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 | $235.6M | $244.3M | $555.8M | $666.2M | $730.6M | |
| Revenue Growth (YoY) | 14.21% | 3.68% | 127.53% | 19.85% | 9.68% | |
| Cost of Revenues | $26.4M | $30.3M | $58.3M | $141.9M | $146.4M | |
| Gross Profit | $209.2M | $214M | $497.5M | $524.3M | $584.3M | |
| Gross Profit Margin | 88.81% | 87.6% | 89.51% | 78.71% | 79.97% | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $43.6M | $45.8M | $48.7M | $71.4M | -- | |
| Operating Expenses | $170.3M | $160.4M | $375.5M | $433.5M | $470.6M | |
| Operating Income | $39M | $53.6M | $122M | $90.8M | $113.7M | |
| Net Interest Expenses | $5.5M | $4.7M | $48.3M | -- | -- | |
| EBT. Incl. Unusual Items | $48.4M | $60.3M | $61.5M | $117.9M | $144.1M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $13.8M | $16.2M | $23.9M | $31.7M | $35.1M | |
| Net Income to Company | $62.5M | $72.4M | $61.6M | $109.9M | $139.6M | |
| Minority Interest in Earnings | $9.8M | $13.8M | $17.7M | $20.1M | $23M | |
| Net Income to Common Excl Extra Items | $62.5M | $72.4M | $61.6M | $109.9M | $139.6M | |
| Basic EPS (Cont. Ops) | $0.69 | $0.77 | $0.44 | $0.82 | $1.00 | |
| Diluted EPS (Cont. Ops) | $0.69 | $0.76 | $0.44 | $0.82 | $0.99 | |
| Weighted Average Basic Share | $75.8M | $76.5M | $99.8M | $109.1M | $116.6M | |
| Weighted Average Diluted Share | $76.1M | $76.8M | $100.3M | $109.8M | $117.5M | |
| EBITDA | $54.6M | $70.7M | $162.7M | $144M | $175.9M | |
| EBIT | $39M | $53.6M | $122M | $90.8M | $113.7M | |
| Revenue (Reported) | $235.6M | $244.3M | $555.8M | $666.2M | $730.6M | |
| Operating Income (Reported) | $39M | $53.6M | $122M | $90.8M | $113.7M | |
| Operating Income (Adjusted) | $39M | $53.6M | $122M | $90.8M | $113.7M | |
| 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 | |
|---|---|---|---|---|---|---|
| Revenue | $237.4M | $244.1M | $556.4M | $666.3M | $729.6M | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | $22.8M | $35M | $105.2M | $141.9M | $146.2M | |
| Gross Profit | $214.6M | $209.1M | $451.2M | $524.4M | $583.4M | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $44.2M | $45.6M | $48M | $71M | -- | |
| Operating Expenses | $169.2M | $160.4M | $375.8M | $433.5M | $470.5M | |
| Operating Income | $45.4M | $48.8M | $75.4M | $90.9M | $112.9M | |
| Net Interest Expenses | $5.5M | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | $48.3M | $60.1M | $63.2M | $118M | $142.2M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $13.6M | $16.2M | $24.2M | $31.7M | $35M | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | $9.8M | $13.8M | $17.8M | $20.1M | $22.9M | |
| Net Income to Common Excl Extra Items | $62.6M | $72.3M | $63.1M | $110M | $137.9M | |
| Basic EPS (Cont. Ops) | $0.70 | $0.76 | $0.42 | $0.82 | $0.99 | |
| Diluted EPS (Cont. Ops) | $0.69 | $0.76 | $0.42 | $0.82 | $0.98 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | $54.7M | $65.8M | $114.5M | $144.1M | $175M | |
| EBIT | $45.4M | $48.8M | $75.4M | $90.9M | $112.9M | |
| Revenue (Reported) | $237.4M | $244.1M | $556.4M | $666.3M | $729.6M | |
| Operating Income (Reported) | $45.4M | $48.8M | $75.4M | $90.9M | $112.9M | |
| Operating Income (Adjusted) | $45.4M | $48.8M | $75.4M | $90.9M | $112.9M | |
| Period Ending | 2022-12-25 | 2023-12-25 | 2024-12-25 | 2025-12-25 | 2026-12-25 | |
|---|---|---|---|---|---|---|
