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DOCUSIGN, INC.（DOCU）与沃茨水工业（WTS）财务数据对比。点击上方公司名可切换其他公司
DOCUSIGN, INC.的季度营收约是沃茨水工业的1.2倍（$818.4M vs $677.3M），沃茨水工业净利率更高（14.7% vs 10.2%，领先4.5%），沃茨水工业同比增速更快（21.4% vs 8.4%），DOCUSIGN, INC.自由现金流更多（$262.9M vs $6.6M）
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。
沃茨水工业旗下AERCO是暖通管道领域的商用冷凝锅炉、高效热水设备及能量回收系统供应商，服务覆盖教育、住宿、政府、办公楼、医疗、工业、多户型住宅等多元市场，1949年推出行业首款半即热式无罐蒸汽热水器，1988年推出首款冷凝全调制设备。
DOCU vs WTS — 直观对比
营收规模更大
DOCU
是对方的1.2倍
$677.3M
营收增速更快
WTS
高出13.0%
8.4%
净利率更高
WTS
高出4.5%
10.2%
自由现金流更多
DOCU
多$256.3M
$6.6M
损益表 — Q3 FY2026 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $818.4M | $677.3M |
| 净利润 | $83.7M | $99.6M |
| 毛利率 | 79.2% | 48.1% |
| 营业利润率 | 10.4% | 19.6% |
| 净利率 | 10.2% | 14.7% |
| 营收同比 | 8.4% | 21.4% |
| 净利润同比 | 34.1% | 34.6% |
| 每股收益（稀释后） | $0.40 | $2.97 |
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DOCUWTS
| Q1 26 | — | $677.3M | ||
| Q4 25 | $818.4M | $625.1M | ||
| Q3 25 | $800.6M | $611.7M | ||
| Q2 25 | $763.7M | $643.7M | ||
| Q1 25 | — | $558.0M | ||
| Q4 24 | — | $540.4M | ||
| Q3 24 | — | $543.6M | ||
| Q2 24 | — | $597.3M |
净利润DOCUWTS
| Q1 26 | — | $99.6M | ||
| Q4 25 | $83.7M | $83.7M | ||
| Q3 25 | $63.0M | $82.2M | ||
| Q2 25 | $72.1M | $100.9M | ||
| Q1 25 | — | $74.0M | ||
| Q4 24 | — | $67.5M | ||
| Q3 24 | — | $69.1M | ||
| Q2 24 | — | $82.0M |
毛利率DOCUWTS
| Q1 26 | — | 48.1% | ||
| Q4 25 | 79.2% | 49.5% | ||
| Q3 25 | 79.3% | 48.8% | ||
| Q2 25 | 79.4% | 50.6% | ||
| Q1 25 | — | 48.8% | ||
| Q4 24 | — | 46.7% | ||
| Q3 24 | — | 47.3% | ||
| Q2 24 | — | 47.7% |
营业利润率DOCUWTS
| Q1 26 | — | 19.6% | ||
| Q4 25 | 10.4% | 18.2% | ||
| Q3 25 | 8.1% | 18.2% | ||
| Q2 25 | 7.9% | 21.0% | ||
| Q1 25 | — | 15.7% | ||
| Q4 24 | — | 16.5% | ||
| Q3 24 | — | 17.1% | ||
| Q2 24 | — | 18.7% |
净利率DOCUWTS
| Q1 26 | — | 14.7% | ||
| Q4 25 | 10.2% | 13.4% | ||
| Q3 25 | 7.9% | 13.4% | ||
| Q2 25 | 9.4% | 15.7% | ||
| Q1 25 | — | 13.3% | ||
| Q4 24 | — | 12.5% | ||
| Q3 24 | — | 12.7% | ||
| Q2 24 | — | 13.7% |
每股收益（稀释后）DOCUWTS
| Q1 26 | — | $2.97 | ||
| Q4 25 | $0.40 | $2.50 | ||
| Q3 25 | $0.30 | $2.45 | ||
| Q2 25 | $0.34 | $3.01 | ||
| Q1 25 | — | $2.21 | ||
| Q4 24 | — | $2.02 | ||
| Q3 24 | — | $2.06 | ||
| Q2 24 | — | $2.44 |
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 | $374.7M |
| 总债务越低越好 | — | $197.8M |
| 股东权益账面价值 | $2.0B | $2.1B |
| 总资产 | $4.0B | $2.9B |
| 负债/权益比越低杠杆越低 | — | 0.09× |
