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 | $20.9M | $35.7M | $56M | $71.8M | $67M | |
| Revenue Growth (YoY) | 29.68% | 70.62% | 56.81% | 28.15% | -6.56% | |
| Cost of Revenues | $2.9M | $4.8M | $6.5M | $9.2M | $11.7M | |
| Gross Profit | $18M | $30.9M | $49.5M | $62.6M | $55.3M | |
| Gross Profit Margin | 86.13% | 86.6% | 88.41% | 87.23% | 82.5% | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $10.8M | -- | -- | -- | -- | |
| Operating Expenses | $70.1M | $3.1M | $4.1M | $3.1M | $5.7M | |
| Operating Income | -$52.1M | $27.8M | $45.4M | $59.4M | $49.6M | |
| Net Interest Expenses | $1.2M | $2.3M | $17.6M | $33.5M | $31.8M | |
| EBT. Incl. Unusual Items | -$53.3M | $25M | $27.8M | $25.9M | $17.9M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $2.4M | $338K | $113K | -$38K | $33K | |
| Net Income to Company | -$55.7M | $24.7M | $27.6M | $26M | $17.8M | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | -$55.7M | $24.7M | $27.4M | $25.7M | $17.6M | |
| Basic EPS (Cont. Ops) | -$5.49 | $2.18 | $1.89 | $1.76 | $1.18 | |
| Diluted EPS (Cont. Ops) | -$5.49 | $2.18 | $1.89 | $1.76 | $1.18 | |
| Weighted Average Basic Share | $10.2M | $11.3M | $14.5M | $14.6M | $14.7M | |
| Weighted Average Diluted Share | $10.2M | $11.3M | $14.5M | $14.6M | $14.7M | |
| EBITDA | -$52.1M | $27.8M | $45.4M | $60M | $54M | |
| EBIT | -$52.1M | $27.8M | $45.4M | $59.4M | $52.7M | |
| Revenue (Reported) | $20.9M | $35.7M | $56M | $71.8M | $67M | |
| Operating Income (Reported) | -$52.1M | $27.8M | $45.4M | $59.4M | $49.6M | |
| Operating Income (Adjusted) | -$52.1M | $27.8M | $45.4M | $59.4M | $52.7M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $4.5M | $13.2M | $18.8M | $16.7M | $14.1M | |
| Revenue Growth (YoY) | -11.22% | 193.7% | 41.76% | -10.89% | -15.79% | |
| Cost of Revenues | $1.1M | $1.6M | $2.7M | $3.2M | $2.6M | |
| Gross Profit | $3.4M | $11.7M | $16.1M | $13.6M | $11.5M | |
| Gross Profit Margin | 76.05% | 88.04% | 85.6% | 81.14% | 81.4% | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | $433K | $912K | -$397K | $2.2M | $1M | |
| Operating Income | $3M | $10.8M | $16.5M | $11.4M | $10.4M | |
| Net Interest Expenses | $488K | $5.4M | $9M | $7.9M | $7M | |
| EBT. Incl. Unusual Items | $2.5M | $5.2M | $7.5M | $3.5M | $3.4M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $25K | $23K | $18K | $11K | -$2K | |
| Net Income to Company | $2.5M | $5.2M | $7.5M | $3.5M | $3.4M | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | $2.5M | $5.1M | $7.4M | $3.4M | $3.4M | |
| Basic EPS (Cont. Ops) | $0.24 | $0.35 | $0.51 | $0.23 | $0.23 | |
| Diluted EPS (Cont. Ops) | $0.24 | $0.35 | $0.51 | $0.23 | $0.23 | |
| Weighted Average Basic Share | $10.3M | $14.6M | $14.6M | $14.7M | $15M | |
| Weighted Average Diluted Share | $10.3M | $14.6M | $14.6M | $14.7M | $15M | |
| EBITDA | $3M | $10.8M | $16.5M | $13.2M | $10.8M | |
| EBIT | $3M | $10.8M | $16.5M | $12.9M | $10.5M | |
| Revenue (Reported) | $4.5M | $13.2M | $18.8M | $16.7M | $14.1M | |
| Operating Income (Reported) | $3M | $10.8M | $16.5M | $11.4M | $10.4M | |
| Operating Income (Adjusted) | $3M | $10.8M | $16.5M | $12.9M | $10.5M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $19.5M | $65.4M | $69.6M | $71.5M | $58.5M | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | $3.9M | $6.4M | $8.3M | $12M | $10.5M | |
| Gross Profit | $15.6M | $59M | $61.2M | $59.5M | $48M | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $5.6K | -- | -- | -- | -- | |
