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麦格劳希尔（MH）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.的季度营收约是麦格劳希尔的1.8倍（$766.5M vs $434.2M），SCANSOURCE, INC.净利率更高（2.2% vs -4.7%，领先6.8%），SCANSOURCE, INC.同比增速更快（2.5% vs -35.1%），麦格劳希尔自由现金流更多（$285.4M vs $28.9M）
麦格劳希尔是美国知名教育科技企业，面向K12、高等教育及职业领域的师生提供多元教育内容、软件与服务。核心产品包含教材、数字学习工具及自适应技术，助力优化学习体验、提升学习效果，是与霍顿米夫林哈考特、培生教育齐名的全球三大教育出版商之一。
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。
MH vs SCSC — 直观对比
营收规模更大
SCSC
是对方的1.8倍
$434.2M
营收增速更快
SCSC
高出37.7%
-35.1%
净利率更高
SCSC
高出6.8%
-4.7%
自由现金流更多
MH
多$256.5M
$28.9M
损益表 — Q3 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $434.2M | $766.5M |
| 净利润 | $-20.2M | $16.5M |
| 毛利率 | 85.3% | 13.4% |
| 营业利润率 | 7.0% | 2.3% |
| 净利率 | -4.7% | 2.2% |
| 营收同比 | -35.1% | 2.5% |
| 净利润同比 | -119.2% | -3.3% |
| 每股收益（稀释后） | $-0.11 | $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MHSCSC
| Q4 25 | $434.2M | $766.5M | ||
| Q3 25 | $669.2M | $739.6M | ||
| Q2 25 | $535.7M | $812.9M | ||
| Q1 25 | — | $704.8M | ||
| Q4 24 | — | $747.5M | ||
| Q3 24 | — | $775.6M | ||
| Q2 24 | — | $746.1M | ||
| Q1 24 | — | $752.6M |
净利润MHSCSC
| Q4 25 | $-20.2M | $16.5M | ||
| Q3 25 | $105.3M | $19.9M | ||
| Q2 25 | $502.0K | $20.1M | ||
| Q1 25 | — | $17.4M | ||
| Q4 24 | — | $17.1M | ||
| Q3 24 | — | $17.0M | ||
| Q2 24 | — | $16.1M | ||
| Q1 24 | — | $12.8M |
毛利率MHSCSC
| Q4 25 | 85.3% | 13.4% | ||
| Q3 25 | 79.2% | 14.5% | ||
| Q2 25 | 77.0% | 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MHSCSC
| Q4 25 | 7.0% | 2.3% | ||
| Q3 25 | 23.4% | 3.5% | ||
| Q2 25 | 18.0% | 3.3% | ||
| Q1 25 | — | 3.2% | ||
| Q4 24 | — | 2.5% | ||
| Q3 24 | — | 2.3% | ||
| Q2 24 | — | 2.9% | ||
| Q1 24 | — | 2.3% |
净利率MHSCSC
| Q4 25 | -4.7% | 2.2% | ||
| Q3 25 | 15.7% | 2.7% | ||
| Q2 25 | 0.1% | 2.5% | ||
| Q1 25 | — | 2.5% | ||
| Q4 24 | — | 2.3% | ||
| Q3 24 | — | 2.2% | ||
| Q2 24 | — | 2.2% | ||
| Q1 24 | — | 1.7% |
每股收益（稀释后）MHSCSC
| Q4 25 | $-0.11 | $0.75 | ||
| Q3 25 | $0.57 | $0.89 | ||
| Q2 25 | $0.00 | $0.87 | ||
| Q1 25 | — | $0.74 | ||
| Q4 24 | — | $0.70 | ||
| Q3 24 | — | $0.69 | ||
| Q2 24 | — | $0.66 | ||
| Q1 24 | — | $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 | $514.4M | $83.5M |
| 总债务越低越好 | $2.6B | — |
| 股东权益账面价值 | $775.3M | $910.9M |
| 总资产 | $5.6B | $1.7B |
| 负债/权益比越低杠杆越低 | 3.36× | — |
8季度趋势，按日历期对齐
现金及短期投资MHSCSC
| Q4 25 | $514.4M | $83.5M | ||
| Q3 25 | $463.2M | $124.9M | ||
| Q2 25 | $247.3M | $126.2M | ||
