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 | $64.3M | $80.3M | $106.3M | $135.8M | $154.1M | |
| Revenue Growth (YoY) | -8.25% | 24.76% | 32.36% | 27.8% | 13.46% | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | -$18.2M | -$40.7M | -$46.7M | -$33.5M | -$29.1M | |
| Operating Income | $18.2M | $40.7M | $46.7M | $33.5M | $29.1M | |
| Net Interest Expenses | -- | -- | $91K | $3.5M | $3.9M | |
| EBT. Incl. Unusual Items | $18.2M | $40.7M | $46.7M | $33.5M | $29.1M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $5.1M | $11.8M | $13.4M | $9.6M | $8M | |
| Net Income to Company | $13.1M | $28.8M | $33.3M | $23.9M | $21.1M | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | $12.9M | $28.5M | $32.6M | $23.4M | $20.7M | |
| Basic EPS (Cont. Ops) | $0.85 | $1.89 | $2.15 | $1.55 | $1.39 | |
| Diluted EPS (Cont. Ops) | $0.85 | $1.88 | $2.14 | $1.55 | $1.39 | |
| Weighted Average Basic Share | $15.2M | $15.1M | $15.2M | $15.1M | $14.9M | |
| Weighted Average Diluted Share | $15.2M | $15.2M | $15.2M | $15.2M | $14.9M | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $26.5M | $43.8M | $58M | $86.5M | $101.1M | |
| Revenue (Reported) | $64.3M | $80.3M | $106.3M | $135.8M | $154.1M | |
| Operating Income (Reported) | $18.2M | $40.7M | $46.7M | $33.5M | $29.1M | |
| Operating Income (Adjusted) | $26.5M | $43.8M | $58M | $86.5M | $101.1M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $20.9M | $28.2M | $33.9M | $39.4M | $42.6M | |
| Revenue Growth (YoY) | 30.39% | 34.86% | 20.19% | 16.28% | 8.13% | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | -$11.5M | -$12.2M | -$7M | -$7.6M | -$9.7M | |
| Operating Income | $11.5M | $12.2M | $7M | $7.6M | $9.7M | |
| Net Interest Expenses | -- | $1K | $867K | $872K | $734K | |
| EBT. Incl. Unusual Items | $11.5M | $12.2M | $7M | $7.6M | $9.7M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $3.2M | $3.5M | $1.9M | $2.1M | $3M | |
| Net Income to Company | $8.3M | $8.7M | $5.1M | $5.4M | -- | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | $8.1M | $8.5M | $5M | $5.3M | $6.7M | |
| Basic EPS (Cont. Ops) | $0.54 | $0.56 | $0.33 | $0.36 | $0.45 | |
| Diluted EPS (Cont. Ops) | $0.54 | $0.55 | $0.33 | $0.36 | $0.45 | |
| Weighted Average Basic Share | $15.1M | $15.2M | $15.1M | $14.8M | $14.9M | |
| Weighted Average Diluted Share | $15.2M | $15.3M | $15.1M | $14.8M | $14.9M | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $12.3M | $15.1M | $20.9M | $26.4M | $27.8M | |
| Revenue (Reported) | $20.9M | $28.2M | $33.9M | $39.4M | $42.6M | |
| Operating Income (Reported) | $11.5M | $12.2M | $7M | $7.6M | $9.7M | |
| Operating Income (Adjusted) | $12.3M | $15.1M | $20.9M | $26.4M | $27.8M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $71.9M | $101.3M | $130.6M | $149.8M | $163.4M | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | -$33.1M | -$48.5M | -$37.3M | -$29.7M | -$32.5M | |
| Operating Income | $33.1M | $48.5M | $37.3M | $29.7M | $32.5M | |
| Net Interest Expenses | -- | $1K | $2.2M | $4.4M | $3M | |
| EBT. Incl. Unusual Items | $33.1M | $48.5M | $37.3M | $29.7M | $32.5M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $9.6M | $14.1M | $10.5M | $8.4M | $8.9M | |
| Net Income to Company | $23.5M | $34.4M | $26.8M | $21.3M | -- | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | $23.3M | $33.8M | $26.2M | $20.9M | $23.4M | |
