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DigitalOcean Holdings, Inc.（DOCN）与FIRST MERCHANTS CORP（FRME）财务数据对比。点击上方公司名可切换其他公司
DigitalOcean Holdings, Inc.的季度营收约是FIRST MERCHANTS CORP的1.5倍（$242.4M vs $157.1M），FIRST MERCHANTS CORP净利率更高（17.9% vs 10.6%，领先7.3%），过去两年DigitalOcean Holdings, Inc.的营收复合增速更高（14.5% vs -0.9%）
DigitalOcean Holdings, Inc.是美国跨国科技企业及云服务提供商，总部位于美国科罗拉多州布鲁姆菲尔德，在全球布局15个数据中心，面向开发者、初创企业及中小微企业提供稳定易用的云基础设施即服务平台，助力各类技术团队高效开展业务。
第一商人集团是总部位于美国印第安纳州曼西的金融控股公司，业务覆盖印第安纳州中部地区，旗下拥有第一商人银行、第一商人私人财富顾问两大板块，在纳斯达克上市，股票代码为FRME。截至2023年3月，集团总资产达182亿美元，为客户提供商业银行、个人银行及投资顾问服务。
DOCN vs FRME — 直观对比
营收规模更大
DOCN
是对方的1.5倍
$157.1M
净利率更高
FRME
高出7.3%
10.6%
两年增速更快
DOCN
近两年复合增速
-0.9%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $242.4M | $157.1M |
| 净利润 | $25.7M | $28.2M |
| 毛利率 | 58.7% | — |
| 营业利润率 | 16.0% | — |
| 净利率 | 10.6% | 17.9% |
| 营收同比 | 18.3% | — |
| 净利润同比 | 40.5% | -49.1% |
| 每股收益（稀释后） | $0.23 | $0.45 |
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DOCNFRME
| Q1 26 | — | $157.1M | ||
| Q4 25 | $242.4M | $172.2M | ||
| Q3 25 | $229.6M | $166.1M | ||
| Q2 25 | $218.7M | $164.3M | ||
| Q1 25 | $210.7M | $160.3M | ||
| Q4 24 | $204.9M | $177.1M | ||
| Q3 24 | $198.5M | $156.0M | ||
| Q2 24 | $192.5M | $159.9M |
净利润DOCNFRME
| Q1 26 | — | $28.2M | ||
| Q4 25 | $25.7M | $57.1M | ||
| Q3 25 | $158.4M | $56.8M | ||
| Q2 25 | $37.0M | $56.8M | ||
| Q1 25 | $38.2M | $55.3M | ||
| Q4 24 | $18.3M | $64.3M | ||
| Q3 24 | $32.9M | $49.2M | ||
| Q2 24 | $19.1M | $39.9M |
毛利率DOCNFRME
| Q1 26 | — | — | ||
| Q4 25 | 58.7% | — | ||
| Q3 25 | 59.6% | — | ||
| Q2 25 | 59.9% | — | ||
| Q1 25 | 61.4% | — | ||
| Q4 24 | 57.1% | — | ||
| Q3 24 | 60.2% | — | ||
| Q2 24 | 61.0% | — |
营业利润率DOCNFRME
| Q1 26 | — | — | ||
| Q4 25 | 16.0% | 38.0% | ||
| Q3 25 | 19.6% | 39.3% | ||
| Q2 25 | 16.3% | 39.6% | ||
| Q1 25 | 17.9% | 39.4% | ||
| Q4 24 | 15.9% | 43.3% | ||
| Q3 24 | 12.4% | 36.1% | ||
| Q2 24 | 11.6% | 27.5% |
净利率DOCNFRME
| Q1 26 | — | 17.9% | ||
| Q4 25 | 10.6% | 33.1% | ||
| Q3 25 | 69.0% | 34.2% | ||
| Q2 25 | 16.9% | 34.6% | ||
| Q1 25 | 18.1% | 34.5% | ||
| Q4 24 | 8.9% | 36.3% | ||
| Q3 24 | 16.6% | 31.5% | ||
| Q2 24 | 9.9% | 25.0% |
每股收益（稀释后）DOCNFRME
| Q1 26 | — | $0.45 | ||
| Q4 25 | $0.23 | $0.98 | ||
| Q3 25 | $1.51 | $0.98 | ||
| Q2 25 | $0.39 | $0.98 | ||
| Q1 25 | $0.39 | $0.94 | ||
| Q4 24 | $0.21 | $1.09 | ||
| Q3 24 | $0.33 | $0.84 | ||
| Q2 24 | $0.20 | $0.68 |
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 | $254.5M | — |
| 总债务越低越好 | $1.3B | — |
| 股东权益账面价值 | $-28.7M | $2.7B |
| 总资产 | $1.8B | $21.1B |
