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 | $657M | $665M | $378.7M | $1.8B | $2.2B | |
| Revenue Growth (YoY) | -77.39% | 91.63% | -43.05% | 368.01% | 26.64% | |
| Cost of Revenues | $723.5M | $739.6M | $692M | $847.1M | $984.5M | |
| Gross Profit | -$66.5M | -$74.7M | -$313.3M | $925.2M | $1.3B | |
| Gross Profit Margin | -10.13% | -11.23% | -82.74% | 52.2% | 56.14% | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | $26.8M | $208.9M | $139.6M | $336.6M | $457.4M | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | $464.7M | $225M | $146.1M | $341.6M | $463.9M | |
| Operating Income | -$531.3M | -$299.7M | -$459.4M | $583.6M | $796M | |
| Net Interest Expenses | $143M | $178M | $212.7M | $244.4M | $212.3M | |
| EBT. Incl. Unusual Items | -$669.3M | -$492.5M | -$666.1M | $343M | $597.7M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $1.3M | $2.4M | $2M | $6M | $7.7M | |
| Net Income to Company | -$669.3M | -$492.5M | -$666.1M | $343M | $597.7M | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | -$670.6M | -$494.9M | -$668.1M | $337M | $590M | |
| Basic EPS (Cont. Ops) | -$0.18 | -$0.13 | -$0.18 | $0.09 | $0.16 | |
| Diluted EPS (Cont. Ops) | -$0.18 | -$0.13 | -$0.18 | $0.09 | $0.15 | |
| Weighted Average Basic Share | $3.8B | $3.8B | $3.8B | $3.8B | $3.8B | |
| Weighted Average Diluted Share | $3.8B | $3.8B | $3.8B | $3.8B | $3.8B | |
| EBITDA | -$218.4M | -$22.1M | -$199.7M | $824.5M | $1B | |
| EBIT | -$536.5M | -$299.7M | -$459.4M | $583.6M | $796M | |
| Revenue (Reported) | $657M | $665M | $378.7M | $1.8B | $2.2B | |
| Operating Income (Reported) | -$531.3M | -$299.7M | -$459.4M | $583.6M | $796M | |
| Operating Income (Adjusted) | -$536.5M | -$299.7M | -$459.4M | $583.6M | $796M | |
| Period Ending | 2011-03-31 | 2012-03-31 | 2013-03-31 | 2014-03-31 | 2015-03-31 | |
|---|---|---|---|---|---|---|
| Revenue | -- | -- | $1.3B | $1.4B | $1.3B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | $1B | $1.2B | $1B | |
| Gross Profit | -- | -- | $217.8M | $245.4M | $205.4M | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | $35.2M | $35.9M | $35.3M | |
| Selling, General & Admin | -- | -- | $132.7M | $138.3M | $131M | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | -- | -- | $167M | $176.1M | $165.8M | |
| Operating Income | -- | -- | $50.8M | $69.3M | $39.7M | |
| Net Interest Expenses | -- | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | -- | -- | $39.7M | $59.9M | $31.4M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | -- | -- | $9.8M | $16.6M | $12.4M | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | -- | -- | -$153.1K | -$152.1K | -$117.3K | |
| Net Income to Common Excl Extra Items | -- | -- | $29.7M | $43.1M | $18.8M | |
| Basic EPS (Cont. Ops) | -- | -- | $0.23 | $0.33 | $0.14 | |
| Diluted EPS (Cont. Ops) | -- | -- | $0.23 | $0.33 | $0.14 | |
| Weighted Average Basic Share | -- | -- | $130.7M | $130.7M | $130.7M | |
| Weighted Average Diluted Share | -- | -- | $130.7M | $130.7M | $130.7M | |
| EBITDA | -- | -- | $90.9M | $111.3M | $78.3M | |
| EBIT | -- | -- | $51.6M | $70M | $40.4M | |
| Revenue (Reported) | -- | -- | $1.3B | $1.4B | $1.3B | |
| Operating Income (Reported) | -- | -- | $50.8M | $69.3M | $39.7M | |
| Operating Income (Adjusted) | -- | -- | $51.6M | $70M | $40.4M | |
| Period Ending | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Revenue | $958.2M | $570.8M | $909.5M | $2.2B | $2.3B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | $858.1M | $722.9M | $730.4M | $934.1M | $1B | |
