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 | $23.6B | $42.8B | $57.2B | $48.7B | $50.3B | |
| Revenue Growth (YoY) | -29.26% | 81.37% | 33.6% | -14.81% | 3.28% | |
| Cost of Revenues | $22.2B | $40.4B | $55.5B | $47B | $48.3B | |
| Gross Profit | $1.4B | $2.4B | $1.6B | $1.7B | $2B | |
| Gross Profit Margin | 6.04% | 5.54% | 2.88% | 3.57% | 3.93% | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | $276M | $298M | $330M | $356M | $387M | |
| Other Inc / (Exp) | -$3B | -$297M | $261M | $624M | $302M | |
| Operating Expenses | $276M | $281M | $330M | $356M | $387M | |
| Operating Income | $1.1B | $2.1B | $1.3B | $1.4B | $1.6B | |
| Net Interest Expenses | $436M | $425M | $405M | $386M | $382M | |
| EBT. Incl. Unusual Items | -$2.6B | $712M | $1.4B | $1.6B | $1.3B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | -$167M | $112M | $246M | $189M | $204M | |
| Net Income to Company | -$2.4B | $600M | $1.2B | $1.4B | $1.1B | |
| Minority Interest in Earnings | -$1.9B | $540M | $995M | $1.2B | $967M | |
| Net Income to Common Excl Extra Items | -$2.4B | $600M | $1.2B | $1.4B | $1.1B | |
| Basic EPS (Cont. Ops) | -$3.05 | $0.31 | $0.87 | $1.02 | $0.52 | |
| Diluted EPS (Cont. Ops) | -$3.08 | $0.31 | $0.87 | $1.02 | $0.52 | |
| Weighted Average Basic Share | $186M | $194M | $194M | $195M | $197M | |
| Weighted Average Diluted Share | $246M | $194M | $194M | $195M | $197M | |
| EBITDA | $1.8B | $2.9B | $2.3B | $2.4B | $2.6B | |
| EBIT | $1.1B | $2.1B | $1.3B | $1.4B | $1.6B | |
| Revenue (Reported) | $23.6B | $42.8B | $57.2B | $48.7B | $50.3B | |
| Operating Income (Reported) | $1.1B | $2.1B | $1.3B | $1.4B | $1.6B | |
| Operating Income (Adjusted) | $1.1B | $2.1B | $1.3B | $1.4B | $1.6B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $11B | $14B | $12.2B | $12.5B | $11.6B | |
| Revenue Growth (YoY) | 87.09% | 27.63% | -12.86% | 2.29% | -7.42% | |
| Cost of Revenues | $10.5B | $13.7B | $11.7B | $12.2B | $11.1B | |
| Gross Profit | $438M | $365M | $491M | $314M | $462M | |
| Gross Profit Margin | 3.99% | 2.6% | 4.02% | 2.51% | 4% | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | $68M | $84M | $93M | $99M | $84M | |
| Other Inc / (Exp) | -$162M | $24M | $111M | $99M | -- | |
| Operating Expenses | $68M | $84M | $93M | $87M | $84M | |
| Operating Income | $370M | $281M | $398M | $227M | $378M | |
| Net Interest Expenses | $106M | $99M | $97M | $97M | $112M | |
| EBT. Incl. Unusual Items | -$87M | $549M | $263M | $205M | $458M | |
| Earnings of Discontinued Ops. | -- | -- | -- | $32M | $21M | |
| Income Tax Expense | -$37M | $129M | -$5M | $18M | $30M | |
| Net Income to Company | -$51M | $420M | $268M | $300M | $504M | |
| Minority Interest in Earnings | -$26M | $349M | $239M | $186M | $366M | |
| Net Income to Common Excl Extra Items | -$50M | $420M | $268M | $187M | $428M | |
| Basic EPS (Cont. Ops) | -$0.12 | $0.37 | $0.15 | $0.17 | $0.42 | |
| Diluted EPS (Cont. Ops) | -$0.12 | $0.37 | $0.15 | $0.17 | $0.36 | |
| Weighted Average Basic Share | $194M | $194M | $196M | $197M | $198M | |
| Weighted Average Diluted Share | $194M | $194M | $196M | $197M | $233M | |
| EBITDA | $549M | $520M | $659M | $453M | $608M | |
| EBIT | $370M | $281M | $398M | $227M | $378M | |
| Revenue (Reported) | $11B | $14B | $12.2B | $12.5B | $11.6B | |
| Operating Income (Reported) | $370M | $281M | $398M | $227M | $378M | |
| Operating Income (Adjusted) | $370M | $281M | $398M | $227M | $378M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $36.1B | $57.1B | $49B | $50.1B | $46.7B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | $34B | $55.2B | $47.4B | $48.2B | $44.8B | |
| Gross Profit | $2.2B | $1.9B | $1.6B | $1.9B | $1.9B | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | $281M | $335M | $350M | $379M | $363M | |
