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DigitalOcean Holdings, Inc.（DOCN）与Upstart Holdings, Inc.（UPST）财务数据对比。点击上方公司名可切换其他公司
Upstart Holdings, Inc.的季度营收约是DigitalOcean Holdings, Inc.的1.2倍（$296.1M vs $242.4M），DigitalOcean Holdings, Inc.净利率更高（10.6% vs 6.3%，领先4.3%），Upstart Holdings, Inc.同比增速更快（35.2% vs 18.3%），Upstart Holdings, Inc.自由现金流更多（$108.4M vs $31.1M），过去两年Upstart Holdings, Inc.的营收复合增速更高（52.2% 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。
Upstart是一家AI信贷平台服务商，与银行及信用合作社合作，将教育背景、就业情况等非传统指标纳入信用评估模型，更精准地预测借款人的信用状况，为用户提供消费贷款服务，助力金融机构提升信贷效率、扩大服务覆盖范围。
DOCN vs UPST — 直观对比
营收规模更大
UPST
是对方的1.2倍
$242.4M
营收增速更快
UPST
高出16.9%
18.3%
净利率更高
DOCN
高出4.3%
6.3%
自由现金流更多
UPST
多$77.3M
$31.1M
两年增速更快
UPST
近两年复合增速
14.5%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $242.4M | $296.1M |
| 净利润 | $25.7M | $18.6M |
| 毛利率 | 58.7% | — |
| 营业利润率 | 16.0% | 6.4% |
| 净利率 | 10.6% | 6.3% |
| 营收同比 | 18.3% | 35.2% |
| 净利润同比 | 40.5% | 776.4% |
| 每股收益（稀释后） | $0.23 | $0.20 |
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DOCNUPST
| Q4 25 | $242.4M | $296.1M | ||
| Q3 25 | $229.6M | $277.1M | ||
| Q2 25 | $218.7M | $257.3M | ||
| Q1 25 | $210.7M | $213.4M | ||
| Q4 24 | $204.9M | $219.0M | ||
| Q3 24 | $198.5M | $162.1M | ||
| Q2 24 | $192.5M | $127.6M | ||
| Q1 24 | $184.7M | $127.8M |
净利润DOCNUPST
| Q4 25 | $25.7M | $18.6M | ||
| Q3 25 | $158.4M | $31.8M | ||
| Q2 25 | $37.0M | $5.6M | ||
| Q1 25 | $38.2M | $-2.4M | ||
| Q4 24 | $18.3M | $-2.8M | ||
| Q3 24 | $32.9M | $-6.8M | ||
| Q2 24 | $19.1M | $-54.5M | ||
| Q1 24 | $14.1M | $-64.6M |
毛利率DOCNUPST
| 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DOCNUPST
| Q4 25 | 16.0% | 6.4% | ||
| Q3 25 | 19.6% | 8.5% | ||
| Q2 25 | 16.3% | 1.8% | ||
| Q1 25 | 17.9% | -2.1% | ||
| Q4 24 | 15.9% | -2.2% | ||
| Q3 24 | 12.4% | -27.8% | ||
| Q2 24 | 11.6% | -43.5% | ||
| Q1 24 | 6.2% | -52.8% |
净利率DOCNUPST
| Q4 25 | 10.6% | 6.3% | ||
| Q3 25 | 69.0% | 11.5% | ||
| Q2 25 | 16.9% | 2.2% | ||
| Q1 25 | 18.1% | -1.1% | ||
| Q4 24 | 8.9% | -1.3% | ||
| Q3 24 | 16.6% | -4.2% | ||
| Q2 24 | 9.9% | -42.7% | ||
| Q1 24 | 7.7% | -50.5% |
每股收益（稀释后）DOCNUPST
| Q4 25 | $0.23 | $0.20 | ||
| Q3 25 | $1.51 | $0.23 | ||
| Q2 25 | $0.39 | $0.05 | ||
| Q1 25 | $0.39 | $-0.03 | ||
| Q4 24 | $0.21 | $-0.01 | ||
| Q3 24 | $0.33 | $-0.07 | ||
| Q2 24 | $0.20 | $-0.62 | ||
| Q1 24 | $0.15 | $-0.74 |
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 | $652.4M |
| 总债务越低越好 | $1.3B | — |
| 股东权益账面价值 | $-28.7M | $798.8M |
| 总资产 | $1.8B | $3.0B |
