SCSC - ScanSource Inc Stock Price, Fair Value and News

41.48USD+0.10 (+0.24%)Market Closed

Market Summary

USD41.48+0.10

Market Closed

0.24%

SCSC Stock Price

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SCSC RSI Chart

SCSC Valuation

Market Cap

1.0B

Price/Earnings (Trailing)

11.84

Price/Sales (Trailing)

0.29

EV/EBITDA

7.05

Price/Free Cashflow

5.32

SCSC Price/Sales (Trailing)

SCSC Profitability

Operating Margin

6.89%

EBT Margin

3.13%

Return on Equity

9.25%

Return on Assets

4.95%

Free Cashflow Yield

18.8%

SCSC Fundamentals

SCSC Revenue

Revenue (TTM)

3.6B

Rev. Growth (Yr)

-12.5%

Rev. Growth (Qtr)

0.97%

SCSC Earnings

Earnings (TTM)

88.2M

Earnings Growth (Yr)

27.17%

Earnings Growth (Qtr)

112.07%

Breaking Down SCSC Revenue

Last 7 days

2.3%

Last 30 days

-2.0%

Last 90 days

5.7%

Trailing 12 Months

49.5%

How does SCSC drawdown profile look like?

SCSC Financial Health

Current Ratio

2.3

Debt/Equity

0.15

Debt/Cashflow

1.4

SCSC Investor Care

Buy Backs (1Y)

0.71%

Diluted EPS (TTM)

3.49

Historical Charts for Stock Metrics

Get all data in R, Python etc through our Historical Stock Data APIs

Net sales

Year	Q1	Q2	Q3	Q4
2023	3.8B	3.8B	3.7B	3.6B
2022	3.4B	3.5B	3.6B	3.8B
2021	2.9B	3.2B	3.3B	3.3B
2020	2.7B	3.0B	3.0B	2.9B
2019	3.2B	3.2B	3.1B	2.9B
2018	3.8B	3.2B	3.2B	3.2B
2017	3.5B	3.6B	3.6B	3.7B
2016	3.5B	3.5B	3.6B	3.5B
2015	3.1B	3.2B	3.3B	3.5B
2014	2.9B	2.9B	3.0B	3.0B
2013	2.9B	2.9B	2.9B	2.9B
2012	3.0B	3.0B	3.0B	2.9B
2011	2.5B	2.7B	2.8B	2.9B
2010	2.0B	2.1B	2.3B	2.4B
2009	0	1.8B	1.9B	2.0B

Get all data in R, Python etc through our Historical Stock Data APIs

GRUFITY'S FAIR VALUE MODEL

Stocks Marked 'Very Cheap' by Grufity's Fair Value Model Have Outperformed Russell 2000 Index

Small Caps and Mid Caps are mostly overlooked by investors as all the focus goes to Magnificent 7. These stocks that are not part of the beauty contest require a deeper look. However, all large cap stocks were once small caps. Grufity's Fair Value model opens up this unverse as it separates high-performing, rewarding stocks from low-performing risky stocks. <b>Russell 2000 stocks that were marked 'Very Cheap' by the model doubled in three years while the index was flat.</b>

Returns of $10,000 invested in:

Very Cheap Stocks: $21,859
Russell 2000 Index: $10,334
Very Expensive Stocks: $8,224

Russell 2000 stocks considered 'Very Cheap' by the model greatly outperformed Russell 2000 index and the 'Very Expensive' bucket over past three years.

