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 | $42.4M | $41.2M | $44.4M | $55.6M | $62.1M | |
| Revenue Growth (YoY) | 9.86% | -2.76% | 7.66% | 25.3% | 11.62% | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | -$11.3M | -$11.4M | -$10.9M | -$9M | -$5.6M | |
| Operating Income | $11.3M | $11.4M | $10.9M | $9M | $5.6M | |
| Net Interest Expenses | $446K | $672K | $1.6M | $2.6M | $2.3M | |
| EBT. Incl. Unusual Items | $11.3M | $11.4M | $10.9M | $9M | $5.6M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $2.4M | $2.3M | $2.1M | $1.6M | $1M | |
| Net Income to Company | $8.9M | $9.2M | $8.8M | $7.4M | $4.6M | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | $8.9M | $9.2M | $8.8M | $7.4M | $4.6M | |
| Basic EPS (Cont. Ops) | $3.49 | $3.55 | $3.41 | $2.89 | $1.81 | |
| Diluted EPS (Cont. Ops) | $3.45 | $3.49 | $3.37 | $2.86 | $1.80 | |
| Weighted Average Basic Share | $2.6M | $2.6M | $2.6M | $2.6M | $2.5M | |
| Weighted Average Diluted Share | $2.6M | $2.6M | $2.6M | $2.6M | $2.6M | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $18.8M | $15.4M | $15.4M | $25.8M | $32M | |
| Revenue (Reported) | $42.4M | $41.2M | $44.4M | $55.6M | $62.1M | |
| Operating Income (Reported) | $11.3M | $11.4M | $10.9M | $9M | $5.6M | |
| Operating Income (Adjusted) | $18.8M | $15.4M | $15.4M | $25.8M | $32M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $10.5M | $11.8M | $13.8M | $16.1M | $15.5M | |
| Revenue Growth (YoY) | -0.44% | 12.05% | 16.65% | 16.75% | -3.41% | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | -$3.3M | -$3.2M | -$1.5M | -$1.4M | -$2.1M | |
| Operating Income | $3.3M | $3.2M | $1.5M | $1.4M | $2.1M | |
| Net Interest Expenses | $168K | $449K | $641K | $602K | $437K | |
| EBT. Incl. Unusual Items | $3.3M | $3.2M | $1.5M | $1.4M | $2.1M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $663K | $666K | $295K | $267K | $395K | |
| Net Income to Company | $2.6M | $2.5M | $1.2M | $1.2M | -- | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | $2.6M | $2.5M | $1.2M | $1.2M | $1.7M | |
| Basic EPS (Cont. Ops) | $1.00 | $0.99 | $0.46 | $0.45 | $0.66 | |
| Diluted EPS (Cont. Ops) | $0.98 | $0.98 | $0.45 | $0.45 | $0.66 | |
| Weighted Average Basic Share | $2.6M | $2.6M | $2.6M | $2.5M | $2.6M | |
| Weighted Average Diluted Share | $2.6M | $2.6M | $2.6M | $2.6M | $2.6M | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $4M | $4.4M | $6M | $8.4M | $7.8M | |
| Revenue (Reported) | $10.5M | $11.8M | $13.8M | $16.1M | $15.5M | |
| Operating Income (Reported) | $3.3M | $3.2M | $1.5M | $1.4M | $2.1M | |
| Operating Income (Adjusted) | $4M | $4.4M | $6M | $8.4M | $7.8M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $43.5M | $41.4M | $54M | $60.5M | $62.3M | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | -$13.7M | -$9.7M | -$11.1M | -$4.7M | -$7.5M | |
| Operating Income | $13.7M | $9.7M | $11.1M | $4.7M | $7.5M | |
| Net Interest Expenses | $718K | $965K | $2.8M | $2.4M | $1.8M | |
| EBT. Incl. Unusual Items | $13.7M | $9.7M | $11.1M | $4.7M | $8.4M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $2.9M | $1.9M | $2M | $760K | $1.6M | |
| Net Income to Company | $10.8M | $7.7M | $9.2M | $3.9M | -- | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | $10.8M | $7.7M | $9.2M | $3.9M | $6.8M | |
| Basic EPS (Cont. Ops) | $4.19 | $3.00 | $3.55 | $1.54 | $2.66 | |