| 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DOCNUPST
| Q4 25 | $254.5M | $652.4M | ||
| Q3 25 | $236.6M | $489.8M | ||
| Q2 25 | $387.7M | $395.9M | ||
| Q1 25 | $360.4M | $599.8M | ||
| Q4 24 | $428.4M | $788.4M | ||
| Q3 24 | $439.9M | — | ||
| Q2 24 | $443.1M | — | ||
| Q1 24 | $419.1M | — |
总债务DOCNUPST
| 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DOCNUPST
| Q4 25 | $-28.7M | $798.8M | ||
| Q3 25 | $-69.6M | $743.7M | ||
| Q2 25 | $-175.2M | $722.0M | ||
| Q1 25 | $-210.7M | $676.6M | ||
| Q4 24 | $-203.0M | $633.2M | ||
| Q3 24 | $-211.7M | $595.5M | ||
| Q2 24 | $-253.8M | $594.7M | ||
| Q1 24 | $-286.1M | $612.8M |
总资产DOCNUPST
| Q4 25 | $1.8B | $3.0B | ||
| Q3 25 | $1.7B | $2.9B | ||
| Q2 25 | $1.7B | $2.5B | ||
| Q1 25 | $1.6B | $2.3B | ||
| Q4 24 | $1.6B | $2.4B | ||
| Q3 24 | $1.5B | $1.8B | ||
| Q2 24 | $1.5B | $1.8B | ||
| Q1 24 | $1.5B | $1.9B |
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 | $108.6M |
| 自由现金流经营现金流 - 资本支出 | $31.1M | $108.4M |
| 自由现金流率自由现金流/营收 | 12.8% | 36.6% |
| 资本支出强度资本支出/营收 | 10.8% | 0.1% |
| 现金转化率经营现金流/净利润 | 2.23× | 5.82× |
| 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DOCNUPST
| Q4 25 | $57.3M | $108.6M | ||
| Q3 25 | $95.8M | $-122.6M | ||
| Q2 25 | $92.4M | $-120.2M | ||
| Q1 25 | $64.1M | $-13.5M | ||
| Q4 24 | $71.3M | $-110.9M | ||
| Q3 24 | $73.4M | $179.3M | ||
| Q2 24 | $71.3M | $65.3M | ||
| Q1 24 | $66.7M | $52.6M |
自由现金流DOCNUPST
| Q4 25 | $31.1M | $108.4M | ||
| Q3 25 | $88.0M | $-122.7M | ||
| Q2 25 | $59.3M | $-120.3M | ||
| Q1 25 | $2.1M | — | ||
| Q4 24 | $26.1M | — | ||
| Q3 24 | $16.0M | $179.2M | ||
| Q2 24 | $39.5M | $65.3M | ||
| Q1 24 | $23.0M | $51.9M |
自由现金流率DOCNUPST
| Q4 25 | 12.8% | 36.6% | ||
| Q3 25 | 38.3% | -44.3% | ||
| Q2 25 | 27.1% | -46.7% | ||
| Q1 25 | 1.0% | — | ||
| Q4 24 | 12.7% | — | ||
| Q3 24 | 8.1% | 110.5% | ||
| Q2 24 | 20.5% | 51.1% | ||
| Q1 24 | 12.5% | 40.6% |
资本支出强度DOCNUPST
| Q4 25 | 10.8% | 0.1% | ||
| Q3 25 | 3.4% | 0.0% | ||
| Q2 25 | 15.2% | 0.0% | ||
| Q1 25 | 29.4% | 0.0% | ||
| Q4 24 | 22.1% | 0.0% | ||
| Q3 24 | 28.9% | 0.1% | ||
| Q2 24 | 16.6% | 0.0% | ||
| Q1 24 | 23.6% | 0.5% |
现金转化率DOCNUPST
| Q4 25 | 2.23× | 5.82× | ||
| Q3 25 | 0.60× | -3.86× | ||
| Q2 25 | 2.50× | -21.43× | ||
| 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% |
UPST
| Personal Lending Segment | $201.4M | 68% |
| Servicing Fees Net | $39.5M | 13% |
| Servicing Fees | $27.5M | 9% |
| Other | $15.7M | 5% |
| Borrower Fees | $8.4M | 3% |
| Collection Agency Fees | $3.5M | 1% |
