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 | $12.1B | $16.3B | $18.2B | $19.8B | $22.1B | |
| Revenue Growth (YoY) | -10.11% | 34.55% | 11.9% | 8.7% | 11.73% | |
| Cost of Revenues | $7.9B | $10.3B | $11.7B | $12.7B | $14.5B | |
| Gross Profit | $4.2B | $6B | $6.5B | $7.1B | $7.6B | |
| Gross Profit Margin | 34.33% | 36.82% | 35.88% | 35.91% | 34.39% | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | $3.3B | $4.2B | $4.4B | $4.9B | $5.5B | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | $2.8B | $3.9B | $4.2B | $4.6B | $5B | |
| Operating Income | $1.3B | $2.1B | $2.4B | $2.5B | $2.6B | |
| Net Interest Expenses | $164.2M | $108.7M | $101.9M | $156.8M | $251M | |
| EBT. Incl. Unusual Items | $792.3M | $1.6B | $2.1B | $2.4B | $2.1B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $224.6M | $465.7M | $458.2M | $577.3M | $532.2M | |
| Net Income to Company | $792.3M | $1.6B | $2.1B | $2.4B | $2.1B | |
| Minority Interest in Earnings | -- | $7.1M | $13.7M | -- | $28.1M | |
| Net Income to Common Excl Extra Items | $567.7M | $1.2B | $1.6B | $1.8B | $1.6B | |
| Basic EPS (Cont. Ops) | $1.25 | $2.55 | $3.47 | $3.93 | $3.33 | |
| Diluted EPS (Cont. Ops) | $1.25 | $2.54 | $3.46 | $3.93 | $3.33 | |
| Weighted Average Basic Share | $455M | $456M | $457M | $459M | $460M | |
| Weighted Average Diluted Share | $456M | $457M | $458M | $459M | $461M | |
| EBITDA | $2.2B | $3B | $3.2B | $3.4B | $3.6B | |
| EBIT | $1.3B | $2.1B | $2.4B | $2.5B | $2.6B | |
| Revenue (Reported) | $12.1B | $16.3B | $18.2B | $19.8B | $22.1B | |
| Operating Income (Reported) | $1.3B | $2.1B | $2.4B | $2.5B | $2.6B | |
| Operating Income (Adjusted) | $1.3B | $2.1B | $2.4B | $2.5B | $2.6B | |
| Period Ending | 2019-05-31 | 2020-05-31 | 2021-05-31 | 2022-05-31 | 2023-05-31 | |
|---|---|---|---|---|---|---|
| Revenue | -- | -- | $210K | $330K | $510K | |
| Revenue Growth (YoY) | -- | -- | -100% | 59.51% | 54.72% | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | -- | -- | -- | -- | -- | |
| Operating Income | -- | -- | -- | -- | -- | |
| Net Interest Expenses | -- | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | -- | -- | -- | -- | -- | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | -- | -- | -- | -- | -- | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | -- | -- | -- | -- | -- | |
| Basic EPS (Cont. Ops) | -- | -- | -- | -- | -- | |
| Diluted EPS (Cont. Ops) | -- | -- | -- | -- | -- | |
| Weighted Average Basic Share | -- | -- | -- | -- | -- | |
| Weighted Average Diluted Share | -- | -- | -- | -- | -- | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | -- | -- | -- | -- | -- | |
| Revenue (Reported) | -- | -- | $210K | $330K | $510K | |
| Operating Income (Reported) | -- | -- | -- | -- | -- | |
| Operating Income (Adjusted) | -- | -- | -- | -- | -- | |
| Period Ending | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Revenue | $13.9B | $18.1B | $18.9B | $20.7B | $22.7B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | $9.1B | $11.5B | $12.2B | $13.4B | $14.9B | |
| Gross Profit | $4.9B | $6.6B | $6.7B | $7.3B | $7.8B | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | $3.7B | $4.5B | $4.6B | $5.1B | $5.5B | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | $3.2B | $4.2B | $4.4B | $4.7B | $5.1B | |
| Operating Income | $1.7B | $2.4B | $2.3B | $2.6B | $2.7B | |
