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 | $2.4B | $1.7B | $1.8B | $1.9B | $2B | |
| Revenue Growth (YoY) | -6.69% | -30.01% | 5.55% | 10.4% | 3.72% | |
| Cost of Revenues | $1.7B | $1.2B | $1.4B | $1.5B | $1.5B | |
| Gross Profit | $695.6M | $417.2M | $366.5M | $476.1M | $559.2M | |
| Gross Profit Margin | 29.19% | 25.06% | 20.85% | 24.54% | 27.79% | |
| R&D Expenses | -- | $10.3M | $12.4M | $14.6M | $15.7M | |
| Selling, General & Admin | $516M | $359.4M | $366.8M | $386.6M | $416.7M | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | $519.4M | $301.9M | $336.5M | $357.4M | $387.7M | |
| Operating Income | $176.2M | $115.4M | $30M | $118.7M | $171.6M | |
| Net Interest Expenses | $40.2M | $46.5M | $48.6M | $60M | $51.9M | |
| EBT. Incl. Unusual Items | $85.9M | -$12.5M | -$126.4M | $46.7M | $26.3M | |
| Earnings of Discontinued Ops. | -- | -$50.1M | -$127.8M | $8.5M | -$11.5M | |
| Income Tax Expense | $24.3M | $10.5M | $29.8M | $17.6M | $3.7M | |
| Net Income to Company | $61.7M | -$73.2M | -$284.1M | $37.6M | $11.1M | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | $61.7M | -$23M | -$156.3M | $29.1M | $22.6M | |
| Basic EPS (Cont. Ops) | $0.38 | -$0.45 | -$1.75 | $0.23 | $0.07 | |
| Diluted EPS (Cont. Ops) | $0.38 | -$0.45 | -$1.75 | $0.23 | $0.07 | |
| Weighted Average Basic Share | $161.7M | $161.9M | $162.1M | $162.2M | $162.4M | |
| Weighted Average Diluted Share | $162.1M | $161.9M | $162.1M | $167.2M | $170.4M | |
| EBITDA | $223.4M | $219M | $103.9M | $195.1M | $251.7M | |
| EBIT | $124.3M | $115.4M | $30M | $118.7M | $171.6M | |
| Revenue (Reported) | $2.4B | $1.7B | $1.8B | $1.9B | $2B | |
| Operating Income (Reported) | $176.2M | $115.4M | $30M | $118.7M | $171.6M | |
| Operating Income (Adjusted) | $124.3M | $115.4M | $30M | $118.7M | $171.6M | |
| Period Ending | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Revenue | -- | -- | -- | -- | $487.3M | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -24.2% | |
| 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 | -- | -- | -- | -- | $159.5M | |
| Weighted Average Diluted Share | -- | -- | -- | -- | $159.5M | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | -- | -- | -- | -- | -- | |
| Revenue (Reported) | -- | -- | -- | -- | $487.3M | |
| Operating Income (Reported) | -- | -- | -- | -- | -- | |
| Operating Income (Adjusted) | -- | -- | -- | -- | -- | |
| Period Ending | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Revenue | $2.1B | $1.7B | $1.9B | $2B | $2B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | $1.3B | $1.4B | $1.4B | $1.4B | |
| Gross Profit | -- | $412.1M | $451M | $555M | $557.1M | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | $359M | $374.8M | $404.7M | $304.4M | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | -- | $359M | $374.8M | $404.7M | $419.5M | |
| Operating Income | -- | $53.1M | $76.3M | $150.3M | $137.6M | |
| Net Interest Expenses | -- | $44.7M | $56.8M | $54.9M | $53.6M | |
| EBT. Incl. Unusual Items | -- | -$140.3M | -$2.2M | $40M | $20.8M | |
| Earnings of Discontinued Ops. | -- | -$127.5M | -$73.6M | $14.9M | -$116.1M | |
| Income Tax Expense | -- | -$457.1K | $45.2M | $2.8M | $12.6M | |
| Net Income to Company | -- | -$267.7M | -$107.4M | $52.1M | -$108M | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | -- | -$139.9M | -$47.4M | $37.2M | $8.2M | |
| Basic EPS (Cont. Ops) | -- | -$1.65 | -$0.75 | $0.32 | -$0.67 | |
| Diluted EPS (Cont. Ops) | -- | -$1.65 | -$0.75 | $0.31 | -$0.68 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | -- | $141.6M | $151.2M | $227.5M | $220M | |
| EBIT | -- | $53.1M | $76.3M | $150.3M | $137.6M | |
| Revenue (Reported) | $2.1B | $1.7B | $1.9B | $2B | $2B | |
| Operating Income (Reported) | -- | $53.1M | $76.3M | $150.3M | $137.6M | |
| Operating Income (Adjusted) | -- | $53.1M | $76.3M | $150.3M | $137.6M | |
