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是德科技（KEYS）与SCANSOURCE, INC.（SCSC）财务数据对比。点击上方公司名可切换其他公司
是德科技的季度营收约是SCANSOURCE, INC.的1.9倍（$1.4B vs $766.5M），是德科技净利率更高（16.4% vs 2.2%，领先14.3%），是德科技同比增速更快（10.3% vs 2.5%），是德科技自由现金流更多（$187.0M vs $28.9M），过去两年是德科技的营收复合增速更高（6.2% vs 0.9%）
是德科技是一家美国企业，主营电子测试测量设备与软件的研发、生产业务。公司由安捷伦科技拆分而来，核心产品线继承自惠普测试测量部门上世纪60年代末至千禧年间开发的相关产品，后独立为现有品牌。
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。
KEYS vs SCSC — 直观对比
营收规模更大
KEYS
是对方的1.9倍
$766.5M
营收增速更快
KEYS
高出7.7%
2.5%
净利率更高
KEYS
高出14.3%
2.2%
自由现金流更多
KEYS
多$158.1M
$28.9M
两年增速更快
KEYS
近两年复合增速
0.9%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.4B | $766.5M |
| 净利润 | $233.0M | $16.5M |
| 毛利率 | 61.2% | 13.4% |
| 营业利润率 | 15.3% | 2.3% |
| 净利率 | 16.4% | 2.2% |
| 营收同比 | 10.3% | 2.5% |
| 净利润同比 | 419.2% | -3.3% |
| 每股收益（稀释后） | $1.35 | $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KEYSSCSC
| Q4 25 | $1.4B | $766.5M | ||
| Q3 25 | $1.4B | $739.6M | ||
| Q2 25 | $1.3B | $812.9M | ||
| Q1 25 | $1.3B | $704.8M | ||
| Q4 24 | $1.3B | $747.5M | ||
| Q3 24 | $1.2B | $775.6M | ||
| Q2 24 | $1.2B | $746.1M | ||
| Q1 24 | $1.3B | $752.6M |
净利润KEYSSCSC
| Q4 25 | $233.0M | $16.5M | ||
| Q3 25 | $191.0M | $19.9M | ||
| Q2 25 | $257.0M | $20.1M | ||
| Q1 25 | $169.0M | $17.4M | ||
| Q4 24 | $-73.0M | $17.1M | ||
| Q3 24 | $389.0M | $17.0M | ||
| Q2 24 | $126.0M | $16.1M | ||
| Q1 24 | $172.0M | $12.8M |
毛利率KEYSSCSC
| Q4 25 | 61.2% | 13.4% | ||
| Q3 25 | 61.7% | 14.5% | ||
| Q2 25 | 62.3% | 12.9% | ||
| Q1 25 | 63.2% | 14.2% | ||
| Q4 24 | 62.3% | 13.6% | ||
| Q3 24 | 62.0% | 13.1% | ||
| Q2 24 | 62.7% | 13.0% | ||
| Q1 24 | 64.6% | 12.6% |
营业利润率KEYSSCSC
| Q4 25 | 15.3% | 2.3% | ||
| Q3 25 | 17.3% | 3.5% | ||
| Q2 25 | 15.8% | 3.3% | ||
| Q1 25 | 16.8% | 3.2% | ||
| Q4 24 | 17.9% | 2.5% | ||
| Q3 24 | 16.8% | 2.3% | ||
| Q2 24 | 14.6% | 2.9% | ||
| Q1 24 | 17.6% | 2.3% |
净利率KEYSSCSC
| Q4 25 | 16.4% | 2.2% | ||
| Q3 25 | 14.1% | 2.7% | ||
| Q2 25 | 19.7% | 2.5% | ||
| Q1 25 | 13.0% | 2.5% | ||
| Q4 24 | -5.7% | 2.3% | ||
| Q3 24 | 32.0% | 2.2% | ||
| Q2 24 | 10.4% | 2.2% | ||
| Q1 24 | 13.7% | 1.7% |
每股收益（稀释后）KEYSSCSC
| Q4 25 | $1.35 | $0.75 | ||
| Q3 25 | $1.10 | $0.89 | ||
| Q2 25 | $1.49 | $0.87 | ||
| Q1 25 | $0.97 | $0.74 | ||
| Q4 24 | $-0.41 | $0.70 | ||
| Q3 24 | $2.22 | $0.69 | ||
| Q2 24 | $0.72 | $0.66 | ||
| Q1 24 | $0.98 | $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 | $1.9B | $83.5M |
| 总债务越低越好 | $2.5B | — |
| 股东权益账面价值 | $5.9B | $910.9M |
| 总资产 | $11.3B | $1.7B |
| 负债/权益比越低杠杆越低 | 0.43× | — |
8季度趋势，按日历期对齐
现金及短期投资KEYSSCSC
| Q4 25 | $1.9B | $83.5M | ||
| Q3 25 | $2.6B | $124.9M | ||
| Q2 25 | $3.1B | $126.2M | ||
| Q1 25 | $2.1B | $146.3M | ||
| Q4 24 | $1.8B | $110.5M | ||
| Q3 24 | $1.6B | $145.0M | ||
