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DOCUSIGN, INC.（DOCU）与明晟（MSCI）财务数据对比。点击上方公司名可切换其他公司
明晟的季度营收约是DOCUSIGN, INC.的1.0倍（$822.5M vs $818.4M），明晟净利率更高（34.6% vs 10.2%，领先24.4%），明晟同比增速更快（10.6% vs 8.4%），明晟自由现金流更多（$488.7M 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。
MSCI（明晟）是总部位于美国纽约的金融服务企业，为全球市场提供股票、固定收益、房地产指数、多资产组合分析工具及ESG、气候金融相关产品，旗下运营MSCI全球指数、MSCI新兴市场指数、MSCI全球所有国家（ACWI）指数等多款知名指数产品。
DOCU vs MSCI — 直观对比
营收规模更大
MSCI
是对方的1.0倍
$818.4M
营收增速更快
MSCI
高出2.2%
8.4%
净利率更高
MSCI
高出24.4%
10.2%
自由现金流更多
MSCI
多$225.8M
$262.9M
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $818.4M | $822.5M |
| 净利润 | $83.7M | $284.7M |
| 毛利率 | 79.2% | — |
| 营业利润率 | 10.4% | 56.4% |
| 净利率 | 10.2% | 34.6% |
| 营收同比 | 8.4% | 10.6% |
| 净利润同比 | 34.1% | -6.8% |
| 每股收益（稀释后） | $0.40 | $3.81 |
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DOCUMSCI
| Q4 25 | $818.4M | $822.5M | ||
| Q3 25 | $800.6M | $793.4M | ||
| Q2 25 | $763.7M | $772.7M | ||
| Q1 25 | — | $745.8M | ||
| Q4 24 | — | $743.5M | ||
| Q3 24 | — | $724.7M | ||
| Q2 24 | — | $707.9M | ||
| Q1 24 | — | $680.0M |
净利润DOCUMSCI
| Q4 25 | $83.7M | $284.7M | ||
| Q3 25 | $63.0M | $325.4M | ||
| Q2 25 | $72.1M | $303.6M | ||
| Q1 25 | — | $288.6M | ||
| Q4 24 | — | $305.5M | ||
| Q3 24 | — | $280.9M | ||
| Q2 24 | — | $266.8M | ||
| Q1 24 | — | $256.0M |
毛利率DOCUMSCI
| 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DOCUMSCI
| Q4 25 | 10.4% | 56.4% | ||
| Q3 25 | 8.1% | 56.4% | ||
| Q2 25 | 7.9% | 55.0% | ||
| Q1 25 | — | 50.6% | ||
| Q4 24 | — | 54.5% | ||
| Q3 24 | — | 55.4% | ||
| Q2 24 | — | 54.0% | ||
| Q1 24 | — | 49.9% |
净利率DOCUMSCI
| Q4 25 | 10.2% | 34.6% | ||
| Q3 25 | 7.9% | 41.0% | ||
| Q2 25 | 9.4% | 39.3% | ||
| Q1 25 | — | 38.7% | ||
| Q4 24 | — | 41.1% | ||
| Q3 24 | — | 38.8% | ||
| Q2 24 | — | 37.7% | ||
| Q1 24 | — | 37.6% |
每股收益（稀释后）DOCUMSCI
| Q4 25 | $0.40 | $3.81 | ||
| Q3 25 | $0.30 | $4.25 | ||
| Q2 25 | $0.34 | $3.92 | ||
| Q1 25 | — | $3.71 | ||
| Q4 24 | — | $3.89 | ||
| Q3 24 | — | $3.57 | ||
| Q2 24 | — | $3.37 | ||
| Q1 24 | — | $3.22 |
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 | $515.3M |
| 总债务越低越好 | — | $6.2B |
| 股东权益账面价值 | $2.0B | $-2.7B |
| 总资产 | $4.0B | $5.7B |
| 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DOCUMSCI
| Q4 25 | $583.3M | $515.3M | ||
| Q3 25 | $600.0M | $400.1M | ||
| Q2 25 | $657.4M | $347.3M | ||
| Q1 25 | — | $360.7M | ||
| Q4 24 | — | $409.4M | ||
| Q3 24 | — | $501.0M | ||
