Is DocuSign Stock Undervalued?
Digital signature software business DocuSign (NASDAQ:DOCU) has been struggling over…
| Period Ending | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | |
|---|---|---|---|---|---|---|
| Revenue | $221.3M | $233.7M | $169.5M | $194.7M | $210.5M | |
| Revenue Growth (YoY) | 58.17% | 5.61% | -27.47% | 14.84% | 8.11% | |
| Cost of Revenues | $181.4M | $190.2M | $140.1M | $171.4M | $186.5M | |
| Gross Profit | $39.9M | $43.5M | $29.4M | $23.3M | $24M | |
| Gross Profit Margin | 18.04% | 18.62% | 17.34% | 11.95% | 11.38% | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | $29.3M | $36.3M | $28.6M | $17.5M | $19.2M | |
| Other Inc / (Exp) | -$269.8K | $1.8M | $874.6K | $6.8M | -$1.9M | |
| Operating Expenses | $29.3M | $36.3M | $28.6M | $17.5M | $19.2M | |
| Operating Income | $10.6M | $7.3M | $822.8K | $5.7M | $4.7M | |
| Net Interest Expenses | $2M | $2.8M | $2.4M | $1.6M | $1.7M | |
| EBT. Incl. Unusual Items | $8.8M | $6.1M | -$7.3M | $7.9M | $4.8M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $3.3M | $2.2M | $713.5K | $454.4K | -$1.9M | |
| Net Income to Company | $5.5M | $3.9M | -$8M | $7.4M | $6.6M | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | $5.5M | $3.9M | -$8M | $7.4M | $6.6M | |
| Basic EPS (Cont. Ops) | $1.50 | $1.08 | -$2.22 | $2.00 | $1.57 | |
| Diluted EPS (Cont. Ops) | $1.50 | $1.08 | -$2.22 | $2.00 | $1.48 | |
| Weighted Average Basic Share | $3.7M | $3.6M | $3.6M | $3.7M | $4.2M | |
| Weighted Average Diluted Share | $3.7M | $3.6M | $3.6M | $3.7M | $4.5M | |
| EBITDA | $12.3M | $10.8M | $3.8M | $8.7M | $7.7M | |
| EBIT | $10.6M | $7.3M | $822.8K | $5.7M | $4.7M | |
| Revenue (Reported) | $221.3M | $233.7M | $169.5M | $194.7M | $210.5M | |
| Operating Income (Reported) | $10.6M | $7.3M | $822.8K | $5.7M | $4.7M | |
| Operating Income (Adjusted) | $10.6M | $7.3M | $822.8K | $5.7M | $4.7M | |
| 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 | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | |
|---|---|---|---|---|---|---|
| Revenue | $221.3M | $227.3M | $167.5M | $195.1M | $210.3M | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | $181.4M | $188.4M | $138.5M | $171.8M | $186.3M | |
| Gross Profit | $39.9M | $38.9M | $29M | $23.3M | $23.9M | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | $29.3M | $32.5M | $24.7M | $17.5M | $19.2M | |
| Other Inc / (Exp) | -$269.8K | $1.8M | $852.5K | $6.6M | -$1.9M | |
| Operating Expenses | $29.3M | $32.5M | $34.9M | $17.5M | $19.2M | |
| Operating Income | $10.6M | $6.4M | -$5.9M | $5.8M | $4.7M | |
| Net Interest Expenses | $2M | $2.7M | $2.4M | $1.6M | $1.7M | |
| EBT. Incl. Unusual Items | $8.8M | $5.4M | -$7.4M | $7.9M | $4.8M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $3.3M | $2.2M | $710.5K | $463.8K | -$1.9M | |
| Net Income to Company | $5.5M | $3.3M | -- | $7.5M | $6.6M | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | $5.5M | $3.3M | -$8.1M | $7.5M | $6.6M | |
| Basic EPS (Cont. Ops) | $1.66 | $1.11 | -$2.22 | $2.01 | $1.57 | |
| Diluted EPS (Cont. Ops) | $1.66 | $1.11 | -$2.22 | $2.01 | $1.48 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | $12.3M | $8.4M | -$2.1M | $8.7M | $7.7M | |
| EBIT | $10.6M | $6.4M | -$5M | $5.8M | $4.7M | |
| Revenue (Reported) | $221.3M | $227.3M | $167.5M | $195.1M | $210.3M | |
| Operating Income (Reported) | $10.6M | $6.4M | -$5.9M | $5.8M | $4.7M | |
| Operating Income (Adjusted) | $10.6M | $6.4M | -$5M | $5.8M | $4.7M | |
