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 | $33B | $35.4B | $34.1B | $34B | $33.1B | |
| Revenue Growth (YoY) | 0.11% | 7.05% | -3.62% | -0.31% | -2.6% | |
| Cost of Revenues | $9.8B | $10.9B | $10.2B | $10.2B | $12.2B | |
| Gross Profit | $23.2B | $24.5B | $23.9B | $23.8B | $20.9B | |
| Gross Profit Margin | 70.33% | 69.3% | 70.11% | 70.04% | 63.21% | |
| R&D Expenses | $155.2M | $193.9M | $170M | $225M | $222.3M | |
| Selling, General & Admin | $8.7B | $9.3B | $9.9B | $8.1B | $15.5B | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | $8.7B | $9.3B | $9.2B | $8.2B | $16.1B | |
| Operating Income | $14.6B | $15.2B | $14.7B | $15.6B | $4.8B | |
| Net Interest Expenses | $2.1B | $2.1B | $2B | $2.4B | $1.6B | |
| EBT. Incl. Unusual Items | $10.5B | $12B | $10.9B | -$21.9B | $2.1B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $2.7B | $3B | $3.1B | -$3.6B | $456.2M | |
| Net Income to Company | $12.8B | $14.1B | $8.4B | -$17.6B | $4.1B | |
| Minority Interest in Earnings | $210.3M | $237.9M | $221.7M | $221.3M | $144.4M | |
| Net Income to Common Excl Extra Items | $8.4B | $9.6B | $8.4B | -$17.7B | $4B | |
| Basic EPS (Cont. Ops) | $3.59 | $4.08 | $3.61 | -$8.04 | $1.75 | |
| Diluted EPS (Cont. Ops) | $3.58 | $4.06 | $3.60 | -$8.04 | $1.74 | |
| Weighted Average Basic Share | $2.3B | $2.3B | $2.3B | $2.2B | $2.2B | |
| Weighted Average Diluted Share | $2.3B | $2.3B | $2.3B | $2.2B | $2.2B | |
| EBITDA | $15.6B | $16.5B | $16B | $16.7B | $7.7B | |
| EBIT | $14.6B | $15.2B | $14.7B | $15.6B | $4.8B | |
| Revenue (Reported) | $33B | $35.4B | $34.1B | $34B | $33.1B | |
| Operating Income (Reported) | $14.6B | $15.2B | $14.7B | $15.6B | $4.8B | |
| Operating Income (Adjusted) | $14.6B | $15.2B | $14.7B | $15.6B | $4.8B | |
| Period Ending | 2019-03-31 | 2020-03-31 | 2021-03-31 | 2022-03-31 | 2023-03-31 | |
|---|---|---|---|---|---|---|
| Revenue | -- | -- | -- | -- | $84.7M | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -98.32% | |
| 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) | -- | -- | -- | -- | $84.7M | |
| Operating Income (Reported) | -- | -- | -- | -- | -- | |
| Operating Income (Adjusted) | -- | -- | -- | -- | -- | |
| Period Ending | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Revenue | $34.5B | $35.1B | $33.9B | $33B | $33.1B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | $10.7B | $10.7B | $10.1B | $11.6B | $11.7B | |
| Gross Profit | $23.8B | $24.4B | $23.8B | $21.3B | $21.4B | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | $9.3B | $10B | $9.9B | $8.4B | $15.7B | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | $8.9B | $9.8B | $8.8B | $7.9B | $15.4B | |
| Operating Income | $14.8B | $14.6B | $15B | $13.5B | $6B | |
| Net Interest Expenses | $2.1B | $2.1B | $2.1B | $2.4B | $1.6B | |
| EBT. Incl. Unusual Items | $10.9B | $10B | $13.3B | -$23.4B | $2.3B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $2.8B | $3B | $3.2B | -$3.9B | $425.5M | |
| Net Income to Company | $13.4B | $11.9B | $10.6B | -$19.3B | $4.3B | |
| Minority Interest in Earnings | $218.1M | $230.5M | $212.3M | $212.5M | $128.1M | |
| Net Income to Common Excl Extra Items | $8.6B | $7.5B | $10.7B | -$17.1B | $4.1B | |
| Basic EPS (Cont. Ops) | $3.65 | $3.17 | $4.66 | -$7.76 | $1.81 | |
| Diluted EPS (Cont. Ops) | $3.64 | $3.16 | $4.64 | -$7.77 | $1.79 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | $16.3B | $16B | $16.2B | $16B | $8.4B | |
| EBIT | $14.8B | $14.6B | $15B | $13.5B | $6B | |
| Revenue (Reported) | $34.5B | $35.1B | $33.9B | $33B | $33.1B | |
| Operating Income (Reported) | $14.8B | $14.6B | $15B | $13.5B | $6B | |
| Operating Income (Adjusted) | $14.8B | $14.6B | $15B | $13.5B | $6B | |
