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SCANSOURCE, INC.（SCSC）与斑马技术（ZBRA）财务数据对比。点击上方公司名可切换其他公司
斑马技术的季度营收约是SCANSOURCE, INC.的1.9倍（$1.5B vs $766.5M），斑马技术净利率更高（4.7% vs 2.2%，领先2.6%），斑马技术同比增速更快（10.6% vs 2.5%），斑马技术自由现金流更多（$327.0M vs $28.9M），过去两年斑马技术的营收复合增速更高（12.0% 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。
斑马技术（Zebra Technologies）是源自美国的跨国科技企业，专注于智能数据采集系统领域的研发与落地。公司总部位于芝加哥郊外的伊利诺伊州林肯郡，目前在全球57个国家和地区开展业务，雇员总数达10700名。
SCSC vs ZBRA — 直观对比
营收规模更大
ZBRA
是对方的1.9倍
$766.5M
营收增速更快
ZBRA
高出8.0%
2.5%
净利率更高
ZBRA
高出2.6%
2.2%
自由现金流更多
ZBRA
多$298.1M
$28.9M
两年增速更快
ZBRA
近两年复合增速
0.9%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $766.5M | $1.5B |
| 净利润 | $16.5M | $70.0M |
| 毛利率 | 13.4% | 47.3% |
| 营业利润率 | 2.3% | 9.4% |
| 净利率 | 2.2% | 4.7% |
| 营收同比 | 2.5% | 10.6% |
| 净利润同比 | -3.3% | -57.1% |
| 每股收益（稀释后） | $0.75 | $1.40 |
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SCSCZBRA
| Q4 25 | $766.5M | $1.5B | ||
| Q3 25 | $739.6M | $1.3B | ||
| Q2 25 | $812.9M | $1.3B | ||
| Q1 25 | $704.8M | $1.3B | ||
| Q4 24 | $747.5M | $1.3B | ||
| Q3 24 | $775.6M | $1.3B | ||
| Q2 24 | $746.1M | $1.2B | ||
| Q1 24 | $752.6M | $1.2B |
净利润SCSCZBRA
| Q4 25 | $16.5M | $70.0M | ||
| Q3 25 | $19.9M | $101.0M | ||
| Q2 25 | $20.1M | $112.0M | ||
| Q1 25 | $17.4M | $136.0M | ||
| Q4 24 | $17.1M | $163.0M | ||
| Q3 24 | $17.0M | $137.0M | ||
| Q2 24 | $16.1M | $113.0M | ||
| Q1 24 | $12.8M | $115.0M |
毛利率SCSCZBRA
| Q4 25 | 13.4% | 47.3% | ||
| Q3 25 | 14.5% | 48.0% | ||
| Q2 25 | 12.9% | 47.6% | ||
| Q1 25 | 14.2% | 49.3% | ||
| Q4 24 | 13.6% | 48.6% | ||
| Q3 24 | 13.1% | 48.8% | ||
| Q2 24 | 13.0% | 48.4% | ||
| Q1 24 | 12.6% | 47.9% |
营业利润率SCSCZBRA
| Q4 25 | 2.3% | 9.4% | ||
| Q3 25 | 3.5% | 13.9% | ||
| Q2 25 | 3.3% | 14.2% | ||
| Q1 25 | 3.2% | 14.9% | ||
| Q4 24 | 2.5% | 16.9% | ||
| Q3 24 | 2.3% | 15.2% | ||
| Q2 24 | 2.9% | 13.7% | ||
| Q1 24 | 2.3% | 13.5% |
净利率SCSCZBRA
| Q4 25 | 2.2% | 4.7% | ||
| Q3 25 | 2.7% | 7.7% | ||
| Q2 25 | 2.5% | 8.7% | ||
| Q1 25 | 2.5% | 10.4% | ||
| Q4 24 | 2.3% | 12.2% | ||
| Q3 24 | 2.2% | 10.9% | ||
| Q2 24 | 2.2% | 9.3% | ||
| Q1 24 | 1.7% | 9.8% |
每股收益（稀释后）SCSCZBRA
| Q4 25 | $0.75 | $1.40 | ||
| Q3 25 | $0.89 | $1.97 | ||
| Q2 25 | $0.87 | $2.19 | ||
| Q1 25 | $0.74 | $2.62 | ||
| Q4 24 | $0.70 | $3.14 | ||
| Q3 24 | $0.69 | $2.64 | ||
| Q2 24 | $0.66 | $2.17 | ||
| Q1 24 | $0.50 | $2.23 |
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 | $125.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $910.9M | $3.6B |
| 总资产 | $1.7B | $8.5B |
| 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SCSCZBRA
| Q4 25 | $83.5M | $125.0M | ||
| Q3 25 | $124.9M | $1.1B | ||
| Q2 25 | $126.2M | $872.0M | ||
