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 | $13B | $14.1B | $14.8B | $14.7B | $15B | |
| Revenue Growth (YoY) | 8.97% | 9.09% | 4.84% | -1.12% | 2.62% | |
| Cost of Revenues | $11.2B | $12.3B | $12.8B | $12.6B | $12.8B | |
| Gross Profit | $1.8B | $1.8B | $2B | $2.1B | $2.3B | |
| Gross Profit Margin | 13.63% | 12.74% | 13.47% | 14.37% | 15.2% | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | $878.4M | $923.8M | $1.1B | $1.1B | $1.2B | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | $898.8M | $917.3M | $1.1B | $1.1B | $1.2B | |
| Operating Income | $867.8M | $884.5M | $928.6M | $999.3M | $1B | |
| Net Interest Expenses | $87.7M | $86.1M | $100.3M | $171.4M | $208.4M | |
| EBT. Incl. Unusual Items | $712.6M | $782.1M | $781.7M | $868.4M | $860.7M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $161.2M | $173.2M | $197.3M | $214.3M | $220.6M | |
| Net Income to Company | $712.6M | $782.1M | $781.7M | $868.4M | $860.7M | |
| Minority Interest in Earnings | -- | -- | -- | -- | $766.7K | |
| Net Income to Common Excl Extra Items | $551.4M | $609M | $584.4M | $654.1M | $640.2M | |
| Basic EPS (Cont. Ops) | $1.65 | $1.82 | $1.75 | $1.95 | $1.91 | |
| Diluted EPS (Cont. Ops) | $1.65 | $1.81 | $1.73 | $1.94 | $1.90 | |
| Weighted Average Basic Share | $333.8M | $333.8M | $334.7M | $335M | $334.4M | |
| Weighted Average Diluted Share | $335.1M | $336M | $337.2M | $337.2M | $336.5M | |
| EBITDA | $1.2B | $1.3B | $1.3B | $1.4B | $1.5B | |
| EBIT | $867.8M | $884.5M | $928.6M | $999.3M | $1B | |
| Revenue (Reported) | $13B | $14.1B | $14.8B | $14.7B | $15B | |
| Operating Income (Reported) | $867.8M | $884.5M | $928.6M | $999.3M | $1B | |
| Operating Income (Adjusted) | $867.8M | $884.5M | $928.6M | $999.3M | $1B | |
| Period Ending | 1998-12-31 | 1999-12-31 | 2000-12-31 | 2001-12-31 | 2002-12-31 | |
|---|---|---|---|---|---|---|
| Revenue | -- | -- | -- | -- | -- | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | $3.2B | $2.4B | $8.8B | |
| Other Inc / (Exp) | -- | -- | $3B | $8.3B | $10.5B | |
| Operating Expenses | -- | -- | $3.5B | $9.2B | $8.7B | |
| Operating Income | -- | -- | -- | -- | -- | |
| Net Interest Expenses | -- | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | -- | -- | $1.3B | $10.7B | $9.5B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | -- | -- | -- | -- | -- | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | -- | -- | $1.8B | $381M | $913.7M | |
| Basic EPS (Cont. Ops) | -- | -- | -- | -- | -- | |
| Diluted EPS (Cont. Ops) | -- | -- | -- | -- | -- | |
| Weighted Average Basic Share | -- | -- | -- | -- | -- | |
| Weighted Average Diluted Share | -- | -- | $1.6B | $1.5B | $1.5B | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | -- | -- | $1.3B | $10.7B | $9.5B | |
| Revenue (Reported) | -- | -- | -- | -- | -- | |
| Operating Income (Reported) | -- | -- | -- | -- | -- | |
| Operating Income (Adjusted) | -- | -- | $1.3B | $10.7B | $9.5B | |
| Period Ending | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Revenue | $13.6B | $14.7B | $14.8B | $14.6B | $15.3B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | -$865.1M | -$859.5M | -$883M | -$980.1M | -$970.1M | |
| Operating Income | $865.1M | $859.5M | $883M | $980.1M | $970.1M | |
| Net Interest Expenses | $85M | $84.8M | $133.2M | $190.7M | $222.4M | |
| EBT. Incl. Unusual Items | $788M | $783.7M | $788M | $831.4M | $833.1M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $175.8M | $180.6M | $198.6M | $218M | $206.8M | |
