Is DocuSign Stock Undervalued?
Digital signature software business DocuSign (NASDAQ:DOCU) has been struggling over…
| Period Ending | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Revenue | $17.1B | $20.5B | $20.6B | $20.3B | $20.3B | |
| Revenue Growth (YoY) | 15.77% | 19.89% | 0.22% | -1.44% | 0.25% | |
| Cost of Revenues | $6.7B | $7.9B | $8.2B | $8B | $8B | |
| Gross Profit | $10.4B | $12.7B | $12.3B | $12.3B | $12.3B | |
| Gross Profit Margin | 60.75% | 61.62% | 60% | 60.52% | 60.49% | |
| R&D Expenses | $53.8M | $57.2M | $63.7M | $69.1M | $74.3M | |
| Selling, General & Admin | $2.9B | $3.6B | $3.7B | $3.7B | $3.7B | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | $5.3B | $6.3B | $5.9B | $6.3B | $6.6B | |
| Operating Income | $5.1B | $6.4B | $6.4B | $6B | $5.8B | |
| Net Interest Expenses | $625.6M | $632.7M | $923.7M | $1.1B | $1B | |
| EBT. Incl. Unusual Items | $4.5B | $5.3B | $5.3B | $5.1B | $3.4B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $1.2B | $1.4B | $1.2B | $1.3B | $1B | |
| Net Income to Company | $3.8B | $4.4B | $4.5B | $4.2B | $2.5B | |
| Minority Interest in Earnings | $187M | $118.3M | $38.5M | $296.3M | $184.9M | |
| Net Income to Common Excl Extra Items | $3.8B | $4.4B | $4.5B | $4.2B | $2.5B | |
| Basic EPS (Cont. Ops) | $6.13 | $7.45 | $7.94 | $6.94 | $4.26 | |
| Diluted EPS (Cont. Ops) | $6.10 | $7.43 | $7.91 | $6.92 | $4.25 | |
| Weighted Average Basic Share | $584.3M | $579.5M | $566M | $558.5M | $555.5M | |
| Weighted Average Diluted Share | $586.3M | $581.3M | $567.8M | $559.8M | $557M | |
| EBITDA | $5.7B | $7B | $7B | $6.6B | $6.5B | |
| EBIT | $5.1B | $6.4B | $6.4B | $6B | $5.8B | |
| Revenue (Reported) | $17.1B | $20.5B | $20.6B | $20.3B | $20.3B | |
| Operating Income (Reported) | $5.1B | $6.4B | $6.4B | $6B | $5.8B | |
| Operating Income (Adjusted) | $5.1B | $6.4B | $6.4B | $6B | $5.8B | |
| Period Ending | 2004-06-30 | 2005-06-30 | 2006-06-30 | 2007-06-30 | 2008-06-30 | |
|---|---|---|---|---|---|---|
| Revenue | $1.1B | -- | $3.7B | $3.7B | $3.8B | |
| Revenue Growth (YoY) | -- | -- | -- | 13.17% | 9.39% | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | -- | -- | -- | -- | -- | |
| Operating Income | -$7.6B | -- | -$6B | -$7B | -$7.8B | |
| Net Interest Expenses | -- | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | -- | -- | -- | -- | -- | |
| Earnings of Discontinued Ops. | -- | -- | -- | $142M | -- | |
| Income Tax Expense | -- | -- | -- | -- | -- | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | $1.1B | -- | $859M | $643M | $438.2M | |
| Basic EPS (Cont. Ops) | $1.39 | $0.38 | $1.21 | $0.98 | $0.10 | |
| Diluted EPS (Cont. Ops) | $1.39 | $0.38 | $1.19 | $0.97 | $0.10 | |
| Weighted Average Basic Share | $763.5M | -- | $676.5M | $660.2M | $623.5M | |
| Weighted Average Diluted Share | $764.5M | -- | $687.5M | $665.3M | $640.5M | |
| EBITDA | -$7.6B | -- | -$6B | -$7B | -$7.1B | |
| EBIT | -$7.6B | -- | -$6B | -$7B | -$7.1B | |
| Revenue (Reported) | $1.1B | -- | $3.7B | $3.7B | $3.8B | |
| Operating Income (Reported) | -$7.6B | -- | -$6B | -$7B | -$7.8B | |
| Operating Income (Adjusted) | -$7.6B | -- | -$6B | -$7B | -$7.1B | |
| Period Ending | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Revenue | $17.1B | $20.6B | $20.5B | $20.3B | $20.3B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | $6.8B | $7.9B | $8.3B | $8.1B | $8.1B | |
| Gross Profit | $10.3B | $12.6B | $12.3B | $12.2B | $12.2B | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | $2.9B | $3.6B | $3.7B | $3.7B | $3.7B | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | $5.3B | $6.2B | $5.9B | $6.3B | $6.5B | |
| Operating Income | $5B | $6.4B | $6.4B | $6B | $5.7B | |
