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SCANSOURCE, INC.（SCSC）与UL Solutions Inc.（ULS）财务数据对比。点击上方公司名可切换其他公司
UL Solutions Inc.的季度营收约是SCANSOURCE, INC.的1.0倍（$789.0M vs $766.5M），UL Solutions Inc.净利率更高（8.5% vs 2.2%，领先6.3%），UL Solutions Inc.同比增速更快（6.8% vs 2.5%），UL Solutions Inc.自由现金流更多（$86.0M vs $28.9M），过去两年UL Solutions Inc.的营收复合增速更高（8.5% 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。
UL是总部位于美国伊利诺伊州诺斯布鲁克的全球私营安全领域企业，旗下设有三大机构：UL研究院、UL标准与倡议部门以及UL Solutions，为全球各行业客户提供标准制定、检测认证、风险管控等专业安全服务，保障产品与运营的合规性与安全性，助力企业可持续发展。
SCSC vs ULS — 直观对比
营收规模更大
ULS
是对方的1.0倍
$766.5M
营收增速更快
ULS
高出4.2%
2.5%
净利率更高
ULS
高出6.3%
2.2%
自由现金流更多
ULS
多$57.1M
$28.9M
两年增速更快
ULS
近两年复合增速
0.9%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $766.5M | $789.0M |
| 净利润 | $16.5M | $67.0M |
| 毛利率 | 13.4% | 49.7% |
| 营业利润率 | 2.3% | 15.0% |
| 净利率 | 2.2% | 8.5% |
| 营收同比 | 2.5% | 6.8% |
| 净利润同比 | -3.3% | -17.3% |
| 每股收益（稀释后） | $0.75 | $0.33 |
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SCSCULS
| Q4 25 | $766.5M | $789.0M | ||
| Q3 25 | $739.6M | $783.0M | ||
| Q2 25 | $812.9M | $776.0M | ||
| Q1 25 | $704.8M | $705.0M | ||
| Q4 24 | $747.5M | $739.0M | ||
| Q3 24 | $775.6M | $731.0M | ||
| Q2 24 | $746.1M | $730.0M | ||
| Q1 24 | $752.6M | $670.0M |
净利润SCSCULS
| Q4 25 | $16.5M | $67.0M | ||
| Q3 25 | $19.9M | $100.0M | ||
| Q2 25 | $20.1M | $91.0M | ||
| Q1 25 | $17.4M | $67.0M | ||
| Q4 24 | $17.1M | $81.0M | ||
| Q3 24 | $17.0M | $88.0M | ||
| Q2 24 | $16.1M | $101.0M | ||
| Q1 24 | $12.8M | $56.0M |
毛利率SCSCULS
| Q4 25 | 13.4% | 49.7% | ||
| Q3 25 | 14.5% | 50.3% | ||
| Q2 25 | 12.9% | 49.4% | ||
| Q1 25 | 14.2% | 48.4% | ||
| Q4 24 | 13.6% | 47.4% | ||
| Q3 24 | 13.1% | 49.0% | ||
| Q2 24 | 13.0% | 50.1% | ||
| Q1 24 | 12.6% | 47.6% |
营业利润率SCSCULS
| Q4 25 | 2.3% | 15.0% | ||
| Q3 25 | 3.5% | 19.9% | ||
| Q2 25 | 3.3% | 17.9% | ||
| Q1 25 | 3.2% | 15.5% | ||
| Q4 24 | 2.5% | 15.6% | ||
| Q3 24 | 2.3% | 17.8% | ||
| Q2 24 | 2.9% | 17.3% | ||
| Q1 24 | 2.3% | 13.6% |
净利率SCSCULS
| Q4 25 | 2.2% | 8.5% | ||
| Q3 25 | 2.7% | 12.8% | ||
| Q2 25 | 2.5% | 11.7% | ||
| Q1 25 | 2.5% | 9.5% | ||
| Q4 24 | 2.3% | 11.0% | ||
| Q3 24 | 2.2% | 12.0% | ||
| Q2 24 | 2.2% | 13.8% | ||
| Q1 24 | 1.7% | 8.4% |
每股收益（稀释后）SCSCULS
| Q4 25 | $0.75 | $0.33 | ||
| Q3 25 | $0.89 | $0.49 | ||
| Q2 25 | $0.87 | $0.45 | ||
| Q1 25 | $0.74 | $0.33 | ||
| Q4 24 | $0.70 | $0.40 | ||
| Q3 24 | $0.69 | $0.44 | ||
| Q2 24 | $0.66 | $0.50 | ||
| Q1 24 | $0.50 | $0.28 |
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 | $295.0M |
| 总债务越低越好 | — | $491.0M |
| 股东权益账面价值 | $910.9M | $1.3B |
| 总资产 | $1.7B | $2.9B |
| 负债/权益比越低杠杆越低 | — | 0.39× |
8季度趋势，按日历期对齐
现金及短期投资SCSCULS
| Q4 25 | $83.5M | $295.0M | ||
| Q3 25 | $124.9M | $255.0M | ||
| Q2 25 | $126.2M | $272.0M | ||