| Diluted EPS (Cont. Ops) | $4.13 | $2.96 | $3.51 | $1.52 | $2.64 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $18.8M | $12.7M | $24.2M | $30.3M | $31.9M | |
| Revenue (Reported) | $43.5M | $41.4M | $54M | $60.5M | $62.3M | |
| Operating Income (Reported) | $13.7M | $9.7M | $11.1M | $4.7M | $7.5M | |
| Operating Income (Adjusted) | $18.8M | $12.7M | $24.2M | $30.3M | $31.9M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $31.4M | $31.5M | $41.2M | $46.1M | $46.4M | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | -$9.2M | -$7.4M | -$7.6M | -$3.3M | -$5.2M | |
| Operating Income | $9.2M | $7.4M | $7.6M | $3.3M | $5.2M | |
| Net Interest Expenses | $504K | $797K | $2M | $1.8M | $1.3M | |
| EBT. Incl. Unusual Items | $9.2M | $7.4M | $7.6M | $3.3M | $6.1M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $1.9M | $1.5M | $1.4M | $617K | $1.2M | |
| Net Income to Company | $7.3M | $5.9M | $6.2M | $2.7M | $1.2M | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | $7.3M | $5.9M | $6.2M | $2.7M | $4.9M | |
| Basic EPS (Cont. Ops) | $2.83 | $2.28 | $2.41 | $1.06 | $1.92 | |
| Diluted EPS (Cont. Ops) | $2.78 | $2.25 | $2.39 | $1.05 | $1.90 | |
| Weighted Average Basic Share | $7.7M | $7.7M | $7.7M | $7.6M | $7.7M | |
| Weighted Average Diluted Share | $7.9M | $7.9M | $7.8M | $7.7M | $7.7M | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $12.5M | $9.8M | $18.6M | $23.2M | $23.1M | |
| Revenue (Reported) | $31.4M | $31.5M | $41.2M | $46.1M | $46.4M | |
| Operating Income (Reported) | $9.2M | $7.4M | $7.6M | $3.3M | $5.2M | |
| Operating Income (Adjusted) | $12.5M | $9.8M | $18.6M | $23.2M | $23.1M | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $193.8M | $183.6M | $57.8M | $49.7M | $43.6M | |
| Short Term Investments | $10.2M | $8.4M | $10.2M | $8.3M | $7.8M | |
| Accounts Receivable, Net | $2.3M | $2.2M | $3.1M | $3.5M | $3.5M | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $196.7M | $186.5M | $61.6M | $53.7M | $47.1M | |
| Property Plant And Equipment | $13M | $11.6M | $10.6M | $9.7M | $8.4M | |
| Long-Term Investments | $12.5M | $4.1M | $2.8M | $3M | $2.2M | |
| Goodwill | -- | -- | -- | -- | -- | |
| Other Intangibles | $3.8M | $4.3M | $4.7M | $4.6M | $4.8M | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $861.4M | $919.7M | $976.4M | $995.2M | $993.6M | |
| Accounts Payable | $369K | $200K | $395K | $817K | $765K | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | $43M | $15M | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $429.1M | $590.4M | $547.3M | $715.5M | $756.8M | |
| Long-Term Debt | $17.7M | $16.9M | $16.1M | $40.4M | $39.7M | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $775.9M | $826.3M | $878.6M | $894.6M | $890M | |
| Common Stock | $25K | $26K | $26K | $25K | $25K | |
| Other Common Equity Adj | $240K | $139K | -$1.1M | -$988K | -$1M | |
| Common Equity | $85.5M | $93.4M | $97.7M | $100.7M | $103.7M | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | -- | -- | -- | -- | -- | |
| Total Equity | $85.5M | $93.4M | $97.7M | $100.7M | $103.7M | |
| Total Liabilities and Equity | $861.4M | $919.7M | $976.4M | $995.2M | $993.6M | |
| Cash and Short Terms | $204M | $192M | $68M | $58M | $51.4M | |
