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Penumbra Inc（PEN）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Penumbra Inc的2.0倍（$766.5M vs $385.4M），Penumbra Inc净利率更高（12.3% vs 2.2%，领先10.1%），Penumbra Inc同比增速更快（22.1% vs 2.5%），Penumbra Inc自由现金流更多（$68.0M vs $28.9M），过去两年Penumbra Inc的营收复合增速更高（17.6% vs 0.9%）
Penumbra Inc是2004年由Arani Bose与Adam Elsesser联合创立的美国医疗器械企业，总部位于加利福尼亚州阿拉米达，核心业务为研发、生产中风、动脉瘤等血管疾病介入治疗所用的专业医疗设备，产品已在全球多个国家的临床诊疗场景中投入使用。
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。
PEN vs SCSC — 直观对比
营收规模更大
SCSC
是对方的2.0倍
$385.4M
营收增速更快
PEN
高出19.6%
2.5%
净利率更高
PEN
高出10.1%
2.2%
自由现金流更多
PEN
多$39.2M
$28.9M
两年增速更快
PEN
近两年复合增速
0.9%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $385.4M | $766.5M |
| 净利润 | $47.3M | $16.5M |
| 毛利率 | 68.0% | 13.4% |
| 营业利润率 | 15.4% | 2.3% |
| 净利率 | 12.3% | 2.2% |
| 营收同比 | 22.1% | 2.5% |
| 净利润同比 | 40.6% | -3.3% |
| 每股收益（稀释后） | $1.20 | $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PENSCSC
| Q4 25 | $385.4M | $766.5M | ||
| Q3 25 | $354.7M | $739.6M | ||
| Q2 25 | $339.5M | $812.9M | ||
| Q1 25 | $324.1M | $704.8M | ||
| Q4 24 | $315.5M | $747.5M | ||
| Q3 24 | $301.0M | $775.6M | ||
| Q2 24 | $299.4M | $746.1M | ||
| Q1 24 | $278.7M | $752.6M |
净利润PENSCSC
| Q4 25 | $47.3M | $16.5M | ||
| Q3 25 | $45.9M | $19.9M | ||
| Q2 25 | $45.3M | $20.1M | ||
| Q1 25 | $39.2M | $17.4M | ||
| Q4 24 | $33.7M | $17.1M | ||
| Q3 24 | $29.5M | $17.0M | ||
| Q2 24 | $-60.2M | $16.1M | ||
| Q1 24 | $11.0M | $12.8M |
毛利率PENSCSC
| Q4 25 | 68.0% | 13.4% | ||
| Q3 25 | 67.8% | 14.5% | ||
| Q2 25 | 66.0% | 12.9% | ||
| Q1 25 | 66.6% | 14.2% | ||
| Q4 24 | 66.8% | 13.6% | ||
| Q3 24 | 66.5% | 13.1% | ||
| Q2 24 | 54.4% | 13.0% | ||
| Q1 24 | 65.0% | 12.6% |
营业利润率PENSCSC
| Q4 25 | 15.4% | 2.3% | ||
| Q3 25 | 13.8% | 3.5% | ||
| Q2 25 | 12.0% | 3.3% | ||
| Q1 25 | 12.4% | 3.2% | ||
| Q4 24 | 13.6% | 2.5% | ||
| Q3 24 | 11.7% | 2.3% | ||
| Q2 24 | -27.0% | 2.9% | ||
| Q1 24 | 4.3% | 2.3% |
净利率PENSCSC
| Q4 25 | 12.3% | 2.2% | ||
| Q3 25 | 12.9% | 2.7% | ||
| Q2 25 | 13.3% | 2.5% | ||
| Q1 25 | 12.1% | 2.5% | ||
| Q4 24 | 10.7% | 2.3% | ||
| Q3 24 | 9.8% | 2.2% | ||
| Q2 24 | -20.1% | 2.2% | ||
| Q1 24 | 3.9% | 1.7% |
每股收益（稀释后）PENSCSC
| Q4 25 | $1.20 | $0.75 | ||
| Q3 25 | $1.17 | $0.89 | ||
| Q2 25 | $1.15 | $0.87 | ||
| Q1 25 | $1.00 | $0.74 | ||
| Q4 24 | $0.88 | $0.70 | ||
| Q3 24 | $0.75 | $0.69 | ||
| Q2 24 | $-1.55 | $0.66 | ||
| Q1 24 | $0.28 | $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 | $186.9M | $83.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $1.4B | $910.9M |
