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DigitalOcean Holdings, Inc.（DOCN）与美世（MERC）财务数据对比。点击上方公司名可切换其他公司
美世的季度营收约是DigitalOcean Holdings, Inc.的1.9倍（$449.5M vs $242.4M），DigitalOcean Holdings, Inc.净利率更高（10.6% vs -68.7%，领先79.3%），DigitalOcean Holdings, Inc.同比增速更快（18.3% vs -8.0%），美世自由现金流更多（$32.0M vs $31.1M），过去两年DigitalOcean Holdings, Inc.的营收复合增速更高（14.5% vs -9.9%）
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。
美世是1945年成立的美国咨询公司，为全球专业服务集团威达信的四大运营子公司之一，总部位于纽约，在43个国家设有办事处，业务覆盖130个国家，主要为客户提供人力资源与金融咨询服务。
DOCN vs MERC — 直观对比
营收规模更大
MERC
是对方的1.9倍
$242.4M
营收增速更快
DOCN
高出26.2%
-8.0%
净利率更高
DOCN
高出79.3%
-68.7%
自由现金流更多
MERC
多$878.0K
$31.1M
两年增速更快
DOCN
近两年复合增速
-9.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $242.4M | $449.5M |
| 净利润 | $25.7M | $-308.7M |
| 毛利率 | 58.7% | — |
| 营业利润率 | 16.0% | -62.0% |
| 净利率 | 10.6% | -68.7% |
| 营收同比 | 18.3% | -8.0% |
| 净利润同比 | 40.5% | -1947.7% |
| 每股收益（稀释后） | $0.23 | $-4.61 |
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DOCNMERC
| Q4 25 | $242.4M | $449.5M | ||
| Q3 25 | $229.6M | $458.1M | ||
| Q2 25 | $218.7M | $453.5M | ||
| Q1 25 | $210.7M | $507.0M | ||
| Q4 24 | $204.9M | $488.4M | ||
| Q3 24 | $198.5M | $502.1M | ||
| Q2 24 | $192.5M | $499.4M | ||
| Q1 24 | $184.7M | $553.4M |
净利润DOCNMERC
| Q4 25 | $25.7M | $-308.7M | ||
| Q3 25 | $158.4M | $-80.8M | ||
| Q2 25 | $37.0M | $-86.1M | ||
| Q1 25 | $38.2M | $-22.3M | ||
| Q4 24 | $18.3M | $16.7M | ||
| Q3 24 | $32.9M | $-17.6M | ||
| Q2 24 | $19.1M | $-67.6M | ||
| Q1 24 | $14.1M | $-16.7M |
毛利率DOCNMERC
| 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% | — | ||
| Q1 24 | 60.7% | — |
营业利润率DOCNMERC
| Q4 25 | 16.0% | -62.0% | ||
| Q3 25 | 19.6% | -14.8% | ||
| Q2 25 | 16.3% | -12.9% | ||
| Q1 25 | 17.9% | 1.3% | ||
| Q4 24 | 15.9% | 10.3% | ||
| Q3 24 | 12.4% | 1.8% | ||
| Q2 24 | 11.6% | -8.8% | ||
| Q1 24 | 6.2% | -0.1% |
净利率DOCNMERC
| Q4 25 | 10.6% | -68.7% | ||
| Q3 25 | 69.0% | -17.6% | ||
| Q2 25 | 16.9% | -19.0% | ||
| Q1 25 | 18.1% | -4.4% | ||
| Q4 24 | 8.9% | 3.4% | ||
| Q3 24 | 16.6% | -3.5% | ||
| Q2 24 | 9.9% | -13.5% | ||
| Q1 24 | 7.7% | -3.0% |
每股收益（稀释后）DOCNMERC
| Q4 25 | $0.23 | $-4.61 | ||
| Q3 25 | $1.51 | $-1.21 | ||
| Q2 25 | $0.39 | $-1.29 | ||
| Q1 25 | $0.39 | $-0.33 | ||
| Q4 24 | $0.21 | $0.25 | ||
| Q3 24 | $0.33 | $-0.26 | ||
| Q2 24 | $0.20 | $-1.01 | ||
| Q1 24 | $0.15 | $-0.25 |
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 | $186.8M |
| 总债务越低越好 | $1.3B | $1.6B |
| 股东权益账面价值 | $-28.7M | $68.1M |
| 总资产 | $1.8B | $2.0B |
| 负债/权益比越低杠杆越低 | — | 23.58× |
8季度趋势，按日历期对齐
现金及短期投资DOCNMERC
| Q4 25 | $254.5M | $186.8M | ||
| Q3 25 | $236.6M | $98.1M | ||
| Q2 25 | $387.7M | $146.5M | ||
| Q1 25 | $360.4M | $181.5M | ||
| Q4 24 | $428.4M | $184.9M | ||
| Q3 24 | $439.9M | $239.0M | ||