8季度趋势，按日历期对齐
现金及短期投资DOCUWTS
| Q1 26 | — | $374.7M | ||
| Q4 25 | $583.3M | $405.5M | ||
| Q3 25 | $600.0M | $457.7M | ||
| Q2 25 | $657.4M | $369.3M | ||
| Q1 25 | — | $336.8M | ||
| Q4 24 | — | $386.9M | ||
| Q3 24 | — | $303.9M | ||
| Q2 24 | — | $279.4M |
总债务DOCUWTS
| Q1 26 | — | $197.8M | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
股东权益DOCUWTS
| Q1 26 | — | $2.1B | ||
| Q4 25 | $2.0B | $2.0B | ||
| Q3 25 | $2.0B | $2.0B | ||
| Q2 25 | $2.0B | $1.9B | ||
| Q1 25 | — | $1.8B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $1.7B | ||
| Q2 24 | — | $1.6B |
总资产DOCUWTS
| Q1 26 | — | $2.9B | ||
| Q4 25 | $4.0B | $2.9B | ||
| Q3 25 | $3.9B | $2.7B | ||
| Q2 25 | $3.9B | $2.6B | ||
| Q1 25 | — | $2.5B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | — | $2.4B | ||
| Q2 24 | — | $2.4B |
负债/权益比DOCUWTS
| Q1 26 | — | 0.09× | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 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 | $17.9M |
| 自由现金流经营现金流 - 资本支出 | $262.9M | $6.6M |
| 自由现金流率自由现金流/营收 | 32.1% | 1.0% |
| 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× | 0.18× |
| 过去12个月自由现金流最近4个季度 | — | $317.3M |
8季度趋势，按日历期对齐
经营现金流DOCUWTS
| Q1 26 | — | $17.9M | ||
| Q4 25 | $290.3M | $154.7M | ||
| Q3 25 | $246.1M | $122.4M | ||
| Q2 25 | $251.4M | $69.7M | ||
| Q1 25 | — | $55.2M | ||
| Q4 24 | — | $139.5M | ||
| Q3 24 | — | $90.7M | ||
| Q2 24 | — | $85.3M |
自由现金流DOCUWTS
| Q1 26 | — | $6.6M | ||
| Q4 25 | $262.9M | $140.3M | ||
| Q3 25 | $217.6M | $110.9M | ||
| Q2 25 | $227.8M | $59.5M | ||
| Q1 25 | — | $45.6M | ||
| Q4 24 | — | $127.5M | ||
| Q3 24 | — | $84.3M | ||
| Q2 24 | — | $78.5M |
自由现金流率DOCUWTS
| Q1 26 | — | 1.0% | ||
| Q4 25 | 32.1% | 22.4% | ||
| Q3 25 | 27.2% | 18.1% | ||
| Q2 25 | 29.8% | 9.2% | ||
| Q1 25 | — | 8.2% | ||
| Q4 24 | — | 23.6% | ||
| Q3 24 | — | 15.5% | ||
| Q2 24 | — | 13.1% |
资本支出强度DOCUWTS
| Q1 26 | — | — | ||
| Q4 25 | 3.3% | 2.3% | ||
| Q3 25 | 3.6% | 1.9% | ||
| Q2 25 | 3.1% | 1.6% | ||
| Q1 25 | — | 1.7% | ||
| Q4 24 | — | 2.2% | ||
| Q3 24 | — | 1.2% | ||
| Q2 24 | — | 1.1% |
现金转化率DOCUWTS
| Q1 26 | — | 0.18× | ||
| Q4 25 | 3.47× | 1.85× | ||
| Q3 25 | 3.91× | 1.49× | ||
| Q2 25 | 3.49× | 0.69× | ||
| Q1 25 | — | 0.75× | ||
| Q4 24 | — | 2.07× | ||
| Q3 24 | — | 1.31× | ||
| Q2 24 | — | 1.04× |
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% |
WTS
| segment net | $517.8M | 76% |
| Other | $159.5M | 24% |
