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 | $61.1M | $65.2M | $71.8M | $91.6M | $114.9M | |
| Revenue Growth (YoY) | -5.18% | 6.68% | 10.09% | 27.66% | 25.46% | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -$20K | $217K | -$160K | -$1.1M | -$4.1M | |
| Operating Expenses | -$13.1M | -$21.2M | -$17.5M | -$16.2M | -$13.3M | |
| Operating Income | $13.1M | $21.2M | $17.5M | $16.2M | $13.3M | |
| Net Interest Expenses | $427K | $1M | $1M | $4.3M | $13M | |
| EBT. Incl. Unusual Items | $13.1M | $23M | $17.5M | $15.8M | $13.3M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $258K | $3.4M | $2.6M | $2.2M | $2.2M | |
| Net Income to Company | $12.8M | $19.6M | $14.9M | $13.6M | $11.1M | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | $12.8M | $19.6M | $14.9M | $13.6M | $11.1M | |
| Basic EPS (Cont. Ops) | $2.94 | $4.44 | $3.38 | $3.11 | $2.52 | |
| Diluted EPS (Cont. Ops) | $2.93 | $4.42 | $3.36 | $3.10 | $2.51 | |
| Weighted Average Basic Share | $4.4M | $4.4M | $4.4M | $4.4M | $4.4M | |
| Weighted Average Diluted Share | $4.4M | $4.4M | $4.4M | $4.4M | $4.4M | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $17M | $25.9M | $22.4M | $38.9M | $57.3M | |
| Revenue (Reported) | $61.1M | $65.2M | $71.8M | $91.6M | $114.9M | |
| Operating Income (Reported) | $13.1M | $21.2M | $17.5M | $16.2M | $13.3M | |
| Operating Income (Adjusted) | $17M | $25.9M | $22.4M | $38.9M | $57.3M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $16.7M | $18.8M | $24.2M | $30.6M | $34.5M | |
| Revenue Growth (YoY) | 12.35% | 12.25% | 28.75% | 26.68% | 12.69% | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -$9K | -$76K | $7K | $303K | -- | |
| Operating Expenses | -$5M | -$5.5M | -$4.6M | -$5.1M | -$6.7M | |
| Operating Income | $5M | $5.5M | $4.6M | $5.1M | $6.7M | |
| Net Interest Expenses | $263K | $263K | $1.3M | $3.3M | $2.7M | |
| EBT. Incl. Unusual Items | $6.8M | $5.5M | $4.6M | $5.1M | $6.7M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $928K | $895K | $788K | $885K | $1.3M | |
| Net Income to Company | $5.9M | $4.6M | $3.9M | $4.2M | -- | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | $5.9M | $4.6M | $3.9M | $4.2M | $5.4M | |
| Basic EPS (Cont. Ops) | $1.32 | $1.05 | $0.89 | $0.96 | $1.20 | |
| Diluted EPS (Cont. Ops) | $1.31 | $1.05 | $0.88 | $0.95 | $1.19 | |
| Weighted Average Basic Share | $4.4M | $4.4M | $4.4M | $4.4M | $4.5M | |
| Weighted Average Diluted Share | $4.5M | $4.4M | $4.4M | $4.4M | $4.5M | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $7.5M | $6.5M | $11.1M | $16.5M | $18.1M | |
| Revenue (Reported) | $16.7M | $18.8M | $24.2M | $30.6M | $34.5M | |
| Operating Income (Reported) | $5M | $5.5M | $4.6M | $5.1M | $6.7M | |
| Operating Income (Adjusted) | $7.5M | $6.5M | $11.1M | $16.5M | $18.1M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $64.4M | $67.8M | $86.7M | $113.3M | $127M | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $319K | -$37K | -$1.2M | $269K | -- | |
| Operating Expenses | -$22.4M | -$17.3M | -$16.6M | -$16.8M | -$19.3M | |
| Operating Income | $22.4M | $17.3M | $16.6M | $16.8M | $19.3M | |
| Net Interest Expenses | $1M | $1M | $2.8M | $12.2M | $10.1M | |
| EBT. Incl. Unusual Items | $24.2M | $17.3M | $16.1M | $16.8M | $19.3M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $3.6M | $2.5M | $2.2M | $2.7M | $3.7M | |