Russell 2000 Index

Very Expensive Stocks

Very Cheap Stocks

Try For Just $1.99

Tracking the Latest Insider Buys and Sells of ScanSource Inc

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
Mar 01, 2024	jones stephen	sold (taxes)	-128,305	43.94	-2,920	sevp & cfo
Feb 21, 2024	browning peter c	sold	-308,775	41.17	-7,500	-
Jan 10, 2024	baur michael l	sold	-1,165,420	37.99	-30,677	ceo & chair of the board
Dec 22, 2023	browning peter c	sold	-78,600	39.3	-2,000	-
Dec 15, 2023	ford brandy	sold	-25,764	38.86	-663	svp & chief accounting officer
Dec 08, 2023	ford brandy	sold	-20,687	36.55	-566	svp & chief accounting officer
Nov 15, 2023	ford brandy	sold (taxes)	-8,477	32.73	-259	svp & chief accounting officer
Nov 15, 2023	eldh john charles	sold (taxes)	-170,687	32.73	-5,215	president & cro
Nov 15, 2023	baur michael l	sold (taxes)	-256,014	32.73	-7,822	ceo & chairman of the board
Sep 20, 2023	eldh john charles	sold	-76,150	30.46	-2,500	president & cro

Which funds bought or sold SCSC recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
Apr 19, 2024	State of Alaska, Department of Revenue	reduced	-0.14	67,000	675,000	0.01%
Apr 19, 2024	Maryland State Retirement & Pension System	unchanged	-	3,577	366,840	0.01%
Apr 18, 2024	FARMERS & MERCHANTS INVESTMENTS INC	unchanged	-	76.00	749	-%
Apr 18, 2024	Allspring Global Investments Holdings, LLC	added	2,564	319,747	330,917	-%
Apr 18, 2024	WASATCH ADVISORS LP	added	67.88	21,588,800	46,501,000	0.24%
Apr 15, 2024	EXCHANGE TRADED CONCEPTS, LLC	new	-	836,011	836,011	0.02%
Apr 12, 2024	ARGA Investment Management, LP	sold off	-100	-394,516	-	-%
Apr 12, 2024	Financial Synergies Wealth Advisors, Inc.	unchanged	-	119	353	-%
Apr 11, 2024	Profit Investment Management, LLC	unchanged	-	524,312	5,212,350	2.94%
Apr 09, 2024	MASSMUTUAL TRUST CO FSB/ADV	unchanged	-	478	4,756	-%

Are Funds Buying or Selling SCSC?

Are funds buying SCSC calls or puts?

Calls

Puts

No. of funds holding Calls - Puts

Net Call Options

No. of funds that own SCSC

No. of Funds

Unveiling ScanSource Inc's Major ShareHolders

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 13, 2024	vanguard group inc	13.69%	3,439,419	SC 13G/A
Feb 09, 2024	dimensional fund advisors lp	7.7%	1,934,258	SC 13G/A
Feb 09, 2024	pzena investment management llc	7.5%	1,893,151	SC 13G
Feb 06, 2024	victory capital management inc	-	1,745,396	SC 13G/A
Jan 19, 2024	blackrock inc.	18.4%	4,633,629	SC 13G/A
Feb 10, 2023	dimensional fund advisors lp	8.2%	2,071,892	SC 13G/A
Feb 09, 2023	vanguard group inc	12.22%	3,097,530	SC 13G/A
Jan 31, 2023	victory capital management inc	-	1,786,653	SC 13G/A
Jan 25, 2023	pzena investment management llc	6.1%	1,541,255	SC 13G/A
Jan 23, 2023	blackrock inc.	19.8%	5,018,791	SC 13G/A

Recent SEC filings of ScanSource Inc

View All Filings

Date Filed	Form Type	Document
Mar 05, 2024	4	Insider Trading
Feb 23, 2024	4	Insider Trading
Feb 21, 2024	144	Notice of Insider Sale Intent
Feb 13, 2024	SC 13G/A	Major Ownership Report
Feb 09, 2024	SC 13G/A	Major Ownership Report
Feb 09, 2024	SC 13G	Major Ownership Report
Feb 06, 2024	SC 13G/A	Major Ownership Report
Feb 06, 2024	8-K	Current Report
Feb 06, 2024	10-Q	Quarterly Report
Jan 30, 2024	8-K	Current Report

Peers (Alternatives to ScanSource Inc)

