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DOCUSIGN, INC.（DOCU）与MSA Safety Inc（MSA）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MSA Safety Inc的1.6倍（$818.4M vs $510.9M），MSA Safety Inc净利率更高（17.0% vs 10.2%，领先6.8%），DOCUSIGN, INC.同比增速更快（8.4% vs 2.2%），DOCUSIGN, INC.自由现金流更多（$262.9M vs $106.0M）
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。
MSA安全是美国专业安全设备生产供应商，面向建筑、军事、消防、化工、油气等存在高危作业场景的多个行业提供安全防护产品及解决方案，总部位于美国匹兹堡近郊的克兰伯里。
DOCU vs MSA — 直观对比
营收规模更大
DOCU
是对方的1.6倍
$510.9M
营收增速更快
DOCU
高出6.2%
2.2%
净利率更高
MSA
高出6.8%
10.2%
自由现金流更多
DOCU
多$156.9M
$106.0M
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $818.4M | $510.9M |
| 净利润 | $83.7M | $86.9M |
| 毛利率 | 79.2% | 46.9% |
| 营业利润率 | 10.4% | 22.3% |
| 净利率 | 10.2% | 17.0% |
| 营收同比 | 8.4% | 2.2% |
| 净利润同比 | 34.1% | -1.2% |
| 每股收益（稀释后） | $0.40 | $2.22 |
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DOCUMSA
| Q4 25 | $818.4M | $510.9M | ||
| Q3 25 | $800.6M | $468.4M | ||
| Q2 25 | $763.7M | $474.1M | ||
| Q1 25 | — | $421.3M | ||
| Q4 24 | — | $499.7M | ||
| Q3 24 | — | $432.7M | ||
| Q2 24 | — | $462.5M | ||
| Q1 24 | — | $413.3M |
净利润DOCUMSA
| Q4 25 | $83.7M | $86.9M | ||
| Q3 25 | $63.0M | $69.6M | ||
| Q2 25 | $72.1M | $62.8M | ||
| Q1 25 | — | $59.6M | ||
| Q4 24 | — | $87.9M | ||
| Q3 24 | — | $66.6M | ||
| Q2 24 | — | $72.2M | ||
| Q1 24 | — | $58.1M |
毛利率DOCUMSA
| Q4 25 | 79.2% | 46.9% | ||
| Q3 25 | 79.3% | 46.5% | ||
| Q2 25 | 79.4% | 46.6% | ||
| Q1 25 | — | 45.9% | ||
| Q4 24 | — | 46.9% | ||
| Q3 24 | — | 47.9% | ||
| Q2 24 | — | 48.2% | ||
| Q1 24 | — | 47.3% |
营业利润率DOCUMSA
| Q4 25 | 10.4% | 22.3% | ||
| Q3 25 | 8.1% | 20.1% | ||
| Q2 25 | 7.9% | 18.1% | ||
| Q1 25 | — | 18.5% | ||
| Q4 24 | — | 23.5% | ||
| Q3 24 | — | 21.1% | ||
| Q2 24 | — | 21.6% | ||
| Q1 24 | — | 19.4% |
净利率DOCUMSA
| Q4 25 | 10.2% | 17.0% | ||
| Q3 25 | 7.9% | 14.9% | ||
| Q2 25 | 9.4% | 13.2% | ||
| Q1 25 | — | 14.1% | ||
| Q4 24 | — | 17.6% | ||
| Q3 24 | — | 15.4% | ||
| Q2 24 | — | 15.6% | ||
| Q1 24 | — | 14.1% |
每股收益（稀释后）DOCUMSA
| Q4 25 | $0.40 | $2.22 | ||
| Q3 25 | $0.30 | $1.77 | ||
| Q2 25 | $0.34 | $1.59 | ||
| Q1 25 | — | $1.51 | ||
| Q4 24 | — | $2.22 | ||
| Q3 24 | — | $1.69 | ||
| Q2 24 | — | $1.83 | ||
| Q1 24 | — | $1.47 |
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 | $165.1M |
| 总债务越低越好 | — | $580.9M |
| 股东权益账面价值 | $2.0B | $1.4B |
| 总资产 | $4.0B | $2.6B |
| 负债/权益比越低杠杆越低 | — | 0.42× |
8季度趋势，按日历期对齐
现金及短期投资DOCUMSA
| Q4 25 | $583.3M | $165.1M | ||
| Q3 25 | $600.0M | $170.0M | ||
| Q2 25 | $657.4M | $147.0M | ||
