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DOCUSIGN, INC.（DOCU）与Trade Desk (The)（TTD）财务数据对比。点击上方公司名可切换其他公司
Trade Desk (The)的季度营收约是DOCUSIGN, INC.的1.0倍（$846.8M vs $818.4M），Trade Desk (The)净利率更高（22.1% vs 10.2%，领先11.8%），Trade Desk (The)同比增速更快（14.3% vs 8.4%），Trade Desk (The)自由现金流更多（$285.3M 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。
The Trade Desk是来自美国的跨国科技企业，专注于实时程序化营销自动化领域的技术、产品与服务研发，可实现面向用户的个性化数字内容分发，为全球广告营销行业客户提供专业解决方案。
DOCU vs TTD — 直观对比
营收规模更大
TTD
是对方的1.0倍
$818.4M
营收增速更快
TTD
高出5.9%
8.4%
净利率更高
TTD
高出11.8%
10.2%
自由现金流更多
TTD
多$22.4M
$262.9M
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $818.4M | $846.8M |
| 净利润 | $83.7M | $186.9M |
| 毛利率 | 79.2% | 80.7% |
| 营业利润率 | 10.4% | 30.3% |
| 净利率 | 10.2% | 22.1% |
| 营收同比 | 8.4% | 14.3% |
| 净利润同比 | 34.1% | 2.6% |
| 每股收益（稀释后） | $0.40 | $0.39 |
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DOCUTTD
| Q4 25 | $818.4M | $846.8M | ||
| Q3 25 | $800.6M | $739.4M | ||
| Q2 25 | $763.7M | $694.0M | ||
| Q1 25 | — | $616.0M | ||
| Q4 24 | — | $741.0M | ||
| Q3 24 | — | $628.0M | ||
| Q2 24 | — | $584.5M | ||
| Q1 24 | — | $491.3M |
净利润DOCUTTD
| Q4 25 | $83.7M | $186.9M | ||
| Q3 25 | $63.0M | $115.5M | ||
| Q2 25 | $72.1M | $90.1M | ||
| Q1 25 | — | $50.7M | ||
| Q4 24 | — | $182.2M | ||
| Q3 24 | — | $94.2M | ||
| Q2 24 | — | $85.0M | ||
| Q1 24 | — | $31.7M |
毛利率DOCUTTD
| Q4 25 | 79.2% | 80.7% | ||
| Q3 25 | 79.3% | 78.1% | ||
| Q2 25 | 79.4% | 78.2% | ||
| Q1 25 | — | 76.8% | ||
| Q4 24 | — | 81.7% | ||
| Q3 24 | — | 80.5% | ||
| Q2 24 | — | 81.1% | ||
| Q1 24 | — | 78.9% |
营业利润率DOCUTTD
| Q4 25 | 10.4% | 30.3% | ||
| Q3 25 | 8.1% | 21.8% | ||
| Q2 25 | 7.9% | 16.8% | ||
| Q1 25 | — | 8.8% | ||
| Q4 24 | — | 26.4% | ||
| Q3 24 | — | 17.3% | ||
| Q2 24 | — | 16.2% | ||
| Q1 24 | — | 5.8% |
净利率DOCUTTD
| Q4 25 | 10.2% | 22.1% | ||
| Q3 25 | 7.9% | 15.6% | ||
| Q2 25 | 9.4% | 13.0% | ||
| Q1 25 | — | 8.2% | ||
| Q4 24 | — | 24.6% | ||
| Q3 24 | — | 15.0% | ||
| Q2 24 | — | 14.5% | ||
| Q1 24 | — | 6.4% |
每股收益（稀释后）DOCUTTD
| Q4 25 | $0.40 | $0.39 | ||
| Q3 25 | $0.30 | $0.23 | ||
| Q2 25 | $0.34 | $0.18 | ||
| Q1 25 | — | $0.10 | ||
| Q4 24 | — | $0.36 | ||
| Q3 24 | — | $0.19 | ||
| Q2 24 | — | $0.17 | ||
| Q1 24 | — | $0.06 |
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 | $1.3B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.0B | $2.5B |
