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SCANSOURCE, INC.（SCSC）与Tradeweb Markets Inc.（TW）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Tradeweb Markets Inc.的1.2倍（$766.5M vs $617.8M），Tradeweb Markets Inc.净利率更高（37.7% vs 2.2%，领先35.6%），Tradeweb Markets Inc.同比增速更快（21.2% vs 2.5%），SCANSOURCE, INC.自由现金流更多（$28.9M vs $2.0M），过去两年Tradeweb Markets Inc.的营收复合增速更高（23.5% 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。
Tradeweb Markets Inc.总部位于美国纽约，运营面向机构投资者的电子交易平台，支持固定收益产品、ETF及衍生品交易，服务覆盖银行、资管机构、央行、养老基金、保险公司等超3000家客户。2024年其83%营收来自交易手续费及佣金，17%来自订阅费，52%营收来自利率相关产品。
SCSC vs TW — 直观对比
营收规模更大
SCSC
是对方的1.2倍
$617.8M
营收增速更快
TW
高出18.7%
2.5%
净利率更高
TW
高出35.6%
2.2%
自由现金流更多
SCSC
多$26.8M
$2.0M
两年增速更快
TW
近两年复合增速
0.9%
损益表 — Q2 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $766.5M | $617.8M |
| 净利润 | $16.5M | $233.2M |
| 毛利率 | 13.4% | — |
| 营业利润率 | 2.3% | 46.5% |
| 净利率 | 2.2% | 37.7% |
| 营收同比 | 2.5% | 21.2% |
| 净利润同比 | -3.3% | 38.5% |
| 每股收益（稀释后） | $0.75 | $0.96 |
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SCSCTW
| Q1 26 | — | $617.8M | ||
| Q4 25 | $766.5M | $521.2M | ||
| Q3 25 | $739.6M | $508.6M | ||
| Q2 25 | $812.9M | $513.0M | ||
| Q1 25 | $704.8M | $509.7M | ||
| Q4 24 | $747.5M | $463.3M | ||
| Q3 24 | $775.6M | $448.9M | ||
| Q2 24 | $746.1M | $405.0M |
净利润SCSCTW
| Q1 26 | — | $233.2M | ||
| Q4 25 | $16.5M | $325.0M | ||
| Q3 25 | $19.9M | $185.6M | ||
| Q2 25 | $20.1M | $153.8M | ||
| Q1 25 | $17.4M | $148.4M | ||
| Q4 24 | $17.1M | $142.2M | ||
| Q3 24 | $17.0M | $113.9M | ||
| Q2 24 | $16.1M | $119.2M |
毛利率SCSCTW
| Q1 26 | — | — | ||
| 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% | — |
营业利润率SCSCTW
| Q1 26 | — | 46.5% | ||
| Q4 25 | 2.3% | 42.4% | ||
| Q3 25 | 3.5% | 41.4% | ||
| Q2 25 | 3.3% | 39.0% | ||
| Q1 25 | 3.2% | 40.0% | ||
| Q4 24 | 2.5% | 40.7% | ||
| Q3 24 | 2.3% | 35.5% | ||
| Q2 24 | 2.9% | 40.1% |
净利率SCSCTW
| Q1 26 | — | 37.7% | ||
| Q4 25 | 2.2% | 62.4% | ||
| Q3 25 | 2.7% | 36.5% | ||
| Q2 25 | 2.5% | 30.0% | ||
| Q1 25 | 2.5% | 29.1% | ||
| Q4 24 | 2.3% | 30.7% | ||
| Q3 24 | 2.2% | 25.4% | ||
| Q2 24 | 2.2% | 29.4% |
每股收益（稀释后）SCSCTW
| Q1 26 | — | $0.96 | ||
| Q4 25 | $0.75 | $1.52 | ||
| Q3 25 | $0.89 | $0.86 | ||
| Q2 25 | $0.87 | $0.71 | ||
| Q1 25 | $0.74 | $0.69 | ||
| Q4 24 | $0.70 | $0.66 | ||
| Q3 24 | $0.69 | $0.53 | ||
| Q2 24 | $0.66 | $0.55 |
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 | $910.9M | — |