| Period Ending | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Revenue | -- | -- | -- | -- | $487.3M | |
| 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 | -- | -- | -- | -- | $159.5M | |
| Weighted Average Diluted Share | -- | -- | -- | -- | $159.5M | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | -- | -- | -- | -- | -- | |
| Revenue (Reported) | -- | -- | -- | -- | $487.3M | |
| 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 | $529M | $280.9M | $159.6M | $107.4M | $58.9M | |
| Short Term Investments | -- | $339.7K | $429K | -- | -- | |
| Accounts Receivable, Net | $352.1M | $306.8M | $204.7M | $227.7M | $211.3M | |
| Inventory | $392.5M | $407.9M | $282.1M | $279.3M | $303.3M | |
| Prepaid Expenses | $7.7M | $9.9M | $5.1M | $5.3M | $3.5M | |
| Other Current Assets | $123K | $113.2K | -- | $110.5K | $104.1K | |
| Total Current Assets | $1.4B | $1.1B | $1.4B | $1B | $921.8M | |
| Property Plant And Equipment | $913.5M | $768.1M | $565.9M | $626M | $619.7M | |
| Long-Term Investments | -- | $4M | $320.2K | $32M | $11.5M | |
| Goodwill | $1.4B | $1.2B | $855.7M | $879.9M | $831.8M | |
| Other Intangibles | $65.9M | $52M | $35M | $35.9M | $35.1M | |
| Other Long-Term Assets | -$123K | -$113.2K | $214.5K | $221.1K | $208.1K | |
| Total Assets | $3.8B | $3.2B | $2.9B | $2.7B | $2.5B | |
| Accounts Payable | $586.6M | $605.7M | $432.6M | $409.3M | $455.7M | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | $26.7M | $24.3M | $21.4M | $20.6M | $20.6M | |
| Other Current Liabilities | $123K | -$113.2K | -$107.2K | -$110.5K | -- | |
| Total Current Liabilities | $1.2B | $879.3M | $970.3M | $830.9M | $762.4M | |
| Long-Term Debt | $984.3M | $1B | $951.7M | $742.1M | $690.8M | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $2.4B | $2B | $2B | $1.7B | $1.5B | |
| Common Stock | $1.5B | $904.3M | $848.7M | $878.4M | $823.4M | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | $1.4B | $1.2B | $916.1M | $996.4M | $958.6M | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | -- | -- | -- | -- | -- | |
| Total Equity | $1.4B | $1.2B | $916.1M | $996.4M | $958.6M | |
| Total Liabilities and Equity | $3.8B | $3.2B | $2.9B | $2.7B | $2.5B | |
| Cash and Short Terms | $529M | $280.9M | $159.6M | $107.4M | $58.9M | |
| Total Debt | $1.4B | $1B | $951.7M | $762.7M | $711.3M | |
| Period Ending | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $217.2M | $120.1M | $122.6M | $92.5M | $113.4M | |
| Short Term Investments | -- | -- | $434.7K | $107.2K | $117.3K | |
| Accounts Receivable, Net | $327.7M | $198.9M | $202.2M | $226.4M | $227.5M | |
| Inventory | $383.7M | $296.9M | $315.7M | $308.5M | $330.8M | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -$108.7K | -- | -- | |
| Total Current Assets | $1.1B | $1.4B | $1B | $992.3M | $899.1M | |
| Property Plant And Equipment | $873.5M | $549.1M | $600.1M | $617.7M | $722M | |
| Long-Term Investments | -- | -- | -- | -- | -- | |
| Goodwill | $1.3B | $835M | $866M | $855.2M | $929.9M | |
| Other Intangibles | $62.4M | $32M | $36M | $34.2M | $37.9M | |
| Other Long-Term Assets | -- | $208.9K | $108.7K | -$107.2K | $117.3K | |
| Total Assets | $3.4B | $2.9B | $2.6B | $2.5B | $2.6B | |
| Accounts Payable | $563.6M | $444.3M | $420.4M | $450.6M | $496.8M | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | $25.7M | $24.2M | $20.3M | -- | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -$234.5K | |
| Total Current Liabilities | $1.8B | $892.1M | $894.8M | $793M | $910.3M | |
| Long-Term Debt | $9.3M | $825M | $624.4M | -- | -- | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $2B | $1.8B | $1.7B | $1.5B | $1.5B | |
| Common Stock | $946.3M | $830.7M | $864.2M | $852.4M | $932.5M | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | -- | -- | -- | -- | -- | |
| Total Equity | $1.3B | $1B | $927.6M | $993.7M | $1.1B | |
