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 | $344.1M | $361.5M | $358.8M | $555.2M | $367.3M | |
| Revenue Growth (YoY) | 11.16% | 5.06% | -0.74% | 54.74% | -33.85% | |
| Cost of Revenues | $204.3M | $198.5M | $210.1M | $374.7M | $229.4M | |
| Gross Profit | $139.7M | $163M | $148.7M | $180.5M | $137.8M | |
| Gross Profit Margin | 40.62% | 45.1% | 41.44% | 32.51% | 37.53% | |
| R&D Expenses | $12.7M | $14.5M | $10.7M | $10.3M | $11.2M | |
| Selling, General & Admin | $65.6M | $80.5M | $70.7M | $60.9M | $79M | |
| Other Inc / (Exp) | -$2M | $409.7K | -$27.2K | -$3.9M | $1.9M | |
| Operating Expenses | $63.9M | $77.8M | $67.5M | $57.3M | $74.6M | |
| Operating Income | $75.9M | $85.2M | $81.1M | $123.2M | $63.2M | |
| Net Interest Expenses | $157.4K | $100.7K | $98.2K | $123.8K | $99.3K | |
| EBT. Incl. Unusual Items | $74.6M | $86.7M | $85M | $129.1M | $78M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $21.6M | $29.2M | $20.8M | $28.1M | $15.7M | |
| Net Income to Company | $53M | $57.5M | $64.3M | $101M | $62.3M | |
| Minority Interest in Earnings | -$124.9K | -$58.4K | -$80.6K | -$28.3K | -$12.5K | |
| Net Income to Common Excl Extra Items | $53M | $57.5M | $64.3M | $101M | $62.3M | |
| Basic EPS (Cont. Ops) | $7.65 | $8.29 | $9.26 | $14.54 | $8.96 | |
| Diluted EPS (Cont. Ops) | $7.65 | $8.29 | $9.26 | $14.54 | $8.96 | |
| Weighted Average Basic Share | $6.9M | $6.9M | $6.9M | $6.9M | $6.9M | |
| Weighted Average Diluted Share | $6.9M | $6.9M | $6.9M | $6.9M | $6.9M | |
| EBITDA | $80M | $90.7M | $86.6M | $129.1M | $70M | |
| EBIT | $75.9M | $85.2M | $81.1M | $123.2M | $63.2M | |
| Revenue (Reported) | $344.1M | $361.5M | $358.8M | $555.2M | $367.3M | |
| Operating Income (Reported) | $75.9M | $85.2M | $81.1M | $123.2M | $63.2M | |
| Operating Income (Adjusted) | $75.9M | $85.2M | $81.1M | $123.2M | $63.2M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $111M | $76.3M | $134.1M | $94.6M | $100.2M | |
| Revenue Growth (YoY) | 0.02% | -31.22% | 75.7% | -29.48% | 5.93% | |
| Cost of Revenues | $57.1M | $44.6M | $89.7M | $56.2M | $63.9M | |
| Gross Profit | $53.9M | $31.7M | $44.4M | $38.4M | $36.3M | |
| Gross Profit Margin | 48.59% | 41.56% | 33.1% | 40.6% | 36.25% | |
| R&D Expenses | $3.6M | $2.8M | $3M | $2.7M | $1.6M | |
| Selling, General & Admin | $15.6M | $13.1M | $13.1M | $15M | $19.2M | |
| Other Inc / (Exp) | -- | -- | $578.4K | -$374.7K | -- | |
| Operating Expenses | $19.2M | $15.9M | $16.1M | $17.7M | $20.8M | |
| Operating Income | $34.8M | $15.8M | $28.3M | $20.7M | $15.5M | |
| Net Interest Expenses | $806.6K | $1.6M | $2.9M | $3.7M | -- | |
| EBT. Incl. Unusual Items | $35.7M | $18.2M | $31.4M | $20.9M | $19.6M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $13.1M | $6.2M | $9.3M | $4.5M | $5.3M | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | -$57.8K | $16.4K | $18.3K | -$36.8K | -$17.3K | |
| Net Income to Common Excl Extra Items | $22.7M | $12M | $22.1M | $16.5M | $14.3M | |
| Basic EPS (Cont. Ops) | $3.27 | $1.73 | $3.17 | $2.37 | $2.06 | |
| Diluted EPS (Cont. Ops) | $3.27 | $1.73 | $3.17 | $2.37 | $2.06 | |
