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SCANSOURCE, INC.（SCSC）与MARRIOTT VACATIONS WORLDWIDE Corp（VAC）财务数据对比。点击上方公司名可切换其他公司
MARRIOTT VACATIONS WORLDWIDE Corp的季度营收约是SCANSOURCE, INC.的1.6倍（$1.2B vs $766.5M），SCANSOURCE, INC.净利率更高（2.2% vs -35.0%，领先37.2%），SCANSOURCE, INC.同比增速更快（2.5% vs -0.7%），SCANSOURCE, INC.自由现金流更多（$28.9M vs $-6.0M），过去两年MARRIOTT VACATIONS WORLDWIDE Corp的营收复合增速更高（5.2% 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。
万豪度假环球集团是专注于分时度假业务的公众企业，原为万豪国际集团旗下业务板块，2011年11月分拆为独立上市公司，核心业务为度假所有权运营。目前集团运营超过120家度假村，在万豪度假俱乐部品牌矩阵下拥有超70万名业主及会员，产品覆盖多个度假消费场景。
SCSC vs VAC — 直观对比
营收规模更大
VAC
是对方的1.6倍
$766.5M
营收增速更快
SCSC
高出3.3%
-0.7%
净利率更高
SCSC
高出37.2%
-35.0%
自由现金流更多
SCSC
多$34.9M
$-6.0M
两年增速更快
VAC
近两年复合增速
0.9%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $766.5M | $1.2B |
| 净利润 | $16.5M | $-431.0M |
| 毛利率 | 13.4% | — |
| 营业利润率 | 2.3% | — |
| 净利率 | 2.2% | -35.0% |
| 营收同比 | 2.5% | -0.7% |
| 净利润同比 | -3.3% | -962.0% |
| 每股收益（稀释后） | $0.75 | $-12.00 |
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SCSCVAC
| Q4 25 | $766.5M | $1.2B | ||
| Q3 25 | $739.6M | $1.2B | ||
| Q2 25 | $812.9M | $1.2B | ||
| Q1 25 | $704.8M | $1.1B | ||
| Q4 24 | $747.5M | $1.2B | ||
| Q3 24 | $775.6M | $1.2B | ||
| Q2 24 | $746.1M | $1.1B | ||
| Q1 24 | $752.6M | $1.1B |
净利润SCSCVAC
| Q4 25 | $16.5M | $-431.0M | ||
| Q3 25 | $19.9M | $-2.0M | ||
| Q2 25 | $20.1M | $69.0M | ||
| Q1 25 | $17.4M | $56.0M | ||
| Q4 24 | $17.1M | $50.0M | ||
| Q3 24 | $17.0M | $84.0M | ||
| Q2 24 | $16.1M | $37.0M | ||
| Q1 24 | $12.8M | $47.0M |
毛利率SCSCVAC
| 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SCSCVAC
| Q4 25 | 2.3% | — | ||
| Q3 25 | 3.5% | — | ||
| Q2 25 | 3.3% | — | ||
| Q1 25 | 3.2% | — | ||
| Q4 24 | 2.5% | — | ||
| Q3 24 | 2.3% | — | ||
| Q2 24 | 2.9% | — | ||
| Q1 24 | 2.3% | — |
净利率SCSCVAC
| Q4 25 | 2.2% | -35.0% | ||
| Q3 25 | 2.7% | -0.2% | ||
| Q2 25 | 2.5% | 6.0% | ||
| Q1 25 | 2.5% | 5.0% | ||
| Q4 24 | 2.3% | 4.0% | ||
| Q3 24 | 2.2% | 6.9% | ||
| Q2 24 | 2.2% | 3.5% | ||
| Q1 24 | 1.7% | 4.2% |
每股收益（稀释后）SCSCVAC
| Q4 25 | $0.75 | $-12.00 | ||
| Q3 25 | $0.89 | $-0.07 | ||
| Q2 25 | $0.87 | $1.77 | ||
| Q1 25 | $0.74 | $1.46 | ||
| Q4 24 | $0.70 | $1.29 | ||
| Q3 24 | $0.69 | $2.12 | ||
| Q2 24 | $0.66 | $0.98 | ||
| Q1 24 | $0.50 | $1.22 |
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 | $406.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $910.9M | $2.0B |
| 总资产 | $1.7B | $9.8B |
| 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SCSCVAC