| 总资产 | $4.0B | $6.2B |
| 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DOCUTTD
| Q4 25 | $583.3M | $1.3B | ||
| Q3 25 | $600.0M | $1.4B | ||
| Q2 25 | $657.4M | $1.7B | ||
| Q1 25 | — | $1.7B | ||
| Q4 24 | — | $1.9B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | $1.5B | ||
| Q1 24 | — | $1.4B |
股东权益DOCUTTD
| Q4 25 | $2.0B | $2.5B | ||
| Q3 25 | $2.0B | $2.6B | ||
| Q2 25 | $2.0B | $2.7B | ||
| Q1 25 | — | $2.7B | ||
| Q4 24 | — | $2.9B | ||
| Q3 24 | — | $2.6B | ||
| Q2 24 | — | $2.4B | ||
| Q1 24 | — | $2.2B |
总资产DOCUTTD
| Q4 25 | $4.0B | $6.2B | ||
| Q3 25 | $3.9B | $5.9B | ||
| Q2 25 | $3.9B | $6.0B | ||
| Q1 25 | — | $5.7B | ||
| Q4 24 | — | $6.1B | ||
| Q3 24 | — | $5.5B | ||
| Q2 24 | — | $5.2B | ||
| Q1 24 | — | $4.7B |
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 | $311.6M |
| 自由现金流经营现金流 - 资本支出 | $262.9M | $285.3M |
| 自由现金流率自由现金流/营收 | 32.1% | 33.7% |
| 资本支出强度资本支出/营收 | 3.3% | 3.1% |
| 现金转化率经营现金流/净利润 | 3.47× | 1.67× |
| 过去12个月自由现金流最近4个季度 | — | $795.7M |
8季度趋势，按日历期对齐
经营现金流DOCUTTD
| Q4 25 | $290.3M | $311.6M | ||
| Q3 25 | $246.1M | $224.7M | ||
| Q2 25 | $251.4M | $165.0M | ||
| Q1 25 | — | $291.4M | ||
| Q4 24 | — | $199.4M | ||
| Q3 24 | — | $273.3M | ||
| Q2 24 | — | $81.3M | ||
| Q1 24 | — | $185.5M |
自由现金流DOCUTTD
| Q4 25 | $262.9M | $285.3M | ||
| Q3 25 | $217.6M | $158.3M | ||
| Q2 25 | $227.8M | $119.8M | ||
| Q1 25 | — | $232.3M | ||
| Q4 24 | — | $179.2M | ||
| Q3 24 | — | $224.6M | ||
| Q2 24 | — | $59.1M | ||
| Q1 24 | — | $178.2M |
自由现金流率DOCUTTD
| Q4 25 | 32.1% | 33.7% | ||
| Q3 25 | 27.2% | 21.4% | ||
| Q2 25 | 29.8% | 17.3% | ||
| Q1 25 | — | 37.7% | ||
| Q4 24 | — | 24.2% | ||
| Q3 24 | — | 35.8% | ||
| Q2 24 | — | 10.1% | ||
| Q1 24 | — | 36.3% |
资本支出强度DOCUTTD
| Q4 25 | 3.3% | 3.1% | ||
| Q3 25 | 3.6% | 9.0% | ||
| Q2 25 | 3.1% | 6.5% | ||
| Q1 25 | — | 9.6% | ||
| Q4 24 | — | 2.7% | ||
| Q3 24 | — | 7.8% | ||
| Q2 24 | — | 3.8% | ||
| Q1 24 | — | 1.5% |
现金转化率DOCUTTD
| Q4 25 | 3.47× | 1.67× | ||
| Q3 25 | 3.91× | 1.94× | ||
| Q2 25 | 3.49× | 1.83× | ||
| Q1 25 | — | 5.75× | ||
| Q4 24 | — | 1.09× | ||
| Q3 24 | — | 2.90× | ||
| Q2 24 | — | 0.96× | ||
| Q1 24 | — | 5.86× |
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% |
TTD
| Other | $427.2M | 50% |
| Non Us | $419.6M | 50% |
