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SBA Communications（SBAC）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SBA Communications的1.1倍（$766.5M vs $703.4M），SBA Communications净利率更高（26.3% vs 2.2%，领先24.1%），SCANSOURCE, INC.同比增速更快（2.5% vs -1.6%），过去两年SBA Communications的营收复合增速更高（3.2% vs 0.9%）
SBA Communications是一家房地产投资信托企业，核心业务为持有、运营无线通信基础设施，市场覆盖美国、加拿大、中南美洲及南非地区。公司由Steven Bernstein于1989年创立，前身为Steven Bernstein and Associates。
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。
SBAC vs SCSC — 直观对比
营收规模更大
SCSC
是对方的1.1倍
$703.4M
营收增速更快
SCSC
高出4.1%
-1.6%
净利率更高
SBAC
高出24.1%
2.2%
两年增速更快
SBAC
近两年复合增速
0.9%
损益表 — Q1 FY2026 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $703.4M | $766.5M |
| 净利润 | $184.9M | $16.5M |
| 毛利率 | — | 13.4% |
| 营业利润率 | 48.7% | 2.3% |
| 净利率 | 26.3% | 2.2% |
| 营收同比 | -1.6% | 2.5% |
| 净利润同比 | -15.1% | -3.3% |
| 每股收益（稀释后） | $1.74 | $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SBACSCSC
| Q1 26 | $703.4M | — | ||
| Q4 25 | $719.6M | $766.5M | ||
| Q3 25 | $732.3M | $739.6M | ||
| Q2 25 | $699.0M | $812.9M | ||
| Q1 25 | $664.2M | $704.8M | ||
| Q4 24 | $693.7M | $747.5M | ||
| Q3 24 | $667.6M | $775.6M | ||
| Q2 24 | $660.5M | $746.1M |
净利润SBACSCSC
| Q1 26 | $184.9M | — | ||
| Q4 25 | $370.4M | $16.5M | ||
| Q3 25 | $236.8M | $19.9M | ||
| Q2 25 | $225.8M | $20.1M | ||
| Q1 25 | $220.7M | $17.4M | ||
| Q4 24 | $178.8M | $17.1M | ||
| Q3 24 | $258.5M | $17.0M | ||
| Q2 24 | $162.8M | $16.1M |
毛利率SBACSCSC
| Q1 26 | — | — | ||
| Q4 25 | 75.6% | 13.4% | ||
| Q3 25 | 74.1% | 14.5% | ||
| Q2 25 | 75.4% | 12.9% | ||
| Q1 25 | 76.9% | 14.2% | ||
| Q4 24 | 78.1% | 13.6% | ||
| Q3 24 | 77.5% | 13.1% | ||
| Q2 24 | 78.6% | 13.0% |
营业利润率SBACSCSC
| Q1 26 | 48.7% | — | ||
| Q4 25 | 41.5% | 2.3% | ||
| Q3 25 | 51.1% | 3.5% | ||
| Q2 25 | 47.9% | 3.3% | ||
| Q1 25 | 50.4% | 3.2% | ||
| Q4 24 | 55.1% | 2.5% | ||
| Q3 24 | 56.3% | 2.3% | ||
| Q2 24 | 53.7% | 2.9% |
净利率SBACSCSC
| Q1 26 | 26.3% | — | ||
| Q4 25 | 51.5% | 2.2% | ||
| Q3 25 | 32.3% | 2.7% | ||
| Q2 25 | 32.3% | 2.5% | ||
| Q1 25 | 33.2% | 2.5% | ||
| Q4 24 | 25.8% | 2.3% | ||
| Q3 24 | 38.7% | 2.2% | ||
| Q2 24 | 24.7% | 2.2% |
每股收益（稀释后）SBACSCSC
| Q1 26 | $1.74 | — | ||
| Q4 25 | $3.47 | $0.75 | ||
| Q3 25 | $2.20 | $0.89 | ||
| Q2 25 | $2.09 | $0.87 | ||
| Q1 25 | $2.04 | $0.74 | ||
| Q4 24 | $1.61 | $0.70 | ||
| Q3 24 | $2.40 | $0.69 | ||
| Q2 24 | $1.51 | $0.66 |
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 | $269.1M | $83.5M |
| 总债务越低越好 | $2.7B | — |
| 股东权益账面价值 | — | $910.9M |
| 总资产 | $11.7B | $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SBACSCSC