| Gross Profit | $100.2M | -$152.1M | $179.1M | $1.2B | $1.3B | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | $39.3M | $191.1M | $201.2M | $396.4M | $460.2M | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | $457.1M | $207.4M | $204.9M | $423.9M | $473M | |
| Operating Income | -$356.9M | -$359.5M | -$25.7M | $798M | $777.7M | |
| Net Interest Expenses | $161.9M | $186.4M | $243.5M | $226.8M | $206.9M | |
| EBT. Incl. Unusual Items | -$523.1M | -$576.7M | -$254.2M | $584.9M | $559.9M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $2.1M | $2M | $2M | $9M | $7.8M | |
| Net Income to Company | -- | -- | -$246.7M | $558.4M | -- | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | -$525.2M | -$578.7M | -$256.2M | $575.9M | $552.1M | |
| Basic EPS (Cont. Ops) | -$0.14 | -$0.15 | -$0.07 | $0.15 | $0.15 | |
| Diluted EPS (Cont. Ops) | -$0.14 | -$0.15 | -$0.07 | $0.15 | $0.14 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | -$76.8M | -$89.1M | $223.6M | $1B | $1B | |
| EBIT | -$373.9M | -$359.5M | -$25.7M | $798M | $777.7M | |
| Revenue (Reported) | $958.2M | $570.8M | $909.5M | $2.2B | $2.3B | |
| Operating Income (Reported) | -$356.9M | -$359.5M | -$25.7M | $798M | $777.7M | |
| Operating Income (Adjusted) | -$373.9M | -$359.5M | -$25.7M | $798M | $777.7M | |
| 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 | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $340M | $399.2M | $859.3M | $542M | $684.3M | |
| Short Term Investments | -- | -- | -- | -- | -- | |
| Accounts Receivable, Net | $37.7M | $34.6M | $30.7M | $76.1M | $106.2M | |
| Inventory | $20.6M | $21.1M | $20.5M | $24.1M | $27.9M | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $411.2M | $470.6M | $926.8M | $658.6M | $844.3M | |
| Property Plant And Equipment | $3.4B | $3.2B | $2.9B | $2.8B | $2.8B | |
| Long-Term Investments | -- | -- | $124.4M | $87.1M | $87.5M | |
| Goodwill | -- | -- | -- | -- | -- | |
| Other Intangibles | $18.3M | $5.9M | -- | $203.6M | $182.2M | |
| Other Long-Term Assets | $959.5K | $985K | $7.5M | $16.2M | $59.4M | |
| Total Assets | $3.8B | $3.6B | $4B | $3.7B | $3.9B | |
| Accounts Payable | $417.2M | $386.9M | $288.6M | $550M | $638.4M | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | $4.1M | $3.6M | $2.7M | $3.9M | $7.2M | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $424.7M | $399.4M | $295.1M | $1.3B | $1.2B | |
| Long-Term Debt | $2.7B | $3.1B | $4.2B | $2.4B | $2.5B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $3.2B | $3.5B | $4.5B | $3.9B | $3.9B | |
| Common Stock | $490.2M | $487.4M | $486.9M | $486.6M | $489.2M | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | $647.2M | $153.5M | -$512.1M | -$170M | $67.9M | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | -- | -- | -- | -- | -- | |
| Total Equity | $647.2M | $153.5M | -$512M | -$170M | $67.9M | |
| Total Liabilities and Equity | $3.8B | $3.6B | $4B | $3.7B | $3.9B | |
| Cash and Short Terms | $340M | $399.2M | $859.3M | $542M | $684.3M | |
| Total Debt | $2.7B | $3.1B | $4.2B | $2.4B | $2.5B | |
| Period Ending | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $330.5M | $885.6M | $448.2M | $667.7M | -- | |
| Short Term Investments | -- | -- | -- | -- | -- | |
| Accounts Receivable, Net | $42.2M | $33.9M | $51.1M | $76.2M | -- | |
| Inventory | $21.8M | $21.2M | $21M | $26.2M | -- | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $413.1M | $958.5M | $543.7M | $795.3M | -- | |
| Property Plant And Equipment | $3.3B | $3B | $2.8B | $2.7B | -- | |
| Long-Term Investments | -- | -- | -- | -- | -- | |
| Goodwill | -- | -- | -- | -- | -- | |
| Other Intangibles | $12.2M | $5.7M | $214.3M | $192.4M | -- | |
| Other Long-Term Assets | $778.6K | $5.5M | $16.1M | $44.3M | -- | |
