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 | $54.8M | $26.9M | $11.1M | $7.4M | $4.9M | |
| Revenue Growth (YoY) | -70.54% | -50.99% | -58.78% | -32.81% | -34.37% | |
| Cost of Revenues | $41.4M | $15.7M | $10.1M | $4.3M | $1.9M | |
| Gross Profit | $13.4M | $11.1M | $941.2K | $3.2M | $3M | |
| Gross Profit Margin | 24.45% | 41.42% | 8.5% | 42.43% | 61.27% | |
| R&D Expenses | $5.4M | $3.5M | $2.4M | $17.4K | $316.2K | |
| Selling, General & Admin | $27.9M | -- | -- | -- | -- | |
| Other Inc / (Exp) | -$10.9M | -$194.2K | -$13.2M | -$8.9M | -$213.7K | |
| Operating Expenses | $33.3M | $21.6M | $13M | $5.7M | $4.8M | |
| Operating Income | -$19.9M | -$10.5M | -$12.1M | -$2.6M | -$1.8M | |
| Net Interest Expenses | $5M | $5.1M | $3.6M | $2M | -- | |
| EBT. Incl. Unusual Items | -$35.8M | -$15.8M | -$28.8M | -$13.4M | -$2M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $7.1M | $1.1M | $374.5K | -$2M | $95.2K | |
| Net Income to Company | -$42.9M | -$16.9M | -$27.3M | -$11.5M | -$2.1M | |
| Minority Interest in Earnings | $319.5K | -$1.1M | -$946.6K | -$351.7K | $94.2K | |
| Net Income to Common Excl Extra Items | -$42.6M | -$16.9M | -$29.2M | -$11.5M | -$2.1M | |
| Basic EPS (Cont. Ops) | -$5.02 | -$1.84 | -$3.29 | -$0.79 | -$0.14 | |
| Diluted EPS (Cont. Ops) | -$5.02 | -$1.84 | -$3.29 | -$0.79 | -$0.14 | |
| Weighted Average Basic Share | $8.5M | $8.6M | $8.6M | $14.1M | $15.8M | |
| Weighted Average Diluted Share | $8.5M | $8.6M | $8.6M | $14.1M | $15.8M | |
| EBITDA | -$28.6M | -$8.6M | -$11.3M | -$2.3M | -$1.7M | |
| EBIT | -$30.8M | -$10.5M | -$12.1M | -$2.6M | -$1.8M | |
| Revenue (Reported) | $54.8M | $26.9M | $11.1M | $7.4M | $4.9M | |
| Operating Income (Reported) | -$19.9M | -$10.5M | -$12.1M | -$2.6M | -$1.8M | |
| Operating Income (Adjusted) | -$30.8M | -$10.5M | -$12.1M | -$2.6M | -$1.8M | |
| Period Ending | 2015-12-31 | 2016-12-31 | 2017-12-31 | 2018-12-31 | 2019-12-31 | |
|---|---|---|---|---|---|---|
| Revenue | -- | -- | $63M | $110.8M | $72.3M | |
| Revenue Growth (YoY) | -- | -- | -- | 75.79% | 54.3% | |
| Cost of Revenues | -- | -- | $50.7M | $90M | $66.3M | |
| Gross Profit | -- | -- | $12.3M | $20.8M | $5.9M | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | $2.8M | $5.1M | $2.5M | |
| Selling, General & Admin | -- | -- | $7.7M | $26.5M | $125.4M | |
| Other Inc / (Exp) | -- | -- | -$1.7M | $1M | -$20.4M | |
| Operating Expenses | -- | -- | $10.5M | $31.7M | $128M | |
| Operating Income | -- | -- | $1.8M | -$10.8M | -$122M | |
| Net Interest Expenses | -- | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | -- | -- | $51.1K | -$9.8M | -$144.2M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | -- | -- | $1.5M | -$7.8M | $859.2K | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | -- | -- | -$3.1M | -$3.3M | -$145M | |
| Basic EPS (Cont. Ops) | -- | -- | -$1.62 | -$0.34 | -$18.04 | |
| Diluted EPS (Cont. Ops) | -- | -- | -$1.62 | -$0.34 | -$18.04 | |
| Weighted Average Basic Share | -- | -- | $1.9M | $7.6M | $8.5M | |
| Weighted Average Diluted Share | -- | -- | $1.9M | $7.6M | $8.5M | |
| EBITDA | -- | -- | $1.8M | -$10.8M | -$144.3M | |
| EBIT | -- | -- | $1.8M | -$10.8M | -$144.3M | |
| Revenue (Reported) | -- | -- | $63M | $110.8M | $72.3M | |
| Operating Income (Reported) | -- | -- | $1.8M | -$10.8M | -$122M | |
| Operating Income (Adjusted) | -- | -- | $1.8M | -$10.8M | -$144.3M | |
| Period Ending | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Revenue | $33.3M | $18.8M | $10M | $4.5M | $4.9M | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | $19.3M | $8.2M | $7.5M | $2.1M | $1.9M | |
| Gross Profit | $14M | $10.6M | $2.5M | $2.4M | $3M | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | $4.4M | $2.6M | $1.2M | -$47.1K | -- | |
| Selling, General & Admin | $20.2M | -- | -- | -- | -- | |