| Net Income to Company | $20.5M | $14.9M | $13.8M | $14.1M | -- | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | $20.5M | $14.9M | $13.8M | $14.1M | $15.7M | |
| Basic EPS (Cont. Ops) | $4.65 | $3.36 | $3.16 | $3.18 | $3.52 | |
| Diluted EPS (Cont. Ops) | $4.63 | $3.34 | $3.15 | $3.18 | $3.50 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $27.2M | $20.5M | $34M | $56.6M | $65.4M | |
| Revenue (Reported) | $64.4M | $67.8M | $86.7M | $113.3M | $127M | |
| Operating Income (Reported) | $22.4M | $17.3M | $16.6M | $16.8M | $19.3M | |
| Operating Income (Adjusted) | $27.2M | $20.5M | $34M | $56.6M | $65.4M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $48.5M | $51.1M | $66M | $87.8M | $99.8M | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $174K | -$80K | -$1.1M | $228K | -$7K | |
| Operating Expenses | -$17M | -$13.1M | -$12.2M | -$12.8M | -$18.8M | |
| Operating Income | $17M | $13.1M | $12.2M | $12.8M | $18.8M | |
| Net Interest Expenses | $789K | $786K | $2.6M | $10.5M | $7.6M | |
| EBT. Incl. Unusual Items | $18.8M | $13.1M | $11.7M | $12.8M | $18.8M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $2.8M | $1.9M | $1.6M | $2.2M | $3.6M | |
| Net Income to Company | $16M | $11.2M | $10.1M | $10.6M | $3.9M | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | $16M | $11.2M | $10.1M | $10.6M | $15.2M | |
| Basic EPS (Cont. Ops) | $3.61 | $2.53 | $2.31 | $2.39 | $3.41 | |
| Diluted EPS (Cont. Ops) | $3.59 | $2.52 | $2.31 | $2.38 | $3.39 | |
| Weighted Average Basic Share | $13.3M | $13.3M | $13.1M | $13.3M | $13.4M | |
| Weighted Average Diluted Share | $13.3M | $13.4M | $13.2M | $13.4M | $13.4M | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $21M | $15.6M | $27.2M | $44.9M | $53.1M | |
| Revenue (Reported) | $48.5M | $51.1M | $66M | $87.8M | $99.8M | |
| Operating Income (Reported) | $17M | $13.1M | $12.2M | $12.8M | $18.8M | |
| Operating Income (Adjusted) | $21M | $15.6M | $27.2M | $44.9M | $53.1M | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $17.1M | $10.5M | $17.9M | $19.5M | $19.8M | |
| Short Term Investments | $396.9M | $529.8M | $486.8M | $472.5M | $319M | |
| Accounts Receivable, Net | -- | -- | -- | -- | -- | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $57.1M | $175.1M | $64.9M | $23.1M | $203.6M | |
| Property Plant And Equipment | $18.4M | $23.9M | $36M | $33.2M | $33.1M | |
| Long-Term Investments | $50M | $168M | $47.9M | $6.2M | $197.3M | |
| Goodwill | $9M | $9M | $9M | $9M | $9M | |
| Other Intangibles | -- | -- | -- | -- | -- | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $1.5B | $1.8B | $1.7B | $1.8B | $2.2B | |
| Accounts Payable | -- | -- | -- | -- | -- | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | $130M | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $760.7M | $878.9M | $869.6M | $975.8M | $1.2B | |
| Long-Term Debt | $24.2M | $23.8M | $24.9M | $23.8M | $223.3M | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $1.4B | $1.6B | $1.6B | $1.7B | $2.1B | |
| Common Stock | $4.7M | $4.7M | $4.7M | $4.7M | $4.7M | |
| Other Common Equity Adj | $3.2M | -$547K | -$51.3M | -$40.9M | -$35.5M | |
| Common Equity | $145.2M | $157.1M | $114.2M | $132.1M | $144.7M | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | -- | -- | -- | -- | -- | |