| Net Interest Expenses | $625.3M | $631.8M | $925.2M | $1.1B | $1B | |
| EBT. Incl. Unusual Items | $4.5B | $5.3B | $5.2B | $5.1B | $3.4B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $1.2B | $1.4B | $1.2B | $1.3B | $1B | |
| Net Income to Company | $3.9B | $4.3B | $4.6B | $4.2B | $2.6B | |
| Minority Interest in Earnings | $186.3M | $123.5M | $32.9M | $296.2M | $184.5M | |
| Net Income to Common Excl Extra Items | $3.7B | $4.5B | $4.5B | $4.2B | $2.5B | |
| Basic EPS (Cont. Ops) | $6.10 | $7.49 | $7.90 | $6.94 | $4.25 | |
| Diluted EPS (Cont. Ops) | $6.08 | $7.47 | $7.87 | $6.92 | $4.23 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | $5.6B | $7.1B | $7B | $6.6B | $6.5B | |
| EBIT | $5B | $6.4B | $6.4B | $6B | $5.7B | |
| Revenue (Reported) | $17.1B | $20.6B | $20.5B | $20.3B | $20.3B | |
| Operating Income (Reported) | $5B | $6.4B | $6.4B | $6B | $5.7B | |
| Operating Income (Adjusted) | $5B | $6.4B | $6.4B | $6B | $5.7B | |
| 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 | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $4B | $3.1B | $2.3B | $1.5B | $2.7B | |
| Short Term Investments | $63.7M | $303M | $249M | $275M | $524M | |
| Accounts Receivable, Net | $2.5B | $2.6B | $2.6B | $2.7B | $2.8B | |
| Inventory | $8.4B | $8.6B | $9.7B | $9.7B | $10.7B | |
| Prepaid Expenses | $207.2M | $352.2M | $291.1M | $274M | $133M | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $15.8B | $15.7B | $15.8B | $15.1B | $17.5B | |
| Property Plant And Equipment | $6.8B | $7.2B | $8B | $8.7B | $9.7B | |
| Long-Term Investments | $5.1B | $4.9B | $5.5B | $5.5B | $6B | |
| Goodwill | $2.7B | $2.8B | $2.8B | $2.9B | -- | |
| Other Intangibles | $12.2B | $11.6B | $11.7B | $12B | -- | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $44.1B | $44.3B | $45.3B | $45.5B | $49.3B | |
| Accounts Payable | $2.8B | $3.3B | $3.4B | $3.1B | $3.1B | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | $113.5M | -- | $94M | $95M | -- | |
| Other Current Liabilities | -- | $141M | -- | -- | -- | |
| Total Current Liabilities | $9.9B | $10.3B | $9.7B | $9.9B | $10.7B | |
| Long-Term Debt | $18.2B | $18.1B | $19.3B | $18.6B | $21.4B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $32.5B | $32.8B | $33.5B | $33.4B | $36.1B | |
| Common Stock | $1B | $878M | $905.2M | $887M | $887M | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | $9.5B | $9.5B | $9.9B | $10B | $11.1B | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $2.1B | $2.1B | $1.9B | $2B | $2.1B | |
| Total Equity | $11.6B | $11.6B | $11.8B | $12.1B | $13.2B | |
| Total Liabilities and Equity | $44.1B | $44.3B | $45.3B | $45.5B | $49.3B | |
| Cash and Short Terms | $4B | $3.1B | $2.3B | $1.5B | $2.7B | |
| Total Debt | $20.6B | $20B | $21.5B | $21B | $24.4B | |
| Period Ending | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $3.8B | $2.8B | $1.8B | $1.1B | $2.2B | |
| Short Term Investments | $63.7M | $303M | $249M | $275M | $524M | |
| Accounts Receivable, Net | $2.5B | $3.5B | $2.5B | $2.7B | $3.5B | |
| Inventory | $8.4B | $8.6B | $9.7B | $9.7B | $10.7B | |
| Prepaid Expenses | $207.6M | -- | $288M | $274M | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $15.8B | $15.7B | $15.6B | $15.1B | $17.5B | |
| Property Plant And Equipment | $6.7B | $7.1B | $7.7B | $8.5B | $9.5B | |
| Long-Term Investments | -- | -- | -- | -- | -- | |
| Goodwill | $2.7B | $2.8B | $2.8B | $2.9B | -- | |
| Other Intangibles | $12.2B | $11.6B | $11.7B | $12B | -- | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $44.2B | $44.2B | $44.9B | $45.5B | $49.3B | |
| Accounts Payable | $2.8B | $7.1B | $3.4B | $3.1B | $7B | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | $113.5M | -- | $94M | $95M | -- | |
