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DOCUSIGN, INC.（DOCU）与WATSCO INC（WSO）财务数据对比。点击上方公司名可切换其他公司
WATSCO INC的季度营收约是DOCUSIGN, INC.的1.9倍（$1.6B vs $818.4M），DOCUSIGN, INC.净利率更高（10.2% vs 4.5%，领先5.7%），DOCUSIGN, INC.同比增速更快（8.4% vs -10.0%），WATSCO INC自由现金流更多（$388.5M 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。
Watsco Inc.是美国暖通空调、供暖及制冷（HVAC/R）设备及相关零部件、耗材的专业分销商。公司成立至今已超60年，最初主营HVAC/R行业相关零部件、工具制造业务，1989年通过收购佛罗里达州南部的瑞姆品牌分销商Gemaire Distributors Inc，正式从制造赛道转向分销领域。
DOCU vs WSO — 直观对比
营收规模更大
WSO
是对方的1.9倍
$818.4M
营收增速更快
DOCU
高出18.4%
-10.0%
净利率更高
DOCU
高出5.7%
4.5%
自由现金流更多
WSO
多$125.6M
$262.9M
损益表 — Q3 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $818.4M | $1.6B |
| 净利润 | $83.7M | $71.7M |
| 毛利率 | 79.2% | 27.1% |
| 营业利润率 | 10.4% | 6.4% |
| 净利率 | 10.2% | 4.5% |
| 营收同比 | 8.4% | -10.0% |
| 净利润同比 | 34.1% | -25.9% |
| 每股收益（稀释后） | $0.40 | $1.82 |
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DOCUWSO
| Q4 25 | $818.4M | $1.6B | ||
| Q3 25 | $800.6M | $2.1B | ||
| Q2 25 | $763.7M | $2.1B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | — | $1.8B | ||
| Q3 24 | — | $2.2B | ||
| Q2 24 | — | $2.1B | ||
| Q1 24 | — | $1.6B |
净利润DOCUWSO
| Q4 25 | $83.7M | $71.7M | ||
| Q3 25 | $63.0M | $161.6M | ||
| Q2 25 | $72.1M | $183.6M | ||
| Q1 25 | — | $80.1M | ||
| Q4 24 | — | $96.8M | ||
| Q3 24 | — | $171.0M | ||
| Q2 24 | — | $181.4M | ||
| Q1 24 | — | $87.0M |
毛利率DOCUWSO
| Q4 25 | 79.2% | 27.1% | ||
| Q3 25 | 79.3% | 27.5% | ||
| Q2 25 | 79.4% | 29.3% | ||
| Q1 25 | — | 28.1% | ||
| Q4 24 | — | 26.7% | ||
| Q3 24 | — | 26.2% | ||
| Q2 24 | — | 27.1% | ||
| Q1 24 | — | 27.5% |
营业利润率DOCUWSO
| Q4 25 | 10.4% | 6.4% | ||
| Q3 25 | 8.1% | 11.4% | ||
| Q2 25 | 7.9% | 13.2% | ||
| Q1 25 | — | 7.3% | ||
| Q4 24 | — | 7.8% | ||
| Q3 24 | — | 11.6% | ||
| Q2 24 | — | 12.6% | ||
| Q1 24 | — | 8.1% |
净利率DOCUWSO
| Q4 25 | 10.2% | 4.5% | ||
| Q3 25 | 7.9% | 7.8% | ||
| Q2 25 | 9.4% | 8.9% | ||
| Q1 25 | — | 5.2% | ||
| Q4 24 | — | 5.5% | ||
| Q3 24 | — | 7.9% | ||
| Q2 24 | — | 8.5% | ||
| Q1 24 | — | 5.6% |
每股收益（稀释后）DOCUWSO
| Q4 25 | $0.40 | $1.82 | ||
| Q3 25 | $0.30 | $3.98 | ||
| Q2 25 | $0.34 | $4.52 | ||
| Q1 25 | — | $1.93 | ||
| Q4 24 | — | $2.42 | ||
| Q3 24 | — | $4.22 | ||
| Q2 24 | — | $4.49 | ||
| Q1 24 | — | $2.17 |
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 | $733.3M |
| 总债务越低越好 | — | $361.6M |
| 股东权益账面价值 | $2.0B | $2.8B |
| 总资产 | $4.0B | $4.4B |
| 负债/权益比越低杠杆越低 | — | 0.13× |
8季度趋势，按日历期对齐
现金及短期投资DOCUWSO
| Q4 25 | $583.3M | $733.3M | ||
| Q3 25 | $600.0M | $524.3M | ||