| Total Equity | $145.2M | $157.1M | $114.2M | $132.1M | $144.7M | |
| Total Liabilities and Equity | $1.5B | $1.8B | $1.7B | $1.8B | $2.2B | |
| Cash and Short Terms | $466.8M | $715.5M | $565.7M | $501.9M | $524.1M | |
| Total Debt | $24.2M | $23.8M | $24.9M | $23.8M | $223.3M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $20.5M | $24.3M | $20.1M | $26.3M | $24.7M | |
| Short Term Investments | $545.8M | $492M | $458.3M | $466.5M | -- | |
| Accounts Receivable, Net | -- | -- | -- | -- | -- | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $98.9M | $210.2M | $74M | $236.3M | $188.1M | |
| Property Plant And Equipment | $23M | $35.4M | $33.9M | $33.4M | $32.2M | |
| Long-Term Investments | $83M | $188.9M | $56.9M | $221.9M | $173.8M | |
| Goodwill | $9M | $9M | $9M | $9M | -- | |
| Other Intangibles | -- | -- | -- | -- | -- | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $1.7B | $1.8B | $1.8B | $2.2B | $2.3B | |
| Accounts Payable | -- | -- | -- | -- | -- | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $869.6M | $922.6M | $951.2M | $1B | $1.1B | |
| Long-Term Debt | $24.4M | $25.7M | $64.4M | $223.9M | $214.6M | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $1.6B | $1.7B | $1.7B | $2B | $2.1B | |
| Common Stock | $4.7M | $4.7M | $4.7M | $4.7M | $4.7M | |
| Other Common Equity Adj | -$2.2M | -$55.1M | -$55.8M | -$30.9M | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | -- | -- | -- | -- | -- | |
| Total Equity | $152.8M | $108.2M | $114.8M | $149.9M | $166.3M | |
| Total Liabilities and Equity | $1.7B | $1.8B | $1.8B | $2.2B | $2.3B | |
| Cash and Short Terms | $655.4M | $714.7M | $540M | $704.6M | -- | |
| Total Debt | $24.4M | $25.7M | $64.4M | $223.9M | $214.6M | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $12.8M | $19.6M | $14.9M | $13.6M | $11.1M | |
| Depreciation & Amoritzation | $1.3M | $1.2M | $1.4M | $2M | $2.1M | |
| Stock-Based Compensation | $197K | $204K | $462K | $483K | $634K | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $13.8M | $19.7M | $22.7M | $26.5M | $24M | |
| Capital Expenditures | $1.5M | $8.8M | $12.2M | $499K | $2.6M | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -$284.7M | -$127.3M | -$92.5M | -$178.2M | -$186.6M | |
| Dividends Paid (Ex Special Dividend) | $5.2M | $5.5M | $5.7M | $5.6M | $5.6M | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $19.5M | -- | -- | -- | $200M | |
| Long-Term Debt Repaid | -- | -- | -- | -- | -- | |
| Repurchase of Common Stock | $1.2M | $1.2M | $3.3M | $2.4M | $827K | |
| Other Financing Activities | -- | -- | -- | -- | -- | |
| Cash From Financing | $244.2M | $225.6M | -$40.4M | $109.9M | $343.1M | |
| Beginning Cash (CF) | $83.8M | $57.1M | $175.1M | $64.9M | $23.1M | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -$26.7M | $118M | -$110.3M | -$41.8M | $180.5M | |
| Ending Cash (CF) | $57.1M | $175.1M | $64.9M | $23.1M | $203.6M | |
| Levered Free Cash Flow | $12.4M | $10.9M | $10.5M | $26M | $21.4M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $5.9M | $4.6M | $3.9M | $4.2M | -- | |
| Depreciation & Amoritzation | -- | -- | -- | -- | -- | |
| Stock-Based Compensation | $46K | $131K | $113K | $169K | $158K | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $9.8M | $8.6M | $7.9M | $9.4M | $9.5M | |