| Net Income to Company | $788M | $783.7M | $788M | $831.4M | $840.4M | |
| Minority Interest in Earnings | -- | -- | -- | -- | $1M | |
| Net Income to Common Excl Extra Items | $612.3M | $603.1M | $589.4M | $613.4M | $626.3M | |
| Basic EPS (Cont. Ops) | $1.83 | $1.80 | $1.76 | $1.83 | $1.89 | |
| Diluted EPS (Cont. Ops) | $1.83 | $1.79 | $1.75 | $1.82 | $1.88 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | $1.2B | $1.2B | $1.3B | $1.4B | $1.5B | |
| EBIT | $865.1M | $859.5M | $883M | $980.1M | $970.1M | |
| Revenue (Reported) | $13.6B | $14.7B | $14.8B | $14.6B | $15.3B | |
| Operating Income (Reported) | $865.1M | $859.5M | $883M | $980.1M | $970.1M | |
| Operating Income (Adjusted) | $865.1M | $859.5M | $883M | $980.1M | $970.1M | |
| 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 | $1.3B | $1.1B | $1.8B | $1.8B | $1.8B | |
| Short Term Investments | -- | -- | -- | -- | -- | |
| Accounts Receivable, Net | $1.6B | $1.6B | $1.5B | $1.6B | $1.6B | |
| Inventory | $2B | $2B | $2.1B | $2.1B | $2.2B | |
| Prepaid Expenses | $131.4M | $117.6M | $105.7M | $107.6M | $115.7M | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $5.2B | $5B | $5.8B | $5.9B | $6.1B | |
| Property Plant And Equipment | $787.5M | $771M | $802.1M | $988.9M | $1.1B | |
| Long-Term Investments | $23.2M | $9.3M | -- | $127.5K | -- | |
| Goodwill | $2B | $2.3B | $2.3B | $2.6B | $2.9B | |
| Other Intangibles | $1.3B | $1.4B | $1.4B | $1.6B | $1.8B | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $9.4B | $9.7B | $10.6B | $11.4B | $12.2B | |
| Accounts Payable | $1.5B | $1.6B | $1.7B | $1.6B | $1.7B | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | $175.9M | $174.2M | $176.6M | $193.8M | $226.4M | |
| Other Current Liabilities | $41.3M | $62.8M | $50.8M | $41.1M | $54.7M | |
| Total Current Liabilities | $3.6B | $3.8B | $4.2B | $4.2B | $5.2B | |
| Long-Term Debt | $2.7B | $2.4B | $2.4B | $2.5B | $2.4B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $6.8B | $6.8B | $7.4B | $7.6B | $8.7B | |
| Common Stock | $148M | $146.8M | $130.5M | $138.4M | $133.3M | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | $2.6B | $3B | $3.3B | $3.8B | $3.5B | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | -- | -- | -- | -- | $4.1M | |
| Total Equity | $2.6B | $3B | $3.3B | $3.8B | $3.5B | |
| Total Liabilities and Equity | $9.4B | $9.7B | $10.6B | $11.4B | $12.2B | |
| Cash and Short Terms | $1.3B | $1.1B | $1.8B | $1.8B | $1.8B | |
| Total Debt | $3B | $2.8B | $2.8B | $2.8B | $3.4B | |
| Period Ending | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $1.3B | $1.3B | $1.9B | $1.7B | -- | |
| Short Term Investments | -- | -- | -- | -- | -- | |
| Accounts Receivable, Net | $1.8B | $1.9B | $2B | $2.1B | -- | |
| Inventory | $2B | $2.2B | $1.9B | $2.1B | -- | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $5.1B | $5.4B | $5.9B | $6B | -- | |
| Property Plant And Equipment | $797.6M | $736.1M | $903.1M | $1.2B | -- | |
| Long-Term Investments | -- | -- | -- | -- | -- | |
| Goodwill | $2.1B | $2.2B | $2.4B | $2.8B | -- | |
| Other Intangibles | $1.3B | $1.4B | $1.4B | $1.8B | -- | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $9.4B | $9.8B | $10.6B | $11.8B | -- | |
| Accounts Payable | $2.7B | $2.8B | $2.8B | $2.9B | -- | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | $182M | $166M | $186.3M | $226.5M | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $3.8B | $4.4B | $4.4B | $5.2B | -- | |
