Is DocuSign Stock Undervalued?
Digital signature software business DocuSign (NASDAQ:DOCU) has been struggling over…
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Revenue | $541M | $2.1B | $2.2B | $2.4B | $2.9B | |
| Revenue Growth (YoY) | -34.35% | 55.12% | 4.35% | 12.1% | 19.75% | |
| Cost of Revenues | -- | $654M | $467M | $717M | $768M | |
| Gross Profit | -- | $1.4B | $1.7B | $1.7B | $2.2B | |
| Gross Profit Margin | -- | 68.72% | 78.6% | 70.69% | 73.78% | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | $38M | -- | -- | -- | -- | |
| Other Inc / (Exp) | -$148M | $258M | $24M | -$155M | -$60M | |
| Operating Expenses | $38M | -$562M | $552M | -$395M | -$158M | |
| Operating Income | -- | $2B | $1.2B | $2.1B | $2.3B | |
| Net Interest Expenses | -- | $372M | $455M | $582M | $715M | |
| EBT. Incl. Unusual Items | $503M | $1.6B | $655M | $1.5B | $1.6B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $19M | $29M | $55M | $20M | $73M | |
| Net Income to Company | $484M | $1.6B | $600M | $1.5B | $1.5B | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | $484M | $1.6B | $600M | $1.5B | $1.5B | |
| Basic EPS (Cont. Ops) | $1.14 | $3.51 | $1.20 | $2.75 | $2.44 | |
| Diluted EPS (Cont. Ops) | $1.14 | $3.51 | $1.19 | $2.68 | $2.44 | |
| Weighted Average Basic Share | $424M | $446M | $498M | $554M | $624M | |
| Weighted Average Diluted Share | $424M | $446M | $518M | $575M | $624M | |
| EBITDA | -- | $2B | $1.2B | $2.1B | $2.3B | |
| EBIT | $820M | $2B | $1.2B | $2.1B | $2.3B | |
| Revenue (Reported) | $541M | $2.1B | $2.2B | $2.4B | $2.9B | |
| Operating Income (Reported) | -- | $2B | $1.2B | $2.1B | $2.3B | |
| Operating Income (Adjusted) | $820M | $2B | $1.2B | $2.1B | $2.3B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $563M | $546M | $576M | $751M | $1B | |
| Revenue Growth (YoY) | 72.17% | -3.02% | 5.5% | 30.38% | 35.42% | |
| Cost of Revenues | $152M | $107M | $210M | $198M | $213M | |
| Gross Profit | $411M | $439M | $366M | $553M | $804M | |
| Gross Profit Margin | 73% | 80.4% | 63.54% | 73.64% | 79.06% | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $123M | -$22M | -$72M | -$19M | -- | |
| Operating Expenses | $6M | $192M | -$278M | -$48M | $163M | |
| Operating Income | $405M | $247M | $644M | $601M | $641M | |
| Net Interest Expenses | $94M | $120M | $145M | $195M | $209M | |
| EBT. Incl. Unusual Items | $339M | $118M | $503M | $406M | $431M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $5M | $14M | $3M | $12M | $27M | |
| Net Income to Company | $334M | $104M | $500M | $394M | $404M | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | $334M | $104M | $500M | $394M | $404M | |
| Basic EPS (Cont. Ops) | $0.74 | $0.21 | $0.89 | $0.62 | $0.57 | |
| Diluted EPS (Cont. Ops) | $0.73 | $0.20 | $0.86 | $0.62 | $0.57 | |
| Weighted Average Basic Share | $453M | $503M | $562M | $635M | $709M | |
| Weighted Average Diluted Share | $453M | $523M | $582M | $635M | $709M | |
| EBITDA | $405M | $247M | $644M | $601M | $641M | |
| EBIT | $405M | $247M | $644M | $601M | $641M | |
| Revenue (Reported) | $563M | $546M | $576M | $751M | $1B | |
| Operating Income (Reported) | $405M | $247M | $644M | $601M | $641M | |
| Operating Income (Adjusted) | $405M | $247M | $644M | $601M | $641M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $1.8B | $2.1B | $2.4B | $2.9B | $3.2B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | $602M | $510M | $652M | $765M | $770M | |
| Gross Profit | $1.2B | $1.6B | $1.7B | $2.2B | $2.5B | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $88M | $23M | -$159M | -$20M | -- | |
| Operating Expenses | -$771M | $226M | -$155M | -$157M | $277M | |
| Operating Income | $2B | $1.3B | $1.9B | $2.3B | $2.2B | |
| Net Interest Expenses | $349M | $419M | $566M | $685M | $770M | |
| EBT. Incl. Unusual Items | $1.6B | $853M | $1.3B | $1.6B | $1.4B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $28M | $45M | $29M | $53M | $64M | |
| Net Income to Company | $1.6B | $808M | $1.3B | $1.6B | $1.4B | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | $1.6B | $808M | $1.3B | $1.6B | $1.4B | |
| Basic EPS (Cont. Ops) | $3.59 | $1.70 | $2.35 | $2.62 | $1.99 | |
| Diluted EPS (Cont. Ops) | $3.58 | $1.67 | $2.28 | $2.61 | $1.99 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | $2B | $1.3B | $1.9B | $2.3B | $2.2B | |
| EBIT | $2B | $1.3B | $1.9B | $2.3B | $2.2B | |
| Revenue (Reported) | $1.8B | $2.1B | $2.4B | $2.9B | $3.2B | |
| Operating Income (Reported) | $2B | $1.3B | $1.9B | $2.3B | $2.2B | |
