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 | $140.8M | $264.5M | $225.4M | $272.5M | $391.7M | |
| Revenue Growth (YoY) | 147.49% | 87.83% | -14.79% | 20.92% | 43.75% | |
| Cost of Revenues | $23.7M | $50.9M | $37M | $11.9M | $17.3M | |
| Gross Profit | $117.1M | $213.6M | $188.3M | $260.6M | $374.5M | |
| Gross Profit Margin | 83.19% | 80.77% | 83.57% | 95.63% | 95.59% | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $996.6K | $1.5M | $298.2K | $13.1M | $3.3M | |
| Operating Expenses | $93.7M | $196M | $186.6M | $180.8M | $235.1M | |
| Operating Income | $23.4M | $17.7M | $1.7M | $79.8M | $139.3M | |
| Net Interest Expenses | -- | -- | -- | $47M | $60.8M | |
| EBT. Incl. Unusual Items | $22.1M | $19.1M | $2M | $46M | $81.8M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $2.9M | $4.4M | $4.3M | $13M | $20.4M | |
| Net Income to Company | $19.2M | $14.7M | -$2.3M | $33M | $61.4M | |
| Minority Interest in Earnings | $3.1M | -- | -$70.4K | $443.9K | $626.3K | |
| Net Income to Common Excl Extra Items | $19.2M | $14.7M | -$2.3M | $33M | $61.4M | |
| Basic EPS (Cont. Ops) | $0.11 | $0.10 | -$0.01 | $0.21 | $0.38 | |
| Diluted EPS (Cont. Ops) | $0.11 | $0.09 | -$0.01 | $0.20 | $0.36 | |
| Weighted Average Basic Share | $141.2M | $147M | $153M | $155M | $160.3M | |
| Weighted Average Diluted Share | $144.1M | $155.7M | $153M | $161.8M | $168.9M | |
| EBITDA | $24.3M | $19M | $4.5M | $82.6M | $142M | |
| EBIT | $23.4M | $17.7M | $1.7M | $79.8M | $139.3M | |
| Revenue (Reported) | $140.8M | $264.5M | $225.4M | $272.5M | $391.7M | |
| Operating Income (Reported) | $23.4M | $17.7M | $1.7M | $79.8M | $139.3M | |
| Operating Income (Adjusted) | $23.4M | $17.7M | $1.7M | $79.8M | $139.3M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $60.8M | $55.4M | $70.1M | $101.1M | $175.4M | |
| Revenue Growth (YoY) | 58.71% | -8.84% | 26.6% | 44.06% | 73.56% | |
| Cost of Revenues | $15.3M | $10M | $4.6M | $5.7M | $7.2M | |
| Gross Profit | $45.4M | $45.4M | $65.5M | $95.4M | $168.1M | |
| Gross Profit Margin | 74.76% | 81.96% | 93.43% | 94.38% | 95.87% | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $16.9M | $1.2M | $6.7M | -$5.2M | -- | |
| Operating Expenses | $43.3M | $41.6M | $44.2M | $53.7M | $82.3M | |
| Operating Income | $2.2M | $3.8M | $21.4M | $41.7M | $85.8M | |
| Net Interest Expenses | -- | -- | $12.1M | $15.7M | $22M | |
| EBT. Incl. Unusual Items | $19.1M | $4.9M | $16M | $21M | $65.2M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | -$1.4M | $1.7M | $2.6M | $2.9M | $11.2M | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | -- | -$76K | $123.2K | $164.4K | $142.6K | |
| Net Income to Common Excl Extra Items | $20.5M | $3.3M | $13.4M | $17.9M | $54M | |
| Basic EPS (Cont. Ops) | $0.14 | $0.02 | $0.09 | $0.11 | $0.30 | |
| Diluted EPS (Cont. Ops) | $0.13 | $0.02 | $0.08 | $0.11 | $0.29 | |
| Weighted Average Basic Share | $150.6M | $153.3M | $155.3M | $157.5M | $177.1M | |
| Weighted Average Diluted Share | $161.5M | $161.7M | $162.6M | $164.5M | $188M | |
| EBITDA | $3.8M | $6.3M | $23.6M | $43.9M | $88.6M | |
| EBIT | $2.2M | $3.8M | $21.4M | $41.7M | $85.8M | |
| Revenue (Reported) | $60.8M | $55.4M | $70.1M | $101.1M | $175.4M | |
| Operating Income (Reported) | $2.2M | $3.8M | $21.4M | $41.7M | $85.8M | |
