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DOCUSIGN, INC.（DOCU）与UNITED THERAPEUTICS Corp（UTHR）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UNITED THERAPEUTICS Corp的1.0倍（$818.4M vs $790.2M），UNITED THERAPEUTICS Corp净利率更高（46.1% vs 10.2%，领先35.9%），DOCUSIGN, INC.同比增速更快（8.4% vs 7.4%），DOCUSIGN, INC.自由现金流更多（$262.9M vs $173.3M）
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。
United Therapeutics是美国生物技术企业，专注开发包含异种移植在内的器官移植相关药物与技术，多款产品布局肺部疾病及器官制造赛道，双总部位于马里兰州银泉与北卡罗来纳州三角研究园，在美加多地设有研发及运营分支机构。
DOCU vs UTHR — 直观对比
营收规模更大
DOCU
是对方的1.0倍
$790.2M
营收增速更快
DOCU
高出1.0%
7.4%
净利率更高
UTHR
高出35.9%
10.2%
自由现金流更多
DOCU
多$89.6M
$173.3M
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $818.4M | $790.2M |
| 净利润 | $83.7M | $364.3M |
| 毛利率 | 79.2% | 86.9% |
| 营业利润率 | 10.4% | 45.1% |
| 净利率 | 10.2% | 46.1% |
| 营收同比 | 8.4% | 7.4% |
| 净利润同比 | 34.1% | 20.9% |
| 每股收益（稀释后） | $0.40 | $7.66 |
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DOCUUTHR
| Q4 25 | $818.4M | $790.2M | ||
| Q3 25 | $800.6M | $799.5M | ||
| Q2 25 | $763.7M | $798.6M | ||
| Q1 25 | — | $794.4M | ||
| Q4 24 | — | $735.9M | ||
| Q3 24 | — | $748.9M | ||
| Q2 24 | — | $714.9M | ||
| Q1 24 | — | $677.7M |
净利润DOCUUTHR
| Q4 25 | $83.7M | $364.3M | ||
| Q3 25 | $63.0M | $338.7M | ||
| Q2 25 | $72.1M | $309.5M | ||
| Q1 25 | — | $322.2M | ||
| Q4 24 | — | $301.3M | ||
| Q3 24 | — | $309.1M | ||
| Q2 24 | — | $278.1M | ||
| Q1 24 | — | $306.6M |
毛利率DOCUUTHR
| Q4 25 | 79.2% | 86.9% | ||
| Q3 25 | 79.3% | 87.4% | ||
| Q2 25 | 79.4% | 89.0% | ||
| Q1 25 | — | 88.4% | ||
| Q4 24 | — | 89.7% | ||
| Q3 24 | — | 88.9% | ||
| Q2 24 | — | 89.1% | ||
| Q1 24 | — | 89.2% |
营业利润率DOCUUTHR
| Q4 25 | 10.4% | 45.1% | ||
| Q3 25 | 8.1% | 48.6% | ||
| Q2 25 | 7.9% | 45.6% | ||
| Q1 25 | — | 48.2% | ||
| Q4 24 | — | 48.6% | ||
| Q3 24 | — | 45.8% | ||
| Q2 24 | — | 44.7% | ||
| Q1 24 | — | 52.6% |
净利率DOCUUTHR
| Q4 25 | 10.2% | 46.1% | ||
| Q3 25 | 7.9% | 42.4% | ||
| Q2 25 | 9.4% | 38.8% | ||
| Q1 25 | — | 40.6% | ||
| Q4 24 | — | 40.9% | ||
| Q3 24 | — | 41.3% | ||
| Q2 24 | — | 38.9% | ||
| Q1 24 | — | 45.2% |
每股收益（稀释后）DOCUUTHR
| Q4 25 | $0.40 | $7.66 | ||
| Q3 25 | $0.30 | $7.16 | ||
| Q2 25 | $0.34 | $6.41 | ||
| Q1 25 | — | $6.63 | ||
| Q4 24 | — | $6.23 | ||
| Q3 24 | — | $6.39 | ||
| Q2 24 | — | $5.85 | ||
| Q1 24 | — | $6.17 |
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 | $2.9B |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.0B | $7.1B |
