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FIRST HORIZON CORP（FHN）与SCANSOURCE, INC.（SCSC）财务数据对比。点击上方公司名可切换其他公司
FIRST HORIZON CORP的季度营收约是SCANSOURCE, INC.的1.2倍（$888.0M vs $766.5M），FIRST HORIZON CORP净利率更高（29.4% vs 2.2%，领先27.2%），FIRST HORIZON CORP同比增速更快（21.8% vs 2.5%），FIRST HORIZON CORP自由现金流更多（$389.0M vs $28.9M），过去两年FIRST HORIZON CORP的营收复合增速更高（20.0% vs 0.9%）
第一地平线公司（前身为第一田纳西银行）是一家成立于1864年的金融服务企业，总部位于美国田纳西州孟菲斯市。该公司通过旗下子公司第一地平线银行开展业务，网点覆盖美国东南部12个州，是该区域第四大区域性银行。
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。
FHN vs SCSC — 直观对比
营收规模更大
FHN
是对方的1.2倍
$766.5M
营收增速更快
FHN
高出19.3%
2.5%
净利率更高
FHN
高出27.2%
2.2%
自由现金流更多
FHN
多$360.1M
$28.9M
两年增速更快
FHN
近两年复合增速
0.9%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $888.0M | $766.5M |
| 净利润 | $261.0M | $16.5M |
| 毛利率 | — | 13.4% |
| 营业利润率 | 38.5% | 2.3% |
| 净利率 | 29.4% | 2.2% |
| 营收同比 | 21.8% | 2.5% |
| 净利润同比 | 57.2% | -3.3% |
| 每股收益（稀释后） | $0.51 | $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FHNSCSC
| Q4 25 | $888.0M | $766.5M | ||
| Q3 25 | $889.0M | $739.6M | ||
| Q2 25 | $830.0M | $812.9M | ||
| Q1 25 | $812.0M | $704.8M | ||
| Q4 24 | $729.0M | $747.5M | ||
| Q3 24 | $827.0M | $775.6M | ||
| Q2 24 | — | $746.1M | ||
| Q1 24 | $819.0M | $752.6M |
净利润FHNSCSC
| Q4 25 | $261.0M | $16.5M | ||
| Q3 25 | $262.0M | $19.9M | ||
| Q2 25 | $241.0M | $20.1M | ||
| Q1 25 | $218.0M | $17.4M | ||
| Q4 24 | $166.0M | $17.1M | ||
| Q3 24 | $218.0M | $17.0M | ||
| Q2 24 | — | $16.1M | ||
| Q1 24 | $192.0M | $12.8M |
毛利率FHNSCSC
| Q4 25 | — | 13.4% | ||
| Q3 25 | — | 14.5% | ||
| Q2 25 | — | 12.9% | ||
| Q1 25 | — | 14.2% | ||
| Q4 24 | — | 13.6% | ||
| Q3 24 | — | 13.1% | ||
| Q2 24 | — | 13.0% | ||
| Q1 24 | — | 12.6% |
营业利润率FHNSCSC
| Q4 25 | 38.5% | 2.3% | ||
| Q3 25 | 38.7% | 3.5% | ||
| Q2 25 | 37.2% | 3.3% | ||
| Q1 25 | 35.1% | 3.2% | ||
| Q4 24 | 28.8% | 2.5% | ||
| Q3 24 | 34.0% | 2.3% | ||
| Q2 24 | — | 2.9% | ||
| Q1 24 | 31.0% | 2.3% |
净利率FHNSCSC
| Q4 25 | 29.4% | 2.2% | ||
| Q3 25 | 29.5% | 2.7% | ||
| Q2 25 | 29.0% | 2.5% | ||
| Q1 25 | 26.8% | 2.5% | ||
| Q4 24 | 22.8% | 2.3% | ||
| Q3 24 | 26.4% | 2.2% | ||
| Q2 24 | — | 2.2% | ||
| Q1 24 | 23.4% | 1.7% |
每股收益（稀释后）FHNSCSC
| Q4 25 | $0.51 | $0.75 | ||
| Q3 25 | $0.50 | $0.89 | ||
| Q2 25 | $0.45 | $0.87 | ||
| Q1 25 | $0.41 | $0.74 | ||
| Q4 24 | $0.29 | $0.70 | ||
| Q3 24 | $0.40 | $0.69 | ||
| Q2 24 | — | $0.66 | ||
| Q1 24 | $0.33 | $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 | — | — |
| 股东权益账面价值 | $8.8B | $910.9M |
