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DOCUSIGN, INC.（DOCU）与孩之宝（HAS）财务数据对比。点击上方公司名可切换其他公司
孩之宝的季度营收约是DOCUSIGN, INC.的1.8倍（$1.4B vs $818.4M），孩之宝净利率更高（13.9% vs 10.2%，领先3.7%），孩之宝同比增速更快（31.3% vs 8.4%），孩之宝自由现金流更多（$389.5M vs $262.9M）
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。
孩之宝是1923年12月6日成立的美国跨国玩具制造与娱乐控股企业，总部位于罗德岛州波塔基特。旗下拥有Kenner、米尔顿·布拉德利、派克兄弟、威世智等知名品牌，持有大量热门IP商标权，业务覆盖玩具生产、游戏开发、娱乐内容出品等多个领域。
DOCU vs HAS — 直观对比
营收规模更大
HAS
是对方的1.8倍
$818.4M
营收增速更快
HAS
高出22.8%
8.4%
净利率更高
HAS
高出3.7%
10.2%
自由现金流更多
HAS
多$126.6M
$262.9M
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $818.4M | $1.4B |
| 净利润 | $83.7M | $201.6M |
| 毛利率 | 79.2% | 68.7% |
| 营业利润率 | 10.4% | 20.6% |
| 净利率 | 10.2% | 13.9% |
| 营收同比 | 8.4% | 31.3% |
| 净利润同比 | 34.1% | 687.8% |
| 每股收益（稀释后） | $0.40 | $1.46 |
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DOCUHAS
| Q4 25 | $818.4M | $1.4B | ||
| Q3 25 | $800.6M | $1.4B | ||
| Q2 25 | $763.7M | $980.8M | ||
| Q1 25 | — | $887.1M | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | — | $995.3M | ||
| Q1 24 | — | $757.3M |
净利润DOCUHAS
| Q4 25 | $83.7M | $201.6M | ||
| Q3 25 | $63.0M | $233.2M | ||
| Q2 25 | $72.1M | $-855.8M | ||
| Q1 25 | — | $98.6M | ||
| Q4 24 | — | $-34.3M | ||
| Q3 24 | — | $223.2M | ||
| Q2 24 | — | $138.5M | ||
| Q1 24 | — | $58.2M |
毛利率DOCUHAS
| Q4 25 | 79.2% | 68.7% | ||
| Q3 25 | 79.3% | 70.1% | ||
| Q2 25 | 79.4% | 77.0% | ||
| Q1 25 | — | 76.9% | ||
| Q4 24 | — | 67.4% | ||
| Q3 24 | — | 70.4% | ||
| Q2 24 | — | 76.1% | ||
| Q1 24 | — | 73.0% |
营业利润率DOCUHAS
| Q4 25 | 10.4% | 20.6% | ||
| Q3 25 | 8.1% | 24.6% | ||
| Q2 25 | 7.9% | -81.4% | ||
| Q1 25 | — | 19.2% | ||
| Q4 24 | — | 5.4% | ||
| Q3 24 | — | 23.6% | ||
| Q2 24 | — | 21.3% | ||
| Q1 24 | — | 15.3% |
净利率DOCUHAS
| Q4 25 | 10.2% | 13.9% | ||
| Q3 25 | 7.9% | 16.8% | ||
| Q2 25 | 9.4% | -87.3% | ||
| Q1 25 | — | 11.1% | ||
| Q4 24 | — | -3.1% | ||
| Q3 24 | — | 17.4% | ||
| Q2 24 | — | 13.9% | ||
| Q1 24 | — | 7.7% |
每股收益（稀释后）DOCUHAS
| Q4 25 | $0.40 | $1.46 | ||
| Q3 25 | $0.30 | $1.64 | ||
| Q2 25 | $0.34 | $-6.10 | ||
| Q1 25 | — | $0.70 | ||
| Q4 24 | — | $-0.25 | ||
| Q3 24 | — | $1.59 | ||
| Q2 24 | — | $0.99 | ||
| Q1 24 | — | $0.42 |
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 | — |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.0B | $565.5M |
