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 | $44.6B | $63.5B | $55.5B | $54B | $53.7B | |
| Revenue Growth (YoY) | 3.35% | 42.33% | -12.56% | -2.66% | -0.67% | |
| Cost of Revenues | $26.3B | $32.5B | $37.2B | $38.1B | $39.6B | |
| Gross Profit | $18.3B | $31B | $18.3B | $16B | $14.1B | |
| Gross Profit Margin | 40.98% | 48.84% | 33.04% | 29.57% | 26.2% | |
| R&D Expenses | $45M | $65M | $76M | $245M | $398.2M | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | $1.3B | $2.5B | $1.6B | $2B | $1.1B | |
| Operating Income | $17B | $28.5B | $16.7B | $13.9B | $13B | |
| Net Interest Expenses | $271M | $178M | $345.8M | $980M | $772.3M | |
| EBT. Incl. Unusual Items | $14.7B | $29.8B | $17.9B | $13.1B | $14.8B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $5B | $8.3B | $5.6B | $3.8B | $4B | |
| Net Income to Company | $10.4B | $22.6B | $13B | $10B | $11.6B | |
| Minority Interest in Earnings | $631M | $1.5B | $655.6M | -$105M | $22M | |
| Net Income to Common Excl Extra Items | $10.4B | $22.6B | $13B | $10B | $11.6B | |
| Basic EPS (Cont. Ops) | $6.04 | $13.03 | $7.65 | $6.20 | $7.12 | |
| Diluted EPS (Cont. Ops) | $6.00 | $12.95 | $7.60 | $6.16 | $7.08 | |
| Weighted Average Basic Share | $1.6B | $1.6B | $1.6B | $1.6B | $1.6B | |
| Weighted Average Diluted Share | $1.6B | $1.6B | $1.6B | $1.6B | $1.6B | |
| EBITDA | $21.7B | $33.6B | $23.3B | $20.2B | $19.8B | |
| EBIT | $17B | $28.5B | $16.7B | $13.9B | $13B | |
| Revenue (Reported) | $44.6B | $63.5B | $55.5B | $54B | $53.7B | |
| Operating Income (Reported) | $17B | $28.5B | $16.7B | $13.9B | $13B | |
| Operating Income (Adjusted) | $17B | $28.5B | $16.7B | $13.9B | $13B | |
| Period Ending | 2015-06-30 | 2016-06-30 | 2017-06-30 | 2018-06-30 | 2019-06-30 | |
|---|---|---|---|---|---|---|
| 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 | |
|---|---|---|---|---|---|---|
| Revenue | $57.9B | $60.5B | $53.7B | $54B | $54B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | $29.8B | $35.5B | $37.8B | $39.2B | $40.9B | |
| Gross Profit | $28.1B | $25B | $15.9B | $14.7B | $13.1B | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | -- | -- | -- | -- | -- | |
| Operating Income | $28.1B | $25B | $15.9B | $14.7B | $13.1B | |
| Net Interest Expenses | $188.2M | $208.4M | $829.7M | $808.6M | $930.9M | |
| EBT. Incl. Unusual Items | $27B | $24.3B | $12.8B | $14.3B | $13.1B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $8.1B | $6.2B | $4.8B | $4.1B | $4B | |
| Net Income to Company | $19.8B | $19.1B | $9.3B | $10.8B | $10.3B | |
| Minority Interest in Earnings | $1.2B | $1.2B | -$11.6M | $146.5M | -$52M | |
| Net Income to Common Excl Extra Items | $19.9B | $19B | $8.8B | $10.9B | $10.3B | |
| Basic EPS (Cont. Ops) | $11.53 | $10.98 | $5.43 | $6.60 | $6.35 | |
| Diluted EPS (Cont. Ops) | $11.45 | $10.91 | $5.40 | $6.56 | $6.31 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | $32.9B | $29.8B | $21.6B | $21.1B | $20B | |
| EBIT | $28.1B | $25B | $15.9B | $14.7B | $13.1B | |
| Revenue (Reported) | $57.9B | $60.5B | $53.7B | $54B | $54B | |
| Operating Income (Reported) | $28.1B | $25B | $15.9B | $14.7B | $13.1B | |