| Long-Term Debt | $2B | $1.6B | $1.7B | $1.4B | -- | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $6.7B | $6.9B | $7.3B | $8.2B | -- | |
| Common Stock | $150M | $131.6M | $137M | $137.5M | -- | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | -- | -- | -- | -- | -- | |
| Total Equity | $2.7B | $2.9B | $3.3B | $3.6B | -- | |
| Total Liabilities and Equity | $9.4B | $9.8B | $10.6B | $11.8B | -- | |
| Cash and Short Terms | $1.3B | $1.3B | $1.9B | $1.7B | -- | |
| Total Debt | -- | -- | -- | -- | -- | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $712.6M | $782.1M | $781.7M | $868.4M | $860.7M | |
| Depreciation & Amoritzation | $348.9M | $381.9M | $391.6M | $426.1M | $490.8M | |
| Stock-Based Compensation | $19.1M | $17.5M | $17.4M | $19.1M | $22M | |
| Change in Accounts Receivable | -$103.9M | -$14.7M | -$16M | -$12.3M | $894.5K | |
| Change in Inventories | -$246.9M | -$45.2M | -$146.2M | $134.4M | -$120.5M | |
| Cash From Operations | $960.1M | $960.4M | $1.1B | $1.1B | $1.1B | |
| Capital Expenditures | $42.4M | $45M | $57.5M | $72.5M | $69.5M | |
| Cash Acquisitions | $465.8M | $600.6M | $300.1M | $419.8M | $812.9M | |
| Cash From Investing | -$506.7M | -$641.9M | -$294.9M | -$489.6M | -$856.8M | |
| Dividends Paid (Ex Special Dividend) | $219.9M | $248.1M | $234.7M | $260.7M | $292.1M | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $570.5M | $19.9M | $429M | -- | $717.9M | |
| Long-Term Debt Repaid | -$171.3M | -$185.6M | -$163.2M | -$198.5M | -$169.9M | |
| Repurchase of Common Stock | $63M | $47M | $91.2M | $95M | $412.6M | |
| Other Financing Activities | -$47.6M | $34.4M | -$106.7M | $26.9M | $30.9M | |
| Cash From Financing | -$84.1M | -$571M | -$331.5M | -$695.2M | -$325.2M | |
| Beginning Cash (CF) | $1.3B | $1.1B | $1.8B | $1.8B | $1.8B | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $370.5M | -$281.1M | $557.8M | -$156.9M | -$136.6M | |
| Ending Cash (CF) | $1.7B | $742.6M | $2.4B | $1.6B | $1.6B | |
| Levered Free Cash Flow | $917.7M | $915.4M | $1.1B | $985.1M | $1B | |
| 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 | $788M | $783.7M | $788M | $831.4M | $840.4M | |
| Depreciation & Amoritzation | $369.3M | $387.2M | $402M | $451.6M | $524.7M | |
| Stock-Based Compensation | $19.8M | $16.7M | $18.2M | $20.5M | $24M | |
| Change in Accounts Receivable | $47.6M | -$186.3M | -$65.4M | $48M | $5.4M | |
| Change in Inventories | -$222.5M | -$217.3M | $298.5M | -$24.1M | -$105.8M | |
| Cash From Operations | $956.4M | $948.8M | $1.1B | $1.1B | $1.1B | |
| Capital Expenditures | $46M | $48.4M | $63.8M | $72.2M | $83.2M | |
| Cash Acquisitions | $513.4M | $572.5M | $288.8M | $856.3M | $329.7M | |
| Cash From Investing | -$557.6M | -$617M | -$293M | -$917.1M | -$373.5M | |
| Dividends Paid (Ex Special Dividend) | $229.8M | $244.3M | $231.3M | $267.4M | $304.4M | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $500.1M | $52.9M | $382.7M | $180.4M | -- | |
| Long-Term Debt Repaid | -$216.4M | -$96.6M | -$269.3M | -$165.7M | -- | |
| Repurchase of Common Stock | $111.6M | $95.9M | $94.2M | $95.1M | $534.6M | |
| Other Financing Activities | $2.2M | -$21.2M | -$55.2M | $22.8M | -- | |
| Cash From Financing | -$210.6M | -$544.1M | -$420.4M | -$517M | -$667.9M | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $159M | -$179.9M | $424.3M | -$346.7M | -$31.6M | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | $910.5M | $900.3M | $1.1B | $1B | $969.9M | |
| 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: 39x
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