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 | $24.7B | $26.8B | $26.2B | $28.7B | $33.6B | |
| Revenue Growth (YoY) | 5.86% | 8.61% | -2.47% | 9.56% | 17.2% | |
| Cost of Revenues | $18.1B | $19.7B | $18.9B | $20.8B | $24.8B | |
| Gross Profit | $6.6B | $7.1B | $7.3B | $7.9B | $8.8B | |
| Gross Profit Margin | 26.67% | 26.6% | 27.78% | 27.44% | 26.19% | |
| R&D Expenses | $282.1M | $339.7M | $326.4M | $330.7M | $446M | |
| Selling, General & Admin | $4.5B | $4.7B | $4.8B | $5.2B | $5.9B | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | $4.4B | $4.6B | $4.7B | $5.1B | $5.8B | |
| Operating Income | $2.2B | $2.6B | $2.5B | $2.8B | $3B | |
| Net Interest Expenses | $312.9M | $346.6M | $336.3M | $438.8M | $714.3M | |
| EBT. Incl. Unusual Items | $1.9B | $2.7B | $2.2B | $2.6B | $2.7B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $252.6M | $250.3M | $344.9M | $413.9M | $314.3M | |
| Net Income to Company | $1.8B | $2.6B | $2.1B | $2.4B | $2.6B | |
| Minority Interest in Earnings | $92.3M | $211.8M | $102.2M | $103.2M | $108.6M | |
| Net Income to Common Excl Extra Items | $1.8B | $2.6B | $2.1B | $2.4B | $2.6B | |
| Basic EPS (Cont. Ops) | $2.09 | $3.03 | $2.52 | $3.05 | $3.32 | |
| Diluted EPS (Cont. Ops) | $2.08 | $3.01 | $2.49 | $3.01 | $3.27 | |
| Weighted Average Basic Share | $797.8M | $796.8M | $778M | $757.8M | $753.3M | |
| Weighted Average Diluted Share | $802.5M | $802.8M | $788.3M | $768M | $763.3M | |
| EBITDA | $3B | $3.5B | $3.5B | $3.8B | $4.4B | |
| EBIT | $2.2B | $2.6B | $2.5B | $2.8B | $3B | |
| Revenue (Reported) | $24.7B | $26.8B | $26.2B | $28.7B | $33.6B | |
| Operating Income (Reported) | $2.2B | $2.6B | $2.5B | $2.8B | $3B | |
| Operating Income (Adjusted) | $2.2B | $2.6B | $2.5B | $2.8B | $3B | |
| Period Ending | 2009-12-31 | 2010-12-31 | 2011-12-31 | 2012-12-31 | 2013-12-31 | |
|---|---|---|---|---|---|---|
| Revenue | -- | -- | -- | -- | -- | |
| Revenue Growth (YoY) | 30.9% | -7.03% | -4.24% | -16.59% | 3% | |
| 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 | $26.2B | $26.5B | $27.1B | $30.9B | $35.5B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | $23.8B | $24.1B | $24.5B | $28.2B | $32.5B | |
| Gross Profit | $2.3B | $2.4B | $2.6B | $2.7B | $3B | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | -- | -- | -- | -- | -- | |
| Operating Income | $2.3B | $2.4B | $2.6B | $2.7B | $3B | |
| Net Interest Expenses | $305.5M | $301.5M | $275.7M | $480.5M | $720.5M | |
| EBT. Incl. Unusual Items | $2.7B | $2.1B | $2.7B | $2.6B | $2.7B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $192.1M | $374.1M | $452.9M | $463.2M | $380.5M | |
| Net Income to Company | $2.6B | $1.9B | $2.4B | $2.4B | $2.7B | |
| Minority Interest in Earnings | $200.4M | $112.3M | $109.2M | $104.5M | $112.5M | |
| Net Income to Common Excl Extra Items | $2.6B | $1.9B | $2.4B | $2.4B | $2.7B | |
| Basic EPS (Cont. Ops) | $2.98 | $2.32 | $3.05 | $3.07 | $3.40 | |
| Diluted EPS (Cont. Ops) | $2.97 | $2.30 | $3.00 | $3.03 | $3.37 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | $3.3B | $3.4B | $3.5B | $3.8B | $4.5B | |
| EBIT | $2.3B | $2.4B | $2.6B | $2.7B | $3B | |
| Revenue (Reported) | $26.2B | $26.5B | $27.1B | $30.9B | $35.5B | |
