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 | $89.9B | $95.3B | $98.9B | $103.5B | $103.7B | |
| Revenue Growth (YoY) | -3.53% | 6% | 3.79% | 4.67% | 0.24% | |
| Cost of Revenues | $45.6B | $49.7B | $54.2B | $56B | $55.3B | |
| Gross Profit | $44.2B | $45.5B | $44.7B | $47.5B | $48.5B | |
| Gross Profit Margin | 49.21% | 47.79% | 45.2% | 45.88% | 46.72% | |
| R&D Expenses | $1.7B | $1.8B | $1.8B | $1.8B | $1.9B | |
| Selling, General & Admin | $26.9B | $27.6B | $26.4B | $28.2B | $29.2B | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | $28B | $29B | $28B | $29.7B | $30.7B | |
| Operating Income | $16.3B | $16.5B | $16.7B | $17.8B | $17.8B | |
| Net Interest Expenses | $885.3M | $893.6M | $1.2B | $1.7B | $1.9B | |
| EBT. Incl. Unusual Items | $14.8B | $11.8B | $11.8B | $14.1B | $15B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $3.6B | $2.5B | $2.9B | $2.6B | $3.8B | |
| Net Income to Company | $13.2B | $18.8B | $10B | $12.8B | $12.7B | |
| Minority Interest in Earnings | $149.2M | $318.3M | $341.3M | $333.8M | $329.3M | |
| Net Income to Common Excl Extra Items | $13.2B | $18.8B | $10B | $12.8B | $12.7B | |
| Basic EPS (Cont. Ops) | $4.58 | $6.63 | $3.59 | $4.71 | $4.76 | |
| Diluted EPS (Cont. Ops) | $4.57 | $6.63 | $3.58 | $4.71 | $4.76 | |
| Weighted Average Basic Share | $2.8B | $2.8B | $2.7B | $2.6B | $2.6B | |
| Weighted Average Diluted Share | $2.8B | $2.8B | $2.7B | $2.6B | $2.6B | |
| EBITDA | $19.9B | $20.3B | $20.4B | $21.7B | $21.9B | |
| EBIT | $16.3B | $16.5B | $16.7B | $17.8B | $17.8B | |
| Revenue (Reported) | $89.9B | $95.3B | $98.9B | $103.5B | $103.7B | |
| Operating Income (Reported) | $16.3B | $16.5B | $16.7B | $17.8B | $17.8B | |
| Operating Income (Adjusted) | $16.3B | $16.5B | $16.7B | $17.8B | $17.8B | |
| Period Ending | 2007-03-31 | 2008-03-31 | 2009-03-31 | 2010-03-31 | 2011-03-31 | |
|---|---|---|---|---|---|---|
| Revenue | $19.7B | -- | -- | -- | $21.6B | |
| 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) | $19.7B | -- | -- | -- | $21.6B | |
| Operating Income (Reported) | -- | -- | -- | -- | -- | |
| Operating Income (Adjusted) | -- | -- | -- | -- | -- | |
| Period Ending | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Revenue | $93.3B | $97.5B | $101.4B | $103.4B | $104.4B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | $47.4B | $52.2B | $55.7B | $55.2B | $55.9B | |
| Gross Profit | $45.9B | $45.3B | $45.7B | $48.2B | $48.5B | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | $1.8B | $1.8B | $1.8B | $1.9B | $1.9B | |
| Selling, General & Admin | $28B | $27.2B | $26.9B | $28.7B | $29.6B | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | $29.2B | $28.7B | $28.4B | $30.2B | $31B | |
| Operating Income | $16.7B | $16.6B | $17.3B | $18B | $17.5B | |
| Net Interest Expenses | $995.5M | $1.1B | $1.7B | $1.9B | $2.1B | |
| EBT. Incl. Unusual Items | $14.3B | $11.3B | $12.5B | $14.5B | $14.5B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $2.7B | $2.8B | $3B | $2.8B | $3.7B | |
| Net Income to Company | $14B | $17.8B | $10.6B | $13.1B | $12.3B | |
| Minority Interest in Earnings | $105.7M | $370.6M | $326.2M | $332.5M | $300.7M | |
| Net Income to Common Excl Extra Items | $13.6B | $17.8B | $10.7B | $13B | $12.2B | |
| Basic EPS (Cont. Ops) | $4.80 | $6.35 | $3.89 | $4.82 | $4.62 | |
