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SCANSOURCE, INC.（SCSC）与TRINET GROUP, INC.（TNET）财务数据对比。点击上方公司名可切换其他公司
TRINET GROUP, INC.的季度营收约是SCANSOURCE, INC.的1.6倍（$1.2B vs $766.5M），SCANSOURCE, INC.同比增速更快（2.5% vs -2.2%），TRINET GROUP, INC.自由现金流更多（$43.0M vs $28.9M），过去两年SCANSOURCE, INC.的营收复合增速更高（0.9% vs -0.6%）
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。
TriNet Group, Inc.是一家面向中小企业的专业雇主组织，总部位于加州都柏林，服务员工规模在3至2500人之间的各类机构。可提供薪资管理、健康福利管理服务，还能为客户提供劳动法规合规、风险降低相关咨询，可作为外包人力资源部门为企业分担人事相关事务。
SCSC vs TNET — 直观对比
营收规模更大
TNET
是对方的1.6倍
$766.5M
营收增速更快
SCSC
高出4.7%
-2.2%
自由现金流更多
TNET
多$14.1M
$28.9M
两年增速更快
SCSC
近两年复合增速
-0.6%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $766.5M | $1.2B |
| 净利润 | $16.5M | — |
| 毛利率 | 13.4% | — |
| 营业利润率 | 2.3% | 0.1% |
| 净利率 | 2.2% | — |
| 营收同比 | 2.5% | -2.2% |
| 净利润同比 | -3.3% | — |
| 每股收益（稀释后） | $0.75 | $0.02 |
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SCSCTNET
| Q4 25 | $766.5M | $1.2B | ||
| Q3 25 | $739.6M | $1.2B | ||
| Q2 25 | $812.9M | $1.2B | ||
| Q1 25 | $704.8M | $1.3B | ||
| Q4 24 | $747.5M | $1.3B | ||
| Q3 24 | $775.6M | $1.2B | ||
| Q2 24 | $746.1M | $1.2B | ||
| Q1 24 | $752.6M | $1.3B |
净利润SCSCTNET
| Q4 25 | $16.5M | — | ||
| Q3 25 | $19.9M | $34.0M | ||
| Q2 25 | $20.1M | $37.0M | ||
| Q1 25 | $17.4M | $85.0M | ||
| Q4 24 | $17.1M | — | ||
| Q3 24 | $17.0M | $45.0M | ||
| Q2 24 | $16.1M | $60.0M | ||
| Q1 24 | $12.8M | $91.0M |
毛利率SCSCTNET
| 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SCSCTNET
| Q4 25 | 2.3% | 0.1% | ||
| Q3 25 | 3.5% | 4.1% | ||
| Q2 25 | 3.3% | 4.1% | ||
| Q1 25 | 3.2% | 8.9% | ||
| Q4 24 | 2.5% | -2.9% | ||
| Q3 24 | 2.3% | 4.7% | ||
| Q2 24 | 2.9% | 6.5% | ||
| Q1 24 | 2.3% | 9.7% |
净利率SCSCTNET
| Q4 25 | 2.2% | — | ||
| Q3 25 | 2.7% | 2.8% | ||
| Q2 25 | 2.5% | 3.0% | ||
| Q1 25 | 2.5% | 6.6% | ||
| Q4 24 | 2.3% | — | ||
| Q3 24 | 2.2% | 3.6% | ||
| Q2 24 | 2.2% | 4.9% | ||
| Q1 24 | 1.7% | 7.2% |
每股收益（稀释后）SCSCTNET
| Q4 25 | $0.75 | $0.02 | ||
| Q3 25 | $0.89 | $0.70 | ||
| Q2 25 | $0.87 | $0.77 | ||
| Q1 25 | $0.74 | $1.71 | ||
| Q4 24 | $0.70 | $-0.44 | ||
| Q3 24 | $0.69 | $0.89 | ||
| Q2 24 | $0.66 | $1.20 | ||
| Q1 24 | $0.50 | $1.78 |
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 | $287.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $910.9M | $54.0M |
| 总资产 | $1.7B | $3.8B |
| 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SCSCTNET