| Q2 24 | $443.1M | $263.2M | ||
| Q1 24 | $419.1M | $274.3M |
总债务DOCNMERC
| Q4 25 | $1.3B | $1.6B | ||
| Q3 25 | $1.3B | $1.5B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | $1.5B | $1.5B | ||
| Q3 24 | — | $1.6B | ||
| Q2 24 | — | $1.6B | ||
| Q1 24 | — | $1.6B |
股东权益DOCNMERC
| Q4 25 | $-28.7M | $68.1M | ||
| Q3 25 | $-69.6M | $359.5M | ||
| Q2 25 | $-175.2M | $446.5M | ||
| Q1 25 | $-210.7M | $437.4M | ||
| Q4 24 | $-203.0M | $429.8M | ||
| Q3 24 | $-211.7M | $516.8M | ||
| Q2 24 | $-253.8M | $487.7M | ||
| Q1 24 | $-286.1M | $573.6M |
总资产DOCNMERC
| Q4 25 | $1.8B | $2.0B | ||
| Q3 25 | $1.7B | $2.3B | ||
| Q2 25 | $1.7B | $2.4B | ||
| Q1 25 | $1.6B | $2.3B | ||
| Q4 24 | $1.6B | $2.3B | ||
| Q3 24 | $1.5B | $2.5B | ||
| Q2 24 | $1.5B | $2.5B | ||
| Q1 24 | $1.5B | $2.6B |
负债/权益比DOCNMERC
| Q4 25 | — | 23.58× | ||
| Q3 25 | — | 4.30× | ||
| Q2 25 | — | 3.42× | ||
| Q1 25 | — | 3.44× | ||
| Q4 24 | — | 3.43× | ||
| Q3 24 | — | 3.09× | ||
| Q2 24 | — | 3.22× | ||
| Q1 24 | — | 2.82× |
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 | $46.2M |
| 自由现金流经营现金流 - 资本支出 | $31.1M | $32.0M |
| 自由现金流率自由现金流/营收 | 12.8% | 7.1% |
| 资本支出强度资本支出/营收 | 10.8% | 3.1% |
| 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 | $-80.0M |
8季度趋势，按日历期对齐
经营现金流DOCNMERC
| Q4 25 | $57.3M | $46.2M | ||
| Q3 25 | $95.8M | $-30.1M | ||
| Q2 25 | $92.4M | $-4.5M | ||
| Q1 25 | $64.1M | $-3.0M | ||
| Q4 24 | $71.3M | $71.2M | ||
| Q3 24 | $73.4M | $-13.9M | ||
| Q2 24 | $71.3M | $62.2M | ||
| Q1 24 | $66.7M | $-29.2M |
自由现金流DOCNMERC
| Q4 25 | $31.1M | $32.0M | ||
| Q3 25 | $88.0M | $-60.1M | ||
| Q2 25 | $59.3M | $-28.9M | ||
| Q1 25 | $2.1M | $-23.1M | ||
| Q4 24 | $26.1M | $50.4M | ||
| Q3 24 | $16.0M | $-41.2M | ||
| Q2 24 | $39.5M | $44.3M | ||
| Q1 24 | $23.0M | $-47.7M |
自由现金流率DOCNMERC
| Q4 25 | 12.8% | 7.1% | ||
| Q3 25 | 38.3% | -13.1% | ||
| Q2 25 | 27.1% | -6.4% | ||
| Q1 25 | 1.0% | -4.6% | ||
| Q4 24 | 12.7% | 10.3% | ||
| Q3 24 | 8.1% | -8.2% | ||
| Q2 24 | 20.5% | 8.9% | ||
| Q1 24 | 12.5% | -8.6% |
资本支出强度DOCNMERC
| Q4 25 | 10.8% | 3.1% | ||
| Q3 25 | 3.4% | 6.6% | ||
| Q2 25 | 15.2% | 5.4% | ||
| Q1 25 | 29.4% | 4.0% | ||
| Q4 24 | 22.1% | 4.2% | ||
| Q3 24 | 28.9% | 5.4% | ||
| Q2 24 | 16.6% | 3.6% | ||
| Q1 24 | 23.6% | 3.3% |
现金转化率DOCNMERC
| Q4 25 | 2.23× | — | ||
| Q3 25 | 0.60× | — | ||
| Q2 25 | 2.50× | — | ||
| Q1 25 | 1.68× | — | ||
| Q4 24 | 3.91× | 4.26× | ||
| Q3 24 | 2.23× | — | ||
| Q2 24 | 3.73× | — | ||
| Q1 24 | 4.72× | — |
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% |
MERC
| Other | $215.3M | 48% |
| Solid Wood | $110.2M | 25% |
| Lumber | $54.9M | 12% |
| Pallets | $23.7M | 5% |
| Energyandchemicals | $18.7M | 4% |
| Manufactured Products | $14.1M | 3% |
| Biofuels | $10.0M | 2% |
| Wood Residuals | $2.6M | 1% |
