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DOCUSIGN, INC.（DOCU）与棒约翰（PZZA）财务数据对比。点击上方公司名可切换其他公司
DOCUSIGN, INC.的季度营收约是棒约翰的1.6倍（$818.4M vs $498.2M），DOCUSIGN, INC.净利率更高（10.2% vs 1.4%，领先8.8%），DOCUSIGN, INC.同比增速更快（8.4% vs -6.1%），DOCUSIGN, INC.自由现金流更多（$262.9M vs $2.1M）
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。
棒约翰国际是源自美国的知名披萨餐饮连锁品牌，截至2023年，它是美国市场规模第四大披萨外送连锁餐饮集团，总部设于肯塔基州路易斯维尔与佐治亚州亚特兰大的都会区，在全球多地开设门店，主打披萨外卖业务。
DOCU vs PZZA — 直观对比
营收规模更大
DOCU
是对方的1.6倍
$498.2M
营收增速更快
DOCU
高出14.6%
-6.1%
净利率更高
DOCU
高出8.8%
1.4%
自由现金流更多
DOCU
多$260.8M
$2.1M
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $818.4M | $498.2M |
| 净利润 | $83.7M | $7.1M |
| 毛利率 | 79.2% | — |
| 营业利润率 | 10.4% | 4.9% |
| 净利率 | 10.2% | 1.4% |
| 营收同比 | 8.4% | -6.1% |
| 净利润同比 | 34.1% | -52.2% |
| 每股收益（稀释后） | $0.40 | $0.22 |
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DOCUPZZA
| Q4 25 | $818.4M | $498.2M | ||
| Q3 25 | $800.6M | $508.2M | ||
| Q2 25 | $763.7M | $529.2M | ||
| Q1 25 | — | $518.3M | ||
| Q4 24 | — | $530.8M | ||
| Q3 24 | — | $506.8M | ||
| Q2 24 | — | $507.9M | ||
| Q1 24 | — | $513.9M |
净利润DOCUPZZA
| Q4 25 | $83.7M | $7.1M | ||
| Q3 25 | $63.0M | $4.7M | ||
| Q2 25 | $72.1M | $9.5M | ||
| Q1 25 | — | $9.2M | ||
| Q4 24 | — | $14.8M | ||
| Q3 24 | — | $41.8M | ||
| Q2 24 | — | $12.2M | ||
| Q1 24 | — | $14.6M |
毛利率DOCUPZZA
| 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DOCUPZZA
| Q4 25 | 10.4% | 4.9% | ||
| Q3 25 | 8.1% | 3.2% | ||
| Q2 25 | 7.9% | 4.6% | ||
| Q1 25 | — | 4.6% | ||
| Q4 24 | — | 5.6% | ||
| Q3 24 | — | 12.9% | ||
| Q2 24 | — | 5.6% | ||
| Q1 24 | — | 6.6% |
净利率DOCUPZZA
| Q4 25 | 10.2% | 1.4% | ||
| Q3 25 | 7.9% | 0.9% | ||
| Q2 25 | 9.4% | 1.8% | ||
| Q1 25 | — | 1.8% | ||
| Q4 24 | — | 2.8% | ||
| Q3 24 | — | 8.2% | ||
| Q2 24 | — | 2.4% | ||
| Q1 24 | — | 2.8% |
每股收益（稀释后）DOCUPZZA
| Q4 25 | $0.40 | $0.22 | ||
| Q3 25 | $0.30 | $0.13 | ||
| Q2 25 | $0.34 | $0.28 | ||
| Q1 25 | — | $0.27 | ||
| Q4 24 | — | $0.46 | ||
| Q3 24 | — | $1.27 | ||
| Q2 24 | — | $0.37 | ||
| Q1 24 | — | $0.44 |
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 | $34.6M |
| 总债务越低越好 | — | $722.3M |
| 股东权益账面价值 | $2.0B | $-444.8M |
| 总资产 | $4.0B | $837.5M |
| 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DOCUPZZA
| Q4 25 | $583.3M | $34.6M | ||
| Q3 25 | $600.0M | $39.0M | ||
