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 | $15.3M | $18.6M | $24.3M | $33.4M | $12.5M | |
| Revenue Growth (YoY) | -- | 21.87% | 30.67% | 37.71% | -62.72% | |
| Cost of Revenues | $11M | $12.1M | $14M | $17.8M | $8.2M | |
| Gross Profit | $4.3M | $6.5M | $10.3M | $15.6M | $4.2M | |
| Gross Profit Margin | 28.18% | 34.99% | 42.24% | 46.74% | 33.95% | |
| R&D Expenses | $4.4M | $3.3M | $2.4M | $4.4M | $5.7M | |
| Selling, General & Admin | $10.5M | $10.1M | $7.2M | $15.9M | $18.5M | |
| Other Inc / (Exp) | -$610K | $388K | $539K | $2M | $201K | |
| Operating Expenses | $13.4M | $12M | $9.7M | $17.9M | $24.2M | |
| Operating Income | -$9.1M | -$5.5M | $603.1K | -$2.2M | -$19.9M | |
| Net Interest Expenses | $9.6K | $183.8K | $634.5K | $1.1M | $2.1M | |
| EBT. Incl. Unusual Items | -$9.8M | -$5.3M | $2.6M | -$3.4M | -$20.6M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $5.3K | $6.6K | -$3.4M | $250.4K | $3.5M | |
| Net Income to Company | -$9.8M | -$5.3M | $6M | -$3.6M | -$24.1M | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | -$9.8M | -$5.3M | $6M | -$3.6M | -$24.1M | |
| Basic EPS (Cont. Ops) | -$0.65 | -$0.35 | $0.40 | -$0.24 | -$0.68 | |
| Diluted EPS (Cont. Ops) | -$0.65 | -$0.35 | $0.40 | -$0.24 | -$0.68 | |
| Weighted Average Basic Share | $15M | $15M | $15M | $15.3M | $35.2M | |
| Weighted Average Diluted Share | $15M | $15M | $15M | $15.3M | $35.2M | |
| EBITDA | -$6.1M | -$3.8M | $1M | -$1.6M | -$19.2M | |
| EBIT | -$9.1M | -$5.5M | $603.1K | -$2.2M | -$19.9M | |
| Revenue (Reported) | $15.3M | $18.6M | $24.3M | $33.4M | $12.5M | |
| Operating Income (Reported) | -$9.1M | -$5.5M | $603.1K | -$2.2M | -$19.9M | |
| Operating Income (Adjusted) | -$9.1M | -$5.5M | $603.1K | -$2.2M | -$19.9M | |
| 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 | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Revenue | -- | $21.8M | $27.7M | $22.7M | $12.7M | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | $12.8M | $15M | $14.6M | $7.6M | |
| Gross Profit | $2.4M | $9M | $12.8M | $8.1M | $5.1M | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | $2.8M | $2.7M | $5.5M | $8.5M | |
| Selling, General & Admin | $5.9M | $8.4M | $9.6M | $17.1M | $33.1M | |
| Other Inc / (Exp) | $329K | $416K | $48K | $2.2M | -- | |
| Operating Expenses | -- | $10.4M | $11.8M | $20M | $41.6M | |
| Operating Income | -- | -$1.5M | $1M | -$11.9M | -$36.5M | |
| Net Interest Expenses | $65K | $283.7K | $663.1K | $1.9M | $1.4M | |
| EBT. Incl. Unusual Items | -$4.2M | -$1.3M | $2.2M | -$13.4M | -$33.1M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | -- | $6.5K | -$3M | $1.4M | $2M | |
| Net Income to Company | -- | -$1.2M | $5.3M | -$14.9M | -$35.4M | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | -- | -$1.3M | $5.3M | -$14.8M | -$35.2M | |
| Basic EPS (Cont. Ops) | -- | -$0.09 | $0.35 | -$0.58 | -$0.48 | |
| Diluted EPS (Cont. Ops) | -$0.28 | -$0.09 | $0.35 | -$0.58 | -$0.48 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | -- | -$619.7K | $1.5M | -$11.3M | -$35.7M | |
| EBIT | -$4.6M | -$1.5M | $1M | -$11.9M | -$36.5M | |
| Revenue (Reported) | -- | $21.8M | $27.7M | $22.7M | $12.7M | |
| Operating Income (Reported) | -- | -$1.5M | $1M | -$11.9M | -$36.5M | |
| Operating Income (Adjusted) | -$4.6M | -$1.5M | $1M | -$11.9M | -$36.5M | |