| Total Debt | $17.7M | $16.9M | $16.1M | $55.4M | $39.7M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $206.7M | $76.1M | $101.9M | $148.9M | $101.2M | |
| Short Term Investments | $7.1M | $10.4M | $8M | $8M | -- | |
| Accounts Receivable, Net | $2.2M | $2.8M | $3.4M | $3.7M | -- | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $209.6M | $79.5M | $105.9M | $152.8M | $105.4M | |
| Property Plant And Equipment | $12M | $10.8M | $9.9M | $8.6M | $8.1M | |
| Long-Term Investments | $4.9M | $4.8M | $3.9M | $2.5M | $2M | |
| Goodwill | -- | -- | -- | -- | -- | |
| Other Intangibles | $4.2M | $4.8M | $4.7M | $4.7M | -- | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $928.1M | $982.2M | $1B | $1.1B | $1.1B | |
| Accounts Payable | $48K | $109K | $588K | $908K | -- | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | $15M | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $584.2M | $576.7M | $553.3M | $644M | $661.3M | |
| Long-Term Debt | $17.8M | $61.6M | $16.5M | $39.8M | $24.6M | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $836.2M | $887.3M | $929.9M | $998.7M | $952.7M | |
| Common Stock | $26K | $26K | $25K | $25K | $25K | |
| Other Common Equity Adj | $168K | -$1.3M | -$1.3M | -$922K | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | -- | -- | -- | -- | -- | |
| Total Equity | $91.9M | $95M | $100.2M | $102.2M | $107.5M | |
| Total Liabilities and Equity | $928.1M | $982.2M | $1B | $1.1B | $1.1B | |
| Cash and Short Terms | $213.8M | $86.5M | $109.9M | $157M | -- | |
| Total Debt | $17.8M | $61.6M | $16.5M | $54.8M | $39.6M | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $8.9M | $9.2M | $8.8M | $7.4M | $4.6M | |
| Depreciation & Amoritzation | $1.8M | $1.6M | $1.6M | $1.7M | $1.6M | |
| Stock-Based Compensation | $338K | $360K | $475K | $450K | $390K | |
| Change in Accounts Receivable | -$48K | $37K | -$866K | -$369K | -$19K | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $6.4M | $7.7M | $8.4M | $7.3M | $3.9M | |
| Capital Expenditures | $464K | $6.3M | $398K | $444K | $43K | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -$2.4M | -$66.5M | -$183.9M | -$26.8M | -$3.9M | |
| Dividends Paid (Ex Special Dividend) | $2.1M | $2M | $2M | $1.9M | $1.9M | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $186.2M | -- | $43M | $40M | -- | |
| Long-Term Debt Repaid | -$181.8M | -- | -- | -$43M | -$15M | |
| Repurchase of Common Stock | $73K | $152K | $1.7M | $2.1M | $65K | |
| Other Financing Activities | -- | -- | -$1.8M | $436K | $666K | |
| Cash From Financing | $134M | $48.6M | $49.8M | $11.3M | -$6M | |
| Beginning Cash (CF) | $55.8M | $193.8M | $183.6M | $57.8M | $49.7M | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $138.1M | -$10.2M | -$125.8M | -$8.1M | -$6M | |
| Ending Cash (CF) | $193.8M | $183.6M | $57.8M | $49.7M | $43.6M | |
| Levered Free Cash Flow | $6M | $1.4M | $8M | $6.9M | $3.9M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $2.6M | $2.5M | $1.2M | $1.2M | -- | |
| Depreciation & Amoritzation | -- | -- | -- | -- | -- | |
| Stock-Based Compensation | $64K | $90K | $89K | $98K | $75K | |
| Change in Accounts Receivable | -$153K | -$459K | -$315K | -$292K | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -$2.4M | $1.7M | $1.8M | $3.1M | $3.1M | |
| Capital Expenditures | $3.1M | $58K | $63K | $25K | $38K | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -$30.4M | -$48.6M | -$19.4M | -$12.2M | -$3.4M | |
