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 | -- | -- | -- | -- | -- | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | $76K | $102K | $106K | $91K | |
| Gross Profit | -- | -$76K | -$102K | -$106K | -$91K | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | $3.4M | $6.1M | $7.6M | $5.6M | $6.5M | |
| Selling, General & Admin | $5.6M | $5.2M | $5.5M | $4.1M | $5M | |
| Other Inc / (Exp) | -- | $44K | $215K | -$832K | -- | |
| Operating Expenses | $9.1M | $11.3M | $13.2M | $9.7M | $11.5M | |
| Operating Income | -$9.1M | -$11.4M | -$13.3M | -$9.9M | -$11.6M | |
| Net Interest Expenses | -- | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | -$9.2M | -$11.3M | -$13.2M | -$10.7M | -$11.4M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | -- | -- | -- | -- | -- | |
| Net Income to Company | -$9.2M | -$11.3M | -$13.2M | -$10.7M | -$11.4M | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | -$9.2M | -$11.3M | -$13.2M | -$10.7M | -$11.4M | |
| Basic EPS (Cont. Ops) | -$1.29 | -$1.59 | -$1.81 | -$1.05 | -$0.73 | |
| Diluted EPS (Cont. Ops) | -$1.29 | -$1.59 | -$1.81 | -$1.05 | -$0.73 | |
| Weighted Average Basic Share | $7.1M | $7.1M | $7.3M | $10.2M | $15.6M | |
| Weighted Average Diluted Share | $7.1M | $7.1M | $7.3M | $10.2M | $15.6M | |
| EBITDA | -$9M | -$11.3M | -$13.2M | -$9.7M | -$11.5M | |
| EBIT | -$9.1M | -$11.4M | -$13.3M | -$9.9M | -$11.6M | |
| Revenue (Reported) | -- | -- | -- | -- | -- | |
| Operating Income (Reported) | -$9.1M | -$11.4M | -$13.3M | -$9.9M | -$11.6M | |
| Operating Income (Adjusted) | -$9.1M | -$11.4M | -$13.3M | -$9.9M | -$11.6M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | -- | -- | -- | -- | -- | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | $16K | $25K | $20K | $23K | $10K | |
| Gross Profit | -$16K | -$25K | -$20K | -$23K | -$10K | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | $1.4M | $2M | $1.6M | $2M | $1.2M | |
| Selling, General & Admin | $1.2M | $1.5M | $932K | -$1.2M | $2.7M | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | $2.5M | $3.4M | $2.5M | $3.3M | $3.9M | |
| Operating Income | -$2.6M | -$3.5M | -$2.5M | -$3.3M | -$3.9M | |
| Net Interest Expenses | -- | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | -$2.6M | -$3.5M | -$2.4M | -$3.2M | -$3.6M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | -- | -- | -- | -- | -- | |
| Net Income to Company | -$2.6M | -$3.5M | -$2.4M | -$3.2M | -$3.6M | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | -$2.6M | -$3.5M | -$2.4M | -$3.2M | -$3.6M | |
| Basic EPS (Cont. Ops) | -$0.36 | -$0.49 | -$0.21 | -$0.20 | -$0.07 | |
| Diluted EPS (Cont. Ops) | -$0.36 | -$0.49 | -$0.21 | -$0.20 | -$0.07 | |
| Weighted Average Basic Share | $7.1M | $7.1M | $11.7M | $16.5M | $48.1M | |
| Weighted Average Diluted Share | $7.1M | $7.1M | $11.7M | $16.5M | $48.1M | |
| EBITDA | -$2.5M | -$3.4M | -$2.5M | -$3.3M | -$3.9M | |
| EBIT | -$2.6M | -$3.5M | -$2.5M | -$3.3M | -$3.9M | |
| Revenue (Reported) | -- | -- | -- | -- | -- | |
| Operating Income (Reported) | -$2.6M | -$3.5M | -$2.5M | -$3.3M | -$3.9M | |
| Operating Income (Adjusted) | -$2.6M | -$3.5M | -$2.5M | -$3.3M | -$3.9M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | -- | -- | -- | -- | -- | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | $63K | $97K | $104K | $100K | $63K | |