| Net Interest Expenses | $179M | $210.7M | $190.7M | $237.9M | $255.7M | |
| EBT. Incl. Unusual Items | $1.1B | $2.1B | $2.3B | $2.3B | $2.3B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $384.1M | $458.3M | $482.7M | $563.4M | $632.1M | |
| Net Income to Company | $1.1B | $2B | $2.2B | $2.3B | $2.3B | |
| Minority Interest in Earnings | $2.4M | $13.4M | $5.1M | $15.1M | $39.2M | |
| Net Income to Common Excl Extra Items | $735.5M | $1.6B | $1.8B | $1.8B | $1.7B | |
| Basic EPS (Cont. Ops) | $1.61 | $3.47 | $3.88 | $3.79 | $3.63 | |
| Diluted EPS (Cont. Ops) | $1.61 | $3.47 | $3.87 | $3.79 | $3.63 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | $2.6B | $3.4B | $3.2B | $3.6B | $3.8B | |
| EBIT | $1.7B | $2.4B | $2.3B | $2.6B | $2.7B | |
| Revenue (Reported) | $13.9B | $18.1B | $18.9B | $20.7B | $22.7B | |
| Operating Income (Reported) | $1.7B | $2.4B | $2.3B | $2.6B | $2.7B | |
| Operating Income (Adjusted) | $1.7B | $2.4B | $2.3B | $2.6B | $2.7B | |
| Period Ending | 2021-12-25 | 2022-12-25 | 2023-12-25 | 2024-12-25 | ||
|---|---|---|---|---|---|---|
| Revenue | -- | -- | -- | -- | -- | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | -- | -- | -- | -- | -- | |
| Operating Income | -- | -- | -- | -- | -- | |
| Net Interest Expenses | -- | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | -- | -- | -- | -- | -- | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | -- | -- | -- | -- | -- | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | -- | -- | -- | -- | -- | |
| Basic EPS (Cont. Ops) | -- | -- | -- | -- | -- | |
| Diluted EPS (Cont. Ops) | -- | -- | -- | -- | -- | |
| Weighted Average Basic Share | -- | -- | -- | -- | -- | |
| Weighted Average Diluted Share | -- | -- | -- | -- | -- | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | -- | -- | -- | -- | -- | |
| Revenue (Reported) | -- | -- | -- | -- | -- | |
| Operating Income (Reported) | -- | -- | -- | -- | -- | |
| Operating Income (Adjusted) | -- | -- | -- | -- | -- | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $1.9B | $1.7B | $1.8B | $2.2B | $1.8B | |
| Short Term Investments | -- | $65.7M | $274.5M | $627.9M | $156.1M | |
| Accounts Receivable, Net | $1.8B | $2.6B | $2.6B | $2.8B | $2.7B | |
| Inventory | $833.2M | $1.3B | $1.5B | $1.5B | $1.7B | |
| Prepaid Expenses | $74.6M | $114.9M | $192.1M | $143.6M | $209.2M | |
| Other Current Assets | -- | -- | $103M | -- | $476.6M | |
| Total Current Assets | $5B | $6.6B | $7B | $7.3B | $6.9B | |
| Property Plant And Equipment | $4.7B | $6B | $5.6B | $5.9B | $6.7B | |
| Long-Term Investments | $7.3M | $302.5M | $241.2M | $153.5M | $233M | |
| Goodwill | $3.1B | $5.2B | $4.9B | $5B | $4.9B | |
| Other Intangibles | $10.3B | $14.3B | $13.4B | $13.7B | $13.3B | |
| Other Long-Term Assets | $73.8M | $97.4M | $87.9M | $134.9M | $173.8M | |
| Total Assets | $23.5B | $33.1B | $31.3B | $32.3B | $32.2B | |
| Accounts Payable | $1.4B | $1.9B | $2.4B | $2.5B | $2.8B | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | $118.1M | $151.7M | $151.2M | $165.8M | $167.5M | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $5.1B | $6.9B | $7.8B | $8B | $8.4B | |
| Long-Term Debt | $7.8B | $13.4B | $11.3B | $11.2B | $10.3B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $16.2B | $24.9B | $23.3B | $23.5B | $22.9B | |