| Q1 26 | $269.1M | — | ||
| Q4 25 | $271.2M | $83.5M | ||
| Q3 25 | $431.1M | $124.9M | ||
| Q2 25 | $276.8M | $126.2M | ||
| Q1 25 | $702.2M | $146.3M | ||
| Q4 24 | $444.4M | $110.5M | ||
| Q3 24 | $202.6M | $145.0M | ||
| Q2 24 | $250.9M | $185.5M |
总债务SBACSCSC
| Q1 26 | $2.7B | — | ||
| Q4 25 | $12.9B | — | ||
| Q3 25 | $12.7B | — | ||
| Q2 25 | $12.5B | — | ||
| Q1 25 | $12.4B | — | ||
| Q4 24 | $13.6B | — | ||
| Q3 24 | $12.3B | — | ||
| Q2 24 | $12.3B | — |
股东权益SBACSCSC
| Q1 26 | — | — | ||
| Q4 25 | $-4.9B | $910.9M | ||
| Q3 25 | $-4.9B | $914.0M | ||
| Q2 25 | $-4.9B | $906.4M | ||
| Q1 25 | $-5.0B | $901.7M | ||
| Q4 24 | $-5.1B | $900.7M | ||
| Q3 24 | $-5.2B | $920.9M | ||
| Q2 24 | $-5.3B | $924.3M |
总资产SBACSCSC
| Q1 26 | $11.7B | — | ||
| Q4 25 | $11.6B | $1.7B | ||
| Q3 25 | $11.3B | $1.7B | ||
| Q2 25 | $10.8B | $1.8B | ||
| Q1 25 | $10.4B | $1.7B | ||
| Q4 24 | $11.4B | $1.7B | ||
| Q3 24 | $10.2B | $1.8B | ||
| Q2 24 | $9.8B | $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 | $255.1M | $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 | 9.5% | 0.3% |
| 现金转化率经营现金流/净利润 | 1.38× | 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SBACSCSC
| Q1 26 | $255.1M | — | ||
| Q4 25 | $1.3B | $30.8M | ||
| Q3 25 | $318.0M | $23.2M | ||
| Q2 25 | $368.1M | — | ||
| Q1 25 | $301.2M | $66.1M | ||
| Q4 24 | $1.3B | $-6.2M | ||
| Q3 24 | $304.7M | $44.8M | ||
| Q2 24 | $425.6M | — |
自由现金流SBACSCSC
| Q1 26 | — | — | ||
| Q4 25 | $833.3M | $28.9M | ||
| Q3 25 | $258.0M | $20.8M | ||
| Q2 25 | $312.2M | — | ||
| Q1 25 | $255.0M | $64.6M | ||
| Q4 24 | $1.2B | $-8.2M | ||
| Q3 24 | $239.9M | $42.5M | ||
| Q2 24 | $375.6M | — |
自由现金流率SBACSCSC
| Q1 26 | — | — | ||
| Q4 25 | 115.8% | 3.8% | ||
| Q3 25 | 35.2% | 2.8% | ||
| Q2 25 | 44.7% | — | ||
| Q1 25 | 38.4% | 9.2% | ||
| Q4 24 | 179.9% | -1.1% | ||
| Q3 24 | 35.9% | 5.5% | ||
| Q2 24 | 56.9% | — |
资本支出强度SBACSCSC
| Q1 26 | 9.5% | — | ||
| Q4 25 | 63.7% | 0.3% | ||
| Q3 25 | 8.2% | 0.3% | ||
| Q2 25 | 8.0% | 0.3% | ||
| Q1 25 | 7.0% | 0.2% | ||
| Q4 24 | 12.6% | 0.3% | ||
| Q3 24 | 9.7% | 0.3% | ||
| Q2 24 | 7.6% | 0.2% |
现金转化率SBACSCSC
| Q1 26 | 1.38× | — | ||
| Q4 25 | 3.49× | 1.87× | ||
| Q3 25 | 1.34× | 1.17× | ||
| Q2 25 | 1.63× | — | ||
| Q1 25 | 1.36× | 3.79× | ||
| Q4 24 | 7.47× | -0.36× | ||
| Q3 24 | 1.18× | 2.64× | ||
| Q2 24 | 2.61× | — |
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
SBAC
| Site leasing | $656.1M | 93% |
| Site development | $47.3M | 7% |
SCSC
| Products And Services | $723.4M | 94% |
| Intelisys Advisory | $25.0M | 3% |
| Recurring Revenue | $18.2M | 2% |
