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DOCUSIGN, INC.（DOCU）与eXp World Holdings, Inc.（EXPI）财务数据对比。点击上方公司名可切换其他公司
eXp World Holdings, Inc.的季度营收约是DOCUSIGN, INC.的1.5倍（$1.2B vs $818.4M），DOCUSIGN, INC.净利率更高（10.2% vs -1.1%，领先11.3%），eXp World Holdings, Inc.同比增速更快（8.5% vs 8.4%），DOCUSIGN, INC.自由现金流更多（$262.9M vs $11.9M）
DocuSign是总部位于美国加利福尼亚州旧金山的软件企业，为各类机构提供多设备支持的电子协议管理及电子签名相关产品。截至2025年，公司在180个国家拥有约170万客户，其处理的签名符合美国ESIGN法案、欧盟eIDAS法规要求，满足欧盟高级及合格签名标准。
eXp World Holdings是全球云原生房地产服务提供商，运营eXp Realty经纪网络，依托沉浸式3D虚拟园区支持代理人协作与日常运营，业务覆盖全球20余个国家的住宅及商业地产市场，同时提供按揭贷款、产权保险、从业者职业培训等配套服务。
DOCU vs EXPI — 直观对比
营收规模更大
EXPI
是对方的1.5倍
$818.4M
营收增速更快
EXPI
高出0.1%
8.4%
净利率更高
DOCU
高出11.3%
-1.1%
自由现金流更多
DOCU
多$251.0M
$11.9M
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $818.4M | $1.2B |
| 净利润 | $83.7M | $-12.9M |
| 毛利率 | 79.2% | — |
| 营业利润率 | 10.4% | -1.1% |
| 净利率 | 10.2% | -1.1% |
| 营收同比 | 8.4% | 8.5% |
| 净利润同比 | 34.1% | -35.7% |
| 每股收益（稀释后） | $0.40 | $-0.08 |
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DOCUEXPI
| Q4 25 | $818.4M | $1.2B | ||
| Q3 25 | $800.6M | $1.3B | ||
| Q2 25 | $763.7M | $1.3B | ||
| Q1 25 | — | $954.9M | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $1.3B | ||
| Q1 24 | — | $943.1M |
净利润DOCUEXPI
| Q4 25 | $83.7M | $-12.9M | ||
| Q3 25 | $63.0M | $3.5M | ||
| Q2 25 | $72.1M | $-2.3M | ||
| Q1 25 | — | $-11.0M | ||
| Q4 24 | — | $-9.5M | ||
| Q3 24 | — | $-8.5M | ||
| Q2 24 | — | $12.4M | ||
| Q1 24 | — | $-15.6M |
毛利率DOCUEXPI
| Q4 25 | 79.2% | — | ||
| Q3 25 | 79.3% | — | ||
| Q2 25 | 79.4% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 99.9% | ||
| Q2 24 | — | 99.9% | ||
| Q1 24 | — | — |
营业利润率DOCUEXPI
| Q4 25 | 10.4% | -1.1% | ||
| Q3 25 | 8.1% | 0.3% | ||
| Q2 25 | 7.9% | -0.2% | ||
| Q1 25 | — | -1.1% | ||
| Q4 24 | — | -1.0% | ||
| Q3 24 | — | -0.7% | ||
| Q2 24 | — | 1.4% | ||
| Q1 24 | — | -1.9% |
净利率DOCUEXPI
| Q4 25 | 10.2% | -1.1% | ||
| Q3 25 | 7.9% | 0.3% | ||
| Q2 25 | 9.4% | -0.2% | ||
| Q1 25 | — | -1.2% | ||
| Q4 24 | — | -0.9% | ||
| Q3 24 | — | -0.7% | ||
| Q2 24 | — | 1.0% | ||
| Q1 24 | — | -1.7% |
每股收益（稀释后）DOCUEXPI
| Q4 25 | $0.40 | $-0.08 | ||
| Q3 25 | $0.30 | $0.02 | ||
| Q2 25 | $0.34 | $-0.01 | ||
| Q1 25 | — | $-0.07 | ||
| Q4 24 | — | $-0.06 | ||
| Q3 24 | — | $-0.06 | ||
| Q2 24 | — | $0.08 | ||
| Q1 24 | — | $-0.10 |
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 | $583.3M | $124.2M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.0B | $242.8M |
