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DOCUSIGN, INC.（DOCU）与美世（MERC）财务数据对比。点击上方公司名可切换其他公司
DOCUSIGN, INC.的季度营收约是美世的1.8倍（$818.4M vs $449.5M），DOCUSIGN, INC.净利率更高（10.2% vs -68.7%，领先78.9%），DOCUSIGN, INC.同比增速更快（8.4% vs -8.0%），DOCUSIGN, INC.自由现金流更多（$262.9M vs $32.0M）
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。
美世是1945年成立的美国咨询公司，为全球专业服务集团威达信的四大运营子公司之一，总部位于纽约，在43个国家设有办事处，业务覆盖130个国家，主要为客户提供人力资源与金融咨询服务。
DOCU vs MERC — 直观对比
营收规模更大
DOCU
是对方的1.8倍
$449.5M
营收增速更快
DOCU
高出16.4%
-8.0%
净利率更高
DOCU
高出78.9%
-68.7%
自由现金流更多
DOCU
多$230.9M
$32.0M
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $818.4M | $449.5M |
| 净利润 | $83.7M | $-308.7M |
| 毛利率 | 79.2% | — |
| 营业利润率 | 10.4% | -62.0% |
| 净利率 | 10.2% | -68.7% |
| 营收同比 | 8.4% | -8.0% |
| 净利润同比 | 34.1% | -1947.7% |
| 每股收益（稀释后） | $0.40 | $-4.61 |
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DOCUMERC
| Q4 25 | $818.4M | $449.5M | ||
| Q3 25 | $800.6M | $458.1M | ||
| Q2 25 | $763.7M | $453.5M | ||
| Q1 25 | — | $507.0M | ||
| Q4 24 | — | $488.4M | ||
| Q3 24 | — | $502.1M | ||
| Q2 24 | — | $499.4M | ||
| Q1 24 | — | $553.4M |
净利润DOCUMERC
| Q4 25 | $83.7M | $-308.7M | ||
| Q3 25 | $63.0M | $-80.8M | ||
| Q2 25 | $72.1M | $-86.1M | ||
| Q1 25 | — | $-22.3M | ||
| Q4 24 | — | $16.7M | ||
| Q3 24 | — | $-17.6M | ||
| Q2 24 | — | $-67.6M | ||
| Q1 24 | — | $-16.7M |
毛利率DOCUMERC
| 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DOCUMERC
| Q4 25 | 10.4% | -62.0% | ||
| Q3 25 | 8.1% | -14.8% | ||
| Q2 25 | 7.9% | -12.9% | ||
| Q1 25 | — | 1.3% | ||
| Q4 24 | — | 10.3% | ||
| Q3 24 | — | 1.8% | ||
| Q2 24 | — | -8.8% | ||
| Q1 24 | — | -0.1% |
净利率DOCUMERC
| Q4 25 | 10.2% | -68.7% | ||
| Q3 25 | 7.9% | -17.6% | ||
| Q2 25 | 9.4% | -19.0% | ||
| Q1 25 | — | -4.4% | ||
| Q4 24 | — | 3.4% | ||
| Q3 24 | — | -3.5% | ||
| Q2 24 | — | -13.5% | ||
| Q1 24 | — | -3.0% |
每股收益（稀释后）DOCUMERC
| Q4 25 | $0.40 | $-4.61 | ||
| Q3 25 | $0.30 | $-1.21 | ||
| Q2 25 | $0.34 | $-1.29 | ||
| Q1 25 | — | $-0.33 | ||
| Q4 24 | — | $0.25 | ||
| Q3 24 | — | $-0.26 | ||
| Q2 24 | — | $-1.01 | ||
| Q1 24 | — | $-0.25 |
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 | $186.8M |
| 总债务越低越好 | — | $1.6B |
| 股东权益账面价值 | $2.0B | $68.1M |
| 总资产 | $4.0B | $2.0B |
| 负债/权益比越低杠杆越低 | — | 23.58× |
8季度趋势，按日历期对齐
现金及短期投资DOCUMERC
| Q4 25 | $583.3M | $186.8M | ||
| Q3 25 | $600.0M | $98.1M | ||
| Q2 25 | $657.4M | $146.5M | ||
| Q1 25 | — | $181.5M | ||
| Q4 24 | — | $184.9M | ||
| Q3 24 | — | $239.0M | ||
| Q2 24 | — | $263.2M | ||
| Q1 24 | — | $274.3M |
总债务DOCUMERC