| Other Inc / (Exp) | -$369M | $207M | $663M | $408M | -- | |
| Operating Expenses | $281M | $318M | $350M | $353M | $363M | |
| Operating Income | $1.9B | $1.6B | $1.3B | $1.5B | $1.5B | |
| Net Interest Expenses | $428M | $411M | $390M | $385M | $424M | |
| EBT. Incl. Unusual Items | $76M | $1.7B | $1.5B | $1.4B | $1.4B | |
| Earnings of Discontinued Ops. | -- | -- | -- | $41M | $41M | |
| Income Tax Expense | -$31M | $332M | $159M | $165M | $166M | |
| Net Income to Company | $107M | $1.3B | $1.3B | $1.3B | $1.4B | |
| Minority Interest in Earnings | $150M | $1.1B | $1.1B | $1.1B | $1.1B | |
| Net Income to Common Excl Extra Items | $107M | $1.3B | $1.3B | $1.2B | $1.2B | |
| Basic EPS (Cont. Ops) | -$0.22 | $1.07 | $0.81 | $0.84 | $0.94 | |
| Diluted EPS (Cont. Ops) | -$0.22 | $1.07 | $0.81 | $0.81 | $0.88 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | $2.6B | $2.5B | $2.3B | $2.5B | $2.5B | |
| EBIT | $1.9B | $1.6B | $1.3B | $1.5B | $1.5B | |
| Revenue (Reported) | $36.1B | $57.1B | $49B | $50.1B | $46.7B | |
| Operating Income (Reported) | $1.9B | $1.6B | $1.3B | $1.5B | $1.5B | |
| Operating Income (Adjusted) | $1.9B | $1.6B | $1.3B | $1.5B | $1.5B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $29.9B | $44.2B | $36B | $37.4B | $34.3B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | $28.1B | $42.9B | $34.8B | $36B | $32.8B | |
| Gross Profit | $1.8B | $1.3B | $1.3B | $1.4B | $1.5B | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | $210M | $247M | $267M | $291M | $269M | |
| Other Inc / (Exp) | -$388M | $115M | $518M | $296M | $208M | |
| Operating Expenses | $210M | $247M | $267M | $265M | $269M | |
| Operating Income | $1.6B | $1.1B | $988M | $1.1B | $1.3B | |
| Net Interest Expenses | $320M | $305M | $290M | $288M | $329M | |
| EBT. Incl. Unusual Items | $129M | $1.1B | $1.2B | $917M | $1.3B | |
| Earnings of Discontinued Ops. | -- | -- | -- | $41M | $41M | |
| Income Tax Expense | -$1M | $220M | $134M | $110M | $119M | |
| Net Income to Company | $130M | $868M | $1B | $953M | $1.3B | |
| Minority Interest in Earnings | $153M | $744M | $898M | $734M | $977M | |
| Net Income to Common Excl Extra Items | $130M | $868M | $1B | $807M | $1.1B | |
| Basic EPS (Cont. Ops) | -$0.12 | $0.64 | $0.75 | $0.58 | $0.99 | |
| Diluted EPS (Cont. Ops) | -$0.12 | $0.64 | $0.75 | $0.55 | $0.93 | |
| Weighted Average Basic Share | $582M | $582M | $585M | $591M | $594M | |
| Weighted Average Diluted Share | $582M | $582M | $585M | $626M | $629M | |
| EBITDA | $2.1B | $1.8B | $1.8B | $1.8B | $2B | |
| EBIT | $1.6B | $1.1B | $988M | $1.1B | $1.3B | |
| Revenue (Reported) | $29.9B | $44.2B | $36B | $37.4B | $34.3B | |
| Operating Income (Reported) | $1.6B | $1.1B | $988M | $1.1B | $1.3B | |
| Operating Income (Adjusted) | $1.6B | $1.1B | $988M | $1.1B | $1.3B | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $63M | $456M | $404M | $453M | $349M | |
| Short Term Investments | -- | -- | -- | -- | -- | |
| Accounts Receivable, Net | $2.4B | $4.6B | $3.9B | $3.8B | $3.9B | |
| Inventory | $647M | $783M | $729M | $548M | $439M | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | $405M | $200M | $318M | $155M | $87M | |
| Total Current Assets | $3.7B | $6.1B | $5.4B | $4.9B | $4.8B | |
| Property Plant And Equipment | $15B | $15.3B | $15.6B | $16.1B | $15.8B | |
| Long-Term Investments | $3.9B | $3.9B | $3.1B | $2.8B | $2.8B | |
| Goodwill | -- | -- | -- | -- | -- | |
| Other Intangibles | $805M | $2B | $2.1B | $1.9B | $1.7B | |
| Other Long-Term Assets | $1.3B | $1.4B | $1.7B | $1.7B | $1.5B | |
| Total Assets | $26B | $30B | $29.2B | $28.6B | $27.8B | |
