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 | -- | $14.6M | $55.6M | $93.1M | $125.6M | |
| Revenue Growth (YoY) | -- | -- | 280.17% | 67.61% | 34.9% | |
| Cost of Revenues | -- | $114.6M | $172M | $188.7M | $203.6M | |
| Gross Profit | -- | -$100M | -$116.4M | -$95.6M | -$78M | |
| Gross Profit Margin | -- | -684.39% | -209.63% | -102.69% | -62.12% | |
| R&D Expenses | -- | $460.2M | $329.6M | $338.7M | $313.3M | |
| Selling, General & Admin | -- | $763.6M | $296.4M | $362.6M | $367.8M | |
| Other Inc / (Exp) | -- | -- | -$4.7B | -$718.7M | -$1.4B | |
| Operating Expenses | -- | $1.2B | $626M | $701.3M | $649.7M | |
| Operating Income | -- | -$1.3B | -$742.5M | -$796.9M | -$727.8M | |
| Net Interest Expenses | -- | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | -- | -$1.3B | -$5.4B | -$1.5B | -$2.2B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | -- | -$17.5M | -$42.3M | -$42M | -$135.4M | |
| Net Income to Company | -- | -$1.2B | -$5.4B | -$1.5B | -$2B | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | -- | -$1.2B | -$5.4B | -$1.5B | -$2B | |
| Basic EPS (Cont. Ops) | -- | -$40.18 | -$173.87 | -$47.20 | -$59.81 | |
| Diluted EPS (Cont. Ops) | -- | -$40.18 | -$173.87 | -$47.20 | -$59.81 | |
| Weighted Average Basic Share | -- | $31.1M | $31.1M | $31.1M | $33.9M | |
| Weighted Average Diluted Share | -- | $31.1M | $31.1M | $31.1M | $33.9M | |
| EBITDA | -- | -$1.2B | -$587.7M | -$638.2M | -$569.7M | |
| EBIT | -- | -$1.3B | -$742.5M | -$796.9M | -$727.8M | |
| Revenue (Reported) | -- | $14.6M | $55.6M | $93.1M | $125.6M | |
| Operating Income (Reported) | -- | -$1.3B | -$742.5M | -$796.9M | -$727.8M | |
| Operating Income (Adjusted) | -- | -$1.3B | -$742.5M | -$796.9M | -$727.8M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | -- | -- | $20.7M | $28.7M | $36.2M | |
| Revenue Growth (YoY) | -- | -- | -- | 38.27% | 26.32% | |
| Cost of Revenues | -- | -- | $47.8M | $50.9M | $53.5M | |
| Gross Profit | -- | -- | -$27.1M | -$22.2M | -$17.3M | |
| Gross Profit Margin | -- | -- | -130.63% | -77.6% | -47.91% | |
| R&D Expenses | -- | -- | $80.1M | $68.5M | $46.1M | |
| Selling, General & Admin | -- | -- | $86.8M | $83M | $62.9M | |
| Other Inc / (Exp) | -- | -- | -$718.7M | -$561K | -- | |
| Operating Expenses | -- | -- | $166.9M | $142.3M | $108M | |
| Operating Income | -- | -- | -$193.9M | -$164.5M | -$125.3M | |
| Net Interest Expenses | -- | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | -- | -- | -$910.1M | -$172.4M | -$118.7M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | -- | -- | -$18.6M | -$46.7M | -$29.7M | |
| Net Income to Company | -- | -- | -$891.4M | -$125.7M | -$89M | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | -- | -- | -$891.4M | -$125.7M | -$89M | |
| Basic EPS (Cont. Ops) | -- | -- | -$28.71 | -$3.79 | -$2.46 | |
| Diluted EPS (Cont. Ops) | -- | -- | -$28.71 | -$3.79 | -$2.46 | |
| Weighted Average Basic Share | -- | -- | $31M | $33.2M | $36.1M | |
| Weighted Average Diluted Share | -- | -- | $31M | $33.2M | $36.1M | |
| EBITDA | -- | -- | -$154.1M | -$125.3M | -$86.3M | |
| EBIT | -- | -- | -$193.9M | -$164.5M | -$125.3M | |
| Revenue (Reported) | -- | -- | $20.7M | $28.7M | $36.2M | |
| Operating Income (Reported) | -- | -- | -$193.9M | -$164.5M | -$125.3M | |
| Operating Income (Adjusted) | -- | -- | -$193.9M | -$164.5M | -$125.3M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | -- | -- | $62.8M | $117.7M | $141.8M | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | $141.4M | $198.4M | $221M | |
| Gross Profit | -- | -- | -$78.6M | -$80.7M | -$79.2M | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | $301M | $348.4M | $192.8M | |
