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DOCUSIGN, INC.（DOCU）与沃特世（WAT）财务数据对比。点击上方公司名可切换其他公司
沃特世的季度营收约是DOCUSIGN, INC.的1.1倍（$932.4M vs $818.4M），沃特世净利率更高（24.2% vs 10.2%，领先13.9%），DOCUSIGN, INC.同比增速更快（8.4% vs 6.8%）
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。
沃特世是总部位于美国马萨诸塞州米尔福德的企业，面向生命科学、材料、食品等行业，提供色谱、质谱、实验室信息学、流变测量领域所用的分析仪器及配套软件，为各领域的检测、研发等工作提供可靠技术支持。
DOCU vs WAT — 直观对比
营收规模更大
WAT
是对方的1.1倍
$818.4M
营收增速更快
DOCU
高出1.6%
6.8%
净利率更高
WAT
高出13.9%
10.2%
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $818.4M | $932.4M |
| 净利润 | $83.7M | $225.2M |
| 毛利率 | 79.2% | 61.1% |
| 营业利润率 | 10.4% | 29.0% |
| 净利率 | 10.2% | 24.2% |
| 营收同比 | 8.4% | 6.8% |
| 净利润同比 | 34.1% | -2.7% |
| 每股收益（稀释后） | $0.40 | $3.76 |
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DOCUWAT
| Q4 25 | $818.4M | $932.4M | ||
| Q3 25 | $800.6M | $799.9M | ||
| Q2 25 | $763.7M | $771.3M | ||
| Q1 25 | — | $661.7M | ||
| Q4 24 | — | $872.7M | ||
| Q3 24 | — | $740.3M | ||
| Q2 24 | — | $708.5M | ||
| Q1 24 | — | $636.8M |
净利润DOCUWAT
| Q4 25 | $83.7M | $225.2M | ||
| Q3 25 | $63.0M | $148.9M | ||
| Q2 25 | $72.1M | $147.1M | ||
| Q1 25 | — | $121.4M | ||
| Q4 24 | — | $231.4M | ||
| Q3 24 | — | $161.5M | ||
| Q2 24 | — | $142.7M | ||
| Q1 24 | — | $102.2M |
毛利率DOCUWAT
| Q4 25 | 79.2% | 61.1% | ||
| Q3 25 | 79.3% | 59.0% | ||
| Q2 25 | 79.4% | 58.3% | ||
| Q1 25 | — | 58.2% | ||
| Q4 24 | — | 60.1% | ||
| Q3 24 | — | 59.3% | ||
| Q2 24 | — | 59.3% | ||
| Q1 24 | — | 58.9% |
营业利润率DOCUWAT
| Q4 25 | 10.4% | 29.0% | ||
| Q3 25 | 8.1% | 24.0% | ||
| Q2 25 | 7.9% | 24.4% | ||
| Q1 25 | — | 22.9% | ||
| Q4 24 | — | 33.5% | ||
| Q3 24 | — | 28.5% | ||
| Q2 24 | — | 26.7% | ||
| Q1 24 | — | 21.0% |
净利率DOCUWAT
| Q4 25 | 10.2% | 24.2% | ||
| Q3 25 | 7.9% | 18.6% | ||
| Q2 25 | 9.4% | 19.1% | ||
| Q1 25 | — | 18.3% | ||
| Q4 24 | — | 26.5% | ||
| Q3 24 | — | 21.8% | ||
| Q2 24 | — | 20.1% | ||
| Q1 24 | — | 16.0% |
每股收益（稀释后）DOCUWAT
| Q4 25 | $0.40 | $3.76 | ||
| Q3 25 | $0.30 | $2.50 | ||
| Q2 25 | $0.34 | $2.47 | ||
| Q1 25 | — | $2.03 | ||
| Q4 24 | — | $3.88 | ||
| Q3 24 | — | $2.71 | ||
| Q2 24 | — | $2.40 | ||
| Q1 24 | — | $1.72 |
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 | $587.8M |
| 总债务越低越好 | — | $1.4B |
| 股东权益账面价值 | $2.0B | $2.6B |
| 总资产 | $4.0B | $5.1B |
| 负债/权益比越低杠杆越低 | — | 0.55× |
8季度趋势，按日历期对齐
现金及短期投资DOCUWAT
| Q4 25 | $583.3M | $587.8M | ||
| Q3 25 | $600.0M | $459.1M | ||
| Q2 25 | $657.4M | $367.2M | ||
| Q1 25 | — | $382.9M | ||
| Q4 24 | — | $325.4M | ||
| Q3 24 | — | $331.5M | ||
| Q2 24 | — | $327.4M | ||
| Q1 24 | — | $338.2M |
总债务DOCUWAT
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
股东权益DOCUWAT
| Q4 25 | $2.0B | $2.6B | ||
| Q3 25 | $2.0B | $2.3B | ||
| Q2 25 | $2.0B | $2.2B | ||
| Q1 25 | — | $2.0B | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | — | $1.6B | ||
| Q2 24 | — | $1.4B | ||
| Q1 24 | — | $1.3B |
总资产DOCUWAT
| Q4 25 | $4.0B | $5.1B | ||
| Q3 25 | $3.9B | $4.9B | ||
| Q2 25 | $3.9B | $4.7B | ||
| Q1 25 | — | $4.6B | ||
| Q4 24 | — | $4.6B | ||
| Q3 24 | — | $4.5B | ||
| Q2 24 | — | $4.4B | ||
| Q1 24 | — | $4.5B |
负债/权益比DOCUWAT
| Q4 25 | — | 0.55× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.89× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $164.6M |
| 自由现金流经营现金流 - 资本支出 | $262.9M | — |
| 自由现金流率自由现金流/营收 | 32.1% | — |
| 资本支出强度资本支出/营收 | 3.3% | — |
| 现金转化率经营现金流/净利润 | 3.47× | 0.73× |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流DOCUWAT
| Q4 25 | $290.3M | $164.6M | ||
| Q3 25 | $246.1M | $187.3M | ||
| Q2 25 | $251.4M | $41.1M | ||
| Q1 25 | — | $259.6M | ||
| Q4 24 | — | $240.1M | ||
| Q3 24 | — | $204.6M | ||
| Q2 24 | — | $54.5M | ||
| Q1 24 | — | $262.9M |
自由现金流DOCUWAT
| Q4 25 | $262.9M | — | ||
| Q3 25 | $217.6M | — | ||
| Q2 25 | $227.8M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
自由现金流率DOCUWAT
| Q4 25 | 32.1% | — | ||
| Q3 25 | 27.2% | — | ||
| Q2 25 | 29.8% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
资本支出强度DOCUWAT
| Q4 25 | 3.3% | — | ||
| Q3 25 | 3.6% | — | ||
| Q2 25 | 3.1% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
现金转化率DOCUWAT
| Q4 25 | 3.47× | 0.73× | ||
| Q3 25 | 3.91× | 1.26× | ||
| Q2 25 | 3.49× | 0.28× | ||
| Q1 25 | — | 2.14× | ||
| Q4 24 | — | 1.04× | ||
| Q3 24 | — | 1.27× | ||
| Q2 24 | — | 0.38× | ||
| Q1 24 | — | 2.57× |
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% |
WAT
暂无分部数据