| Diluted EPS (Cont. Ops) | $4.88 | $6.31 | $3.88 | $4.81 | $4.62 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | $20.4B | $20.3B | $21B | $21.9B | $21.6B | |
| EBIT | $16.7B | $16.6B | $17.3B | $18B | $17.5B | |
| Revenue (Reported) | $93.3B | $97.5B | $101.4B | $103.4B | $104.4B | |
| Operating Income (Reported) | $16.7B | $16.6B | $17.3B | $18B | $17.5B | |
| Operating Income (Adjusted) | $16.7B | $16.6B | $17.3B | $18B | $17.5B | |
| 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 | $9.7B | $15.4B | $7.2B | $7B | $8.7B | |
| Short Term Investments | $3.9B | $7.7B | $1.3B | $1.2B | $2.6B | |
| Accounts Receivable, Net | $9.2B | $9.4B | $9.5B | $10.7B | $10.4B | |
| Inventory | $11.4B | $13.2B | $16.2B | $14.1B | $14.6B | |
| Prepaid Expenses | $539.6M | $631.1M | $593.4M | $619M | $599.2M | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $38.5B | $43.1B | $37.9B | $36.7B | $38.8B | |
| Property Plant And Equipment | $29.2B | $31.1B | $32.6B | $36.2B | $37.2B | |
| Long-Term Investments | $16.5B | $16.1B | $17.6B | $19.2B | $19.9B | |
| Goodwill | $31.6B | $33.9B | $33.7B | $34.2B | $33.9B | |
| Other Intangibles | $23.1B | $24.3B | $21.8B | $21.7B | $21.3B | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $140.3B | $152.7B | $146.1B | $150.4B | $153.7B | |
| Accounts Payable | $15.6B | $17.1B | $17.1B | $16.9B | $18.4B | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $44.9B | $43.9B | $43.2B | $44.1B | $47.3B | |
| Long-Term Debt | $31.6B | $40B | $46.9B | $54.4B | $57B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $87.7B | $93.7B | $99.9B | $107.1B | $113.2B | |
| Common Stock | $325.8M | $309.5M | $297.2M | $317.2M | $289.1M | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | $51.7B | $58.3B | $45.4B | $42.5B | $39.6B | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $926.5M | $644.2M | $875.5M | $766.4M | $856.3M | |
| Total Equity | $52.6B | $59B | $46.3B | $43.2B | $40.5B | |
| Total Liabilities and Equity | $140.3B | $152.7B | $146.1B | $150.4B | $153.7B | |
| Cash and Short Terms | $9.7B | $15.4B | $7.2B | $7B | $8.7B | |
| Total Debt | $31.6B | $40B | $46.9B | $54.4B | $57B | |
| Period Ending | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $5.3B | $5.6B | $4.1B | $5.4B | $5.8B | |
| Short Term Investments | $1.7B | $925.2M | $771.7M | $1.7B | $1.1B | |
| Accounts Receivable, Net | $12B | $12.1B | $12.3B | $13B | $13.3B | |
| Inventory | $12.6B | $15.7B | $16.5B | $14.6B | $18.1B | |
| Prepaid Expenses | $842.6M | -- | $1B | $857.7M | $1.1B | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $33.7B | $37.3B | $37B | $37.7B | $41.9B | |
| Property Plant And Equipment | $29.1B | $30.4B | $33.2B | $35.9B | $39.9B | |
| Long-Term Investments | -- | -- | -- | -- | -- | |
| Goodwill | $31.7B | $33.8B | $33.9B | $34.1B | $34.9B | |
| Other Intangibles | $22.9B | $23.9B | $21.7B | $21.4B | $21.6B | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $137.8B | $144.2B | $146.3B | $150.9B | $163B | |
| Accounts Payable | $19.9B | $21.4B | $20B | $21.8B | $24B | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $41.9B | $46.6B | $44.8B | $44.2B | $58.6B | |
| Long-Term Debt | -- | -- | -- | -- | -- | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $87.4B | $96.8B | $105.4B | $113.5B | $126.6B | |
