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DigitalOcean Holdings, Inc.（DOCN）与Victory Capital Holdings, Inc.（VCTR）财务数据对比。点击上方公司名可切换其他公司
Victory Capital Holdings, Inc.的季度营收约是DigitalOcean Holdings, Inc.的1.6倍（$388.0M vs $242.4M），Victory Capital Holdings, Inc.净利率更高（28.9% vs 10.6%，领先18.3%），Victory Capital Holdings, Inc.同比增速更快（76.7% vs 18.3%），过去两年Victory Capital Holdings, Inc.的营收复合增速更高（32.9% 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。
Victory Capital Holdings是一家总部位于美国得克萨斯州圣安东尼奥的金融服务企业，核心业务为投资管理。除美国本土外，公司在伦敦、中国香港、新加坡三地均配备了专业投资团队，为全球客户提供资产管理相关服务。
DOCN vs VCTR — 直观对比
营收规模更大
VCTR
是对方的1.6倍
$242.4M
营收增速更快
VCTR
高出58.4%
18.3%
净利率更高
VCTR
高出18.3%
10.6%
两年增速更快
VCTR
近两年复合增速
14.5%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $242.4M | $388.0M |
| 净利润 | $25.7M | $112.1M |
| 毛利率 | 58.7% | — |
| 营业利润率 | 16.0% | 41.0% |
| 净利率 | 10.6% | 28.9% |
| 营收同比 | 18.3% | 76.7% |
| 净利润同比 | 40.5% | 80.8% |
| 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DOCNVCTR
| Q1 26 | — | $388.0M | ||
| Q4 25 | $242.4M | $374.1M | ||
| Q3 25 | $229.6M | $361.2M | ||
| Q2 25 | $218.7M | $351.2M | ||
| Q1 25 | $210.7M | $219.6M | ||
| Q4 24 | $204.9M | $232.4M | ||
| Q3 24 | $198.5M | $225.6M | ||
| Q2 24 | $192.5M | $219.6M |
净利润DOCNVCTR
| Q1 26 | — | $112.1M | ||
| Q4 25 | $25.7M | $112.8M | ||
| Q3 25 | $158.4M | $96.5M | ||
| Q2 25 | $37.0M | $58.7M | ||
| Q1 25 | $38.2M | $62.0M | ||
| Q4 24 | $18.3M | $76.9M | ||
| Q3 24 | $32.9M | $82.0M | ||
| Q2 24 | $19.1M | $74.3M |
毛利率DOCNVCTR
| 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DOCNVCTR
| Q1 26 | — | 41.0% | ||
| Q4 25 | 16.0% | 40.9% | ||
| Q3 25 | 19.6% | 38.2% | ||
| Q2 25 | 16.3% | 26.8% | ||
| Q1 25 | 17.9% | 42.3% | ||
| Q4 24 | 15.9% | 48.1% | ||
| Q3 24 | 12.4% | 53.3% | ||
| Q2 24 | 11.6% | 50.4% |
净利率DOCNVCTR
| Q1 26 | — | 28.9% | ||
| Q4 25 | 10.6% | 30.2% | ||
| Q3 25 | 69.0% | 26.7% | ||
| Q2 25 | 16.9% | 16.7% | ||
| Q1 25 | 18.1% | 28.2% | ||
| Q4 24 | 8.9% | 33.1% | ||
| Q3 24 | 16.6% | 36.3% | ||
| Q2 24 | 9.9% | 33.8% |
每股收益（稀释后）DOCNVCTR
| Q1 26 | — | — | ||
| Q4 25 | $0.23 | $1.33 | ||
| Q3 25 | $1.51 | $1.11 | ||
| Q2 25 | $0.39 | $0.68 | ||
| Q1 25 | $0.39 | $0.96 | ||
| Q4 24 | $0.21 | $1.18 | ||
| Q3 24 | $0.33 | $1.24 | ||
| Q2 24 | $0.20 | $1.12 |
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 | $75.8M |
| 总债务越低越好 | $1.3B | — |
| 股东权益账面价值 | $-28.7M | $2.4B |
| 总资产 | $1.8B | $4.1B |
| 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DOCNVCTR
| Q1 26 | — | $75.8M | ||
| Q4 25 | $254.5M | $163.7M | ||
