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DOCUSIGN, INC.（DOCU）与罗塞塔石碑（STEP）财务数据对比。点击上方公司名可切换其他公司
DOCUSIGN, INC.的季度营收约是罗塞塔石碑的1.4倍（$818.4M vs $586.5M），DOCUSIGN, INC.净利率更高（10.2% vs -21.0%，领先31.3%），罗塞塔石碑同比增速更快（73.0% vs 8.4%），DOCUSIGN, INC.自由现金流更多（$262.9M vs $26.7M）
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。
罗塞塔石碑是美国教育科技软件企业，开发语言学习、读写能力提升及脑训练类软件，旗下语言学习产品知名度极高。2013年公司收购Livemocha、Lexia Learning等品牌拓展教育科技业务矩阵，2021年正式成为IXL Learning的子公司。
DOCU vs STEP — 直观对比
营收规模更大
DOCU
是对方的1.4倍
$586.5M
营收增速更快
STEP
高出64.6%
8.4%
净利率更高
DOCU
高出31.3%
-21.0%
自由现金流更多
DOCU
多$236.2M
$26.7M
损益表 — Q3 FY2026 vs Q3 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $818.4M | $586.5M |
| 净利润 | $83.7M | $-123.5M |
| 毛利率 | 79.2% | — |
| 营业利润率 | 10.4% | -33.2% |
| 净利率 | 10.2% | -21.0% |
| 营收同比 | 8.4% | 73.0% |
| 净利润同比 | 34.1% | 35.7% |
| 每股收益（稀释后） | $0.40 | $-1.55 |
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DOCUSTEP
| Q4 25 | $818.4M | $586.5M | ||
| Q3 25 | $800.6M | $454.2M | ||
| Q2 25 | $763.7M | $364.3M | ||
| Q1 25 | — | $377.7M | ||
| Q4 24 | — | $339.0M | ||
| Q3 24 | — | $271.7M | ||
| Q2 24 | — | $186.4M | ||
| Q1 24 | — | $356.8M |
净利润DOCUSTEP
| Q4 25 | $83.7M | $-123.5M | ||
| Q3 25 | $63.0M | $-366.1M | ||
| Q2 25 | $72.1M | $-38.4M | ||
| Q1 25 | — | $-18.5M | ||
| Q4 24 | — | $-192.0M | ||
| Q3 24 | — | $17.6M | ||
| Q2 24 | — | $13.3M | ||
| Q1 24 | — | $30.8M |
毛利率DOCUSTEP
| 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DOCUSTEP
| Q4 25 | 10.4% | -33.2% | ||
| Q3 25 | 8.1% | -148.8% | ||
| Q2 25 | 7.9% | -5.6% | ||
| Q1 25 | — | 2.6% | ||
| Q4 24 | — | -101.7% | ||
| Q3 24 | — | 21.3% | ||
| Q2 24 | — | 29.4% | ||
| Q1 24 | — | 26.5% |
净利率DOCUSTEP
| Q4 25 | 10.2% | -21.0% | ||
| Q3 25 | 7.9% | -80.6% | ||
| Q2 25 | 9.4% | -10.5% | ||
| Q1 25 | — | -4.9% | ||
| Q4 24 | — | -56.6% | ||
| Q3 24 | — | 6.5% | ||
| Q2 24 | — | 7.2% | ||
| Q1 24 | — | 8.6% |
每股收益（稀释后）DOCUSTEP
| Q4 25 | $0.40 | $-1.55 | ||
| Q3 25 | $0.30 | $-4.66 | ||
| Q2 25 | $0.34 | $-0.49 | ||
| Q1 25 | — | $-0.37 | ||
| Q4 24 | — | $-2.61 | ||
| Q3 24 | — | $0.26 | ||
| Q2 24 | — | $0.20 | ||
| Q1 24 | — | $0.47 |
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 | — |
| 总债务越低越好 | — | $270.2M |
| 股东权益账面价值 | $2.0B | $-378.8M |
| 总资产 | $4.0B | $5.2B |
| 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DOCUSTEP
| Q4 25 | $583.3M | — | ||
| Q3 25 | $600.0M | — | ||
| Q2 25 | $657.4M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
总债务DOCUSTEP
| Q4 25 | — | $270.2M | ||
| Q3 25 | — | $269.9M | ||
| Q2 25 | — | $269.6M | ||
| Q1 25 | — | $269.3M | ||
| Q4 24 | — | $168.9M | ||
| Q3 24 | — | $172.3M | ||
| Q2 24 | — | $172.1M | ||
| Q1 24 | — | $148.8M |
