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SCANSOURCE, INC.（SCSC）与盛思阳（TSE）财务数据对比。点击上方公司名可切换其他公司
SCANSOURCE, INC.的季度营收约是盛思阳的1.2倍（$766.5M vs $662.6M），SCANSOURCE, INC.净利率更高（2.2% vs -37.9%，领先40.1%），SCANSOURCE, INC.同比增速更快（2.5% vs -19.3%），SCANSOURCE, INC.自由现金流更多（$28.9M vs $6.6M），过去两年SCANSOURCE, INC.的营收复合增速更高（0.9% vs -14.4%）
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。
盛思阳（Trinseo）是一家专注于塑料与乳胶粘合剂生产的材料企业。该公司原隶属于陶氏化学公司，2009年陶氏将其分拆待售，2010年相关资产以斯泰隆（Styron）之名作价16.3亿美元出售给贝恩资本。2016年贝恩清仓全部持股， Trinseo自此成为完全独立的公众上市公司。
SCSC vs TSE — 直观对比
营收规模更大
SCSC
是对方的1.2倍
$662.6M
营收增速更快
SCSC
高出21.9%
-19.3%
净利率更高
SCSC
高出40.1%
-37.9%
自由现金流更多
SCSC
多$22.3M
$6.6M
两年增速更快
SCSC
近两年复合增速
-14.4%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $766.5M | $662.6M |
| 净利润 | $16.5M | $-251.4M |
| 毛利率 | 13.4% | 4.2% |
| 营业利润率 | 2.3% | -24.7% |
| 净利率 | 2.2% | -37.9% |
| 营收同比 | 2.5% | -19.3% |
| 净利润同比 | -3.3% | -113.2% |
| 每股收益（稀释后） | $0.75 | $-7.02 |
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SCSCTSE
| Q4 25 | $766.5M | $662.6M | ||
| Q3 25 | $739.6M | $743.2M | ||
| Q2 25 | $812.9M | $784.3M | ||
| Q1 25 | $704.8M | $784.8M | ||
| Q4 24 | $747.5M | $821.5M | ||
| Q3 24 | $775.6M | $867.7M | ||
| Q2 24 | $746.1M | $920.0M | ||
| Q1 24 | $752.6M | $904.0M |
净利润SCSCTSE
| Q4 25 | $16.5M | $-251.4M | ||
| Q3 25 | $19.9M | $-109.7M | ||
| Q2 25 | $20.1M | $-105.5M | ||
| Q1 25 | $17.4M | $-79.0M | ||
| Q4 24 | $17.1M | $-117.9M | ||
| Q3 24 | $17.0M | $-87.3M | ||
| Q2 24 | $16.1M | $-67.8M | ||
| Q1 24 | $12.8M | $-75.5M |
毛利率SCSCTSE
| Q4 25 | 13.4% | 4.2% | ||
| Q3 25 | 14.5% | 5.0% | ||
| Q2 25 | 12.9% | 4.7% | ||
| Q1 25 | 14.2% | 8.1% | ||
| Q4 24 | 13.6% | 6.8% | ||
| Q3 24 | 13.1% | 9.3% | ||
| Q2 24 | 13.0% | 7.4% | ||
| Q1 24 | 12.6% | 6.7% |
营业利润率SCSCTSE
| Q4 25 | 2.3% | -24.7% | ||
| Q3 25 | 3.5% | -3.8% | ||
| Q2 25 | 3.3% | -4.2% | ||
| Q1 25 | 3.2% | -3.7% | ||
| Q4 24 | 2.5% | -5.4% | ||
| Q3 24 | 2.3% | -1.4% | ||
| Q2 24 | 2.9% | 1.5% | ||
| Q1 24 | 2.3% | -0.4% |
净利率SCSCTSE
| Q4 25 | 2.2% | -37.9% | ||
| Q3 25 | 2.7% | -14.8% | ||
| Q2 25 | 2.5% | -13.5% | ||
| Q1 25 | 2.5% | -10.1% | ||
| Q4 24 | 2.3% | -14.4% | ||
| Q3 24 | 2.2% | -10.1% | ||
| Q2 24 | 2.2% | -7.4% | ||
| Q1 24 | 1.7% | -8.4% |
每股收益（稀释后）SCSCTSE
| Q4 25 | $0.75 | $-7.02 | ||
| Q3 25 | $0.89 | $-3.05 | ||
| Q2 25 | $0.87 | $-2.95 | ||
| Q1 25 | $0.74 | $-2.22 | ||
| Q4 24 | $0.70 | $-3.33 | ||
| Q3 24 | $0.69 | $-2.47 | ||
| Q2 24 | $0.66 | $-1.92 | ||
| Q1 24 | $0.50 | $-2.14 |
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 | $146.7M |
| 总债务越低越好 | — | $2.5B |
| 股东权益账面价值 | $910.9M | $-1.1B |
| 总资产 | $1.7B | $2.3B |
| 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SCSCTSE
| Q4 25 | $83.5M | $146.7M | ||