| 总资产 | $4.0B | $5.6B |
| 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DOCUHAS
| Q4 25 | $583.3M | — | ||
| Q3 25 | $600.0M | — | ||
| Q2 25 | $657.4M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益DOCUHAS
| Q4 25 | $2.0B | $565.5M | ||
| Q3 25 | $2.0B | $433.8M | ||
| Q2 25 | $2.0B | $269.7M | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | — | $1.0B |
总资产DOCUHAS
| Q4 25 | $4.0B | $5.6B | ||
| Q3 25 | $3.9B | $5.5B | ||
| Q2 25 | $3.9B | $5.2B | ||
| Q1 25 | — | $6.0B | ||
| Q4 24 | — | $6.3B | ||
| Q3 24 | — | $7.2B | ||
| Q2 24 | — | $6.9B | ||
| Q1 24 | — | $6.2B |
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 | $403.2M |
| 自由现金流经营现金流 - 资本支出 | $262.9M | $389.5M |
| 自由现金流率自由现金流/营收 | 32.1% | 26.9% |
| 资本支出强度资本支出/营收 | 3.3% | 0.9% |
| 现金转化率经营现金流/净利润 | 3.47× | 2.00× |
| 过去12个月自由现金流最近4个季度 | — | $829.9M |
8季度趋势，按日历期对齐
经营现金流DOCUHAS
| Q4 25 | $290.3M | $403.2M | ||
| Q3 25 | $246.1M | $280.6M | ||
| Q2 25 | $251.4M | $71.3M | ||
| Q1 25 | — | $138.1M | ||
| Q4 24 | — | $259.8M | ||
| Q3 24 | — | $222.5M | ||
| Q2 24 | — | $187.3M | ||
| Q1 24 | — | $177.8M |
自由现金流DOCUHAS
| Q4 25 | $262.9M | $389.5M | ||
| Q3 25 | $217.6M | $260.9M | ||
| Q2 25 | $227.8M | $55.2M | ||
| Q1 25 | — | $124.3M | ||
| Q4 24 | — | $200.8M | ||
| Q3 24 | — | $174.0M | ||
| Q2 24 | — | $135.4M | ||
| Q1 24 | — | $132.0M |
自由现金流率DOCUHAS
| Q4 25 | 32.1% | 26.9% | ||
| Q3 25 | 27.2% | 18.8% | ||
| Q2 25 | 29.8% | 5.6% | ||
| Q1 25 | — | 14.0% | ||
| Q4 24 | — | 18.2% | ||
| Q3 24 | — | 13.6% | ||
| Q2 24 | — | 13.6% | ||
| Q1 24 | — | 17.4% |
资本支出强度DOCUHAS
| Q4 25 | 3.3% | 0.9% | ||
| Q3 25 | 3.6% | 1.4% | ||
| Q2 25 | 3.1% | 1.6% | ||
| Q1 25 | — | 1.6% | ||
| Q4 24 | — | 5.4% | ||
| Q3 24 | — | 3.8% | ||
| Q2 24 | — | 5.2% | ||
| Q1 24 | — | 6.0% |
现金转化率DOCUHAS
| Q4 25 | 3.47× | 2.00× | ||
| Q3 25 | 3.91× | 1.20× | ||
| Q2 25 | 3.49× | — | ||
| Q1 25 | — | 1.40× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.00× | ||
| Q2 24 | — | 1.35× | ||
| Q1 24 | — | 3.05× |
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% |
HAS
| Grow Brands | $1.1B | 75% |
| Optimize Brands | $188.7M | 13% |
| Digital And Licensing Gaming | $135.7M | 9% |
| Class Of Principal Product Family Brands | $13.1M | 1% |
| Filmand TV | $2.4M | 0% |
