Is DocuSign Stock Undervalued?
Digital signature software business DocuSign (NASDAQ:DOCU) has been struggling over…
| Period Ending | 2021-02-28 | 2022-02-28 | 2023-02-28 | 2024-02-28 | 2025-02-28 | |
|---|---|---|---|---|---|---|
| Revenue | $46.3M | $53.6M | $54.1M | -- | $62M | |
| Revenue Growth (YoY) | -22.89% | 15.78% | 0.89% | -- | 10.75% | |
| Cost of Revenues | $33.1M | $35.7M | $37.6M | -- | $44.4M | |
| Gross Profit | $13.2M | $17.9M | $16.5M | -- | $17.6M | |
| Gross Profit Margin | 28.51% | 33.44% | 30.48% | -- | 28.44% | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | $6.1M | $6.2M | $6.5M | -- | $8.2M | |
| Other Inc / (Exp) | -$1.6M | -$259K | -- | -- | -$1.1M | |
| Operating Expenses | $6.1M | $6.2M | $6.5M | -- | $8.2M | |
| Operating Income | $7.1M | $11.7M | $10M | -- | $9.4M | |
| Net Interest Expenses | -- | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | $7.3M | $11.8M | $11M | -- | $9.5M | |
| Earnings of Discontinued Ops. | -$328K | -- | -- | -- | -- | |
| Income Tax Expense | $2.1M | $3.3M | $301K | -- | $3.6M | |
| Net Income to Company | $5.2M | $8.5M | $10.7M | -- | $5.9M | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | $5.2M | $8.5M | $10.7M | -- | $5.9M | |
| Basic EPS (Cont. Ops) | $0.24 | $0.41 | $0.52 | -- | $0.29 | |
| Diluted EPS (Cont. Ops) | $0.24 | $0.41 | $0.52 | -- | $0.29 | |
| Weighted Average Basic Share | $20.4M | $20.4M | $20.5M | -- | $20.1M | |
| Weighted Average Diluted Share | $20.5M | $20.6M | $20.5M | -- | $20.2M | |
| EBITDA | $8.2M | $12.8M | $11.1M | -- | $11.2M | |
| EBIT | $7.1M | $11.7M | $10M | -- | $9.4M | |
| Revenue (Reported) | $46.3M | $53.6M | $54.1M | -- | $62M | |
| Operating Income (Reported) | $7.1M | $11.7M | $10M | -- | $9.4M | |
| Operating Income (Adjusted) | $7.1M | $11.7M | $10M | -- | $9.4M | |
| Period Ending | 2021-08-31 | 2022-08-31 | 2023-08-31 | 2024-08-31 | 2025-08-31 | |
|---|---|---|---|---|---|---|
| Revenue | $13.6M | $13.9M | $12.5M | $16.7M | $16.4M | |
| Revenue Growth (YoY) | 47.22% | 1.89% | -10.05% | 33.88% | -1.96% | |
| Cost of Revenues | $9.2M | $9.8M | $8.4M | $12M | $11.3M | |
| Gross Profit | $4.4M | $4.1M | $4.1M | $4.8M | $5.1M | |
| Gross Profit Margin | 32.39% | 29.45% | 32.68% | 28.47% | 31.23% | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | $1.5M | $1.7M | $1.9M | $2.1M | $2.3M | |
| Other Inc / (Exp) | -$170K | -- | -- | -$46K | -- | |
| Operating Expenses | $1.5M | $1.7M | $1.9M | $2.1M | $2.3M | |
| Operating Income | $2.9M | $2.4M | $2.2M | $2.6M | $2.8M | |
| Net Interest Expenses | -- | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | $2.8M | $2.6M | $2.4M | $2.8M | $3.2M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $820K | $690K | $619K | $750K | $831K | |
| Net Income to Company | $2M | $1.9M | $1.7M | -- | $2.4M | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | $2M | $1.9M | $1.7M | $2.1M | $2.4M | |
| Basic EPS (Cont. Ops) | $0.10 | $0.09 | $0.09 | $0.10 | $0.12 | |
| Diluted EPS (Cont. Ops) | $0.10 | $0.09 | $0.09 | $0.10 | $0.12 | |
| Weighted Average Basic Share | $20.4M | $20.5M | $20.3M | $20.2M | $19.9M | |
| Weighted Average Diluted Share | $20.5M | $20.5M | $20.3M | $20.3M | $20M | |
| EBITDA | $3.2M | $2.9M | $2.6M | $3.1M | $3.3M | |
| EBIT | $2.9M | $2.4M | $2.2M | $2.6M | $2.8M | |
| Revenue (Reported) | $13.6M | $13.9M | $12.5M | $16.7M | $16.4M | |
| Operating Income (Reported) | $2.9M | $2.4M | $2.2M | $2.6M | $2.8M | |
| Operating Income (Adjusted) | $2.9M | $2.4M | $2.2M | $2.6M | $2.8M | |
