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DNOW Inc.（DNOW）与SCANSOURCE, INC.（SCSC）财务数据对比。点击上方公司名可切换其他公司
DNOW Inc.的季度营收约是SCANSOURCE, INC.的1.3倍（$959.0M vs $766.5M），SCANSOURCE, INC.净利率更高（2.2% vs -16.8%，领先18.9%），DNOW Inc.同比增速更快（68.0% vs 2.5%），DNOW Inc.自由现金流更多（$76.0M vs $28.9M），过去两年DNOW Inc.的营收复合增速更高（30.5% vs 0.9%）
DNOW Inc.（商业名称DistributionNOW）是一家全球工业及能源产品分销商，提供供应链管理、库存优化、技术支持服务，主营油气、可再生能源、制造、建筑等领域所需的零部件、设备及耗材，业务覆盖北美、欧洲及亚太地区。
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。
DNOW vs SCSC — 直观对比
营收规模更大
DNOW
是对方的1.3倍
$766.5M
营收增速更快
DNOW
高出65.4%
2.5%
净利率更高
SCSC
高出18.9%
-16.8%
自由现金流更多
DNOW
多$47.1M
$28.9M
两年增速更快
DNOW
近两年复合增速
0.9%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $959.0M | $766.5M |
| 净利润 | $-161.0M | $16.5M |
| 毛利率 | 5.2% | 13.4% |
| 营业利润率 | -19.6% | 2.3% |
| 净利率 | -16.8% | 2.2% |
| 营收同比 | 68.0% | 2.5% |
| 净利润同比 | -905.0% | -3.3% |
| 每股收益（稀释后） | $-1.42 | $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DNOWSCSC
| Q4 25 | $959.0M | $766.5M | ||
| Q3 25 | $634.0M | $739.6M | ||
| Q2 25 | $628.0M | $812.9M | ||
| Q1 25 | $599.0M | $704.8M | ||
| Q4 24 | $571.0M | $747.5M | ||
| Q3 24 | $606.0M | $775.6M | ||
| Q2 24 | $633.0M | $746.1M | ||
| Q1 24 | $563.0M | $752.6M |
净利润DNOWSCSC
| Q4 25 | $-161.0M | $16.5M | ||
| Q3 25 | $25.0M | $19.9M | ||
| Q2 25 | $25.0M | $20.1M | ||
| Q1 25 | $22.0M | $17.4M | ||
| Q4 24 | $20.0M | $17.1M | ||
| Q3 24 | $13.0M | $17.0M | ||
| Q2 24 | $24.0M | $16.1M | ||
| Q1 24 | $21.0M | $12.8M |
毛利率DNOWSCSC
| Q4 25 | 5.2% | 13.4% | ||
| Q3 25 | 22.9% | 14.5% | ||
| Q2 25 | 22.9% | 12.9% | ||
| Q1 25 | 23.2% | 14.2% | ||
| Q4 24 | 22.6% | 13.6% | ||
| Q3 24 | 22.3% | 13.1% | ||
| Q2 24 | 21.8% | 13.0% | ||
| Q1 24 | 22.9% | 12.6% |
营业利润率DNOWSCSC
| Q4 25 | -19.6% | 2.3% | ||
| Q3 25 | 5.2% | 3.5% | ||
| Q2 25 | 5.1% | 3.3% | ||
| Q1 25 | 5.0% | 3.2% | ||
| Q4 24 | 4.4% | 2.5% | ||
| Q3 24 | 3.8% | 2.3% | ||
| Q2 24 | 5.2% | 2.9% | ||
| Q1 24 | 5.0% | 2.3% |
净利率DNOWSCSC
| Q4 25 | -16.8% | 2.2% | ||
| Q3 25 | 3.9% | 2.7% | ||
| Q2 25 | 4.0% | 2.5% | ||
| Q1 25 | 3.7% | 2.5% | ||
| Q4 24 | 3.5% | 2.3% | ||
| Q3 24 | 2.1% | 2.2% | ||
| Q2 24 | 3.8% | 2.2% | ||
| Q1 24 | 3.7% | 1.7% |
每股收益（稀释后）DNOWSCSC
| Q4 25 | $-1.42 | $0.75 | ||
| Q3 25 | $0.23 | $0.89 | ||
| Q2 25 | $0.23 | $0.87 | ||
| Q1 25 | $0.20 | $0.74 | ||
| Q4 24 | $0.19 | $0.70 | ||
| Q3 24 | $0.12 | $0.69 | ||
| Q2 24 | $0.21 | $0.66 | ||
| Q1 24 | $0.19 | $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 | $164.0M | $83.5M |
| 总债务越低越好 | $411.0M | — |
| 股东权益账面价值 | $2.2B | $910.9M |
| 总资产 | $3.9B | $1.7B |
| 负债/权益比越低杠杆越低 | 0.18× | — |
8季度趋势，按日历期对齐
现金及短期投资DNOWSCSC
| Q4 25 | $164.0M | $83.5M | ||
| Q3 25 | $266.0M | $124.9M | ||