| Common Stock | $306.2M | $288.2M | $296.9M | $291.5M | $323.1M | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $819.8M | $800.5M | $771.7M | $763.1M | $276.8M | |
| Total Equity | $50.4B | $47.4B | $40.9B | $37.3B | $36.4B | |
| Total Liabilities and Equity | $137.8B | $144.2B | $146.3B | $150.9B | $163B | |
| Cash and Short Terms | $7B | $6.5B | $4.8B | $7.1B | $6.9B | |
| Total Debt | -- | -- | -- | -- | -- | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $13.2B | $18.8B | $10B | $12.8B | $12.7B | |
| Depreciation & Amoritzation | $3.7B | $3.8B | $3.7B | $3.8B | $4.1B | |
| Stock-Based Compensation | $131M | $142.2M | $134M | $158M | $131.7M | |
| Change in Accounts Receivable | $38.4M | -$901.3M | -$336.1M | -$1.1B | -$403.1M | |
| Change in Inventories | -$1.9B | -$1.5B | -$3.6B | $2B | -$1.4B | |
| Cash From Operations | $15.3B | $15.2B | $12.5B | $17.7B | $18.9B | |
| Capital Expenditures | $4.6B | $5.8B | $5.6B | $6.9B | $6.8B | |
| Cash Acquisitions | $4.8B | $7.7B | $2.4B | $292.7M | $975.4M | |
| Cash From Investing | -$6B | -$4B | -$2.6B | -$7B | -$9.8B | |
| Dividends Paid (Ex Special Dividend) | $8.2B | $8.4B | $8B | $8.7B | $8.9B | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $11B | $12.4B | $11.5B | $10.9B | $9.1B | |
| Long-Term Debt Repaid | -$3.4B | -$4.9B | -$3.4B | -$4B | -$5.7B | |
| Repurchase of Common Stock | $7.3B | $7.2B | $11.2B | $5.8B | $5.3B | |
| Other Financing Activities | -$1.1M | -$657.6M | -$634.4M | -$57.9M | -$30.7M | |
| Cash From Financing | -$11.1B | -$9.4B | -$11.3B | -$10.8B | -$8.3B | |
| Beginning Cash (CF) | $5.2B | $7.7B | $6B | $5.7B | $6.1B | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -$2.4B | $1.9B | -$1.6B | -$773.4M | $842.5M | |
| Ending Cash (CF) | $2.2B | $9.7B | $4.3B | $4.2B | $7B | |
| Levered Free Cash Flow | $10.7B | $9.3B | $6.9B | $10.8B | $12.2B | |
| Period Ending | 2007-03-31 | 2008-03-31 | 2009-03-31 | 2010-03-31 | 2011-03-31 | |
|---|---|---|---|---|---|---|
| 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 | $14B | $17.8B | $10.6B | $13.1B | $12.3B | |
| Depreciation & Amoritzation | $3.9B | $3.8B | $3.7B | $4B | $4.2B | |
| Stock-Based Compensation | $147.7M | $131M | $147M | $156.8M | $133.2M | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $16.6B | $14.1B | $14.5B | $19.5B | $16.9B | |
| Capital Expenditures | $6B | $6.2B | $6.2B | $7.1B | $6.5B | |
| Cash Acquisitions | $4.1B | $8.5B | $795M | $948.4M | $1.6B | |
| Cash From Investing | -$5.7B | -$4.3B | -$7.5B | -$9.3B | -$8B | |
| Dividends Paid (Ex Special Dividend) | $8.9B | $8B | $8.4B | $9B | $9.3B | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $11.8B | $10.1B | $14.2B | $12.4B | $3.4B | |
| Long-Term Debt Repaid | -$3.1B | -$4.5B | -$3.6B | -$5.6B | -$3.1B | |
| Repurchase of Common Stock | $6.6B | $10.8B | $6.8B | $5.9B | $2.6B | |
| Other Financing Activities | -$34.1M | -$1.1B | -$154.7M | -$21.3M | -$1.5B | |
| Cash From Financing | -$9.3B | -$9.2B | -$8.2B | -$8.8B | -$8.4B | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $1.3B | $590.2M | -$1.8B | $1.3B | -$254.9M | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | $10.6B | $7.9B | $8.3B | $12.5B | $10.4B | |
| 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 | -- | -- | -- | -- | -- | |
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P/E Ratio: 39x
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