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DigitalOcean Holdings, Inc.（DOCN）与微策略（MSTR）财务数据对比。点击上方公司名可切换其他公司
DigitalOcean Holdings, Inc.的季度营收约是微策略的2.0倍（$242.4M vs $123.0M），DigitalOcean Holdings, Inc.同比增速更快（18.3% vs 1.9%），过去两年DigitalOcean Holdings, Inc.的营收复合增速更高（14.5% vs 3.3%）
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。
Strategy Inc（原名为微策略）是1989年成立的美国上市企业，主营商业智能与移动软件业务，旗下产品可帮助企业分析内外部数据以支撑经营决策，还可用于移动应用开发，总部位于弗吉尼亚州泰森斯角，商业分析赛道核心竞品包括SAP等。
DOCN vs MSTR — 直观对比
营收规模更大
DOCN
是对方的2.0倍
$123.0M
营收增速更快
DOCN
高出16.4%
1.9%
两年增速更快
DOCN
近两年复合增速
3.3%
损益表 — Q4 FY2025 vs Q2 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $242.4M | $123.0M |
| 净利润 | $25.7M | — |
| 毛利率 | 58.7% | 66.1% |
| 营业利润率 | 16.0% | — |
| 净利率 | 10.6% | — |
| 营收同比 | 18.3% | 1.9% |
| 净利润同比 | 40.5% | — |
| 每股收益（稀释后） | $0.23 | — |
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DOCNMSTR
| Q4 25 | $242.4M | $123.0M | ||
| Q3 25 | $229.6M | $128.7M | ||
| Q2 25 | $218.7M | $114.5M | ||
| Q1 25 | $210.7M | $111.1M | ||
| Q4 24 | $204.9M | $120.7M | ||
| Q3 24 | $198.5M | $116.1M | ||
| Q2 24 | $192.5M | $111.4M | ||
| Q1 24 | $184.7M | $115.2M |
净利润DOCNMSTR
| Q4 25 | $25.7M | — | ||
| Q3 25 | $158.4M | $2.8B | ||
| Q2 25 | $37.0M | $10.0B | ||
| Q1 25 | $38.2M | $-4.2B | ||
| Q4 24 | $18.3M | $-670.8M | ||
| Q3 24 | $32.9M | $-340.2M | ||
| Q2 24 | $19.1M | $-102.6M | ||
| Q1 24 | $14.1M | $-53.1M |
毛利率DOCNMSTR
| Q4 25 | 58.7% | 66.1% | ||
| Q3 25 | 59.6% | 70.5% | ||
| Q2 25 | 59.9% | 68.8% | ||
| Q1 25 | 61.4% | 69.4% | ||
| Q4 24 | 57.1% | 71.7% | ||
| Q3 24 | 60.2% | 70.4% | ||
| Q2 24 | 61.0% | 72.2% | ||
| Q1 24 | 60.7% | 74.0% |
营业利润率DOCNMSTR
| Q4 25 | 16.0% | — | ||
| Q3 25 | 19.6% | — | ||
| Q2 25 | 16.3% | — | ||
| Q1 25 | 17.9% | -5331.4% | ||
| Q4 24 | 15.9% | -842.1% | ||
| Q3 24 | 12.4% | -372.7% | ||
| Q2 24 | 11.6% | -179.7% | ||
| Q1 24 | 6.2% | -176.8% |
净利率DOCNMSTR
| Q4 25 | 10.6% | — | ||
| Q3 25 | 69.0% | 2164.1% | ||
| Q2 25 | 16.9% | 8752.7% | ||
| Q1 25 | 18.1% | -3797.2% | ||
| Q4 24 | 8.9% | -555.8% | ||
| Q3 24 | 16.6% | -293.1% | ||
| Q2 24 | 9.9% | -92.0% | ||
| Q1 24 | 7.7% | -46.1% |
每股收益（稀释后）DOCNMSTR
| Q4 25 | $0.23 | — | ||
| Q3 25 | $1.51 | $8.42 | ||
| Q2 25 | $0.39 | $32.60 | ||
| Q1 25 | $0.39 | $-16.49 | ||
| Q4 24 | $0.21 | $4.49 | ||
| Q3 24 | $0.33 | $-1.72 | ||
| Q2 24 | $0.20 | $-0.57 | ||
| Q1 24 | $0.15 | $-0.31 |
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 | $2.3B |
| 总债务越低越好 | $1.3B | $8.2B |
| 股东权益账面价值 | $-28.7M | $44.1B |
| 总资产 | $1.8B | $61.6B |