| Total Liabilities and Equity | $3.4B | $2.9B | $2.6B | $2.5B | $2.6B | |
| Cash and Short Terms | $217.2M | $120.1M | $123M | $92.6M | $113.5M | |
| Total Debt | -- | -- | -- | -- | -- | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $61.7M | -$73.2M | -$284.1M | $37.6M | $11.1M | |
| Depreciation & Amoritzation | $99.1M | $103.7M | $74M | $76.4M | $80.2M | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -$913.6K | -$1.7M | -$49.3M | -$57.2M | -$17.6M | |
| Change in Inventories | -$34.1M | -$46.3M | -$11.9M | $18.6M | -$49.1M | |
| Cash From Operations | $217.6M | $125.3M | -$15.6M | $123.5M | $200.4M | |
| Capital Expenditures | $120.6M | $66.8M | $65.5M | $104.2M | $121.6M | |
| Cash Acquisitions | -$8.7M | -- | -- | -- | -- | |
| Cash From Investing | -$128.6M | $29.9M | -$60.6M | $128.7M | -$110.2M | |
| Dividends Paid (Ex Special Dividend) | -- | -- | -- | -- | -- | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $352.1M | $945.7M | $140.5M | $132M | $73M | |
| Long-Term Debt Repaid | -$37.9M | -$1.3B | -$86.2M | -$417.7M | -$199.9M | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | -$3.1M | $23.8M | -$15.7M | $5.3M | $7.4M | |
| Cash From Financing | $277.1M | -$364.2M | $35.3M | -$284.8M | -$127.3M | |
| Beginning Cash (CF) | $146M | $280.5M | $159.1M | $107.4M | $58.9M | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $366M | -$216.9M | -$39.8M | -$43.7M | -$47.6M | |
| Ending Cash (CF) | $491.2M | $55.7M | $120.3M | $52.7M | $833.2K | |
| Levered Free Cash Flow | $97M | $58.5M | -$81M | $19.2M | $78.9M | |
| Period Ending | 2010-12-31 | 2011-12-31 | 2012-12-31 | 2013-12-31 | 2014-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -- | -- | -- | $63.2K | -$24.2M | |
| Depreciation & Amoritzation | -- | -- | -- | $12.1M | $10M | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -- | -- | -- | $21.7M | $8M | |
| Change in Inventories | -- | -- | -- | -$3.7M | $3.1M | |
| Cash From Operations | -- | -- | -- | $73.1M | $39.9M | |
| Capital Expenditures | -- | -- | -- | $12.4M | $26.5M | |
| Cash Acquisitions | -- | -- | -- | -$189K | -$36.8K | |
| Cash From Investing | -- | -- | -- | -$12.6M | -$24.6M | |
| Dividends Paid (Ex Special Dividend) | -- | -- | -- | -- | -- | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | -- | -- | -- | $199.8K | $837.8M | |
| Long-Term Debt Repaid | -- | -- | -- | -$801.5K | -$839.2M | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | -- | -- | -- | -$30M | -$70M | |
| Cash From Financing | -- | -- | -- | -$70.6M | -$115.5M | |
| Beginning Cash (CF) | -- | -- | -- | $91.6M | $147.1M | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -- | -- | -- | -$10.1M | -$100.2M | |
| Ending Cash (CF) | -- | -- | -- | $81.5M | $47.2M | |
| Levered Free Cash Flow | -- | -- | -- | $60.7M | $13.5M | |
| Period Ending | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -- | -$267.7M | -$107.4M | $52.1M | -$108M | |
| Depreciation & Amoritzation | -- | $86.6M | $72.2M | $77.2M | $82.5M | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -- | -$22.8M | -$39.2M | -$65M | $3.4M | |
| Change in Inventories | -- | -$89.5M | $4.8M | $5.6M | $597K | |
| Cash From Operations | -- | $29.1M | $58M | $193M | $123M | |
| Capital Expenditures | -- | $67.6M | $81.4M | $97.3M | $129.3M | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -- | $27M | $186.4M | -$91M | -$43.5M | |
| 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 | -- | -$44.5M | -$228.4M | -$116.1M | -$83.9M | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -- | $13.4M | -$674.8K | -$18.4M | -$15.1M | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | -- | -$38.5M | -$23.4M | $95.8M | -$6.3M | |
| 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 | -- | -- | -- | -- | -- | |
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P/E Ratio: 39x
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