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Evolent Health, Inc.（EVH）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Evolent Health, Inc.的1.6倍（$766.5M vs $468.7M），SCANSOURCE, INC.净利率更高（2.2% vs -91.6%，领先93.7%），SCANSOURCE, INC.同比增速更快（2.5% vs -27.5%），过去两年SCANSOURCE, INC.的营收复合增速更高（0.9% vs -14.4%）
马奎尔健康是一家美国营利性医疗管理企业，目前为森特里奇旗下子公司，核心服务对象为特殊群体，业务聚焦医疗领域多个细分赛道。客户群体涵盖健康保险计划、其他管理式医疗机构、企业、工会、各类军事与政府机构以及第三方管理机构，2021年位列财富美国500强第390名。
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。
EVH vs SCSC — 直观对比
营收规模更大
SCSC
是对方的1.6倍
$468.7M
营收增速更快
SCSC
高出30.0%
-27.5%
净利率更高
SCSC
高出93.7%
-91.6%
两年增速更快
SCSC
近两年复合增速
-14.4%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $468.7M | $766.5M |
| 净利润 | $-429.1M | $16.5M |
| 毛利率 | 20.7% | 13.4% |
| 营业利润率 | -87.1% | 2.3% |
| 净利率 | -91.6% | 2.2% |
| 营收同比 | -27.5% | 2.5% |
| 净利润同比 | -1782.0% | -3.3% |
| 每股收益（稀释后） | $-3.76 | $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EVHSCSC
| Q4 25 | $468.7M | $766.5M | ||
| Q3 25 | $479.5M | $739.6M | ||
| Q2 25 | $444.3M | $812.9M | ||
| Q1 25 | $483.6M | $704.8M | ||
| Q4 24 | $646.5M | $747.5M | ||
| Q3 24 | $621.4M | $775.6M | ||
| Q2 24 | $647.1M | $746.1M | ||
| Q1 24 | $639.7M | $752.6M |
净利润EVHSCSC
| Q4 25 | $-429.1M | $16.5M | ||
| Q3 25 | $-20.9M | $19.9M | ||
| Q2 25 | $-19.9M | $20.1M | ||
| Q1 25 | $-64.6M | $17.4M | ||
| Q4 24 | $-22.8M | $17.1M | ||
| Q3 24 | $-23.1M | $17.0M | ||
| Q2 24 | $1.6M | $16.1M | ||
| Q1 24 | $-17.3M | $12.8M |
毛利率EVHSCSC
| Q4 25 | 20.7% | 13.4% | ||
| Q3 25 | 20.8% | 14.5% | ||
| Q2 25 | 22.6% | 12.9% | ||
| Q1 25 | 21.2% | 14.2% | ||
| Q4 24 | 11.7% | 13.6% | ||
| Q3 24 | 13.0% | 13.1% | ||
| Q2 24 | 16.5% | 13.0% | ||
| Q1 24 | 16.3% | 12.6% |
营业利润率EVHSCSC
| Q4 25 | -87.1% | 2.3% | ||
| Q3 25 | 0.2% | 3.5% | ||
| Q2 25 | -0.3% | 3.3% | ||
| Q1 25 | -0.3% | 3.2% | ||
| Q4 24 | -2.9% | 2.5% | ||
| Q3 24 | -2.6% | 2.3% | ||
| Q2 24 | 1.2% | 2.9% | ||
| Q1 24 | -2.1% | 2.3% |
净利率EVHSCSC
| Q4 25 | -91.6% | 2.2% | ||
| Q3 25 | -4.4% | 2.7% | ||
| Q2 25 | -4.5% | 2.5% | ||
| Q1 25 | -13.4% | 2.5% | ||
| Q4 24 | -3.5% | 2.3% | ||
| Q3 24 | -3.7% | 2.2% | ||
| Q2 24 | 0.2% | 2.2% | ||
| Q1 24 | -2.7% | 1.7% |
每股收益（稀释后）EVHSCSC
| Q4 25 | $-3.76 | $0.75 | ||
| Q3 25 | $-0.24 | $0.89 | ||
| Q2 25 | $-0.44 | $0.87 | ||
| Q1 25 | $-0.63 | $0.74 | ||
| Q4 24 | $-0.26 | $0.70 | ||
| Q3 24 | $-0.27 | $0.69 | ||
| Q2 24 | $-0.06 | $0.66 | ||
| Q1 24 | $-0.22 | $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 | $151.9M | $83.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $415.2M | $910.9M |