| Operating Income (Adjusted) | $2B | $1.3B | $1.9B | $2.3B | $2.2B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $1.5B | $1.5B | $1.7B | $2.2B | $2.5B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | $152M | $342M | $527M | $575M | $577M | |
| Gross Profit | $411M | $1.2B | $1.2B | $1.6B | $1.9B | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | $18M | -- | -- | -- | -- | |
| Other Inc / (Exp) | $258M | $23M | -$160M | -$25M | $25M | |
| Operating Expenses | $91M | $344M | -$363M | -$125M | $293M | |
| Operating Income | $405M | $844M | $1.5B | $1.8B | $1.6B | |
| Net Interest Expenses | $94M | $314M | $425M | $528M | $583M | |
| EBT. Incl. Unusual Items | $1.2B | $463M | $1.1B | $1.2B | $1.1B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $21M | $37M | $11M | $44M | $51M | |
| Net Income to Company | $1.2B | $426M | $1.1B | $1.2B | $1B | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | $1.2B | $426M | $1.1B | $1.2B | $1B | |
| Basic EPS (Cont. Ops) | $2.70 | $0.87 | $2.02 | $1.90 | $1.45 | |
| Diluted EPS (Cont. Ops) | $2.69 | $0.84 | $1.95 | $1.90 | $1.45 | |
| Weighted Average Basic Share | $1.3B | $1.5B | $1.6B | $1.8B | $2.1B | |
| Weighted Average Diluted Share | $1.3B | $1.5B | $1.7B | $1.8B | $2.1B | |
| EBITDA | $405M | $844M | $1.5B | $1.8B | $1.6B | |
| EBIT | $1.4B | $844M | $1.5B | $1.8B | $1.6B | |
| Revenue (Reported) | $1.5B | $1.5B | $1.7B | $2.2B | $2.5B | |
| Operating Income (Reported) | $405M | $844M | $1.5B | $1.8B | $1.6B | |
| Operating Income (Adjusted) | $1.4B | $844M | $1.5B | $1.8B | $1.6B | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $254M | $486M | $337M | $564M | $860M | |
| Short Term Investments | -- | -- | -- | -- | -- | |
| Accounts Receivable, Net | -- | -- | -- | -- | -- | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $477M | $708M | $517M | $825M | $1.4B | |
| Property Plant And Equipment | $38M | $27M | $20M | $10M | -- | |
| Long-Term Investments | $15.5B | $20B | $21.8B | $22.9B | $26.7B | |
| Goodwill | -- | -- | -- | -- | -- | |
| Other Intangibles | -- | -- | -- | -- | -- | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $16.2B | $20.8B | $22.4B | $23.8B | $28.3B | |
| Accounts Payable | $179M | $316M | $127M | $139M | $406M | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $447M | $853M | $1.3B | $670M | $1.1B | |
| Long-Term Debt | -- | $11.1B | $11.6B | $11.9B | $13.8B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $9B | $12B | $12.8B | $12.6B | $14.9B | |
| Common Stock | -- | -- | $1M | $1M | $1M | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | $7.2B | $8.9B | $9.6B | $11.2B | $13.4B | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | -- | -- | -- | -- | -- | |
| Total Equity | $7.2B | $8.9B | $9.6B | $11.2B | $13.4B | |
| Total Liabilities and Equity | $16.2B | $20.8B | $22.4B | $23.8B | $28.3B | |
| Cash and Short Terms | $254M | $486M | $337M | $564M | $860M | |
| Total Debt | $8.6B | $11.1B | $12.3B | $11.9B | $13.8B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $1.2B | $362M | $605M | $624M | $1.3B | |
| Short Term Investments | -- | -- | -- | -- | -- | |
| Accounts Receivable, Net | -- | -- | -- | -- | -- | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $1.3B | $543M | $864M | $1B | $1.9B | |
| Property Plant And Equipment | $31M | $21M | $13M | $7M | -- | |
| Long-Term Investments | $17.7B | $21.3B | $21.9B | $25.9B | $28.8B | |
| Goodwill | -- | -- | -- | -- | -- | |
| Other Intangibles | -- | -- | -- | -- | -- | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $19.2B | $22B | $22.9B | $27.1B | $30.8B | |
| Accounts Payable | $219M | $217M | $86M | $164M | -- | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $581M | $674M | $538M | $782M | $854M | |
| Long-Term Debt | $10B | $11.9B | $11.6B | $13.5B | $15.6B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $10.6B | $12.6B | $12.1B | $14.3B | $16.5B | |
| Common Stock | -- | -- | $1M | $1M | $1M | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | -- | -- | -- | -- | -- | |
| Total Equity | $8.5B | $9.4B | $10.8B | $12.8B | $14.3B | |
| Total Liabilities and Equity | $19.2B | $22B | $22.9B | $27.1B | $30.8B | |
| Cash and Short Terms | $1.2B | $362M | $605M | $624M | $1.3B | |
| Total Debt | $10B | $11.9B | $11.6B | $13.5B | $15.6B | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $484M | $1.6B | $600M | $1.5B | $1.5B | |