| Gross Profit | -$63K | -$97K | -$104K | -$100K | -$63K | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | $4.9M | $8.1M | $6.4M | $5.7M | $6.7M | |
| Selling, General & Admin | $5.2M | $6M | $4.4M | $2M | $7.3M | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | $10M | $14.1M | $10.8M | $10.2M | $14M | |
| Operating Income | -$10M | -$14.2M | -$10.9M | -$10.3M | -$14M | |
| Net Interest Expenses | $10K | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | -$10.1M | -$14M | -$10.6M | -$11.2M | -$13.1M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | -- | -- | -- | -- | -- | |
| Net Income to Company | -$10.1M | -$14M | -$10.6M | -$11.2M | -$13.1M | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | -$10.1M | -$14M | -$10.6M | -$11.2M | -$13.1M | |
| Basic EPS (Cont. Ops) | -$1.42 | -$1.97 | -$1.20 | -$0.80 | -$0.45 | |
| Diluted EPS (Cont. Ops) | -$1.42 | -$1.97 | -$1.20 | -$0.80 | -$0.45 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | -$10M | -$14.1M | -$10.8M | -$10.2M | -$14M | |
| EBIT | -$10M | -$14.2M | -$10.9M | -$10.3M | -$14M | |
| Revenue (Reported) | -- | -- | -- | -- | -- | |
| Operating Income (Reported) | -$10M | -$14.2M | -$10.9M | -$10.3M | -$14M | |
| Operating Income (Adjusted) | -$10M | -$14.2M | -$10.9M | -$10.3M | -$14M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | -- | -- | -- | -- | -- | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | $16K | $69K | $71K | $65K | $37K | |
| Gross Profit | -$16K | -$69K | -$71K | -$65K | -$37K | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | $3.9M | $5.9M | $4.5M | $4.6M | $4.7M | |
| Selling, General & Admin | $3.5M | $4.4M | $3.2M | $1.1M | $5.9M | |
| Other Inc / (Exp) | -- | -- | -- | -- | $316K | |
| Operating Expenses | $7.4M | $10.1M | $7.7M | $8.1M | $10.6M | |
| Operating Income | -$7.4M | -$10.2M | -$7.8M | -$8.2M | -$10.6M | |
| Net Interest Expenses | -- | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | -$7.5M | -$10.2M | -$7.6M | -$8.1M | -$9.7M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | -- | -- | -- | -- | -- | |
| Net Income to Company | -$7.5M | -$10.2M | -$7.6M | -$8.1M | -$9.7M | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | -$7.5M | -$10.2M | -$7.6M | -$8.1M | -$9.7M | |
| Basic EPS (Cont. Ops) | -$1.05 | -$1.43 | -$0.81 | -$0.53 | -$0.25 | |
| Diluted EPS (Cont. Ops) | -$1.05 | -$1.43 | -$0.81 | -$0.53 | -$0.25 | |
| Weighted Average Basic Share | $21.3M | $21.3M | $28.9M | $45.4M | $115.7M | |
| Weighted Average Diluted Share | $21.3M | $21.3M | $28.9M | $45.4M | $115.7M | |
| EBITDA | -$7.4M | -$10.1M | -$7.7M | -$8.1M | -$10.6M | |
| EBIT | -$7.4M | -$10.2M | -$7.8M | -$8.2M | -$10.6M | |
| Revenue (Reported) | -- | -- | -- | -- | -- | |
| Operating Income (Reported) | -$7.4M | -$10.2M | -$7.8M | -$8.2M | -$10.6M | |
| Operating Income (Adjusted) | -$7.4M | -$10.2M | -$7.8M | -$8.2M | -$10.6M | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $19.7M | $15.6M | $8.3M | $6.4M | $5.5M | |
| Short Term Investments | $5M | $2M | $5.8M | $3.9M | $2.4M | |
| Accounts Receivable, Net | -- | -- | -- | -- | -- | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | $181K | $126K | $429K | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $25.3M | $15.9M | $8.8M | $7.9M | $5.8M | |