| Operating Expenses | $9.2M | $4.6M | $3.6M | $6.7M | $3.7M | |
| Operating Income | $6.4M | $54.4M | $57.7M | $52.8M | $44.3M | |
| Net Interest Expenses | $895K | $11.8M | $32M | $33.9M | $28.8M | |
| EBT. Incl. Unusual Items | $5.5M | $41.9M | $26.8M | $18.9M | $15.5M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $36K | $409K | $71K | -$76K | $12K | |
| Net Income to Company | $44.6M | $41.5M | $26.7M | $19M | $15.5M | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | $5.5M | $41.5M | $26.5M | $18.8M | $15.3M | |
| Basic EPS (Cont. Ops) | $0.53 | $2.86 | $1.81 | $1.28 | $1.03 | |
| Diluted EPS (Cont. Ops) | $0.53 | $2.86 | $1.81 | $1.28 | $1.03 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | $6.4M | $54.4M | $58.7M | $56.9M | $46.4M | |
| EBIT | $6.4M | $54.4M | $58.7M | $55.6M | $45.3M | |
| Revenue (Reported) | $19.5M | $65.4M | $69.6M | $71.5M | $58.5M | |
| Operating Income (Reported) | $6.4M | $54.4M | $57.7M | $52.8M | $44.3M | |
| Operating Income (Adjusted) | $6.4M | $54.4M | $58.7M | $55.6M | $45.3M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $9.6M | $39.3M | $52.8M | $52.5M | $44M | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | $3.1M | $4.7M | $6.5M | $9M | $7.8M | |
| Gross Profit | $6.4M | $34.6M | $46.3M | $43.5M | $36.2M | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | $1.7M | $3.2M | $2.7M | $5.6M | $3.6M | |
| Operating Income | $4.7M | $31.3M | $43.6M | $37.9M | $32.6M | |
| Net Interest Expenses | $680K | $10.2M | $24.6M | $24.9M | $22M | |
| EBT. Incl. Unusual Items | $4M | $21M | $20M | $13M | $10.6M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $36K | $107K | $65K | $27K | $6K | |
| Net Income to Company | $4M | $20.9M | $19.9M | $12.9M | $10.6M | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | $4M | $20.8M | $19.8M | $12.8M | $10.5M | |
| Basic EPS (Cont. Ops) | $0.39 | $1.44 | $1.35 | $0.87 | $0.70 | |
| Diluted EPS (Cont. Ops) | $0.39 | $1.44 | $1.35 | $0.87 | $0.70 | |
| Weighted Average Basic Share | $30.7M | $43.6M | $43.8M | $44.1M | $44.8M | |
| Weighted Average Diluted Share | $30.7M | $43.6M | $43.8M | $44.1M | $44.8M | |
| EBITDA | $4.7M | $31.3M | $44.6M | $41.7M | $34.4M | |
| EBIT | $4.7M | $31.3M | $44.6M | $40.7M | $33.6M | |
| Revenue (Reported) | $9.6M | $39.3M | $52.8M | $52.5M | $44M | |
| Operating Income (Reported) | $4.7M | $31.3M | $43.6M | $37.9M | $32.6M | |
| Operating Income (Adjusted) | $4.7M | $31.3M | $44.6M | $40.7M | $33.6M | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $103.6M | $26.3M | $71.1M | $87.9M | $70.8M | |
| Short Term Investments | -- | -- | -- | -- | -- | |
| Accounts Receivable, Net | -- | -- | -- | -- | -- | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | $345.2K | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $104M | $27.7M | $71.1M | $91.5M | $73.7M | |
| Property Plant And Equipment | -- | -- | -- | -- | -- | |
| Long-Term Investments | -- | -- | -- | -- | -- | |
| Goodwill | -- | -- | -- | -- | -- | |
| Other Intangibles | -- | -- | -- | -- | -- | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $196.1M | $600M | $746.8M | $731.5M | $692.8M | |
| Accounts Payable | -- | $1.6M | -- | -- | -- | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $3.1M | $164.4M | $147.6M | $187M | $261.5M | |
| Long-Term Debt | -- | $177.9M | $327.6M | $273.3M | $162M | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $3.2M | $342.3M | $475.3M | $460.3M | $423.5M | |