| Q1 25 | — | $170.6M | ||
| Q4 24 | — | $164.6M | ||
| Q3 24 | — | $154.4M | ||
| Q2 24 | — | $146.8M | ||
| Q1 24 | — | $148.3M |
总债务DOCUMSA
| Q4 25 | — | $580.9M | ||
| Q3 25 | — | $628.6M | ||
| Q2 25 | — | $679.3M | ||
| Q1 25 | — | $502.1M | ||
| Q4 24 | — | $508.0M | ||
| Q3 24 | — | $554.7M | ||
| Q2 24 | — | $588.2M | ||
| Q1 24 | — | $596.2M |
股东权益DOCUMSA
| Q4 25 | $2.0B | $1.4B | ||
| Q3 25 | $2.0B | $1.3B | ||
| Q2 25 | $2.0B | $1.3B | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $1.0B | ||
| Q1 24 | — | $994.8M |
总资产DOCUMSA
| Q4 25 | $4.0B | $2.6B | ||
| Q3 25 | $3.9B | $2.6B | ||
| Q2 25 | $3.9B | $2.6B | ||
| Q1 25 | — | $2.2B | ||
| Q4 24 | — | $2.2B | ||
| Q3 24 | — | $2.2B | ||
| Q2 24 | — | $2.2B | ||
| Q1 24 | — | $2.2B |
负债/权益比DOCUMSA
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.48× | ||
| Q2 25 | — | 0.54× | ||
| Q1 25 | — | 0.42× | ||
| Q4 24 | — | 0.44× | ||
| Q3 24 | — | 0.51× | ||
| Q2 24 | — | 0.57× | ||
| Q1 24 | — | 0.60× |
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 | $122.4M |
| 自由现金流经营现金流 - 资本支出 | $262.9M | $106.0M |
| 自由现金流率自由现金流/营收 | 32.1% | 20.8% |
| 资本支出强度资本支出/营收 | 3.3% | 3.2% |
| 现金转化率经营现金流/净利润 | 3.47× | 1.41× |
| 过去12个月自由现金流最近4个季度 | — | $295.4M |
8季度趋势，按日历期对齐
经营现金流DOCUMSA
| Q4 25 | $290.3M | $122.4M | ||
| Q3 25 | $246.1M | $112.5M | ||
| Q2 25 | $251.4M | $67.2M | ||
| Q1 25 | — | $61.8M | ||
| Q4 24 | — | $107.9M | ||
| Q3 24 | — | $84.3M | ||
| Q2 24 | — | $53.3M | ||
| Q1 24 | — | $50.9M |
自由现金流DOCUMSA
| Q4 25 | $262.9M | $106.0M | ||
| Q3 25 | $217.6M | $100.5M | ||
| Q2 25 | $227.8M | $37.9M | ||
| Q1 25 | — | $51.0M | ||
| Q4 24 | — | $93.5M | ||
| Q3 24 | — | $70.1M | ||
| Q2 24 | — | $39.0M | ||
| Q1 24 | — | $39.7M |
自由现金流率DOCUMSA
| Q4 25 | 32.1% | 20.8% | ||
| Q3 25 | 27.2% | 21.4% | ||
| Q2 25 | 29.8% | 8.0% | ||
| Q1 25 | — | 12.1% | ||
| Q4 24 | — | 18.7% | ||
| Q3 24 | — | 16.2% | ||
| Q2 24 | — | 8.4% | ||
| Q1 24 | — | 9.6% |
资本支出强度DOCUMSA
| Q4 25 | 3.3% | 3.2% | ||
| Q3 25 | 3.6% | 2.6% | ||
| Q2 25 | 3.1% | 6.2% | ||
| Q1 25 | — | 2.6% | ||
| Q4 24 | — | 2.9% | ||
| Q3 24 | — | 3.3% | ||
| Q2 24 | — | 3.1% | ||
| Q1 24 | — | 2.7% |
现金转化率DOCUMSA
| Q4 25 | 3.47× | 1.41× | ||
| Q3 25 | 3.91× | 1.62× | ||
| Q2 25 | 3.49× | 1.07× | ||
| Q1 25 | — | 1.04× | ||
| Q4 24 | — | 1.23× | ||
| Q3 24 | — | 1.27× | ||
| Q2 24 | — | 0.74× | ||
| Q1 24 | — | 0.88× |
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% |
MSA
| Americas Segment | $335.2M | 66% |
| International Segment | $175.7M | 34% |
