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PIPER SANDLER COMPANIES（PIPR）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PIPER SANDLER COMPANIES的1.1倍（$766.5M vs $667.0M），PIPER SANDLER COMPANIES净利率更高（17.1% vs 2.2%，领先14.9%），PIPER SANDLER COMPANIES同比增速更快（37.4% vs 2.5%），过去两年PIPER SANDLER COMPANIES的营收复合增速更高（39.2% vs 0.9%）
Piper Sandler是一家美国跨国投资银行及金融服务提供商，核心业务覆盖并购重组、财务重整、公开募股、公共财政、机构经纪、投资管理、证券研究等领域，通过旗下核心子公司Piper Sandler & Co.为企业、机构投资者及公共组织提供专业金融服务。
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。
PIPR vs SCSC — 直观对比
营收规模更大
SCSC
是对方的1.1倍
$667.0M
营收增速更快
PIPR
高出34.9%
2.5%
净利率更高
PIPR
高出14.9%
2.2%
两年增速更快
PIPR
近两年复合增速
0.9%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $667.0M | $766.5M |
| 净利润 | $114.0M | $16.5M |
| 毛利率 | — | 13.4% |
| 营业利润率 | 28.3% | 2.3% |
| 净利率 | 17.1% | 2.2% |
| 营收同比 | 37.4% | 2.5% |
| 净利润同比 | 65.0% | -3.3% |
| 每股收益（稀释后） | $6.41 | $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PIPRSCSC
| Q4 25 | $667.0M | $766.5M | ||
| Q3 25 | $480.1M | $739.6M | ||
| Q2 25 | $398.6M | $812.9M | ||
| Q1 25 | $358.6M | $704.8M | ||
| Q4 24 | $485.4M | $747.5M | ||
| Q3 24 | $360.9M | $775.6M | ||
| Q2 24 | $340.8M | $746.1M | ||
| Q1 24 | $344.4M | $752.6M |
净利润PIPRSCSC
| Q4 25 | $114.0M | $16.5M | ||
| Q3 25 | $60.3M | $19.9M | ||
| Q2 25 | $42.2M | $20.1M | ||
| Q1 25 | $64.9M | $17.4M | ||
| Q4 24 | $69.1M | $17.1M | ||
| Q3 24 | $34.8M | $17.0M | ||
| Q2 24 | $34.8M | $16.1M | ||
| Q1 24 | $42.5M | $12.8M |
毛利率PIPRSCSC
| Q4 25 | — | 13.4% | ||
| Q3 25 | — | 14.5% | ||
| Q2 25 | — | 12.9% | ||
| Q1 25 | — | 14.2% | ||
| Q4 24 | — | 13.6% | ||
| Q3 24 | — | 13.1% | ||
| Q2 24 | — | 13.0% | ||
| Q1 24 | — | 12.6% |
营业利润率PIPRSCSC
| Q4 25 | 28.3% | 2.3% | ||
| Q3 25 | 22.4% | 3.5% | ||
| Q2 25 | 12.3% | 3.3% | ||
| Q1 25 | 8.2% | 3.2% | ||
| Q4 24 | 16.9% | 2.5% | ||
| Q3 24 | 15.4% | 2.3% | ||
| Q2 24 | 8.3% | 2.9% | ||
| Q1 24 | 15.2% | 2.3% |
净利率PIPRSCSC
| Q4 25 | 17.1% | 2.2% | ||
| Q3 25 | 12.6% | 2.7% | ||
| Q2 25 | 10.6% | 2.5% | ||
| Q1 25 | 18.1% | 2.5% | ||
| Q4 24 | 14.2% | 2.3% | ||
| Q3 24 | 9.6% | 2.2% | ||
| Q2 24 | 10.2% | 2.2% | ||
| Q1 24 | 12.3% | 1.7% |
每股收益（稀释后）PIPRSCSC
| Q4 25 | $6.41 | $0.75 | ||
| Q3 25 | $3.38 | $0.89 | ||
| Q2 25 | $2.38 | $0.87 | ||
| Q1 25 | $3.65 | $0.74 | ||
| Q4 24 | $3.88 | $0.70 | ||
| Q3 24 | $1.96 | $0.69 | ||
| Q2 24 | $1.97 | $0.66 | ||
| Q1 24 | $2.43 | $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 | — | $83.5M |
| 总债务越低越好 | — | — |
| 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 | — | — |
8季度趋势，按日历期对齐