| 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 | $212.4M | $408.1M | $797.8M | $859.8M | $880.8M | |
| Short Term Investments | $416.2K | $701.7K | $1.2M | $766.7K | -- | |
| Accounts Receivable, Net | $16.5M | $81M | $207.2M | $22M | -- | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | -- | -- | -- | $30.4M | -- | |
| Other Current Assets | $785.2K | $1.3M | $16.9M | $10.2M | -- | |
| Total Current Assets | $260.9M | $490.3M | $1B | $1.1B | $1.1B | |
| Property Plant And Equipment | $22.6M | $20.8M | $55.4M | $56.3M | $59.3M | |
| Long-Term Investments | $210.7M | $178.3M | $178.7M | $183.9M | $213.8M | |
| Goodwill | $312.7M | $385.1M | $955.5M | $1B | -- | |
| Other Intangibles | $40.1M | $43.1M | $339.8M | $335M | -- | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $860.4M | $1.1B | $2.6B | $2.7B | $3.1B | |
| Accounts Payable | $21.1M | $29M | $35.6M | $54.9M | -- | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | $8.1M | $6.2M | $13.1M | $4.1M | -- | |
| Current Portion Of Capital Lease Obligations | $6.4M | $5.6M | $9.8M | $9.5M | -- | |
| Other Current Liabilities | -- | -- | $23.9M | $106.2M | -- | |
| Total Current Liabilities | $225M | $337.1M | $920.3M | $914.2M | $973M | |
| Long-Term Debt | $164.3M | $39.6M | $417.1M | $470.4M | $610.8M | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $411.3M | $442M | $1.6B | $1.5B | $1.7B | |
| Common Stock | $200.2M | $418.4M | $629.5M | $762.3M | $764.3M | |
| Other Common Equity Adj | $2.3M | $8.2M | $20M | $11.3M | -- | |
| Common Equity | $359.4M | $587.6M | $851.9M | $1B | $1.1B | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $89.7M | $98.5M | $155.4M | $158.2M | $250.4M | |
| Total Equity | $449.2M | $686.1M | $1B | $1.2B | $1.4B | |
| Total Liabilities and Equity | $860.4M | $1.1B | $2.6B | $2.7B | $3.1B | |
| Cash and Short Terms | $212.4M | $408.1M | $797.8M | $859.8M | $880.8M | |
| Total Debt | $178.1M | $51M | $440.1M | $484M | $627.9M | |
| Period Ending | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $211.7M | $407.6M | $792.1M | $859.8M | -- | |
| Short Term Investments | $416.2K | $701.7K | $1.2M | $766.7K | -- | |
| Accounts Receivable, Net | $16.5M | $81M | $207.2M | $22M | -- | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | -- | -- | -- | $30.4M | -- | |
| Other Current Assets | $785.2K | $1.3M | $16.9M | $10.2M | -- | |
| Total Current Assets | $261.1M | $490.5M | $1B | $1.1B | -- | |
| Property Plant And Equipment | $22.7M | $20.8M | $55.1M | $56.4M | -- | |
| Long-Term Investments | $210.9M | $178.4M | $177.7M | $182.7M | -- | |
| Goodwill | $312.7M | $385.1M | $955.5M | $1B | -- | |
| Other Intangibles | $40.1M | $43.1M | $339.8M | $335M | -- | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $861.1M | $1.1B | $2.6B | $2.7B | -- | |
| Accounts Payable | $21.1M | $29M | $35.6M | $54.9M | -- | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | $8.1M | $6.2M | $13.1M | $4.1M | -- | |
| Current Portion Of Capital Lease Obligations | $6.4M | $5.6M | $9.8M | $9.5M | -- | |
| Other Current Liabilities | -- | -- | $23.9M | $106.2M | -- | |
| Total Current Liabilities | $225.2M | $337.2M | $915.2M | $915M | -- | |
| Long-Term Debt | $150.5M | $26.6M | $373.6M | $427.7M | -- | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $412M | $442.4M | $1.6B | $1.5B | -- | |
| Common Stock | $200.4M | $418.6M | $626M | $762.9M | -- | |
