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 | -- | -- | -- | $2.2B | $2.4B | |
| Revenue Growth (YoY) | -- | -- | -- | 37.91% | 9.6% | |
| Cost of Revenues | -- | -- | -- | $1.2B | $1.3B | |
| Gross Profit | -- | -- | -- | $914.9M | $1.1B | |
| Gross Profit Margin | -- | -- | -- | 42.46% | 44.94% | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | $485.8M | $618.5M | |
| Other Inc / (Exp) | -- | -- | -- | -- | $14.1M | |
| Operating Expenses | -- | -- | -- | $484.7M | $616.7M | |
| Operating Income | -- | -- | -- | $430.2M | $444.5M | |
| Net Interest Expenses | -- | -- | -- | $7.1M | $12.9M | |
| EBT. Incl. Unusual Items | -- | -- | -- | $466.5M | $464.3M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | -- | -- | -- | $112M | $98.9M | |
| Net Income to Company | -- | -- | -- | $177.3M | $366.2M | |
| Minority Interest in Earnings | -- | -- | -- | $2.2M | $2.5M | |
| Net Income to Common Excl Extra Items | -- | -- | -- | $354.6M | $366.2M | |
| Basic EPS (Cont. Ops) | -- | -- | -- | $1.13 | $1.17 | |
| Diluted EPS (Cont. Ops) | -- | -- | -- | $1.13 | $1.17 | |
| Weighted Average Basic Share | -- | -- | -- | $311.2M | $309.8M | |
| Weighted Average Diluted Share | -- | -- | -- | $312.9M | $311.7M | |
| EBITDA | -- | -- | -- | $510.7M | $556.9M | |
| EBIT | -- | -- | -- | $430.2M | $444.5M | |
| Revenue (Reported) | -- | -- | -- | $2.2B | $2.4B | |
| Operating Income (Reported) | -- | -- | -- | $430.2M | $444.5M | |
| Operating Income (Adjusted) | -- | -- | -- | $430.2M | $444.5M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $410.3M | $404.7M | $523.1M | $631M | $809.9M | |
| Revenue Growth (YoY) | 36.99% | -1.25% | 41.87% | 20.61% | 28.36% | |
| Cost of Revenues | $297.7M | $260.4M | $304.6M | $347.8M | $448M | |
| Gross Profit | $112.6M | $144.3M | $218.5M | $283.2M | $361.9M | |
| Gross Profit Margin | 27.45% | 35.66% | 41.77% | 44.89% | 44.68% | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | $85.3M | $80.1M | $112M | $172M | $247.8M | |
| Other Inc / (Exp) | $4M | $9.3M | $131.7K | $7.3M | -- | |
| Operating Expenses | $87.3M | $79.3M | $111.7M | $170.1M | $248.9M | |
| Operating Income | $25.3M | $65M | $106.8M | $113.1M | $113M | |
| Net Interest Expenses | $1.4M | -- | $1.6M | $2.4M | $17.4M | |
| EBT. Incl. Unusual Items | $33.7M | $78M | $116.8M | $120M | $113.9M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $8.6M | $19M | $31.5M | $29.9M | $31.7M | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | $384.9K | $1.1M | $784.3K | $914.7K | $371.5K | |
| Net Income to Common Excl Extra Items | $23.9M | $60.1M | $85.3M | $90.5M | $61.9M | |
| Basic EPS (Cont. Ops) | $0.08 | $0.19 | $0.27 | $0.29 | $0.20 | |
| Diluted EPS (Cont. Ops) | $0.07 | $0.19 | $0.27 | $0.29 | $0.20 | |
| Weighted Average Basic Share | $308.5M | $311.8M | $311.2M | $310.7M | $306.1M | |
| Weighted Average Diluted Share | $308.5M | $311.8M | $311.2M | $310.7M | $306.1M | |
| EBITDA | $33.8M | $79.1M | $125.1M | $144.1M | $156.4M | |
| EBIT | $25.3M | $79.1M | $106.8M | $113.1M | $113M | |
| Revenue (Reported) | $410.3M | $404.7M | $523.1M | $631M | $809.9M | |
| Operating Income (Reported) | $25.3M | $65M | $106.8M | $113.1M | $113M | |
