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 | $128.2B | $130.6B | $147.2B | $134.7B | $148.2B | |
| Revenue Growth (YoY) | 1.33% | -3.65% | 12.68% | -8.44% | 9.98% | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | $9.5B | -- | -- | -- | -- | |
| Other Inc / (Exp) | -$4.7B | $6.6B | $3.9B | -$2.1B | $4.1B | |
| Operating Expenses | $8.7B | -$9.7B | $16.6B | -$15.1B | -$18.2B | |
| Operating Income | -- | $9.7B | -$16.6B | $15.1B | $18.2B | |
| Net Interest Expenses | $1.1B | $968M | $2B | $2B | $2.3B | |
| EBT. Incl. Unusual Items | $11B | $11.3B | $10.2B | $12.5B | $15.2B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $2.8B | $2.9B | $3B | $2.8B | $3.8B | |
| Net Income to Company | $8.1B | $8.4B | $7.2B | $9.8B | $11.4B | |
| Minority Interest in Earnings | -$372.3M | $585.1M | $457.2M | $530.8M | $658.7M | |
| Net Income to Common Excl Extra Items | $7.8B | $8.3B | $7.2B | $9.8B | $11.2B | |
| Basic EPS (Cont. Ops) | $1.88 | $1.89 | $1.67 | $2.33 | $2.73 | |
| Diluted EPS (Cont. Ops) | $1.86 | $1.87 | $1.67 | $2.33 | $2.72 | |
| Weighted Average Basic Share | $4.1B | $4.1B | $4B | $4B | $3.9B | |
| Weighted Average Diluted Share | $4.1B | $4.1B | $4B | $4B | $3.9B | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $12.1B | $11.3B | $10.2B | $12.5B | $15.2B | |
| Revenue (Reported) | $128.2B | $130.6B | $147.2B | $134.7B | $148.2B | |
| Operating Income (Reported) | -- | $9.7B | -$16.6B | $15.1B | $18.2B | |
| Operating Income (Adjusted) | $12.1B | $11.3B | $10.2B | $12.5B | $15.2B | |
| Period Ending | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Revenue | $33.9B | $45.3B | $41.4B | $30.7B | $50.5B | |
| Revenue Growth (YoY) | 6.31% | 34.88% | -8.6% | -25.88% | 64.44% | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $3.2B | -$23.4M | $162.5M | $1.9B | -$8.3B | |
| Operating Expenses | -$71.1M | -$4.2B | -$3.6B | -$9.8B | -$1.9B | |
| Operating Income | -- | $4.2B | $3.6B | $9.8B | -- | |
| Net Interest Expenses | $368.8M | -- | $154.5M | -- | -- | |
| EBT. Incl. Unusual Items | $3.8B | $3B | $3.3B | $3.8B | -- | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $926.8M | $781.2M | $581.2M | $884.9M | -- | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | -$155.5M | $119.2M | $163.3M | $160.4M | $200.8M | |
| Net Income to Common Excl Extra Items | $2.7B | $2.2B | $2.7B | $2.7B | $3.4B | |
| Basic EPS (Cont. Ops) | $0.65 | $0.52 | $0.63 | $0.65 | $0.84 | |
| Diluted EPS (Cont. Ops) | $0.65 | $0.50 | $0.56 | $0.65 | -- | |
| Weighted Average Basic Share | -- | $4.1B | $4B | $3.9B | $3.9B | |
| Weighted Average Diluted Share | -- | -- | -- | $3.9B | $3.9B | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $4.1B | $3B | $3.3B | $3.8B | -- | |
| Revenue (Reported) | $33.9B | $45.3B | $41.4B | $30.7B | $50.5B | |
| Operating Income (Reported) | -- | $4.2B | $3.6B | $9.8B | -- | |
| Operating Income (Adjusted) | $4.1B | $3B | $3.3B | $3.8B | -- | |
| Period Ending | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Revenue | $139.3B | $141B | $143.5B | $137.4B | $203.3B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -$1.1B | $2.7B | -$1.2B | $2.2B | -$7.7B | |
| Operating Expenses | -$499.8M | -$13.7B | -$15.2B | -$11.8B | $3.1B | |
| Operating Income | -- | $13.7B | $15.2B | $11.8B | -- | |
| Net Interest Expenses | $1.2B | $927.4M | $2.3B | $1.9B | -- | |
| EBT. Incl. Unusual Items | $14.4B | $7.6B | $12.3B | $13.6B | -- | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $3.6B | $2.3B | $3B | $3.2B | $4.2B | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | -$479.7M | $528M | $515M | $560.1M | $695.8M | |
| Net Income to Common Excl Extra Items | $10.4B | $5.3B | $9.2B | $10.3B | $11.8B | |
| Basic EPS (Cont. Ops) | $2.51 | $1.17 | $2.17 | $2.49 | $2.94 | |
| Diluted EPS (Cont. Ops) | $2.49 | $1.16 | $2.09 | $2.48 | $0.68 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $15.6B | $7.6B | $12.3B | $13.6B | -- | |
