vs
DigitalOcean Holdings, Inc.（DOCN）与TheRealReal, Inc.（REAL）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TheRealReal, Inc.的1.2倍（$242.4M vs $194.1M），TheRealReal, Inc.同比增速更快（18.3% vs 18.3%），TheRealReal, Inc.自由现金流更多（$45.8M vs $31.1M），过去两年TheRealReal, Inc.的营收复合增速更高（16.2% vs 14.5%）
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。
TheRealReal是专业的奢侈品线上交易平台，所有在售商品均经过专业人员鉴定，可满足用户买卖二手奢侈品的需求。截至2023年9月30日，平台会员规模已超3800万，累计售出商品近4000万件。
DOCN vs REAL — 直观对比
营收规模更大
DOCN
是对方的1.2倍
$194.1M
营收增速更快
REAL
高出0.0%
18.3%
自由现金流更多
REAL
多$14.7M
$31.1M
两年增速更快
REAL
近两年复合增速
14.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $242.4M | $194.1M |
| 净利润 | $25.7M | — |
| 毛利率 | 58.7% | 74.8% |
| 营业利润率 | 16.0% | 3.2% |
| 净利率 | 10.6% | — |
| 营收同比 | 18.3% | 18.3% |
| 净利润同比 | 40.5% | — |
| 每股收益（稀释后） | $0.23 | $0.06 |
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DOCNREAL
| Q4 25 | $242.4M | $194.1M | ||
| Q3 25 | $229.6M | $173.6M | ||
| Q2 25 | $218.7M | $165.2M | ||
| Q1 25 | $210.7M | $160.0M | ||
| Q4 24 | $204.9M | $164.0M | ||
| Q3 24 | $198.5M | $147.8M | ||
| Q2 24 | $192.5M | $144.9M | ||
| Q1 24 | $184.7M | $143.8M |
净利润DOCNREAL
| Q4 25 | $25.7M | — | ||
| Q3 25 | $158.4M | $-54.1M | ||
| Q2 25 | $37.0M | $-11.4M | ||
| Q1 25 | $38.2M | $62.4M | ||
| Q4 24 | $18.3M | — | ||
| Q3 24 | $32.9M | $-17.9M | ||
| Q2 24 | $19.1M | $-16.7M | ||
| Q1 24 | $14.1M | $-31.1M |
毛利率DOCNREAL
| Q4 25 | 58.7% | 74.8% | ||
| Q3 25 | 59.6% | 74.3% | ||
| Q2 25 | 59.9% | 74.3% | ||
| Q1 25 | 61.4% | 75.0% | ||
| Q4 24 | 57.1% | 74.4% | ||
| Q3 24 | 60.2% | 74.9% | ||
| Q2 24 | 61.0% | 74.1% | ||
| Q1 24 | 60.7% | 74.6% |
营业利润率DOCNREAL
| Q4 25 | 16.0% | 3.2% | ||
| Q3 25 | 19.6% | -4.3% | ||
| Q2 25 | 16.3% | -6.0% | ||
| Q1 25 | 17.9% | -8.0% | ||
| Q4 24 | 15.9% | -3.1% | ||
| Q3 24 | 12.4% | -9.9% | ||
| Q2 24 | 11.6% | -13.0% | ||
| Q1 24 | 6.2% | -12.5% |
净利率DOCNREAL
| Q4 25 | 10.6% | — | ||
| Q3 25 | 69.0% | -31.1% | ||
| Q2 25 | 16.9% | -6.9% | ||
| Q1 25 | 18.1% | 39.0% | ||
| Q4 24 | 8.9% | — | ||
| Q3 24 | 16.6% | -12.1% | ||
| Q2 24 | 9.9% | -11.5% | ||
| Q1 24 | 7.7% | -21.6% |
每股收益（稀释后）DOCNREAL
| Q4 25 | $0.23 | $0.06 | ||
| Q3 25 | $1.51 | $-0.49 | ||
| Q2 25 | $0.39 | $-0.13 | ||
| Q1 25 | $0.39 | $-0.14 | ||
| Q4 24 | $0.21 | $-0.57 | ||
| Q3 24 | $0.33 | $-0.17 | ||
| Q2 24 | $0.20 | $-0.20 | ||
| Q1 24 | $0.15 | $-0.30 |
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 | $151.2M |
| 总债务越低越好 | $1.3B | — |
| 股东权益账面价值 | $-28.7M | $-415.5M |
| 总资产 | $1.8B | $409.0M |
| 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DOCNREAL
