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SCANSOURCE, INC.（SCSC）与UNITED THERAPEUTICS Corp（UTHR）财务数据对比。点击上方公司名可切换其他公司
UNITED THERAPEUTICS Corp的季度营收约是SCANSOURCE, INC.的1.0倍（$790.2M vs $766.5M），UNITED THERAPEUTICS Corp净利率更高（46.1% vs 2.2%，领先44.0%），UNITED THERAPEUTICS Corp同比增速更快（7.4% vs 2.5%），UNITED THERAPEUTICS Corp自由现金流更多（$173.3M vs $28.9M），过去两年UNITED THERAPEUTICS Corp的营收复合增速更高（8.0% 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。
United Therapeutics是美国生物技术企业，专注开发包含异种移植在内的器官移植相关药物与技术，多款产品布局肺部疾病及器官制造赛道，双总部位于马里兰州银泉与北卡罗来纳州三角研究园，在美加多地设有研发及运营分支机构。
SCSC vs UTHR — 直观对比
营收规模更大
UTHR
是对方的1.0倍
$766.5M
营收增速更快
UTHR
高出4.8%
2.5%
净利率更高
UTHR
高出44.0%
2.2%
自由现金流更多
UTHR
多$144.4M
$28.9M
两年增速更快
UTHR
近两年复合增速
0.9%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $766.5M | $790.2M |
| 净利润 | $16.5M | $364.3M |
| 毛利率 | 13.4% | 86.9% |
| 营业利润率 | 2.3% | 45.1% |
| 净利率 | 2.2% | 46.1% |
| 营收同比 | 2.5% | 7.4% |
| 净利润同比 | -3.3% | 20.9% |
| 每股收益（稀释后） | $0.75 | $7.66 |
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SCSCUTHR
| Q4 25 | $766.5M | $790.2M | ||
| Q3 25 | $739.6M | $799.5M | ||
| Q2 25 | $812.9M | $798.6M | ||
| Q1 25 | $704.8M | $794.4M | ||
| Q4 24 | $747.5M | $735.9M | ||
| Q3 24 | $775.6M | $748.9M | ||
| Q2 24 | $746.1M | $714.9M | ||
| Q1 24 | $752.6M | $677.7M |
净利润SCSCUTHR
| Q4 25 | $16.5M | $364.3M | ||
| Q3 25 | $19.9M | $338.7M | ||
| Q2 25 | $20.1M | $309.5M | ||
| Q1 25 | $17.4M | $322.2M | ||
| Q4 24 | $17.1M | $301.3M | ||
| Q3 24 | $17.0M | $309.1M | ||
| Q2 24 | $16.1M | $278.1M | ||
| Q1 24 | $12.8M | $306.6M |
毛利率SCSCUTHR
| Q4 25 | 13.4% | 86.9% | ||
| Q3 25 | 14.5% | 87.4% | ||
| Q2 25 | 12.9% | 89.0% | ||
| Q1 25 | 14.2% | 88.4% | ||
| Q4 24 | 13.6% | 89.7% | ||
| Q3 24 | 13.1% | 88.9% | ||
| Q2 24 | 13.0% | 89.1% | ||
| Q1 24 | 12.6% | 89.2% |
营业利润率SCSCUTHR
| Q4 25 | 2.3% | 45.1% | ||
| Q3 25 | 3.5% | 48.6% | ||
| Q2 25 | 3.3% | 45.6% | ||
| Q1 25 | 3.2% | 48.2% | ||
| Q4 24 | 2.5% | 48.6% | ||
| Q3 24 | 2.3% | 45.8% | ||
| Q2 24 | 2.9% | 44.7% | ||
| Q1 24 | 2.3% | 52.6% |
净利率SCSCUTHR
| Q4 25 | 2.2% | 46.1% | ||
| Q3 25 | 2.7% | 42.4% | ||
| Q2 25 | 2.5% | 38.8% | ||
| Q1 25 | 2.5% | 40.6% | ||
| Q4 24 | 2.3% | 40.9% | ||
| Q3 24 | 2.2% | 41.3% | ||
| Q2 24 | 2.2% | 38.9% | ||
| Q1 24 | 1.7% | 45.2% |
每股收益（稀释后）SCSCUTHR
| Q4 25 | $0.75 | $7.66 | ||
| Q3 25 | $0.89 | $7.16 | ||
| Q2 25 | $0.87 | $6.41 | ||
| Q1 25 | $0.74 | $6.63 | ||
| Q4 24 | $0.70 | $6.23 | ||
| Q3 24 | $0.69 | $6.39 | ||
| Q2 24 | $0.66 | $5.85 | ||
| Q1 24 | $0.50 | $6.17 |
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 | $2.9B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $910.9M | $7.1B |