| 负债/权益比越低杠杆越低 | — | 0.19× |
8季度趋势，按日历期对齐
现金及短期投资DOCNMSTR
| Q4 25 | $254.5M | $2.3B | ||
| Q3 25 | $236.6M | $54.3M | ||
| Q2 25 | $387.7M | $50.1M | ||
| Q1 25 | $360.4M | $60.3M | ||
| Q4 24 | $428.4M | $38.1M | ||
| Q3 24 | $439.9M | $46.3M | ||
| Q2 24 | $443.1M | $66.9M | ||
| Q1 24 | $419.1M | $81.3M |
总债务DOCNMSTR
| Q4 25 | $1.3B | $8.2B | ||
| Q3 25 | $1.3B | $8.2B | ||
| Q2 25 | — | $8.2B | ||
| Q1 25 | — | $8.1B | ||
| Q4 24 | $1.5B | $7.2B | ||
| Q3 24 | — | $4.2B | ||
| Q2 24 | — | $3.8B | ||
| Q1 24 | — | $3.6B |
股东权益DOCNMSTR
| Q4 25 | $-28.7M | $44.1B | ||
| Q3 25 | $-69.6M | $52.3B | ||
| Q2 25 | $-175.2M | $47.5B | ||
| Q1 25 | $-210.7M | $32.2B | ||
| Q4 24 | $-203.0M | $18.2B | ||
| Q3 24 | $-211.7M | $3.8B | ||
| Q2 24 | $-253.8M | $2.8B | ||
| Q1 24 | $-286.1M | $2.4B |
总资产DOCNMSTR
| Q4 25 | $1.8B | $61.6B | ||
| Q3 25 | $1.7B | $73.6B | ||
| Q2 25 | $1.7B | $64.8B | ||
| Q1 25 | $1.6B | $43.9B | ||
| Q4 24 | $1.6B | $25.8B | ||
| Q3 24 | $1.5B | $8.3B | ||
| Q2 24 | $1.5B | $7.1B | ||
| Q1 24 | $1.5B | $6.4B |
负债/权益比DOCNMSTR
| Q4 25 | — | 0.19× | ||
| Q3 25 | — | 0.16× | ||
| Q2 25 | — | 0.17× | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | — | 0.39× | ||
| Q3 24 | — | 1.12× | ||
| Q2 24 | — | 1.36× | ||
| Q1 24 | — | 1.48× |
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DOCNMSTR
| Q4 25 | $57.3M | — | ||
| Q3 25 | $95.8M | $-8.3M | ||
| Q2 25 | $92.4M | $-34.9M | ||
| Q1 25 | $64.1M | $-2.4M | ||
| Q4 24 | $71.3M | $-17.3M | ||
| Q3 24 | $73.4M | $-41.0M | ||
| Q2 24 | $71.3M | $-23.3M | ||
| Q1 24 | $66.7M | $28.6M |
自由现金流DOCNMSTR
| Q4 25 | $31.1M | — | ||
| Q3 25 | $88.0M | $-11.1M | ||
| Q2 25 | $59.3M | $-37.0M | ||
| Q1 25 | $2.1M | $-5.1M | ||
| Q4 24 | $26.1M | $-17.6M | ||
| Q3 24 | $16.0M | $-41.4M | ||
| Q2 24 | $39.5M | $-24.1M | ||
| Q1 24 | $23.0M | $27.0M |
自由现金流率DOCNMSTR
| Q4 25 | 12.8% | — | ||
| Q3 25 | 38.3% | -8.6% | ||
| Q2 25 | 27.1% | -32.3% | ||
| Q1 25 | 1.0% | -4.6% | ||
| Q4 24 | 12.7% | -14.6% | ||
| Q3 24 | 8.1% | -35.7% | ||
| Q2 24 | 20.5% | -21.6% | ||
| Q1 24 | 12.5% | 23.5% |
资本支出强度DOCNMSTR
| Q4 25 | 10.8% | — | ||
| Q3 25 | 3.4% | 2.2% | ||
| Q2 25 | 15.2% | 1.8% | ||
| Q1 25 | 29.4% | 2.5% | ||
| Q4 24 | 22.1% | 0.2% | ||
| Q3 24 | 28.9% | 0.4% | ||
| Q2 24 | 16.6% | 0.6% | ||
| Q1 24 | 23.6% | 1.3% |
现金转化率DOCNMSTR
| Q4 25 | 2.23× | — | ||
| Q3 25 | 0.60× | -0.00× | ||
| Q2 25 | 2.50× | -0.00× | ||
| Q1 25 | 1.68× | — | ||
| Q4 24 | 3.91× | — | ||
| 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% |
MSTR
暂无分部数据