| Period Ending | 2021-08-31 | 2022-08-31 | 2023-08-31 | 2024-08-31 | 2025-08-31 | |
|---|---|---|---|---|---|---|
| Revenue | $52M | $53M | $55.4M | $58.7M | $63.1M | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | $35.3M | $36.8M | $38.2M | $42.2M | $44.5M | |
| Gross Profit | $16.8M | $16.2M | $17.2M | $16.5M | $18.6M | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | $6.1M | $6.5M | $7.6M | $7.8M | $8.7M | |
| Other Inc / (Exp) | -$184K | -$75K | -- | -$1.1M | -- | |
| Operating Expenses | $6.1M | $6.5M | $7.6M | $7.8M | $8.7M | |
| Operating Income | $10.7M | $9.7M | $9.6M | $8.6M | $10M | |
| Net Interest Expenses | -- | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | $9.7M | $10.2M | $10.8M | $8.7M | $11.3M | |
| Earnings of Discontinued Ops. | -$116K | -- | -- | -- | -- | |
| Income Tax Expense | $2.9M | $2.7M | $236K | $1.8M | $4M | |
| Net Income to Company | $6.8M | $7.5M | $10.5M | -- | $7.3M | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | $6.8M | $7.5M | $10.5M | $6.9M | $7.3M | |
| Basic EPS (Cont. Ops) | $0.33 | $0.37 | $0.52 | $0.34 | $0.37 | |
| Diluted EPS (Cont. Ops) | $0.33 | $0.37 | $0.51 | $0.34 | $0.37 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | $11.7M | $11.2M | $10.8M | $10.3M | $11.8M | |
| EBIT | $10.7M | $9.7M | $9.6M | $8.6M | $10M | |
| Revenue (Reported) | $52M | $53M | $55.4M | $58.7M | $63.1M | |
| Operating Income (Reported) | $10.7M | $9.7M | $9.6M | $8.6M | $10M | |
| Operating Income (Adjusted) | $10.7M | $9.7M | $9.6M | $8.6M | $10M | |
| Period Ending | 2021-08-31 | 2022-08-31 | 2023-08-31 | 2024-08-31 | 2025-08-31 | |
|---|---|---|---|---|---|---|
| Revenue | $27.2M | $26.7M | $28M | $47M | $31.8M | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | $17.3M | $18.5M | $19.1M | $33.7M | $21.9M | |
| Gross Profit | $9.9M | $8.2M | $8.9M | $13.3M | $9.8M | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | $3.1M | $3.4M | $4.5M | $6M | $4.6M | |
| Other Inc / (Exp) | -$184K | -- | -- | -$1.1M | -- | |
| Operating Expenses | $3.1M | $3.4M | $4.5M | $6M | $4.6M | |
| Operating Income | $6.7M | $4.8M | $4.4M | $7.3M | $5.3M | |
| Net Interest Expenses | -- | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | $6.8M | $5.2M | $4.9M | $7.1M | $6M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $2M | $1.4M | $1.3M | $1.4M | $1.5M | |
| Net Income to Company | $4.8M | $3.8M | $3.6M | $2.7M | $4.5M | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | $4.8M | $3.8M | $3.6M | $5.7M | $4.5M | |
| Basic EPS (Cont. Ops) | $0.23 | $0.19 | $0.18 | $0.28 | $0.23 | |
| Diluted EPS (Cont. Ops) | $0.23 | $0.19 | $0.18 | $0.28 | $0.22 | |
| Weighted Average Basic Share | $40.8M | $40.9M | $40.7M | $60.7M | $39.8M | |
| Weighted Average Diluted Share | $41.2M | $41M | $40.9M | $61M | $40M | |
| EBITDA | $7.2M | $5.6M | $5.1M | $8.6M | $6.2M | |
| EBIT | $6.7M | $4.8M | $4.4M | $7.3M | $5.3M | |
| Revenue (Reported) | $27.2M | $26.7M | $28M | $47M | $31.8M | |
| Operating Income (Reported) | $6.7M | $4.8M | $4.4M | $7.3M | $5.3M | |
| Operating Income (Adjusted) | $6.7M | $4.8M | $4.4M | $7.3M | $5.3M | |
| Period Ending | 2021-02-28 | 2022-02-28 | 2023-02-28 | 2024-02-28 | 2025-02-28 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $116.5M | $110.4M | $105.4M | -- | $68.8M | |
| Short Term Investments | $74.9M | $97.6M | $101.2M | -- | $47.2M | |
| Accounts Receivable, Net | $7.6M | $8.3M | $10M | -- | $12.9M | |
| Inventory | $4.8M | $4.7M | $6.8M | -- | $7.2M | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | $3.4M | $3.1M | $2.8M | -- | $1.3M | |
