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FULLER H B CO（FUL）与SCANSOURCE, INC.（SCSC）财务数据对比。点击上方公司名可切换其他公司
FULLER H B CO的季度营收约是SCANSOURCE, INC.的1.2倍（$892.0M vs $766.5M），FULLER H B CO净利率更高（7.5% vs 2.2%，领先5.4%），SCANSOURCE, INC.同比增速更快（2.5% vs -2.8%），FULLER H B CO自由现金流更多（$68.9M vs $28.9M），过去两年FULLER H B CO的营收复合增速更高（5.0% vs 0.9%）
H.B.富勒公司是总部位于美国明尼苏达州圣保罗的跨国粘合剂制造企业，全球第四大粘合剂及密封剂生产商。公司拥有超过20000种产品，广泛应用于建筑、工程、电子、卫生用品、食品包装等领域，在26个国家设有81座生产基地，2024年员工规模约7500人。
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。
FUL vs SCSC — 直观对比
营收规模更大
FUL
是对方的1.2倍
$766.5M
营收增速更快
SCSC
高出5.4%
-2.8%
净利率更高
FUL
高出5.4%
2.2%
自由现金流更多
FUL
多$40.1M
$28.9M
两年增速更快
FUL
近两年复合增速
0.9%
损益表 — Q3 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $892.0M | $766.5M |
| 净利润 | $67.2M | $16.5M |
| 毛利率 | 32.0% | 13.4% |
| 营业利润率 | 12.3% | 2.3% |
| 净利率 | 7.5% | 2.2% |
| 营收同比 | -2.8% | 2.5% |
| 净利润同比 | 21.3% | -3.3% |
| 每股收益（稀释后） | $1.22 | $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FULSCSC
| Q4 25 | — | $766.5M | ||
| Q3 25 | $892.0M | $739.6M | ||
| Q2 25 | $898.1M | $812.9M | ||
| Q1 25 | — | $704.8M | ||
| Q4 24 | — | $747.5M | ||
| Q3 24 | $917.9M | $775.6M | ||
| Q2 24 | — | $746.1M | ||
| Q1 24 | $810.4M | $752.6M |
净利润FULSCSC
| Q4 25 | — | $16.5M | ||
| Q3 25 | $67.2M | $19.9M | ||
| Q2 25 | $41.8M | $20.1M | ||
| Q1 25 | — | $17.4M | ||
| Q4 24 | — | $17.1M | ||
| Q3 24 | $55.4M | $17.0M | ||
| Q2 24 | — | $16.1M | ||
| Q1 24 | $31.0M | $12.8M |
毛利率FULSCSC
| Q4 25 | — | 13.4% | ||
| Q3 25 | 32.0% | 14.5% | ||
| Q2 25 | 31.9% | 12.9% | ||
| Q1 25 | — | 14.2% | ||
| Q4 24 | — | 13.6% | ||
| Q3 24 | 30.0% | 13.1% | ||
| Q2 24 | — | 13.0% | ||
| Q1 24 | 29.5% | 12.6% |
营业利润率FULSCSC
| Q4 25 | — | 2.3% | ||
| Q3 25 | 12.3% | 3.5% | ||
| Q2 25 | 11.1% | 3.3% | ||
| Q1 25 | — | 3.2% | ||
| Q4 24 | — | 2.5% | ||
| Q3 24 | 11.4% | 2.3% | ||
| Q2 24 | — | 2.9% | ||
| Q1 24 | 8.3% | 2.3% |
净利率FULSCSC
| Q4 25 | — | 2.2% | ||
| Q3 25 | 7.5% | 2.7% | ||
| Q2 25 | 4.7% | 2.5% | ||
| Q1 25 | — | 2.5% | ||
| Q4 24 | — | 2.3% | ||
| Q3 24 | 6.0% | 2.2% | ||
| Q2 24 | — | 2.2% | ||
| Q1 24 | 3.8% | 1.7% |
每股收益（稀释后）FULSCSC
| Q4 25 | — | $0.75 | ||
| Q3 25 | $1.22 | $0.89 | ||
| Q2 25 | $0.76 | $0.87 | ||
| Q1 25 | — | $0.74 | ||
| Q4 24 | — | $0.70 | ||
| Q3 24 | $0.98 | $0.69 | ||
| Q2 24 | — | $0.66 | ||
| Q1 24 | $0.55 | $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 | $122.5M | $83.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.0B | $910.9M |