| Selling, General & Admin | -- | -- | $303.9M | $387M | $282.1M | |
| Other Inc / (Exp) | -- | -- | -$718.9M | -$1.4B | -- | |
| Operating Expenses | -- | -- | $605M | $726.2M | $468.2M | |
| Operating Income | -- | -- | -$683.6M | -$806.9M | -$547.4M | |
| Net Interest Expenses | -- | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | -- | -- | -$1.4B | -$2.2B | -$545M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | -- | -- | -$36.4M | -$110.9M | -$138.7M | |
| Net Income to Company | -- | -- | -- | -$2.1B | -$406.2M | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | -- | -- | -$1.4B | -$2.1B | -$406.2M | |
| Basic EPS (Cont. Ops) | -- | -- | -$41.75 | -$67.93 | -$11.61 | |
| Diluted EPS (Cont. Ops) | -- | -- | -$41.75 | -$67.93 | -$11.61 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | -- | -- | -$563.1M | -$648.3M | -$391.7M | |
| EBIT | -- | -- | -$683.6M | -$806.9M | -$547.4M | |
| Revenue (Reported) | -- | -- | $62.8M | $117.7M | $141.8M | |
| Operating Income (Reported) | -- | -- | -$683.6M | -$806.9M | -$547.4M | |
| Operating Income (Adjusted) | -- | -- | -$683.6M | -$806.9M | -$547.4M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | -- | -- | $62.8M | $87.3M | $103.6M | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | $139.7M | $149.4M | $166.8M | |
| Gross Profit | -- | -- | -$77M | -$62.1M | -$63.2M | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | $254.7M | $264.3M | $143.8M | |
| Selling, General & Admin | -- | -- | $270.7M | $295.2M | $209.4M | |
| Other Inc / (Exp) | -- | -- | -$718.9M | -$1.4B | -$584K | |
| Operating Expenses | -- | -- | $525.4M | $550.2M | $346.5M | |
| Operating Income | -- | -- | -$602.3M | -$612.3M | -$409.8M | |
| Net Interest Expenses | -- | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | -- | -- | -$1.3B | -$2B | -$418M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | -- | -- | -$36.4M | -$105.4M | -$108.8M | |
| Net Income to Company | -- | -- | -$1.3B | -$1.9B | -$309.2M | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | -- | -- | -$1.3B | -$1.9B | -$309.2M | |
| Basic EPS (Cont. Ops) | -- | -- | -$41.17 | -$61.89 | -$8.74 | |
| Diluted EPS (Cont. Ops) | -- | -- | -$41.17 | -$61.89 | -$8.74 | |
| Weighted Average Basic Share | -- | -- | $93.2M | $95.3M | $106.2M | |
| Weighted Average Diluted Share | -- | -- | $93.2M | $95.3M | $106.2M | |
| EBITDA | -- | -- | -$483.6M | -$493.7M | -$293.5M | |
| EBIT | -- | -- | -$602.3M | -$612.3M | -$409.8M | |
| Revenue (Reported) | -- | -- | $62.8M | $87.3M | $103.6M | |
| Operating Income (Reported) | -- | -- | -$602.3M | -$612.3M | -$409.8M | |
| Operating Income (Adjusted) | -- | -- | -$602.3M | -$612.3M | -$409.8M | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | -- | -- | $241.6M | $97.3M | $763.5M | |
| Short Term Investments | -- | -- | -- | -- | $549.2M | |
| Accounts Receivable, Net | -- | -- | $15.6M | $16.9M | $20.3M | |
| Inventory | -- | -- | $19.8M | $21.7M | $18.6M | |
| Prepaid Expenses | -- | -- | $15.7M | $14.7M | $13.1M | |
| Other Current Assets | -- | -- | -- | -- | $17.4M | |
| Total Current Assets | -- | -- | $295.6M | $156.1M | $819.9M | |
| Property Plant And Equipment | -- | -- | $198.7M | $169.4M | $135.4M | |
| Long-Term Investments | -- | -- | $4.5M | $4.2M | $3.3M | |
| Goodwill | -- | -- | $1.5B | $888.9M | -- | |
| Other Intangibles | -- | -- | $2.9B | $2.7B | $2B | |
| Other Long-Term Assets | -- | -- | $10.7M | $12.2M | $11.1M | |
| Total Assets | -- | -- | $5.6B | $4.6B | $3.1B | |
| Accounts Payable | -- | -- | $17.5M | $19.7M | $4.8M | |
| Accrued Expenses | -- | -- | $26.9M | $32.3M | $22.7M | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | $13.3M | $14.8M | $13.3M | |