| Other Inc / (Exp) | -$12.2M | -$11.8M | -$6M | -$3M | -- | |
| Operating Expenses | $24.6M | $19.9M | $12.6M | $5.7M | $4.7M | |
| Operating Income | -$10.6M | -$9.3M | -$10.1M | -$3.2M | -$1.7M | |
| Net Interest Expenses | -- | -- | -- | $27.2K | $2.8K | |
| EBT. Incl. Unusual Items | -$28M | -$28.1M | -$18.6M | -$6.3M | -$1.8M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $7.3M | $1.5M | -$1.5M | -$285.1K | -$218.7K | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | $681.6K | -$1M | -$896.9K | -$132.9K | $102K | |
| Net Income to Common Excl Extra Items | -$34.6M | -$29.6M | -$17.1M | -$6M | -$1.5M | |
| Basic EPS (Cont. Ops) | -$4.08 | -$3.34 | -$1.66 | -$0.37 | -$0.10 | |
| Diluted EPS (Cont. Ops) | -$4.08 | -$3.34 | -$1.66 | -$0.37 | -$0.10 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | -$21.9M | -$22.6M | $2.4M | -$3.3M | -$1.6M | |
| EBIT | -$21.9M | -$9.3M | -$10.1M | -$3.2M | -$1.7M | |
| Revenue (Reported) | $33.3M | $18.8M | $10M | $4.5M | $4.9M | |
| Operating Income (Reported) | -$10.6M | -$9.3M | -$10.1M | -$3.2M | -$1.7M | |
| Operating Income (Adjusted) | -$21.9M | -$9.3M | -$10.1M | -$3.2M | -$1.7M | |
| 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 | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $57.7M | $34.4M | $36.3M | $5.7M | $3.7M | |
| Short Term Investments | $2.8M | $2M | $1.1M | $6.1K | -- | |
| Accounts Receivable, Net | $7.8M | $5.8M | $2.7M | $221.3K | $471.5K | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | $9.2M | $23.5M | -- | $616.3K | $343K | |
| Other Current Assets | $143.9K | $681.5K | $3.3M | $90.4K | $207.4K | |
| Total Current Assets | $110.3M | $82.7M | $56M | $15.3M | $12.9M | |
| Property Plant And Equipment | $16.4M | $15M | $12.9M | -- | $245.2K | |
| Long-Term Investments | $18.7M | $20.1M | $5.8M | $705K | $685K | |
| Goodwill | -- | -- | -- | -- | -- | |
| Other Intangibles | $2.6M | $1.6M | $1.4M | -- | -- | |
| Other Long-Term Assets | $1.2M | $849.9K | $724.7K | $705.4K | $759.9K | |
| Total Assets | $149.8M | $119.4M | $76.1M | $16M | $14.2M | |
| Accounts Payable | $1.6M | $3.4M | $3.3M | $702.1K | $560.8K | |
| Accrued Expenses | $849.3K | $1.4M | $2.1M | -- | -- | |
| Current Portion Of Long-Term Debt | $434.9K | $4.7K | $16.4M | -- | $250K | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | $227.1K | |
| Other Current Liabilities | $3.8M | $3M | $1.7M | $610.3K | $380.4K | |
| Total Current Liabilities | $79.8M | $63.5M | $75.7M | $68.8M | $67.6M | |
| Long-Term Debt | $61.2M | $62.8M | $34.1M | -- | $164.1K | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $142.4M | $129.6M | $111.6M | $69.5M | $68.3M | |
| Common Stock | $41.9K | $43.1K | $39.6K | $69.9K | $68K | |
| Other Common Equity Adj | $7.8M | $6.3M | $6.9M | $11.7M | $11.3M | |
| Common Equity | -$18.2M | -$29.3M | -$48M | -$50.3M | -$50.9M | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $25.6M | $25.1M | $22.3M | $1.8M | $1.9M | |
| Total Equity | $7.4M | -$10.2M | -$35.6M | -$53.6M | -$54.1M | |
| Total Liabilities and Equity | $149.8M | $119.4M | $76.1M | $16M | $14.2M | |
| Cash and Short Terms | $60.6M | $34.4M | $36.3M | $5.7M | $3.7M | |
| Total Debt | $81.6M | $62.8M | $34.1M | -- | $164.1K | |
| Period Ending | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $56M | $42.8M | $2M | $6.1M | -- | |
| Short Term Investments | $2.4M | $1.3M | $13.4K | -- | -- | |
| Accounts Receivable, Net | $8.5M | $5.3M | $2.1M | $310.3K | -- | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | $8.9M | $6.9M | $1.9M | $464.1K | -- | |
| Total Current Assets | $88.7M | $68M | $14.4M | $15.1M | -- | |
| Property Plant And Equipment | $16M | $13.8M | -- | -- | -- | |
| Long-Term Investments | $18.8M | $5.2M | $4.8M | -- | -- | |
| Goodwill | -- | -- | -- | -- | -- | |
| Other Intangibles | $1.5M | -- | -- | -- | -- | |