| Operating Income (Adjusted) | $2.2M | $3.8M | $21.4M | $41.7M | $85.8M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $249.5M | $223.7M | $266.4M | $337.4M | $561M | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | $52.9M | $42.6M | $27.3M | $19.4M | $31.1M | |
| Gross Profit | $196.6M | $181.1M | $239.1M | $318M | $529.9M | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $1.7M | $2.6M | $12.7M | -$1.8M | -- | |
| Operating Expenses | $179.6M | $191.7M | $171M | $212.3M | $269.7M | |
| Operating Income | $17M | -$10.5M | $68.1M | $105.8M | $260.2M | |
| Net Interest Expenses | -- | -- | $31M | $60.1M | $71.1M | |
| EBT. Incl. Unusual Items | $32.3M | -$8M | $49.6M | $44M | $191.2M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $2.9M | $956.3K | $13.9M | $12.4M | $36.7M | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | $930.6K | -$76K | $302.1K | $596.4K | $625.6K | |
| Net Income to Common Excl Extra Items | $29.5M | -$8.9M | $35.9M | $31.4M | $154.5M | |
| Basic EPS (Cont. Ops) | $0.20 | -$0.06 | $0.23 | $0.20 | $0.88 | |
| Diluted EPS (Cont. Ops) | $0.18 | -$0.06 | $0.22 | $0.19 | $0.83 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | $22.6M | -$1.8M | $77.3M | $114.4M | $270M | |
| EBIT | $17M | -$10.5M | $68.1M | $105.8M | $260.2M | |
| Revenue (Reported) | $249.5M | $223.7M | $266.4M | $337.4M | $561M | |
| Operating Income (Reported) | $17M | -$10.5M | $68.1M | $105.8M | $260.2M | |
| Operating Income (Adjusted) | $17M | -$10.5M | $68.1M | $105.8M | $260.2M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $202.3M | $161.5M | $202.5M | $267.4M | $437.4M | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | $43.2M | $30.1M | $14M | $15M | $22.9M | |
| Gross Profit | $159.1M | $131.5M | $188.5M | $252.5M | $414.5M | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $1.3M | $2.4M | $14.8M | -$169.7K | -$1.3M | |
| Operating Expenses | $148.8M | $135.5M | $126.2M | $164.2M | $205M | |
| Operating Income | $10.4M | -$4M | $62.3M | $88.3M | $209.4M | |
| Net Interest Expenses | -- | -- | $31M | $44.1M | $54.4M | |
| EBT. Incl. Unusual Items | $25.3M | -$1.6M | $46M | $44.2M | $153.6M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $5.3M | $1.9M | $11.5M | $10.9M | $27.3M | |
| Net Income to Company | -- | -- | $21.3M | $15.2M | -- | |
| Minority Interest in Earnings | -- | -$76K | $296.7K | $449.2K | $449.3K | |
| Net Income to Common Excl Extra Items | $20.1M | -$3.5M | $34.7M | $33.1M | $126.4M | |
| Basic EPS (Cont. Ops) | $0.14 | -$0.02 | $0.22 | $0.21 | $0.71 | |
| Diluted EPS (Cont. Ops) | $0.12 | -$0.02 | $0.21 | $0.20 | $0.68 | |
| Weighted Average Basic Share | $436.8M | $458.1M | $464.3M | $470.6M | $529.4M | |
| Weighted Average Diluted Share | $453.2M | $466.5M | $484.1M | $486.5M | $557.9M | |
| EBITDA | $14.7M | $3M | $69.5M | $94.7M | $217.1M | |
| EBIT | $10.4M | -$4M | $62.3M | $88.3M | $209.4M | |
| Revenue (Reported) | $202.3M | $161.5M | $202.5M | $267.4M | $437.4M | |
| Operating Income (Reported) | $10.4M | -$4M | $62.3M | $88.3M | $209.4M | |
| Operating Income (Adjusted) | $10.4M | -$4M | $62.3M | $88.3M | $209.4M | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $98.9M | $276M | $441.1M | $751.7M | $2.9B | |
| Short Term Investments | $19.3M | $6.9M | $163.5M | $429.1M | $76.6M | |