| Revenue (Reported) | $139.3B | $141B | $143.5B | $137.4B | $203.3B | |
| Operating Income (Reported) | -- | $13.7B | $15.2B | $11.8B | -- | |
| Operating Income (Adjusted) | $15.6B | $7.6B | $12.3B | $13.6B | -- | |
| Period Ending | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Revenue | $69.2B | $71.5B | $75.3B | $71.5B | $107.3B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $3.2B | -$636.1M | $60.4M | $1.9B | -$8.2B | |
| Operating Expenses | -$101.2M | -$7.8B | -$7.1B | -$13.8B | -$126.2M | |
| Operating Income | -- | $7.8B | $7.1B | $13.8B | -- | |
| Net Interest Expenses | $584.5M | $148.1M | $306.9M | $198.6M | -- | |
| EBT. Incl. Unusual Items | $8B | $4.2B | $6.4B | $7.5B | -- | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $1.9B | $1.3B | $1.4B | $1.8B | -- | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | -$300.1M | $243.7M | $300.6M | $329.7M | $367.1M | |
| Net Income to Common Excl Extra Items | $5.8B | $2.9B | $5B | $5.6B | $6.1B | |
| Basic EPS (Cont. Ops) | $1.40 | $0.65 | $1.18 | $1.34 | $1.53 | |
| Diluted EPS (Cont. Ops) | $1.40 | $0.65 | $1.10 | $1.34 | -- | |
| Weighted Average Basic Share | $4.1B | $8.2B | $8B | $7.8B | $7.7B | |
| Weighted Average Diluted Share | $4.1B | -- | $4B | $7.8B | $7.7B | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $8.6B | $4.2B | $6.4B | $7.5B | -- | |
| Revenue (Reported) | $69.2B | $71.5B | $75.3B | $71.5B | $107.3B | |
| Operating Income (Reported) | -- | $7.8B | $7.1B | $13.8B | -- | |
| Operating Income (Adjusted) | $8.6B | $4.2B | $6.4B | $7.5B | -- | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $24.3B | $27.5B | $24.4B | $32.3B | $32.8B | |
| Short Term Investments | $767B | -- | $584.3B | $619.8B | $598.2B | |
| Accounts Receivable, Net | $25.5B | -- | $7.6B | $8.8B | $8.4B | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | $3.2B | $1.1B | $1.2B | $871.1M | $883.4M | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $832.6B | $84.1B | $61.6B | $67.9B | $109.1B | |
| Property Plant And Equipment | $15.2B | $7.8B | $11.1B | $11.3B | $8.9B | |
| Long-Term Investments | $815.5B | $23.2B | $54.1B | $53B | $49.4B | |
| Goodwill | $16.6B | -- | $17.4B | $18.4B | $17.8B | |
| Other Intangibles | $2.6B | $20.6B | $2.3B | $2.2B | $2.1B | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $1.3T | $1.3T | $998.8B | $1.1T | $1.1T | |
| Accounts Payable | $11.9B | $14.3B | $12.6B | -- | -- | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $17.6B | $116.2B | $44.6B | $45.5B | $44.3B | |
| Long-Term Debt | $40.3B | $26.3B | $18.1B | $21.8B | $28.9B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $1.2T | $1.2T | $941.3B | $1T | $1T | |
| Common Stock | $1.4B | $1.3B | $1.2B | $1.3B | $1.2B | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | $99.4B | $85.6B | $52.9B | $59.3B | $57.3B | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $4.6B | $4.9B | $4.6B | $5.6B | $3.9B | |
| Total Equity | $104B | $90.4B | $57.5B | $65B | $61.3B | |
| Total Liabilities and Equity | $1.3T | $1.3T | $998.8B | $1.1T | $1.1T | |
| Cash and Short Terms | $791.3B | $27.5B | $605.9B | $643.7B | $623.9B | |
| Total Debt | $40.3B | $26.8B | $18.1B | $22.3B | $29.4B | |
| Period Ending | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $28.7B | $23.1B | $27.9B | $30.1B | $39.8B | |
| Short Term Investments | $739.3B | $556.6B | -- | $595.2B | $653.2B | |
| Accounts Receivable, Net | $28.3B | $28.1B | -- | $8.7B | $11.6B | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | $4.8B | $1.3B | -- | -- | $1.3B | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $812.6B | $76.6B | $56.1B | $64.9B | $89.4B | |
| Property Plant And Equipment | $14.6B | $10B | -- | $10.9B | $11.7B | |
| Long-Term Investments | $786.8B | $18.1B | -- | $23.3B | -- | |
| Goodwill | $16.2B | $16.9B | -- | $18.1B | $19.3B | |
| Other Intangibles | $2.2B | $2.9B | $20.3B | $2.3B | $2.2B | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $1.3T | $1T | $1T | $1.1T | $1.2T | |
