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DOCUSIGN, INC.（DOCU）与Graham Holdings Co（GHC）财务数据对比。点击上方公司名可切换其他公司
Graham Holdings Co的季度营收约是DOCUSIGN, INC.的1.5倍（$1.3B vs $818.4M），DOCUSIGN, INC.净利率更高（10.2% vs 8.7%，领先1.5%），DOCUSIGN, INC.同比增速更快（8.4% vs 0.4%），DOCUSIGN, INC.自由现金流更多（$262.9M vs $5.0M）
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。
Graham Holdings是一家总部位于美国弗吉尼亚州阿灵顿县、在特拉华州注册的多元化综合控股集团，曾持有知名媒体《华盛顿邮报》与《新闻周刊》的所有权，旗下业务覆盖多个领域，在北美市场拥有深厚的行业运营积淀。
DOCU vs GHC — 直观对比
营收规模更大
GHC
是对方的1.5倍
$818.4M
营收增速更快
DOCU
高出8.0%
0.4%
净利率更高
DOCU
高出1.5%
8.7%
自由现金流更多
DOCU
多$257.9M
$5.0M
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $818.4M | $1.3B |
| 净利润 | $83.7M | $108.7M |
| 毛利率 | 79.2% | — |
| 营业利润率 | 10.4% | 3.8% |
| 净利率 | 10.2% | 8.7% |
| 营收同比 | 8.4% | 0.4% |
| 净利润同比 | 34.1% | -80.2% |
| 每股收益（稀释后） | $0.40 | $24.76 |
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DOCUGHC
| Q4 25 | $818.4M | $1.3B | ||
| Q3 25 | $800.6M | $1.3B | ||
| Q2 25 | $763.7M | $1.2B | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | — | $1.2B |
净利润DOCUGHC
| Q4 25 | $83.7M | $108.7M | ||
| Q3 25 | $63.0M | $122.9M | ||
| Q2 25 | $72.1M | $36.7M | ||
| Q1 25 | — | $23.9M | ||
| Q4 24 | — | $548.8M | ||
| Q3 24 | — | $72.5M | ||
| Q2 24 | — | $-21.0M | ||
| Q1 24 | — | $124.4M |
毛利率DOCUGHC
| Q4 25 | 79.2% | — | ||
| Q3 25 | 79.3% | — | ||
| Q2 25 | 79.4% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
营业利润率DOCUGHC
| Q4 25 | 10.4% | 3.8% | ||
| Q3 25 | 8.1% | 5.2% | ||
| Q2 25 | 7.9% | 6.0% | ||
| Q1 25 | — | 4.1% | ||
| Q4 24 | — | 5.8% | ||
| Q3 24 | — | 6.8% | ||
| Q2 24 | — | 2.2% | ||
| Q1 24 | — | 3.1% |
净利率DOCUGHC
| Q4 25 | 10.2% | 8.7% | ||
| Q3 25 | 7.9% | 9.6% | ||
| Q2 25 | 9.4% | 3.0% | ||
| Q1 25 | — | 2.0% | ||
| Q4 24 | — | 44.1% | ||
| Q3 24 | — | 6.0% | ||
| Q2 24 | — | -1.8% | ||
| Q1 24 | — | 10.8% |
每股收益（稀释后）DOCUGHC
| Q4 25 | $0.40 | $24.76 | ||
| Q3 25 | $0.30 | $27.91 | ||
| Q2 25 | $0.34 | $8.35 | ||
| Q1 25 | — | $5.45 | ||
| Q4 24 | — | $124.05 | ||
| Q3 24 | — | $16.42 | ||
| Q2 24 | — | $-4.79 | ||
| Q1 24 | — | $27.72 |
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 | $267.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.0B | $4.8B |
| 总资产 | $4.0B | $8.4B |
| 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DOCUGHC
| Q4 25 | $583.3M | $267.0M | ||
