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DOCUSIGN, INC.（DOCU）与Liberty Global Ltd.（LBTYA）财务数据对比。点击上方公司名可切换其他公司
Liberty Global Ltd.的季度营收约是DOCUSIGN, INC.的2.9倍（$2.4B vs $818.4M），Liberty Global Ltd.净利率更高（15.0% vs 10.2%，领先4.8%），DOCUSIGN, INC.同比增速更快（8.4% vs -3.6%）
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。
自由全球有限公司是一家英荷美合资的跨国电信企业，注册地位于百慕大，在伦敦、阿姆斯特丹和丹佛均设有总部。公司旗下拥有英国自由全球控股有限公司、荷兰自由全球有限公司及美国自由全球公司三大主体，其中英国主体为上市实体。企业由自由媒体国际业务部与UnitedGlobalCom于2005年合并成立，在全球电信服务领域拥有深厚的行业积累。
DOCU vs LBTYA — 直观对比
营收规模更大
LBTYA
是对方的2.9倍
$818.4M
营收增速更快
DOCU
高出12.0%
-3.6%
净利率更高
LBTYA
高出4.8%
10.2%
损益表 — Q3 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $818.4M | $2.4B |
| 净利润 | $83.7M | $358.2M |
| 毛利率 | 79.2% | — |
| 营业利润率 | 10.4% | 1.0% |
| 净利率 | 10.2% | 15.0% |
| 营收同比 | 8.4% | -3.6% |
| 净利润同比 | 34.1% | 127.1% |
| 每股收益（稀释后） | $0.40 | — |
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DOCULBTYA
| Q1 26 | — | $2.4B | ||
| Q4 25 | $818.4M | $1.2B | ||
| Q3 25 | $800.6M | $1.2B | ||
| Q2 25 | $763.7M | $1.3B | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $-1.4B | ||
| Q3 24 | — | $1.9B | ||
| Q2 24 | — | $1.9B |
净利润DOCULBTYA
| Q1 26 | — | $358.2M | ||
| Q4 25 | $83.7M | $-2.9B | ||
| Q3 25 | $63.0M | $-90.7M | ||
| Q2 25 | $72.1M | $-2.8B | ||
| Q1 25 | — | $-1.3B | ||
| Q4 24 | — | $2.2B | ||
| Q3 24 | — | $-1.4B | ||
| Q2 24 | — | $268.1M |
毛利率DOCULBTYA
| Q1 26 | — | — | ||
| Q4 25 | 79.2% | 66.8% | ||
| Q3 25 | 79.3% | 67.5% | ||
| Q2 25 | 79.4% | 63.3% | ||
| Q1 25 | — | 65.6% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 69.4% | ||
| Q2 24 | — | 68.5% |
营业利润率DOCULBTYA
| Q1 26 | — | 1.0% | ||
| Q4 25 | 10.4% | -8.6% | ||
| Q3 25 | 8.1% | -0.7% | ||
| Q2 25 | 7.9% | 2.3% | ||
| Q1 25 | — | 5.2% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 5.2% | ||
| Q2 24 | — | 1.0% |
净利率DOCULBTYA
| Q1 26 | — | 15.0% | ||
| Q4 25 | 10.2% | -237.0% | ||
| Q3 25 | 7.9% | -7.5% | ||
| Q2 25 | 9.4% | -220.1% | ||
| Q1 25 | — | -114.2% | ||
| Q4 24 | — | -158.9% | ||
| Q3 24 | — | -74.1% | ||
| Q2 24 | — | 14.3% |
每股收益（稀释后）DOCULBTYA
| Q1 26 | — | — | ||
| Q4 25 | $0.40 | $-8.66 | ||
| Q3 25 | $0.30 | $-0.27 | ||
| Q2 25 | $0.34 | $-8.09 | ||
| Q1 25 | — | $-3.84 | ||
| Q4 24 | — | $6.15 | ||
| Q3 24 | — | $-3.95 | ||
| Q2 24 | — | $0.71 |
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 | $-387.3M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.0B | — |
| 总资产 | $4.0B | — |
| 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DOCULBTYA
| Q1 26 | — | $-387.3M | ||
| Q4 25 | $583.3M | $2.2B | ||
| Q3 25 | $600.0M | $1.7B | ||
| Q2 25 | $657.4M | $3.1B | ||