| 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 | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $4.6B | $4.4B | $4.8B | $6.7B | $7.3B | |
| Short Term Investments | $329.8M | $615.4M | $700.7M | $765.6M | $643.7M | |
| Accounts Receivable, Net | $5.1B | $5.4B | $5.3B | $4.6B | $4.5B | |
| Inventory | $8.2B | $7.2B | $6.8B | $6.3B | $5.8B | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $18.6B | $17.3B | $18.5B | $18.1B | $17.9B | |
| Property Plant And Equipment | $6.9B | $6.7B | $5.9B | $5.8B | $5.5B | |
| Long-Term Investments | $3.3B | $3.3B | $3B | $3.2B | $3.1B | |
| Goodwill | $59B | $58.3B | $58B | $52.3B | $51.6B | |
| Other Intangibles | $98.2B | $97.8B | $98.2B | $69.4B | $66.7B | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $188.2B | $186.1B | $184.7B | $151.3B | $148.9B | |
| Accounts Payable | $5.1B | $5.3B | $4.9B | $12.4B | $12B | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | $186.7M | $170.1M | $171.8M | $166.9M | $176.9M | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $21.2B | $20.5B | $21.5B | $20B | $23.5B | |
| Long-Term Debt | $54.6B | $48.3B | $46.6B | $45.1B | $40.9B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $102.2B | $94.8B | $93.6B | $83.9B | $86.3B | |
| Common Stock | $839.3M | $831.6M | $738.6M | $782.7M | $732.7M | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | $85.7B | $90.9B | $90.7B | $67B | $62.2B | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $385.5M | $406.3M | $411.4M | $469.1M | $440.8M | |
| Total Equity | $86.1B | $91.3B | $91.1B | $67.5B | $62.6B | |
| Total Liabilities and Equity | $188.2B | $186.1B | $184.7B | $151.3B | $148.9B | |
| Cash and Short Terms | $4.6B | $4.4B | $4.8B | $6.7B | $7.3B | |
| Total Debt | $54.8B | $48.5B | $46.8B | $45.3B | $41.1B | |
| Period Ending | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $4.2B | $4.3B | $4.6B | $7.5B | $6B | |
| Short Term Investments | $465M | $692.6M | $568.9M | $880.3M | $670.8M | |
| Accounts Receivable, Net | $5.4B | $4.4B | $5.3B | $4.6B | $4.8B | |
| Inventory | $8.9B | $7.2B | $7.1B | $6.7B | $7B | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $19.9B | $17.8B | $19B | $20.1B | $19B | |
| Property Plant And Equipment | $6.7B | $5.7B | $5.7B | $5.6B | $5.7B | |
| Long-Term Investments | -- | -- | -- | -- | -- | |
| Goodwill | -- | -- | -- | -- | -- | |
| Other Intangibles | -- | -- | -- | -- | -- | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $189.6B | $184.2B | $184.2B | $151B | $151.2B | |
| Accounts Payable | $11.8B | $10.7B | $11.6B | $11.4B | $11.3B | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $25.5B | $20.3B | $20.4B | $22.8B | $21.9B | |
| Long-Term Debt | -- | -- | -- | -- | -- | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $102.2B | $94.4B | $92.6B | $82.1B | $86.5B | |
| Common Stock | $849.8M | $744.7M | $774.4M | $745M | $797.1M | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $383.4M | $380.8M | $416.2M | $452.8M | $415.7M | |
| Total Equity | $87.4B | $89.8B | $91.6B | $68.9B | $64.7B | |
| Total Liabilities and Equity | $189.6B | $184.2B | $184.2B | $151B | $151.2B | |
| Cash and Short Terms | $4.6B | $5B | $5.2B | $8.4B | $6.7B | |
| Total Debt | -- | -- | -- | -- | -- | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $12.8B | $14.1B | $8.4B | -$17.6B | $4.1B | |
| Depreciation & Amoritzation | $1.1B | $1.3B | $1.3B | $1.1B | $2.9B | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | $384.7M | -$540.5M | -$51.7M | -$605.4M | -$343.7M | |
| Change in Inventories | -$184.7M | $595.5M | -$303M | $329.4M | $44.7M | |
| Cash From Operations | $10.4B | $11.4B | $11B | $11.4B | $11B | |
| Capital Expenditures | $968.2M | $1B | $808M | $747.1M | $776.9M | |
| Cash Acquisitions | -- | $317.7M | $49.3M | $46M | $61.3M | |
