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 | $31.3M | $49.2M | $52.9M | $48.6M | $54.8M | |
| Revenue Growth (YoY) | -12.7% | 57.32% | 7.38% | -8.16% | 12.82% | |
| Cost of Revenues | $27.3M | $36.4M | $38.4M | $37.4M | $40M | |
| Gross Profit | $4M | $12.9M | $14.5M | $11.2M | $14.8M | |
| Gross Profit Margin | 12.84% | 26.16% | 27.36% | 22.98% | 27.07% | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | $10M | $16.6M | $13.7M | $13.9M | $14.8M | |
| Other Inc / (Exp) | -$813K | -$217.3K | $505.5K | $3M | $521K | |
| Operating Expenses | $9M | $16.6M | $13.7M | $13.9M | $14.8M | |
| Operating Income | -$4.9M | -$3.7M | $737.2K | -$2.8M | $31.5K | |
| Net Interest Expenses | $111.5K | $108.8K | $74.5K | $262.2K | $328.4K | |
| EBT. Incl. Unusual Items | -$5.9M | -$3.8M | $1.4M | $146.7K | $314.9K | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | -$820K | $5.2M | $234.2K | -$671.5K | -$597.2K | |
| Net Income to Company | -$5.1M | -$9M | $1.1M | $818.2K | $912.2K | |
| Minority Interest in Earnings | -- | -- | -- | -$2.5K | -$69.8K | |
| Net Income to Common Excl Extra Items | -$5.1M | -$9M | $1.1M | $818.2K | $912.2K | |
| Basic EPS (Cont. Ops) | -$1.26 | -$1.85 | $0.23 | $0.17 | $0.19 | |
| Diluted EPS (Cont. Ops) | -$1.26 | -$1.85 | $0.21 | $0.16 | $0.17 | |
| Weighted Average Basic Share | $4M | $4.9M | $4.9M | $4.9M | $5.1M | |
| Weighted Average Diluted Share | $4M | $4.9M | $5.5M | $5.2M | $5.9M | |
| EBITDA | -$5.2M | -$2.6M | $2.1M | -$988.4K | $1.9M | |
| EBIT | -$5.7M | -$3.7M | $737.2K | -$2.8M | $31.5K | |
| Revenue (Reported) | $31.3M | $49.2M | $52.9M | $48.6M | $54.8M | |
| Operating Income (Reported) | -$4.9M | -$3.7M | $737.2K | -$2.8M | $31.5K | |
| Operating Income (Adjusted) | -$5.7M | -$3.7M | $737.2K | -$2.8M | $31.5K | |
| 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 | $38.4M | $54.9M | $50.6M | $47.4M | $53.8M | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | $31.9M | $38.8M | $38.3M | $37.5M | $40.4M | |
| Gross Profit | $6.5M | $16.1M | $12.3M | $9.9M | $13.4M | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | $12.9M | $16.7M | $13.3M | $14.6M | $14.8M | |
| Other Inc / (Exp) | -$792.3K | -$534.8K | $844.1K | $3M | -- | |
| Operating Expenses | $11.8M | $16.7M | $13.3M | $14.6M | $14.8M | |
| Operating Income | -$5.3M | -$580.4K | -$1M | -$4.7M | -$1.4M | |
| Net Interest Expenses | $118.7K | $93.5K | $154.2K | $272.3K | $368.4K | |
| EBT. Incl. Unusual Items | -$6.2M | -$825.4K | -$181.8K | -$1.3M | -$460.4K | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | -$515.7K | $4.8M | $85.8K | -$647.7K | -$623K | |
| Net Income to Company | -$5.7M | -$5.5M | -$90.6K | -$447.9K | $126.4K | |
| Minority Interest in Earnings | -- | -- | -- | -$43.1K | -$32.4K | |
| Net Income to Common Excl Extra Items | -$5.7M | -$5.7M | -$267.5K | -$650.4K | $162.6K | |
| Basic EPS (Cont. Ops) | -$1.17 | -$1.16 | -$0.05 | -$0.12 | $0.39 | |
| Diluted EPS (Cont. Ops) | -$1.17 | -$1.16 | -$0.05 | -$0.12 | $0.37 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | -$5.4M | $928.3K | $400.8K | -$2.4M | $926.3K | |
| EBIT | -$6.1M | -$580.4K | -$1M | -$4.7M | -$1.4M | |
| Revenue (Reported) | $38.4M | $54.9M | $50.6M | $47.4M | $53.8M | |
| Operating Income (Reported) | -$5.3M | -$580.4K | -$1M | -$4.7M | -$1.4M | |
