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 | $686.8M | $718.2M | $769.9M | $1B | $1.3B | |
| Revenue Growth (YoY) | 2.4% | -6.69% | 7.2% | 31.94% | 32.56% | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | $226.5M | -- | -- | -- | -- | |
| Other Inc / (Exp) | -- | $87K | -$3K | -$41M | -$6.5M | |
| Operating Expenses | $212M | -$333.5M | -$270.9M | -$210.3M | -$299.8M | |
| Operating Income | -- | $333.5M | $270.9M | $210.3M | $299.8M | |
| Net Interest Expenses | -- | $14M | $20M | $46.7M | $45.1M | |
| EBT. Incl. Unusual Items | $186.3M | $318.8M | $280M | $239.9M | $259.8M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $28.1M | $54.8M | $45.4M | $38.1M | $50.7M | |
| Net Income to Company | $158.2M | $263.9M | $234.5M | $201.8M | $209.1M | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | $158.2M | $263.9M | $234.5M | $201.8M | $209.1M | |
| Basic EPS (Cont. Ops) | $1.93 | $3.26 | $2.97 | $2.53 | $2.29 | |
| Diluted EPS (Cont. Ops) | $1.93 | $3.26 | $2.97 | $2.53 | $2.24 | |
| Weighted Average Basic Share | $78.9M | $77.4M | $74.9M | $75M | $86.2M | |
| Weighted Average Diluted Share | $78.9M | $77.4M | $75M | $75M | $87.9M | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $284.5M | $359.9M | $356.1M | $583.3M | $788.8M | |
| Revenue (Reported) | $686.8M | $718.2M | $769.9M | $1B | $1.3B | |
| Operating Income (Reported) | -- | $333.5M | $270.9M | $210.3M | $299.8M | |
| Operating Income (Adjusted) | $284.5M | $359.9M | $356.1M | $583.3M | $788.8M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $175.2M | $196.7M | $274.3M | $358.8M | $555.2M | |
| Revenue Growth (YoY) | -7.12% | 12.29% | 39.4% | 30.83% | 54.73% | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -- | -- | -$27.6M | $4K | -- | |
| Operating Expenses | -$90.9M | -$70M | -$65.5M | -$93.4M | -$151.1M | |
| Operating Income | $90.9M | $70M | $65.5M | $93.4M | $151.1M | |
| Net Interest Expenses | $3.1M | $5.1M | $11.6M | $11.4M | $13.5M | |
| EBT. Incl. Unusual Items | $90.9M | $70M | $65.5M | $92M | $116.3M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $16.4M | $11.9M | $11.5M | $15.6M | $24.1M | |
| Net Income to Company | $74.6M | $58.1M | $54M | $76.4M | -- | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | $74.6M | $58.1M | $54M | $76.4M | $92.1M | |
| Basic EPS (Cont. Ops) | $0.94 | $0.74 | $0.68 | $0.82 | $0.63 | |
| Diluted EPS (Cont. Ops) | $0.94 | $0.74 | $0.68 | $0.82 | $0.63 | |
| Weighted Average Basic Share | $76.3M | $74.7M | $75M | $89.8M | $141.7M | |
| Weighted Average Diluted Share | $76.3M | $74.7M | $75M | $89.8M | $142M | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $99.8M | $90.4M | $160.8M | $233.6M | $300.5M | |
| Revenue (Reported) | $175.2M | $196.7M | $274.3M | $358.8M | $555.2M | |
| Operating Income (Reported) | $90.9M | $70M | $65.5M | $93.4M | $151.1M | |
| Operating Income (Adjusted) | $99.8M | $90.4M | $160.8M | $233.6M | $300.5M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $721.5M | $736.3M | $982.4M | $1.3B | $1.8B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -- | -$2K | -$41M | -$6.5M | -- | |
| Operating Expenses | -$368.5M | -$253.5M | -$255.3M | -$284.6M | -$392.2M | |
| Operating Income | $368.5M | $253.5M | $255.3M | $284.6M | $392.2M | |
| Net Interest Expenses | $14M | $16.2M | $44.8M | $48.4M | $43.9M | |
| EBT. Incl. Unusual Items | $333M | $253.5M | $255.3M | $255.4M | $266.6M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $57.4M | $41.7M | $39.9M | $47.1M | $47M | |
