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DOCUSIGN, INC.（DOCU）与MAXIMUS, INC.（MMS）财务数据对比。点击上方公司名可切换其他公司
MAXIMUS, INC.的季度营收约是DOCUSIGN, INC.的1.6倍（$1.3B vs $818.4M），DOCUSIGN, INC.净利率更高（10.2% vs 7.0%，领先3.2%），DOCUSIGN, INC.同比增速更快（8.4% vs -4.1%），DOCUSIGN, INC.自由现金流更多（$262.9M vs $-250.7M）
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。
MAXIMUS是美国一家政府服务企业，业务覆盖美国、加拿大、英国等国家，为医疗补助、联邦医疗保险、医改、就业帮扶、学生贷款服务等各类政府项目提供行政及配套服务。公司总部位于弗吉尼亚州泰森斯，现有员工3.96万名，2024财年营收达53亿美元。
DOCU vs MMS — 直观对比
营收规模更大
MMS
是对方的1.6倍
$818.4M
营收增速更快
DOCU
高出12.5%
-4.1%
净利率更高
DOCU
高出3.2%
7.0%
自由现金流更多
DOCU
多$513.6M
$-250.7M
损益表 — Q3 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $818.4M | $1.3B |
| 净利润 | $83.7M | $93.9M |
| 毛利率 | 79.2% | 23.7% |
| 营业利润率 | 10.4% | 10.9% |
| 净利率 | 10.2% | 7.0% |
| 营收同比 | 8.4% | -4.1% |
| 净利润同比 | 34.1% | 128.0% |
| 每股收益（稀释后） | $0.40 | $1.70 |
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DOCUMMS
| Q4 25 | $818.4M | $1.3B | ||
| Q3 25 | $800.6M | $1.3B | ||
| Q2 25 | $763.7M | $1.3B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | — | $1.4B | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | — | $1.3B | ||
| Q1 24 | — | $1.3B |
净利润DOCUMMS
| Q4 25 | $83.7M | $93.9M | ||
| Q3 25 | $63.0M | $75.3M | ||
| Q2 25 | $72.1M | $106.0M | ||
| Q1 25 | — | $96.6M | ||
| Q4 24 | — | $41.2M | ||
| Q3 24 | — | $72.5M | ||
| Q2 24 | — | $89.8M | ||
| Q1 24 | — | $80.5M |
毛利率DOCUMMS
| Q4 25 | 79.2% | 23.7% | ||
| Q3 25 | 79.3% | 25.3% | ||
| Q2 25 | 79.4% | 26.7% | ||
| Q1 25 | — | 24.9% | ||
| Q4 24 | — | 21.5% | ||
| Q3 24 | — | 22.9% | ||
| Q2 24 | — | 25.3% | ||
| Q1 24 | — | 23.6% |
营业利润率DOCUMMS
| Q4 25 | 10.4% | 10.9% | ||
| Q3 25 | 8.1% | 9.3% | ||
| Q2 25 | 7.9% | 12.3% | ||
| Q1 25 | — | 11.2% | ||
| Q4 24 | — | 6.2% | ||
| Q3 24 | — | 8.5% | ||
| Q2 24 | — | 10.8% | ||
| Q1 24 | — | 9.5% |
净利率DOCUMMS
| Q4 25 | 10.2% | 7.0% | ||
| Q3 25 | 7.9% | 5.7% | ||
| Q2 25 | 9.4% | 7.9% | ||
| Q1 25 | — | 7.1% | ||
| Q4 24 | — | 2.9% | ||
| Q3 24 | — | 5.5% | ||
| Q2 24 | — | 6.8% | ||
| Q1 24 | — | 6.0% |
每股收益（稀释后）DOCUMMS
| Q4 25 | $0.40 | $1.70 | ||
| Q3 25 | $0.30 | $1.27 | ||
| Q2 25 | $0.34 | $1.86 | ||
| Q1 25 | — | $1.69 | ||
| Q4 24 | — | $0.69 | ||
| Q3 24 | — | $1.18 | ||
| Q2 24 | — | $1.46 | ||
| Q1 24 | — | $1.31 |
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 | $137.6M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.0B | $1.7B |
| 总资产 | $4.0B | $4.2B |
| 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DOCUMMS