| Q4 25 | $83.5M | $406.0M | ||
| Q3 25 | $124.9M | $474.0M | ||
| Q2 25 | $126.2M | $205.0M | ||
| Q1 25 | $146.3M | $196.0M | ||
| Q4 24 | $110.5M | $197.0M | ||
| Q3 24 | $145.0M | $197.0M | ||
| Q2 24 | $185.5M | $206.0M | ||
| Q1 24 | $159.1M | $237.0M |
股东权益SCSCVAC
| Q4 25 | $910.9M | $2.0B | ||
| Q3 25 | $914.0M | $2.5B | ||
| Q2 25 | $906.4M | $2.5B | ||
| Q1 25 | $901.7M | $2.4B | ||
| Q4 24 | $900.7M | $2.4B | ||
| Q3 24 | $920.9M | $2.4B | ||
| Q2 24 | $924.3M | $2.4B | ||
| Q1 24 | $944.1M | $2.4B |
总资产SCSCVAC
| Q4 25 | $1.7B | $9.8B | ||
| Q3 25 | $1.7B | $10.1B | ||
| Q2 25 | $1.8B | $9.9B | ||
| Q1 25 | $1.7B | $9.9B | ||
| Q4 24 | $1.7B | $9.8B | ||
| Q3 24 | $1.8B | $9.7B | ||
| Q2 24 | $1.8B | $9.6B | ||
| Q1 24 | $1.8B | $9.9B |
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 | $6.0M |
| 自由现金流经营现金流 - 资本支出 | $28.9M | $-6.0M |
| 自由现金流率自由现金流/营收 | 3.8% | -0.5% |
| 资本支出强度资本支出/营收 | 0.3% | 1.0% |
| 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 | — | $-29.0M |
8季度趋势，按日历期对齐
经营现金流SCSCVAC
| Q4 25 | $30.8M | $6.0M | ||
| Q3 25 | $23.2M | $62.0M | ||
| Q2 25 | — | $-48.0M | ||
| Q1 25 | $66.1M | $8.0M | ||
| Q4 24 | $-6.2M | $100.0M | ||
| Q3 24 | $44.8M | $72.0M | ||
| Q2 24 | — | $30.0M | ||
| Q1 24 | $160.2M | $3.0M |
自由现金流SCSCVAC
| Q4 25 | $28.9M | $-6.0M | ||
| Q3 25 | $20.8M | $51.0M | ||
| Q2 25 | — | $-68.0M | ||
| Q1 25 | $64.6M | $-6.0M | ||
| Q4 24 | $-8.2M | $86.0M | ||
| Q3 24 | $42.5M | $58.0M | ||
| Q2 24 | — | $17.0M | ||
| Q1 24 | $157.7M | $-13.0M |
自由现金流率SCSCVAC
| Q4 25 | 3.8% | -0.5% | ||
| Q3 25 | 2.8% | 4.3% | ||
| Q2 25 | — | -5.9% | ||
| Q1 25 | 9.2% | -0.5% | ||
| Q4 24 | -1.1% | 6.9% | ||
| Q3 24 | 5.5% | 4.8% | ||
| Q2 24 | — | 1.6% | ||
| Q1 24 | 21.0% | -1.2% |
资本支出强度SCSCVAC
| Q4 25 | 0.3% | 1.0% | ||
| Q3 25 | 0.3% | 0.9% | ||
| Q2 25 | 0.3% | 1.7% | ||
| Q1 25 | 0.2% | 1.3% | ||
| Q4 24 | 0.3% | 1.1% | ||
| Q3 24 | 0.3% | 1.1% | ||
| Q2 24 | 0.2% | 1.2% | ||
| Q1 24 | 0.3% | 1.4% |
现金转化率SCSCVAC
| Q4 25 | 1.87× | — | ||
| Q3 25 | 1.17× | — | ||
| Q2 25 | — | -0.70× | ||
| Q1 25 | 3.79× | 0.14× | ||
| Q4 24 | -0.36× | 2.00× | ||
| Q3 24 | 2.64× | 0.86× | ||
| Q2 24 | — | 0.81× | ||
| Q1 24 | 12.51× | 0.06× |
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% |
VAC
| Cost Reimbursement | $467.0M | 38% |
| Time Share | $381.0M | 31% |
| Management And Exchange | $212.0M | 17% |
| Ancillary Revenues | $64.0M | 5% |
| Management Service | $55.0M | 4% |
| Service Other | $36.0M | 3% |