| Q4 25 | $254.5M | $151.2M | ||
| Q3 25 | $236.6M | $108.4M | ||
| Q2 25 | $387.7M | $94.3M | ||
| Q1 25 | $360.4M | $139.6M | ||
| Q4 24 | $428.4M | $172.2M | ||
| Q3 24 | $439.9M | $153.2M | ||
| Q2 24 | $443.1M | $150.7M | ||
| Q1 24 | $419.1M | $166.0M |
总债务DOCNREAL
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.3B | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.5B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益DOCNREAL
| Q4 25 | $-28.7M | $-415.5M | ||
| Q3 25 | $-69.6M | $-385.1M | ||
| Q2 25 | $-175.2M | $-338.2M | ||
| Q1 25 | $-210.7M | $-336.1M | ||
| Q4 24 | $-203.0M | $-407.4M | ||
| Q3 24 | $-211.7M | $-345.4M | ||
| Q2 24 | $-253.8M | $-335.3M | ||
| Q1 24 | $-286.1M | $-327.1M |
总资产DOCNREAL
| Q4 25 | $1.8B | $409.0M | ||
| Q3 25 | $1.7B | $366.2M | ||
| Q2 25 | $1.7B | $349.4M | ||
| Q1 25 | $1.6B | $400.4M | ||
| Q4 24 | $1.6B | $423.1M | ||
| Q3 24 | $1.5B | $406.3M | ||
| Q2 24 | $1.5B | $407.4M | ||
| Q1 24 | $1.5B | $431.6M |
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 | $49.5M |
| 自由现金流经营现金流 - 资本支出 | $31.1M | $45.8M |
| 自由现金流率自由现金流/营收 | 12.8% | 23.6% |
| 资本支出强度资本支出/营收 | 10.8% | 1.9% |
| 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 | $18.4M |
8季度趋势，按日历期对齐
经营现金流DOCNREAL
| Q4 25 | $57.3M | $49.5M | ||
| Q3 25 | $95.8M | $19.3M | ||
| Q2 25 | $92.4M | $-3.6M | ||
| Q1 25 | $64.1M | $-28.3M | ||
| Q4 24 | $71.3M | $28.0M | ||
| Q3 24 | $73.4M | $9.1M | ||
| Q2 24 | $71.3M | $-6.8M | ||
| Q1 24 | $66.7M | $-3.5M |
自由现金流DOCNREAL
| Q4 25 | $31.1M | $45.8M | ||
| Q3 25 | $88.0M | $16.9M | ||
| Q2 25 | $59.3M | $-11.4M | ||
| Q1 25 | $2.1M | $-33.0M | ||
| Q4 24 | $26.1M | $22.9M | ||
| Q3 24 | $16.0M | $5.0M | ||
| Q2 24 | $39.5M | $-9.8M | ||
| Q1 24 | $23.0M | $-5.6M |
自由现金流率DOCNREAL
| Q4 25 | 12.8% | 23.6% | ||
| Q3 25 | 38.3% | 9.7% | ||
| Q2 25 | 27.1% | -6.9% | ||
| Q1 25 | 1.0% | -20.6% | ||
| Q4 24 | 12.7% | 14.0% | ||
| Q3 24 | 8.1% | 3.4% | ||
| Q2 24 | 20.5% | -6.7% | ||
| Q1 24 | 12.5% | -3.9% |
资本支出强度DOCNREAL
| Q4 25 | 10.8% | 1.9% | ||
| Q3 25 | 3.4% | 1.4% | ||
| Q2 25 | 15.2% | 4.7% | ||
| Q1 25 | 29.4% | 2.9% | ||
| Q4 24 | 22.1% | 3.1% | ||
| Q3 24 | 28.9% | 2.7% | ||
| Q2 24 | 16.6% | 2.1% | ||
| Q1 24 | 23.6% | 1.5% |
现金转化率DOCNREAL
| Q4 25 | 2.23× | — | ||
| Q3 25 | 0.60× | — | ||
| Q2 25 | 2.50× | — | ||
| Q1 25 | 1.68× | -0.45× | ||
| 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% |
REAL
| Services | $149.0M | 77% |
| Products | $27.2M | 14% |
| Shipping And Handling | $17.8M | 9% |