| Period Ending | 2022-12-25 | 2023-12-25 | 2024-12-25 | 2025-12-25 | 2026-12-25 | |
|---|---|---|---|---|---|---|
| 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 | $2.1M | $2.3M | $4.4M | $8.2M | $93.4M | |
| Short Term Investments | -- | -- | -- | -- | -- | |
| Accounts Receivable, Net | $2.5M | $2.9M | $2.4M | $6M | $4.2M | |
| Inventory | $2.8M | $3.2M | $9.2M | $6.6M | $1.6M | |
| Prepaid Expenses | $468.4K | $498.3K | $425.9K | $718.8K | $391.7K | |
| Other Current Assets | $4K | $1K | -- | -- | $26K | |
| Total Current Assets | $8.5M | $9.1M | $16.7M | $24.1M | $102.7M | |
| Property Plant And Equipment | $5.1M | $2.9M | $2.3M | $5.4M | $4.7M | |
| Long-Term Investments | -- | -- | -- | -- | -- | |
| Goodwill | -- | -- | -- | -- | -- | |
| Other Intangibles | $9K | $5K | $1K | -- | -- | |
| Other Long-Term Assets | $86K | $82K | $77K | $83K | $82K | |
| Total Assets | $15.2M | $13M | $23.4M | $33.2M | $107.7M | |
| Accounts Payable | $5.1M | $6.2M | $5.4M | $3.9M | $3.8M | |
| Accrued Expenses | -- | -- | -- | -- | $435.8K | |
| Current Portion Of Long-Term Debt | -- | -- | $3.4M | $1.3M | -- | |
| Current Portion Of Capital Lease Obligations | $356K | $320K | $324K | $336K | $327K | |
| Other Current Liabilities | $130K | $47K | $36K | -- | -- | |
| Total Current Liabilities | $8.9M | $8.5M | $11.5M | $10.4M | $17.1M | |
| Long-Term Debt | $15.8M | $18.7M | $11.3M | $16.4M | $4.1M | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $25.8M | $27.9M | $23.2M | $27.2M | $21.7M | |
| Common Stock | $2M | $1.9M | $2.1M | $272.1K | $1.2M | |
| Other Common Equity Adj | $487K | $621K | $775K | $784K | $758K | |
| Common Equity | -$10.6M | -$14.9M | $229.2K | $6M | $85.9M | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | -- | -- | -- | -- | -- | |
| Total Equity | -$10.6M | -$14.9M | $229.1K | $6M | $85.9M | |
| Total Liabilities and Equity | $15.2M | $13M | $23.4M | $33.2M | $107.7M | |
| Cash and Short Terms | $2.1M | $2.3M | $4.4M | $8.2M | $93.4M | |
| Total Debt | $15.8M | $18.7M | $11.3M | $16.4M | $4.1M | |
| Period Ending | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | -- | $2M | $1.9M | $18.9M | -- | |
| Short Term Investments | -- | -- | -- | -- | -- | |
| Accounts Receivable, Net | -- | $3.4M | $3.5M | $1.6M | -- | |
| Inventory | -- | $4.2M | $9.3M | $2.8M | -- | |
| Prepaid Expenses | -- | $1.1M | $1.4M | $685K | -- | |
| Other Current Assets | -- | -- | -- | $21K | -- | |
| Total Current Assets | -- | $11M | $16.4M | $26.1M | -- | |
| Property Plant And Equipment | -- | $2.6M | $3.5M | $4.2M | -- | |
| Long-Term Investments | -- | -- | -- | -- | -- | |
| Goodwill | -- | -- | -- | -- | -- | |
| Other Intangibles | -- | $3K | -- | -- | -- | |
| Other Long-Term Assets | -- | $76K | $82K | -- | -- | |
| Total Assets | -- | $14.7M | $24.1M | $32.2M | -- | |
| Accounts Payable | -- | $6.5M | $4.9M | $2.5M | -- | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | $10K | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | -- | $305K | $353K | $355K | -- | |
| Other Current Liabilities | -- | $43K | $38K | -- | -- | |
| Total Current Liabilities | -- | $8.2M | $9.6M | $7.3M | -- | |
| Long-Term Debt | -- | $17M | $13.8M | $18.5M | -- | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | -- | $27.1M | $24.7M | $27M | -- | |