| Basic EPS (Cont. Ops) | $1.54 | $2.23 | $1.72 | $1.40 | $1.57 | |
| Diluted EPS (Cont. Ops) | $1.54 | $2.22 | $1.72 | $1.40 | $1.57 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $36.7M | $53.8M | $81.4M | $99.2M | $104.2M | |
| Revenue (Reported) | $71.9M | $101.3M | $130.6M | $149.8M | $163.4M | |
| Operating Income (Reported) | $33.1M | $48.5M | $37.3M | $29.7M | $32.5M | |
| Operating Income (Adjusted) | $36.7M | $53.8M | $81.4M | $99.2M | $104.2M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $55.1M | $76.2M | $100.5M | $114.5M | $123.9M | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | -$27.8M | -$35.6M | -$26.2M | -$22.4M | -$25.8M | |
| Operating Income | $27.8M | $35.6M | $26.2M | $22.4M | $25.8M | |
| Net Interest Expenses | -- | $1K | $2.1M | $3M | $2M | |
| EBT. Incl. Unusual Items | $27.8M | $35.6M | $26.2M | $22.4M | $25.8M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $8.1M | $10.3M | $7.4M | $6.3M | $7.2M | |
| Net Income to Company | $19.7M | $25.3M | $18.7M | $16.1M | $11.9M | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | $19.5M | $24.7M | $18.4M | $15.8M | $18.5M | |
| Basic EPS (Cont. Ops) | $1.29 | $1.63 | $1.21 | $1.06 | $1.24 | |
| Diluted EPS (Cont. Ops) | $1.29 | $1.62 | $1.21 | $1.06 | $1.24 | |
| Weighted Average Basic Share | $45.2M | $45.5M | $45.6M | $44.7M | $44.6M | |
| Weighted Average Diluted Share | $45.4M | $45.8M | $45.6M | $44.7M | $44.6M | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $30.2M | $40.2M | $63.6M | $76.3M | $79.4M | |
| Revenue (Reported) | $55.1M | $76.2M | $100.5M | $114.5M | $123.9M | |
| Operating Income (Reported) | $27.8M | $35.6M | $26.2M | $22.4M | $25.8M | |
| Operating Income (Adjusted) | $30.2M | $40.2M | $63.6M | $76.3M | $79.4M | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $106.4M | $115.5M | $83M | $91.2M | $134.9M | |
| Short Term Investments | $91.8M | $150.4M | $209.8M | $194.3M | $22K | |
| Accounts Receivable, Net | $4M | $4.6M | $7.2M | $8.3M | $9.2M | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $110.4M | $120M | $90.2M | $99.5M | $145.4M | |
| Property Plant And Equipment | $11.3M | $13.3M | $13.5M | $13.7M | $12.9M | |
| Long-Term Investments | $41.6M | $100.4M | $56.4M | $18.1M | $21M | |
| Goodwill | -- | -- | -- | -- | -- | |
| Other Intangibles | -- | -- | -- | -- | -- | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $1.4B | $1.7B | $2.1B | $2.2B | $2.4B | |
| Accounts Payable | $1M | $558K | $2.8M | $12.6M | $16.1M | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $859.1M | $373.6M | $635.8M | $961.5M | $1.3B | |
| Long-Term Debt | $6.4M | $8.1M | $7.8M | $6.8M | $5.9M | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $1.2B | $1.6B | $1.9B | $2B | $2.2B | |
| Common Stock | $78.7M | $78.7M | $79.3M | $76.3M | $73.7M | |
| Other Common Equity Adj | $840K | -$1.2M | -$17.8M | -$15.5M | -$15.4M | |
| Common Equity | $143.4M | $165.2M | $176.9M | $192.6M | $205M | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | -- | -- | -- | -- | -- | |
| Total Equity | $143.4M | $165.2M | $176.9M | $192.6M | $205M | |
| Total Liabilities and Equity | $1.4B | $1.7B | $2.1B | $2.2B | $2.4B | |
| Cash and Short Terms | $198.1M | $265.9M | $292.8M | $285.6M | $135.1M | |
