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晨星（MORN）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.的季度营收约是晨星的1.2倍（$766.5M vs $641.1M），晨星净利率更高（18.0% vs 2.2%，领先15.8%），晨星同比增速更快（8.5% vs 2.5%），晨星自由现金流更多（$161.3M vs $28.9M），过去两年晨星的营收复合增速更高（8.7% vs 0.9%）
晨星（Morningstar, Inc.）是总部位于美国伊利诺伊州芝加哥的金融服务机构，由乔·曼苏托于1984年创立，面向全球提供全方位的投资研究、投资管理等专业服务，是全球颇具知名度的投资资讯服务提供商。
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。
MORN vs SCSC — 直观对比
营收规模更大
SCSC
是对方的1.2倍
$641.1M
营收增速更快
MORN
高出5.9%
2.5%
净利率更高
MORN
高出15.8%
2.2%
自由现金流更多
MORN
多$132.4M
$28.9M
两年增速更快
MORN
近两年复合增速
0.9%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $641.1M | $766.5M |
| 净利润 | $115.1M | $16.5M |
| 毛利率 | 61.1% | 13.4% |
| 营业利润率 | 24.9% | 2.3% |
| 净利率 | 18.0% | 2.2% |
| 营收同比 | 8.5% | 2.5% |
| 净利润同比 | -1.5% | -3.3% |
| 每股收益（稀释后） | $2.79 | $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MORNSCSC
| Q4 25 | $641.1M | $766.5M | ||
| Q3 25 | $617.4M | $739.6M | ||
| Q2 25 | $605.1M | $812.9M | ||
| Q1 25 | $581.9M | $704.8M | ||
| Q4 24 | $591.0M | $747.5M | ||
| Q3 24 | $569.4M | $775.6M | ||
| Q2 24 | $571.9M | $746.1M | ||
| Q1 24 | $542.8M | $752.6M |
净利润MORNSCSC
| Q4 25 | $115.1M | $16.5M | ||
| Q3 25 | $91.6M | $19.9M | ||
| Q2 25 | $89.0M | $20.1M | ||
| Q1 25 | $78.5M | $17.4M | ||
| Q4 24 | $116.9M | $17.1M | ||
| Q3 24 | $119.7M | $17.0M | ||
| Q2 24 | $69.1M | $16.1M | ||
| Q1 24 | $64.2M | $12.8M |
毛利率MORNSCSC
| Q4 25 | 61.1% | 13.4% | ||
| Q3 25 | 60.9% | 14.5% | ||
| Q2 25 | 61.9% | 12.9% | ||
| Q1 25 | 60.2% | 14.2% | ||
| Q4 24 | 60.7% | 13.6% | ||
| Q3 24 | 60.9% | 13.1% | ||
| Q2 24 | 61.1% | 13.0% | ||
| Q1 24 | 59.8% | 12.6% |
营业利润率MORNSCSC
| Q4 25 | 24.9% | 2.3% | ||
| Q3 25 | 20.7% | 3.5% | ||
| Q2 25 | 20.7% | 3.3% | ||
| Q1 25 | 19.6% | 3.2% | ||
| Q4 24 | 28.5% | 2.5% | ||
| Q3 24 | 20.3% | 2.3% | ||
| Q2 24 | 19.0% | 2.9% | ||
| Q1 24 | 17.1% | 2.3% |
净利率MORNSCSC
| Q4 25 | 18.0% | 2.2% | ||
| Q3 25 | 14.8% | 2.7% | ||
| Q2 25 | 14.7% | 2.5% | ||
| Q1 25 | 13.5% | 2.5% | ||
| Q4 24 | 19.8% | 2.3% | ||
| Q3 24 | 21.0% | 2.2% | ||
| Q2 24 | 12.1% | 2.2% | ||
| Q1 24 | 11.8% | 1.7% |
每股收益（稀释后）MORNSCSC
| Q4 25 | $2.79 | $0.75 | ||
| Q3 25 | $2.17 | $0.89 | ||
| Q2 25 | $2.09 | $0.87 | ||
| Q1 25 | $1.82 | $0.74 | ||
| Q4 24 | $2.72 | $0.70 | ||
| Q3 24 | $2.77 | $0.69 | ||
| Q2 24 | $1.60 | $0.66 | ||
| Q1 24 | $1.49 | $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 | $528.7M | $83.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.2B | $910.9M |
| 总资产 | $3.6B | $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MORNSCSC
| Q4 25 | $528.7M | $83.5M | ||
| Q3 25 | $40.3M | $124.9M | ||
| Q2 25 | $38.1M | $126.2M | ||
| Q1 25 | $47.7M | $146.3M | ||
| Q4 24 | $551.0M | $110.5M | ||
| Q3 24 | $48.8M | $145.0M | ||
| Q2 24 | $48.0M | $185.5M | ||
| Q1 24 | $55.4M | $159.1M |
总债务MORNSCSC
| Q4 25 | — | — | ||