| Common Stock | $6.1M | $5.7M | $5.3M | $5.5M | $5.2M | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | $7.4B | $8B | $7.9B | $8.8B | $8.8B | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | -- | $201.3M | -- | -- | $513.6M | |
| Total Equity | $7.4B | $8.2B | $7.9B | $8.8B | $9.3B | |
| Total Liabilities and Equity | $23.5B | $33.1B | $31.3B | $32.3B | $32.2B | |
| Cash and Short Terms | $1.9B | $1.7B | $1.8B | $2.2B | $1.8B | |
| Total Debt | $8.8B | $14.9B | $12.7B | $12.6B | $11.7B | |
| Period Ending | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $2.2B | $1.9B | $1.2B | $1.7B | $1.9B | |
| Short Term Investments | -- | $249.7M | $936.8M | $291.6M | $470.2M | |
| Accounts Receivable, Net | $2.9B | $2.9B | $3.2B | $3.2B | $3.8B | |
| Inventory | $1.5B | $1.5B | $1.9B | $2.1B | $2.1B | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | $286.8M | $287.3M | $451M | $487.7M | $827.9M | |
| Total Current Assets | $7.2B | $7.3B | $8.1B | $8.1B | $9.5B | |
| Property Plant And Equipment | $6.3B | $5.4B | $5.5B | $6.8B | $7.3B | |
| Long-Term Investments | -- | -- | -- | -- | -- | |
| Goodwill | $5.4B | $4.9B | $4.9B | $5.1B | $5.3B | |
| Other Intangibles | $15.1B | $13.2B | $13.4B | $13.8B | $14.6B | |
| Other Long-Term Assets | $474.8M | $601.7M | $317.3M | $378.4M | $477.3M | |
| Total Assets | $34.7B | $31.7B | $32.4B | $34.4B | $37.3B | |
| Accounts Payable | $4.9B | $5.3B | $6B | $6.3B | $7.4B | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | $153.5M | $141M | $154.3M | $158.6M | $212.2M | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $7.9B | $7.7B | $9.5B | $9.5B | $11.4B | |
| Long-Term Debt | $13.4B | $11B | $9.6B | $10.3B | $10.8B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $26.6B | $23.6B | $23.9B | $24.8B | $27.3B | |
| Common Stock | $6M | $5.2M | $5.4M | $5.4M | $5.9M | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $267.8M | $200.6M | -- | $517.7M | $559.3M | |
| Total Equity | $8.1B | $8.1B | $8.4B | $9.7B | $10B | |
| Total Liabilities and Equity | $34.7B | $31.7B | $32.4B | $34.4B | $37.3B | |
| Cash and Short Terms | $2.2B | $2.1B | $2.1B | $2B | $2.4B | |
| Total Debt | -- | -- | -- | -- | -- | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $792.3M | $1.6B | $2.1B | $2.4B | $2.1B | |
| Depreciation & Amoritzation | $828.8M | $924.3M | $857.6M | $856.2M | $1B | |
| Stock-Based Compensation | $16M | $18.9M | $34.7M | $61.6M | $48.7M | |
| Change in Accounts Receivable | $237.1M | -$286M | -$296.4M | -$5.4M | $40M | |
| Change in Inventories | $38.8M | -$1.2M | -$256.4M | $6.5M | -$40M | |
| Cash From Operations | $1.6B | $2.4B | $2.9B | $2.9B | $3.1B | |
| Capital Expenditures | $465.1M | $527.2M | $633.7M | $877.9M | $1B | |
| Cash Acquisitions | -- | $6.4B | -- | $304.9M | $1.6B | |
| Cash From Investing | -$421.8M | -$6.6B | -$677.9M | -$1.4B | -$2.2B | |
| Dividends Paid (Ex Special Dividend) | $440M | $754.1M | $801.9M | $909.2M | $984.3M | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $1.8B | $5.8B | -- | $751.3M | $1.1B | |
| Long-Term Debt Repaid | -$649.8M | -$1.1B | -$989.2M | -$1.3B | -$1.3B | |
| Repurchase of Common Stock | $147.1M | -- | -- | -- | -- | |
| Other Financing Activities | -- | -$80.5M | -$21.1M | -$247.9M | $553.1M | |
| Cash From Financing | $217.7M | $4B | -$2.3B | -$1.5B | -$783.1M | |