| Operating Income (Adjusted) | $25.3M | $79.1M | $106.8M | $113.1M | $113M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $1.5B | $1.6B | $1.8B | $2.4B | $2.8B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | $1.1B | $1B | $1.1B | $1.3B | $1.5B | |
| Gross Profit | $405.3M | $507.1M | $689.6M | $1.1B | $1.2B | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | $312M | $344.7M | $372.1M | $633.5M | $795.7M | |
| Other Inc / (Exp) | -$2.5M | $13.6M | $6.8M | $13.4M | -- | |
| Operating Expenses | $316.2M | $343.1M | $371.8M | $633.6M | $799.6M | |
| Operating Income | $89.1M | $164M | $317.9M | $457M | $443.8M | |
| Net Interest Expenses | $4.6M | -- | $5.4M | $10.9M | $49.1M | |
| EBT. Incl. Unusual Items | $97.3M | $185.6M | $352.2M | $488.3M | $430.2M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $33.5M | $51.8M | $88.7M | $113.9M | $91.8M | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | -$1.3M | $1.3M | $3.2M | $1.4M | $927.1K | |
| Net Income to Common Excl Extra Items | $62M | $135.1M | $263.6M | $374.8M | $299.5M | |
| Basic EPS (Cont. Ops) | $0.21 | $0.44 | $0.83 | $1.20 | $0.97 | |
| Diluted EPS (Cont. Ops) | $0.20 | $0.44 | $0.83 | $1.19 | $0.97 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | $100M | $190.5M | $380.2M | $569.9M | $598.8M | |
| EBIT | $89.1M | $190.5M | $317.9M | $457M | $443.8M | |
| Revenue (Reported) | $1.5B | $1.6B | $1.8B | $2.4B | $2.8B | |
| Operating Income (Reported) | $89.1M | $164M | $317.9M | $457M | $443.8M | |
| Operating Income (Adjusted) | $89.1M | $190.5M | $317.9M | $457M | $443.8M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $1.1B | $1.1B | $1.4B | $1.7B | $2.1B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | $829M | $751.6M | $845.3M | $953.2M | $1.2B | |
| Gross Profit | $308.3M | $372.3M | $572.9M | $752.9M | $935M | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | $232.1M | $250M | $290.5M | $440.9M | $617.9M | |
| Other Inc / (Exp) | $5.9M | $13.2M | $5.5M | $11.1M | -$9.9M | |
| Operating Expenses | $234.5M | $250.7M | $289.6M | $439.5M | $620.9M | |
| Operating Income | $73.7M | $121.6M | $283.3M | $313.4M | $314.1M | |
| Net Interest Expenses | $3.6M | $2.5M | $4.2M | $8M | $44.2M | |
| EBT. Incl. Unusual Items | $88.1M | $145M | $308.2M | $331.9M | $297.7M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $27.4M | $39.9M | $76.1M | $78.6M | $71.4M | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | -$1.3M | $1M | $2.7M | $1.9M | $365.9K | |
| Net Income to Common Excl Extra Items | $58.8M | $106.2M | $232.1M | $253.6M | $186.8M | |
| Basic EPS (Cont. Ops) | $0.20 | $0.34 | $0.73 | $0.81 | $0.61 | |
| Diluted EPS (Cont. Ops) | $0.19 | $0.34 | $0.73 | $0.81 | $0.61 | |
| Weighted Average Basic Share | $925.6M | $928.9M | $938.3M | $932.2M | $921.6M | |
| Weighted Average Diluted Share | $925.6M | $928.9M | $938.3M | $934.4M | $924M | |
| EBITDA | $89.7M | $148.5M | $327.5M | $390.6M | $433.9M | |
| EBIT | $73.7M | $135.7M | $283.3M | $313.4M | $314.1M | |
| Revenue (Reported) | $1.1B | $1.1B | $1.4B | $1.7B | $2.1B | |
| Operating Income (Reported) | $73.7M | $121.6M | $283.3M | $313.4M | $314.1M | |
| Operating Income (Adjusted) | $73.7M | $135.7M | $283.3M | $313.4M | $314.1M | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | -- | -- | -- | $971.1M | $917.6M | |