| Net Income to Company | $275.6M | $211.8M | $215.4M | $208.3M | -- | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | $275.6M | $211.8M | $215.4M | $208.3M | $219.5M | |
| Basic EPS (Cont. Ops) | $3.38 | $2.66 | $2.72 | $2.41 | $1.88 | |
| Diluted EPS (Cont. Ops) | $3.38 | $2.66 | $2.72 | $2.41 | $1.87 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $381.2M | $300.5M | $531M | $754.3M | $897.4M | |
| Revenue (Reported) | $721.5M | $736.3M | $982.4M | $1.3B | $1.8B | |
| Operating Income (Reported) | $368.5M | $253.5M | $255.3M | $284.6M | $392.2M | |
| Operating Income (Adjusted) | $381.2M | $300.5M | $531M | $754.3M | $897.4M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $510.1M | $552.4M | $755.9M | $992M | $1.5B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | $127M | -- | -- | -- | -- | |
| Other Inc / (Exp) | -- | -$2K | -$41M | -$6.5M | -$86K | |
| Operating Expenses | $28.6M | -$197.7M | -$173M | -$219.6M | -$313.9M | |
| Operating Income | $90.9M | $197.7M | $173M | $219.6M | $313.9M | |
| Net Interest Expenses | $3.1M | $12M | $36.8M | $38.5M | $37.2M | |
| EBT. Incl. Unusual Items | $263M | $197.7M | $173M | $188.5M | $195.3M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $46.8M | $33.7M | $28.1M | $37.1M | $33.5M | |
| Net Income to Company | $216.1M | $164M | $144.9M | $151.3M | $69.6M | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | $216.1M | $164M | $144.9M | $151.3M | $161.7M | |
| Basic EPS (Cont. Ops) | $2.66 | $2.07 | $1.81 | $1.69 | $1.27 | |
| Diluted EPS (Cont. Ops) | $2.66 | $2.07 | $1.81 | $1.69 | $1.27 | |
| Weighted Average Basic Share | $234M | $225.1M | $224.8M | $254.7M | $372.6M | |
| Weighted Average Diluted Share | $234.1M | $225.1M | $224.8M | $254.7M | $373.8M | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $294.9M | $235.6M | $410.5M | $581.5M | $690.2M | |
| Revenue (Reported) | $510.1M | $552.4M | $755.9M | $992M | $1.5B | |
| Operating Income (Reported) | $90.9M | $197.7M | $173M | $219.6M | $313.9M | |
| Operating Income (Adjusted) | $294.9M | $235.6M | $410.5M | $581.5M | $690.2M | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $491.3M | $181M | $216.4M | $196.8M | $196.4M | |
| Short Term Investments | $2.5B | $3.5B | $2.7B | $2.2B | $2.4B | |
| Accounts Receivable, Net | -- | -- | -- | -- | -- | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $3B | $867.5M | $401.9M | $469.5M | $446.6M | |
| Property Plant And Equipment | $163.8M | $182M | $159.6M | $167.4M | $191.2M | |
| Long-Term Investments | $3.1B | $790.1M | $306.6M | $382.8M | $363.5M | |
| Goodwill | $935.6M | $935.6M | $925.2M | $925.2M | $1.2B | |
| Other Intangibles | $57.2M | $43.3M | $26.8M | $19.2M | $84.6M | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $19.6B | $20.1B | $20.5B | $21.2B | $24.6B | |
| Accounts Payable | -- | -- | -- | -- | -- | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | $100M | -- | $1B | $720M | $60M | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $350.9M | $13.8B | $14.3B | $16B | $14.2B | |
| Long-Term Debt | $489.8M | $427M | $432.1M | $459.3M | $490M | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $16.9B | $17.4B | $18.1B | $18.6B | $21.4B | |
| Common Stock | $104.3M | $100.1M | $98.9M | $99.1M | $118.5M | |
| Other Common Equity Adj | $71M | $18.6M | -$418.3M | -$343.3M | -$359.7M | |