| Accounts Payable | $2.4B | $4.8B | $4B | $3.8B | $3.9B | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | $117M | $72M | $59M | $13M | $15M | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | $999M | $601M | $689M | $714M | $635M | |
| Total Current Liabilities | $4.3B | $6.2B | $5.9B | $5B | $4.9B | |
| Long-Term Debt | $9.7B | $8.7B | $7.6B | $7.6B | $7.5B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $14.8B | $15.8B | $14.6B | $13.6B | $13.4B | |
| Common Stock | $1.5B | $1.5B | $1.5B | $1.5B | $1.4B | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | $1.5B | $1.5B | $1.5B | $1.5B | $1.4B | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $9.7B | $12.6B | $13.1B | $13.4B | $13B | |
| Total Equity | $11.2B | $14.2B | $14.6B | $15B | $14.3B | |
| Total Liabilities and Equity | $26B | $30B | $29.2B | $28.6B | $27.8B | |
| Cash and Short Terms | $63M | $456M | $404M | $453M | $349M | |
| Total Debt | $10.5B | $9.6B | $8.8B | $8B | $7.9B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $197M | $625M | $262M | $641M | $1.2B | |
| Short Term Investments | -- | -- | -- | -- | -- | |
| Accounts Receivable, Net | $3.6B | $3.5B | $4.3B | $4B | $3.6B | |
| Inventory | $681M | $603M | $617M | $436M | $184M | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | $234M | $247M | $201M | $131M | -- | |
| Total Current Assets | $4.9B | $5.6B | $5.3B | $5.2B | $5.6B | |
| Property Plant And Equipment | $13.5B | $14.9B | $15.9B | $15.9B | $14.3B | |
| Long-Term Investments | $3.8B | $3.8B | $2.9B | $2.9B | $2.9B | |
| Goodwill | -- | -- | -- | -- | -- | |
| Other Intangibles | -- | $1.8B | $2B | $1.7B | -- | |
| Other Long-Term Assets | $2.2B | $1.5B | $1.7B | $1.5B | -- | |
| Total Assets | $25.6B | $28.8B | $29B | $28.4B | $29.3B | |
| Accounts Payable | $3.9B | $4B | $4.1B | $3.7B | $3.6B | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | $58M | $459M | $710M | $765M | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | $714M | $879M | $752M | $686M | -- | |
| Total Current Liabilities | $5.4B | $5.3B | $5.6B | $5.1B | $5.4B | |
| Long-Term Debt | $8.7B | $8.3B | $7.6B | $7.5B | $8.6B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $14.9B | $14.7B | $14.2B | $13.6B | $15.1B | |
| Common Stock | $1.4B | $1.5B | $1.5B | $1.5B | $1.3B | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $9.4B | $12.6B | $13.3B | $13.3B | $12.8B | |
| Total Equity | $10.7B | $14.1B | $14.8B | $14.7B | $14.1B | |
| Total Liabilities and Equity | $25.6B | $28.8B | $29B | $28.4B | $29.3B | |
| Cash and Short Terms | $197M | $625M | $262M | $641M | $1.2B | |
| Total Debt | $9.5B | $8.7B | $8.3B | $8.2B | $9.6B | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -$2.4B | $600M | $1.2B | $1.4B | $1.1B | |
| Depreciation & Amoritzation | $656M | $777M | $968M | $1.1B | $1B | |
| Stock-Based Compensation | $16M | $24M | $41M | $51M | $52M | |
| Change in Accounts Receivable | $1.4B | -$2.2B | $649M | $213M | $112M | |
| Change in Inventories | -- | -- | -- | -- | $70M | |
| Cash From Operations | $1.5B | $2B | $2.4B | $2.7B | $2.5B | |
| Capital Expenditures | $752M | $336M | $455M | $559M | $619M | |
| Cash Acquisitions | $310M | $32M | $149M | $425M | $248M | |
| Cash From Investing | -$1.1B | $386M | -$500M | -$596M | -$818M | |
| Dividends Paid (Ex Special Dividend) | $166M | $140M | $162M | $209M | $251M | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $1.2B | -- | -- | $433M | $650M | |
| Long-Term Debt Repaid | -$777M | -$912M | -$750M | -$1.1B | -$790M | |
| Repurchase of Common Stock | $50M | $178M | $74M | -- | -- | |
| Other Financing Activities | -$641M | -$749M | -$941M | -$1.1B | -$1.3B | |
| Cash From Financing | -$430M | -$2B | -$2B | -$2.1B | -$1.8B | |
| Beginning Cash (CF) | $63M | $456M | $404M | $453M | $349M | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -$21M | $393M | -$52M | $49M | -$104M | |