| Total Assets | $3.7B | $4B | $3.7B | $3.8B | -- | |
| Accounts Payable | $327.8M | $258.2M | $440.2M | $539.1M | -- | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | $3.6M | $3.3M | $2.8M | $6.1M | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $335.6M | $264.1M | $1.2B | $1.1B | -- | |
| Long-Term Debt | $2.9B | $3.9B | $2.7B | $2.5B | -- | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $3.3B | $4.2B | $4.1B | $3.9B | -- | |
| Common Stock | $489.5M | $484.3M | $484.8M | $486.6M | -- | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | -- | -- | -- | -- | -- | |
| Total Equity | $422.6M | -$151.3M | -$403.4M | -$6.7M | -- | |
| Total Liabilities and Equity | $3.7B | $4B | $3.7B | $3.8B | -- | |
| Cash and Short Terms | $330.5M | $885.6M | $448.2M | $667.7M | -- | |
| Total Debt | $2.9B | -- | -- | -- | -- | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -$669.3M | -$492.5M | -$666.1M | $343M | $597.7M | |
| Depreciation & Amoritzation | $318.1M | $277.6M | $259.7M | $240.9M | $237.6M | |
| Stock-Based Compensation | $8.8M | $6.6M | $5.9M | $6.1M | $7.4M | |
| Change in Accounts Receivable | $19.1M | -$13.2M | -$2.6M | -$51.3M | -$36.3M | |
| Change in Inventories | $526.3K | -$587.4K | $560.9K | -$3.6M | -$3.7M | |
| Cash From Operations | -$382.9M | -$194.6M | -$476.7M | $832M | $860.9M | |
| Capital Expenditures | $108.1M | $67.9M | $38.8M | $53.1M | $195.4M | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -$107.3M | -$66.7M | -$44.7M | -$53.1M | -$195.2M | |
| Dividends Paid (Ex Special Dividend) | -$40.7M | -- | -- | -- | $341.1M | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $1.2B | $1.1B | $1.1B | $376.8M | $3.3B | |
| Long-Term Debt Repaid | -$617.5M | -$773.2M | -$25.5M | -$1.5B | -$3.4B | |
| Repurchase of Common Stock | -$413.8K | $16.5M | -- | $3.8M | $45.9M | |
| Other Financing Activities | -- | -- | -- | -$7.2M | -$6.9M | |
| Cash From Financing | $407.7M | $322.4M | $1.1B | -$1.1B | -$526.5M | |
| Beginning Cash (CF) | $421.6M | $399.2M | $859.3M | $542M | $684.3M | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -$82.4M | $61.3M | $583.1M | -$353.3M | $138.9M | |
| Ending Cash (CF) | $339.8M | $460.7M | $1.4B | $188.5M | $822.7M | |
| Levered Free Cash Flow | -$491M | -$262.5M | -$515.5M | $778.9M | $665.5M | |
| 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 | -- | -- | -- | $45.2K | -- | |
| 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 | -- | -- | -$246.7M | $558.4M | -- | |
| Depreciation & Amoritzation | -- | -- | -- | -- | -- | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -$211.6M | -$316.1M | $153M | $921.4M | $895.8M | |
| Capital Expenditures | $83.3M | $47.6M | $44M | $98.1M | $236.8M | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -$82.4M | -$52.6M | -$44M | -$98M | -$236.6M | |
| Dividends Paid (Ex Special Dividend) | -- | -- | -- | $168.8M | $295.4M | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $1.3B | $970.9M | $399.9M | $2.6B | -- | |
| Long-Term Debt Repaid | -$811.3M | -$38.3M | -$848.3M | -$3B | -- | |
| Repurchase of Common Stock | -$16.6M | -- | $1.6M | $42.6M | $10.1M | |
| Other Financing Activities | -- | -- | -- | -$6.9M | -- | |
| Cash From Financing | $330.5M | $929.3M | -$459.5M | -$605.7M | -$620M | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $37.2M | $560.4M | -$351.4M | $217.5M | $39.5M | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | -$294.9M | -$363.7M | $109M | $823.3M | $659M | |
| 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 | -- | -- | -- | $58.5K | -- | |
| 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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