| Other Current Liabilities | -- | -- | $3.1M | $809K | $1.6M | |
| Total Current Liabilities | -- | -- | $134.9M | $163.6M | $76.9M | |
| Long-Term Debt | -- | -- | $82.7M | $69.6M | $54.9M | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | -- | -- | $955.9M | $910.7M | $639M | |
| Common Stock | -- | -- | $11B | $11.4B | $34K | |
| Other Common Equity Adj | -- | -- | -- | -- | $1.5M | |
| Common Equity | -- | -- | $4.6B | $3.6B | $2.5B | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | -- | -- | -- | -- | -- | |
| Total Equity | -- | -- | $4.6B | $3.6B | $2.5B | |
| Total Liabilities and Equity | -- | -- | $5.6B | $4.6B | $3.1B | |
| Cash and Short Terms | -- | -- | $241.6M | $97.3M | $763.5M | |
| Total Debt | -- | -- | $82.7M | $69.6M | $54.9M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | -- | -- | -- | $853.6M | $540.1M | |
| Short Term Investments | -- | -- | -- | -- | -- | |
| Accounts Receivable, Net | -- | -- | -- | $15.2M | $16.3M | |
| Inventory | -- | -- | -- | $21.2M | $18.4M | |
| Prepaid Expenses | -- | -- | -- | $15.6M | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | -- | -- | -- | $909.7M | $589.4M | |
| Property Plant And Equipment | -- | -- | -- | $144.5M | $112.2M | |
| Long-Term Investments | -- | -- | -- | $3.9M | $7M | |
| Goodwill | -- | -- | -- | -- | -- | |
| Other Intangibles | -- | -- | -- | $2.1B | -- | |
| Other Long-Term Assets | -- | -- | -- | $12.3M | -- | |
| Total Assets | -- | -- | -- | $3.1B | $2.6B | |
| Accounts Payable | -- | -- | -- | $7.3M | $3.4M | |
| Accrued Expenses | -- | -- | -- | $28.7M | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | $13.5M | -- | |
| Other Current Liabilities | -- | -- | -- | $1.6M | -- | |
| Total Current Liabilities | -- | -- | -- | $94.3M | $77.4M | |
| Long-Term Debt | -- | -- | -- | $58.7M | $44.6M | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | -- | -- | -- | $530.3M | $361.1M | |
| Common Stock | -- | -- | -- | $33K | $36K | |
| Other Common Equity Adj | -- | -- | -- | $2.2M | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | -- | -- | -- | -- | -- | |
| Total Equity | -- | -- | -- | $2.6B | $2.2B | |
| Total Liabilities and Equity | -- | -- | -- | $3.1B | $2.6B | |
| Cash and Short Terms | -- | -- | -- | $853.6M | $540.1M | |
| Total Debt | -- | -- | -- | $58.7M | $44.6M | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -- | -$1.2B | -$5.4B | -$1.5B | -$2B | |
| Depreciation & Amoritzation | -- | $58.4M | $154.8M | $158.7M | $158.1M | |
| Stock-Based Compensation | -- | $681.9M | $75.7M | $97.2M | $86.1M | |
| Change in Accounts Receivable | -- | -$6.9M | -$8.7M | -$1.4M | -$3.4M | |
| Change in Inventories | -- | -$5.7M | -$14.1M | -$1.9M | $3.1M | |
| Cash From Operations | -- | -$688.1M | -$561.3M | -$595.8M | -$577.2M | |
| Capital Expenditures | -- | $69.9M | $22.9M | $12.9M | $5.2M | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -- | $344.8M | -$22.9M | -$12.9M | -$551M | |
| Dividends Paid (Ex Special Dividend) | -- | -- | -- | -- | -- | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | -- | -- | -- | -- | -- | |
| Long-Term Debt Repaid | -- | -- | -- | -- | -- | |
| Repurchase of Common Stock | -- | $170K | -- | -- | -- | |
| Other Financing Activities | -- | -- | $604.8M | $463.8M | $1.2B | |
| Cash From Financing | -- | $394.7M | $604.8M | $463.8M | $1.2B | |
| Beginning Cash (CF) | -- | -- | $241.6M | $97.3M | $214.2M | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -- | $51.2M | $20.1M | -$144.6M | $116.1M | |
| Ending Cash (CF) | -- | -- | $261.2M | -$47M | $330.2M | |