| Other Long-Term Assets | $837.9K | $746.1K | $689.3K | $687.9K | -- | |
| Total Assets | $126.4M | $89.2M | $21.2M | $15.8M | -- | |
| Accounts Payable | $3.6M | $3.1M | $2.2M | $571.4K | -- | |
| Accrued Expenses | $7M | $5.7M | $4.2M | $24.1M | -- | |
| Current Portion Of Long-Term Debt | $200.6K | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | $2.6M | $1.3M | $13.4K | -- | -- | |
| Total Current Liabilities | $61.3M | $75.5M | $50.1M | $68.6M | -- | |
| Long-Term Debt | $61.9M | $37.3M | -- | -- | -- | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $125.7M | $114.9M | $51.2M | $69.3M | -- | |
| Common Stock | $43.3K | $41K | $68.4K | $68.2K | -- | |
| Other Common Equity Adj | $7.1M | $7.5M | $3.5M | $11.3M | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $25.5M | $23.8M | $21.2M | $1.8M | -- | |
| Total Equity | $638K | -$25.7M | -$30M | -$53.4M | -- | |
| Total Liabilities and Equity | $126.4M | $89.2M | $21.2M | $15.8M | -- | |
| Cash and Short Terms | $58.4M | $44.1M | $2M | $6.1M | -- | |
| Total Debt | $62.1M | -- | -- | -- | -- | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -$42.9M | -$16.9M | -$27.3M | -$11.5M | -$2.1M | |
| Depreciation & Amoritzation | $2.2M | $1.9M | $826.3K | $267K | $107K | |
| Stock-Based Compensation | $1.7M | $588.1K | $673.3K | -$971.6K | -- | |
| Change in Accounts Receivable | $1.3M | $2.2M | $2.7M | $1.7M | -$378.4K | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $8.3M | -$5M | -$1.6M | $1.2M | -$2.1M | |
| Capital Expenditures | $14.2M | $27.4K | $5.3K | $102.9K | $12.2K | |
| Cash Acquisitions | $3.8K | $260.6K | -- | -- | -- | |
| Cash From Investing | $27.9M | -$18.5M | $12.9M | $5M | -$11.7K | |
| Dividends Paid (Ex Special Dividend) | -- | -- | -- | -- | -- | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $65.2M | $73.1K | $36.9M | -- | $254.3K | |
| Long-Term Debt Repaid | -$106.7M | -$20.6M | -$45.6M | -$40.3M | -- | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | -- | $620 | -- | -- | -- | |
| Cash From Financing | -$41.5M | -$20.5M | -$8.6M | -$36.3M | $253.6K | |
| Beginning Cash (CF) | $84.2M | $34.2M | $35.9M | $5.7M | $3.7M | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -$5.4M | -$46.1M | $4.7M | -$29.7M | -$1.9M | |
| Ending Cash (CF) | $75.7M | -$14.1M | $42.5M | -$23.6M | $1.8M | |
| Levered Free Cash Flow | -$5.9M | -$5M | -$1.6M | $1.1M | -$2.1M | |
| Period Ending | 2014-06-30 | 2015-06-30 | 2016-06-30 | 2017-06-30 | 2018-06-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -- | -- | -- | -$3.1M | -$350.9K | |
| Depreciation & Amoritzation | -- | -- | -- | $131.6K | $193.1K | |
| Stock-Based Compensation | -- | -- | -- | $1.1M | $1.7M | |
| Change in Accounts Receivable | -- | -- | -- | -$2.6M | -$6.1M | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -- | -- | -- | $6M | $7.5M | |
| Capital Expenditures | -- | -- | -- | -- | -- | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -- | -- | -- | -$39M | $31.5M | |
| Dividends Paid (Ex Special Dividend) | -- | -- | -- | -- | -- | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | -- | -- | -- | $323.7M | $74.9M | |
| Long-Term Debt Repaid | -- | -- | -- | -$278.4M | -$114.2M | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | -- | -- | -- | -$12.9M | -$27.8M | |
| Cash From Financing | -- | -- | -- | $32.4M | -$2.8M | |
| Beginning Cash (CF) | -- | -- | -- | $10.8M | $44.9M | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | $3.5K | $169.3K | |
| Additions / Reductions | -- | -- | -- | -$625.2K | $36.2M | |
| Ending Cash (CF) | -- | -- | -- | $10.2M | $81.2M | |
| Levered Free Cash Flow | -- | -- | -- | -- | -- | |
| 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 | 2021-12-25 | 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 | -- | -- | -- | -- | -- | |
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