| Dividends Paid (Ex Special Dividend) | $445K | $439K | $489K | $487K | $488K | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | -- | $14.5M | $49K | -- | -- | |
| Long-Term Debt Repaid | -- | -$580K | -$19.2M | $1K | -- | |
| Repurchase of Common Stock | -- | -- | $229K | $1K | -- | |
| Other Financing Activities | -- | -- | -- | -- | -- | |
| Cash From Financing | $2.7M | $42.9M | $18.7M | $22.9M | -$1M | |
| Beginning Cash (CF) | $236.8M | $80.1M | $100.2M | $135.1M | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -$30.1M | -$4M | $1.7M | $13.8M | -$1.4M | |
| Ending Cash (CF) | $206.7M | $76.1M | $101.9M | $148.9M | -- | |
| Levered Free Cash Flow | -$5.5M | $1.7M | $1.7M | $3M | $3M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $10.8M | $7.7M | $9.2M | $3.9M | -- | |
| Depreciation & Amoritzation | $1.6M | $1.4M | $1.8M | $1.6M | -- | |
| Stock-Based Compensation | $350K | $449K | $459K | $373K | $330K | |
| Change in Accounts Receivable | $305K | -$578K | -$606K | -$290K | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $3.1M | $11.6M | $8.4M | $4.6M | $8M | |
| Capital Expenditures | $6.3M | $311K | $398K | $244K | $118K | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | $37.9M | -$188.9M | -$22.4M | -$24.5M | -$7.3M | |
| Dividends Paid (Ex Special Dividend) | $2M | $2M | $1.9M | $1.9M | $2M | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | -- | -- | $38.5M | -- | -- | |
| Long-Term Debt Repaid | -$94M | -$1.7M | -$41.1M | -$9K | -- | |
| Repurchase of Common Stock | $103K | $1.9M | $1.4M | $803K | -- | |
| Other Financing Activities | -- | -- | -- | -- | -- | |
| Cash From Financing | $49.9M | $46.7M | $39.8M | $67M | -$48.5M | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $90.9M | -$130.6M | $25.8M | $47M | -$47.8M | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | -$3.1M | $11.3M | $8M | $4.3M | $7.9M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $7.3M | $5.9M | $6.2M | $2.7M | $1.2M | |
| Depreciation & Amoritzation | $423K | $207K | $414K | $415K | $389K | |
| Stock-Based Compensation | $295K | $384K | $368K | $291K | $231K | |
| Change in Accounts Receivable | $23K | -$592K | -$332K | -$253K | -$69K | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $1.8M | $5.7M | $5.8M | $3M | $7.1M | |
| Capital Expenditures | $6.2M | $225K | $225K | $25K | $100K | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -$47.3M | -$169.7M | -$8.2M | -$5.9M | -$9.3M | |
| Dividends Paid (Ex Special Dividend) | $1.6M | $1.6M | $1.4M | $1.5M | $1.5M | |
| Special Dividend Paid | $100K | $100K | -- | -- | -- | |
| Long-Term Debt Issued | -- | $44.5M | $40M | -- | -- | |
| Long-Term Debt Repaid | -$175K | -$1.9M | -$43M | -$9K | -$4K | |
| Repurchase of Common Stock | $30K | $1.7M | $1.4M | $65K | -- | |
| Other Financing Activities | -- | -- | -- | -- | -- | |
| Cash From Financing | $58.4M | $56.5M | $46.5M | $102.2M | $59.7M | |
| Beginning Cash (CF) | $700.2M | $460.7M | $239.6M | $322.8M | $43.6M | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $12.9M | -$107.5M | $44.1M | $99.2M | $57.5M | |
| Ending Cash (CF) | $713.1M | $353.2M | $283.6M | $422M | $131.5M | |
| Levered Free Cash Flow | -$4.5M | $5.5M | $5.5M | $3M | $7M | |
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