| Ending Cash (CF) | $34M | $844M | $349M | $502M | $234M | |
| Levered Free Cash Flow | $758M | $1.7B | $1.9B | $2.2B | $1.9B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -$51M | $420M | $268M | $300M | $504M | |
| Depreciation & Amoritzation | $178M | $238M | $261M | $226M | $230M | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $335M | $941M | $83M | $688M | $817M | |
| Capital Expenditures | $75M | $122M | $137M | $109M | $185M | |
| Cash Acquisitions | -- | $8M | $275M | $33M | $184M | |
| Cash From Investing | $761M | -$142M | -$385M | -$177M | -$403M | |
| Dividends Paid (Ex Special Dividend) | $35M | $43M | $52M | $63M | $75M | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | -- | -$115M | -- | -- | -- | |
| Long-Term Debt Repaid | -$587M | -- | -- | -$433M | -- | |
| Repurchase of Common Stock | $64M | -- | -- | -- | -- | |
| Other Financing Activities | -$246M | -$254M | -$255M | -$350M | -- | |
| Cash From Financing | -$932M | -$438M | -$360M | -$429M | $313M | |
| Beginning Cash (CF) | $197M | $625M | $262M | $641M | $1.2B | |
| Foreign Exchange Rate Adjustment | -- | -$6M | -$12M | $3M | -$6M | |
| Additions / Reductions | $164M | $355M | -$674M | $85M | $721M | |
| Ending Cash (CF) | $361M | $974M | -$424M | $729M | $1.9B | |
| Levered Free Cash Flow | $260M | $819M | -$54M | $579M | $632M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $107M | $1.3B | $1.3B | $1.3B | $1.4B | |
| Depreciation & Amoritzation | $714M | $937M | $1B | $948M | $953M | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $1.6B | $2.7B | $2B | $2.8B | $2.9B | |
| Capital Expenditures | $389M | $391M | $547M | $497M | $661M | |
| Cash Acquisitions | $32M | $68M | $370M | $280M | $969M | |
| Cash From Investing | $440M | -$357M | -$626M | -$776M | -$1.7B | |
| Dividends Paid (Ex Special Dividend) | $139M | $155M | $198M | $241M | $288M | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | -- | -- | -- | $1.1B | -- | |
| Long-Term Debt Repaid | -$1.3B | -$749M | -$400M | -$1.1B | -- | |
| Repurchase of Common Stock | $167M | $135M | -- | -- | $341M | |
| Other Financing Activities | -$703M | -$841M | -$1.1B | -$1.2B | -- | |
| Cash From Financing | -$1.9B | -$1.9B | -$1.8B | -$1.6B | -$624M | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $149M | $428M | -$363M | $379M | $540M | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | $1.2B | $2.3B | $1.5B | $2.3B | $2.2B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $130M | $868M | $1B | $953M | $1.3B | |
| Depreciation & Amoritzation | $553M | $713M | $778M | $675M | $696M | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $1.4B | $2.1B | $1.7B | $1.8B | $2.1B | |
| Capital Expenditures | $257M | $312M | $404M | $342M | $495M | |
| Cash Acquisitions | $32M | $68M | $289M | $144M | $865M | |
| Cash From Investing | $478M | -$265M | -$391M | -$571M | -$1.5B | |
| Dividends Paid (Ex Special Dividend) | $105M | $120M | $156M | $188M | $225M | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | -- | -- | -- | $650M | $998M | |
| Long-Term Debt Repaid | -$913M | -$750M | -$400M | -$433M | -- | |
| Repurchase of Common Stock | $117M | $74M | -- | -- | $341M | |
| Other Financing Activities | -$569M | -$661M | -$850M | -$985M | -$721M | |
| Cash From Financing | -$1.7B | -$1.6B | -$1.5B | -$996M | $139M | |
| Beginning Cash (CF) | $288M | $1B | $1.7B | $1.5B | $2.1B | |
| Foreign Exchange Rate Adjustment | $2M | -$5M | -$4M | -$3M | $13M | |
| Additions / Reductions | $134M | $169M | -$142M | $188M | $832M | |
| Ending Cash (CF) | $424M | $1.2B | $1.6B | $1.7B | $2.9B | |
| Levered Free Cash Flow | $1.1B | $1.8B | $1.3B | $1.4B | $1.7B | |
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