| Weighted Average Basic Share | $6.9M | $6.9M | $6.9M | $6.9M | $6.9M | |
| Weighted Average Diluted Share | $6.9M | $6.9M | $6.9M | $6.9M | $6.9M | |
| EBITDA | $36.5M | $19.9M | $34.2M | $24.7M | -- | |
| EBIT | $34.8M | $15.8M | $28.3M | $20.7M | $15.5M | |
| Revenue (Reported) | $111M | $76.3M | $134.1M | $94.6M | $100.2M | |
| Operating Income (Reported) | $34.8M | $15.8M | $28.3M | $20.7M | $15.5M | |
| Operating Income (Adjusted) | $34.8M | $15.8M | $28.3M | $20.7M | $15.5M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $380.4M | $308M | $574.5M | $384.5M | $409.7M | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | $207.7M | $168.4M | $382.5M | $237.6M | $263.5M | |
| Gross Profit | $172.7M | $139.6M | $192M | $146.9M | $146.2M | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | $14.8M | $11.4M | $10.3M | $11.4M | $8.9M | |
| Selling, General & Admin | $56.1M | $68.3M | $50.5M | $62.9M | $78.5M | |
| Other Inc / (Exp) | -- | -- | $578.4K | -$4.8M | -- | |
| Operating Expenses | $70.8M | $79.7M | $60.8M | $74.3M | $87.4M | |
| Operating Income | $101.9M | $59.9M | $131.2M | $72.6M | $58.8M | |
| Net Interest Expenses | $2M | $4.5M | $10.3M | $12.2M | $7.7M | |
| EBT. Incl. Unusual Items | $102.6M | $64.7M | $137.7M | $79.8M | $70.8M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $32.2M | $24.3M | $28.4M | $17.7M | $15.2M | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | -$87.8K | -$149K | $15.8K | -$40.3K | -$4.8K | |
| Net Income to Common Excl Extra Items | $70.4M | $40.4M | $109.3M | $62.2M | $55.5M | |
| Basic EPS (Cont. Ops) | $10.15 | $5.83 | $15.72 | $8.95 | $7.99 | |
| Diluted EPS (Cont. Ops) | $10.15 | $5.83 | $15.72 | $8.95 | $7.99 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | $105M | $69.2M | $140.4M | $80.8M | -- | |
| EBIT | $101.9M | $59.9M | $131.2M | $72.6M | $58.8M | |
| Revenue (Reported) | $380.4M | $308M | $574.5M | $384.5M | $409.7M | |
| Operating Income (Reported) | $101.9M | $59.9M | $131.2M | $72.6M | $58.8M | |
| Operating Income (Adjusted) | $101.9M | $59.9M | $131.2M | $72.6M | $58.8M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $279.8M | $226.4M | $445M | $274.4M | $316.8M | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | $149.6M | $122.3M | $300.3M | $167M | $205.5M | |
| Gross Profit | $130.2M | $104.1M | $144.6M | $107.4M | $111.3M | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | $10.9M | $7.8M | $7.5M | $8.6M | $6.3M | |
| Selling, General & Admin | $42M | $44.6M | $34.9M | $47.3M | $58.2M | |
| Other Inc / (Exp) | -- | -- | $578.4K | -$374.7K | -- | |
| Operating Expenses | $52.9M | $52.4M | $42.4M | $55.9M | $64.5M | |
| Operating Income | $77.4M | $51.7M | $102.3M | $51.5M | $46.8M | |
| Net Interest Expenses | $2M | $4.1M | $6.3M | $7M | $7.4M | |
| EBT. Incl. Unusual Items | $78.7M | $56.4M | $109.5M | $60M | $52.6M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $21.7M | $17M | $24.6M | $14.2M | $13.6M | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | -$15K | -$108.5K | -$3.9K | -$15.2K | -$7.6K | |
| Net Income to Common Excl Extra Items | $57M | $39.4M | $84.8M | $45.9M | $39M | |
| Basic EPS (Cont. Ops) | $8.21 | $5.68 | $12.21 | $6.60 | $5.61 | |