| Q4 25 | — | $1.6B | ||
| Q3 25 | — | $1.5B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | — | $1.6B | ||
| Q2 24 | — | $1.6B | ||
| Q1 24 | — | $1.6B |
股东权益DOCUMERC
| Q4 25 | $2.0B | $68.1M | ||
| Q3 25 | $2.0B | $359.5M | ||
| Q2 25 | $2.0B | $446.5M | ||
| Q1 25 | — | $437.4M | ||
| Q4 24 | — | $429.8M | ||
| Q3 24 | — | $516.8M | ||
| Q2 24 | — | $487.7M | ||
| Q1 24 | — | $573.6M |
总资产DOCUMERC
| Q4 25 | $4.0B | $2.0B | ||
| Q3 25 | $3.9B | $2.3B | ||
| Q2 25 | $3.9B | $2.4B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | — | $2.3B | ||
| Q3 24 | — | $2.5B | ||
| Q2 24 | — | $2.5B | ||
| Q1 24 | — | $2.6B |
负债/权益比DOCUMERC
| Q4 25 | — | 23.58× | ||
| Q3 25 | — | 4.30× | ||
| Q2 25 | — | 3.42× | ||
| Q1 25 | — | 3.44× | ||
| Q4 24 | — | 3.43× | ||
| Q3 24 | — | 3.09× | ||
| Q2 24 | — | 3.22× | ||
| Q1 24 | — | 2.82× |
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 | $46.2M |
| 自由现金流经营现金流 - 资本支出 | $262.9M | $32.0M |
| 自由现金流率自由现金流/营收 | 32.1% | 7.1% |
| 资本支出强度资本支出/营收 | 3.3% | 3.1% |
| 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 | — | $-80.0M |
8季度趋势，按日历期对齐
经营现金流DOCUMERC
| Q4 25 | $290.3M | $46.2M | ||
| Q3 25 | $246.1M | $-30.1M | ||
| Q2 25 | $251.4M | $-4.5M | ||
| Q1 25 | — | $-3.0M | ||
| Q4 24 | — | $71.2M | ||
| Q3 24 | — | $-13.9M | ||
| Q2 24 | — | $62.2M | ||
| Q1 24 | — | $-29.2M |
自由现金流DOCUMERC
| Q4 25 | $262.9M | $32.0M | ||
| Q3 25 | $217.6M | $-60.1M | ||
| Q2 25 | $227.8M | $-28.9M | ||
| Q1 25 | — | $-23.1M | ||
| Q4 24 | — | $50.4M | ||
| Q3 24 | — | $-41.2M | ||
| Q2 24 | — | $44.3M | ||
| Q1 24 | — | $-47.7M |
自由现金流率DOCUMERC
| Q4 25 | 32.1% | 7.1% | ||
| Q3 25 | 27.2% | -13.1% | ||
| Q2 25 | 29.8% | -6.4% | ||
| Q1 25 | — | -4.6% | ||
| Q4 24 | — | 10.3% | ||
| Q3 24 | — | -8.2% | ||
| Q2 24 | — | 8.9% | ||
| Q1 24 | — | -8.6% |
资本支出强度DOCUMERC
| Q4 25 | 3.3% | 3.1% | ||
| Q3 25 | 3.6% | 6.6% | ||
| Q2 25 | 3.1% | 5.4% | ||
| Q1 25 | — | 4.0% | ||
| Q4 24 | — | 4.2% | ||
| Q3 24 | — | 5.4% | ||
| Q2 24 | — | 3.6% | ||
| Q1 24 | — | 3.3% |
现金转化率DOCUMERC
| Q4 25 | 3.47× | — | ||
| Q3 25 | 3.91× | — | ||
| Q2 25 | 3.49× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 4.26× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| 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% |
MERC
| Other | $215.3M | 48% |
| Solid Wood | $110.2M | 25% |
| Lumber | $54.9M | 12% |
| Pallets | $23.7M | 5% |
| Energyandchemicals | $18.7M | 4% |
| Manufactured Products | $14.1M | 3% |
| Biofuels | $10.0M | 2% |
| Wood Residuals | $2.6M | 1% |