| Short Term Investments | -- | -- | -- | -- | $50.5M | |
| Accounts Receivable, Net | -- | -- | -- | $60.2M | $92.5M | |
| Inventory | -- | -- | -- | $278.2M | $386.9M | |
| Prepaid Expenses | -- | -- | -- | $20.1M | $22.7M | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | -- | -- | -- | $1.5B | $1.6B | |
| Property Plant And Equipment | -- | -- | -- | $517.5M | $768.4M | |
| Long-Term Investments | -- | -- | -- | $48.2M | $78.3M | |
| Goodwill | -- | -- | -- | -- | $2.9M | |
| Other Intangibles | -- | -- | -- | -- | $225.7M | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | -- | -- | -- | $2B | $2.5B | |
| Accounts Payable | -- | -- | -- | $120.7M | $175.2M | |
| Accrued Expenses | -- | -- | -- | -- | $51.4M | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | $295.2K | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | $87M | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | -- | -- | -- | $621.4M | $784.6M | |
| Long-Term Debt | -- | -- | -- | $113.4M | $261.3M | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | -- | -- | -- | $746.5M | $1.1B | |
| Common Stock | -- | -- | -- | $13.4K | $12.9K | |
| Other Common Equity Adj | -- | -- | -- | -- | $44.7M | |
| Common Equity | -- | -- | -- | $1.3B | $1.4B | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | -- | -- | -- | $3.2M | $5.6M | |
| Total Equity | -- | -- | -- | $1.3B | $1.4B | |
| Total Liabilities and Equity | -- | -- | -- | $2B | $2.5B | |
| Cash and Short Terms | -- | -- | -- | $971.1M | $917.6M | |
| Total Debt | -- | -- | -- | $176.5M | $348.4M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $949.9M | $756.1M | $915.1M | $895.7M | $1.1B | |
| Short Term Investments | $31.7M | $82.7M | $78M | $563.2M | -- | |
| Accounts Receivable, Net | $157.1M | $155.1M | $181.3M | -- | $380.7M | |
| Inventory | $241.3M | $184.7M | $254.5M | $327.4M | $461.9M | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $1.3B | $1.2B | $1.4B | $1.5B | $1.9B | |
| Property Plant And Equipment | $149.8M | $388.8M | $455.1M | $729.8M | $973.3M | |
| Long-Term Investments | $53.3M | -- | $35.8M | $64.8M | $1B | |
| Goodwill | $3M | $2.8M | $2.9M | $3.1M | -- | |
| Other Intangibles | $8.7M | $5.3M | $2.9M | $1.5M | -- | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $1.6B | $1.6B | $1.9B | $2.3B | $4B | |
| Accounts Payable | $464.8M | $405.7M | $461.7M | $523.7M | $603M | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | $744.3K | $63.7K | $97.3K | $105.4K | -- | |
| Current Portion Of Capital Lease Obligations | $40.5M | $37.3M | $46M | $68.8M | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $555.4M | $514M | $588.6M | $689.6M | $1.2B | |
| Long-Term Debt | $70.8M | $941.9K | $89.7M | $230.1M | $1.1B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $637.8M | $580M | $688.3M | $936.4M | $2.5B | |
| Common Stock | $14.2K | $13.3K | $13K | $13.5K | $13.2K | |
| Other Common Equity Adj | $149.3M | $144.1M | $152.7M | $149.4M | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | -$660K | -$818K | $2.9M | $5.7M | $11.8M | |
| Total Equity | $1B | $1.1B | $1.2B | $1.4B | $1.5B | |
| Total Liabilities and Equity | $1.6B | $1.6B | $1.9B | $2.3B | $4B | |
| Cash and Short Terms | $949.9M | $838.8M | $915.1M | $895.7M | $1.1B | |