| Diluted EPS (Cont. Ops) | $8.21 | $5.68 | $12.21 | $6.60 | $5.61 | |
| Weighted Average Basic Share | $20.8M | $20.8M | $20.8M | $20.8M | $20.8M | |
| Weighted Average Diluted Share | $20.8M | $20.8M | $20.8M | $20.8M | $20.8M | |
| EBITDA | $80.7M | $60.5M | $115.8M | $67M | $40.3M | |
| EBIT | $77.4M | $51.7M | $102.3M | $51.5M | $46.8M | |
| Revenue (Reported) | $279.8M | $226.4M | $445M | $274.4M | $316.8M | |
| Operating Income (Reported) | $77.4M | $51.7M | $102.3M | $51.5M | $46.8M | |
| Operating Income (Adjusted) | $77.4M | $51.7M | $102.3M | $51.5M | $46.8M | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $167.2M | $207.9M | $266.4M | $358.2M | $375.8M | |
| Short Term Investments | $65.9M | $124.8M | $134.9M | $218.6M | $224.7M | |
| Accounts Receivable, Net | $55M | $44.3M | $61.1M | $55.3M | $55.1M | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | $2.1M | $2.7M | $2.6M | $2.3M | $5.5M | |
| Other Current Assets | $2M | $1.3M | $626.5K | $2.6M | $2M | |
| Total Current Assets | $227M | $257.5M | $333.5M | $424.6M | $444M | |
| Property Plant And Equipment | $7.1M | $9.5M | $6.4M | $7.9M | $6.8M | |
| Long-Term Investments | $2.6M | $1.7M | $2M | $1.4M | $1.2M | |
| Goodwill | -- | -- | -- | -- | -- | |
| Other Intangibles | $3.1M | $2.8M | $3.1M | $4.9M | $4.8M | |
| Other Long-Term Assets | $2.6M | $1.7M | $353.2K | $524.6K | $216.6K | |
| Total Assets | $244.3M | $275.5M | $351.2M | $448.9M | $466.3M | |
| Accounts Payable | $48.5M | $34.7M | $58.2M | -- | $46.1M | |
| Accrued Expenses | $1.3M | $1.2M | $1.6M | $1.8M | $1.8M | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | $2.4M | $3M | $2.3M | $3.3M | $2.2M | |
| Total Current Liabilities | $76.1M | $62.2M | $83.6M | $82.6M | $73.8M | |
| Long-Term Debt | $3M | $4.3M | $2.4M | $1.8M | $2.7M | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $81M | $67.9M | $90.1M | $88.9M | $80.2M | |
| Common Stock | $3.2M | $2.9M | $2.7M | $2.7M | $2.4M | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | $162.9M | $207M | $260.6M | $359.6M | $385.6M | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $402.4K | $647.7K | $515.5K | $497K | $469.5K | |
| Total Equity | $163.3M | $207.6M | $261.1M | $360.1M | $386.1M | |
| Total Liabilities and Equity | $244.3M | $275.5M | $351.2M | $448.9M | $466.3M | |
| Cash and Short Terms | $167.2M | $207.9M | $266.4M | $358.2M | $375.8M | |
| Total Debt | $5.4M | $7.3M | $4.7M | $5.1M | $4.8M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $191M | $205.3M | $328.9M | $393.1M | $434.7M | |
| Short Term Investments | $90.8M | $130M | $178.4M | $243.5M | -- | |
| Accounts Receivable, Net | $69.3M | $55.1M | $60.1M | $50.8M | $42.8M | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | $1.7M | $2M | $2.2M | $3.7M | $11.2M | |
| Other Current Assets | $3.3M | $1.7M | $4.3M | $3M | -- | |
| Total Current Assets | $265.4M | $264.3M | $398.7M | $455.4M | $497M | |
| Property Plant And Equipment | $8.7M | $6.9M | $8M | $5.5M | $7.6M | |
| Long-Term Investments | $2M | $2.4M | $1.3M | $1.2M | $1.3M | |
| Goodwill | -- | -- | -- | -- | -- | |