| Accounts Receivable, Net | $372.2M | $664.7M | $1.6B | $1.3B | $3.4B | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | $3.9M | $9.8M | $7.4M | $9.3M | $7.7M | |
| Other Current Assets | $315.5K | $1.2M | $970.8K | $2.9M | $1.1M | |
| Total Current Assets | $2.2B | $3.3B | $3.7B | $3.7B | $6.3B | |
| Property Plant And Equipment | $8.9M | $11.8M | $20.3M | $14.3M | $15.1M | |
| Long-Term Investments | -- | -- | -- | $11.8M | $19.2M | |
| Goodwill | $2.4M | $2.5M | $2.5M | $2.5M | $2.5M | |
| Other Intangibles | $8.1M | $8.9M | $10.2M | $11.2M | $11.2M | |
| Other Long-Term Assets | $4.3M | $5M | $4.8M | $5.3M | $6.8M | |
| Total Assets | $2.2B | $3.3B | $3.8B | $3.7B | $6.4B | |
| Accounts Payable | $1.7B | $2.5B | $3.1B | $3B | $5.5B | |
| Accrued Expenses | $21.8M | $21.7M | $23.9M | $28.5M | $37.4M | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | $3.5M | $2.6M | $5.5M | $4.1M | $4.2M | |
| Other Current Liabilities | -- | $2M | $1.3M | $425.1K | $3.1M | |
| Total Current Liabilities | $2B | $2.7B | $3.2B | $3.1B | $5.6B | |
| Long-Term Debt | $3.7M | $151.9M | $162.7M | $161.7M | $165.4M | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $2B | $2.9B | $3.3B | $3.3B | $5.7B | |
| Common Stock | $21.3K | $22.8K | $23.2K | $23.5K | $26.4K | |
| Other Common Equity Adj | $5.6M | $10.2M | $3.9M | $5.3M | $506.2K | |
| Common Equity | $198.2M | $446.6M | $428.2M | $489M | $630.9M | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | -- | -- | $4.5M | $6.4M | $6.9M | |
| Total Equity | $235.7M | $446.6M | $451.6M | $495.4M | $662.1M | |
| Total Liabilities and Equity | $2.2B | $3.3B | $3.8B | $3.7B | $6.4B | |
| Cash and Short Terms | $98.9M | $276M | $441.1M | $751.7M | $2.9B | |
| Total Debt | $3.7M | $151.9M | $162.7M | $161.7M | $165.4M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $321.8M | $295.2M | $692.4M | $3B | $5.2B | |
| Short Term Investments | $6.5M | $37.8M | $422.1M | $97M | -- | |
| Accounts Receivable, Net | $680.8M | $630.7M | $1.3B | $3.2B | -- | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | $15.6M | $13.8M | $13.8M | $20.1M | -- | |
| Total Current Assets | $4B | $3B | $3.4B | $6.3B | $9.2B | |
| Property Plant And Equipment | $17.5M | $24.4M | $26M | $28.4M | $26.9M | |
| Long-Term Investments | -- | -- | -- | $11.5M | $16.8M | |
| Goodwill | $2.4M | $2.5M | $2.5M | $2.5M | -- | |
| Other Intangibles | -- | -- | -- | -- | -- | |
| Other Long-Term Assets | $4.3M | $5.1M | $5.4M | $7.4M | -- | |
| Total Assets | $4.1B | $3.1B | $3.5B | $6.4B | $9.3B | |
| Accounts Payable | $3.3B | $2.5B | $2.8B | $5.6B | -- | |
| Accrued Expenses | $31.3M | $31.1M | $39.1M | $52.3M | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | $3.4M | $2.4M | $4.2M | $4.3M | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $3.5B | $2.5B | $2.8B | $5.7B | $8.5B | |
| Long-Term Debt | $149.9M | $160.7M | $161M | $166.2M | $5.8M | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $3.6B | $2.6B | $3B | $5.8B | $8.5B | |
| Common Stock | $22.7K | $23.1K | $23.4K | $23.7K | $26.7K | |
| Other Common Equity Adj | $7.8M | -$1.6M | -$3.9M | $13.7M | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | -- | -$83.7K | $6.1M | $7M | $5.6M | |
| Total Equity | $444.8M | $439.5M | $487.2M | $544.4M | $815.5M | |
| Total Liabilities and Equity | $4.1B | $3.1B | $3.5B | $6.4B | $9.3B | |
| Cash and Short Terms | $321.8M | $295.2M | $692.4M | $3B | $5.2B | |