| Total Debt | $6.4M | $8.1M | $7.8M | $6.8M | $5.9M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $188.1M | $107.3M | $105.7M | $166.8M | $10.9M | |
| Short Term Investments | $102.5M | $186.4M | $191.3M | $199.4M | -- | |
| Accounts Receivable, Net | $3.9M | $5.9M | $8M | $9.5M | -- | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $192.1M | $113.2M | $113.7M | $176.2M | $177.9M | |
| Property Plant And Equipment | $13.5M | $12.6M | $14.4M | $12.8M | $16.3M | |
| Long-Term Investments | $113.5M | $57.7M | $27.2M | $24.7M | $198M | |
| Goodwill | -- | -- | -- | -- | -- | |
| Other Intangibles | -- | -- | -- | -- | -- | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $1.7B | $2B | $2.1B | $2.4B | $2.6B | |
| Accounts Payable | $575K | $1.1M | $13.6M | $19.5M | -- | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $1.5B | $1.5B | $379.4M | $488.7M | $2.3B | |
| Long-Term Debt | $8.5M | $7.1M | $102.3M | $81.3M | $86.8M | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $1.5B | $1.9B | $2B | $2.2B | $2.4B | |
| Common Stock | $78.7M | $78.8M | $77.6M | $73.7M | $73M | |
| Other Common Equity Adj | -$21K | -$17.6M | -$21.4M | -$13.4M | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | -- | -- | -- | -- | -- | |
| Total Equity | $158.6M | $170.1M | $184.3M | $203.6M | $221.5M | |
| Total Liabilities and Equity | $1.7B | $2B | $2.1B | $2.4B | $2.6B | |
| Cash and Short Terms | $290.7M | $293.7M | $297.1M | $366.2M | -- | |
| Total Debt | $8.5M | $7.1M | $102.3M | $81.3M | $86.8M | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $13.1M | $28.8M | $33.3M | $23.9M | $21.1M | |
| Depreciation & Amoritzation | $3M | $4.9M | $5.8M | $5.8M | $5.1M | |
| Stock-Based Compensation | $997K | $558K | $1.2M | $1.3M | $1.2M | |
| Change in Accounts Receivable | -$1.5M | $242K | -$2.4M | -$1.1M | -$929K | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $13.6M | $26.2M | $24.8M | $20.9M | $28.7M | |
| Capital Expenditures | $619K | $98.8M | $11.4M | $2.2M | $1.6M | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -$165.6M | -$340.6M | -$402.9M | -$29M | -$184.7M | |
| Dividends Paid (Ex Special Dividend) | $4.3M | $5.1M | $6.7M | $7.3M | $7.1M | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $10M | -- | -- | $105M | $20M | |
| Long-Term Debt Repaid | -$5M | -$5M | -- | -- | -$30M | |
| Repurchase of Common Stock | $8.1M | $28K | -- | $3.9M | $2.7M | |
| Other Financing Activities | -$107K | -$434K | -$81K | -$98K | -$197K | |
| Cash From Financing | $172.4M | $323.5M | $345.6M | $16.4M | $199.8M | |
| Beginning Cash (CF) | $85.9M | $106.3M | $115.5M | $83M | $91.2M | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $20.4M | $9.1M | -$32.5M | $8.2M | $43.7M | |
| Ending Cash (CF) | $106.3M | $115.5M | $83M | $91.2M | $134.9M | |
| Levered Free Cash Flow | $13M | -$72.5M | $13.4M | $18.7M | $27.1M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $8.3M | $8.7M | $5.1M | $5.4M | -- | |
| Depreciation & Amoritzation | -- | -- | -- | -- | -- | |
| Stock-Based Compensation | $167K | $256K | $323K | $272K | $174K | |
| Change in Accounts Receivable | -$135K | -$1.6M | -$293K | -$7.7M | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $1.4M | -$6.4M | $14.7M | $13.8M | $9.2M | |
| Capital Expenditures | $259K | $240K | $587K | $580K | $554K | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -$2.3M | -$102.4M | -$36.6M | -$56.6M | -$89.8M | |