| 总资产 | $1.7B | $7.9B |
| 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SCSCUTHR
| Q4 25 | $83.5M | $2.9B | ||
| Q3 25 | $124.9M | $2.8B | ||
| Q2 25 | $126.2M | $3.0B | ||
| Q1 25 | $146.3M | $3.3B | ||
| Q4 24 | $110.5M | $3.3B | ||
| Q3 24 | $145.0M | $3.3B | ||
| Q2 24 | $185.5M | $3.0B | ||
| Q1 24 | $159.1M | $2.7B |
股东权益SCSCUTHR
| Q4 25 | $910.9M | $7.1B | ||
| Q3 25 | $914.0M | $6.6B | ||
| Q2 25 | $906.4M | $7.2B | ||
| Q1 25 | $901.7M | $6.8B | ||
| Q4 24 | $900.7M | $6.4B | ||
| Q3 24 | $920.9M | $6.1B | ||
| Q2 24 | $924.3M | $5.7B | ||
| Q1 24 | $944.1M | $5.3B |
总资产SCSCUTHR
| Q4 25 | $1.7B | $7.9B | ||
| Q3 25 | $1.7B | $7.4B | ||
| Q2 25 | $1.8B | $7.9B | ||
| Q1 25 | $1.7B | $7.7B | ||
| Q4 24 | $1.7B | $7.4B | ||
| Q3 24 | $1.8B | $7.1B | ||
| Q2 24 | $1.8B | $6.7B | ||
| Q1 24 | $1.8B | $6.5B |
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 | $346.2M |
| 自由现金流经营现金流 - 资本支出 | $28.9M | $173.3M |
| 自由现金流率自由现金流/营收 | 3.8% | 21.9% |
| 资本支出强度资本支出/营收 | 0.3% | 21.9% |
| 现金转化率经营现金流/净利润 | 1.87× | 0.95× |
| 过去12个月自由现金流最近4个季度 | — | $1.0B |
8季度趋势，按日历期对齐
经营现金流SCSCUTHR
| Q4 25 | $30.8M | $346.2M | ||
| Q3 25 | $23.2M | $562.1M | ||
| Q2 25 | — | $191.7M | ||
| Q1 25 | $66.1M | $461.2M | ||
| Q4 24 | $-6.2M | $341.2M | ||
| Q3 24 | $44.8M | $377.2M | ||
| Q2 24 | — | $232.2M | ||
| Q1 24 | $160.2M | $376.5M |
自由现金流SCSCUTHR
| Q4 25 | $28.9M | $173.3M | ||
| Q3 25 | $20.8M | $351.6M | ||
| Q2 25 | — | $129.5M | ||
| Q1 25 | $64.6M | $386.3M | ||
| Q4 24 | $-8.2M | $254.5M | ||
| Q3 24 | $42.5M | $300.7M | ||
| Q2 24 | — | $187.1M | ||
| Q1 24 | $157.7M | $338.3M |
自由现金流率SCSCUTHR
| Q4 25 | 3.8% | 21.9% | ||
| Q3 25 | 2.8% | 44.0% | ||
| Q2 25 | — | 16.2% | ||
| Q1 25 | 9.2% | 48.6% | ||
| Q4 24 | -1.1% | 34.6% | ||
| Q3 24 | 5.5% | 40.2% | ||
| Q2 24 | — | 26.2% | ||
| Q1 24 | 21.0% | 49.9% |
资本支出强度SCSCUTHR
| Q4 25 | 0.3% | 21.9% | ||
| Q3 25 | 0.3% | 26.3% | ||
| Q2 25 | 0.3% | 7.8% | ||
| Q1 25 | 0.2% | 9.4% | ||
| Q4 24 | 0.3% | 11.8% | ||
| Q3 24 | 0.3% | 10.2% | ||
| Q2 24 | 0.2% | 6.3% | ||
| Q1 24 | 0.3% | 5.6% |
现金转化率SCSCUTHR
| Q4 25 | 1.87× | 0.95× | ||
| Q3 25 | 1.17× | 1.66× | ||
| Q2 25 | — | 0.62× | ||
| Q1 25 | 3.79× | 1.43× | ||
| Q4 24 | -0.36× | 1.13× | ||
| Q3 24 | 2.64× | 1.22× | ||
| Q2 24 | — | 0.83× | ||
| Q1 24 | 12.51× | 1.23× |
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% |
UTHR
| Tyvaso DPI | $338.6M | 43% |
| Remodulin | $128.0M | 16% |
| Nebulized Tyvaso | $125.7M | 16% |
| Orenitram | $121.2M | 15% |
| Unituxin | $62.3M | 8% |
| Adcirca | $7.8M | 1% |
| Other | $6.6M | 1% |