| Other Common Equity Adj | $2.3M | $8.2M | $20M | $11.3M | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $89.8M | $98.5M | $154.6M | $158.3M | -- | |
| Total Equity | $449.5M | $686.3M | $1B | $1.2B | -- | |
| Total Liabilities and Equity | $861.5M | $1.1B | $2.6B | $2.7B | -- | |
| Cash and Short Terms | $212.2M | $408.3M | $793.3M | $860.5M | -- | |
| Total Debt | -- | -- | -- | -- | -- | |
| Period Ending | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $62.5M | $72.4M | $61.6M | $109.9M | $139.6M | |
| Depreciation & Amoritzation | $15.7M | $14.8M | $37.2M | $47.8M | $54.5M | |
| Stock-Based Compensation | $839.9K | $1.7M | $7.1M | $5.7M | $12.2M | |
| Change in Accounts Receivable | -$2.3M | -$5.4M | -$31.4M | $30.8M | $29.6M | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $84M | $69.3M | $136M | $53.7M | $250.3M | |
| Capital Expenditures | $521.4K | $1.6M | $503.8K | $4.2M | $3M | |
| Cash Acquisitions | $11.7M | $379.3K | $110.7M | $34.4M | $98.7M | |
| Cash From Investing | $17.3M | $85.9M | -$92.1M | -$54.3M | -$236.9M | |
| Dividends Paid (Ex Special Dividend) | $34.8M | $30.2M | $35.3M | $47.6M | $63.4M | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $38.5M | $23.3M | $477.2M | $63.8M | -- | |
| Long-Term Debt Repaid | -$46.1M | -$151.1M | -$120.3M | -$23.9M | -- | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | -$26.7M | -$12.7M | -$64M | -$10.6M | -- | |
| Cash From Financing | -$72.3M | $71.6M | $335.4M | $58.5M | $22.4M | |
| Beginning Cash (CF) | $211.6M | $407.4M | $796.6M | $859.1M | $879.9M | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $29M | $226.8M | $379.4M | $57.9M | $35.9M | |
| Ending Cash (CF) | $240.5M | $634.2M | $1.2B | $917M | $915.8M | |
| Levered Free Cash Flow | $83.5M | $67.7M | $135.5M | $49.5M | $247.3M | |
| Period Ending | 2021-12-25 | 2022-12-25 | 2023-12-25 | 2024-12-25 | ||
|---|---|---|---|---|---|---|
| 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 | -- | -- | -- | -- | -- | |
| Depreciation & Amoritzation | -- | -- | -- | -- | -- | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $85.3M | $69M | $136.3M | $54.1M | $245.2M | |
| Capital Expenditures | $414.4K | $1.6M | $497K | $4.2M | $2.9M | |
| Cash Acquisitions | $11.3M | $580.7K | $110.4M | $34.4M | $96.7M | |
| Cash From Investing | $18.8M | $84.9M | -$91.7M | -$54.2M | -$232M | |
| Dividends Paid (Ex Special Dividend) | $34.3M | $30.3M | $35.2M | $47.5M | $62.1M | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $38.1M | $23.4M | $466.7M | $63.1M | -- | |
| Long-Term Debt Repaid | -$47.2M | -$148.9M | -$119.4M | -$23.7M | -- | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | -$27.3M | -$12.5M | -$62.4M | -$10.2M | -- | |
| Cash From Financing | -$73.3M | $70.8M | $334M | $58.9M | $22M | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $30.8M | $224.7M | $378.6M | $58.8M | $35.1M | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | $84.8M | $67.4M | $135.8M | $49.9M | $242.3M | |
| Period Ending | 2022-12-25 | 2023-12-25 | 2024-12-25 | 2025-12-25 | 2026-12-25 | |
|---|---|---|---|---|---|---|
| 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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P/E Ratio: 64x
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P/E Ratio: 37x
Market Cap: $3.8T
P/E Ratio: 39x
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