| Period Ending | 2022-12-25 | 2023-12-25 | 2024-12-25 | 2025-12-25 | 2026-12-25 | |
|---|---|---|---|---|---|---|
| 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 | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $16.4M | $18.3M | $1.8M | $2.5M | $4.8M | |
| Short Term Investments | -- | -- | -- | -- | -- | |
| Accounts Receivable, Net | $47.2M | $41M | $89.7M | $105.4M | $107.4M | |
| Inventory | $27.1M | $31.4M | $7.2M | $4.4M | $4.4M | |
| Prepaid Expenses | -- | -- | -- | $1.8M | $1.4M | |
| Other Current Assets | $3.9M | $10.6M | $3.5M | $2.7M | $13.5M | |
| Total Current Assets | $95.2M | $101.9M | $106.6M | $122.2M | $137.3M | |
| Property Plant And Equipment | $13.5M | $17.5M | $15.6M | $13M | $16.8M | |
| Long-Term Investments | $333.4K | $168.5K | $19.4M | $2.7M | $2M | |
| Goodwill | -- | -- | -- | -- | -- | |
| Other Intangibles | -- | -- | -- | -- | $1.8M | |
| Other Long-Term Assets | $3.5M | -- | $5M | $4.1M | $1.8M | |
| Total Assets | $112.9M | $127.5M | $146.6M | $142.9M | $159M | |
| Accounts Payable | $11.6M | $8M | $12.7M | $24.4M | $27.7M | |
| Accrued Expenses | -- | -- | -- | -- | $26K | |
| Current Portion Of Long-Term Debt | $645.6K | $1.5M | $2.8M | $1.7M | $706.6K | |
| Current Portion Of Capital Lease Obligations | $986.2K | $2.3M | $1.7M | $1.7M | $2.2M | |
| Other Current Liabilities | -- | $181.7K | $24.7K | $441.1K | $2.5M | |
| Total Current Liabilities | $81.6M | $56.8M | $98M | $93.5M | $101.5M | |
| Long-Term Debt | $8.8M | $24.1M | $12.4M | $8.4M | $10.6M | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $90.7M | $83M | $117.3M | $106.9M | $116M | |
| Common Stock | $2.4M | $14.7M | $14.7M | $16.7M | $81.2K | |
| Other Common Equity Adj | -$403.5K | $8.1M | $1M | -$1.7M | $15.2M | |
| Common Equity | $22.2M | $44.5M | $29.3M | $36.1M | $43M | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | -- | -- | -- | -- | -- | |
| Total Equity | $22.2M | $44.5M | $29.3M | $36.1M | $43M | |
| Total Liabilities and Equity | $112.9M | $127.5M | $146.6M | $142.9M | $159M | |
| Cash and Short Terms | $16.4M | $18.3M | $1.8M | $2.5M | $4.8M | |
| Total Debt | $9.6M | $25.9M | $15.5M | $10.3M | $11.5M | |
| Period Ending | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $16.4M | $18.3M | $1.8M | $2.5M | $4.8M | |
| Short Term Investments | -- | -- | -- | -- | -- | |
| Accounts Receivable, Net | $47.2M | $41M | $89.8M | $105.4M | $107.3M | |
| Inventory | $27.1M | $31.3M | $7.2M | $4.4M | $4.4M | |
| Prepaid Expenses | -- | -- | -- | -- | $1.4M | |
| Other Current Assets | $3.9M | $10.6M | $3.5M | $2.7M | $13.5M | |
| Total Current Assets | $95.2M | $101.9M | $106.6M | $122.2M | $137.2M | |
| Property Plant And Equipment | $13.5M | $17.5M | $15.6M | $13M | $16.8M | |
| Long-Term Investments | $333.4K | $168.5K | $169.2K | -- | $4.6M | |
| Goodwill | -- | -- | -- | -- | -- | |
| Other Intangibles | -- | -- | -- | -- | $1.8M | |
| Other Long-Term Assets | $3.5M | -- | $5M | $4.1M | $1.8M | |
| Total Assets | $112.9M | $127.5M | $146.7M | $142M | $157.8M | |
| Accounts Payable | $11.7M | $8.2M | $12.7M | $24.7M | $27.7M | |
| Accrued Expenses | -- | -- | -- | -- | $26K | |
| Current Portion Of Long-Term Debt | $645.6K | $1.5M | $2.8M | $1.7M | $706.6K | |
| Current Portion Of Capital Lease Obligations | $986.2K | $2.3M | $1.7M | $1.7M | $2.2M | |
| Other Current Liabilities | -- | $181.7K | $24.7K | $441.1K | $2.5M | |
| Total Current Liabilities | $81.6M | $56.8M | $98M | $93.4M | $101.5M | |