股东权益DOCUSTEP
| Q4 25 | $2.0B | $-378.8M | ||
| Q3 25 | $2.0B | $-233.5M | ||
| Q2 25 | $2.0B | $153.9M | ||
| Q1 25 | — | $179.4M | ||
| Q4 24 | — | $209.8M | ||
| Q3 24 | — | $397.5M | ||
| Q2 24 | — | $366.9M | ||
| Q1 24 | — | $324.5M |
总资产DOCUSTEP
| Q4 25 | $4.0B | $5.2B | ||
| Q3 25 | $3.9B | $5.3B | ||
| Q2 25 | $3.9B | $4.8B | ||
| Q1 25 | — | $4.6B | ||
| Q4 24 | — | $4.3B | ||
| Q3 24 | — | $4.0B | ||
| Q2 24 | — | $3.8B | ||
| Q1 24 | — | $3.8B |
负债/权益比DOCUSTEP
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 1.75× | ||
| Q1 25 | — | 1.50× | ||
| Q4 24 | — | 0.81× | ||
| Q3 24 | — | 0.43× | ||
| Q2 24 | — | 0.47× | ||
| Q1 24 | — | 0.46× |
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 | $27.2M |
| 自由现金流经营现金流 - 资本支出 | $262.9M | $26.7M |
| 自由现金流率自由现金流/营收 | 32.1% | 4.6% |
| 资本支出强度资本支出/营收 | 3.3% | 0.1% |
| 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 | — | $18.6M |
8季度趋势，按日历期对齐
经营现金流DOCUSTEP
| Q4 25 | $290.3M | $27.2M | ||
| Q3 25 | $246.1M | $16.2M | ||
| Q2 25 | $251.4M | $46.3M | ||
| Q1 25 | — | $-66.5M | ||
| Q4 24 | — | $27.6M | ||
| Q3 24 | — | $53.7M | ||
| Q2 24 | — | $50.2M | ||
| Q1 24 | — | $7.6M |
自由现金流DOCUSTEP
| Q4 25 | $262.9M | $26.7M | ||
| Q3 25 | $217.6M | $15.9M | ||
| Q2 25 | $227.8M | $45.2M | ||
| Q1 25 | — | $-69.2M | ||
| Q4 24 | — | $27.0M | ||
| Q3 24 | — | $52.4M | ||
| Q2 24 | — | $49.6M | ||
| Q1 24 | — | $6.7M |
自由现金流率DOCUSTEP
| Q4 25 | 32.1% | 4.6% | ||
| Q3 25 | 27.2% | 3.5% | ||
| Q2 25 | 29.8% | 12.4% | ||
| Q1 25 | — | -18.3% | ||
| Q4 24 | — | 8.0% | ||
| Q3 24 | — | 19.3% | ||
| Q2 24 | — | 26.6% | ||
| Q1 24 | — | 1.9% |
资本支出强度DOCUSTEP
| Q4 25 | 3.3% | 0.1% | ||
| Q3 25 | 3.6% | 0.1% | ||
| Q2 25 | 3.1% | 0.3% | ||
| Q1 25 | — | 0.7% | ||
| Q4 24 | — | 0.2% | ||
| Q3 24 | — | 0.5% | ||
| Q2 24 | — | 0.3% | ||
| Q1 24 | — | 0.3% |
现金转化率DOCUSTEP
| Q4 25 | 3.47× | — | ||
| Q3 25 | 3.91× | — | ||
| Q2 25 | 3.49× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.05× | ||
| Q2 24 | — | 3.76× | ||
| Q1 24 | — | 0.25× |
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% |
STEP
| Other | $210.1M | 36% |
| Management And Advisory Fees Net Focused Commingled Funds | $143.3M | 24% |
| Carried Interest Allocation Focused Commingled Funds | $85.1M | 15% |
| Carried Interest Allocation Separately Managed Accounts | $63.6M | 11% |
| Carried Interest Allocation Realized | $46.7M | 8% |
| Management And Advisory Fees Net Advisory And Other Services | $18.3M | 3% |
| Legacy Carried Interest Allocation Focused Commingled Funds | $10.3M | 2% |
| Income Based Incentive Fees | $6.0M | 1% |
| Management And Advisory Fees Net Fund Reimbursement Revenues | $3.1M | 1% |