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
AAPL	2.6T	385.7B	-3.74%	0.50%	25.38	6.64	-0.47%	6.03%
APH	67.1B	12.6B	-2.23%	45.59%	34.81	5.35	-0.54%	1.35%
FTV	28.2B	6.1B	-6.19%	20.32%	32.61	4.66	4.11%	14.65%
GLW	26.9B	12.6B	-3.13%	-6.10%	44.92	2.14	-11.28%	-55.18%
FLEX	11.6B	29.4B	-3.86%	33.88%	15.45	0.4	-1.12%	-8.06%
MID-CAP
CGNX	6.7B	837.5M	-6.40%	-19.44%	59.37	8.03	-16.75%	-47.46%
ARW	6.6B	33.1B	0.88%	10.09%	7.33	0.2	-10.82%	-36.63%
BMI	5.3B	740.8M	13.04%	33.54%	52.04	7.19	25.07%	42.99%
AVT	4.3B	25.6B	-0.80%	14.02%	6.39	0.17	-2.73%	-21.96%
ESE	2.6B	968.8M	-1.10%	4.27%	28.22	2.71	9.35%	8.73%
SMALL-CAP
CNXN	1.6B	2.9B	-4.05%	53.56%	19.74	0.58	-8.78%	-6.67%
BHE	1.1B	2.8B	3.69%	38.89%	16.73	0.38	-1.64%	-5.74%
GPRO	260.7M	1.0B	-26.72%	-62.31%	-4.9	0.26	-8.05%	-284.36%
AEY	32.3M	56.7M	-22.14%	45.33%	-3.8	0.59	-41.04%	-726.48%
CPSH	25.8M	27.6M	-5.32%	-33.08%	18.86	0.94	3.62%	-35.71%

ScanSource Inc News

Latest updates

ScanSource Inc Earnings Report: Key Takeaways & Analysis

Income Statement (Last 12 Months)

(In Thousands)

(*) denotes actual numbers (not divided by Thousands)
Income Statement (Quarterly)																					(In Thousands)
Description	(%) Q/Q	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1	2018Q4
Revenue	1.0%	885	876	947	886	1,011	944	962	846	864	858	853	730	811	757	636	745	824	843	338	893	1,046
Gross Profit	-5.4%	101	107	109	112	115	113	111	107	108	102	96.00	88.00	86.00	81.00	74.00	85.00	98.00	99.00	50.00	110	120
S&GA Expenses	-11.3%	67.00	75.00	74.00	71.00	69.00	72.00	76.00	67.00	69.00	64.00	65.00	60.00	60.00	62.00	58.00	65.00	68.00	69.00	8.00	78.00	81.00
EBITDA Margin	5.0%	0.04*	0.04*	0.04*	0.04*	0.04*	0.04*	0.04*	0.04*	0.04*	0.04*	0.03*	-0.01*	-	-	-	-	-	-	-	-	-
Interest Expenses	-39.9%	3.00	6.00	6.00	6.00	5.00	3.00	2.00	1.00	1.00	2.00	2.00	2.00	2.00	2.00	2.00	3.00	3.00	3.00	4.00	4.00	3.00
Income Taxes	97.0%	7.00	4.00	6.00	9.00	10.00	8.00	6.00	9.00	7.00	7.00	2.00	5.00	5.00	-0.05	-4.09	3.00	4.00	4.00	3.00	4.00	7.00
Earnings Before Taxes	109.2%	40.00	19.00	23.00	30.00	36.00	32.00	26.00	33.00	30.00	29.00	23.00	19.00	16.00	-0.16	-112	9.00	16.00	17.00	22.00	16.00	27.00
EBT Margin	7.2%	0.03*	0.03*	0.03*	0.03*	0.03*	0.03*	0.03*	0.03*	0.03*	0.03*	0.02*	-0.03*	-	-	-	-	-	-	-	-	-
Net Income	112.1%	33.00	15.00	19.00	21.00	26.00	24.00	20.00	24.00	23.00	22.00	24.00	13.00	-14.19	-11.82	-217	2.00	11.00	12.00	12.00	12.00	20.00
Net Income Margin	12.4%	0.02*	0.02*	0.02*	0.02*	0.02*	0.03*	0.03*	0.03*	0.02*	0.01*	0.00*	-0.08*	-	-	-	-	-	-	-	-	-
Free Cashflow	-32.4%	63.00	94.00	-15.26	55.00	-26.89	-48.46	-78.68	30.00	-18.42	-56.96	61.00	-60.25	-	-	-	-	-	-	-	-	-