| Q3 25 | $848.9M | — | ||
| Q2 25 | $838.8M | — | ||
| Q1 25 | $803.7M | — | ||
| Q4 24 | $698.6M | — | ||
| Q3 24 | $864.7M | — | ||
| Q2 24 | $899.6M | — | ||
| Q1 24 | $917.3M | — |
股东权益MORNSCSC
| Q4 25 | $1.2B | $910.9M | ||
| Q3 25 | $1.5B | $914.0M | ||
| Q2 25 | $1.6B | $906.4M | ||
| Q1 25 | $1.6B | $901.7M | ||
| Q4 24 | $1.6B | $900.7M | ||
| Q3 24 | $1.6B | $920.9M | ||
| Q2 24 | $1.4B | $924.3M | ||
| Q1 24 | $1.4B | $944.1M |
总资产MORNSCSC
| Q4 25 | $3.6B | $1.7B | ||
| Q3 25 | $3.6B | $1.7B | ||
| Q2 25 | $3.6B | $1.8B | ||
| Q1 25 | $3.6B | $1.7B | ||
| Q4 24 | $3.5B | $1.7B | ||
| Q3 24 | $3.6B | $1.8B | ||
| Q2 24 | $3.4B | $1.8B | ||
| Q1 24 | $3.4B | $1.8B |
负债/权益比MORNSCSC
| Q4 25 | — | — | ||
| Q3 25 | 0.56× | — | ||
| Q2 25 | 0.52× | — | ||
| Q1 25 | 0.50× | — | ||
| Q4 24 | 0.43× | — | ||
| Q3 24 | 0.55× | — | ||
| Q2 24 | 0.63× | — | ||
| Q1 24 | 0.66× | — |
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 | $204.0M | $30.8M |
| 自由现金流经营现金流 - 资本支出 | $161.3M | $28.9M |
| 自由现金流率自由现金流/营收 | 25.2% | 3.8% |
| 资本支出强度资本支出/营收 | 6.7% | 0.3% |
| 现金转化率经营现金流/净利润 | 1.77× | 1.87× |
| 过去12个月自由现金流最近4个季度 | $442.6M | — |
8季度趋势，按日历期对齐
经营现金流MORNSCSC
| Q4 25 | $204.0M | $30.8M | ||
| Q3 25 | $195.7M | $23.2M | ||
| Q2 25 | $99.0M | — | ||
| Q1 25 | $91.0M | $66.1M | ||
| Q4 24 | $153.4M | $-6.2M | ||
| Q3 24 | $191.9M | $44.8M | ||
| Q2 24 | $152.7M | — | ||
| Q1 24 | $93.6M | $160.2M |
自由现金流MORNSCSC
| Q4 25 | $161.3M | $28.9M | ||
| Q3 25 | $160.1M | $20.8M | ||
| Q2 25 | $62.4M | — | ||
| Q1 25 | $58.8M | $64.6M | ||
| Q4 24 | $112.8M | $-8.2M | ||
| Q3 24 | $155.8M | $42.5M | ||
| Q2 24 | $120.8M | — | ||
| Q1 24 | $59.5M | $157.7M |
自由现金流率MORNSCSC
| Q4 25 | 25.2% | 3.8% | ||
| Q3 25 | 25.9% | 2.8% | ||
| Q2 25 | 10.3% | — | ||
| Q1 25 | 10.1% | 9.2% | ||
| Q4 24 | 19.1% | -1.1% | ||
| Q3 24 | 27.4% | 5.5% | ||
| Q2 24 | 21.1% | — | ||
| Q1 24 | 11.0% | 21.0% |
资本支出强度MORNSCSC
| Q4 25 | 6.7% | 0.3% | ||
| Q3 25 | 5.8% | 0.3% | ||
| Q2 25 | 6.0% | 0.3% | ||
| Q1 25 | 5.5% | 0.2% | ||
| Q4 24 | 6.9% | 0.3% | ||
| Q3 24 | 6.3% | 0.3% | ||
| Q2 24 | 5.6% | 0.2% | ||
| Q1 24 | 6.3% | 0.3% |
现金转化率MORNSCSC
| Q4 25 | 1.77× | 1.87× | ||
| Q3 25 | 2.14× | 1.17× | ||
| Q2 25 | 1.11× | — | ||
| Q1 25 | 1.16× | 3.79× | ||
| Q4 24 | 1.31× | -0.36× | ||
| Q3 24 | 1.60× | 2.64× | ||
| Q2 24 | 2.21× | — | ||
| Q1 24 | 1.46× | 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
MORN
| Pitch Book Segment | $172.6M | 27% |
| Morningstar Credit Segment | $166.7M | 26% |
| Transaction Based | $113.1M | 18% |
| Asset Based | $90.2M | 14% |
| Morningstar Retirement Segment | $38.1M | 6% |
| Morningstar Sustainalytics | $27.8M | 4% |
| Morningstar Indexes | $22.5M | 4% |
| Morningstar Wealth Segment | $2.3M | 0% |
SCSC
| Products And Services | $723.4M | 94% |
| Intelisys Advisory | $25.0M | 3% |
| Recurring Revenue | $18.2M | 2% |