| 总资产 | $1.8B | $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PENSCSC
| Q4 25 | $186.9M | $83.5M | ||
| Q3 25 | $321.0M | $124.9M | ||
| Q2 25 | $421.8M | $126.2M | ||
| Q1 25 | $376.1M | $146.3M | ||
| Q4 24 | $324.4M | $110.5M | ||
| Q3 24 | $280.5M | $145.0M | ||
| Q2 24 | $288.3M | $185.5M | ||
| Q1 24 | $223.1M | $159.1M |
股东权益PENSCSC
| Q4 25 | $1.4B | $910.9M | ||
| Q3 25 | $1.4B | $914.0M | ||
| Q2 25 | $1.3B | $906.4M | ||
| Q1 25 | $1.2B | $901.7M | ||
| Q4 24 | $1.2B | $900.7M | ||
| Q3 24 | $1.1B | $920.9M | ||
| Q2 24 | $1.2B | $924.3M | ||
| Q1 24 | $1.2B | $944.1M |
总资产PENSCSC
| Q4 25 | $1.8B | $1.7B | ||
| Q3 25 | $1.7B | $1.7B | ||
| Q2 25 | $1.7B | $1.8B | ||
| Q1 25 | $1.6B | $1.7B | ||
| Q4 24 | $1.5B | $1.7B | ||
| Q3 24 | $1.5B | $1.8B | ||
| Q2 24 | $1.5B | $1.8B | ||
| Q1 24 | $1.6B | $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 | $86.5M | $30.8M |
| 自由现金流经营现金流 - 资本支出 | $68.0M | $28.9M |
| 自由现金流率自由现金流/营收 | 17.7% | 3.8% |
| 资本支出强度资本支出/营收 | 4.8% | 0.3% |
| 现金转化率经营现金流/净利润 | 1.83× | 1.87× |
| 过去12个月自由现金流最近4个季度 | $174.9M | — |
8季度趋势，按日历期对齐
经营现金流PENSCSC
| Q4 25 | $86.5M | $30.8M | ||
| Q3 25 | $58.3M | $23.2M | ||
| Q2 25 | $44.9M | — | ||
| Q1 25 | $49.0M | $66.1M | ||
| Q4 24 | $51.1M | $-6.2M | ||
| Q3 24 | $56.5M | $44.8M | ||
| Q2 24 | $22.6M | — | ||
| Q1 24 | $38.3M | $160.2M |
自由现金流PENSCSC
| Q4 25 | $68.0M | $28.9M | ||
| Q3 25 | $42.0M | $20.8M | ||
| Q2 25 | $29.4M | — | ||
| Q1 25 | $35.5M | $64.6M | ||
| Q4 24 | $45.7M | $-8.2M | ||
| Q3 24 | $51.0M | $42.5M | ||
| Q2 24 | $18.1M | — | ||
| Q1 24 | $32.5M | $157.7M |
自由现金流率PENSCSC
| Q4 25 | 17.7% | 3.8% | ||
| Q3 25 | 11.8% | 2.8% | ||
| Q2 25 | 8.7% | — | ||
| Q1 25 | 11.0% | 9.2% | ||
| Q4 24 | 14.5% | -1.1% | ||
| Q3 24 | 16.9% | 5.5% | ||
| Q2 24 | 6.0% | — | ||
| Q1 24 | 11.7% | 21.0% |
资本支出强度PENSCSC
| Q4 25 | 4.8% | 0.3% | ||
| Q3 25 | 4.6% | 0.3% | ||
| Q2 25 | 4.6% | 0.3% | ||
| Q1 25 | 4.2% | 0.2% | ||
| Q4 24 | 1.7% | 0.3% | ||
| Q3 24 | 1.8% | 0.3% | ||
| Q2 24 | 1.5% | 0.2% | ||
| Q1 24 | 2.1% | 0.3% |
现金转化率PENSCSC
| Q4 25 | 1.83× | 1.87× | ||
| Q3 25 | 1.27× | 1.17× | ||
| Q2 25 | 0.99× | — | ||
| Q1 25 | 1.25× | 3.79× | ||
| Q4 24 | 1.52× | -0.36× | ||
| Q3 24 | 1.91× | 2.64× | ||
| Q2 24 | — | — | ||
| Q1 24 | 3.48× | 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
PEN
| Thrombectomy | $254.7M | 66% |
| Other | $130.7M | 34% |
SCSC
| Products And Services | $723.4M | 94% |
| Intelisys Advisory | $25.0M | 3% |
| Recurring Revenue | $18.2M | 2% |