| Operating Income (Reported) | $2.3B | $2.4B | $2.6B | $2.7B | $3B | |
| Operating Income (Adjusted) | $2.3B | $2.4B | $2.6B | $2.7B | $3B | |
| 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 | $4B | $4.2B | $4B | $5.4B | $4.5B | |
| Short Term Investments | -- | -- | -- | -- | $266M | |
| Accounts Receivable, Net | $5.7B | $5B | $6B | $5.8B | $6.4B | |
| Inventory | $1.2B | $1.1B | $1.2B | $1.5B | $1.7B | |
| Prepaid Expenses | $883M | $601.4M | $612.3M | $1.2B | $1.3B | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $12.9B | $11.9B | $12.8B | $15B | $14.7B | |
| Property Plant And Equipment | $5.1B | $5.3B | $5.6B | $6.3B | $8.3B | |
| Long-Term Investments | $1.8B | $2B | $2B | $1.6B | $1.8B | |
| Goodwill | $14.8B | $14.7B | $14.3B | $14.5B | $16.7B | |
| Other Intangibles | $1.2B | $1.1B | $998.4M | $908.3M | $3.7B | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $38.2B | $36.8B | $37.8B | $40.9B | $47.8B | |
| Accounts Payable | $952.8M | $944.1M | $1B | $1.1B | $1.4B | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | $321.6M | $286.1M | $291.7M | $187.3M | $229.6M | |
| Other Current Liabilities | -- | -- | $47.2M | $53.5M | $62.7M | |
| Total Current Liabilities | $12.8B | $11.8B | $11.8B | $14B | $15.5B | |
| Long-Term Debt | $8.2B | $7.7B | $7.9B | $7.3B | $11.7B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $30.5B | $25.3B | $22.9B | $25.7B | $31.3B | |
| Common Stock | $118.9M | $115.1M | $98.6M | $103.3M | $100.2M | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | $6.3B | $10.1B | $13.5B | $13.5B | $14.9B | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $380M | $314.2M | $222.5M | $209.1M | $201.6M | |
| Total Equity | $6.7B | $10.4B | $13.7B | $13.7B | $14.7B | |
| Total Liabilities and Equity | $37.3B | $35.7B | $36.6B | $39.4B | $46.1B | |
| Cash and Short Terms | $4B | $4.2B | $4B | $5.4B | $4.5B | |
| Total Debt | $8.5B | $8B | $8.2B | $7.5B | $12B | |
| Period Ending | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $3.6B | $2.4B | $4B | $3.6B | $3B | |
| Short Term Investments | $269.9M | $429.4M | $256M | $201.1M | $399.2M | |
| Accounts Receivable, Net | $3.9B | $7.2B | $8B | $9B | $4.3B | |
| Inventory | $1.2B | $1.2B | $1.3B | $1.7B | $1.9B | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $12.9B | $11.3B | $13.8B | $14.6B | $15.3B | |
| Property Plant And Equipment | $5.1B | $5.5B | $5.9B | $7.9B | $8.8B | |
| Long-Term Investments | -- | -- | -- | -- | -- | |
| Goodwill | -- | -- | -- | -- | $17.2B | |
| Other Intangibles | -- | -- | -- | -- | $3.6B | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $37.7B | $36.3B | $39.1B | $47.1B | $49.4B | |
| Accounts Payable | $6.9B | $5.9B | $6.2B | $7.1B | $8.4B | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | $282.3M | $271.7M | $249.7M | $290.9M | $237.3M | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $12.8B | $10.6B | $12.9B | $14.2B | $16B | |
| Long-Term Debt | $6.2B | $6.2B | $6.4B | $10.4B | $9.7B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $27.8B | $22.3B | $25.4B | $32.6B | $34.3B | |
| Common Stock | $120.4M | $101.9M | $102.2M | $101.2M | $109.7M | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $292M | $270.5M | $256M | $255.5M | $238.7M | |