| Total Debt | $149.9M | $160.7M | $161M | $166.2M | $167.3M | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $19.2M | $14.7M | -$2.3M | $33M | $61.4M | |
| Depreciation & Amoritzation | $928.4K | $1.3M | $2.7M | $2.8M | $2.6M | |
| Stock-Based Compensation | $6.1M | $13.4M | $14.2M | $10.1M | $9.7M | |
| Change in Accounts Receivable | -$869.1M | -$371.8M | -$60.8M | $312.6M | -$2.1B | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $521M | $415.5M | $417.8M | $242.6M | $465.2M | |
| Capital Expenditures | $978.1K | $5M | $4.9M | $2.8M | $1.6M | |
| Cash Acquisitions | -- | -$2.6M | -- | -- | -- | |
| Cash From Investing | $37.4M | $10.9M | $663.5K | -$6.1M | -$8.7M | |
| Dividends Paid (Ex Special Dividend) | -- | -- | -- | -- | -- | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | -- | $154.9M | -- | -- | -- | |
| Long-Term Debt Repaid | -- | -- | -- | -- | -- | |
| Repurchase of Common Stock | $2.2M | -- | -- | -- | -- | |
| Other Financing Activities | -$6.2M | -- | $4.4M | $1.7M | -- | |
| Cash From Financing | -$2.2M | $330.9M | $366.5K | $140.4K | $103.9M | |
| Beginning Cash (CF) | $79.7M | $269.1M | $277.7M | $322.6M | $2.9B | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $556M | $755.5M | $414.5M | $233.2M | $555.8M | |
| Ending Cash (CF) | $635.4M | $1B | $687.8M | $552.3M | $3.4B | |
| Levered Free Cash Flow | $520M | $410.5M | $412.9M | $239.8M | $463.7M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| 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) | $315.4M | $257.4M | $270.3M | $2.9B | $5.1B | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -- | -- | -- | -- | -- | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | -- | -- | -- | -- | -- | |
| Period Ending | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -- | -- | -- | -- | -- | |
| Depreciation & Amoritzation | -- | -- | -- | -- | -- | |
| Stock-Based Compensation | -- | -- | -- | $4.5M | $5M | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -- | -- | -- | -- | -- | |
| Capital Expenditures | -- | -- | -- | $1.8M | $1.4M | |
| 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 | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -- | -- | $21.3M | $15.2M | -- | |
| Depreciation & Amoritzation | -- | -- | $1.4M | $1.3M | -- | |
| Stock-Based Compensation | -- | -- | $4.5M | $5M | -- | |
| Change in Accounts Receivable | -- | -- | $172.6M | -$1.2B | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -- | -- | -$63.8M | $155.1M | -- | |
| Capital Expenditures | -- | -- | $1.8M | $1.4M | -- | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -- | -- | -$2.1M | $1.6M | -- | |
| Dividends Paid (Ex Special Dividend) | -- | -- | -- | -- | -- | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | -- | -- | -- | -- | -- | |
| Long-Term Debt Repaid | -- | -- | -- | -- | -- | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | -- | -- | $1.7M | -- | -- | |
| Cash From Financing | -- | -- | $1.7M | $44K | -- | |
| Beginning Cash (CF) | $800.4M | $935M | $822.2M | $5.4B | $12.5B | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -- | -- | -$64.2M | $156.7M | -- | |
| Ending Cash (CF) | -- | -- | $1.9B | $2.1B | -- | |
| Levered Free Cash Flow | -- | -- | -$65.6M | $153.8M | -- | |
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