| 总资产 | $4.0B | $7.9B |
| 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DOCUUTHR
| Q4 25 | $583.3M | $2.9B | ||
| Q3 25 | $600.0M | $2.8B | ||
| Q2 25 | $657.4M | $3.0B | ||
| Q1 25 | — | $3.3B | ||
| Q4 24 | — | $3.3B | ||
| Q3 24 | — | $3.3B | ||
| Q2 24 | — | $3.0B | ||
| Q1 24 | — | $2.7B |
股东权益DOCUUTHR
| Q4 25 | $2.0B | $7.1B | ||
| Q3 25 | $2.0B | $6.6B | ||
| Q2 25 | $2.0B | $7.2B | ||
| Q1 25 | — | $6.8B | ||
| Q4 24 | — | $6.4B | ||
| Q3 24 | — | $6.1B | ||
| Q2 24 | — | $5.7B | ||
| Q1 24 | — | $5.3B |
总资产DOCUUTHR
| Q4 25 | $4.0B | $7.9B | ||
| Q3 25 | $3.9B | $7.4B | ||
| Q2 25 | $3.9B | $7.9B | ||
| Q1 25 | — | $7.7B | ||
| Q4 24 | — | $7.4B | ||
| Q3 24 | — | $7.1B | ||
| Q2 24 | — | $6.7B | ||
| Q1 24 | — | $6.5B |
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 | $346.2M |
| 自由现金流经营现金流 - 资本支出 | $262.9M | $173.3M |
| 自由现金流率自由现金流/营收 | 32.1% | 21.9% |
| 资本支出强度资本支出/营收 | 3.3% | 21.9% |
| 现金转化率经营现金流/净利润 | 3.47× | 0.95× |
| 过去12个月自由现金流最近4个季度 | — | $1.0B |
8季度趋势，按日历期对齐
经营现金流DOCUUTHR
| Q4 25 | $290.3M | $346.2M | ||
| Q3 25 | $246.1M | $562.1M | ||
| Q2 25 | $251.4M | $191.7M | ||
| Q1 25 | — | $461.2M | ||
| Q4 24 | — | $341.2M | ||
| Q3 24 | — | $377.2M | ||
| Q2 24 | — | $232.2M | ||
| Q1 24 | — | $376.5M |
自由现金流DOCUUTHR
| Q4 25 | $262.9M | $173.3M | ||
| Q3 25 | $217.6M | $351.6M | ||
| Q2 25 | $227.8M | $129.5M | ||
| Q1 25 | — | $386.3M | ||
| Q4 24 | — | $254.5M | ||
| Q3 24 | — | $300.7M | ||
| Q2 24 | — | $187.1M | ||
| Q1 24 | — | $338.3M |
自由现金流率DOCUUTHR
| Q4 25 | 32.1% | 21.9% | ||
| Q3 25 | 27.2% | 44.0% | ||
| Q2 25 | 29.8% | 16.2% | ||
| Q1 25 | — | 48.6% | ||
| Q4 24 | — | 34.6% | ||
| Q3 24 | — | 40.2% | ||
| Q2 24 | — | 26.2% | ||
| Q1 24 | — | 49.9% |
资本支出强度DOCUUTHR
| Q4 25 | 3.3% | 21.9% | ||
| Q3 25 | 3.6% | 26.3% | ||
| Q2 25 | 3.1% | 7.8% | ||
| Q1 25 | — | 9.4% | ||
| Q4 24 | — | 11.8% | ||
| Q3 24 | — | 10.2% | ||
| Q2 24 | — | 6.3% | ||
| Q1 24 | — | 5.6% |
现金转化率DOCUUTHR
| Q4 25 | 3.47× | 0.95× | ||
| Q3 25 | 3.91× | 1.66× | ||
| Q2 25 | 3.49× | 0.62× | ||
| Q1 25 | — | 1.43× | ||
| Q4 24 | — | 1.13× | ||
| Q3 24 | — | 1.22× | ||
| Q2 24 | — | 0.83× | ||
| Q1 24 | — | 1.23× |
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% |
UTHR
| Tyvaso DPI | $338.6M | 43% |
| Remodulin | $128.0M | 16% |
| Nebulized Tyvaso | $125.7M | 16% |
| Orenitram | $121.2M | 15% |
| Unituxin | $62.3M | 8% |
| Adcirca | $7.8M | 1% |
| Other | $6.6M | 1% |