| Q3 25 | $236.6M | $115.7M | ||
| Q2 25 | $387.7M | $107.9M | ||
| Q1 25 | $360.4M | $175.6M | ||
| Q4 24 | $428.4M | $126.7M | ||
| Q3 24 | $439.9M | $188.2M | ||
| Q2 24 | $443.1M | $119.0M |
总债务DOCNVCTR
| Q1 26 | — | — | ||
| Q4 25 | $1.3B | $970.0M | ||
| Q3 25 | $1.3B | $972.0M | ||
| Q2 25 | — | $965.7M | ||
| Q1 25 | — | $964.8M | ||
| Q4 24 | $1.5B | $963.9M | ||
| Q3 24 | — | $982.7M | ||
| Q2 24 | — | $981.7M |
股东权益DOCNVCTR
| Q1 26 | — | $2.4B | ||
| Q4 25 | $-28.7M | $2.4B | ||
| Q3 25 | $-69.6M | $2.4B | ||
| Q2 25 | $-175.2M | $2.5B | ||
| Q1 25 | $-210.7M | $1.1B | ||
| Q4 24 | $-203.0M | $1.1B | ||
| Q3 24 | $-211.7M | $1.2B | ||
| Q2 24 | $-253.8M | $1.1B |
总资产DOCNVCTR
| Q1 26 | — | $4.1B | ||
| Q4 25 | $1.8B | $4.2B | ||
| Q3 25 | $1.7B | $4.2B | ||
| Q2 25 | $1.7B | $4.2B | ||
| Q1 25 | $1.6B | $2.6B | ||
| Q4 24 | $1.6B | $2.5B | ||
| Q3 24 | $1.5B | $2.6B | ||
| Q2 24 | $1.5B | $2.5B |
负债/权益比DOCNVCTR
| Q1 26 | — | — | ||
| Q4 25 | — | 0.40× | ||
| Q3 25 | — | 0.41× | ||
| Q2 25 | — | 0.39× | ||
| Q1 25 | — | 0.84× | ||
| Q4 24 | — | 0.86× | ||
| Q3 24 | — | 0.84× | ||
| Q2 24 | — | 0.87× |
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DOCNVCTR
| Q1 26 | — | — | ||
| Q4 25 | $57.3M | $145.1M | ||
| Q3 25 | $95.8M | $165.9M | ||
| Q2 25 | $92.4M | $-6.6M | ||
| Q1 25 | $64.1M | $81.1M | ||
| Q4 24 | $71.3M | $91.8M | ||
| Q3 24 | $73.4M | $99.8M | ||
| Q2 24 | $71.3M | $79.7M |
自由现金流DOCNVCTR
| Q1 26 | — | — | ||
| Q4 25 | $31.1M | $144.5M | ||
| Q3 25 | $88.0M | $164.8M | ||
| Q2 25 | $59.3M | $-7.5M | ||
| Q1 25 | $2.1M | $79.5M | ||
| Q4 24 | $26.1M | $91.7M | ||
| Q3 24 | $16.0M | $99.4M | ||
| Q2 24 | $39.5M | $79.5M |
自由现金流率DOCNVCTR
| Q1 26 | — | — | ||
| Q4 25 | 12.8% | 38.6% | ||
| Q3 25 | 38.3% | 45.6% | ||
| Q2 25 | 27.1% | -2.1% | ||
| Q1 25 | 1.0% | 36.2% | ||
| Q4 24 | 12.7% | 39.4% | ||
| Q3 24 | 8.1% | 44.0% | ||
| Q2 24 | 20.5% | 36.2% |
资本支出强度DOCNVCTR
| Q1 26 | — | — | ||
| Q4 25 | 10.8% | 0.2% | ||
| Q3 25 | 3.4% | 0.3% | ||
| Q2 25 | 15.2% | 0.3% | ||
| Q1 25 | 29.4% | 0.7% | ||
| Q4 24 | 22.1% | 0.1% | ||
| Q3 24 | 28.9% | 0.2% | ||
| Q2 24 | 16.6% | 0.1% |
现金转化率DOCNVCTR
| Q1 26 | — | — | ||
| Q4 25 | 2.23× | 1.29× | ||
| Q3 25 | 0.60× | 1.72× | ||
| Q2 25 | 2.50× | -0.11× | ||
| Q1 25 | 1.68× | 1.31× | ||
| Q4 24 | 3.91× | 1.19× | ||
| Q3 24 | 2.23× | 1.22× | ||
| Q2 24 | 3.73× | 1.07× |
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% |
VCTR
| Investment management fees | $316.4M | 82% |
| Fund administration and distribution fees | $71.6M | 18% |
