vs
MUELLER INDUSTRIES INC（MLI）与SCANSOURCE, INC.（SCSC）财务数据对比。点击上方公司名可切换其他公司
MUELLER INDUSTRIES INC的季度营收约是SCANSOURCE, INC.的1.3倍（$962.4M vs $766.5M），MUELLER INDUSTRIES INC净利率更高（16.0% vs 2.2%，领先13.8%），MUELLER INDUSTRIES INC同比增速更快（4.2% vs 2.5%），MUELLER INDUSTRIES INC自由现金流更多（$121.4M vs $28.9M），过去两年MUELLER INDUSTRIES INC的营收复合增速更高（6.4% vs 0.9%）
Mueller Industries是美国知名工业制造企业，1917年正式成立，总部坐落于美国田纳西州孟菲斯市，主营管道产品、工业金属及暖通制冷设备，2022年入选《财富》1000强榜单，是年营收达数十亿美元的公开上市企业。
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。
MLI vs SCSC — 直观对比
营收规模更大
MLI
是对方的1.3倍
$766.5M
营收增速更快
MLI
高出1.7%
2.5%
净利率更高
MLI
高出13.8%
2.2%
自由现金流更多
MLI
多$92.5M
$28.9M
两年增速更快
MLI
近两年复合增速
0.9%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $962.4M | $766.5M |
| 净利润 | $153.7M | $16.5M |
| 毛利率 | — | 13.4% |
| 营业利润率 | 17.9% | 2.3% |
| 净利率 | 16.0% | 2.2% |
| 营收同比 | 4.2% | 2.5% |
| 净利润同比 | 11.7% | -3.3% |
| 每股收益（稀释后） | $1.37 | $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MLISCSC
| Q4 25 | $962.4M | $766.5M | ||
| Q3 25 | $1.1B | $739.6M | ||
| Q2 25 | $1.1B | $812.9M | ||
| Q1 25 | $1.0B | $704.8M | ||
| Q4 24 | $923.5M | $747.5M | ||
| Q3 24 | $997.8M | $775.6M | ||
| Q2 24 | $997.7M | $746.1M | ||
| Q1 24 | $849.7M | $752.6M |
净利润MLISCSC
| Q4 25 | $153.7M | $16.5M | ||
| Q3 25 | $208.1M | $19.9M | ||
| Q2 25 | $245.9M | $20.1M | ||
| Q1 25 | $157.4M | $17.4M | ||
| Q4 24 | $137.7M | $17.1M | ||
| Q3 24 | $168.7M | $17.0M | ||
| Q2 24 | $160.2M | $16.1M | ||
| Q1 24 | $138.4M | $12.8M |
毛利率MLISCSC
| Q4 25 | — | 13.4% | ||
| Q3 25 | — | 14.5% | ||
| Q2 25 | — | 12.9% | ||
| Q1 25 | — | 14.2% | ||
| Q4 24 | — | 13.6% | ||
| Q3 24 | 27.6% | 13.1% | ||
| Q2 24 | 27.3% | 13.0% | ||
| Q1 24 | 28.4% | 12.6% |
营业利润率MLISCSC
| Q4 25 | 17.9% | 2.3% | ||
| Q3 25 | 25.6% | 3.5% | ||
| Q2 25 | 26.7% | 3.3% | ||
| Q1 25 | 20.6% | 3.2% | ||
| Q4 24 | 18.4% | 2.5% | ||
| Q3 24 | 20.7% | 2.3% | ||
| Q2 24 | 21.0% | 2.9% | ||
| Q1 24 | 21.6% | 2.3% |
净利率MLISCSC
| Q4 25 | 16.0% | 2.2% | ||
| Q3 25 | 19.3% | 2.7% | ||
| Q2 25 | 21.6% | 2.5% | ||
| Q1 25 | 15.7% | 2.5% | ||
| Q4 24 | 14.9% | 2.3% | ||
| Q3 24 | 16.9% | 2.2% | ||
| Q2 24 | 16.1% | 2.2% | ||
| Q1 24 | 16.3% | 1.7% |
每股收益（稀释后）MLISCSC
| Q4 25 | $1.37 | $0.75 | ||
| Q3 25 | $1.88 | $0.89 | ||
| Q2 25 | $2.22 | $0.87 | ||
| Q1 25 | $1.39 | $0.74 | ||
| Q4 24 | $1.21 | $0.70 | ||
| Q3 24 | $1.48 | $0.69 | ||
| Q2 24 | $1.41 | $0.66 | ||
| Q1 24 | $1.21 | $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 | $1.4B | $83.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $3.2B | $910.9M |
| 总资产 | $3.7B | $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MLISCSC