| Q2 24 | — | $451.4M | ||
| Q1 24 | — | $519.3M |
总债务DOCUMSCI
| Q4 25 | — | $6.2B | ||
| Q3 25 | — | $5.5B | ||
| Q2 25 | — | $4.5B | ||
| Q1 25 | — | $4.5B | ||
| Q4 24 | — | $4.5B | ||
| Q3 24 | — | $4.5B | ||
| Q2 24 | — | $4.5B | ||
| Q1 24 | — | $4.5B |
股东权益DOCUMSCI
| Q4 25 | $2.0B | $-2.7B | ||
| Q3 25 | $2.0B | $-1.9B | ||
| Q2 25 | $2.0B | $-886.2M | ||
| Q1 25 | — | $-958.6M | ||
| Q4 24 | — | $-940.0M | ||
| Q3 24 | — | $-751.0M | ||
| Q2 24 | — | $-734.5M | ||
| Q1 24 | — | $-650.5M |
总资产DOCUMSCI
| Q4 25 | $4.0B | $5.7B | ||
| Q3 25 | $3.9B | $5.4B | ||
| Q2 25 | $3.9B | $5.4B | ||
| Q1 25 | — | $5.3B | ||
| Q4 24 | — | $5.4B | ||
| Q3 24 | — | $5.4B | ||
| Q2 24 | — | $5.5B | ||
| Q1 24 | — | $5.5B |
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 | $501.1M |
| 自由现金流经营现金流 - 资本支出 | $262.9M | $488.7M |
| 自由现金流率自由现金流/营收 | 32.1% | 59.4% |
| 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× | 1.76× |
| 过去12个月自由现金流最近4个季度 | — | $1.5B |
8季度趋势，按日历期对齐
经营现金流DOCUMSCI
| Q4 25 | $290.3M | $501.1M | ||
| Q3 25 | $246.1M | $449.4M | ||
| Q2 25 | $251.4M | $336.1M | ||
| Q1 25 | — | $301.7M | ||
| Q4 24 | — | $430.6M | ||
| Q3 24 | — | $421.6M | ||
| Q2 24 | — | $349.2M | ||
| Q1 24 | — | $300.1M |
自由现金流DOCUMSCI
| Q4 25 | $262.9M | $488.7M | ||
| Q3 25 | $217.6M | $445.5M | ||
| Q2 25 | $227.8M | $324.7M | ||
| Q1 25 | — | $290.2M | ||
| Q4 24 | — | $416.4M | ||
| Q3 24 | — | $415.0M | ||
| Q2 24 | — | $340.6M | ||
| Q1 24 | — | $295.9M |
自由现金流率DOCUMSCI
| Q4 25 | 32.1% | 59.4% | ||
| Q3 25 | 27.2% | 56.2% | ||
| Q2 25 | 29.8% | 42.0% | ||
| Q1 25 | — | 38.9% | ||
| Q4 24 | — | 56.0% | ||
| Q3 24 | — | 57.3% | ||
| Q2 24 | — | 48.1% | ||
| Q1 24 | — | 43.5% |
资本支出强度DOCUMSCI
| Q4 25 | 3.3% | 1.5% | ||
| Q3 25 | 3.6% | 0.5% | ||
| Q2 25 | 3.1% | 1.5% | ||
| Q1 25 | — | 1.5% | ||
| Q4 24 | — | 1.9% | ||
| Q3 24 | — | 0.9% | ||
| Q2 24 | — | 1.2% | ||
| Q1 24 | — | 0.6% |
现金转化率DOCUMSCI
| Q4 25 | 3.47× | 1.76× | ||
| Q3 25 | 3.91× | 1.38× | ||
| Q2 25 | 3.49× | 1.11× | ||
| Q1 25 | — | 1.05× | ||
| Q4 24 | — | 1.41× | ||
| Q3 24 | — | 1.50× | ||
| Q2 24 | — | 1.31× | ||
| Q1 24 | — | 1.17× |
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% |
MSCI
| Recurring Subscriptions | $246.4M | 30% |
| Asset Based Fees | $211.7M | 26% |
| Analytics Segment | $182.3M | 22% |
| Sustainability And Climate Segment | $90.3M | 11% |
| Other | $70.9M | 9% |
| Non Recurring | $21.1M | 3% |