| Other Current Liabilities | -- | $141M | -- | -- | -- | |
| Total Current Liabilities | $9.9B | $10.2B | $9.6B | $9.9B | $10.7B | |
| Long-Term Debt | $17.8B | $17.5B | $18.6B | $18.6B | $20.8B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $32.6B | $32.7B | $33.2B | $33.4B | $36.1B | |
| Common Stock | $1B | $875M | $898M | $887M | $887M | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $2.1B | $2.1B | $1.9B | $2B | $2.1B | |
| Total Equity | $11.7B | $11.5B | $11.7B | $12.1B | $13.2B | |
| Total Liabilities and Equity | $44.2B | $44.2B | $44.9B | $45.5B | $49.3B | |
| Cash and Short Terms | $3.9B | $3.1B | $2.1B | $1.4B | $2.7B | |
| Total Debt | -- | -- | -- | -- | -- | |
| Period Ending | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $3.8B | $4.4B | $4.5B | $4.2B | $2.5B | |
| Depreciation & Amoritzation | $601.4M | $649.9M | $596.6M | $677.6M | $751.5M | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -$600M | -$502.4M | $145.5M | -$66.1M | -$49.2M | |
| Change in Inventories | -$596M | -$983.5M | -$811.9M | -$156.1M | -$472.2M | |
| Cash From Operations | $4.9B | $5.2B | $3.6B | $4.1B | $4.3B | |
| Capital Expenditures | $842.2M | $1.5B | $1.4B | $1.5B | $1.6B | |
| Cash Acquisitions | $713M | $360.2M | $587M | $229.2M | $44.2M | |
| Cash From Investing | -$1.5B | -$1.8B | -$1.6B | -$1.8B | -$1.7B | |
| Dividends Paid (Ex Special Dividend) | $2.2B | $2.3B | $2.1B | $2.2B | $2.3B | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $1.5B | $3.6B | $3.1B | $2.6B | $4B | |
| Long-Term Debt Repaid | -$2.8B | -$2.6B | -$2.1B | -$2.2B | -$3.1B | |
| Repurchase of Common Stock | $146.6M | $3.1B | $1.7B | $997.9M | -- | |
| Other Financing Activities | -$58.1M | -$20M | -$178M | -$233M | $29M | |
| Cash From Financing | -$3.7B | -$4.3B | -$2.7B | -$2.9B | -$1.5B | |
| Beginning Cash (CF) | $3.8B | $2.8B | $1.8B | $1.1B | $2.2B | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -$694.2M | -$566.2M | -$971.9M | -$629.6M | $1.1B | |
| Ending Cash (CF) | $2.7B | $2.5B | $584.6M | $467.4M | $3.2B | |
| Levered Free Cash Flow | $4.1B | $3.8B | $2.2B | $2.6B | $2.7B | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| 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 | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $3.9B | $4.3B | $4.6B | $4.2B | $2.6B | |
| Depreciation & Amoritzation | $620.8M | $633.9M | $611.7M | $677.2M | $754.4M | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -$619.4M | -$490M | $149.2M | -$66M | -$49.4M | |
| Change in Inventories | -$615.2M | -$959.2M | -$832.4M | -$156M | -$474M | |
| Cash From Operations | $5.1B | $5.1B | $3.7B | $4.1B | $4.3B | |
| Capital Expenditures | $869.3M | $1.4B | $1.5B | $1.5B | $1.6B | |
| Cash Acquisitions | $736M | $351.3M | $601.8M | $229.1M | $44.4M | |
| Cash From Investing | -$1.6B | -$1.7B | -$1.7B | -$1.8B | -$1.7B | |
| Dividends Paid (Ex Special Dividend) | $2.3B | $2.2B | $2.2B | $2.2B | $2.3B | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $1.5B | $3.6B | $3.1B | $2.6B | $4B | |
| Long-Term Debt Repaid | -$2.8B | -$2.6B | -$2.1B | -$2.2B | -$3.1B | |
| Repurchase of Common Stock | $151.4M | $3B | $1.7B | $997.3M | -- | |
| Other Financing Activities | -$58.1M | -$20M | -- | -- | -- | |
| Cash From Financing | -$3.8B | -$4.2B | -$2.8B | -$2.9B | -$1.5B | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -$716.6M | -$552.2M | -$996.4M | -$629.2M | $1.1B | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | $4.2B | $3.7B | $2.3B | $2.6B | $2.7B | |
| Period Ending | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 | |
|---|---|---|---|---|---|---|
| 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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