| Common Stock | $10.2K | $15K | $15K | $15K | $15K | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | $192.9M | $257.7M | $271.6M | $271.2M | $265.7M | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | -- | -- | -- | -- | -- | |
| Total Equity | $192.9M | $257.7M | $271.6M | $271.2M | $269.3M | |
| Total Liabilities and Equity | $196.1M | $600M | $746.8M | $731.5M | $692.8M | |
| Cash and Short Terms | $103.6M | $26.3M | $71.1M | $87.9M | $70.8M | |
| Total Debt | -- | $339.6M | $471.5M | $454.4M | $417.8M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $19.8M | $76.4M | $60.5M | $82.2M | $77.5M | |
| Short Term Investments | -- | -- | -- | -- | -- | |
| Accounts Receivable, Net | -- | -- | -- | -- | -- | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $21.5M | $76.4M | $64.1M | $85.2M | $80.3M | |
| Property Plant And Equipment | -- | -- | -- | -- | -- | |
| Long-Term Investments | -- | -- | -- | -- | -- | |
| Goodwill | -- | -- | -- | -- | -- | |
| Other Intangibles | -- | -- | -- | -- | -- | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $456.2M | $775.2M | $750M | $652.6M | $700.8M | |
| Accounts Payable | $2.1M | $1.5M | $4.7M | -- | -- | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $59M | $48.7M | $147.7M | $257M | $419.2M | |
| Long-Term Debt | $160.5M | $458.1M | $332M | $126.1M | $15.1M | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $219.6M | $506.8M | $479.7M | $383.1M | $434.4M | |
| Common Stock | $15K | $15K | $15K | $15K | $15K | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | -- | -- | -- | -- | -- | |
| Total Equity | $236.6M | $268.4M | $270.3M | $269.5M | $266.5M | |
| Total Liabilities and Equity | $456.2M | $775.2M | $750M | $652.6M | $700.8M | |
| Cash and Short Terms | $19.8M | $76.4M | $60.5M | $82.2M | $77.5M | |
| Total Debt | $215.7M | $503.5M | $473.3M | $375.9M | $429.4M | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -$55.7M | $24.7M | $27.6M | $26M | $17.8M | |
| Depreciation & Amoritzation | -- | -- | -- | $604K | $1.3M | |
| Stock-Based Compensation | -- | $627K | $1M | $1.1M | $1.4M | |
| Change in Accounts Receivable | -- | -$1.1M | -- | -$498K | $678K | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -$86.9M | $792K | $12.8M | $20.3M | $20.1M | |
| Capital Expenditures | -- | -- | -- | -- | -- | |
| Cash Acquisitions | -- | $6.2M | -- | -- | -- | |
| Cash From Investing | $292.7M | -$283.9M | -$84.1M | $35.8M | $21.3M | |
| Dividends Paid (Ex Special Dividend) | $6.8M | $4.6M | $14.6M | $20.6M | $20.8M | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | -- | $249.8M | $284.9M | $123.2M | $101.3M | |
| Long-Term Debt Repaid | -$88M | -$37.9M | -$152.1M | -$141M | -$137.5M | |
| Repurchase of Common Stock | $16.7M | -- | -- | $183K | $377K | |
| Other Financing Activities | -- | -- | -- | -- | -- | |
| Cash From Financing | -$111.4M | $205.8M | $116.1M | -$39.3M | -$58.5M | |
| Beginning Cash (CF) | $103.6M | $26.3M | $71.1M | $87.9M | $70.8M | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $94.4M | -$77.3M | $44.8M | $16.8M | -$17.1M | |
| Ending Cash (CF) | $198M | -$51M | $115.8M | $104.6M | $53.6M | |
| Levered Free Cash Flow | -$86.9M | $792K | $12.8M | $20.3M | $20.1M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $2.5M | $5.2M | $7.5M | $3.5M | $3.4M | |
| Depreciation & Amoritzation | -- | -- | $308K | $318K | $289K | |
| Stock-Based Compensation | -- | $259K | $271K | $367K | $487K | |
| Change in Accounts Receivable | -- | -- | -$197K | $223K | -$10K | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $3.4M | $3.7M | $3.3M | $7.3M | $3.2M | |