| Q1 25 | $146.3M | $267.0M | ||
| Q4 24 | $110.5M | $298.0M | ||
| Q3 24 | $145.0M | $327.0M | ||
| Q2 24 | $185.5M | $295.0M | ||
| Q1 24 | $159.1M | $344.0M |
总债务SCSCULS
| Q4 25 | — | $491.0M | ||
| Q3 25 | — | $544.0M | ||
| Q2 25 | — | $608.0M | ||
| Q1 25 | — | $653.0M | ||
| Q4 24 | — | $742.0M | ||
| Q3 24 | — | $797.0M | ||
| Q2 24 | — | $810.0M | ||
| Q1 24 | — | $879.0M |
股东权益SCSCULS
| Q4 25 | $910.9M | $1.3B | ||
| Q3 25 | $914.0M | $1.2B | ||
| Q2 25 | $906.4M | $1.1B | ||
| Q1 25 | $901.7M | $970.0M | ||
| Q4 24 | $900.7M | $904.0M | ||
| Q3 24 | $920.9M | $872.0M | ||
| Q2 24 | $924.3M | $769.0M | ||
| Q1 24 | $944.1M | $671.0M |
总资产SCSCULS
| Q4 25 | $1.7B | $2.9B | ||
| Q3 25 | $1.7B | $2.9B | ||
| Q2 25 | $1.8B | $2.9B | ||
| Q1 25 | $1.7B | $2.9B | ||
| Q4 24 | $1.7B | $2.8B | ||
| Q3 24 | $1.8B | $2.9B | ||
| Q2 24 | $1.8B | $2.7B | ||
| Q1 24 | $1.8B | $2.8B |
负债/权益比SCSCULS
| Q4 25 | — | 0.39× | ||
| Q3 25 | — | 0.46× | ||
| Q2 25 | — | 0.56× | ||
| Q1 25 | — | 0.67× | ||
| Q4 24 | — | 0.82× | ||
| Q3 24 | — | 0.91× | ||
| Q2 24 | — | 1.05× | ||
| Q1 24 | — | 1.31× |
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 | $144.0M |
| 自由现金流经营现金流 - 资本支出 | $28.9M | $86.0M |
| 自由现金流率自由现金流/营收 | 3.8% | 10.9% |
| 资本支出强度资本支出/营收 | 0.3% | 7.4% |
| 现金转化率经营现金流/净利润 | 1.87× | 2.15× |
| 过去12个月自由现金流最近4个季度 | — | $403.0M |
8季度趋势，按日历期对齐
经营现金流SCSCULS
| Q4 25 | $30.8M | $144.0M | ||
| Q3 25 | $23.2M | $155.0M | ||
| Q2 25 | — | $147.0M | ||
| Q1 25 | $66.1M | $154.0M | ||
| Q4 24 | $-6.2M | $130.0M | ||
| Q3 24 | $44.8M | $150.0M | ||
| Q2 24 | — | $103.0M | ||
| Q1 24 | $160.2M | $141.0M |
自由现金流SCSCULS
| Q4 25 | $28.9M | $86.0M | ||
| Q3 25 | $20.8M | $109.0M | ||
| Q2 25 | — | $105.0M | ||
| Q1 25 | $64.6M | $103.0M | ||
| Q4 24 | $-8.2M | $72.0M | ||
| Q3 24 | $42.5M | $84.0M | ||
| Q2 24 | — | $47.0M | ||
| Q1 24 | $157.7M | $84.0M |
自由现金流率SCSCULS
| Q4 25 | 3.8% | 10.9% | ||
| Q3 25 | 2.8% | 13.9% | ||
| Q2 25 | — | 13.5% | ||
| Q1 25 | 9.2% | 14.6% | ||
| Q4 24 | -1.1% | 9.7% | ||
| Q3 24 | 5.5% | 11.5% | ||
| Q2 24 | — | 6.4% | ||
| Q1 24 | 21.0% | 12.5% |
资本支出强度SCSCULS
| Q4 25 | 0.3% | 7.4% | ||
| Q3 25 | 0.3% | 5.9% | ||
| Q2 25 | 0.3% | 5.4% | ||
| Q1 25 | 0.2% | 7.2% | ||
| Q4 24 | 0.3% | 7.8% | ||
| Q3 24 | 0.3% | 9.0% | ||
| Q2 24 | 0.2% | 7.7% | ||
| Q1 24 | 0.3% | 8.5% |
现金转化率SCSCULS
| Q4 25 | 1.87× | 2.15× | ||
| Q3 25 | 1.17× | 1.55× | ||
| Q2 25 | — | 1.62× | ||
| Q1 25 | 3.79× | 2.30× | ||
| Q4 24 | -0.36× | 1.60× | ||
| Q3 24 | 2.64× | 1.70× | ||
| Q2 24 | — | 1.02× | ||
| Q1 24 | 12.51× | 2.52× |
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% |
ULS
| Industrial | $352.0M | 45% |
| Ongoing Certification Services | $259.0M | 33% |
| Software And Advisory | $102.0M | 13% |
| Software | $75.0M | 10% |
