vs
DOCUSIGN, INC.（DOCU）与TRINET GROUP, INC.（TNET）财务数据对比。点击上方公司名可切换其他公司
TRINET GROUP, INC.的季度营收约是DOCUSIGN, INC.的1.5倍（$1.2B vs $818.4M），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 $43.0M）
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。
TriNet Group, Inc.是一家面向中小企业的专业雇主组织，总部位于加州都柏林，服务员工规模在3至2500人之间的各类机构。可提供薪资管理、健康福利管理服务，还能为客户提供劳动法规合规、风险降低相关咨询，可作为外包人力资源部门为企业分担人事相关事务。
DOCU vs TNET — 直观对比
营收规模更大
TNET
是对方的1.5倍
$818.4M
营收增速更快
DOCU
高出10.6%
-2.2%
自由现金流更多
DOCU
多$219.9M
$43.0M
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $818.4M | $1.2B |
| 净利润 | $83.7M | — |
| 毛利率 | 79.2% | — |
| 营业利润率 | 10.4% | 0.1% |
| 净利率 | 10.2% | — |
| 营收同比 | 8.4% | -2.2% |
| 净利润同比 | 34.1% | — |
| 每股收益（稀释后） | $0.40 | $0.02 |
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DOCUTNET
| Q4 25 | $818.4M | $1.2B | ||
| Q3 25 | $800.6M | $1.2B | ||
| Q2 25 | $763.7M | $1.2B | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | — | $1.3B |
净利润DOCUTNET
| Q4 25 | $83.7M | — | ||
| Q3 25 | $63.0M | $34.0M | ||
| Q2 25 | $72.1M | $37.0M | ||
| Q1 25 | — | $85.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $45.0M | ||
| Q2 24 | — | $60.0M | ||
| Q1 24 | — | $91.0M |
毛利率DOCUTNET
| 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DOCUTNET
| Q4 25 | 10.4% | 0.1% | ||
| Q3 25 | 8.1% | 4.1% | ||
| Q2 25 | 7.9% | 4.1% | ||
| Q1 25 | — | 8.9% | ||
| Q4 24 | — | -2.9% | ||
| Q3 24 | — | 4.7% | ||
| Q2 24 | — | 6.5% | ||
| Q1 24 | — | 9.7% |
净利率DOCUTNET
| Q4 25 | 10.2% | — | ||
| Q3 25 | 7.9% | 2.8% | ||
| Q2 25 | 9.4% | 3.0% | ||
| Q1 25 | — | 6.6% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 3.6% | ||
| Q2 24 | — | 4.9% | ||
| Q1 24 | — | 7.2% |
每股收益（稀释后）DOCUTNET
| Q4 25 | $0.40 | $0.02 | ||
| Q3 25 | $0.30 | $0.70 | ||
| Q2 25 | $0.34 | $0.77 | ||
| Q1 25 | — | $1.71 | ||
| Q4 24 | — | $-0.44 | ||
| Q3 24 | — | $0.89 | ||
| Q2 24 | — | $1.20 | ||
| Q1 24 | — | $1.78 |
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 | $287.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.0B | $54.0M |
| 总资产 | $4.0B | $3.8B |
| 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DOCUTNET
| Q4 25 | $583.3M | $287.0M | ||
| Q3 25 | $600.0M | $321.0M | ||
| Q2 25 | $657.4M | $407.0M | ||
| Q1 25 | — | $349.0M | ||
| Q4 24 | — | $360.0M | ||
| Q3 24 | — | $301.0M | ||
| Q2 24 | — | $249.0M | ||
| Q1 24 | — | $383.0M |
股东权益DOCUTNET
| Q4 25 | $2.0B | $54.0M | ||
| Q3 25 | $2.0B | $110.0M | ||
| Q2 25 | $2.0B | $107.0M | ||
| Q1 25 | — | $63.0M | ||
| Q4 24 | — | $69.0M | ||
| Q3 24 | — | $129.0M | ||
| Q2 24 | — | $100.0M | ||
| Q1 24 | — | $143.0M |
总资产DOCUTNET
| Q4 25 | $4.0B | $3.8B | ||
| Q3 25 | $3.9B | $3.4B | ||
| Q2 25 | $3.9B | $3.7B | ||
| Q1 25 | — | $3.8B | ||
| Q4 24 | — | $4.1B | ||
| Q3 24 | — | $3.7B | ||
| Q2 24 | — | $3.7B | ||
| 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 | $61.0M |
| 自由现金流经营现金流 - 资本支出 | $262.9M | $43.0M |
| 自由现金流率自由现金流/营收 | 32.1% | 3.4% |
| 资本支出强度资本支出/营收 | 3.3% | 1.4% |
| 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 | — | $234.0M |
8季度趋势，按日历期对齐
经营现金流DOCUTNET
| Q4 25 | $290.3M | $61.0M | ||
| Q3 25 | $246.1M | $72.0M | ||
| Q2 25 | $251.4M | $75.0M | ||
| Q1 25 | — | $95.0M | ||
| Q4 24 | — | $65.0M | ||
| Q3 24 | — | $84.0M | ||
| Q2 24 | — | $39.0M | ||
| Q1 24 | — | $91.0M |
自由现金流DOCUTNET
| Q4 25 | $262.9M | $43.0M | ||
| Q3 25 | $217.6M | $55.0M | ||
| Q2 25 | $227.8M | $57.0M | ||
| Q1 25 | — | $79.0M | ||
| Q4 24 | — | $47.0M | ||
| Q3 24 | — | $59.0M | ||
| Q2 24 | — | $22.0M | ||
| Q1 24 | — | $73.0M |
自由现金流率DOCUTNET
| Q4 25 | 32.1% | 3.4% | ||
| Q3 25 | 27.2% | 4.5% | ||
| Q2 25 | 29.8% | 4.6% | ||
| Q1 25 | — | 6.1% | ||
| Q4 24 | — | 3.7% | ||
| Q3 24 | — | 4.8% | ||
| Q2 24 | — | 1.8% | ||
| Q1 24 | — | 5.8% |
资本支出强度DOCUTNET
| Q4 25 | 3.3% | 1.4% | ||
| Q3 25 | 3.6% | 1.4% | ||
| Q2 25 | 3.1% | 1.5% | ||
| Q1 25 | — | 1.2% | ||
| Q4 24 | — | 1.4% | ||
| Q3 24 | — | 2.0% | ||
| Q2 24 | — | 1.4% | ||
| Q1 24 | — | 1.4% |
现金转化率DOCUTNET
| Q4 25 | 3.47× | — | ||
| Q3 25 | 3.91× | 2.12× | ||
| Q2 25 | 3.49× | 2.03× | ||
| Q1 25 | — | 1.12× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 1.87× | ||
| Q2 24 | — | 0.65× | ||
| Q1 24 | — | 1.00× |
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% |
TNET
| Insurance Services | $1.1B | 85% |
| Professional Services | $169.0M | 14% |