| Q2 25 | $657.4M | $293.0M | ||
| Q1 25 | — | $431.8M | ||
| Q4 24 | — | $781.9M | ||
| Q3 24 | — | $550.0M | ||
| Q2 24 | — | $424.9M | ||
| Q1 24 | — | $478.9M |
总债务DOCUWSO
| Q4 25 | — | $361.6M | ||
| Q3 25 | — | $340.8M | ||
| Q2 25 | — | $338.7M | ||
| Q1 25 | — | $346.4M | ||
| Q4 24 | — | $337.2M | ||
| Q3 24 | — | $321.0M | ||
| Q2 24 | — | $307.1M | ||
| Q1 24 | — | $306.3M |
股东权益DOCUWSO
| Q4 25 | $2.0B | $2.8B | ||
| Q3 25 | $2.0B | $2.8B | ||
| Q2 25 | $2.0B | $2.8B | ||
| Q1 25 | — | $2.7B | ||
| Q4 24 | — | $2.7B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.6B | ||
| Q1 24 | — | $2.5B |
总资产DOCUWSO
| Q4 25 | $4.0B | $4.4B | ||
| Q3 25 | $3.9B | $4.6B | ||
| Q2 25 | $3.9B | $4.7B | ||
| Q1 25 | — | $4.5B | ||
| Q4 24 | — | $4.5B | ||
| Q3 24 | — | $4.5B | ||
| Q2 24 | — | $4.4B | ||
| Q1 24 | — | $4.4B |
负债/权益比DOCUWSO
| Q4 25 | — | 0.13× | ||
| Q3 25 | — | 0.12× | ||
| Q2 25 | — | 0.12× | ||
| Q1 25 | — | 0.13× | ||
| Q4 24 | — | 0.13× | ||
| Q3 24 | — | 0.12× | ||
| Q2 24 | — | 0.12× | ||
| Q1 24 | — | 0.12× |
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 | $399.8M |
| 自由现金流经营现金流 - 资本支出 | $262.9M | $388.5M |
| 自由现金流率自由现金流/营收 | 32.1% | 24.6% |
| 资本支出强度资本支出/营收 | 3.3% | 0.7% |
| 现金转化率经营现金流/净利润 | 3.47× | 5.57× |
| 过去12个月自由现金流最近4个季度 | — | $535.1M |
8季度趋势，按日历期对齐
经营现金流DOCUWSO
| Q4 25 | $290.3M | $399.8M | ||
| Q3 25 | $246.1M | $354.9M | ||
| Q2 25 | $251.4M | $-7.4M | ||
| Q1 25 | — | $-177.6M | ||
| Q4 24 | — | $378.9M | ||
| Q3 24 | — | $232.8M | ||
| Q2 24 | — | $57.7M | ||
| Q1 24 | — | $103.7M |
自由现金流DOCUWSO
| Q4 25 | $262.9M | $388.5M | ||
| Q3 25 | $217.6M | $346.1M | ||
| Q2 25 | $227.8M | $-14.3M | ||
| Q1 25 | — | $-185.2M | ||
| Q4 24 | — | $370.9M | ||
| Q3 24 | — | $223.0M | ||
| Q2 24 | — | $51.3M | ||
| Q1 24 | — | $97.9M |
自由现金流率DOCUWSO
| Q4 25 | 32.1% | 24.6% | ||
| Q3 25 | 27.2% | 16.7% | ||
| Q2 25 | 29.8% | -0.7% | ||
| Q1 25 | — | -12.1% | ||
| Q4 24 | — | 21.1% | ||
| Q3 24 | — | 10.3% | ||
| Q2 24 | — | 2.4% | ||
| Q1 24 | — | 6.3% |
资本支出强度DOCUWSO
| Q4 25 | 3.3% | 0.7% | ||
| Q3 25 | 3.6% | 0.4% | ||
| Q2 25 | 3.1% | 0.3% | ||
| Q1 25 | — | 0.5% | ||
| Q4 24 | — | 0.5% | ||
| Q3 24 | — | 0.5% | ||
| Q2 24 | — | 0.3% | ||
| Q1 24 | — | 0.4% |
现金转化率DOCUWSO
| Q4 25 | 3.47× | 5.57× | ||
| Q3 25 | 3.91× | 2.20× | ||
| Q2 25 | 3.49× | -0.04× | ||
| Q1 25 | — | -2.22× | ||
| Q4 24 | — | 3.91× | ||
| Q3 24 | — | 1.36× | ||
| Q2 24 | — | 0.32× | ||
| Q1 24 | — | 1.19× |
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% |
WSO
暂无分部数据