| Beginning Cash (CF) | $1.9B | $1.6B | $1.5B | $1.6B | $1.6B | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $1.4B | -$137.1M | -$21M | $34.6M | $155.8M | |
| Ending Cash (CF) | $3.2B | $1.6B | $1.4B | $1.6B | $1.8B | |
| Levered Free Cash Flow | $1.1B | $1.9B | $2.3B | $2B | $2.1B | |
| Period Ending | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -- | -- | -- | -- | -- | |
| Depreciation & Amoritzation | -- | -- | -- | -- | -- | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -- | -- | -- | -- | -- | |
| Capital Expenditures | -- | -- | -- | -- | -- | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -- | -- | -- | -- | -- | |
| Dividends Paid (Ex Special Dividend) | -- | -- | -- | -- | -- | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | -- | -- | -- | -- | -- | |
| Long-Term Debt Repaid | -- | -- | -- | -- | -- | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | -- | -- | -- | -- | -- | |
| Cash From Financing | -- | -- | -- | -- | -- | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -- | -- | -- | -- | -- | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | -- | -- | -- | -- | -- | |
| Period Ending | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $1.1B | $2B | $2.2B | $2.3B | $2.3B | |
| Depreciation & Amoritzation | $904.5M | $917.1M | $812.6M | $933.5M | $1B | |
| Stock-Based Compensation | $21.3M | $26.9M | $51.7M | $51.9M | $50M | |
| Change in Accounts Receivable | -$58.6M | -$286.7M | -$233.2M | $35.6M | -$422.6M | |
| Change in Inventories | -$42M | -$95.2M | -$361.1M | $22.6M | $39.1M | |
| Cash From Operations | $2.4B | $3B | $2.5B | $2.7B | $3B | |
| Capital Expenditures | $369M | $546.9M | $721M | $1B | $1B | |
| Cash Acquisitions | $6.2B | $68.3M | $304.7M | $1.7B | -$1.8M | |
| Cash From Investing | -$6.5B | -$401.8M | -$1.6B | -$1.9B | -$1.1B | |
| Dividends Paid (Ex Special Dividend) | $455.6M | $1B | $826.3M | $947.6M | $1B | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | -- | $252.4M | $349.8M | -- | -- | |
| Long-Term Debt Repaid | -- | -$1.4B | -$876.2M | -- | -- | |
| Repurchase of Common Stock | $10.2M | -- | -- | -- | -- | |
| Other Financing Activities | -- | -$90.9M | -$329.6M | -- | -- | |
| Cash From Financing | $5.3B | -$2.7B | -$1.7B | -$409.8M | -$1.4B | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $1.2B | -$47.3M | -$970.6M | $380.4M | $415.3M | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | $2B | $2.5B | $1.7B | $1.7B | $2B | |
| Period Ending | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -- | -- | -- | -- | -- | |
| Depreciation & Amoritzation | -- | -- | -- | -- | -- | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -- | -- | -- | -- | -- | |
| Capital Expenditures | -- | -- | -- | -- | -- | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -- | -- | -- | -- | -- | |
| Dividends Paid (Ex Special Dividend) | -- | -- | -- | -- | -- | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | -- | -- | -- | -- | -- | |
| Long-Term Debt Repaid | -- | -- | -- | -- | -- | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | -- | -- | -- | -- | -- | |
| Cash From Financing | -- | -- | -- | -- | -- | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -- | -- | -- | -- | -- | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | -- | -- | -- | -- | -- | |
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