| Long-Term Debt | $6.4M | $21.1M | $10.3M | $5.6M | $6.5M | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $90.7M | $83M | $117.4M | $106M | $114.8M | |
| Common Stock | $2.4M | $14.7M | $14.7M | $16.7M | $81.2K | |
| Other Common Equity Adj | -$403.5K | $8.1M | $1M | -$1.7M | $15.2M | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | -- | -- | -- | -- | -- | |
| Total Equity | $22.2M | $44.4M | $29.3M | $36M | $43M | |
| Total Liabilities and Equity | $112.9M | $127.5M | $146.7M | $142M | $157.8M | |
| Cash and Short Terms | $16.4M | $18.3M | $1.8M | $2.5M | $4.8M | |
| Total Debt | -- | -- | $73.7M | -- | -- | |
| Period Ending | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $5.5M | $3.9M | -$8M | $7.4M | $6.6M | |
| Depreciation & Amoritzation | $1.7M | $3.6M | $3M | $2.9M | $3M | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -$10.2M | $7.8M | -$77.3M | -$13.1M | -$352.4K | |
| Change in Inventories | -$5.3M | -$6M | $21.3M | $2.3M | -$13.6K | |
| Cash From Operations | -$3.4M | -$7M | -$25.7M | $1.9M | -$599.7K | |
| Capital Expenditures | $2.9M | $3M | $933.8K | $924.5K | $993.7K | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | $1.8M | -$3.1M | -$742.4K | $2.7M | -$965.7K | |
| Dividends Paid (Ex Special Dividend) | -- | -- | -- | -- | -- | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $428.4M | $325.3M | $79.9M | $1.5M | $5.7M | |
| Long-Term Debt Repaid | -$417.6M | -$331.7M | -$64.6M | -$7M | -$1.8M | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | $3.2M | -$2.7M | -$2.7M | -$240.2K | -$15.1K | |
| Cash From Financing | $11M | $13.7M | $12.7M | -$1.8M | $4M | |
| Beginning Cash (CF) | $16.4M | $18.3M | $1.8M | $2.5M | $4.8M | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $8.8M | $1.4M | -$16.5M | $705.5K | $2.3M | |
| Ending Cash (CF) | $24.6M | $17.5M | -$17.5M | $1.1M | $7.1M | |
| Levered Free Cash Flow | -$6.3M | -$10M | -$26.6M | $977.6K | -$1.6M | |
| 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 | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $5.5M | $3.3M | -- | $7.5M | $6.6M | |
| Depreciation & Amoritzation | $1.7M | $2.1M | -- | $3M | $3M | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -$10.1M | $2.8M | -- | -$13.2M | -$351.7K | |
| Change in Inventories | -$5.3M | -$6M | -- | $2.4M | -$13.6K | |
| Cash From Operations | -$3.4M | -$12.2M | -- | $1.9M | -$598.6K | |
| Capital Expenditures | $2.9M | $2.8M | $941K | $932.3K | $991.8K | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | $1.8M | -$2.9M | -- | $2.7M | -$963.9K | |
| Dividends Paid (Ex Special Dividend) | -- | -- | -- | -- | -- | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $428.4M | $329M | $78M | $1.4M | $5.7M | |
| Long-Term Debt Repaid | -$417.6M | -$334.7M | -$63.3M | -$6.8M | -$1.8M | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | $3.2M | -$2.7M | -$2.6M | -$238.1K | -$15.7K | |
| Cash From Financing | $11M | $18.2M | -- | -$1.8M | $4M | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $8.8M | $1.3M | -- | $711.4K | $2.3M | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | -$6.3M | -$15M | -$25.9M | $985.8K | -$1.6M | |
| Period Ending | 2022-12-25 | 2023-12-25 | 2024-12-25 | 2025-12-25 | 2026-12-25 | |
|---|---|---|---|---|---|---|
| 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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P/E Ratio: 64x
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P/E Ratio: 37x
Market Cap: $3.8T
P/E Ratio: 39x
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