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SCANSOURCE, INC.（SCSC）与罗塞塔石碑（STEP）财务数据对比。点击上方公司名可切换其他公司
SCANSOURCE, INC.的季度营收约是罗塞塔石碑的1.3倍（$766.5M vs $586.5M），SCANSOURCE, INC.净利率更高（2.2% vs -21.0%，领先23.2%），罗塞塔石碑同比增速更快（73.0% vs 2.5%），SCANSOURCE, INC.自由现金流更多（$28.9M vs $26.7M），过去两年罗塞塔石碑的营收复合增速更高（28.2% vs 0.9%）
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。
罗塞塔石碑是美国教育科技软件企业，开发语言学习、读写能力提升及脑训练类软件，旗下语言学习产品知名度极高。2013年公司收购Livemocha、Lexia Learning等品牌拓展教育科技业务矩阵，2021年正式成为IXL Learning的子公司。
SCSC vs STEP — 直观对比
营收规模更大
SCSC
是对方的1.3倍
$586.5M
营收增速更快
STEP
高出70.5%
2.5%
净利率更高
SCSC
高出23.2%
-21.0%
自由现金流更多
SCSC
多$2.1M
$26.7M
两年增速更快
STEP
近两年复合增速
0.9%
损益表 — Q2 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $766.5M | $586.5M |
| 净利润 | $16.5M | $-123.5M |
| 毛利率 | 13.4% | — |
| 营业利润率 | 2.3% | -33.2% |
| 净利率 | 2.2% | -21.0% |
| 营收同比 | 2.5% | 73.0% |
| 净利润同比 | -3.3% | 35.7% |
| 每股收益（稀释后） | $0.75 | $-1.55 |
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SCSCSTEP
| Q4 25 | $766.5M | $586.5M | ||
| Q3 25 | $739.6M | $454.2M | ||
| Q2 25 | $812.9M | $364.3M | ||
| Q1 25 | $704.8M | $377.7M | ||
| Q4 24 | $747.5M | $339.0M | ||
| Q3 24 | $775.6M | $271.7M | ||
| Q2 24 | $746.1M | $186.4M | ||
| Q1 24 | $752.6M | $356.8M |
净利润SCSCSTEP
| Q4 25 | $16.5M | $-123.5M | ||
| Q3 25 | $19.9M | $-366.1M | ||
| Q2 25 | $20.1M | $-38.4M | ||
| Q1 25 | $17.4M | $-18.5M | ||
| Q4 24 | $17.1M | $-192.0M | ||
| Q3 24 | $17.0M | $17.6M | ||
| Q2 24 | $16.1M | $13.3M | ||
| Q1 24 | $12.8M | $30.8M |
毛利率SCSCSTEP
| 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SCSCSTEP
| Q4 25 | 2.3% | -33.2% | ||
| Q3 25 | 3.5% | -148.8% | ||
| Q2 25 | 3.3% | -5.6% | ||
| Q1 25 | 3.2% | 2.6% | ||
| Q4 24 | 2.5% | -101.7% | ||
| Q3 24 | 2.3% | 21.3% | ||
| Q2 24 | 2.9% | 29.4% | ||
| Q1 24 | 2.3% | 26.5% |
净利率SCSCSTEP
| Q4 25 | 2.2% | -21.0% | ||
| Q3 25 | 2.7% | -80.6% | ||
| Q2 25 | 2.5% | -10.5% | ||
| Q1 25 | 2.5% | -4.9% | ||
| Q4 24 | 2.3% | -56.6% | ||
| Q3 24 | 2.2% | 6.5% | ||
| Q2 24 | 2.2% | 7.2% | ||
| Q1 24 | 1.7% | 8.6% |
每股收益（稀释后）SCSCSTEP
| Q4 25 | $0.75 | $-1.55 | ||
| Q3 25 | $0.89 | $-4.66 | ||
| Q2 25 | $0.87 | $-0.49 | ||
| Q1 25 | $0.74 | $-0.37 | ||
| Q4 24 | $0.70 | $-2.61 | ||
| Q3 24 | $0.69 | $0.26 | ||
| Q2 24 | $0.66 | $0.20 | ||
| Q1 24 | $0.50 | $0.47 |
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 | — | $270.2M |
| 股东权益账面价值 | $910.9M | $-378.8M |
| 总资产 | $1.7B | $5.2B |
| 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SCSCSTEP
| 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 | — |
总债务SCSCSTEP
| Q4 25 | — | $270.2M | ||
| Q3 25 | — | $269.9M | ||
| Q2 25 | — | $269.6M | ||
| Q1 25 | — | $269.3M | ||
| Q4 24 | — | $168.9M | ||
| Q3 24 | — | $172.3M | ||
| Q2 24 | — | $172.1M | ||
| Q1 24 | — | $148.8M |
股东权益SCSCSTEP
| Q4 25 | $910.9M | $-378.8M | ||
| Q3 25 | $914.0M | $-233.5M | ||
