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DOCUSIGN, INC.（DOCU）与MARRIOTT VACATIONS WORLDWIDE Corp（VAC）财务数据对比。点击上方公司名可切换其他公司
MARRIOTT VACATIONS WORLDWIDE Corp的季度营收约是DOCUSIGN, INC.的1.5倍（$1.2B vs $818.4M），DOCUSIGN, INC.净利率更高（10.2% vs -35.0%，领先45.2%），DOCUSIGN, INC.同比增速更快（8.4% vs -0.7%），DOCUSIGN, INC.自由现金流更多（$262.9M vs $-6.0M）
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。
万豪度假环球集团是专注于分时度假业务的公众企业，原为万豪国际集团旗下业务板块，2011年11月分拆为独立上市公司，核心业务为度假所有权运营。目前集团运营超过120家度假村，在万豪度假俱乐部品牌矩阵下拥有超70万名业主及会员，产品覆盖多个度假消费场景。
DOCU vs VAC — 直观对比
营收规模更大
VAC
是对方的1.5倍
$818.4M
营收增速更快
DOCU
高出9.1%
-0.7%
净利率更高
DOCU
高出45.2%
-35.0%
自由现金流更多
DOCU
多$268.9M
$-6.0M
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $818.4M | $1.2B |
| 净利润 | $83.7M | $-431.0M |
| 毛利率 | 79.2% | — |
| 营业利润率 | 10.4% | — |
| 净利率 | 10.2% | -35.0% |
| 营收同比 | 8.4% | -0.7% |
| 净利润同比 | 34.1% | -962.0% |
| 每股收益（稀释后） | $0.40 | $-12.00 |
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DOCUVAC
| Q4 25 | $818.4M | $1.2B | ||
| Q3 25 | $800.6M | $1.2B | ||
| Q2 25 | $763.7M | $1.2B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | $1.2B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | — | $1.1B |
净利润DOCUVAC
| Q4 25 | $83.7M | $-431.0M | ||
| Q3 25 | $63.0M | $-2.0M | ||
| Q2 25 | $72.1M | $69.0M | ||
| Q1 25 | — | $56.0M | ||
| Q4 24 | — | $50.0M | ||
| Q3 24 | — | $84.0M | ||
| Q2 24 | — | $37.0M | ||
| Q1 24 | — | $47.0M |
毛利率DOCUVAC
| 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DOCUVAC
| Q4 25 | 10.4% | — | ||
| Q3 25 | 8.1% | — | ||
| Q2 25 | 7.9% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
净利率DOCUVAC
| Q4 25 | 10.2% | -35.0% | ||
| Q3 25 | 7.9% | -0.2% | ||
| Q2 25 | 9.4% | 6.0% | ||
| Q1 25 | — | 5.0% | ||
| Q4 24 | — | 4.0% | ||
| Q3 24 | — | 6.9% | ||
| Q2 24 | — | 3.5% | ||
| Q1 24 | — | 4.2% |
每股收益（稀释后）DOCUVAC
| Q4 25 | $0.40 | $-12.00 | ||
| Q3 25 | $0.30 | $-0.07 | ||
| Q2 25 | $0.34 | $1.77 | ||
| Q1 25 | — | $1.46 | ||
| Q4 24 | — | $1.29 | ||
| Q3 24 | — | $2.12 | ||
| Q2 24 | — | $0.98 | ||
| Q1 24 | — | $1.22 |
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 | $406.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $2.0B | $2.0B |
| 总资产 | $4.0B | $9.8B |
| 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DOCUVAC
| Q4 25 | $583.3M | $406.0M | ||
| Q3 25 | $600.0M | $474.0M | ||
| Q2 25 | $657.4M | $205.0M | ||
| Q1 25 | — | $196.0M | ||
| Q4 24 | — | $197.0M | ||
| Q3 24 | — | $197.0M | ||
| Q2 24 | — | $206.0M | ||
| Q1 24 | — | $237.0M |
股东权益DOCUVAC
| Q4 25 | $2.0B | $2.0B | ||
| Q3 25 | $2.0B | $2.5B | ||
| Q2 25 | $2.0B | $2.5B | ||
| Q1 25 | — | $2.4B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | — | $2.4B | ||
| Q2 24 | — | $2.4B | ||
| Q1 24 | — | $2.4B |
总资产DOCUVAC
| Q4 25 | $4.0B | $9.8B | ||
| Q3 25 | $3.9B | $10.1B | ||
| Q2 25 | $3.9B | $9.9B | ||
| Q1 25 | — | $9.9B | ||
| Q4 24 | — | $9.8B | ||
| Q3 24 | — | $9.7B | ||
| Q2 24 | — | $9.6B | ||
| Q1 24 | — | $9.9B |
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 | $6.0M |
| 自由现金流经营现金流 - 资本支出 | $262.9M | $-6.0M |
| 自由现金流率自由现金流/营收 | 32.1% | -0.5% |
| 资本支出强度资本支出/营收 | 3.3% | 1.0% |
| 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 | — | $-29.0M |
8季度趋势，按日历期对齐
经营现金流DOCUVAC
| Q4 25 | $290.3M | $6.0M | ||
| Q3 25 | $246.1M | $62.0M | ||
| Q2 25 | $251.4M | $-48.0M | ||
| Q1 25 | — | $8.0M | ||
| Q4 24 | — | $100.0M | ||
| Q3 24 | — | $72.0M | ||
| Q2 24 | — | $30.0M | ||
| Q1 24 | — | $3.0M |
自由现金流DOCUVAC
| Q4 25 | $262.9M | $-6.0M | ||
| Q3 25 | $217.6M | $51.0M | ||
| Q2 25 | $227.8M | $-68.0M | ||
| Q1 25 | — | $-6.0M | ||
| Q4 24 | — | $86.0M | ||
| Q3 24 | — | $58.0M | ||
| Q2 24 | — | $17.0M | ||
| Q1 24 | — | $-13.0M |
自由现金流率DOCUVAC
| Q4 25 | 32.1% | -0.5% | ||
| Q3 25 | 27.2% | 4.3% | ||
| Q2 25 | 29.8% | -5.9% | ||
| Q1 25 | — | -0.5% | ||
| Q4 24 | — | 6.9% | ||
| Q3 24 | — | 4.8% | ||
| Q2 24 | — | 1.6% | ||
| Q1 24 | — | -1.2% |
资本支出强度DOCUVAC
| Q4 25 | 3.3% | 1.0% | ||
| Q3 25 | 3.6% | 0.9% | ||
| Q2 25 | 3.1% | 1.7% | ||
| Q1 25 | — | 1.3% | ||
| Q4 24 | — | 1.1% | ||
| Q3 24 | — | 1.1% | ||
| Q2 24 | — | 1.2% | ||
| Q1 24 | — | 1.4% |
现金转化率DOCUVAC
| Q4 25 | 3.47× | — | ||
| Q3 25 | 3.91× | — | ||
| Q2 25 | 3.49× | -0.70× | ||
| Q1 25 | — | 0.14× | ||
| Q4 24 | — | 2.00× | ||
| Q3 24 | — | 0.86× | ||
| Q2 24 | — | 0.81× | ||
| Q1 24 | — | 0.06× |
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% |
VAC
| Cost Reimbursement | $467.0M | 38% |
| Time Share | $381.0M | 31% |
| Management And Exchange | $212.0M | 17% |
| Ancillary Revenues | $64.0M | 5% |
| Management Service | $55.0M | 4% |
| Service Other | $36.0M | 3% |