| Total Debt | $70.8M | $1M | $135.7M | $298.9M | $1.3B | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -- | -- | -- | $177.3M | $366.2M | |
| Depreciation & Amoritzation | -- | -- | -- | $40.3M | $112.4M | |
| Stock-Based Compensation | -- | -- | -- | $6.6M | $11.8M | |
| Change in Accounts Receivable | -- | -- | -- | -$44.7M | -$116.3M | |
| Change in Inventories | -- | -- | -- | -$66.6M | -$115.1M | |
| Cash From Operations | -- | -- | -- | $171.5M | $327.2M | |
| Capital Expenditures | -- | -- | -- | $37.4M | $106M | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -- | -- | -- | $5.7M | -$101M | |
| Dividends Paid (Ex Special Dividend) | -- | -- | -- | $130.4M | $172.9M | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | -- | -- | -- | -- | $78.6M | |
| Long-Term Debt Repaid | -- | -- | -- | -- | -$101.2M | |
| Repurchase of Common Stock | -- | -- | -- | $22.7M | $43.5M | |
| Other Financing Activities | -- | -- | -- | -- | -$134.2K | |
| Cash From Financing | -- | -- | -- | -$186.4M | -$239.1M | |
| Beginning Cash (CF) | -- | -- | -- | $905.7M | $867.1M | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -- | -- | -- | -$13.1M | -$13.1M | |
| Ending Cash (CF) | -- | -- | -- | $888.7M | $853.8M | |
| Levered Free Cash Flow | -- | -- | -- | $134.1M | $221.3M | |
| 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 | -- | $172K | -- | -- | -- | |
| Long-Term Debt Issued | -- | -- | -- | -- | -- | |
| Long-Term Debt Repaid | -- | -- | -- | -- | -- | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | -- | -- | -- | -- | -- | |
| Cash From Financing | -- | -- | -- | -- | -- | |
| Beginning Cash (CF) | $918.1M | -- | $837.1M | $332.8M | $436.4M | |
| 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 | $32.6M | -- | -- | -- | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -- | -- | -- | -- | -- | |
| Capital Expenditures | $4.4M | $175M | $11M | -- | $42.1M | |
| Cash Acquisitions | -$53.7M | -$106.8M | $642.1K | -- | -- | |
| Cash From Investing | -- | -- | -- | -- | -- | |
| Dividends Paid (Ex Special Dividend) | -- | -$47.9M | -$52.1M | -- | -$89.4M | |
| 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 | -- | -- | -- | -- | -- | |
| Depreciation & Amoritzation | -- | -- | -- | -- | -- | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -- | -- | -- | $179.9M | -- | |
| Capital Expenditures | -- | -- | -- | $42.1M | -- | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -- | -- | -- | -$53.9M | -- | |
| Dividends Paid (Ex Special Dividend) | -- | -- | -- | -$89.4M | -- | |
| Special Dividend Paid | -- | $172K | -- | $290K | -- | |
| Long-Term Debt Issued | -- | -- | -- | -- | -- | |
| Long-Term Debt Repaid | -- | -- | -- | -$57.6M | -- | |
| Repurchase of Common Stock | -- | -- | -- | -$5.1M | -- | |
| Other Financing Activities | -- | -- | -- | -$224.1K | -- | |
| Cash From Financing | -- | -- | -- | -$152.4M | -- | |
| Beginning Cash (CF) | $3B | $1.6B | $2.7B | $2.1B | $2.4B | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -- | -- | -- | -$26.4M | -- | |
| Ending Cash (CF) | -- | -- | -- | $865.7M | -- | |
| Levered Free Cash Flow | -- | -- | -- | $137.8M | -- | |
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