| Total Current Assets | $132.3M | $126.4M | $125M | -- | $90.3M | |
| Property Plant And Equipment | $21.2M | $24.5M | $24.4M | -- | $22M | |
| Long-Term Investments | -- | -- | -- | -- | -- | |
| Goodwill | $9.8M | $9.8M | $9.8M | -- | $9.8M | |
| Other Intangibles | $21K | $14K | $7K | -- | -- | |
| Other Long-Term Assets | $141K | $122K | $108K | -- | $80K | |
| Total Assets | $163.5M | $160.9M | $159.3M | -- | $122.1M | |
| Accounts Payable | $3.3M | $2.5M | $4.5M | -- | $2.5M | |
| Accrued Expenses | $1.6M | $1.4M | $1.1M | -- | $1.1M | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | $33K | $53K | $53K | -- | $40K | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $8M | $6.3M | $28.6M | -- | $9.3M | |
| Long-Term Debt | $86K | $174K | $129K | -- | $318K | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $27.6M | $25.3M | $43.4M | -- | $15M | |
| Common Stock | $2.1M | $2.1M | $2.1M | -- | $2.1M | |
| Other Common Equity Adj | -$336K | -$2M | -$4.2M | -- | -$665K | |
| Common Equity | $135.9M | $135.6M | $115.9M | -- | $107.2M | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | -- | -- | -- | -- | -- | |
| Total Equity | $135.9M | $135.6M | $115.9M | -- | $107.2M | |
| Total Liabilities and Equity | $163.5M | $160.9M | $159.3M | -- | $122.1M | |
| Cash and Short Terms | $116.5M | $110.4M | $105.4M | -- | $68.8M | |
| Total Debt | $86K | $174K | $129K | -- | $318K | |
| Period Ending | 2021-08-31 | 2022-08-31 | 2023-08-31 | 2024-08-31 | 2025-08-31 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $112.8M | $102.5M | $74.2M | $72M | $61.6M | |
| Short Term Investments | $93.1M | $98.6M | $66.9M | $63.8M | -- | |
| Accounts Receivable, Net | $8.5M | $10M | $9.4M | $10.9M | $12.6M | |
| Inventory | $4.8M | $7.9M | $8.5M | $7.6M | $8.1M | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | $3.1M | $4M | $2.6M | $2.5M | -- | |
| Total Current Assets | $129.3M | $124.2M | $94.6M | $93M | $83.3M | |
| Property Plant And Equipment | $23.3M | $24.6M | $24.1M | $22.2M | $21.7M | |
| Long-Term Investments | -- | -- | -- | -- | -- | |
| Goodwill | -- | -- | -- | -- | -- | |
| Other Intangibles | -- | -- | -- | -- | -- | |
| Other Long-Term Assets | $145K | $116K | $101K | $87K | -- | |
| Total Assets | $162.5M | $158.8M | $128.6M | $125.1M | $116.4M | |
| Accounts Payable | $2.5M | $2.8M | $1.5M | $3.7M | $3.3M | |
| Accrued Expenses | $1.4M | $1.1M | $1.2M | $1.3M | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | $8K | $54K | $53K | $40K | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $6.9M | $7.1M | $6.8M | $10.2M | $4.7M | |
| Long-Term Debt | $89K | $152K | $106K | $339K | $296K | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $25.3M | $24.7M | $15.9M | $14.9M | $10.7M | |
| Common Stock | $2.1M | $2.1M | $2.1M | $2.1M | $2.1M | |
| Other Common Equity Adj | -$345K | -$3.6M | -$3.4M | -$1.3M | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | -- | -- | -- | -- | -- | |
| Total Equity | $137.2M | $134.1M | $112.7M | $110.3M | $105.8M | |
| Total Liabilities and Equity | $162.5M | $158.8M | $128.6M | $125.1M | $116.4M | |
| Cash and Short Terms | $112.8M | $102.5M | $74.2M | $72M | $61.6M | |
| Total Debt | $89K | $152K | $106K | $339K | $296K | |
| Period Ending | 2021-02-28 | 2022-02-28 | 2023-02-28 | 2024-02-28 | 2025-02-28 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $5.2M | $8.5M | $10.7M | -- | $5.9M | |
| Depreciation & Amoritzation | $1.2M | $1.1M | $1.1M | -- | $1.9M | |
| Stock-Based Compensation | $191K | $285K | $369K | -- | $402K | |