| Property Plant And Equipment | $1M | $888K | $723K | $406K | $212K | |
| Long-Term Investments | -- | -- | -- | -- | -- | |
| Goodwill | -- | -- | -- | -- | -- | |
| Other Intangibles | -- | -- | -- | -- | -- | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $26.3M | $16.8M | $9.5M | $8.3M | $6M | |
| Accounts Payable | $275K | $279K | $116K | $357K | $165K | |
| Accrued Expenses | -- | -- | -- | $2.4M | $811K | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | $187K | $278K | $283K | $191K | $70K | |
| Other Current Liabilities | $264K | $396K | $298K | $79K | $5K | |
| Total Current Liabilities | $1.3M | $2M | $2.1M | $3.8M | $2.5M | |
| Long-Term Debt | -- | $402K | $179K | $40K | $41K | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $2M | $2.4M | $2.2M | $3.8M | $2.5M | |
| Common Stock | $72K | $72K | $80K | $118K | $195K | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | $24.3M | $14.4M | $7.3M | $4.5M | $3.5M | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | -- | -- | -- | -- | -- | |
| Total Equity | $24.3M | $14.4M | $7.3M | $4.5M | $3.5M | |
| Total Liabilities and Equity | $26.3M | $16.8M | $9.5M | $8.3M | $6M | |
| Cash and Short Terms | $24.6M | $15.6M | $8.3M | $6.4M | $5.5M | |
| Total Debt | -- | $402K | $179K | $40K | $41K | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $18.5M | $6.4M | $8.2M | $4.4M | $80.2M | |
| Short Term Investments | $5M | $2M | $6.8M | $3.9M | -- | |
| Accounts Receivable, Net | -- | -- | -- | -- | -- | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | $277K | $193K | $208K | $609K | -- | |
| Total Current Assets | $18.8M | $6.6M | $8.4M | $5M | $80.8M | |
| Property Plant And Equipment | $913K | $806K | $481K | $213K | $975K | |
| Long-Term Investments | -- | -- | -- | -- | -- | |
| Goodwill | -- | -- | -- | -- | -- | |
| Other Intangibles | -- | -- | -- | -- | -- | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $19.7M | $7.4M | $8.9M | $5.2M | $81.8M | |
| Accounts Payable | $489K | $287K | $238K | $246K | $509K | |
| Accrued Expenses | $639K | $1.1M | $1M | $1.1M | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | $267K | $278K | $206K | $65K | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $1.4M | $1.7M | $1.5M | $1.4M | $2.9M | |
| Long-Term Debt | $436K | $226K | $39K | $29K | $602K | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $1.8M | $1.9M | $1.5M | $1.4M | $3.5M | |
| Common Stock | $72K | $72K | $118K | $168K | $659K | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | -- | -- | -- | -- | -- | |
| Total Equity | $17.9M | $5.5M | $7.4M | $3.8M | $78.2M | |
| Total Liabilities and Equity | $19.7M | $7.4M | $8.9M | $5.2M | $81.8M | |
| Cash and Short Terms | $18.5M | $6.4M | $8.2M | $4.4M | $80.2M | |
| Total Debt | $703K | $226K | $39K | $29K | $602K | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -$9.2M | -$11.3M | -$13.2M | -$10.7M | -$11.4M | |
| Depreciation & Amoritzation | $68K | $76K | $102K | $106K | $91K | |
| Stock-Based Compensation | $1.9M | $1.4M | $1.8M | $1.4M | $1.3M | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -$7.3M | -$9.4M | -$11.5M | -$8.5M | -$8.8M | |
| Capital Expenditures | -- | $69K | $84K | $33K | $25K | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -$2.8M | $3.2M | -$3.8M | $2M | $1.5M | |