| Q1 25 | — | $146.3M | ||
| Q4 24 | — | $110.5M | ||
| Q3 24 | — | $145.0M | ||
| Q2 24 | — | $185.5M | ||
| Q1 24 | — | $159.1M |
总债务MHSCSC
| Q4 25 | $2.6B | — | ||
| Q3 25 | $2.8B | — | ||
| Q2 25 | $3.2B | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益MHSCSC
| Q4 25 | $775.3M | $910.9M | ||
| Q3 25 | $794.6M | $914.0M | ||
| Q2 25 | $283.3M | $906.4M | ||
| Q1 25 | — | $901.7M | ||
| Q4 24 | — | $900.7M | ||
| Q3 24 | — | $920.9M | ||
| Q2 24 | — | $924.3M | ||
| Q1 24 | — | $944.1M |
总资产MHSCSC
| Q4 25 | $5.6B | $1.7B | ||
| Q3 25 | $6.0B | $1.7B | ||
| Q2 25 | $5.7B | $1.8B | ||
| Q1 25 | — | $1.7B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $1.8B | ||
| Q2 24 | — | $1.8B | ||
| Q1 24 | — | $1.8B |
负债/权益比MHSCSC
| Q4 25 | 3.36× | — | ||
| Q3 25 | 3.52× | — | ||
| Q2 25 | 11.17× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| 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 | $309.0M | $30.8M |
| 自由现金流经营现金流 - 资本支出 | $285.4M | $28.9M |
| 自由现金流率自由现金流/营收 | 65.7% | 3.8% |
| 资本支出强度资本支出/营收 | 5.4% | 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MHSCSC
| Q4 25 | $309.0M | $30.8M | ||
| Q3 25 | $265.0M | $23.2M | ||
| Q2 25 | $-96.7M | — | ||
| Q1 25 | — | $66.1M | ||
| Q4 24 | — | $-6.2M | ||
| Q3 24 | — | $44.8M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $160.2M |
自由现金流MHSCSC
| Q4 25 | $285.4M | $28.9M | ||
| Q3 25 | $243.8M | $20.8M | ||
| Q2 25 | $-112.9M | — | ||
| Q1 25 | — | $64.6M | ||
| Q4 24 | — | $-8.2M | ||
| Q3 24 | — | $42.5M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $157.7M |
自由现金流率MHSCSC
| Q4 25 | 65.7% | 3.8% | ||
| Q3 25 | 36.4% | 2.8% | ||
| Q2 25 | -21.1% | — | ||
| Q1 25 | — | 9.2% | ||
| Q4 24 | — | -1.1% | ||
| Q3 24 | — | 5.5% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 21.0% |
资本支出强度MHSCSC
| Q4 25 | 5.4% | 0.3% | ||
| Q3 25 | 3.2% | 0.3% | ||
| Q2 25 | 3.0% | 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MHSCSC
| Q4 25 | — | 1.87× | ||
| Q3 25 | 2.52× | 1.17× | ||
| Q2 25 | -192.53× | — | ||
| Q1 25 | — | 3.79× | ||
| Q4 24 | — | -0.36× | ||
| Q3 24 | — | 2.64× | ||
| Q2 24 | — | — | ||
| 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
MH
| Higher Education | $225.4M | 52% |
| Digital | $103.5M | 24% |
| Other | $44.4M | 10% |
| Global Professional | $36.2M | 8% |
| $24.7M | 6% |
SCSC
| Products And Services | $723.4M | 94% |
| Intelisys Advisory | $25.0M | 3% |
| Recurring Revenue | $18.2M | 2% |