| Accounts Payable | $13.1B | $12.8B | -- | -- | -- | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $19.1B | $101.4B | $36.2B | $49.3B | $13.4B | |
| Long-Term Debt | $37.4B | $18B | $26.7B | $22.1B | $34.8B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $1.2T | $976B | $985.9B | $1T | $1.1T | |
| Common Stock | $1.4B | $1.2B | $1.3B | $1.3B | $1.4B | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $4.4B | $4.1B | $4.9B | $3.5B | $3.9B | |
| Total Equity | $96.9B | $57.9B | $58.9B | $57.8B | $67.1B | |
| Total Liabilities and Equity | $1.3T | $1T | $1T | $1.1T | $1.2T | |
| Cash and Short Terms | $768B | $579.7B | $27.8B | $625.3B | $693B | |
| Total Debt | $37.4B | $18B | $26.7B | $27.7B | -- | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $8.1B | $8.4B | $7.2B | $9.8B | $11.4B | |
| Depreciation & Amoritzation | $2.6B | $3B | $2.3B | $2.5B | $2.3B | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $36.6B | $29.7B | $18.9B | $26.4B | $34.5B | |
| Capital Expenditures | $1.7B | $1.7B | $1.5B | $1.9B | $1.8B | |
| Cash Acquisitions | -$1.5B | $3.7B | $209.1M | $428.1M | $302.9M | |
| Cash From Investing | -$33B | -$23.4B | -$16B | -$13B | -$27.8B | |
| Dividends Paid (Ex Special Dividend) | -$4.7B | $4.7B | $5.1B | $5.3B | $6.2B | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $7.3B | $7.2B | $9.3B | $7.4B | $10B | |
| Long-Term Debt Repaid | -$5.3B | -$7.5B | -$6.8B | -$6.1B | -$6.6B | |
| Repurchase of Common Stock | -$76.5M | $1.2B | $1.4B | $2.4B | $1.6B | |
| Other Financing Activities | -$917M | -$1.4B | -$109.7M | $606.3M | $186.2M | |
| Cash From Financing | -$1.6B | -$4.5B | -$4.6B | -$6.2B | -$4.7B | |
| Beginning Cash (CF) | $24.5B | $27.5B | $24.4B | $32.3B | $32.8B | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $2B | $2.1B | -$1.4B | $6.8B | $2.5B | |
| Ending Cash (CF) | $25.6B | $29.9B | $23.3B | $38.5B | $35.7B | |
| Levered Free Cash Flow | $34.9B | $28B | $17.3B | $24.6B | $32.7B | |
| Period Ending | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| 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) | -- | $23.1B | $27.9B | $30.1B | $39.8B | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -- | -- | -- | -- | -- | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | -- | -- | -- | -- | -- | |
| Period Ending | 2012-09-30 | 2013-09-30 | 2014-09-30 | 2015-09-30 | 2016-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -- | -- | $8.8B | $7.9B | -- | |
| Depreciation & Amoritzation | -- | -- | $1.6B | $1.5B | -- | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -- | -- | $39.3B | $29.5B | -- | |
| Capital Expenditures | -- | $1.4B | $2.1B | $2.4B | $573.5M | |
| Cash Acquisitions | -- | -$938.5M | $82.8M | -$1.3B | -$223.9M | |
| Cash From Investing | -- | -- | -$40.7B | -$23.7B | -- | |
| Dividends Paid (Ex Special Dividend) | -- | -$3B | -$3.5B | -$3.8B | -$68.9M | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | -- | -- | $8.2B | $5.2B | -- | |
| Long-Term Debt Repaid | -- | -- | -$5.4B | -$5.1B | -- | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | -- | -- | -$246.7M | -$37.4M | -- | |
| Cash From Financing | -- | -- | -$930.7M | -$3.7B | -- | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -- | -- | -$2.3B | $2.1B | -- | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | -- | -- | $37.2B | $27.1B | -- | |
| Period Ending | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| 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) | -- | $50.4B | $54.6B | $60.7B | $39.8B | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -- | -- | -- | -- | -- | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | -- | -- | -- | -- | -- | |
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P/E Ratio: 64x
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P/E Ratio: 37x
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P/E Ratio: 39x
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