Balance Sheet

(In Millions)

(*) denotes actual numbers (not divided by Millions)
Balance Sheet																					(In Millions)
Description	(%) Q/Q	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1	2018Q4
Assets	-6.2%	1,781	1,899	2,068	1,980	2,131	2,000	1,937	1,841	1,771	1,697	1,672	1,583	1,597	1,733	1,692	2,074	2,210	2,219	2,067	2,062	2,096
Current Assets	-6.8%	1,405	1,507	1,657	1,578	1,719	1,588	1,524	1,408	1,334	1,256	1,220	1,118	1,119	1,252	1,203	1,436	1,539	1,549	1,477	1,466	1,496
Cash Equivalents	5.5%	45.00	43.00	36.00	37.00	66.00	40.00	38.00	44.00	34.00	55.00	63.00	49.00	67.00	50.00	29.00	30.00	39.00	24.00	19.00	20.00	23.00
Inventory	-12.3%	575	656	758	753	762	676	615	591	562	494	470	460	421	423	455	666	743	715	554	761	704
Net PPE	-	-	-	-	-	-	-	-	-	-	-	-	-	48.00	52.00	56.00	61.00	62.00	63.00	63.00	71.00	73.00
Goodwill	-3.2%	208	215	217	215	214	212	214	218	217	217	219	217	218	215	214	338	370	365	311	319	327
Liabilities	-15.9%	827	983	1,163	1,101	1,268	1,173	1,131	1,034	1,002	951	940	892	915	1,062	1,014	1,176	1,283	1,313	1,153	1,151	1,196
Current Liabilities	-12.9%	611	701	787	744	837	794	814	801	747	692	733	623	690	838	719	770	832	805	701	713	737
Short Term Borrowings	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.00	2.00	-	5.00	-	-
Long Term Debt	-1.3%	140	142	144	146	148	150	124	127	129	132	135	137	139	141	143	145	147	149	151	5.00	5.00
LT Debt, Current	-4.3%	8.00	8.00	7.00	6.00	5.00	4.00	12.00	11.00	10.00	9.00	8.00	8.00	8.00	8.00	8.00	7.00	6.00	5.00	4.00	0.00	0.00
LT Debt, Non Current	-1.3%	140	142	144	146	148	150	124	127	129	132	135	137	139	141	143	145	147	149	151	5.00	5.00
Shareholder's Equity	4.2%	954	915	905	879	862	827	807	807	769	746	731	691	682	671	678	898	928	906	914	911	900
Retained Earnings	3.4%	985	952	937	918	897	871	847	827	803	780	758	734	721	735	747	965	963	951	940	928	917
Additional Paid-In Capital	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	62.00	61.00	60.00	64.00	73.00	71.00
Shares Outstanding	0.8%	25.00	25.00	25.00	25.00	25.00	25.00	25.00	26.00	26.00	26.00	25.00	25.00	-	-	-	-	-	-	-	-	-
Float	-	-	-	-	-	735	-	-	-	885	-	-	-	662	-	-	-	929	-	-	-	878

Cashflow (Last 12 Months)

(In Thousands)