| Q1 25 | — | $2.0B | ||
| Q4 24 | — | $2.2B | ||
| Q3 24 | — | $3.3B | ||
| Q2 24 | — | $3.2B |
总债务DOCULBTYA
| Q1 26 | — | — | ||
| Q4 25 | — | $7.8B | ||
| Q3 25 | — | $7.8B | ||
| Q2 25 | — | $7.8B | ||
| Q1 25 | — | $8.2B | ||
| Q4 24 | — | $8.2B | ||
| Q3 24 | — | $14.9B | ||
| Q2 24 | — | $14.7B |
股东权益DOCULBTYA
| Q1 26 | — | — | ||
| Q4 25 | $2.0B | $9.7B | ||
| Q3 25 | $2.0B | $12.7B | ||
| Q2 25 | $2.0B | $13.0B | ||
| Q1 25 | — | $12.6B | ||
| Q4 24 | — | $12.4B | ||
| Q3 24 | — | $18.7B | ||
| Q2 24 | — | $18.3B |
总资产DOCULBTYA
| Q1 26 | — | — | ||
| Q4 25 | $4.0B | $22.6B | ||
| Q3 25 | $3.9B | $25.4B | ||
| Q2 25 | $3.9B | $27.2B | ||
| Q1 25 | — | $26.0B | ||
| Q4 24 | — | $25.4B | ||
| Q3 24 | — | $41.8B | ||
| Q2 24 | — | $40.8B |
负债/权益比DOCULBTYA
| Q1 26 | — | — | ||
| Q4 25 | — | 0.80× | ||
| Q3 25 | — | 0.61× | ||
| Q2 25 | — | 0.60× | ||
| Q1 25 | — | 0.65× | ||
| Q4 24 | — | 0.66× | ||
| Q3 24 | — | 0.80× | ||
| Q2 24 | — | 0.80× |
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 | $107.6M |
| 自由现金流经营现金流 - 资本支出 | $262.9M | — |
| 自由现金流率自由现金流/营收 | 32.1% | — |
| 资本支出强度资本支出/营收 | 3.3% | 1.5% |
| 现金转化率经营现金流/净利润 | 3.47× | 0.30× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流DOCULBTYA
| Q1 26 | — | $107.6M | ||
| Q4 25 | $290.3M | $630.9M | ||
| Q3 25 | $246.1M | $301.8M | ||
| Q2 25 | $251.4M | $149.2M | ||
| Q1 25 | — | $129.2M | ||
| Q4 24 | — | $791.6M | ||
| Q3 24 | — | $449.5M | ||
| Q2 24 | — | $546.1M |
自由现金流DOCULBTYA
| Q1 26 | — | — | ||
| Q4 25 | $262.9M | $193.3M | ||
| Q3 25 | $217.6M | $-41.1M | ||
| Q2 25 | $227.8M | $-170.1M | ||
| Q1 25 | — | $-114.1M | ||
| Q4 24 | — | $712.9M | ||
| Q3 24 | — | $102.4M | ||
| Q2 24 | — | $256.8M |
自由现金流率DOCULBTYA
| Q1 26 | — | — | ||
| Q4 25 | 32.1% | 15.7% | ||
| Q3 25 | 27.2% | -3.4% | ||
| Q2 25 | 29.8% | -13.4% | ||
| Q1 25 | — | -9.7% | ||
| Q4 24 | — | -50.5% | ||
| Q3 24 | — | 5.3% | ||
| Q2 24 | — | 13.7% |
资本支出强度DOCULBTYA
| Q1 26 | — | 1.5% | ||
| Q4 25 | 3.3% | 35.5% | ||
| Q3 25 | 3.6% | 28.4% | ||
| Q2 25 | 3.1% | 25.2% | ||
| Q1 25 | — | 20.8% | ||
| Q4 24 | — | -5.6% | ||
| Q3 24 | — | 17.9% | ||
| Q2 24 | — | 15.4% |
现金转化率DOCULBTYA
| Q1 26 | — | 0.30× | ||
| Q4 25 | 3.47× | — | ||
| Q3 25 | 3.91× | — | ||
| Q2 25 | 3.49× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.35× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 2.04× |
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% |
LBTYA
| Mobile Service | $775.2M | 32% |
| Fixed Service | $772.0M | 32% |
| Business | $308.7M | 13% |
| Wholesale | $256.9M | 11% |
| Business Service | $233.2M | 10% |