| Change in Accounts Receivable | $3.3M | -$722K | -$1.7M | -- | -$528K | |
| Change in Inventories | $1.6M | $137K | -$2.1M | -- | -$809K | |
| Cash From Operations | $13M | $8.2M | $6.5M | -- | $4.7M | |
| Capital Expenditures | $7.5M | $4.4M | $1M | -- | $889K | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | $33M | -$29.6M | -$7M | -- | $24M | |
| Dividends Paid (Ex Special Dividend) | $8.2M | $8.2M | $8.2M | -- | $10.1M | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | -- | -- | -- | -- | -- | |
| Long-Term Debt Repaid | -- | -- | -- | -- | -- | |
| Repurchase of Common Stock | $1.6M | -- | -- | -- | $4.3M | |
| Other Financing Activities | -- | -- | -- | -- | -- | |
| Cash From Financing | -$9.8M | -$7.4M | -$8M | -- | -$13.7M | |
| Beginning Cash (CF) | $41.6M | $12.8M | $4.2M | -- | $21.6M | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $36.2M | -$28.8M | -$8.6M | -- | $15.1M | |
| Ending Cash (CF) | $77.8M | -$16M | -$4.3M | -- | $36.7M | |
| Levered Free Cash Flow | $5.5M | $3.8M | $5.4M | -- | $3.8M | |
| 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 | -- | -- | -- | -- | -- | |
| 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 | 2021-08-31 | 2022-08-31 | 2023-08-31 | 2024-08-31 | 2025-08-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $6.8M | $7.5M | $10.5M | -- | $7.3M | |
| Depreciation & Amoritzation | $1M | $1.2M | $1.3M | -- | $1.8M | |
| Stock-Based Compensation | $236K | $326K | $512K | -- | $401K | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $9.9M | $3.5M | $5.5M | -- | $3.2M | |
| Capital Expenditures | $6.1M | $2.5M | $777K | $271K | $1.3M | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | $15.2M | -$11.6M | $30.5M | -- | $31.4M | |
| Dividends Paid (Ex Special Dividend) | $8.2M | $8.2M | $29.7M | -- | $10M | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | -- | -- | -- | -- | -- | |
| Long-Term Debt Repaid | -- | -- | -- | -- | -- | |
| Repurchase of Common Stock | -- | -- | $2.9M | -- | $4.5M | |
| Other Financing Activities | -- | -- | -- | -- | -- | |
| Cash From Financing | -$7.7M | -$7.8M | -$32.5M | -- | -$13.2M | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $17.4M | -$15.9M | $3.5M | -- | $21.4M | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | $3.8M | $1M | $4.8M | -- | $1.8M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $4.8M | $3.8M | $3.6M | $2.7M | $4.5M | |
| Depreciation & Amoritzation | $451K | $521K | $644K | $418K | $911K | |
| Stock-Based Compensation | $138K | $179K | $322K | $104K | $189K | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $3M | -$1.7M | -$2.6M | $5.3M | -$527K | |
| Capital Expenditures | $2.5M | $644K | $374K | $164K | $664K | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -$21.3M | -$3.3M | $34.2M | -$395K | $14.9M | |
| Dividends Paid (Ex Special Dividend) | $4.1M | $4.1M | $25.6M | $2.5M | $5M | |
| Special Dividend Paid | -- | -- | $1M | -- | -- | |
| Long-Term Debt Issued | -- | -- | -- | -- | -- | |
| Long-Term Debt Repaid | -- | -- | -- | -- | -- | |
| Repurchase of Common Stock | -- | -- | $2.9M | -- | $2.2M | |
| Other Financing Activities | -- | -- | -- | -- | -- | |
| Cash From Financing | -$3.6M | -$4M | -$28.4M | -$2.5M | -$6.5M | |
| Beginning Cash (CF) | $59M | $8.2M | $13.2M | $18.8M | $50.2M | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -$21.9M | -$9M | $3.1M | $2.4M | $7.9M | |
| Ending Cash (CF) | $37.1M | -$806K | $16.3M | $9M | $58.1M | |
| Levered Free Cash Flow | $443K | -$2.3M | -$3M | $5.1M | -$1.2M | |
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