| Q4 25 | $83.5M | $287.0M | ||
| Q3 25 | $124.9M | $321.0M | ||
| Q2 25 | $126.2M | $407.0M | ||
| Q1 25 | $146.3M | $349.0M | ||
| Q4 24 | $110.5M | $360.0M | ||
| Q3 24 | $145.0M | $301.0M | ||
| Q2 24 | $185.5M | $249.0M | ||
| Q1 24 | $159.1M | $383.0M |
股东权益SCSCTNET
| Q4 25 | $910.9M | $54.0M | ||
| Q3 25 | $914.0M | $110.0M | ||
| Q2 25 | $906.4M | $107.0M | ||
| Q1 25 | $901.7M | $63.0M | ||
| Q4 24 | $900.7M | $69.0M | ||
| Q3 24 | $920.9M | $129.0M | ||
| Q2 24 | $924.3M | $100.0M | ||
| Q1 24 | $944.1M | $143.0M |
总资产SCSCTNET
| Q4 25 | $1.7B | $3.8B | ||
| Q3 25 | $1.7B | $3.4B | ||
| Q2 25 | $1.8B | $3.7B | ||
| Q1 25 | $1.7B | $3.8B | ||
| Q4 24 | $1.7B | $4.1B | ||
| Q3 24 | $1.8B | $3.7B | ||
| Q2 24 | $1.8B | $3.7B | ||
| Q1 24 | $1.8B | $4.0B |
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 | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $28.9M | $43.0M |
| 自由现金流率自由现金流/营收 | 3.8% | 3.4% |
| 资本支出强度资本支出/营收 | 0.3% | 1.4% |
| 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 | — | $234.0M |
8季度趋势，按日历期对齐
经营现金流SCSCTNET
| Q4 25 | $30.8M | $61.0M | ||
| Q3 25 | $23.2M | $72.0M | ||
| Q2 25 | — | $75.0M | ||
| Q1 25 | $66.1M | $95.0M | ||
| Q4 24 | $-6.2M | $65.0M | ||
| Q3 24 | $44.8M | $84.0M | ||
| Q2 24 | — | $39.0M | ||
| Q1 24 | $160.2M | $91.0M |
自由现金流SCSCTNET
| Q4 25 | $28.9M | $43.0M | ||
| Q3 25 | $20.8M | $55.0M | ||
| Q2 25 | — | $57.0M | ||
| Q1 25 | $64.6M | $79.0M | ||
| Q4 24 | $-8.2M | $47.0M | ||
| Q3 24 | $42.5M | $59.0M | ||
| Q2 24 | — | $22.0M | ||
| Q1 24 | $157.7M | $73.0M |
自由现金流率SCSCTNET
| Q4 25 | 3.8% | 3.4% | ||
| Q3 25 | 2.8% | 4.5% | ||
| Q2 25 | — | 4.6% | ||
| Q1 25 | 9.2% | 6.1% | ||
| Q4 24 | -1.1% | 3.7% | ||
| Q3 24 | 5.5% | 4.8% | ||
| Q2 24 | — | 1.8% | ||
| Q1 24 | 21.0% | 5.8% |
资本支出强度SCSCTNET
| Q4 25 | 0.3% | 1.4% | ||
| Q3 25 | 0.3% | 1.4% | ||
| Q2 25 | 0.3% | 1.5% | ||
| Q1 25 | 0.2% | 1.2% | ||
| Q4 24 | 0.3% | 1.4% | ||
| Q3 24 | 0.3% | 2.0% | ||
| Q2 24 | 0.2% | 1.4% | ||
| Q1 24 | 0.3% | 1.4% |
现金转化率SCSCTNET
| Q4 25 | 1.87× | — | ||
| Q3 25 | 1.17× | 2.12× | ||
| Q2 25 | — | 2.03× | ||
| Q1 25 | 3.79× | 1.12× | ||
| Q4 24 | -0.36× | — | ||
| Q3 24 | 2.64× | 1.87× | ||
| Q2 24 | — | 0.65× | ||
| Q1 24 | 12.51× | 1.00× |
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% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