| 总资产 | $83.9B | $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FHNSCSC
| Q4 25 | — | $83.5M | ||
| Q3 25 | — | $124.9M | ||
| Q2 25 | — | $126.2M | ||
| Q1 25 | — | $146.3M | ||
| Q4 24 | — | $110.5M | ||
| Q3 24 | — | $145.0M | ||
| Q2 24 | — | $185.5M | ||
| Q1 24 | — | $159.1M |
股东权益FHNSCSC
| Q4 25 | $8.8B | $910.9M | ||
| Q3 25 | $8.9B | $914.0M | ||
| Q2 25 | $9.0B | $906.4M | ||
| Q1 25 | $8.7B | $901.7M | ||
| Q4 24 | $8.8B | $900.7M | ||
| Q3 24 | $9.0B | $920.9M | ||
| Q2 24 | — | $924.3M | ||
| Q1 24 | $8.9B | $944.1M |
总资产FHNSCSC
| Q4 25 | $83.9B | $1.7B | ||
| Q3 25 | $83.2B | $1.7B | ||
| Q2 25 | $82.1B | $1.8B | ||
| Q1 25 | $81.5B | $1.7B | ||
| Q4 24 | $82.2B | $1.7B | ||
| Q3 24 | $82.6B | $1.8B | ||
| Q2 24 | — | $1.8B | ||
| Q1 24 | $81.8B | $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 | $396.0M | $30.8M |
| 自由现金流经营现金流 - 资本支出 | $389.0M | $28.9M |
| 自由现金流率自由现金流/营收 | 43.8% | 3.8% |
| 资本支出强度资本支出/营收 | 0.8% | 0.3% |
| 现金转化率经营现金流/净利润 | 1.52× | 1.87× |
| 过去12个月自由现金流最近4个季度 | $595.0M | — |
8季度趋势，按日历期对齐
经营现金流FHNSCSC
| Q4 25 | $396.0M | $30.8M | ||
| Q3 25 | $-200.0M | $23.2M | ||
| Q2 25 | $83.0M | — | ||
| Q1 25 | $349.0M | $66.1M | ||
| Q4 24 | $191.0M | $-6.2M | ||
| Q3 24 | $389.0M | $44.8M | ||
| Q2 24 | — | — | ||
| Q1 24 | $838.0M | $160.2M |
自由现金流FHNSCSC
| Q4 25 | $389.0M | $28.9M | ||
| Q3 25 | $-208.0M | $20.8M | ||
| Q2 25 | $74.0M | — | ||
| Q1 25 | $340.0M | $64.6M | ||
| Q4 24 | $174.0M | $-8.2M | ||
| Q3 24 | $383.0M | $42.5M | ||
| Q2 24 | — | — | ||
| Q1 24 | $828.0M | $157.7M |
自由现金流率FHNSCSC
| Q4 25 | 43.8% | 3.8% | ||
| Q3 25 | -23.4% | 2.8% | ||
| Q2 25 | 8.9% | — | ||
| Q1 25 | 41.9% | 9.2% | ||
| Q4 24 | 23.9% | -1.1% | ||
| Q3 24 | 46.3% | 5.5% | ||
| Q2 24 | — | — | ||
| Q1 24 | 101.1% | 21.0% |
资本支出强度FHNSCSC
| Q4 25 | 0.8% | 0.3% | ||
| Q3 25 | 0.9% | 0.3% | ||
| Q2 25 | 1.1% | 0.3% | ||
| Q1 25 | 1.1% | 0.2% | ||
| Q4 24 | 2.3% | 0.3% | ||
| Q3 24 | 0.7% | 0.3% | ||
| Q2 24 | — | 0.2% | ||
| Q1 24 | 1.2% | 0.3% |
现金转化率FHNSCSC
| Q4 25 | 1.52× | 1.87× | ||
| Q3 25 | -0.76× | 1.17× | ||
| Q2 25 | 0.34× | — | ||
| Q1 25 | 1.60× | 3.79× | ||
| Q4 24 | 1.15× | -0.36× | ||
| Q3 24 | 1.78× | 2.64× | ||
| Q2 24 | — | — | ||
| Q1 24 | 4.36× | 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
FHN
| Commercial Consumer And Wealth Segment | $776.0M | 87% |
| Other | $88.0M | 10% |
| Corporate | $24.0M | 3% |
SCSC
| Products And Services | $723.4M | 94% |
| Intelisys Advisory | $25.0M | 3% |
| Recurring Revenue | $18.2M | 2% |