| Operating Income (Adjusted) | -$6.1M | -$580.4K | -$1M | -$4.7M | -$1.4M | |
| 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 | $14M | $3.4M | $4.8M | $942.3K | $2.1M | |
| Short Term Investments | $315.4K | $230.5K | $202.1K | $187.9K | $39.2K | |
| Accounts Receivable, Net | $1.4M | $2.7M | $4.1M | $4.4M | $8.6M | |
| Inventory | $77.1K | $162.4K | $864.8K | $992.9K | $964.9K | |
| Prepaid Expenses | $457.6K | -- | -- | -- | -- | |
| Other Current Assets | -- | $966K | $2.2M | $1.8M | $1.4M | |
| Total Current Assets | $20.2M | $12M | $17.9M | $12.5M | $17.2M | |
| Property Plant And Equipment | $17.6M | $19.5M | $18M | $18M | $16M | |
| Long-Term Investments | $4.9K | $1.3M | $1.2M | $1.3M | $1.1M | |
| Goodwill | $1.5M | $5.2M | $4.1M | $3.4M | $2.5M | |
| Other Intangibles | $946.5K | $3.4M | $3.1M | $6.5M | $7.3M | |
| Other Long-Term Assets | $770.6K | $931.8K | $104.2K | $118.1K | $513.1K | |
| Total Assets | $55.4M | $56.4M | $51.1M | $55M | $56.9M | |
| Accounts Payable | $649.8K | $2M | $1.6M | $976.7K | $6.5M | |
| Accrued Expenses | $8.6M | $7.5M | $10.6M | $8.9M | $2.1M | |
| Current Portion Of Long-Term Debt | $2.3M | $1.4M | $756.4K | $3.5M | $7.1M | |
| Current Portion Of Capital Lease Obligations | $6.4M | $6.6M | $5.9M | $5.4M | $5M | |
| Other Current Liabilities | $1.2M | $3.6M | $4M | $2.6M | $2.6M | |
| Total Current Liabilities | $25.7M | $27.8M | $27.6M | $25.3M | $26.6M | |
| Long-Term Debt | $6.5M | $16.3M | $17.9M | $16.9M | $13.1M | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $50.6M | $58.3M | $51.6M | $53.5M | $49.3M | |
| Common Stock | $11.4M | $10.6M | $9.3M | $141.9K | $2.2M | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | $4.8M | -$1.8M | -$450K | $1.5M | $5.9M | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | -- | -- | -- | $36K | $347.6K | |
| Total Equity | $4.8M | -$1.8M | -$450K | $1.5M | $7.6M | |
| Total Liabilities and Equity | $55.4M | $56.4M | $51.1M | $55M | $56.9M | |
| Cash and Short Terms | $14.3M | $3.4M | $4.8M | $942.3K | $2.1M | |
| Total Debt | $8.8M | $17.7M | $18.7M | $17.6M | $17M | |
| Period Ending | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $3.2M | $737.4K | $813K | $898.8K | -- | |
| Short Term Investments | -- | -- | -- | -- | -- | |
| Accounts Receivable, Net | $808.9K | $2.6M | $4.1M | $476.8K | -- | |
| Inventory | $98.6K | $214.5K | $1.3M | $995.5K | -- | |
| Prepaid Expenses | $1M | $2.3M | -- | -- | -- | |
| Other Current Assets | -- | -- | $2M | $1.2M | -- | |
| Total Current Assets | $7.9M | $9M | $10.8M | $6.9M | -- | |
| Property Plant And Equipment | $18.5M | $16.8M | $17.5M | $14.7M | -- | |
| Long-Term Investments | $479.6K | $388.2K | $366.2K | $506.7K | -- | |
| Goodwill | $4.8M | $3.9M | $3.4M | $2.9M | -- | |
| Other Intangibles | $823.5K | $2.7M | $3.3M | $4.9M | -- | |
| Other Long-Term Assets | $857.3K | $322.6K | $32.1K | $82K | -- | |
| Total Assets | $47M | $40.2M | $41.8M | $36.2M | -- | |
| Accounts Payable | $563.1K | $1.7M | $1.4M | $773.3K | -- | |
| Accrued Expenses | $7.4M | $7.7M | $6.5M | $6.4M | -- | |
| Current Portion Of Long-Term Debt | $1.6M | $744.1K | $637.8K | $576.1K | -- | |
| Current Portion Of Capital Lease Obligations | $6.4M | $5.4M | $5.2M | $4.6M | -- | |
| Other Current Liabilities | $1.3M | $2.7M | $5.4M | $3.1M | -- | |