| Common Equity | $2.7B | $2.7B | $2.4B | $2.6B | $3.1B | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | -- | -- | -- | -- | -- | |
| Total Equity | $2.7B | $2.7B | $2.4B | $2.6B | $3.1B | |
| Total Liabilities and Equity | $19.6B | $20.1B | $20.5B | $21.2B | $24.6B | |
| Cash and Short Terms | $3B | $4.3B | $3.1B | $2.6B | $2.8B | |
| Total Debt | $589.8M | $428.1M | $433.3M | $460.5M | $492.9M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $255.6M | $178M | $233.5M | $232.2M | $342.5M | |
| Short Term Investments | $3.2B | $2.7B | $2.1B | $2.6B | -- | |
| Accounts Receivable, Net | -- | -- | -- | -- | -- | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $1.1B | $459.3M | $484.6M | $621.7M | $922.5M | |
| Property Plant And Equipment | $209.6M | $164M | $168.2M | $190.9M | $282.4M | |
| Long-Term Investments | $1B | $383.9M | $394.1M | $511.5M | $741.7M | |
| Goodwill | $935.6M | $925.2M | $925.2M | $1.2B | -- | |
| Other Intangibles | $46.5M | $29.1M | $21.3M | $90.2M | -- | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $19.9B | $20B | $20.7B | $24.8B | $37.1B | |
| Accounts Payable | -- | -- | -- | -- | -- | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | $133.8M | $495M | $375M | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $13.6B | $20.8B | $13.3B | $9.6B | $17.8B | |
| Long-Term Debt | $340.1M | $430.6M | $462.4M | $494.6M | $883.7M | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $17.2B | $17.7B | $18.3B | $21.6B | $32.2B | |
| Common Stock | $100.1M | $98.8M | $99.1M | $118.5M | $188.5M | |
| Other Common Equity Adj | $29.4M | -$462.1M | -$477.9M | -$292.3M | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | -- | -- | -- | -- | -- | |
| Total Equity | $2.7B | $2.3B | $2.4B | $3.2B | $4.9B | |
| Total Liabilities and Equity | $19.9B | $20B | $20.7B | $24.8B | $37.1B | |
| Cash and Short Terms | $4.3B | $3.1B | $2.5B | $3.1B | -- | |
| Total Debt | $438.5M | $430.9M | $462.7M | $495M | $886.8M | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $158.2M | $263.9M | $234.5M | $201.8M | $209.1M | |
| Depreciation & Amoritzation | $43.1M | $50.7M | $45.4M | $41M | $35.3M | |
| Stock-Based Compensation | $9.3M | $10.1M | $10.6M | $11.1M | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $231.9M | $264.7M | $388.2M | $266.8M | $308.6M | |
| Capital Expenditures | $29.6M | $109.4M | $2.9M | $5.1M | $7.4M | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -$1.9B | -$272.4M | -$1.2B | -$592M | -$295.8M | |
| Dividends Paid (Ex Special Dividend) | -$84.5M | $96.2M | $98.8M | $103.3M | $123.9M | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | -- | $246.9M | -- | -- | -- | |
| Long-Term Debt Repaid | -$619.6M | -$364.7M | -- | -- | -- | |
| Repurchase of Common Stock | -$49.9M | $125M | $48.2M | -- | -- | |
| Other Financing Activities | -- | -- | -- | -- | -- | |
| Cash From Financing | $1.7B | $316.9M | $375.2M | $383.4M | -$36.8M | |
| Beginning Cash (CF) | $436M | $493.3M | $802.5M | $319.9M | $378.1M | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $57.3M | $309.2M | -$482.6M | $58.2M | -$24.1M | |
| Ending Cash (CF) | $493.3M | $802.5M | $319.9M | $378.1M | $354.1M | |
| Levered Free Cash Flow | $202.3M | $155.3M | $385.3M | $261.7M | $301.2M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $74.6M | $58.1M | $54M | $76.4M | -- | |
| Depreciation & Amoritzation | $12.5M | -- | -- | -- | -- | |