| Operating Income (Adjusted) | $28.1B | $25B | $15.9B | $14.7B | $13.1B | |
| 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 | $13.1B | $15.3B | $8.9B | $10.8B | $8.9B | |
| Short Term Investments | $2.7B | $2.5B | $2.1B | $1.1B | $370M | |
| Accounts Receivable, Net | $2.5B | $2.2B | $2.2B | $2.5B | $2.3B | |
| Inventory | $3.9B | $5.4B | $6.2B | $6.7B | $5.9B | |
| Prepaid Expenses | $305M | $529M | $455M | $589M | $825M | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $20.9B | $24.4B | $19B | $21.5B | $19.1B | |
| Property Plant And Equipment | $62.9B | $64.9B | $64.7B | $66.5B | $68.6B | |
| Long-Term Investments | $5.1B | $4.3B | $4.2B | $5.6B | $6.7B | |
| Goodwill | $946M | $879M | $826M | $797M | $727M | |
| Other Intangibles | $2.5B | $2.5B | $2.3B | $2.4B | $2.2B | |
| Other Long-Term Assets | $174M | $196M | $203M | $214M | $222M | |
| Total Assets | $97.4B | $102.9B | $96.8B | $103.5B | $102.8B | |
| Accounts Payable | $3.1B | $3.4B | $3.3B | $3.3B | $3.2B | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | $233M | $324M | $292M | $345M | $354M | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $11.6B | $12.6B | $11.6B | $12.7B | $11.7B | |
| Long-Term Debt | $13.2B | $12.4B | $11.1B | $13.2B | $13.3B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $45.4B | $46.2B | $44B | $47.2B | $44.8B | |
| Common Stock | $4B | $3.8B | $3.5B | $3.6B | $3.3B | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | $36.3B | $39.6B | $39.1B | $42.1B | $42.6B | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $4.8B | $5.2B | $2.1B | $1.8B | $2.7B | |
| Total Equity | $51.9B | $56.6B | $52.7B | $56.3B | $58B | |
| Total Liabilities and Equity | $97.3B | $102.8B | $96.8B | $103.5B | $102.8B | |
| Cash and Short Terms | $13.1B | $15.3B | $8.9B | $10.8B | $8.9B | |
| Total Debt | $13.8B | $13.5B | $12.3B | $14.4B | $13.8B | |
| Period Ending | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $14B | $11.4B | $9.2B | $9.3B | $9B | |
| Short Term Investments | $2.9B | $2.5B | $1.3B | $569M | $319M | |
| Accounts Receivable, Net | $4.3B | $3.6B | $3.5B | $3.9B | $4.6B | |
| Inventory | $4.4B | $5.8B | $6.4B | $6.5B | $6.8B | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $25.8B | $23.4B | $20.8B | $20.4B | $21B | |
| Property Plant And Equipment | $63.8B | $64.4B | $63.1B | $66.6B | $79.1B | |
| Long-Term Investments | -- | -- | -- | -- | -- | |
| Goodwill | $945M | $849M | $776M | $785M | $2.6B | |
| Other Intangibles | $2.8B | $3.6B | $3.7B | $3.8B | $5.2B | |
| Other Long-Term Assets | $2.3B | $2.4B | $2.1B | $1.9B | $2B | |
| Total Assets | $103.4B | $101.9B | $97.6B | $101.9B | $120.8B | |
| Accounts Payable | $7.5B | $8B | $7.6B | $7.7B | $9.2B | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | $298M | $332M | $427M | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $12.1B | $13.1B | $10.4B | $12B | $13.7B | |
| Long-Term Debt | -- | -- | $12.7B | $12.1B | $21.6B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $45.3B | $44.8B | $44.2B | $44.7B | $58.8B | |
| Common Stock | $3.9B | $3.6B | $3.5B | $3.5B | $3.4B | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $5.2B | $6.5B | $1.7B | $1.9B | $3.8B | |
