.3% | ||
| Q3 24 | 0.6% | 0.3% | ||
| Q2 24 | 0.9% | 0.2% | ||
| Q1 24 | 1.5% | 0.3% |
现金转化率DBXSCSC
| Q4 25 | 2.17× | 1.87× | ||
| Q3 25 | 2.44× | 1.17× | ||
| Q2 25 | 2.07× | — | ||
| Q1 25 | 1.02× | 3.79× | ||
| Q4 24 | 2.08× | -0.36× | ||
| Q3 24 | 2.57× | 2.64× | ||
| Q2 24 | 2.09× | — | ||
| 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
DBX
| US | $355.3M | 56% |
| Non Us | $280.9M | 44% |
SCSC
| Products And Services | $723.4M | 94% |
| Intelisys Advisory | $25.0M | 3% |
| Recurring Revenue | $18.2M | 2% |
