vs
MAXIMUS, INC.（MMS）与SCANSOURCE, INC.（SCSC）财务数据对比。点击上方公司名可切换其他公司
MAXIMUS, INC.的季度营收约是SCANSOURCE, INC.的1.8倍（$1.3B vs $766.5M），MAXIMUS, INC.净利率更高（7.0% vs 2.2%，领先4.8%），SCANSOURCE, INC.同比增速更快（2.5% vs -4.1%），SCANSOURCE, INC.自由现金流更多（$28.9M vs $-250.7M），过去两年SCANSOURCE, INC.的营收复合增速更高（0.9% vs -0.1%）
MAXIMUS是美国一家政府服务企业，业务覆盖美国、加拿大、英国等国家，为医疗补助、联邦医疗保险、医改、就业帮扶、学生贷款服务等各类政府项目提供行政及配套服务。公司总部位于弗吉尼亚州泰森斯，现有员工3.96万名，2024财年营收达53亿美元。
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。
MMS vs SCSC — 直观对比
营收规模更大
MMS
是对方的1.8倍
$766.5M
营收增速更快
SCSC
高出6.7%
-4.1%
净利率更高
MMS
高出4.8%
2.2%
自由现金流更多
SCSC
多$279.5M
$-250.7M
两年增速更快
SCSC
近两年复合增速
-0.1%
损益表 — Q1 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $766.5M |
| 净利润 | $93.9M | $16.5M |
| 毛利率 | 23.7% | 13.4% |
| 营业利润率 | 10.9% | 2.3% |
| 净利率 | 7.0% | 2.2% |
| 营收同比 | -4.1% | 2.5% |
| 净利润同比 | 128.0% | -3.3% |
| 每股收益（稀释后） | $1.70 | $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MMSSCSC
| Q4 25 | $1.3B | $766.5M | ||
| Q3 25 | $1.3B | $739.6M | ||
| Q2 25 | $1.3B | $812.9M | ||
| Q1 25 | $1.4B | $704.8M | ||
| Q4 24 | $1.4B | $747.5M | ||
| Q3 24 | $1.3B | $775.6M | ||
| Q2 24 | $1.3B | $746.1M | ||
| Q1 24 | $1.3B | $752.6M |
净利润MMSSCSC
| Q4 25 | $93.9M | $16.5M | ||
| Q3 25 | $75.3M | $19.9M | ||
| Q2 25 | $106.0M | $20.1M | ||
| Q1 25 | $96.6M | $17.4M | ||
| Q4 24 | $41.2M | $17.1M | ||
| Q3 24 | $72.5M | $17.0M | ||
| Q2 24 | $89.8M | $16.1M | ||
| Q1 24 | $80.5M | $12.8M |
毛利率MMSSCSC
| Q4 25 | 23.7% | 13.4% | ||
| Q3 25 | 25.3% | 14.5% | ||
| Q2 25 | 26.7% | 12.9% | ||
| Q1 25 | 24.9% | 14.2% | ||
| Q4 24 | 21.5% | 13.6% | ||
| Q3 24 | 22.9% | 13.1% | ||
| Q2 24 | 25.3% | 13.0% | ||
| Q1 24 | 23.6% | 12.6% |
营业利润率MMSSCSC
| Q4 25 | 10.9% | 2.3% | ||
| Q3 25 | 9.3% | 3.5% | ||
| Q2 25 | 12.3% | 3.3% | ||
| Q1 25 | 11.2% | 3.2% | ||
| Q4 24 | 6.2% | 2.5% | ||
| Q3 24 | 8.5% | 2.3% | ||
| Q2 24 | 10.8% | 2.9% | ||
| Q1 24 | 9.5% | 2.3% |
净利率MMSSCSC
| Q4 25 | 7.0% | 2.2% | ||
| Q3 25 | 5.7% | 2.7% | ||
| Q2 25 | 7.9% | 2.5% | ||
| Q1 25 | 7.1% | 2.5% | ||
| Q4 24 | 2.9% | 2.3% | ||
| Q3 24 | 5.5% | 2.2% | ||
| Q2 24 | 6.8% | 2.2% | ||
| Q1 24 | 6.0% | 1.7% |
每股收益（稀释后）MMSSCSC
| Q4 25 | $1.70 | $0.75 | ||
| Q3 25 | $1.27 | $0.89 | ||
| Q2 25 | $1.86 | $0.87 | ||
| Q1 25 | $1.69 | $0.74 | ||
| Q4 24 | $0.69 | $0.70 | ||
| Q3 24 | $1.18 | $0.69 | ||
| Q2 24 | $1.46 | $0.66 | ||
| Q1 24 | $1.31 | $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 | $137.6M | $83.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.7B | $910.9M |
| 总资产 | $4.2B | $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MMSSCSC
| Q4 25 | $137.6M | $83.5M | ||
| Q3 25 | $222.4M | $124.9M | ||