| Q2 25 | $906.4M | $153.9M | ||
| Q1 25 | $901.7M | $179.4M | ||
| Q4 24 | $900.7M | $209.8M | ||
| Q3 24 | $920.9M | $397.5M | ||
| Q2 24 | $924.3M | $366.9M | ||
| Q1 24 | $944.1M | $324.5M |
总资产SCSCSTEP
| Q4 25 | $1.7B | $5.2B | ||
| Q3 25 | $1.7B | $5.3B | ||
| Q2 25 | $1.8B | $4.8B | ||
| Q1 25 | $1.7B | $4.6B | ||
| Q4 24 | $1.7B | $4.3B | ||
| Q3 24 | $1.8B | $4.0B | ||
| Q2 24 | $1.8B | $3.8B | ||
| Q1 24 | $1.8B | $3.8B |
负债/权益比SCSCSTEP
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.75× | ||
| Q1 25 | — | 1.50× | ||
| Q4 24 | — | 0.81× | ||
| Q3 24 | — | 0.43× | ||
| Q2 24 | — | 0.47× | ||
| Q1 24 | — | 0.46× |
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 | $30.8M | $27.2M |
| 自由现金流经营现金流 - 资本支出 | $28.9M | $26.7M |
| 自由现金流率自由现金流/营收 | 3.8% | 4.6% |
| 资本支出强度资本支出/营收 | 0.3% | 0.1% |
| 现金转化率经营现金流/净利润 | 1.87× | — |
| 过去12个月自由现金流最近4个季度 | — | $18.6M |
8季度趋势，按日历期对齐
经营现金流SCSCSTEP
| Q4 25 | $30.8M | $27.2M | ||
| Q3 25 | $23.2M | $16.2M | ||
| Q2 25 | — | $46.3M | ||
| Q1 25 | $66.1M | $-66.5M | ||
| Q4 24 | $-6.2M | $27.6M | ||
| Q3 24 | $44.8M | $53.7M | ||
| Q2 24 | — | $50.2M | ||
| Q1 24 | $160.2M | $7.6M |
自由现金流SCSCSTEP
| Q4 25 | $28.9M | $26.7M | ||
| Q3 25 | $20.8M | $15.9M | ||
| Q2 25 | — | $45.2M | ||
| Q1 25 | $64.6M | $-69.2M | ||
| Q4 24 | $-8.2M | $27.0M | ||
| Q3 24 | $42.5M | $52.4M | ||
| Q2 24 | — | $49.6M | ||
| Q1 24 | $157.7M | $6.7M |
自由现金流率SCSCSTEP
| Q4 25 | 3.8% | 4.6% | ||
| Q3 25 | 2.8% | 3.5% | ||
| Q2 25 | — | 12.4% | ||
| Q1 25 | 9.2% | -18.3% | ||
| Q4 24 | -1.1% | 8.0% | ||
| Q3 24 | 5.5% | 19.3% | ||
| Q2 24 | — | 26.6% | ||
| Q1 24 | 21.0% | 1.9% |
资本支出强度SCSCSTEP
| Q4 25 | 0.3% | 0.1% | ||
| Q3 25 | 0.3% | 0.1% | ||
| Q2 25 | 0.3% | 0.3% | ||
| Q1 25 | 0.2% | 0.7% | ||
| Q4 24 | 0.3% | 0.2% | ||
| Q3 24 | 0.3% | 0.5% | ||
| Q2 24 | 0.2% | 0.3% | ||
| Q1 24 | 0.3% | 0.3% |
现金转化率SCSCSTEP
| Q4 25 | 1.87× | — | ||
| Q3 25 | 1.17× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 3.79× | — | ||
| Q4 24 | -0.36× | — | ||
| Q3 24 | 2.64× | 3.05× | ||
| Q2 24 | — | 3.76× | ||
| Q1 24 | 12.51× | 0.25× |
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
SCSC
| Products And Services | $723.4M | 94% |
| Intelisys Advisory | $25.0M | 3% |
| Recurring Revenue | $18.2M | 2% |
STEP
| Other | $210.1M | 36% |
| Management And Advisory Fees Net Focused Commingled Funds | $143.3M | 24% |
| Carried Interest Allocation Focused Commingled Funds | $85.1M | 15% |
| Carried Interest Allocation Separately Managed Accounts | $63.6M | 11% |
| Carried Interest Allocation Realized | $46.7M | 8% |
| Management And Advisory Fees Net Advisory And Other Services | $18.3M | 3% |
| Legacy Carried Interest Allocation Focused Commingled Funds | $10.3M | 2% |
| Income Based Incentive Fees | $6.0M | 1% |
| Management And Advisory Fees Net Fund Reimbursement Revenues | $3.1M | 1% |