| Cash From Investing | -$1B | -$1.6B | -$974.3M | -$548.2M | $1.5B | |
| Dividends Paid (Ex Special Dividend) | $6.1B | $6.7B | $6.1B | $6.3B | $6.7B | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $12.6B | $3.7B | $4B | $6.4B | $3.1B | |
| Long-Term Debt Repaid | -$13.6B | -$6.7B | -$3.8B | -$8.4B | -$6.2B | |
| Repurchase of Common Stock | $23.1M | $112.8M | $2.6B | $136.7M | $1B | |
| Other Financing Activities | -$338.8M | $320.5M | -$138.7M | -$592.3M | -$157.2M | |
| Cash From Financing | -$7.9B | -$10B | -$9B | -$9.5B | -$11.4B | |
| Beginning Cash (CF) | $4.3B | $3.8B | $4.1B | $5.9B | $6.6B | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $1.1B | -$584.5M | $545.7M | $1B | $750.1M | |
| Ending Cash (CF) | $5.1B | $2.9B | $4.2B | $6.6B | $7B | |
| Levered Free Cash Flow | $9.4B | $10.4B | $10.2B | $10.7B | $10.2B | |
| Period Ending | 2005-06-30 | 2006-06-30 | 2007-06-30 | 2008-06-30 | 2009-06-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $1.4B | $1.3B | $1.6B | $1.8B | -- | |
| Depreciation & Amoritzation | $350.7M | $349.3M | $309.8M | $343.1M | -- | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -$115.1M | -$120.7M | $266.1M | $236.6M | -- | |
| Change in Inventories | -$293.2M | -$369.4M | -$289.9M | -$818.3M | -- | |
| Cash From Operations | $213.3M | $980.3M | $1.9B | $2.3B | -- | |
| Capital Expenditures | -- | -- | -- | -- | -- | |
| Cash Acquisitions | $20.4M | -$1.8M | -$11.9M | -$1.7B | -- | |
| Cash From Investing | $74.2M | -$239.6M | -$103.3M | -$1.8B | -- | |
| Dividends Paid (Ex Special Dividend) | -$1.3B | -$1.4B | -$1.6B | -$1.9B | -- | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | $1.1B | $3B | $883.7M | $5.4B | -- | |
| Long-Term Debt Repaid | -$523.3M | -$1.6B | -$595.7M | -$733.5M | -- | |
| Repurchase of Common Stock | -$577.1M | -$577.9M | -$768.5M | -$461.4M | -- | |
| Other Financing Activities | -$52M | $93.3M | -$25.8M | -$593.5M | -- | |
| Cash From Financing | -$1.3B | -$451.7M | -$2.3B | $1.5B | -- | |
| Beginning Cash (CF) | $3.3B | $3.6B | $2.3B | $4.6B | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -$1B | $289M | -$490.5M | $2.1B | -- | |
| Ending Cash (CF) | $3.3B | $3.3B | $2B | $4.4B | -- | |
| Levered Free Cash Flow | -- | -- | -- | -- | -- | |
| Period Ending | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $13.4B | $11.9B | $10.6B | -$19.3B | $4.3B | |
| Depreciation & Amoritzation | $1.1B | $1.3B | $1.2B | $2.5B | $2.4B | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | $403.8M | -$31M | -$626.6M | -$425.1M | -$9.6M | |
| Change in Inventories | -$298.4M | $856.8M | -$162.7M | $5.8M | -$90.9M | |
| Cash From Operations | $9.3B | $12.4B | $10.4B | $11.3B | $10.1B | |
| Capital Expenditures | $1B | $967.9M | $736.2M | $777.4M | $786.9M | |
| Cash Acquisitions | $176.8M | $142M | $86.1M | $29.9M | $61.4M | |
| Cash From Investing | -$1.3B | -$1.3B | -$667.3M | $1.2B | $1B | |
| Dividends Paid (Ex Special Dividend) | $6.6B | $6.5B | $5.6B | $6.6B | $6.8B | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $10.3B | $3.5B | $2.7B | -- | -- | |
| Long-Term Debt Repaid | -$11.9B | -$6.3B | -$3.6B | -- | -- | |
| Repurchase of Common Stock | $116M | $1.7B | $860.5M | $582.7M | $1.1B | |
| Other Financing Activities | -$599.2M | $866.4M | -$970.9M | -- | -- | |
| Cash From Financing | -$9.3B | -$10.6B | -$9.1B | -$10B | -$12.6B | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -$1.9B | $835.6M | -$495.8M | $2.2B | -$1.9B | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | $8.3B | $11.4B | $9.7B | $10.5B | $9.3B | |
| 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 | -- | -- | -- | -- | -- | |
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