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MSA Safety Inc（MSA）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MSA Safety Inc的1.5倍（$766.5M vs $510.9M），MSA Safety Inc净利率更高（17.0% vs 2.2%，领先14.9%），SCANSOURCE, INC.同比增速更快（2.5% vs 2.2%），MSA Safety Inc自由现金流更多（$106.0M vs $28.9M），过去两年MSA Safety Inc的营收复合增速更高（11.2% vs 0.9%）
MSA安全是美国专业安全设备生产供应商，面向建筑、军事、消防、化工、油气等存在高危作业场景的多个行业提供安全防护产品及解决方案，总部位于美国匹兹堡近郊的克兰伯里。
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。
MSA vs SCSC — 直观对比
营收规模更大
SCSC
是对方的1.5倍
$510.9M
营收增速更快
SCSC
高出0.3%
2.2%
净利率更高
MSA
高出14.9%
2.2%
自由现金流更多
MSA
多$77.2M
$28.9M
两年增速更快
MSA
近两年复合增速
0.9%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $510.9M | $766.5M |
| 净利润 | $86.9M | $16.5M |
| 毛利率 | 46.9% | 13.4% |
| 营业利润率 | 22.3% | 2.3% |
| 净利率 | 17.0% | 2.2% |
| 营收同比 | 2.2% | 2.5% |
| 净利润同比 | -1.2% | -3.3% |
| 每股收益（稀释后） | $2.22 | $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MSASCSC
| Q4 25 | $510.9M | $766.5M | ||
| Q3 25 | $468.4M | $739.6M | ||
| Q2 25 | $474.1M | $812.9M | ||
| Q1 25 | $421.3M | $704.8M | ||
| Q4 24 | $499.7M | $747.5M | ||
| Q3 24 | $432.7M | $775.6M | ||
| Q2 24 | $462.5M | $746.1M | ||
| Q1 24 | $413.3M | $752.6M |
净利润MSASCSC
| Q4 25 | $86.9M | $16.5M | ||
| Q3 25 | $69.6M | $19.9M | ||
| Q2 25 | $62.8M | $20.1M | ||
| Q1 25 | $59.6M | $17.4M | ||
| Q4 24 | $87.9M | $17.1M | ||
| Q3 24 | $66.6M | $17.0M | ||
| Q2 24 | $72.2M | $16.1M | ||
| Q1 24 | $58.1M | $12.8M |
毛利率MSASCSC
| Q4 25 | 46.9% | 13.4% | ||
| Q3 25 | 46.5% | 14.5% | ||
| Q2 25 | 46.6% | 12.9% | ||
| Q1 25 | 45.9% | 14.2% | ||
| Q4 24 | 46.9% | 13.6% | ||
| Q3 24 | 47.9% | 13.1% | ||
| Q2 24 | 48.2% | 13.0% | ||
| Q1 24 | 47.3% | 12.6% |
营业利润率MSASCSC
| Q4 25 | 22.3% | 2.3% | ||
| Q3 25 | 20.1% | 3.5% | ||
| Q2 25 | 18.1% | 3.3% | ||
| Q1 25 | 18.5% | 3.2% | ||
| Q4 24 | 23.5% | 2.5% | ||
| Q3 24 | 21.1% | 2.3% | ||
| Q2 24 | 21.6% | 2.9% | ||
| Q1 24 | 19.4% | 2.3% |
净利率MSASCSC
| Q4 25 | 17.0% | 2.2% | ||
| Q3 25 | 14.9% | 2.7% | ||
| Q2 25 | 13.2% | 2.5% | ||
| Q1 25 | 14.1% | 2.5% | ||
| Q4 24 | 17.6% | 2.3% | ||
| Q3 24 | 15.4% | 2.2% | ||
| Q2 24 | 15.6% | 2.2% | ||
| Q1 24 | 14.1% | 1.7% |
每股收益（稀释后）MSASCSC
| Q4 25 | $2.22 | $0.75 | ||
| Q3 25 | $1.77 | $0.89 | ||
| Q2 25 | $1.59 | $0.87 | ||
| Q1 25 | $1.51 | $0.74 | ||
| Q4 24 | $2.22 | $0.70 | ||
| Q3 24 | $1.69 | $0.69 | ||
| Q2 24 | $1.83 | $0.66 | ||
| Q1 24 | $1.47 | $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 | $165.1M | $83.5M |
| 总债务越低越好 | $580.9M | — |
| 股东权益账面价值 | $1.4B | $910.9M |
| 总资产 | $2.6B | $1.7B |
| 负债/权益比越低杠杆越低 | 0.42× | — |
8季度趋势，按日历期对齐
现金及短期投资MSASCSC
| Q4 25 | $165.1M | $83.5M | ||
| Q3 25 | $170.0M | $124.9M | ||
| Q2 25 | $147.0M | $126.2M | ||
| Q1 25 | $170.6M | $146.3M | ||
| Q4 24 | $164.6M | $110.5M | ||