现金及短期投资PIPRSCSC
| Q4 25 | — | $83.5M | ||
| Q3 25 | — | $124.9M | ||
| Q2 25 | — | $126.2M | ||
| Q1 25 | — | $146.3M | ||
| Q4 24 | — | $110.5M | ||
| Q3 24 | — | $145.0M | ||
| Q2 24 | — | $185.5M | ||
| Q1 24 | — | $159.1M |
股东权益PIPRSCSC
| Q4 25 | $1.4B | $910.9M | ||
| Q3 25 | $1.3B | $914.0M | ||
| Q2 25 | $1.2B | $906.4M | ||
| Q1 25 | $1.2B | $901.7M | ||
| Q4 24 | $1.2B | $900.7M | ||
| Q3 24 | $1.2B | $920.9M | ||
| Q2 24 | $1.1B | $924.3M | ||
| Q1 24 | $1.1B | $944.1M |
总资产PIPRSCSC
| Q4 25 | $2.6B | $1.7B | ||
| Q3 25 | $2.2B | $1.7B | ||
| Q2 25 | $2.0B | $1.8B | ||
| Q1 25 | $1.8B | $1.7B | ||
| Q4 24 | $2.3B | $1.7B | ||
| Q3 24 | $2.0B | $1.8B | ||
| Q2 24 | $1.9B | $1.8B | ||
| Q1 24 | $1.8B | $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 | $729.8M | $30.8M |
| 自由现金流经营现金流 - 资本支出 | — | $28.9M |
| 自由现金流率自由现金流/营收 | — | 3.8% |
| 资本支出强度资本支出/营收 | — | 0.3% |
| 现金转化率经营现金流/净利润 | 6.40× | 1.87× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流PIPRSCSC
| Q4 25 | $729.8M | $30.8M | ||
| Q3 25 | $31.9M | $23.2M | ||
| Q2 25 | $32.1M | — | ||
| Q1 25 | $-207.2M | $66.1M | ||
| Q4 24 | $163.8M | $-6.2M | ||
| Q3 24 | $80.1M | $44.8M | ||
| Q2 24 | $266.5M | — | ||
| Q1 24 | $-197.2M | $160.2M |
自由现金流PIPRSCSC
| Q4 25 | — | $28.9M | ||
| Q3 25 | — | $20.8M | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $64.6M | ||
| Q4 24 | — | $-8.2M | ||
| Q3 24 | — | $42.5M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $157.7M |
自由现金流率PIPRSCSC
| Q4 25 | — | 3.8% | ||
| Q3 25 | — | 2.8% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 9.2% | ||
| Q4 24 | — | -1.1% | ||
| Q3 24 | — | 5.5% | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 21.0% |
资本支出强度PIPRSCSC
| Q4 25 | — | 0.3% | ||
| Q3 25 | — | 0.3% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | — | 0.2% | ||
| Q4 24 | — | 0.3% | ||
| Q3 24 | — | 0.3% | ||
| Q2 24 | — | 0.2% | ||
| Q1 24 | — | 0.3% |
现金转化率PIPRSCSC
| Q4 25 | 6.40× | 1.87× | ||
| Q3 25 | 0.53× | 1.17× | ||
| Q2 25 | 0.76× | — | ||
| Q1 25 | -3.19× | 3.79× | ||
| Q4 24 | 2.37× | -0.36× | ||
| Q3 24 | 2.30× | 2.64× | ||
| Q2 24 | 7.66× | — | ||
| Q1 24 | -4.64× | 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
PIPR
| Advisory Services | $402.6M | 60% |
| Equities Financing | $66.7M | 10% |
| Equity Salesand Trading | $64.2M | 10% |
| Fixed Income Salesand Trading | $47.9M | 7% |
| Other | $46.7M | 7% |
| Debt Financing | $38.9M | 6% |
SCSC
| Products And Services | $723.4M | 94% |
| Intelisys Advisory | $25.0M | 3% |
| Recurring Revenue | $18.2M | 2% |