| Common Stock | -- | $150K | $150K | $302K | -- | |
| Other Common Equity Adj | -- | $612K | $771K | $776K | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | -- | -- | -- | -- | -- | |
| Total Equity | -- | -$12.4M | -$645K | $5.2M | -- | |
| Total Liabilities and Equity | -- | $14.7M | $24.1M | $32.2M | -- | |
| Cash and Short Terms | -- | $2M | $1.9M | $18.9M | -- | |
| Total Debt | -- | -- | -- | -- | -- | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -$9.8M | -$5.3M | $6M | -$3.6M | -$24.1M | |
| Depreciation & Amoritzation | $3M | $1.7M | $427.2K | $634.3K | $715.4K | |
| Stock-Based Compensation | -- | -- | -- | -- | $168.1K | |
| Change in Accounts Receivable | $1.6M | -$437.5K | $405.2K | -$3.2M | $1.6M | |
| Change in Inventories | $333.5K | -$258.1K | -$5.6M | $2.6M | $4.9M | |
| Cash From Operations | -$3.2M | -$3.9M | -$1.6M | -$3.4M | -$12.7M | |
| Capital Expenditures | $55.4K | $39.4K | $313.1K | $3.4M | $648.4K | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | $173.7K | -$39.4K | -$313.1K | -$3.4M | -$648.4K | |
| Dividends Paid (Ex Special Dividend) | -- | -- | -- | -- | -- | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $4M | $3.5M | $1.8M | $9.6M | $20M | |
| Long-Term Debt Repaid | -$1.2M | -- | -- | -- | -$1.4M | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | -- | -- | -- | -$680K | -$6.7M | |
| Cash From Financing | $3M | $4M | $3.9M | $9.9M | $101.6M | |
| Beginning Cash (CF) | $2.1M | $2.3M | $4.4M | $8.2M | $93.4M | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -$16K | $255.9K | $2.1M | $3.2M | $88.3M | |
| Ending Cash (CF) | $2.1M | $2.7M | $6.6M | $11.3M | $181.7M | |
| Levered Free Cash Flow | -$3.3M | -$4M | -$1.9M | -$6.7M | -$13.4M | |
| 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 | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -- | -$1.2M | $5.3M | -$14.9M | -$35.4M | |
| Depreciation & Amoritzation | -- | $819.8K | $484.9K | $708.1K | $773.9K | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -- | -$1M | -$40.2K | $2M | -$1M | |
| Change in Inventories | -- | -$1.8M | -$6.1M | $7.1M | $1.7M | |
| Cash From Operations | -- | -$4.3M | -$389.7K | -$7.3M | -$21.2M | |
| Capital Expenditures | $39.6K | $139.3K | $1.8M | $1.8M | $1.1M | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -- | -$139.2K | -$1.8M | -$1.8M | -$3M | |
| Dividends Paid (Ex Special Dividend) | -- | -- | -- | -- | -- | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | -- | $3.2M | -$603K | $28.7M | -- | |
| Long-Term Debt Repaid | -- | -- | -- | -$1.4M | -- | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | -- | -- | -- | -- | -- | |
| Cash From Financing | -- | $3.7M | $2M | $28M | $142M | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -- | -$430.1K | -$67K | $18.8M | $117.8M | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | -- | -$4.4M | -$2.2M | -$9.1M | -$22.3M | |
| Period Ending | 2022-12-25 | 2023-12-25 | 2024-12-25 | 2025-12-25 | 2026-12-25 | |
|---|---|---|---|---|---|---|
| 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 | -- | -- | -- | -- | -- | |
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Market Cap: $4.6T
P/E Ratio: 64x
Market Cap: $4T
P/E Ratio: 37x
Market Cap: $3.8T
P/E Ratio: 39x
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