| Q3 25 | $124.9M | $112.1M | ||
| Q2 25 | $126.2M | $137.0M | ||
| Q1 25 | $146.3M | $126.1M | ||
| Q4 24 | $110.5M | $209.8M | ||
| Q3 24 | $145.0M | $165.3M | ||
| Q2 24 | $185.5M | $105.6M | ||
| Q1 24 | $159.1M | $166.4M |
总债务SCSCTSE
| Q4 25 | — | $2.5B | ||
| Q3 25 | — | $2.5B | ||
| Q2 25 | — | $2.5B | ||
| Q1 25 | — | $2.5B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | — | $2.4B | ||
| Q2 24 | — | $2.3B | ||
| Q1 24 | — | $2.3B |
股东权益SCSCTSE
| Q4 25 | $910.9M | $-1.1B | ||
| Q3 25 | $914.0M | $-861.6M | ||
| Q2 25 | $906.4M | $-750.3M | ||
| Q1 25 | $901.7M | $-679.2M | ||
| Q4 24 | $900.7M | $-619.9M | ||
| Q3 24 | $920.9M | $-480.0M | ||
| Q2 24 | $924.3M | $-413.8M | ||
| Q1 24 | $944.1M | $-348.0M |
总资产SCSCTSE
| Q4 25 | $1.7B | $2.3B | ||
| Q3 25 | $1.7B | $2.5B | ||
| Q2 25 | $1.8B | $2.6B | ||
| Q1 25 | $1.7B | $2.7B | ||
| Q4 24 | $1.7B | $2.6B | ||
| Q3 24 | $1.8B | $2.9B | ||
| Q2 24 | $1.8B | $2.8B | ||
| Q1 24 | $1.8B | $3.0B |
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 | $22.6M |
| 自由现金流经营现金流 - 资本支出 | $28.9M | $6.6M |
| 自由现金流率自由现金流/营收 | 3.8% | 1.0% |
| 资本支出强度资本支出/营收 | 0.3% | 2.4% |
| 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 | — | $-153.4M |
8季度趋势，按日历期对齐
经营现金流SCSCTSE
| Q4 25 | $30.8M | $22.6M | ||
| Q3 25 | $23.2M | $-21.6M | ||
| Q2 25 | — | $6.8M | ||
| Q1 25 | $66.1M | $-110.2M | ||
| Q4 24 | $-6.2M | $85.1M | ||
| Q3 24 | $44.8M | $8.8M | ||
| Q2 24 | — | $-41.9M | ||
| Q1 24 | $160.2M | $-66.2M |
自由现金流SCSCTSE
| Q4 25 | $28.9M | $6.6M | ||
| Q3 25 | $20.8M | $-38.1M | ||
| Q2 25 | — | $-3.0M | ||
| Q1 25 | $64.6M | $-118.9M | ||
| Q4 24 | $-8.2M | $63.9M | ||
| Q3 24 | $42.5M | $-3.4M | ||
| Q2 24 | — | $-56.1M | ||
| Q1 24 | $157.7M | $-81.9M |
自由现金流率SCSCTSE
| Q4 25 | 3.8% | 1.0% | ||
| Q3 25 | 2.8% | -5.1% | ||
| Q2 25 | — | -0.4% | ||
| Q1 25 | 9.2% | -15.2% | ||
| Q4 24 | -1.1% | 7.8% | ||
| Q3 24 | 5.5% | -0.4% | ||
| Q2 24 | — | -6.1% | ||
| Q1 24 | 21.0% | -9.1% |
资本支出强度SCSCTSE
| Q4 25 | 0.3% | 2.4% | ||
| Q3 25 | 0.3% | 2.2% | ||
| Q2 25 | 0.3% | 1.2% | ||
| Q1 25 | 0.2% | 1.1% | ||
| Q4 24 | 0.3% | 2.6% | ||
| Q3 24 | 0.3% | 1.4% | ||
| Q2 24 | 0.2% | 1.5% | ||
| Q1 24 | 0.3% | 1.7% |
现金转化率SCSCTSE
| Q4 25 | 1.87× | — | ||
| Q3 25 | 1.17× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 3.79× | — | ||
| Q4 24 | -0.36× | — | ||
| Q3 24 | 2.64× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 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
SCSC
| Products And Services | $723.4M | 94% |
| Intelisys Advisory | $25.0M | 3% |
| Recurring Revenue | $18.2M | 2% |
TSE
| Other | $325.2M | 49% |
| Asia Pacific | $142.2M | 21% |
| Engineered Materials | $105.0M | 16% |
| Latex | $59.9M | 9% |
| Polymer Solutions | $30.3M | 5% |