| Q2 25 | $657.4M | $33.3M | ||
| Q1 25 | — | $44.0M | ||
| Q4 24 | — | $38.0M | ||
| Q3 24 | — | $17.6M | ||
| Q2 24 | — | $24.3M | ||
| Q1 24 | — | $27.8M |
总债务DOCUPZZA
| Q4 25 | — | $722.3M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益DOCUPZZA
| Q4 25 | $2.0B | $-444.8M | ||
| Q3 25 | $2.0B | $-439.3M | ||
| Q2 25 | $2.0B | $-432.0M | ||
| Q1 25 | — | $-431.9M | ||
| Q4 24 | — | $-429.5M | ||
| Q3 24 | — | $-430.9M | ||
| Q2 24 | — | $-461.7M | ||
| Q1 24 | — | $-461.9M |
总资产DOCUPZZA
| Q4 25 | $4.0B | $837.5M | ||
| Q3 25 | $3.9B | $884.1M | ||
| Q2 25 | $3.9B | $890.4M | ||
| Q1 25 | — | $898.1M | ||
| Q4 24 | — | $889.0M | ||
| Q3 24 | — | $860.9M | ||
| Q2 24 | — | $838.4M | ||
| Q1 24 | — | $847.2M |
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 | $19.8M |
| 自由现金流经营现金流 - 资本支出 | $262.9M | $2.1M |
| 自由现金流率自由现金流/营收 | 32.1% | 0.4% |
| 资本支出强度资本支出/营收 | 3.3% | 3.6% |
| 现金转化率经营现金流/净利润 | 3.47× | 2.80× |
| 过去12个月自由现金流最近4个季度 | — | $61.3M |
8季度趋势，按日历期对齐
经营现金流DOCUPZZA
| Q4 25 | $290.3M | $19.8M | ||
| Q3 25 | $246.1M | $39.3M | ||
| Q2 25 | $251.4M | $35.5M | ||
| Q1 25 | — | $31.3M | ||
| Q4 24 | — | $50.7M | ||
| Q3 24 | — | $13.9M | ||
| Q2 24 | — | $30.0M | ||
| Q1 24 | — | $12.0M |
自由现金流DOCUPZZA
| Q4 25 | $262.9M | $2.1M | ||
| Q3 25 | $217.6M | $22.7M | ||
| Q2 25 | $227.8M | $17.4M | ||
| Q1 25 | — | $19.1M | ||
| Q4 24 | — | $25.2M | ||
| Q3 24 | — | $-3.8M | ||
| Q2 24 | — | $13.9M | ||
| Q1 24 | — | $-1.1M |
自由现金流率DOCUPZZA
| Q4 25 | 32.1% | 0.4% | ||
| Q3 25 | 27.2% | 4.5% | ||
| Q2 25 | 29.8% | 3.3% | ||
| Q1 25 | — | 3.7% | ||
| Q4 24 | — | 4.7% | ||
| Q3 24 | — | -0.8% | ||
| Q2 24 | — | 2.7% | ||
| Q1 24 | — | -0.2% |
资本支出强度DOCUPZZA
| Q4 25 | 3.3% | 3.6% | ||
| Q3 25 | 3.6% | 3.3% | ||
| Q2 25 | 3.1% | 3.4% | ||
| Q1 25 | — | 2.4% | ||
| Q4 24 | — | 4.8% | ||
| Q3 24 | — | 3.5% | ||
| Q2 24 | — | 3.2% | ||
| Q1 24 | — | 2.5% |
现金转化率DOCUPZZA
| Q4 25 | 3.47× | 2.80× | ||
| Q3 25 | 3.91× | 8.36× | ||
| Q2 25 | 3.49× | 3.73× | ||
| Q1 25 | — | 3.40× | ||
| Q4 24 | — | 3.43× | ||
| Q3 24 | — | 0.33× | ||
| Q2 24 | — | 2.45× | ||
| Q1 24 | — | 0.82× |
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% |
PZZA
| Commissary | $236.8M | 48% |
| Company Owned Restaurant Sales | $154.4M | 31% |
| Franchisor | $47.5M | 10% |
| Advertising | $37.2M | 7% |
| Other | $22.2M | 4% |