| Capital Expenditures | $7.1M | $2.4M | $251K | $733K | $449K | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -$60.9M | -$20.2M | -$91.9M | -$48.6M | -$28.1M | |
| Dividends Paid (Ex Special Dividend) | $1.4M | $1.4M | $1.4M | $1.4M | $1.5M | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | -- | -- | $40M | -- | -- | |
| Long-Term Debt Repaid | -- | -- | -- | -$40M | -- | |
| Repurchase of Common Stock | $386K | $1.2M | -- | $156K | $300K | |
| Other Financing Activities | -- | -- | -- | -- | -- | |
| Cash From Financing | $51.9M | $23.5M | $93.2M | $95.8M | -$1.1M | |
| Beginning Cash (CF) | $98.1M | $198.3M | $64.8M | $179.7M | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $762K | $11.9M | $9.1M | $56.6M | -$19.6M | |
| Ending Cash (CF) | $98.9M | $210.2M | $74M | $236.3M | -- | |
| Levered Free Cash Flow | $2.7M | $6.1M | $7.6M | $8.7M | $9.1M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $20.5M | $14.9M | $13.8M | $14.1M | -- | |
| Depreciation & Amoritzation | $1.3M | $1.3M | $1.9M | $2.1M | -- | |
| Stock-Based Compensation | $217K | $395K | $476K | $582K | $802K | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $20.7M | $19.6M | $27.1M | $25.2M | $26.6M | |
| Capital Expenditures | $8.4M | $12.4M | $1.7M | $2.2M | $1.3M | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -$196.6M | -$62M | -$128.7M | -$144.4M | -$200M | |
| Dividends Paid (Ex Special Dividend) | $5.4M | $5.7M | $5.6M | $5.6M | $5.8M | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | -- | -- | -- | $90M | -- | |
| Long-Term Debt Repaid | -- | -- | -- | -- | -- | |
| Repurchase of Common Stock | $1.1M | $2.8M | $3.1M | $596K | $969K | |
| Other Financing Activities | -- | -- | -- | -- | -- | |
| Cash From Financing | $203.6M | $153.7M | -$34.6M | $281.6M | $125.3M | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $27.7M | $111.3M | -$136.2M | $162.4M | -$48.2M | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | $12.3M | $7.2M | $25.4M | $23M | $25.3M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $16M | $11.2M | $10.1M | $10.6M | $3.9M | |
| Depreciation & Amoritzation | $324K | $267K | $479K | $538K | $537K | |
| Stock-Based Compensation | $161K | $352K | $366K | $465K | $633K | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $16.7M | $16.6M | $21M | $19.7M | $22.3M | |
| Capital Expenditures | $7.4M | $11M | $479K | $2.2M | $882K | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -$161.5M | -$96.3M | -$132.4M | -$98.7M | -$112.1M | |
| Dividends Paid (Ex Special Dividend) | $4.1M | $4.3M | $4.2M | $4.2M | $4.4M | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | -- | -- | $110M | $200M | -- | |
| Long-Term Debt Repaid | -- | -- | -- | -$90M | -- | |
| Repurchase of Common Stock | $1.1M | $2.7M | $2.4M | $596K | $738K | |
| Other Financing Activities | -- | -- | -- | -- | -- | |
| Cash From Financing | $186.6M | $114.7M | $120.5M | $292.2M | $74.4M | |
| Beginning Cash (CF) | $262.9M | $547.1M | $216.3M | $385.4M | $203.6M | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $41.7M | $35M | $9.1M | $213.2M | -$15.5M | |
| Ending Cash (CF) | $304.6M | $582.1M | $225.3M | $598.6M | $225M | |
| Levered Free Cash Flow | $9.3M | $5.6M | $20.5M | $17.5M | $21.4M | |
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