| Stock-Based Compensation | $2.6M | $2.7M | $2.7M | -- | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $105.5M | $124.9M | $81.3M | $65.7M | -$1.7B | |
| Capital Expenditures | $2.4M | $1.1M | $609K | $3.4M | $8.4M | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | $231.1M | -$238.7M | -$159.6M | $100.5M | $1.3B | |
| Dividends Paid (Ex Special Dividend) | $24.3M | $25.4M | $25.5M | $31.7M | $51.4M | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | -- | -- | -- | -- | -- | |
| Long-Term Debt Repaid | -- | -- | -- | -- | -- | |
| Repurchase of Common Stock | $82.6M | -- | -- | -- | -- | |
| Other Financing Activities | -- | -- | -- | -- | -- | |
| Cash From Financing | -$138.5M | $263.4M | $49M | -$84.2M | -$393.6M | |
| Beginning Cash (CF) | $865.2M | $241.4M | $428.3M | $446M | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $198.1M | $149.6M | -$29.3M | $82.1M | -$794M | |
| Ending Cash (CF) | $1.1B | $390.9M | $398.9M | $528.1M | -- | |
| Levered Free Cash Flow | $103.1M | $123.8M | $80.7M | $62.2M | -$1.7B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $275.6M | $211.8M | $215.4M | $208.3M | -- | |
| Depreciation & Amoritzation | $48M | $48.8M | $39.1M | $39.5M | -- | |
| Stock-Based Compensation | $9.6M | $10.7M | $10.9M | -- | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $280M | $402.7M | $287.2M | $260.4M | $355.7M | |
| Capital Expenditures | $120.2M | $3.2M | $3.6M | $7.8M | $9.7M | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | $400.2M | -$1.1B | -$765.8M | -$650.2M | $1.4B | |
| Dividends Paid (Ex Special Dividend) | $94.7M | $97.5M | $101.7M | $117.4M | $169.9M | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | -- | -- | -- | -- | -- | |
| Long-Term Debt Repaid | -$434M | -- | -- | -- | -- | |
| Repurchase of Common Stock | $125M | $48.2M | -- | -- | -- | |
| Other Financing Activities | -- | -- | -- | -- | -- | |
| Cash From Financing | -$137.9M | $60.7M | $486.5M | $518.9M | -$1.5B | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $542.3M | -$672.3M | $8M | $129.1M | $266.6M | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | $159.7M | $399.5M | $283.6M | $252.6M | $346M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $216.1M | $164M | $144.9M | $151.3M | $69.6M | |
| Depreciation & Amoritzation | $36.4M | $12.2M | $9.8M | $9.5M | $21.5M | |
| Stock-Based Compensation | $7.5M | $8.1M | $8.3M | -- | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $242.9M | $319.2M | $218.2M | $211.9M | $259M | |
| Capital Expenditures | $9.2M | $3.1M | $3.8M | $6.5M | $8.9M | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | $94.5M | -$707.2M | -$227M | -$285.3M | $1.4B | |
| Dividends Paid (Ex Special Dividend) | -$23.5M | $73.4M | $76.3M | $90.4M | $136.4M | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | -- | -- | -- | -- | -- | |
| Long-Term Debt Repaid | -$214.7M | -- | -- | -- | -$200M | |
| Repurchase of Common Stock | $40.3M | $48.2M | -- | -- | -- | |
| Other Financing Activities | -- | -- | -- | -- | -- | |
| Cash From Financing | $232.6M | -$23.6M | $87.8M | $223.3M | -$1.2B | |
| Beginning Cash (CF) | $1.8B | $1.4B | $1.1B | $1.2B | $788.2M | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $570M | -$411.6M | $79M | $149.9M | $440.6M | |
| Ending Cash (CF) | $2.3B | $1B | $1.2B | $1.4B | $2B | |
| Levered Free Cash Flow | $233.7M | $316.2M | $214.4M | $205.4M | $250.2M | |
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