| Total Equity | $9.9B | $14B | $13.6B | $14.5B | $15.1B | |
| Total Liabilities and Equity | $37.7B | $36.3B | $39.1B | $47.1B | $49.4B | |
| Cash and Short Terms | $3.9B | $2.8B | $4.3B | $3.8B | $3.4B | |
| Total Debt | -- | -- | -- | -- | -- | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $1.8B | $2.6B | $2.1B | $2.4B | $2.6B | |
| Depreciation & Amoritzation | $854M | $960M | $941.1M | $972.1M | $1.4B | |
| Stock-Based Compensation | $94.9M | $126.5M | $124.4M | $136.7M | $184M | |
| Change in Accounts Receivable | -- | $838.9M | -$1.3B | -$356.8M | -$154.6M | |
| Change in Inventories | $30.8M | $74.3M | -$114.6M | -$277.2M | -$184M | |
| Cash From Operations | $1.3B | $3.1B | $3.3B | $4.6B | $4.7B | |
| Capital Expenditures | $611.7M | $635.4M | $853.6M | $1.2B | $1.5B | |
| Cash Acquisitions | $2.2B | $41.3M | $199.5M | $17.4M | $6.1B | |
| Cash From Investing | -$2.7B | -$19.3M | -$675M | -$995.7M | -$7.1B | |
| Dividends Paid (Ex Special Dividend) | $956.6M | $1.1B | $987.9M | $1.1B | $1.2B | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $3.4B | -- | -- | $201.6M | $8.9B | |
| Long-Term Debt Repaid | -$649.4M | -$504.9M | -$495.3M | -- | -$4.8B | |
| Repurchase of Common Stock | -- | $506.1M | $970.6M | $697.4M | $709.2M | |
| Other Financing Activities | $52.6M | -$107.3M | $406.2M | -$243.9M | -$166.1M | |
| Cash From Financing | $1.5B | -$2.7B | -$2.5B | -$2.3B | $1.6B | |
| Beginning Cash (CF) | $3.8B | $4B | $3.7B | $5.2B | $4.2B | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $105.2M | $368.6M | $234M | $1.2B | -$880.4M | |
| Ending Cash (CF) | $3.9B | $4.3B | $4.1B | $6.3B | $3.3B | |
| Levered Free Cash Flow | $651.4M | $2.5B | $2.5B | $3.4B | $3.2B | |
| 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 | $2.6B | $1.9B | $2.4B | $2.4B | $2.7B | |
| Depreciation & Amoritzation | $944.7M | $951M | $905.2M | $1.1B | $1.5B | |
| Stock-Based Compensation | $119.8M | $126.6M | $121.8M | $152.1M | $208.6M | |
| Change in Accounts Receivable | -$208.7M | $200.8M | -$935.5M | -$488.2M | -$674.5M | |
| Change in Inventories | $85.9M | $13.8M | -$153.9M | -$353.9M | -$127.8M | |
| Cash From Operations | $3B | $3B | $4.4B | $3.7B | $4B | |
| Capital Expenditures | $625.3M | $638.4M | $1B | $1.3B | $1.5B | |
| Cash Acquisitions | $2B | $230M | -$16.1M | $5.8B | $433M | |
| Cash From Investing | -$1.8B | -$879M | -$551.9M | -$6.7B | -$1.7B | |
| Dividends Paid (Ex Special Dividend) | $1.6B | $1B | $946M | $1.2B | $1.3B | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | -- | -- | $207.8M | $8.7B | -- | |
| Long-Term Debt Repaid | -- | -$997.6M | -- | -$4B | -$801.5M | |
| Repurchase of Common Stock | -- | $670M | $1.2B | $555.5M | $694.6M | |
| Other Financing Activities | -$140.4M | $107.6M | $32.1M | -$48.9M | -$28.9M | |
| Cash From Financing | -$966.1M | -$3B | -$2.3B | $2.5B | -$3.1B | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $130.3M | -$805.5M | $1.6B | -$480M | -$914.5M | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | $2.4B | $2.3B | $3.4B | $2.3B | $2.5B | |
| 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
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P/E Ratio: 39x
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