| Dividends Paid (Ex Special Dividend) | $1.5M | $1.8M | $1.8M | $1.8M | $1.8M | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | -- | $10M | $20M | -$40M | -- | |
| Long-Term Debt Repaid | -- | -- | -- | -- | -- | |
| Repurchase of Common Stock | -- | -- | -- | $52K | -- | |
| Other Financing Activities | $1K | -- | -$14K | -- | -- | |
| Cash From Financing | $60.4M | $83.4M | -$16.1M | $82M | $41.9M | |
| Beginning Cash (CF) | $128.7M | $132.7M | $143.8M | $127.7M | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $59.5M | -$25.4M | -$38M | $39.1M | -$38.6M | |
| Ending Cash (CF) | $188.1M | $107.3M | $105.7M | $166.8M | -- | |
| Levered Free Cash Flow | $1.1M | -$6.7M | $14.2M | $13.2M | $8.7M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $23.5M | $34.4M | $26.8M | $21.3M | -- | |
| Depreciation & Amoritzation | $1.3M | $1.3M | $1.3M | $1.4M | -- | |
| Stock-Based Compensation | $542K | $1M | $1.3M | $1.2M | $762K | |
| Change in Accounts Receivable | $971K | -$1.5M | -$2.1M | -$1.5M | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $15M | $19.8M | $40.8M | $27.7M | $21.4M | |
| Capital Expenditures | $98.4M | $11.5M | $2.3M | $978K | $3.5M | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -$225M | -$424.7M | -$127.2M | -$174.9M | -$221.5M | |
| Dividends Paid (Ex Special Dividend) | $4.7M | $6.4M | $7.3M | $7.2M | $7.1M | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | -- | $10M | $85M | $10M | -- | |
| Long-Term Debt Repaid | -- | -- | -- | -$30M | -- | |
| Repurchase of Common Stock | $1M | -- | $2.6M | $4.1M | $713K | |
| Other Financing Activities | -- | -- | -$100K | -$137K | -- | |
| Cash From Financing | $310.3M | $324M | $84.8M | $208.2M | $200.2M | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $100.3M | -$80.9M | -$1.5M | $61M | -$8K | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | -$83.4M | $8.3M | $38.5M | $26.7M | $17.9M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $19.7M | $25.3M | $18.7M | $16.1M | $11.9M | |
| Depreciation & Amoritzation | $766K | $1.6M | $1.3M | $1.3M | $1.4M | |
| Stock-Based Compensation | $403K | $858K | $961K | $908K | $487K | |
| Change in Accounts Receivable | $631K | -$1.1M | -$816K | -$1.2M | -$2.4M | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $11.9M | $5.5M | $21.5M | $28.3M | $21.1M | |
| Capital Expenditures | $98.3M | $11M | $2M | $747K | $2.7M | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -$217.4M | -$301.6M | -$25.8M | -$171.8M | -$208.6M | |
| Dividends Paid (Ex Special Dividend) | $3.6M | $4.9M | $5.5M | $5.4M | $5.3M | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | -- | $10M | $95M | -- | $50M | |
| Long-Term Debt Repaid | -$5M | -- | -- | -$30M | -$95M | |
| Repurchase of Common Stock | $28K | -- | $2.6M | $2.7M | $713K | |
| Other Financing Activities | -$433K | -$79K | -$98K | -$137K | -$757K | |
| Cash From Financing | $287.3M | $287.9M | $27.1M | $219M | $219.3M | |
| Beginning Cash (CF) | $362.4M | $378.1M | $408.2M | $358.1M | $333.8M | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $81.8M | -$8.2M | $22.8M | $75.5M | $31.8M | |
| Ending Cash (CF) | $444.3M | $370M | $431M | $433.7M | $404.2M | |
| Levered Free Cash Flow | -$86.3M | -$5.5M | $19.5M | $27.6M | $18.4M | |
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