| 总资产 | $1.9B | $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EVHSCSC
| Q4 25 | $151.9M | $83.5M | ||
| Q3 25 | $116.7M | $124.9M | ||
| Q2 25 | $151.0M | $126.2M | ||
| Q1 25 | $246.5M | $146.3M | ||
| Q4 24 | $104.2M | $110.5M | ||
| Q3 24 | $96.6M | $145.0M | ||
| Q2 24 | $101.3M | $185.5M | ||
| Q1 24 | $165.1M | $159.1M |
股东权益EVHSCSC
| Q4 25 | $415.2M | $910.9M | ||
| Q3 25 | $842.2M | $914.0M | ||
| Q2 25 | $896.0M | $906.4M | ||
| Q1 25 | $935.5M | $901.7M | ||
| Q4 24 | $1.0B | $900.7M | ||
| Q3 24 | $1.0B | $920.9M | ||
| Q2 24 | $1.1B | $924.3M | ||
| Q1 24 | $1.0B | $944.1M |
总资产EVHSCSC
| Q4 25 | $1.9B | $1.7B | ||
| Q3 25 | $2.5B | $1.7B | ||
| Q2 25 | $2.5B | $1.8B | ||
| Q1 25 | $2.7B | $1.7B | ||
| Q4 24 | $2.5B | $1.7B | ||
| Q3 24 | $2.5B | $1.8B | ||
| Q2 24 | $2.5B | $1.8B | ||
| Q1 24 | $2.6B | $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 | $48.8M | $30.8M |
| 自由现金流经营现金流 - 资本支出 | — | $28.9M |
| 自由现金流率自由现金流/营收 | — | 3.8% |
| 资本支出强度资本支出/营收 | — | 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 | — | — |
8季度趋势，按日历期对齐
经营现金流EVHSCSC
| Q4 25 | $48.8M | $30.8M | ||
| Q3 25 | $15.8M | $23.2M | ||
| Q2 25 | $-30.3M | — | ||
| Q1 25 | $4.6M | $66.1M | ||
| Q4 24 | $-26.2M | $-6.2M | ||
| Q3 24 | $18.7M | $44.8M | ||
| Q2 24 | $21.4M | — | ||
| Q1 24 | $4.9M | $160.2M |
自由现金流EVHSCSC
| Q4 25 | — | $28.9M | ||
| Q3 25 | — | $20.8M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $64.6M | ||
| Q4 24 | — | $-8.2M | ||
| Q3 24 | — | $42.5M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $157.7M |
自由现金流率EVHSCSC
| Q4 25 | — | 3.8% | ||
| Q3 25 | — | 2.8% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 9.2% | ||
| Q4 24 | — | -1.1% | ||
| Q3 24 | — | 5.5% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 21.0% |
资本支出强度EVHSCSC
| Q4 25 | — | 0.3% | ||
| Q3 25 | — | 0.3% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | — | 0.3% | ||
| Q3 24 | — | 0.3% | ||
| Q2 24 | — | 0.2% | ||
| Q1 24 | — | 0.3% |
现金转化率EVHSCSC
| Q4 25 | — | 1.87× | ||
| Q3 25 | — | 1.17× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 3.79× | ||
| Q4 24 | — | -0.36× | ||
| Q3 24 | — | 2.64× | ||
| Q2 24 | 13.42× | — | ||
| Q1 24 | — | 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
EVH
| Commercial And Other Customers | $147.9M | 32% |
| Medicare Customers | $111.2M | 24% |
| Specialty Technology And Services Suite | $95.7M | 20% |
| Administrative Service | $55.8M | 12% |
| Cases | $47.7M | 10% |
| Related Party | $4.5M | 1% |
SCSC
| Products And Services | $723.4M | 94% |
| Intelisys Advisory | $25.0M | 3% |
| Recurring Revenue | $18.2M | 2% |