| 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DOCNFRME
| Q1 26 | — | — | ||
| Q4 25 | $254.5M | — | ||
| Q3 25 | $236.6M | — | ||
| Q2 25 | $387.7M | — | ||
| Q1 25 | $360.4M | — | ||
| Q4 24 | $428.4M | — | ||
| Q3 24 | $439.9M | — | ||
| Q2 24 | $443.1M | — |
总债务DOCNFRME
| Q1 26 | — | — | ||
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.3B | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益DOCNFRME
| Q1 26 | — | $2.7B | ||
| Q4 25 | $-28.7M | $2.5B | ||
| Q3 25 | $-69.6M | $2.4B | ||
| Q2 25 | $-175.2M | $2.3B | ||
| Q1 25 | $-210.7M | $2.3B | ||
| Q4 24 | $-203.0M | $2.3B | ||
| Q3 24 | $-211.7M | $2.3B | ||
| Q2 24 | $-253.8M | $2.2B |
总资产DOCNFRME
| Q1 26 | — | $21.1B | ||
| Q4 25 | $1.8B | $19.0B | ||
| Q3 25 | $1.7B | $18.8B | ||
| Q2 25 | $1.7B | $18.6B | ||
| Q1 25 | $1.6B | $18.4B | ||
| Q4 24 | $1.6B | $18.3B | ||
| Q3 24 | $1.5B | $18.3B | ||
| Q2 24 | $1.5B | $18.3B |
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 | $57.3M | — |
| 自由现金流经营现金流 - 资本支出 | $31.1M | — |
| 自由现金流率自由现金流/营收 | 12.8% | — |
| 资本支出强度资本支出/营收 | 10.8% | — |
| 现金转化率经营现金流/净利润 | 2.23× | — |
| 过去12个月自由现金流最近4个季度 | $180.5M | — |
8季度趋势，按日历期对齐
经营现金流DOCNFRME
| Q1 26 | — | — | ||
| Q4 25 | $57.3M | $283.6M | ||
| Q3 25 | $95.8M | $87.6M | ||
| Q2 25 | $92.4M | $53.7M | ||
| Q1 25 | $64.1M | $61.7M | ||
| Q4 24 | $71.3M | $266.2M | ||
| Q3 24 | $73.4M | $76.8M | ||
| Q2 24 | $71.3M | $63.0M |
自由现金流DOCNFRME
| Q1 26 | — | — | ||
| Q4 25 | $31.1M | — | ||
| Q3 25 | $88.0M | — | ||
| Q2 25 | $59.3M | — | ||
| Q1 25 | $2.1M | — | ||
| Q4 24 | $26.1M | — | ||
| Q3 24 | $16.0M | — | ||
| Q2 24 | $39.5M | — |
自由现金流率DOCNFRME
| Q1 26 | — | — | ||
| Q4 25 | 12.8% | — | ||
| Q3 25 | 38.3% | — | ||
| Q2 25 | 27.1% | — | ||
| Q1 25 | 1.0% | — | ||
| Q4 24 | 12.7% | — | ||
| Q3 24 | 8.1% | — | ||
| Q2 24 | 20.5% | — |
资本支出强度DOCNFRME
| Q1 26 | — | — | ||
| Q4 25 | 10.8% | — | ||
| Q3 25 | 3.4% | — | ||
| Q2 25 | 15.2% | — | ||
| Q1 25 | 29.4% | — | ||
| Q4 24 | 22.1% | — | ||
| Q3 24 | 28.9% | — | ||
| Q2 24 | 16.6% | — |
现金转化率DOCNFRME
| Q1 26 | — | — | ||
| Q4 25 | 2.23× | 4.97× | ||
| Q3 25 | 0.60× | 1.54× | ||
| Q2 25 | 2.50× | 0.94× | ||
| Q1 25 | 1.68× | 1.11× | ||
| Q4 24 | 3.91× | 4.14× | ||
| Q3 24 | 2.23× | 1.56× | ||
| Q2 24 | 3.73× | 1.58× |
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
DOCN
| Scalers | $84.3M | 35% |
| Scalers Plus | $69.9M | 29% |
| Builders | $64.1M | 26% |
| Learners Testers And Other | $24.1M | 10% |
FRME
| Net Interest Income | $151.3M | 96% |
| Noninterest Income | $5.8M | 4% |