| Capital Expenditures | -- | -- | -- | -- | -- | |
| Cash Acquisitions | $6.2M | -- | -- | -- | -- | |
| Cash From Investing | -$49M | -$22.4M | -$39.9M | $53.1M | $20.1M | |
| Dividends Paid (Ex Special Dividend) | $3.1M | $3.7M | $5.2M | $5.2M | $4.2M | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | $48.5M | $60.9M | $35.1M | $16.1M | -- | |
| Long-Term Debt Repaid | -$10.3M | -$10.1M | -$14.7M | -$57.7M | -- | |
| Repurchase of Common Stock | -- | $96K | $101K | $239K | $271K | |
| Other Financing Activities | -- | -- | -- | -- | -- | |
| Cash From Financing | $34.9M | $46.7M | $15M | -$47.8M | $8.3M | |
| Beginning Cash (CF) | $19.8M | $76.4M | $60.5M | $82.2M | $77.5M | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -$10.8M | $28M | -$21.5M | $12.6M | $31.5M | |
| Ending Cash (CF) | $9.1M | $104.5M | $39M | $94.8M | $109M | |
| Levered Free Cash Flow | $3.4M | $3.7M | $3.3M | $7.3M | $3.2M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $44.6M | $41.5M | $26.7M | $19M | $15.5M | |
| Depreciation & Amoritzation | -- | -- | $308K | $1.3M | $1.1M | |
| Stock-Based Compensation | -- | $1.3M | $1.1M | $1.4M | $1.7M | |
| Change in Accounts Receivable | -- | -- | -$1.1M | $600K | $177K | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $2.4M | $9.5M | $17.7M | $21.6M | $15.7M | |
| Capital Expenditures | -- | -- | -- | -- | -- | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -- | -$228.6M | $17.1M | $120.1M | -$52.6M | |
| Dividends Paid (Ex Special Dividend) | -$5.7M | $11M | $19.1M | $20.7M | $19.8M | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | -- | $437M | -- | $86.3M | -- | |
| Long-Term Debt Repaid | -- | -$147.5M | -$94.2M | -$183.8M | -- | |
| Repurchase of Common Stock | -- | $96K | $42K | $372K | $389K | |
| Other Financing Activities | -- | -- | -- | -- | -- | |
| Cash From Financing | $81M | $275.8M | -$50.7M | -$120M | $32.2M | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -$83.8M | $56.6M | -$15.9M | $21.7M | -$4.7M | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | $2.4M | $9.5M | $17.7M | $21.6M | $15.7M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $4M | $20.9M | $19.9M | $12.9M | $10.6M | |
| Depreciation & Amoritzation | -- | -- | $308K | $1M | $848K | |
| Stock-Based Compensation | -- | $889K | $970K | $1.2M | $1.5M | |
| Change in Accounts Receivable | -- | -- | -$480K | $618K | $117K | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $1.3M | $10M | $14.9M | $16.3M | $11.8M | |
| Capital Expenditures | -- | -- | -- | -- | -- | |
| Cash Acquisitions | $6.2M | -- | -- | -- | -- | |
| Cash From Investing | -$167.1M | -$111.9M | -$10.7M | $73.5M | -$321K | |
| Dividends Paid (Ex Special Dividend) | $4.6M | $11M | $15.5M | $15.6M | $14.6M | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | $97.7M | $284.9M | $63.2M | $26.3M | $54.3M | |
| Long-Term Debt Repaid | -$10.3M | -$119.9M | -$62M | -$104.8M | -$56.7M | |
| Repurchase of Common Stock | -- | $96K | $138K | $327K | $339K | |
| Other Financing Activities | -- | -- | -- | -- | -- | |
| Cash From Financing | $82.1M | $152M | -$14.8M | -$95.5M | -$4.8M | |
| Beginning Cash (CF) | $97.5M | $133.8M | $226.9M | $245.1M | $165.1M | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -$83.7M | $50.1M | -$10.5M | -$5.7M | $6.7M | |
| Ending Cash (CF) | $13.8M | $183.9M | $216.3M | $239.4M | $171.8M | |
| Levered Free Cash Flow | $1.3M | $10M | $14.9M | $16.3M | $11.8M | |
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