| Depreciation & Amoritzation | -- | -- | -- | -- | -- | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -$26M | $56M | -$114M | -$65M | $89M | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -$580M | $935M | $746M | $1B | $1.3B | |
| Capital Expenditures | -- | -- | -- | -- | -- | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -- | -$3.4B | -$2.1B | -$489M | -$3.4B | |
| Dividends Paid (Ex Special Dividend) | -$679M | $694M | $912M | $1B | $1.1B | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $8.3B | $19.4B | $8B | $5.2B | $13.2B | |
| Long-Term Debt Repaid | -$6.7B | -$16.8B | -$6.8B | -$5.6B | -$11B | |
| Repurchase of Common Stock | -$100M | -- | -- | -- | -- | |
| Other Financing Activities | -- | -- | -- | -- | -- | |
| Cash From Financing | $730M | $2.6B | $1.2B | -$284M | $2.4B | |
| Beginning Cash (CF) | $176M | $486M | $337M | $564M | $860M | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $150M | $160M | -$149M | $227M | $296M | |
| Ending Cash (CF) | $326M | $646M | $188M | $791M | $1.2B | |
| Levered Free Cash Flow | -$580M | $935M | $746M | $1B | $1.3B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $334M | $104M | $500M | $394M | $404M | |
| Depreciation & Amoritzation | -- | -- | -- | -- | -- | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | $34M | -$19M | -$20M | $24M | $35M | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $264M | $262M | $280M | $337M | $365M | |
| Capital Expenditures | -- | -- | -- | -- | -- | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -$259M | -$242M | -$234M | -$858M | -$1.1B | |
| Dividends Paid (Ex Special Dividend) | $179M | $234M | $254M | $287M | $320M | |
| Special Dividend Paid | -- | $30K | -- | -- | -- | |
| Long-Term Debt Issued | $3.9B | $1.4B | $1.1B | $2.9B | -- | |
| Long-Term Debt Repaid | -$3.3B | -$1.4B | -$964M | -$2.4B | -- | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | -- | -- | -- | -- | -- | |
| Cash From Financing | $774M | $81M | $106M | $464M | $1.4B | |
| Beginning Cash (CF) | $1.2B | $362M | $605M | $624M | $1.3B | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $779M | $101M | $152M | -$57M | $590M | |
| Ending Cash (CF) | $2B | $463M | $757M | $567M | $1.8B | |
| Levered Free Cash Flow | $264M | $262M | $280M | $337M | $365M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $1.6B | $808M | $1.3B | $1.6B | $1.4B | |
| Depreciation & Amoritzation | -- | -- | -- | -- | -- | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | $77M | $3M | -$131M | -$50M | $149M | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $889M | $823M | $960M | $1.2B | $1.3B | |
| Capital Expenditures | -- | -- | -- | -- | -- | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -$2.3B | -$3.6B | -$450M | -$3.4B | -$2.9B | |
| Dividends Paid (Ex Special Dividend) | $681M | $847M | $1B | $1.1B | $1.2B | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $15.2B | $12.2B | $6B | $12.9B | -- | |
| Long-Term Debt Repaid | -$12.8B | -$10.3B | -$6.3B | -$10.5B | -- | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | -- | -- | -- | -- | -- | |
| Cash From Financing | $2.4B | $1.9B | -$267M | $2.2B | $2.2B | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $937M | -$851M | $243M | $19M | $630M | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | $889M | $823M | $960M | $1.2B | $1.3B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $1.2B | $426M | $1.1B | $1.2B | $1B | |
| Depreciation & Amoritzation | -- | -- | -- | -- | -- | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | $41M | -$12M | -$29M | -$14M | $46M | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -$433M | $484M | $698M | $872M | $894M | |
| Capital Expenditures | -- | -- | -- | -- | -- | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -$259M | -$1.5B | $172M | -$2.7B | -$2.2B | |
| Dividends Paid (Ex Special Dividend) | -$154M | $665M | $768M | $836M | $945M | |
| Special Dividend Paid | -- | $90K | -- | -- | -- | |
| Long-Term Debt Issued | $12.2B | $5B | $3B | $10.6B | $4.6B | |
| Long-Term Debt Repaid | -$10.8B | -$4.2B | -$3.7B | -$8.7B | -$4.3B | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | -- | -- | -- | -- | -- | |
| Cash From Financing | $1.6B | $875M | -$602M | $1.9B | $1.7B | |
| Beginning Cash (CF) | $1.9B | $1.3B | $1.4B | $1.9B | $2.7B | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $887M | -$124M | $268M | $60M | $394M | |
| Ending Cash (CF) | $2.8B | $1.2B | $1.7B | $1.9B | $3.1B | |
| Levered Free Cash Flow | -$433M | $484M | $698M | $872M | $894M | |
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