(*) denotes actual numbers (not divided by Thousands)
Cashflow (Quarterly)																					(In Thousands)
Description	(%) Q/Q	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3	2021Q2	2021Q1	2020Q4	2020Q3	2020Q2	2020Q1	2019Q4	2019Q3	2019Q2	2019Q1	2018Q4
Cashflow From Operations	-32.4%	63,224	93,533	-15,261	54,838	-26,887	-48,459	-78,683	29,707	-18,419	-56,959	61,345	-60,252	44,449	71,225	73,950	25,349	55,104	27,630	40,579	27,223	-57,484
Share Based Compensation	-7.2%	2,571	2,769	2,586	2,954	3,363	2,316	2,871	2,760	3,462	2,570	2,328	2,537	2,006	1,168	1,425	1,236	1,576	1,241	1,139	1,999	1,516
Cashflow From Investing	766.4%	15,428	-2,315	-1,713	-2,287	-3,578	-684	-3,523	-681	1,570	-1,090	-80.00	-829	33,650	-748	182	-3,828	-1,643	-50,019	5,180	-5,175	-23,766
Cashflow From Financing	6.8%	-77,813	-83,493	13,966	-82,464	55,059	52,970	80,376	-23,635	-3,495	54,860	-55,985	47,044	-39,628	-70,255	-64,331	1,649	-42,651	-47,353	-30,964	-24,553	84,299
Buy Backs	-	1,251	-	4,933	10,906	-	-	9,676	8,886	183	-	-	-	-	-	324	-	-	5,432	9,175	-	308

SCSC Income Statement

2023-12-31

CONDENSED CONSOLIDATED INCOME STATEMENTS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Net sales	$ 884,792	$ 1,011,241	$ 1,761,098	$ 1,955,054
Cost of goods sold	784,044	895,907	1,553,842	1,726,236
Gross profit	100,748	115,334	207,256	228,818
Selling, general and administrative expenses	66,921	69,074	142,356	140,667
Depreciation expense	2,964	2,678	5,759	5,441
Intangible amortization expense	4,037	4,150	8,230	8,391
Operating income	26,826	39,432	50,911	74,319
Interest expense	3,359	5,060	8,945	8,507
Interest income	(2,119)	(2,027)	(3,444)	(3,618)
Gain on sale of business	(14,533)	0	(14,533)	0
Other expense, net	73	207	750	955
Income before income taxes	40,046	36,192	59,193	68,475
Provision for income taxes	7,320	10,458	11,035	18,699
Net income	$ 32,726	$ 25,734	$ 48,158	$ 49,776
Per share data:
Net income per common share, basic (in dollars per share)	$ 1.31	$ 1.02	$ 1.93	$ 1.97
Weighted-average shares outstanding, basic (in shares)	25,035	25,287	24,961	25,244
Net income per common share, diluted (in dollars per share)	$ 1.29	$ 1.01	$ 1.91	$ 1.96
Weighted-average shares outstanding, diluted (in shares)	25,334	25,502	25,235	25,454

SCSC Balance Sheet

2023-12-31

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Dec. 31, 2023	Jun. 30, 2023
Current assets:
Cash and cash equivalents	$ 44,987	$ 36,178
Accounts receivable, less allowance of $19,243 at December 31, 2023 and $15,480 at June 30, 2023	662,799	753,236
Inventories	575,137	757,574
Prepaid expenses and other current assets	122,272	110,087
Total current assets	1,405,195	1,657,075
Property and equipment, net	36,546	37,379
Goodwill	208,214	216,706
Identifiable intangible assets, net	45,313	68,495
Deferred income taxes	19,478	17,764
Other non-current assets	66,059	70,750
Total assets	1,780,805	2,068,169
Current liabilities:
Accounts payable	540,642	691,119
Accrued expenses and other current liabilities	58,460	78,892
Income taxes payable	3,653	9,875
Current portion of long-term debt	7,857	6,915
Total current liabilities	610,612	786,801
Deferred income taxes	0	3,816
Long-term debt, net of current portion	139,899	144,006
Borrowings under revolving credit facility	20,878	178,980
Other long-term liabilities	55,815	49,268
Total liabilities	827,204	1,162,871
Commitments and contingencies
Shareholders’ equity:
Preferred stock, no par value; 3,000,000 shares authorized, none issued	0	0
Common stock, no par value; 45,000,000 shares authorized, 25,154,469 and 24,844,203 shares issued and outstanding at December 31, 2023 and June 30, 2023, respectively	63,983	58,241
Retained earnings	984,836	936,678
Accumulated other comprehensive loss	(95,218)	(89,621)
Total shareholders’ equity	953,601	905,298
Total liabilities and shareholders’ equity	$ 1,780,805	$ 2,068,169