| Q4 25 | $1.4B | $83.5M | ||
| Q3 25 | $1.3B | $124.9M | ||
| Q2 25 | $1.1B | $126.2M | ||
| Q1 25 | $873.6M | $146.3M | ||
| Q4 24 | $1.1B | $110.5M | ||
| Q3 24 | $969.6M | $145.0M | ||
| Q2 24 | $825.7M | $185.5M | ||
| Q1 24 | $1.4B | $159.1M |
股东权益MLISCSC
| Q4 25 | $3.2B | $910.9M | ||
| Q3 25 | $3.1B | $914.0M | ||
| Q2 25 | $2.9B | $906.4M | ||
| Q1 25 | $2.7B | $901.7M | ||
| Q4 24 | $2.8B | $900.7M | ||
| Q3 24 | $2.7B | $920.9M | ||
| Q2 24 | $2.5B | $924.3M | ||
| Q1 24 | $2.4B | $944.1M |
总资产MLISCSC
| Q4 25 | $3.7B | $1.7B | ||
| Q3 25 | $3.7B | $1.7B | ||
| Q2 25 | $3.5B | $1.8B | ||
| Q1 25 | $3.2B | $1.7B | ||
| Q4 24 | $3.3B | $1.7B | ||
| Q3 24 | $3.2B | $1.8B | ||
| Q2 24 | $3.1B | $1.8B | ||
| Q1 24 | $2.9B | $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 | $141.2M | $30.8M |
| 自由现金流经营现金流 - 资本支出 | $121.4M | $28.9M |
| 自由现金流率自由现金流/营收 | 12.6% | 3.8% |
| 资本支出强度资本支出/营收 | 2.1% | 0.3% |
| 现金转化率经营现金流/净利润 | 0.92× | 1.87× |
| 过去12个月自由现金流最近4个季度 | $686.6M | — |
8季度趋势，按日历期对齐
经营现金流MLISCSC
| Q4 25 | $141.2M | $30.8M | ||
| Q3 25 | $310.1M | $23.2M | ||
| Q2 25 | $190.6M | — | ||
| Q1 25 | $113.6M | $66.1M | ||
| Q4 24 | $140.1M | $-6.2M | ||
| Q3 24 | $231.4M | $44.8M | ||
| Q2 24 | $100.8M | — | ||
| Q1 24 | $173.6M | $160.2M |
自由现金流MLISCSC
| Q4 25 | $121.4M | $28.9M | ||
| Q3 25 | $291.8M | $20.8M | ||
| Q2 25 | $176.5M | — | ||
| Q1 25 | $97.0M | $64.6M | ||
| Q4 24 | $111.2M | $-8.2M | ||
| Q3 24 | $205.7M | $42.5M | ||
| Q2 24 | $91.6M | — | ||
| Q1 24 | $157.2M | $157.7M |
自由现金流率MLISCSC
| Q4 25 | 12.6% | 3.8% | ||
| Q3 25 | 27.1% | 2.8% | ||
| Q2 25 | 15.5% | — | ||
| Q1 25 | 9.7% | 9.2% | ||
| Q4 24 | 12.0% | -1.1% | ||
| Q3 24 | 20.6% | 5.5% | ||
| Q2 24 | 9.2% | — | ||
| Q1 24 | 18.5% | 21.0% |
资本支出强度MLISCSC
| Q4 25 | 2.1% | 0.3% | ||
| Q3 25 | 1.7% | 0.3% | ||
| Q2 25 | 1.2% | 0.3% | ||
| Q1 25 | 1.7% | 0.2% | ||
| Q4 24 | 3.1% | 0.3% | ||
| Q3 24 | 2.6% | 0.3% | ||
| Q2 24 | 0.9% | 0.2% | ||
| Q1 24 | 1.9% | 0.3% |
现金转化率MLISCSC
| Q4 25 | 0.92× | 1.87× | ||
| Q3 25 | 1.49× | 1.17× | ||
| Q2 25 | 0.78× | — | ||
| Q1 25 | 0.72× | 3.79× | ||
| Q4 24 | 1.02× | -0.36× | ||
| Q3 24 | 1.37× | 2.64× | ||
| Q2 24 | 0.63× | — | ||
| Q1 24 | 1.25× | 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
MLI
| Tube And Fittings | $484.6M | 50% |
| Industrial Metals | $252.2M | 26% |
| Valves And Plumbing Specialties | $122.5M | 13% |
| Flex Duct And Other HVAC Components | $80.8M | 8% |
| Other Products | $14.9M | 2% |
SCSC
| Products And Services | $723.4M | 94% |
| Intelisys Advisory | $25.0M | 3% |
| Recurring Revenue | $18.2M | 2% |