| Q3 24 | $154.4M | $145.0M | ||
| Q2 24 | $146.8M | $185.5M | ||
| Q1 24 | $148.3M | $159.1M |
总债务MSASCSC
| Q4 25 | $580.9M | — | ||
| Q3 25 | $628.6M | — | ||
| Q2 25 | $679.3M | — | ||
| Q1 25 | $502.1M | — | ||
| Q4 24 | $508.0M | — | ||
| Q3 24 | $554.7M | — | ||
| Q2 24 | $588.2M | — | ||
| Q1 24 | $596.2M | — |
股东权益MSASCSC
| Q4 25 | $1.4B | $910.9M | ||
| Q3 25 | $1.3B | $914.0M | ||
| Q2 25 | $1.3B | $906.4M | ||
| Q1 25 | $1.2B | $901.7M | ||
| Q4 24 | $1.1B | $900.7M | ||
| Q3 24 | $1.1B | $920.9M | ||
| Q2 24 | $1.0B | $924.3M | ||
| Q1 24 | $994.8M | $944.1M |
总资产MSASCSC
| Q4 25 | $2.6B | $1.7B | ||
| Q3 25 | $2.6B | $1.7B | ||
| Q2 25 | $2.6B | $1.8B | ||
| Q1 25 | $2.2B | $1.7B | ||
| Q4 24 | $2.2B | $1.7B | ||
| Q3 24 | $2.2B | $1.8B | ||
| Q2 24 | $2.2B | $1.8B | ||
| Q1 24 | $2.2B | $1.8B |
负债/权益比MSASCSC
| Q4 25 | 0.42× | — | ||
| Q3 25 | 0.48× | — | ||
| Q2 25 | 0.54× | — | ||
| Q1 25 | 0.42× | — | ||
| Q4 24 | 0.44× | — | ||
| Q3 24 | 0.51× | — | ||
| Q2 24 | 0.57× | — | ||
| Q1 24 | 0.60× | — |
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 | $122.4M | $30.8M |
| 自由现金流经营现金流 - 资本支出 | $106.0M | $28.9M |
| 自由现金流率自由现金流/营收 | 20.8% | 3.8% |
| 资本支出强度资本支出/营收 | 3.2% | 0.3% |
| 现金转化率经营现金流/净利润 | 1.41× | 1.87× |
| 过去12个月自由现金流最近4个季度 | $295.4M | — |
8季度趋势，按日历期对齐
经营现金流MSASCSC
| Q4 25 | $122.4M | $30.8M | ||
| Q3 25 | $112.5M | $23.2M | ||
| Q2 25 | $67.2M | — | ||
| Q1 25 | $61.8M | $66.1M | ||
| Q4 24 | $107.9M | $-6.2M | ||
| Q3 24 | $84.3M | $44.8M | ||
| Q2 24 | $53.3M | — | ||
| Q1 24 | $50.9M | $160.2M |
自由现金流MSASCSC
| Q4 25 | $106.0M | $28.9M | ||
| Q3 25 | $100.5M | $20.8M | ||
| Q2 25 | $37.9M | — | ||
| Q1 25 | $51.0M | $64.6M | ||
| Q4 24 | $93.5M | $-8.2M | ||
| Q3 24 | $70.1M | $42.5M | ||
| Q2 24 | $39.0M | — | ||
| Q1 24 | $39.7M | $157.7M |
自由现金流率MSASCSC
| Q4 25 | 20.8% | 3.8% | ||
| Q3 25 | 21.4% | 2.8% | ||
| Q2 25 | 8.0% | — | ||
| Q1 25 | 12.1% | 9.2% | ||
| Q4 24 | 18.7% | -1.1% | ||
| Q3 24 | 16.2% | 5.5% | ||
| Q2 24 | 8.4% | — | ||
| Q1 24 | 9.6% | 21.0% |
资本支出强度MSASCSC
| Q4 25 | 3.2% | 0.3% | ||
| Q3 25 | 2.6% | 0.3% | ||
| Q2 25 | 6.2% | 0.3% | ||
| Q1 25 | 2.6% | 0.2% | ||
| Q4 24 | 2.9% | 0.3% | ||
| Q3 24 | 3.3% | 0.3% | ||
| Q2 24 | 3.1% | 0.2% | ||
| Q1 24 | 2.7% | 0.3% |
现金转化率MSASCSC
| Q4 25 | 1.41× | 1.87× | ||
| Q3 25 | 1.62× | 1.17× | ||
| Q2 25 | 1.07× | — | ||
| Q1 25 | 1.04× | 3.79× | ||
| Q4 24 | 1.23× | -0.36× | ||
| Q3 24 | 1.27× | 2.64× | ||
| Q2 24 | 0.74× | — | ||
| Q1 24 | 0.88× | 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
MSA
| Americas Segment | $335.2M | 66% |
| International Segment | $175.7M | 34% |
SCSC
| Products And Services | $723.4M | 94% |
| Intelisys Advisory | $25.0M | 3% |
| Recurring Revenue | $18.2M | 2% |