| Total Current Liabilities | $22.1M | $23.2M | $22.6M | $20.5M | -- | |
| Long-Term Debt | $5.2M | $5.1M | $7.6M | $6.3M | -- | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $45.2M | $43M | $44.7M | $38.5M | -- | |
| Common Stock | $11.1M | $9M | $138.1K | $124.3K | -- | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | -- | -- | -- | -$6.9K | -- | |
| Total Equity | $1.9M | -$2.9M | -$2.9M | -$2.3M | -- | |
| Total Liabilities and Equity | $47M | $40.2M | $41.8M | $36.2M | -- | |
| Cash and Short Terms | $3.2M | $737.4K | $813K | $898.8K | -- | |
| Total Debt | $6.8M | -- | -- | -- | -- | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -$5.1M | -$9M | $1.1M | $818.2K | $912.2K | |
| Depreciation & Amoritzation | $583.6K | $1.1M | $1.4M | $1.8M | $1.9M | |
| Stock-Based Compensation | -- | $1.8M | -- | -- | -- | |
| Change in Accounts Receivable | $1.3M | -$1.1M | -$3.3M | $4.4M | $2M | |
| Change in Inventories | -$22.9K | -$22.2K | -$725.4K | -$184K | -$70K | |
| Cash From Operations | -$3.4M | -$5.1M | -$5.2M | -$4.5M | -$8.8M | |
| Capital Expenditures | $975.5K | $1M | $1.3M | $6.6M | $3.7M | |
| Cash Acquisitions | -$929.4K | $3.4M | $1.1M | -- | $140.9K | |
| Cash From Investing | -$1.3M | -$763.9K | $4.4M | -$2.3M | $2.4M | |
| Dividends Paid (Ex Special Dividend) | -- | -- | -- | -- | -- | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $7.3M | -- | $4.2M | $2.9M | $6.7M | |
| Long-Term Debt Repaid | -$3.6M | -$2.3M | -$1.6M | -$706.2K | -$4.5M | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | -$1.2M | -$2.4M | -- | $1.1M | -- | |
| Cash From Financing | $13.4M | -$3.9M | $2.6M | $3.3M | $7.9M | |
| Beginning Cash (CF) | $4.8M | $3.2M | $4.6M | $754.3K | $2.1M | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $8.7M | -$9.7M | $1.8M | -$3.5M | $1.5M | |
| Ending Cash (CF) | $13.5M | -$6.5M | $6.4M | -$2.8M | $3.6M | |
| Levered Free Cash Flow | -$4.4M | -$6.1M | -$6.5M | -$11M | -$12.5M | |
| 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 | -$5.7M | -$5.5M | -$90.6K | -$447.9K | $126.4K | |
| Depreciation & Amoritzation | $641.5K | $1.5M | $1.3M | $2.3M | $2.3M | |
| Stock-Based Compensation | $1.4M | $377K | -- | -- | -- | |
| Change in Accounts Receivable | $315.8K | -$1.4M | -$3.1M | $5.2M | $923.7K | |
| Change in Inventories | -$20.3K | -$107.5K | -$1.2M | $280.8K | $203.4K | |
| Cash From Operations | -$3.1M | -$4.1M | -$7.1M | -$5M | -$6M | |
| Capital Expenditures | $675.8K | $1.2M | $1.6M | $6.4M | $4.2M | |
| Cash Acquisitions | -$3.8M | $1.8M | -$144.2K | -- | $141.6K | |
| Cash From Investing | -$4.5M | $3.7M | $4.8M | $1.5M | -$2.9M | |
| Dividends Paid (Ex Special Dividend) | -- | -- | -- | -- | -- | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $4.3M | $385.9K | $3.5M | $4.6M | -- | |
| Long-Term Debt Repaid | -$4M | -$1.7M | -$1.1M | -$1.9M | -- | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | -$2.9M | -- | -- | -- | -- | |
| Cash From Financing | $9.4M | -$1.3M | $2.5M | $3.9M | $8.1M | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $1.7M | -$1.7M | $258.4K | $451.9K | -$771.8K | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | -$3.8M | -$5.2M | -$8.7M | -$11.4M | -$10.3M | |
| 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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