| 总资产 | $4.0B | $442.5M |
| 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DOCUEXPI
| Q4 25 | $583.3M | $124.2M | ||
| Q3 25 | $600.0M | $112.8M | ||
| Q2 25 | $657.4M | $94.6M | ||
| Q1 25 | — | $115.7M | ||
| Q4 24 | — | $113.6M | ||
| Q3 24 | — | $130.4M | ||
| Q2 24 | — | $108.4M | ||
| Q1 24 | — | $109.2M |
股东权益DOCUEXPI
| Q4 25 | $2.0B | $242.8M | ||
| Q3 25 | $2.0B | $235.3M | ||
| Q2 25 | $2.0B | $218.4M | ||
| Q1 25 | — | $212.0M | ||
| Q4 24 | — | $204.9M | ||
| Q3 24 | — | $211.1M | ||
| Q2 24 | — | $220.3M | ||
| Q1 24 | — | $222.4M |
总资产DOCUEXPI
| Q4 25 | $4.0B | $442.5M | ||
| Q3 25 | $3.9B | $458.7M | ||
| Q2 25 | $3.9B | $481.2M | ||
| Q1 25 | — | $435.8M | ||
| Q4 24 | — | $390.7M | ||
| Q3 24 | — | $432.6M | ||
| Q2 24 | — | $457.4M | ||
| Q1 24 | — | $426.7M |
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 | $290.3M | $13.8M |
| 自由现金流经营现金流 - 资本支出 | $262.9M | $11.9M |
| 自由现金流率自由现金流/营收 | 32.1% | 1.0% |
| 资本支出强度资本支出/营收 | 3.3% | 0.2% |
| 现金转化率经营现金流/净利润 | 3.47× | — |
| 过去12个月自由现金流最近4个季度 | — | $109.0M |
8季度趋势，按日历期对齐
经营现金流DOCUEXPI
| Q4 25 | $290.3M | $13.8M | ||
| Q3 25 | $246.1M | $28.9M | ||
| Q2 25 | $251.4M | $36.1M | ||
| Q1 25 | — | $39.8M | ||
| Q4 24 | — | $13.7M | ||
| Q3 24 | — | $46.0M | ||
| Q2 24 | — | $71.1M | ||
| Q1 24 | — | $60.7M |
自由现金流DOCUEXPI
| Q4 25 | $262.9M | $11.9M | ||
| Q3 25 | $217.6M | $26.6M | ||
| Q2 25 | $227.8M | $33.3M | ||
| Q1 25 | — | $37.3M | ||
| Q4 24 | — | $11.6M | ||
| Q3 24 | — | $44.4M | ||
| Q2 24 | — | $69.7M | ||
| Q1 24 | — | $59.3M |
自由现金流率DOCUEXPI
| Q4 25 | 32.1% | 1.0% | ||
| Q3 25 | 27.2% | 2.0% | ||
| Q2 25 | 29.8% | 2.5% | ||
| Q1 25 | — | 3.9% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | — | 3.6% | ||
| Q2 24 | — | 5.4% | ||
| Q1 24 | — | 6.3% |
资本支出强度DOCUEXPI
| Q4 25 | 3.3% | 0.2% | ||
| Q3 25 | 3.6% | 0.2% | ||
| Q2 25 | 3.1% | 0.2% | ||
| Q1 25 | — | 0.3% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | — | 0.1% | ||
| Q2 24 | — | 0.1% | ||
| Q1 24 | — | 0.1% |
现金转化率DOCUEXPI
| Q4 25 | 3.47× | — | ||
| Q3 25 | 3.91× | 8.26× | ||
| Q2 25 | 3.49× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 5.75× | ||
| Q1 24 | — | — |
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
DOCU
| Subscription And Circulation | $801.0M | 98% |
| Professional Services And Other | $17.4M | 2% |
EXPI
| North American Realty | $1.1B | 96% |
| International Realty | $42.2M | 4% |