| Total Equity | $58.2B | $57.1B | $53.4B | $57.2B | $62B | |
| Total Liabilities and Equity | $103.4B | $101.9B | $97.6B | $101.9B | $120.8B | |
| Cash and Short Terms | $16.9B | $13.9B | $10.5B | $9.8B | $9.3B | |
| Total Debt | -- | -- | -- | -- | -- | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $10.4B | $22.6B | $13B | $10B | $11.6B | |
| Depreciation & Amoritzation | $4.3B | $4.7B | $5B | $5.3B | $5.9B | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -$562M | -$367M | $20M | -$418M | -$202.1M | |
| Change in Inventories | -$281M | -$1.4B | -$1.2B | -$422M | $205.1M | |
| Cash From Operations | $16.6B | $26.4B | $16.5B | $15.6B | $16.1B | |
| Capital Expenditures | $6.2B | $7.4B | $6.7B | $7.1B | $9.6B | |
| Cash Acquisitions | -- | -- | $3.8B | $867M | $937.4M | |
| Cash From Investing | -$6.4B | -$7.1B | -$9.6B | -$6.9B | -$8.6B | |
| Dividends Paid (Ex Special Dividend) | $6.1B | $15.4B | $11.7B | $6.5B | $7B | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $125M | $1.5B | $321M | $1.8B | $261M | |
| Long-Term Debt Repaid | -$721M | -$1.7B | -$790M | -$310M | -$860M | |
| Repurchase of Common Stock | $208M | -- | -- | -- | -- | |
| Other Financing Activities | $130M | $72M | -$2.9B | $96M | $985M | |
| Cash From Financing | -$7.9B | -$17B | -$13B | -$5.8B | -$8.6B | |
| Beginning Cash (CF) | $10.4B | $12.8B | $6.8B | $9.7B | $8.5B | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $2.4B | $2.4B | -$6B | $2.9B | -$1.2B | |
| Ending Cash (CF) | $12.9B | $15.3B | $762.7M | $12.5B | $7.2B | |
| Levered Free Cash Flow | $10.4B | $19.1B | $9.8B | $8.5B | $6.5B | |
| 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 | $1.9M | -- | -- | -- | -- | |
| 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 | $19.8B | $19.1B | $9.3B | $10.8B | $10.3B | |
| Depreciation & Amoritzation | $4.4B | $4.9B | $5.3B | $5.6B | $6.1B | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -$2B | $467.6M | $143M | -$301.7M | -$390.8M | |
| Change in Inventories | -$505M | -$1.5B | -$954M | -$166.6M | -$6M | |
| Cash From Operations | $24.5B | $23.1B | $13.9B | $15.6B | $16B | |
| Capital Expenditures | $6.7B | $7.3B | $6.9B | $8B | $10.4B | |
| Cash Acquisitions | -- | -- | $4B | $837.1M | $7B | |
| Cash From Investing | -$6.7B | -$7.9B | -$8.2B | -$7.7B | -$16B | |
| Dividends Paid (Ex Special Dividend) | $8.9B | $16.7B | $8.4B | $6.8B | $6.7B | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $224M | $1.5B | $2B | $37M | $16.2B | |
| Long-Term Debt Repaid | -$385M | -$1.7B | -$851M | -$114M | -$8.8B | |
| Repurchase of Common Stock | -$3.7M | -- | -- | -- | -- | |
| Other Financing Activities | $85M | $61M | -$2.9B | $504M | $1.3B | |
| Cash From Financing | -$10.2B | -$17.9B | -$8.1B | -$7.9B | -$207.4M | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $7.7B | -$2.6B | -$2.5B | $56M | -$236.1M | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | $17.8B | $15.9B | $6.9B | $7.6B | $5.6B | |
| 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 | $2.8M | $620K | -- | -- | -- | |
| 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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