| Q3 25 | $600.0M | $190.8M | ||
| Q2 25 | $657.4M | $176.2M | ||
| Q1 25 | — | $156.7M | ||
| Q4 24 | — | $260.9M | ||
| Q3 24 | — | $244.4M | ||
| Q2 24 | — | $140.7M | ||
| Q1 24 | — | $130.9M |
股东权益DOCUGHC
| Q4 25 | $2.0B | $4.8B | ||
| Q3 25 | $2.0B | $4.5B | ||
| Q2 25 | $2.0B | $4.4B | ||
| Q1 25 | — | $4.3B | ||
| Q4 24 | — | $4.3B | ||
| Q3 24 | — | $4.0B | ||
| Q2 24 | — | $4.0B | ||
| Q1 24 | — | $4.0B |
总资产DOCUGHC
| Q4 25 | $4.0B | $8.4B | ||
| Q3 25 | $3.9B | $7.9B | ||
| Q2 25 | $3.9B | $7.6B | ||
| Q1 25 | — | $7.6B | ||
| Q4 24 | — | $7.7B | ||
| Q3 24 | — | $7.4B | ||
| Q2 24 | — | $7.2B | ||
| Q1 24 | — | $7.3B |
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 | $28.3M |
| 自由现金流经营现金流 - 资本支出 | $262.9M | $5.0M |
| 自由现金流率自由现金流/营收 | 32.1% | 0.4% |
| 资本支出强度资本支出/营收 | 3.3% | 1.9% |
| 现金转化率经营现金流/净利润 | 3.47× | 0.26× |
| 过去12个月自由现金流最近4个季度 | — | $275.3M |
8季度趋势，按日历期对齐
经营现金流DOCUGHC
| Q4 25 | $290.3M | $28.3M | ||
| Q3 25 | $246.1M | $178.1M | ||
| Q2 25 | $251.4M | $94.8M | ||
| Q1 25 | — | $46.0M | ||
| Q4 24 | — | $116.3M | ||
| Q3 24 | — | $237.6M | ||
| Q2 24 | — | $52.0M | ||
| Q1 24 | — | $1.1M |
自由现金流DOCUGHC
| Q4 25 | $262.9M | $5.0M | ||
| Q3 25 | $217.6M | $161.8M | ||
| Q2 25 | $227.8M | $78.0M | ||
| Q1 25 | — | $30.5M | ||
| Q4 24 | — | $91.1M | ||
| Q3 24 | — | $219.4M | ||
| Q2 24 | — | $33.7M | ||
| Q1 24 | — | $-20.2M |
自由现金流率DOCUGHC
| Q4 25 | 32.1% | 0.4% | ||
| Q3 25 | 27.2% | 12.6% | ||
| Q2 25 | 29.8% | 6.4% | ||
| Q1 25 | — | 2.6% | ||
| Q4 24 | — | 7.3% | ||
| Q3 24 | — | 18.2% | ||
| Q2 24 | — | 2.8% | ||
| Q1 24 | — | -1.8% |
资本支出强度DOCUGHC
| Q4 25 | 3.3% | 1.9% | ||
| Q3 25 | 3.6% | 1.3% | ||
| Q2 25 | 3.1% | 1.4% | ||
| Q1 25 | — | 1.3% | ||
| Q4 24 | — | 2.0% | ||
| Q3 24 | — | 1.5% | ||
| Q2 24 | — | 1.5% | ||
| Q1 24 | — | 1.8% |
现金转化率DOCUGHC
| Q4 25 | 3.47× | 0.26× | ||
| Q3 25 | 3.91× | 1.45× | ||
| Q2 25 | 3.49× | 2.58× | ||
| Q1 25 | — | 1.93× | ||
| Q4 24 | — | 0.21× | ||
| Q3 24 | — | 3.28× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.01× |
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% |
GHC
| Products | $602.7M | 48% |
| Kaplan International | $251.9M | 20% |
| Manufacturing | $117.8M | 9% |
| Television Broadcasting | $110.5M | 9% |
| Higher Education | $83.8M | 7% |
| Supplemental Education | $74.9M | 6% |
| Related Party | $4.4M | 0% |