| Levered Free Cash Flow | -- | -$758.1M | -$584.2M | -$608.7M | -$582.4M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -- | -- | -$891.4M | -$125.7M | -$89M | |
| Depreciation & Amoritzation | -- | -- | $39.8M | $39.2M | $39M | |
| Stock-Based Compensation | -- | -- | $25.3M | $17.4M | $14.1M | |
| Change in Accounts Receivable | -- | -- | $1.8M | -$1.8M | -$75K | |
| Change in Inventories | -- | -- | -$1.7M | $4.3M | $1.4M | |
| Cash From Operations | -- | -- | -$157.5M | -$104.6M | -$63.2M | |
| Capital Expenditures | -- | -- | $3.1M | $971K | $384K | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -- | -- | -$3.1M | -$971K | $66.7M | |
| Dividends Paid (Ex Special Dividend) | -- | -- | -- | -- | -- | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | -- | -- | -- | -- | -- | |
| Long-Term Debt Repaid | -- | -- | -- | -- | -- | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | -- | -- | $74M | -- | -- | |
| Cash From Financing | -- | -- | $74M | -- | -- | |
| Beginning Cash (CF) | -- | -- | -- | $853.6M | $126.9M | |
| Foreign Exchange Rate Adjustment | -- | -- | -$208K | $258K | -$338K | |
| Additions / Reductions | -- | -- | -$86.8M | -$105.3M | $3.1M | |
| Ending Cash (CF) | -- | -- | $148.1M | $748.5M | $129.6M | |
| Levered Free Cash Flow | -- | -- | -$160.6M | -$105.6M | -$63.6M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -- | -- | -- | -$2.1B | -$406.2M | |
| Depreciation & Amoritzation | -- | -- | -- | $158.5M | $156.9M | |
| Stock-Based Compensation | -- | -- | $72.4M | $97.4M | $58.1M | |
| Change in Accounts Receivable | -- | -- | -- | -$5.9M | -$1.6M | |
| Change in Inventories | -- | -- | -- | $3.1M | $3M | |
| Cash From Operations | -- | -- | -- | -$612.6M | -$328.7M | |
| Capital Expenditures | -- | -- | $9M | $8.8M | $1.1M | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -- | -- | -- | -$8.8M | -$394.5M | |
| Dividends Paid (Ex Special Dividend) | -- | -- | -- | -- | -- | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | -- | -- | -- | -- | -- | |
| Long-Term Debt Repaid | -- | -- | -- | -- | -- | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | -- | -- | -- | $1.3B | -- | |
| Cash From Financing | -- | -- | -- | $1.3B | -- | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -- | -- | -- | $709.4M | -$723.6M | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | -- | -- | -- | -$621.4M | -$329.8M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -- | -- | -$1.3B | -$1.9B | -$309.2M | |
| Depreciation & Amoritzation | -- | -- | $118.8M | $118.6M | $117.4M | |
| Stock-Based Compensation | -- | -- | $72.4M | $72.5M | $44.5M | |
| Change in Accounts Receivable | -- | -- | $6.2M | $1.7M | $3.5M | |
| Change in Inventories | -- | -- | -$4.6M | $482K | $452K | |
| Cash From Operations | -- | -- | -$466.9M | -$483.7M | -$235.2M | |
| Capital Expenditures | -- | -- | $9M | $4.9M | $815K | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -- | -- | -$9M | -$4.9M | $151.7M | |
| Dividends Paid (Ex Special Dividend) | -- | -- | -- | -- | -- | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | -- | -- | -- | -- | -- | |
| Long-Term Debt Repaid | -- | -- | -- | -- | -- | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | -- | -- | $377.8M | $1.2B | -- | |
| Cash From Financing | -- | -- | $377.8M | $1.2B | -- | |
| Beginning Cash (CF) | -- | -- | -- | $2B | $388.2M | |
| Foreign Exchange Rate Adjustment | -- | -- | $49K | $228K | -$148K | |
| Additions / Reductions | -- | -- | -$98.1M | $756M | -$83.7M | |
| Ending Cash (CF) | -- | -- | $564.5M | $2.8B | $304.3M | |
| Levered Free Cash Flow | -- | -- | -$475.9M | -$488.6M | -$236M | |
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