| Q2 25 | $232.0M | $126.2M | ||
| Q1 25 | $219.0M | $146.3M | ||
| Q4 24 | $256.0M | $110.5M | ||
| Q3 24 | $261.0M | $145.0M | ||
| Q2 24 | $197.0M | $185.5M | ||
| Q1 24 | $188.0M | $159.1M |
总债务DNOWSCSC
| Q4 25 | $411.0M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $0 | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益DNOWSCSC
| Q4 25 | $2.2B | $910.9M | ||
| Q3 25 | $1.2B | $914.0M | ||
| Q2 25 | $1.2B | $906.4M | ||
| Q1 25 | $1.1B | $901.7M | ||
| Q4 24 | $1.1B | $900.7M | ||
| Q3 24 | $1.1B | $920.9M | ||
| Q2 24 | $1.1B | $924.3M | ||
| Q1 24 | $1.1B | $944.1M |
总资产DNOWSCSC
| Q4 25 | $3.9B | $1.7B | ||
| Q3 25 | $1.7B | $1.7B | ||
| Q2 25 | $1.7B | $1.8B | ||
| Q1 25 | $1.7B | $1.7B | ||
| Q4 24 | $1.6B | $1.7B | ||
| Q3 24 | $1.6B | $1.8B | ||
| Q2 24 | $1.6B | $1.8B | ||
| Q1 24 | $1.6B | $1.8B |
负债/权益比DNOWSCSC
| Q4 25 | 0.18× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.00× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $83.0M | $30.8M |
| 自由现金流经营现金流 - 资本支出 | $76.0M | $28.9M |
| 自由现金流率自由现金流/营收 | 7.9% | 3.8% |
| 资本支出强度资本支出/营收 | 0.7% | 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 | $134.0M | — |
8季度趋势，按日历期对齐
经营现金流DNOWSCSC
| Q4 25 | $83.0M | $30.8M | ||
| Q3 25 | $43.0M | $23.2M | ||
| Q2 25 | $45.0M | — | ||
| Q1 25 | $-16.0M | $66.1M | ||
| Q4 24 | $122.0M | $-6.2M | ||
| Q3 24 | $74.0M | $44.8M | ||
| Q2 24 | $21.0M | — | ||
| Q1 24 | $81.0M | $160.2M |
自由现金流DNOWSCSC
| Q4 25 | $76.0M | $28.9M | ||
| Q3 25 | $39.0M | $20.8M | ||
| Q2 25 | $41.0M | — | ||
| Q1 25 | $-22.0M | $64.6M | ||
| Q4 24 | $119.0M | $-8.2M | ||
| Q3 24 | $72.0M | $42.5M | ||
| Q2 24 | $18.0M | — | ||
| Q1 24 | $80.0M | $157.7M |
自由现金流率DNOWSCSC
| Q4 25 | 7.9% | 3.8% | ||
| Q3 25 | 6.2% | 2.8% | ||
| Q2 25 | 6.5% | — | ||
| Q1 25 | -3.7% | 9.2% | ||
| Q4 24 | 20.8% | -1.1% | ||
| Q3 24 | 11.9% | 5.5% | ||
| Q2 24 | 2.8% | — | ||
| Q1 24 | 14.2% | 21.0% |
资本支出强度DNOWSCSC
| Q4 25 | 0.7% | 0.3% | ||
| Q3 25 | 0.6% | 0.3% | ||
| Q2 25 | 0.6% | 0.3% | ||
| Q1 25 | 1.0% | 0.2% | ||
| Q4 24 | 0.5% | 0.3% | ||
| Q3 24 | 0.3% | 0.3% | ||
| Q2 24 | 0.5% | 0.2% | ||
| Q1 24 | 0.2% | 0.3% |
现金转化率DNOWSCSC
| Q4 25 | — | 1.87× | ||
| Q3 25 | 1.72× | 1.17× | ||
| Q2 25 | 1.80× | — | ||
| Q1 25 | -0.73× | 3.79× | ||
| Q4 24 | 6.10× | -0.36× | ||
| Q3 24 | 5.69× | 2.64× | ||
| Q2 24 | 0.88× | — | ||
| Q1 24 | 3.86× | 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
DNOW
| Pipelines | $455.0M | 47% |
| Downstream And Industrial | $196.0M | 20% |
| Gas Utilities | $183.0M | 19% |
| Oil And Gas Properties | $105.0M | 11% |
| Other | $20.0M | 2% |
SCSC
| Products And Services | $723.4M | 94% |
| Intelisys Advisory | $25.0M | 3% |
| Recurring Revenue | $18.2M | 2% |
