vs
BGC Group, Inc.（BGC）与DOCUSIGN, INC.（DOCU）财务数据对比。点击上方公司名可切换其他公司
DOCUSIGN, INC.的季度营收约是BGC Group, Inc.的1.3倍（$818.4M vs $638.6M），DOCUSIGN, INC.净利率更高（10.2% vs 2.3%，领先8.0%），BGC Group, Inc.同比增速更快（34.4% vs 8.4%），DOCUSIGN, INC.自由现金流更多（$262.9M vs $175.1M）
BGC集团是一家总部位于纽约和伦敦的美国全球性金融服务企业，最初隶属于康托·菲茨杰拉德集团，2004年正式独立运营，业务范围覆盖全球金融市场相关服务领域。
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。
BGC vs DOCU — 直观对比
营收规模更大
DOCU
是对方的1.3倍
$638.6M
营收增速更快
BGC
高出26.0%
8.4%
净利率更高
DOCU
高出8.0%
2.3%
自由现金流更多
DOCU
多$87.8M
$175.1M
损益表 — Q4 FY2025 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $638.6M | $818.4M |
| 净利润 | $14.4M | $83.7M |
| 毛利率 | — | 79.2% |
| 营业利润率 | 3.9% | 10.4% |
| 净利率 | 2.3% | 10.2% |
| 营收同比 | 34.4% | 8.4% |
| 净利润同比 | -43.0% | 34.1% |
| 每股收益（稀释后） | $0.03 | $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BGCDOCU
| Q4 25 | $638.6M | $818.4M | ||
| Q3 25 | $620.8M | $800.6M | ||
| Q2 25 | $648.0M | $763.7M | ||
| Q1 25 | $534.6M | — | ||
| Q4 24 | $475.2M | — | ||
| Q3 24 | $448.9M | — | ||
| Q2 24 | $435.0M | — | ||
| Q1 24 | $453.6M | — |
净利润BGCDOCU
| Q4 25 | $14.4M | $83.7M | ||
| Q3 25 | $27.9M | $63.0M | ||
| Q2 25 | $57.5M | $72.1M | ||
| Q1 25 | $55.2M | — | ||
| Q4 24 | $25.2M | — | ||
| Q3 24 | $14.7M | — | ||
| Q2 24 | $37.8M | — | ||
| Q1 24 | $49.2M | — |
毛利率BGCDOCU
| 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BGCDOCU
| Q4 25 | 3.9% | 10.4% | ||
| Q3 25 | 5.4% | 8.1% | ||
| Q2 25 | 11.6% | 7.9% | ||
| Q1 25 | 15.0% | — | ||
| Q4 24 | 5.7% | — | ||
| Q3 24 | 4.4% | — | ||
| Q2 24 | 12.7% | — | ||
| Q1 24 | 15.7% | — |
净利率BGCDOCU
| Q4 25 | 2.3% | 10.2% | ||
| Q3 25 | 4.5% | 7.9% | ||
| Q2 25 | 8.9% | 9.4% | ||
| Q1 25 | 10.3% | — | ||
| Q4 24 | 5.3% | — | ||
| Q3 24 | 3.3% | — | ||
| Q2 24 | 8.7% | — | ||
| Q1 24 | 10.8% | — |
每股收益（稀释后）BGCDOCU
| Q4 25 | $0.03 | $0.40 | ||
| Q3 25 | $0.06 | $0.30 | ||
| Q2 25 | $0.11 | $0.34 | ||
| Q1 25 | $0.11 | — | ||
| Q4 24 | $0.04 | — | ||
| Q3 24 | $0.03 | — | ||
| Q2 24 | $0.08 | — | ||
| Q1 24 | $0.10 | — |
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 | $851.5M | $583.3M |
| 总债务越低越好 | $1.5B | — |
| 股东权益账面价值 | $972.5M | $2.0B |
| 总资产 | $4.4B | $4.0B |
| 负债/权益比越低杠杆越低 | 1.58× | — |
8季度趋势，按日历期对齐
现金及短期投资BGCDOCU
| Q4 25 | $851.5M | $583.3M | ||
| Q3 25 | $774.9M | $600.0M | ||
| Q2 25 | $827.8M | $657.4M | ||
| Q1 25 | $966.4M | — | ||
| Q4 24 | $711.6M | — | ||
| Q3 24 | $563.5M | — | ||
| Q2 24 | $571.7M | — | ||
| Q1 24 | $566.8M | — |
总债务BGCDOCU
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.8B | — | ||