| Dividends Paid (Ex Special Dividend) | -- | -- | -- | -- | -- | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | -- | -- | -- | -- | -- | |
| Long-Term Debt Repaid | -- | -- | -- | -- | -- | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | -$3.4M | -- | -- | -- | -- | |
| Cash From Financing | -$3.4M | -- | $4.3M | $6.6M | $7.9M | |
| Beginning Cash (CF) | $33.1M | $13.6M | $2.5M | $2.5M | $3.2M | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -$13.4M | -$6.2M | -$11.1M | -$2K | $646K | |
| Ending Cash (CF) | $19.7M | $7.4M | -$8.5M | $2.5M | $3.8M | |
| Levered Free Cash Flow | -$7.3M | -$9.4M | -$11.6M | -$8.6M | -$8.9M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -$2.6M | -$3.5M | -$2.4M | -$3.2M | -$3.6M | |
| Depreciation & Amoritzation | $16K | $25K | $20K | $23K | $10K | |
| Stock-Based Compensation | $307K | $461K | $336K | $283K | $328K | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -$2.2M | -$3M | -$1.7M | -$2.8M | -$3.8M | |
| Capital Expenditures | $14K | $5K | $28K | -- | $13K | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -$14K | -$5K | -$2.6M | $140K | -$44.7M | |
| 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 | -- | -- | -$161K | $633K | $51.2M | |
| Beginning Cash (CF) | $13.5M | $4.4M | $1.4M | $527K | $6.8M | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -$2.2M | -$3M | -$4.4M | -$2M | $2.6M | |
| Ending Cash (CF) | $11.3M | $1.5M | -$3M | -$1.5M | $9.4M | |
| Levered Free Cash Flow | -$2.2M | -$3M | -$1.7M | -$2.8M | -$3.9M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -$10.1M | -$14M | -$10.6M | -$11.2M | -$13.1M | |
| Depreciation & Amoritzation | $63K | $97K | $104K | $100K | $63K | |
| Stock-Based Compensation | $1.5M | $1.7M | $1.5M | $1.4M | $1.1M | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -$8.1M | -$12M | -$9.2M | -$9M | -$11M | |
| Capital Expenditures | $33K | $127K | $39K | $13K | $42K | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -$5M | $2.9M | -$4.7M | $3M | -$69.4M | |
| 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 | -- | -- | $10.9M | $5.1M | $86.6M | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -$13.1M | -$9.1M | -$3M | -$854K | $6.2M | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | -$8.2M | -$12.1M | -$9.2M | -$9M | -$11M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -$7.5M | -$10.2M | -$7.6M | -$8.1M | -$9.7M | |
| Depreciation & Amoritzation | $48K | $69K | $71K | $65K | $37K | |
| Stock-Based Compensation | $1M | $1.3M | $1.1M | $1.1M | $821K | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -$6.5M | -$9.1M | -$6.7M | -$7.1M | -$9.3M | |
| Capital Expenditures | $14K | $83K | $38K | $18K | $35K | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | $245K | -$83K | -$984K | $42K | -$70.9M | |
| 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 | -- | -- | $6.6M | $5.1M | $83.7M | |
| Beginning Cash (CF) | $51.3M | $22.3M | $9.3M | $4.3M | $14.2M | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -$6.2M | -$9.2M | -$1.1M | -$2M | $3.6M | |
| Ending Cash (CF) | $45M | $13.2M | $8.2M | $2.3M | $17.8M | |
| Levered Free Cash Flow | -$6.5M | -$9.2M | -$6.8M | -$7.2M | -$9.3M | |
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Digital signature software business DocuSign (NASDAQ:DOCU) has been struggling over…
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