| 总资产 | $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SCSCTW
| Q1 26 | — | — | ||
| Q4 25 | $83.5M | $2.1B | ||
| Q3 25 | $124.9M | $1.9B | ||
| Q2 25 | $126.2M | $1.6B | ||
| Q1 25 | $146.3M | $1.3B | ||
| Q4 24 | $110.5M | $1.3B | ||
| Q3 24 | $145.0M | $1.2B | ||
| Q2 24 | $185.5M | $1.7B |
股东权益SCSCTW
| Q1 26 | — | — | ||
| Q4 25 | $910.9M | $6.5B | ||
| Q3 25 | $914.0M | $6.3B | ||
| Q2 25 | $906.4M | $6.1B | ||
| Q1 25 | $901.7M | $5.9B | ||
| Q4 24 | $900.7M | $5.8B | ||
| Q3 24 | $920.9M | $5.7B | ||
| Q2 24 | $924.3M | $5.6B |
总资产SCSCTW
| Q1 26 | — | — | ||
| Q4 25 | $1.7B | $8.2B | ||
| Q3 25 | $1.7B | $8.0B | ||
| Q2 25 | $1.8B | $8.1B | ||
| Q1 25 | $1.7B | $7.4B | ||
| Q4 24 | $1.7B | $7.3B | ||
| Q3 24 | $1.8B | $7.3B | ||
| Q2 24 | $1.8B | $7.3B |
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 | — |
| 自由现金流经营现金流 - 资本支出 | $28.9M | $2.0M |
| 自由现金流率自由现金流/营收 | 3.8% | 0.3% |
| 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 | 1.87× | — |
| 过去12个月自由现金流最近4个季度 | — | $1.1B |
8季度趋势，按日历期对齐
经营现金流SCSCTW
| Q1 26 | — | — | ||
| Q4 25 | $30.8M | $355.9M | ||
| Q3 25 | $23.2M | $342.3M | ||
| Q2 25 | — | $409.2M | ||
| Q1 25 | $66.1M | $60.2M | ||
| Q4 24 | $-6.2M | $282.0M | ||
| Q3 24 | $44.8M | $292.1M | ||
| Q2 24 | — | $285.7M |
自由现金流SCSCTW
| Q1 26 | — | $2.0M | ||
| Q4 25 | $28.9M | $336.5M | ||
| Q3 25 | $20.8M | $328.3M | ||
| Q2 25 | — | $403.7M | ||
| Q1 25 | $64.6M | $58.6M | ||
| Q4 24 | $-8.2M | $256.8M | ||
| Q3 24 | $42.5M | $287.8M | ||
| Q2 24 | — | $280.8M |
自由现金流率SCSCTW
| Q1 26 | — | 0.3% | ||
| Q4 25 | 3.8% | 64.6% | ||
| Q3 25 | 2.8% | 64.5% | ||
| Q2 25 | — | 78.7% | ||
| Q1 25 | 9.2% | 11.5% | ||
| Q4 24 | -1.1% | 55.4% | ||
| Q3 24 | 5.5% | 64.1% | ||
| Q2 24 | — | 69.4% |
资本支出强度SCSCTW
| Q1 26 | — | — | ||
| Q4 25 | 0.3% | 3.7% | ||
| Q3 25 | 0.3% | 2.8% | ||
| Q2 25 | 0.3% | 1.1% | ||
| Q1 25 | 0.2% | 0.3% | ||
| Q4 24 | 0.3% | 5.4% | ||
| Q3 24 | 0.3% | 1.0% | ||
| Q2 24 | 0.2% | 1.2% |
现金转化率SCSCTW
| Q1 26 | — | — | ||
| Q4 25 | 1.87× | 1.10× | ||
| Q3 25 | 1.17× | 1.84× | ||
| Q2 25 | — | 2.66× | ||
| Q1 25 | 3.79× | 0.41× | ||
| Q4 24 | -0.36× | 1.98× | ||
| Q3 24 | 2.64× | 2.56× | ||
| Q2 24 | — | 2.40× |
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% |
TW
| Transaction fees and commissions | $523.8M | 85% |
| Subscription fees | $60.3M | 10% |
| LSEG market data fees | $26.7M | 4% |