| Q2 25 | $1.8B | — | ||
| Q1 25 | $1.1B | — | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.4B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $945.0M | — |
股东权益BGCDOCU
| Q4 25 | $972.5M | $2.0B | ||
| Q3 25 | $965.3M | $2.0B | ||
| Q2 25 | $930.5M | $2.0B | ||
| Q1 25 | $963.8M | — | ||
| Q4 24 | $898.5M | — | ||
| Q3 24 | $860.1M | — | ||
| Q2 24 | $858.1M | — | ||
| Q1 24 | $912.1M | — |
总资产BGCDOCU
| Q4 25 | $4.4B | $4.0B | ||
| Q3 25 | $5.8B | $3.9B | ||
| Q2 25 | $4.9B | $3.9B | ||
| Q1 25 | $4.9B | — | ||
| Q4 24 | $3.6B | — | ||
| Q3 24 | $4.4B | — | ||
| Q2 24 | $4.3B | — | ||
| Q1 24 | $4.4B | — |
负债/权益比BGCDOCU
| Q4 25 | 1.58× | — | ||
| Q3 25 | 1.90× | — | ||
| Q2 25 | 1.97× | — | ||
| Q1 25 | 1.19× | — | ||
| Q4 24 | 1.27× | — | ||
| Q3 24 | 1.68× | — | ||
| Q2 24 | 1.68× | — | ||
| Q1 24 | 1.04× | — |
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 | $180.4M | $290.3M |
| 自由现金流经营现金流 - 资本支出 | $175.1M | $262.9M |
| 自由现金流率自由现金流/营收 | 27.4% | 32.1% |
| 资本支出强度资本支出/营收 | 0.8% | 3.3% |
| 现金转化率经营现金流/净利润 | 12.55× | 3.47× |
| 过去12个月自由现金流最近4个季度 | $372.9M | — |
8季度趋势，按日历期对齐
经营现金流BGCDOCU
| Q4 25 | $180.4M | $290.3M | ||
| Q3 25 | $141.9M | $246.1M | ||
| Q2 25 | $71.2M | $251.4M | ||
| Q1 25 | $839.0K | — | ||
| Q4 24 | $251.9M | — | ||
| Q3 24 | $88.3M | — | ||
| Q2 24 | $-53.0M | — | ||
| Q1 24 | $28.1M | — |
自由现金流BGCDOCU
| Q4 25 | $175.1M | $262.9M | ||
| Q3 25 | $137.2M | $217.6M | ||
| Q2 25 | $65.0M | $227.8M | ||
| Q1 25 | $-4.4M | — | ||
| Q4 24 | $245.6M | — | ||
| Q3 24 | $78.8M | — | ||
| Q2 24 | $-63.5M | — | ||
| Q1 24 | $24.9M | — |
自由现金流率BGCDOCU
| Q4 25 | 27.4% | 32.1% | ||
| Q3 25 | 22.1% | 27.2% | ||
| Q2 25 | 10.0% | 29.8% | ||
| Q1 25 | -0.8% | — | ||
| Q4 24 | 51.7% | — | ||
| Q3 24 | 17.5% | — | ||
| Q2 24 | -14.6% | — | ||
| Q1 24 | 5.5% | — |
资本支出强度BGCDOCU
| Q4 25 | 0.8% | 3.3% | ||
| Q3 25 | 0.8% | 3.6% | ||
| Q2 25 | 1.0% | 3.1% | ||
| Q1 25 | 1.0% | — | ||
| Q4 24 | 1.3% | — | ||
| Q3 24 | 2.1% | — | ||
| Q2 24 | 2.4% | — | ||
| Q1 24 | 0.7% | — |
现金转化率BGCDOCU
| Q4 25 | 12.55× | 3.47× | ||
| Q3 25 | 5.09× | 3.91× | ||
| Q2 25 | 1.24× | 3.49× | ||
| Q1 25 | 0.02× | — | ||
| Q4 24 | 9.99× | — | ||
| Q3 24 | 5.99× | — | ||
| Q2 24 | -1.40× | — | ||
| Q1 24 | 0.57× | — |
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
BGC
| Commissions | $590.2M | 92% |
| Data Software And Post Trade | $36.7M | 6% |
| Fees From Related Parties | $4.6M | 1% |
DOCU
| Subscription And Circulation | $801.0M | 98% |
| Professional Services And Other | $17.4M | 2% |