| Q2 24 | $1.7B | $185.5M | ||
| Q1 24 | $1.7B | $159.1M |
总债务KEYSSCSC
| Q4 25 | $2.5B | — | ||
| Q3 25 | $2.5B | — | ||
| Q2 25 | $2.5B | — | ||
| Q1 25 | $1.8B | — | ||
| Q4 24 | $1.8B | — | ||
| Q3 24 | $1.8B | — | ||
| Q2 24 | $1.8B | — | ||
| Q1 24 | $1.8B | — |
股东权益KEYSSCSC
| Q4 25 | $5.9B | $910.9M | ||
| Q3 25 | $5.7B | $914.0M | ||
| Q2 25 | $5.5B | $906.4M | ||
| Q1 25 | $5.2B | $901.7M | ||
| Q4 24 | $5.1B | $900.7M | ||
| Q3 24 | $5.2B | $920.9M | ||
| Q2 24 | $4.9B | $924.3M | ||
| Q1 24 | $4.8B | $944.1M |
总资产KEYSSCSC
| Q4 25 | $11.3B | $1.7B | ||
| Q3 25 | $10.7B | $1.7B | ||
| Q2 25 | $10.5B | $1.8B | ||
| Q1 25 | $9.4B | $1.7B | ||
| Q4 24 | $9.3B | $1.7B | ||
| Q3 24 | $9.3B | $1.8B | ||
| Q2 24 | $9.0B | $1.8B | ||
| Q1 24 | $9.1B | $1.8B |
负债/权益比KEYSSCSC
| Q4 25 | 0.43× | — | ||
| Q3 25 | 0.45× | — | ||
| Q2 25 | 0.46× | — | ||
| Q1 25 | 0.35× | — | ||
| Q4 24 | 0.35× | — | ||
| Q3 24 | 0.34× | — | ||
| Q2 24 | 0.37× | — | ||
| Q1 24 | 0.38× | — |
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 | $225.0M | $30.8M |
| 自由现金流经营现金流 - 资本支出 | $187.0M | $28.9M |
| 自由现金流率自由现金流/营收 | 13.2% | 3.8% |
| 资本支出强度资本支出/营收 | 2.7% | 0.3% |
| 现金转化率经营现金流/净利润 | 0.97× | 1.87× |
| 过去12个月自由现金流最近4个季度 | $1.3B | — |
8季度趋势，按日历期对齐
经营现金流KEYSSCSC
| Q4 25 | $225.0M | $30.8M | ||
| Q3 25 | $322.0M | $23.2M | ||
| Q2 25 | $484.0M | — | ||
| Q1 25 | $378.0M | $66.1M | ||
| Q4 24 | $359.0M | $-6.2M | ||
| Q3 24 | $255.0M | $44.8M | ||
| Q2 24 | $110.0M | — | ||
| Q1 24 | $328.0M | $160.2M |
自由现金流KEYSSCSC
| Q4 25 | $187.0M | $28.9M | ||
| Q3 25 | $291.0M | $20.8M | ||
| Q2 25 | $457.0M | — | ||
| Q1 25 | $346.0M | $64.6M | ||
| Q4 24 | $321.0M | $-8.2M | ||
| Q3 24 | $222.0M | $42.5M | ||
| Q2 24 | $74.0M | — | ||
| Q1 24 | $281.0M | $157.7M |
自由现金流率KEYSSCSC
| Q4 25 | 13.2% | 3.8% | ||
| Q3 25 | 21.5% | 2.8% | ||
| Q2 25 | 35.0% | — | ||
| Q1 25 | 26.7% | 9.2% | ||
| Q4 24 | 24.9% | -1.1% | ||
| Q3 24 | 18.2% | 5.5% | ||
| Q2 24 | 6.1% | — | ||
| Q1 24 | 22.3% | 21.0% |
资本支出强度KEYSSCSC
| Q4 25 | 2.7% | 0.3% | ||
| Q3 25 | 2.3% | 0.3% | ||
| Q2 25 | 2.1% | 0.3% | ||
| Q1 25 | 2.5% | 0.2% | ||
| Q4 24 | 3.0% | 0.3% | ||
| Q3 24 | 2.7% | 0.3% | ||
| Q2 24 | 3.0% | 0.2% | ||
| Q1 24 | 3.7% | 0.3% |
现金转化率KEYSSCSC
| Q4 25 | 0.97× | 1.87× | ||
| Q3 25 | 1.69× | 1.17× | ||
| Q2 25 | 1.88× | — | ||
| Q1 25 | 2.24× | 3.79× | ||
| Q4 24 | — | -0.36× | ||
| Q3 24 | 0.66× | 2.64× | ||
| Q2 24 | 0.87× | — | ||
| Q1 24 | 1.91× | 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
KEYS
| Transferred At Point In Time | $790.0M | 56% |
| Electronicindustrial | $429.0M | 30% |
| Transferred Over Time | $200.0M | 14% |
SCSC
| Products And Services | $723.4M | 94% |
| Intelisys Advisory | $25.0M | 3% |
| Recurring Revenue | $18.2M | 2% |