| Q4 25 | $583.3M | $137.6M | ||
| Q3 25 | $600.0M | $222.4M | ||
| Q2 25 | $657.4M | $59.8M | ||
| Q1 25 | — | $108.1M | ||
| Q4 24 | — | $72.7M | ||
| Q3 24 | — | $183.1M | ||
| Q2 24 | — | $102.8M | ||
| Q1 24 | — | $77.4M |
股东权益DOCUMMS
| Q4 25 | $2.0B | $1.7B | ||
| Q3 25 | $2.0B | $1.7B | ||
| Q2 25 | $2.0B | $1.8B | ||
| Q1 25 | — | $1.7B | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | — | $1.8B | ||
| Q2 24 | — | $1.8B | ||
| Q1 24 | — | $1.8B |
总资产DOCUMMS
| Q4 25 | $4.0B | $4.2B | ||
| Q3 25 | $3.9B | $4.1B | ||
| Q2 25 | $3.9B | $4.5B | ||
| Q1 25 | — | $4.2B | ||
| Q4 24 | — | $4.1B | ||
| Q3 24 | — | $4.1B | ||
| Q2 24 | — | $4.0B | ||
| Q1 24 | — | $4.0B |
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 | $-244.4M |
| 自由现金流经营现金流 - 资本支出 | $262.9M | $-250.7M |
| 自由现金流率自由现金流/营收 | 32.1% | -18.6% |
| 资本支出强度资本支出/营收 | 3.3% | 0.5% |
| 现金转化率经营现金流/净利润 | 3.47× | -2.60× |
| 过去12个月自由现金流最近4个季度 | — | $218.5M |
8季度趋势，按日历期对齐
经营现金流DOCUMMS
| Q4 25 | $290.3M | $-244.4M | ||
| Q3 25 | $246.1M | $649.4M | ||
| Q2 25 | $251.4M | $-182.7M | ||
| Q1 25 | — | $42.7M | ||
| Q4 24 | — | $-80.0M | ||
| Q3 24 | — | $163.8M | ||
| Q2 24 | — | $199.3M | ||
| Q1 24 | — | $130.5M |
自由现金流DOCUMMS
| Q4 25 | $262.9M | $-250.7M | ||
| Q3 25 | $217.6M | $641.8M | ||
| Q2 25 | $227.8M | $-198.2M | ||
| Q1 25 | — | $25.5M | ||
| Q4 24 | — | $-103.0M | ||
| Q3 24 | — | $131.9M | ||
| Q2 24 | — | $164.6M | ||
| Q1 24 | — | $105.2M |
自由现金流率DOCUMMS
| Q4 25 | 32.1% | -18.6% | ||
| Q3 25 | 27.2% | 48.7% | ||
| Q2 25 | 29.8% | -14.7% | ||
| Q1 25 | — | 1.9% | ||
| Q4 24 | — | -7.3% | ||
| Q3 24 | — | 10.0% | ||
| Q2 24 | — | 12.5% | ||
| Q1 24 | — | 7.8% |
资本支出强度DOCUMMS
| Q4 25 | 3.3% | 0.5% | ||
| Q3 25 | 3.6% | 0.6% | ||
| Q2 25 | 3.1% | 1.1% | ||
| Q1 25 | — | 1.3% | ||
| Q4 24 | — | 1.6% | ||
| Q3 24 | — | 2.4% | ||
| Q2 24 | — | 2.6% | ||
| Q1 24 | — | 1.9% |
现金转化率DOCUMMS
| Q4 25 | 3.47× | -2.60× | ||
| Q3 25 | 3.91× | 8.63× | ||
| Q2 25 | 3.49× | -1.72× | ||
| Q1 25 | — | 0.44× | ||
| Q4 24 | — | -1.94× | ||
| Q3 24 | — | 2.26× | ||
| Q2 24 | — | 2.22× | ||
| Q1 24 | — | 1.62× |
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% |
MMS
| Clinical Services | $523.7M | 39% |
| Cost Plus Contracts | $386.4M | 29% |
| Outside The United States | $143.2M | 11% |
| International Government Agencies | $141.0M | 10% |
| Technology Solutions | $74.8M | 6% |
| Employment And Other | $70.2M | 5% |
| Other Including Local Municipalities And Commercial Customers | $17.6M | 1% |