| Q1 25 | $146.3M | $879.0M | ||
| Q4 24 | $110.5M | $901.0M | ||
| Q3 24 | $145.0M | $676.0M | ||
| Q2 24 | $185.5M | $411.0M | ||
| Q1 24 | $159.1M | $127.0M |
总债务SCSCZBRA
| Q4 25 | — | — | ||
| Q3 25 | — | $2.2B | ||
| Q2 25 | — | $2.2B | ||
| Q1 25 | — | $2.2B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $2.2B | ||
| Q2 24 | — | $2.2B | ||
| Q1 24 | — | $2.1B |
股东权益SCSCZBRA
| Q4 25 | $910.9M | $3.6B | ||
| Q3 25 | $914.0M | $3.7B | ||
| Q2 25 | $906.4M | $3.6B | ||
| Q1 25 | $901.7M | $3.6B | ||
| Q4 24 | $900.7M | $3.6B | ||
| Q3 24 | $920.9M | $3.4B | ||
| Q2 24 | $924.3M | $3.3B | ||
| Q1 24 | $944.1M | $3.2B |
总资产SCSCZBRA
| Q4 25 | $1.7B | $8.5B | ||
| Q3 25 | $1.7B | $8.1B | ||
| Q2 25 | $1.8B | $7.9B | ||
| Q1 25 | $1.7B | $7.9B | ||
| Q4 24 | $1.7B | $8.0B | ||
| Q3 24 | $1.8B | $7.7B | ||
| Q2 24 | $1.8B | $7.5B | ||
| Q1 24 | $1.8B | $7.3B |
负债/权益比SCSCZBRA
| Q4 25 | — | — | ||
| Q3 25 | — | 0.58× | ||
| Q2 25 | — | 0.60× | ||
| Q1 25 | — | 0.60× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.64× | ||
| Q2 24 | — | 0.66× | ||
| Q1 24 | — | 0.66× |
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 | $357.0M |
| 自由现金流经营现金流 - 资本支出 | $28.9M | $327.0M |
| 自由现金流率自由现金流/营收 | 3.8% | 22.2% |
| 资本支出强度资本支出/营收 | 0.3% | 2.0% |
| 现金转化率经营现金流/净利润 | 1.87× | 5.10× |
| 过去12个月自由现金流最近4个季度 | — | $831.0M |
8季度趋势，按日历期对齐
经营现金流SCSCZBRA
| Q4 25 | $30.8M | $357.0M | ||
| Q3 25 | $23.2M | $235.0M | ||
| Q2 25 | — | $147.0M | ||
| Q1 25 | $66.1M | $178.0M | ||
| Q4 24 | $-6.2M | $306.0M | ||
| Q3 24 | $44.8M | $294.0M | ||
| Q2 24 | — | $288.0M | ||
| Q1 24 | $160.2M | $125.0M |
自由现金流SCSCZBRA
| Q4 25 | $28.9M | $327.0M | ||
| Q3 25 | $20.8M | $216.0M | ||
| Q2 25 | — | $130.0M | ||
| Q1 25 | $64.6M | $158.0M | ||
| Q4 24 | $-8.2M | $288.0M | ||
| Q3 24 | $42.5M | $277.0M | ||
| Q2 24 | — | $278.0M | ||
| Q1 24 | $157.7M | $111.0M |
自由现金流率SCSCZBRA
| Q4 25 | 3.8% | 22.2% | ||
| Q3 25 | 2.8% | 16.4% | ||
| Q2 25 | — | 10.1% | ||
| Q1 25 | 9.2% | 12.1% | ||
| Q4 24 | -1.1% | 21.6% | ||
| Q3 24 | 5.5% | 22.1% | ||
| Q2 24 | — | 22.8% | ||
| Q1 24 | 21.0% | 9.4% |
资本支出强度SCSCZBRA
| Q4 25 | 0.3% | 2.0% | ||
| Q3 25 | 0.3% | 1.4% | ||
| Q2 25 | 0.3% | 1.3% | ||
| Q1 25 | 0.2% | 1.5% | ||
| Q4 24 | 0.3% | 1.3% | ||
| Q3 24 | 0.3% | 1.4% | ||
| Q2 24 | 0.2% | 0.8% | ||
| Q1 24 | 0.3% | 1.2% |
现金转化率SCSCZBRA
| Q4 25 | 1.87× | 5.10× | ||
| Q3 25 | 1.17× | 2.33× | ||
| Q2 25 | — | 1.31× | ||
| Q1 25 | 3.79× | 1.31× | ||
| Q4 24 | -0.36× | 1.88× | ||
| Q3 24 | 2.64× | 2.15× | ||
| Q2 24 | — | 2.55× | ||
| Q1 24 | 12.51× | 1.09× |
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% |
ZBRA
| Tangible Products | $1.2B | 83% |
| Service And Software | $255.0M | 17% |
