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ADT Inc.（ADT）与DOCUSIGN, INC.（DOCU）财务数据对比。点击上方公司名可切换其他公司
ADT Inc.的季度营收约是DOCUSIGN, INC.的1.6倍（$1.3B vs $818.4M），ADT Inc.净利率更高（11.4% vs 10.2%，领先1.2%），DOCUSIGN, INC.同比增速更快（8.4% vs 2.9%），ADT Inc.自由现金流更多（$323.5M vs $262.9M）
ADT Inc.是美国头部安防企业，总部位于佛罗里达州博卡拉顿，业务覆盖美国与加拿大，为住宅、小型商户提供电子安防、消防防护及相关报警监控服务。公司2016年被阿波罗全球管理以69亿美元杠杆收购，2018年1月于纽约证券交易所上市。
DocuSign是总部位于美国加利福尼亚州旧金山的软件企业，为各类机构提供多设备支持的电子协议管理及电子签名相关产品。截至2025年，公司在180个国家拥有约170万客户，其处理的签名符合美国ESIGN法案、欧盟eIDAS法规要求，满足欧盟高级及合格签名标准。
ADT vs DOCU — 直观对比
营收规模更大
ADT
是对方的1.6倍
$818.4M
营收增速更快
DOCU
高出5.6%
2.9%
净利率更高
ADT
高出1.2%
10.2%
自由现金流更多
ADT
多$60.6M
$262.9M
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $818.4M |
| 净利润 | $145.4M | $83.7M |
| 毛利率 | — | 79.2% |
| 营业利润率 | 26.1% | 10.4% |
| 净利率 | 11.4% | 10.2% |
| 营收同比 | 2.9% | 8.4% |
| 净利润同比 | -23.5% | 34.1% |
| 每股收益（稀释后） | — | $0.40 |
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ADTDOCU
| Q4 25 | $1.3B | $818.4M | ||
| Q3 25 | $1.3B | $800.6M | ||
| Q2 25 | $1.3B | $763.7M | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.2B | — | ||
| Q3 24 | $1.2B | — | ||
| Q2 24 | $1.2B | — | ||
| Q1 24 | $1.2B | — |
净利润ADTDOCU
| Q4 25 | $145.4M | $83.7M | ||
| Q3 25 | $145.1M | $63.0M | ||
| Q2 25 | $165.2M | $72.1M | ||
| Q1 25 | $140.2M | — | ||
| Q4 24 | $190.0M | — | ||
| Q3 24 | $127.2M | — | ||
| Q2 24 | $92.4M | — | ||
| Q1 24 | $91.6M | — |
毛利率ADTDOCU
| Q4 25 | — | 79.2% | ||
| Q3 25 | — | 79.3% | ||
| Q2 25 | — | 79.4% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
营业利润率ADTDOCU
| Q4 25 | 26.1% | 10.4% | ||
| Q3 25 | 24.3% | 8.1% | ||
| Q2 25 | 26.6% | 7.9% | ||
| Q1 25 | 25.2% | — | ||
| Q4 24 | 32.4% | — | ||
| Q3 24 | 26.2% | — | ||
| Q2 24 | 23.6% | — | ||
| Q1 24 | 16.2% | — |
净利率ADTDOCU
| Q4 25 | 11.4% | 10.2% | ||
| Q3 25 | 11.2% | 7.9% | ||
| Q2 25 | 12.8% | 9.4% | ||
| Q1 25 | 11.1% | — | ||
| Q4 24 | 15.3% | — | ||
| Q3 24 | 10.2% | — | ||
| Q2 24 | 7.7% | — | ||
| Q1 24 | 7.6% | — |
每股收益（稀释后）ADTDOCU
| Q4 25 | — | $0.40 | ||
| Q3 25 | — | $0.30 | ||
| Q2 25 | — | $0.34 | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $80.8M | $583.3M |
| 总债务越低越好 | $7.4B | — |
| 股东权益账面价值 | $3.8B | $2.0B |
| 总资产 | $15.8B | $4.0B |
| 负债/权益比越低杠杆越低 | 1.95× | — |
8季度趋势，按日历期对齐
现金及短期投资ADTDOCU
| Q4 25 | $80.8M | $583.3M | ||
| Q3 25 | $62.8M | $600.0M | ||
| Q2 25 | $45.2M | $657.4M | ||
| Q1 25 | $3.7M | — | ||
| Q4 24 | $96.2M | — | ||
| Q3 24 | $95.3M | — | ||
| Q2 24 | $37.9M | — | ||
| Q1 24 | $4.0M | — |
总债务ADTDOCU
| Q4 25 | $7.4B | — | ||
| Q3 25 | $7.3B | — | ||