| Other Intangibles | -- | -- | -- | -- | -- | |
| Other Long-Term Assets | $1.3M | $1.1M | $4.6M | $6.5M | -- | |
| Total Assets | $281M | $278.1M | $420.4M | $477.4M | $520.9M | |
| Accounts Payable | $47.9M | $43.1M | $56.8M | $38.2M | $49.2M | |
| Accrued Expenses | $1.1M | $955.5K | $1.2M | $2.2M | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | $2.5M | $2.5M | $3.1M | $2.1M | -- | |
| Total Current Liabilities | $68.3M | $62.3M | $86.3M | $63.5M | $72.3M | |
| Long-Term Debt | -- | -- | -- | $1.8M | $3.8M | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $73.7M | $66.3M | $91.7M | $69.8M | $77.9M | |
| Common Stock | $2.9M | $2.4M | $2.6M | $2.7M | $2.5M | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $651.2K | $510.2K | $515.8K | $497.1K | $448.3K | |
| Total Equity | $207.3M | $211.8M | $328.7M | $407.6M | $443M | |
| Total Liabilities and Equity | $281M | $278.1M | $420.4M | $477.4M | $520.9M | |
| Cash and Short Terms | $191M | $205.3M | $328.9M | $393.1M | $434.7M | |
| Total Debt | -- | -- | -- | $3.9M | $6.4M | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $53M | $57.5M | $64.3M | $101M | $62.3M | |
| Depreciation & Amoritzation | $4.2M | $5.5M | $5.5M | $5.9M | $6.8M | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -$24.6M | $3.9M | -$28.9M | -$1.1M | $631.9K | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $59.2M | $64.8M | $76.1M | $101.3M | $57.6M | |
| Capital Expenditures | $3.1M | $3.7M | $2.2M | $4.4M | $3.5M | |
| Cash Acquisitions | -- | -- | -- | -- | $73.6K | |
| Cash From Investing | -$30.2M | -$71.7M | -$17.3M | -$89.2M | -$34.6M | |
| Dividends Paid (Ex Special Dividend) | -- | -- | -- | -- | -- | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | -- | -- | -- | -- | -- | |
| Long-Term Debt Repaid | -$2.4M | -$3.2M | -$3M | -$3.1M | -$3.3M | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | $291.8K | $298.8K | -- | -- | -$85.1K | |
| Cash From Financing | -$2.5M | -$3.2M | -$3M | -$3.1M | -$3.3M | |
| Beginning Cash (CF) | $101.8M | $83.4M | $134.3M | $142.9M | $155.5M | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $26.4M | -$10.1M | $54.8M | $10.9M | $32.9M | |
| Ending Cash (CF) | $128.2M | $73.4M | $188.2M | $155.7M | $201.5M | |
| Levered Free Cash Flow | $56.1M | $61.1M | $73.9M | $96.9M | $54.1M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| 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) | $99.8M | $75.3M | $153.6M | $153.5M | $140.7M | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -- | -- | -- | -- | -- | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | -- | -- | -- | -- | -- | |
| Period Ending | 2021-12-25 | 2022-12-25 | 2023-12-25 | 2024-12-25 | ||
|---|---|---|---|---|---|---|
| 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 | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| 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) | $293.2M | $245.7M | $432.3M | $378.7M | $437M | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -- | -- | -- | -- | -- | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | -- | -- | -- | -- | -- | |
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