| Q2 25 | $59.8M | $126.2M | ||
| Q1 25 | $108.1M | $146.3M | ||
| Q4 24 | $72.7M | $110.5M | ||
| Q3 24 | $183.1M | $145.0M | ||
| Q2 24 | $102.8M | $185.5M | ||
| Q1 24 | $77.4M | $159.1M |
股东权益MMSSCSC
| Q4 25 | $1.7B | $910.9M | ||
| Q3 25 | $1.7B | $914.0M | ||
| Q2 25 | $1.8B | $906.4M | ||
| Q1 25 | $1.7B | $901.7M | ||
| Q4 24 | $1.6B | $900.7M | ||
| Q3 24 | $1.8B | $920.9M | ||
| Q2 24 | $1.8B | $924.3M | ||
| Q1 24 | $1.8B | $944.1M |
总资产MMSSCSC
| Q4 25 | $4.2B | $1.7B | ||
| Q3 25 | $4.1B | $1.7B | ||
| Q2 25 | $4.5B | $1.8B | ||
| Q1 25 | $4.2B | $1.7B | ||
| Q4 24 | $4.1B | $1.7B | ||
| Q3 24 | $4.1B | $1.8B | ||
| Q2 24 | $4.0B | $1.8B | ||
| Q1 24 | $4.0B | $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 | $-244.4M | $30.8M |
| 自由现金流经营现金流 - 资本支出 | $-250.7M | $28.9M |
| 自由现金流率自由现金流/营收 | -18.6% | 3.8% |
| 资本支出强度资本支出/营收 | 0.5% | 0.3% |
| 现金转化率经营现金流/净利润 | -2.60× | 1.87× |
| 过去12个月自由现金流最近4个季度 | $218.5M | — |
8季度趋势，按日历期对齐
经营现金流MMSSCSC
| Q4 25 | $-244.4M | $30.8M | ||
| Q3 25 | $649.4M | $23.2M | ||
| Q2 25 | $-182.7M | — | ||
| Q1 25 | $42.7M | $66.1M | ||
| Q4 24 | $-80.0M | $-6.2M | ||
| Q3 24 | $163.8M | $44.8M | ||
| Q2 24 | $199.3M | — | ||
| Q1 24 | $130.5M | $160.2M |
自由现金流MMSSCSC
| Q4 25 | $-250.7M | $28.9M | ||
| Q3 25 | $641.8M | $20.8M | ||
| Q2 25 | $-198.2M | — | ||
| Q1 25 | $25.5M | $64.6M | ||
| Q4 24 | $-103.0M | $-8.2M | ||
| Q3 24 | $131.9M | $42.5M | ||
| Q2 24 | $164.6M | — | ||
| Q1 24 | $105.2M | $157.7M |
自由现金流率MMSSCSC
| Q4 25 | -18.6% | 3.8% | ||
| Q3 25 | 48.7% | 2.8% | ||
| Q2 25 | -14.7% | — | ||
| Q1 25 | 1.9% | 9.2% | ||
| Q4 24 | -7.3% | -1.1% | ||
| Q3 24 | 10.0% | 5.5% | ||
| Q2 24 | 12.5% | — | ||
| Q1 24 | 7.8% | 21.0% |
资本支出强度MMSSCSC
| Q4 25 | 0.5% | 0.3% | ||
| Q3 25 | 0.6% | 0.3% | ||
| Q2 25 | 1.1% | 0.3% | ||
| Q1 25 | 1.3% | 0.2% | ||
| Q4 24 | 1.6% | 0.3% | ||
| Q3 24 | 2.4% | 0.3% | ||
| Q2 24 | 2.6% | 0.2% | ||
| Q1 24 | 1.9% | 0.3% |
现金转化率MMSSCSC
| Q4 25 | -2.60× | 1.87× | ||
| Q3 25 | 8.63× | 1.17× | ||
| Q2 25 | -1.72× | — | ||
| Q1 25 | 0.44× | 3.79× | ||
| Q4 24 | -1.94× | -0.36× | ||
| Q3 24 | 2.26× | 2.64× | ||
| Q2 24 | 2.22× | — | ||
| Q1 24 | 1.62× | 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
MMS
| Clinical Services | $523.7M | 39% |
| Cost Plus Contracts | $386.4M | 29% |
| Outside The United States | $143.2M | 11% |
| International Government Agencies | $141.0M | 10% |
| Technology Solutions | $74.8M | 6% |
| Employment And Other | $70.2M | 5% |
| Other Including Local Municipalities And Commercial Customers | $17.6M | 1% |
SCSC
| Products And Services | $723.4M | 94% |
| Intelisys Advisory | $25.0M | 3% |
| Recurring Revenue | $18.2M | 2% |