| Q2 25 | $6.8B | — | ||
| Q1 25 | $7.6B | — | ||
| Q4 24 | $7.5B | — | ||
| Q3 24 | $7.5B | — | ||
| Q2 24 | $7.5B | — | ||
| Q1 24 | $7.6B | — |
股东权益ADTDOCU
| Q4 25 | $3.8B | $2.0B | ||
| Q3 25 | $3.7B | $2.0B | ||
| Q2 25 | $3.7B | $2.0B | ||
| Q1 25 | $3.6B | — | ||
| Q4 24 | $3.8B | — | ||
| Q3 24 | $3.9B | — | ||
| Q2 24 | $3.8B | — | ||
| Q1 24 | $3.7B | — |
总资产ADTDOCU
| Q4 25 | $15.8B | $4.0B | ||
| Q3 25 | $16.0B | $3.9B | ||
| Q2 25 | $16.0B | $3.9B | ||
| Q1 25 | $15.8B | — | ||
| Q4 24 | $16.1B | — | ||
| Q3 24 | $16.1B | — | ||
| Q2 24 | $16.0B | — | ||
| Q1 24 | $15.9B | — |
负债/权益比ADTDOCU
| Q4 25 | 1.95× | — | ||
| Q3 25 | 1.99× | — | ||
| Q2 25 | 1.84× | — | ||
| Q1 25 | 2.10× | — | ||
| Q4 24 | 1.98× | — | ||
| Q3 24 | 1.93× | — | ||
| Q2 24 | 1.98× | — | ||
| Q1 24 | 2.03× | — |
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 | $373.6M | $290.3M |
| 自由现金流经营现金流 - 资本支出 | $323.5M | $262.9M |
| 自由现金流率自由现金流/营收 | 25.4% | 32.1% |
| 资本支出强度资本支出/营收 | 3.9% | 3.3% |
| 现金转化率经营现金流/净利润 | 2.57× | 3.47× |
| 过去12个月自由现金流最近4个季度 | $1.7B | — |
8季度趋势，按日历期对齐
经营现金流ADTDOCU
| Q4 25 | $373.6M | $290.3M | ||
| Q3 25 | $480.1M | $246.1M | ||
| Q2 25 | $563.9M | $251.4M | ||
| Q1 25 | $466.6M | — | ||
| Q4 24 | $459.7M | — | ||
| Q3 24 | $498.2M | — | ||
| Q2 24 | $563.2M | — | ||
| Q1 24 | $363.8M | — |
自由现金流ADTDOCU
| Q4 25 | $323.5M | $262.9M | ||
| Q3 25 | $437.4M | $217.6M | ||
| Q2 25 | $526.3M | $227.8M | ||
| Q1 25 | $421.2M | — | ||
| Q4 24 | $426.0M | — | ||
| Q3 24 | $455.5M | — | ||
| Q2 24 | $516.5M | — | ||
| Q1 24 | $323.1M | — |
自由现金流率ADTDOCU
| Q4 25 | 25.4% | 32.1% | ||
| Q3 25 | 33.7% | 27.2% | ||
| Q2 25 | 40.9% | 29.8% | ||
| Q1 25 | 33.2% | — | ||
| Q4 24 | 34.3% | — | ||
| Q3 24 | 36.6% | — | ||
| Q2 24 | 42.9% | — | ||
| Q1 24 | 26.7% | — |
资本支出强度ADTDOCU
| Q4 25 | 3.9% | 3.3% | ||
| Q3 25 | 3.3% | 3.6% | ||
| Q2 25 | 2.9% | 3.1% | ||
| Q1 25 | 3.6% | — | ||
| Q4 24 | 2.7% | — | ||
| Q3 24 | 3.4% | — | ||
| Q2 24 | 3.9% | — | ||
| Q1 24 | 3.4% | — |
现金转化率ADTDOCU
| Q4 25 | 2.57× | 3.47× | ||
| Q3 25 | 3.31× | 3.91× | ||
| Q2 25 | 3.41× | 3.49× | ||
| Q1 25 | 3.33× | — | ||
| Q4 24 | 2.42× | — | ||
| Q3 24 | 3.92× | — | ||
| Q2 24 | 6.10× | — | ||
| Q1 24 | 3.97× | — |
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
ADT
| Recurring Monthly Revenue | $1.0B | 82% |
| Installation Revenue | $103.0M | 8% |
| Other | $89.9M | 7% |
| Other Related Services | $36.0M | 3% |
DOCU
| Subscription And Circulation | $801.0M | 98% |
| Professional Services And Other | $17.4M | 2% |