| 总资产 | $5.2B | $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FULSCSC
| Q4 25 | — | $83.5M | ||
| Q3 25 | $122.5M | $124.9M | ||
| Q2 25 | $96.8M | $126.2M | ||
| Q1 25 | — | $146.3M | ||
| Q4 24 | — | $110.5M | ||
| Q3 24 | $131.4M | $145.0M | ||
| Q2 24 | — | $185.5M | ||
| Q1 24 | $165.2M | $159.1M |
股东权益FULSCSC
| Q4 25 | — | $910.9M | ||
| Q3 25 | $2.0B | $914.0M | ||
| Q2 25 | $1.9B | $906.4M | ||
| Q1 25 | — | $901.7M | ||
| Q4 24 | — | $900.7M | ||
| Q3 24 | $1.8B | $920.9M | ||
| Q2 24 | — | $924.3M | ||
| Q1 24 | $1.8B | $944.1M |
总资产FULSCSC
| Q4 25 | — | $1.7B | ||
| Q3 25 | $5.2B | $1.7B | ||
| Q2 25 | $5.1B | $1.8B | ||
| Q1 25 | — | $1.7B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | $5.0B | $1.8B | ||
| Q2 24 | — | $1.8B | ||
| Q1 24 | $4.7B | $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 | $99.0M | $30.8M |
| 自由现金流经营现金流 - 资本支出 | $68.9M | $28.9M |
| 自由现金流率自由现金流/营收 | 7.7% | 3.8% |
| 资本支出强度资本支出/营收 | 3.4% | 0.3% |
| 现金转化率经营现金流/净利润 | 1.47× | 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FULSCSC
| Q4 25 | — | $30.8M | ||
| Q3 25 | $99.0M | $23.2M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $66.1M | ||
| Q4 24 | — | $-6.2M | ||
| Q3 24 | $169.4M | $44.8M | ||
| Q2 24 | — | — | ||
| Q1 24 | $47.4M | $160.2M |
自由现金流FULSCSC
| Q4 25 | — | $28.9M | ||
| Q3 25 | $68.9M | $20.8M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $64.6M | ||
| Q4 24 | — | $-8.2M | ||
| Q3 24 | $99.9M | $42.5M | ||
| Q2 24 | — | — | ||
| Q1 24 | $4.1M | $157.7M |
自由现金流率FULSCSC
| Q4 25 | — | 3.8% | ||
| Q3 25 | 7.7% | 2.8% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 9.2% | ||
| Q4 24 | — | -1.1% | ||
| Q3 24 | 10.9% | 5.5% | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.5% | 21.0% |
资本支出强度FULSCSC
| Q4 25 | — | 0.3% | ||
| Q3 25 | 3.4% | 0.3% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | — | 0.3% | ||
| Q3 24 | 7.6% | 0.3% | ||
| Q2 24 | — | 0.2% | ||
| Q1 24 | 5.3% | 0.3% |
现金转化率FULSCSC
| Q4 25 | — | 1.87× | ||
| Q3 25 | 1.47× | 1.17× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 3.79× | ||
| Q4 24 | — | -0.36× | ||
| Q3 24 | 3.06× | 2.64× | ||
| Q2 24 | — | — | ||
| Q1 24 | 1.53× | 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
FUL
| Hygiene Health And Consumable Adhesives | $386.1M | 43% |
| Engineering Adhesives | $272.3M | 31% |
| Building Adhesives Solutions | $233.7M | 26% |
SCSC
| Products And Services | $723.4M | 94% |
| Intelisys Advisory | $25.0M | 3% |
| Recurring Revenue | $18.2M | 2% |