About ScanSource Inc

ScanSource, Inc. distributes technology products and solutions in the United States, Canada, and internationally. It operates through two segments, Specialty Technology Solutions and Modern Communications & Cloud. The Specialty Technology Solutions segment provides a portfolio of solutions primarily for enterprise mobile computing, data capture, barcode printing, point of sale (POS), payments, networking, electronic physical security, cyber security, and other technologies. This segment offers data capture and POS solutions to automate the collection, processing, and communication of information for commercial and industrial applications, including retail sales, distribution, shipping, inventory control, materials handling, warehouse management, and health care applications. It also provides electronic physical security products, such as identification, access control, video surveillance, and intrusion-related devices; networking products comprising wireless and networking infrastructure products; other software as a service (SaaS) products; and engages in hardware rental activities. The Modern Communications & Cloud segment offers a portfolio of solutions primarily for communications technologies and services comprising voice, video conferencing, wireless, data networking, cybersecurity, cable, unified communications and collaboration, cloud, and technology services, as well as IP networks and other solutions for various vertical markets, such as education, healthcare, and government. The company serves manufacturing, warehouse and distribution, retail and e-commerce, hospitality, transportation and logistics, government, education and healthcare, and other industries. ScanSource, Inc. was incorporated in 1992 and is headquartered in Greenville, South Carolina.

CEO	Mr. Michael L. Baur
WEBSITE	scansource.com
INDUSTRY	Consumer Electronics
EMPLOYEES	2300

ScanSource Inc Frequently Asked Questions

What is the ticker symbol for ScanSource Inc? What does SCSC stand for in stocks?

SCSC is the stock ticker symbol of ScanSource Inc. Every public company that trades on a stock exchange gets a ticker symbol.

What is the market capital of ScanSource Inc (SCSC)?

As of Mon Apr 22 2024, market cap of ScanSource Inc is 1.05 Billion. The market capitalization is calculated by multiplying the stock price with the number of shares outstanding.

What is the fair value of SCSC stock?

You can check SCSC's fair value in chart for subscribers.

What is the fair value of SCSC stock?

You can check SCSC's fair value in chart for subscribers. The fair value of ScanSource Inc is provided for various growth and macro-economic scenarios from very pessimiatic to very optimistic assumptions. These fair values are estimates from Grufity's Fair Value model based on company's past performance. However, past performance of ScanSource Inc is no guarantee of future performance. These fairvalue estimates should only be used as one of the inputs in your stock analysis. We provide model's historical fair value estimates for SCSC so that you know how good or bad the model has been in the past so you can discard it if needed. There are others that provide fair values of stocks such as wallmine, finbox, gurufocus and finviz. Most provide point in time estimates. We provide a history of our models fair value estimates so that you can get a sense of it's usefulness. Otherwise this data point is of little use.

Is ScanSource Inc a good stock to buy?

The fair value guage provides a quick view whether SCSC is over valued or under valued. Whether ScanSource Inc is cheap or expensive depends on the assumptions which impact ScanSource Inc's fair value. We provide several scenarios of inflation and growth to encompass these range of assumptions for SCSC.

What is ScanSource Inc's Price to Earnings (PE) and Price to sales (PS) ratio?

As of Mon Apr 22 2024, SCSC's PE ratio (Price to Earnings) is 11.85 and Price to Sales (PS) ratio is 0.29. The price to earnings and price to sales ratio are two most important valuation metrics for any company. PE ratio tell us the number of years of earnings investors are ready to pay for owning the company. Historically, S&P500 price to earnings ratio has fallen below 12 during periods of gloom and gone past 30 during periods of euphoria. SCSC PE ratio will change depending on the future growth rate expectations of investors.

What is 5 year return on ScanSource Inc's stock?

In the past 10 years, ScanSource Inc has provided 0.007 (multiply by 100 for percentage) rate of return.