Is DocuSign Stock Undervalued?
Digital signature software business DocuSign (NASDAQ:DOCU) has been struggling over…
| Period Ending | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | |
|---|---|---|---|---|---|---|
| Revenue | $5.1B | $5.2B | $4.9B | $5.5B | $6.2B | |
| Revenue Growth (YoY) | 53.63% | 2.03% | -5.23% | 10.51% | 12.86% | |
| Cost of Revenues | $3.7B | $4B | $3.5B | $3.4B | $3.7B | |
| Gross Profit | $1.4B | $1.2B | $1.5B | $2.1B | $2.5B | |
| Gross Profit Margin | 27.95% | 23.07% | 29.7% | 37.53% | 40.16% | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | $2.6B | $2.2B | $2B | $2.4B | $2.5B | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | $2.4B | $2B | $1.9B | $2.2B | $2.3B | |
| Operating Income | -$953M | -$781M | -$386M | -$166M | $161M | |
| Net Interest Expenses | $262M | $398M | $553M | $557M | $549M | |
| EBT. Incl. Unusual Items | $237M | $9.3B | $4.6B | $4.2B | $7B | |
| Earnings of Discontinued Ops. | -- | $52M | $303M | -$267M | -$126M | |
| Income Tax Expense | -$67M | $54M | $42M | $161M | $179M | |
| Net Income to Company | $7.3B | $18.6B | $9.8B | $7B | $12.7B | |
| Minority Interest in Earnings | -$50M | -$140M | -$94M | -$13M | $1M | |
| Net Income to Common Excl Extra Items | $7.4B | $18.5B | $9.7B | $6.9B | $12.5B | |
| Basic EPS (Cont. Ops) | $2.12 | $5.70 | $2.03 | $2.54 | $5.14 | |
| Diluted EPS (Cont. Ops) | $2.08 | $5.70 | $2.03 | $2.54 | $5.14 | |
| Weighted Average Basic Share | $3.5B | $3.3B | $4.7B | $2.6B | $2.4B | |
| Weighted Average Diluted Share | $3.5B | $3.3B | $4.7B | $2.6B | $2.4B | |
| EBITDA | -$722M | -$613M | -$217M | $4M | $307M | |
| EBIT | -$953M | -$781M | -$386M | -$166M | $161M | |
| Revenue (Reported) | $5.1B | $5.2B | $4.9B | $5.5B | $6.2B | |
| Operating Income (Reported) | -$953M | -$781M | -$386M | -$166M | $161M | |
| Operating Income (Adjusted) | -$953M | -$781M | -$386M | -$166M | $161M | |
| Period Ending | 2015-09-30 | 2016-09-30 | 2017-09-30 | 2018-09-30 | 2019-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | -- | -- | -- | $622M | $740M | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | $358M | $462M | |
| Gross Profit | -- | -- | -- | $264M | $278M | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | $301M | $417M | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | -- | -- | -- | $301M | $417M | |
| Operating Income | -- | -- | -- | -$37M | -$139M | |
| Net Interest Expenses | -- | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | -- | -- | -- | $2.6B | $1.1B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -$738M | -- | |
| Income Tax Expense | -- | -- | -- | $203M | $19M | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | -- | -- | -- | -$5M | -$19M | |
| Net Income to Common Excl Extra Items | -- | -- | -- | $1.7B | $1.1B | |
| Basic EPS (Cont. Ops) | -- | -- | -- | $0.65 | $0.30 | |
| Diluted EPS (Cont. Ops) | -- | -- | -- | $0.65 | $0.30 | |
| Weighted Average Basic Share | -- | -- | -- | $2.6B | $3.5B | |
| Weighted Average Diluted Share | -- | -- | -- | $2.6B | $3.5B | |
| EBITDA | -- | -- | -- | $2.7B | $1.2B | |
| EBIT | -- | -- | -- | $2.7B | $1.2B | |
| Revenue (Reported) | -- | -- | -- | $622M | $740M | |
| Operating Income (Reported) | -- | -- | -- | -$37M | -$139M | |
| Operating Income (Adjusted) | -- | -- | -- | $2.7B | $1.2B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $5.7B | $4.7B | $5.2B | $5.9B | $6.8B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | $4.3B | $3.5B | $3.5B | $3.6B | $3.9B | |
| Gross Profit | $1.4B | $1.3B | $1.8B | $2.3B | $2.9B | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | $2.9B | $1.8B | $2.3B | $2.4B | $2.8B | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | $2.6B | $1.7B | $2.1B | $2.3B | $2.6B | |
| Operating Income | -$1.2B | -$384M | -$372M | $26M | $243M | |
| Net Interest Expenses | $333M | $496M | $555M | $551M | $575M | |
| EBT. Incl. Unusual Items | $11.9B | -$858M | $5.6B | $4B | $7.2B | |
| Earnings of Discontinued Ops. | $94M | -$63M | $102M | -$151M | -$31M | |
| Income Tax Expense | $100M | $31M | $105M | $182M | $155M | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | -$123M | -$87M | -$89M | -$4M | $6M | |
| Net Income to Common Excl Extra Items | $20.1B | $5.4B | $10.8B | $8B | $13.5B | |
| Basic EPS (Cont. Ops) | $6.26 | $1.33 | $3.84 | $3.16 | $5.79 | |
| Diluted EPS (Cont. Ops) | $6.23 | $1.33 | $3.84 | $3.16 | $5.79 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | -$1B | -$240M | -$198M | $187M | $441M | |
| EBIT | -$1.2B | -$384M | -$372M | $26M | $243M | |
| Revenue (Reported) | $5.7B | $4.7B | $5.2B | $5.9B | $6.8B | |
| Operating Income (Reported) | -$1.2B | -$384M | -$372M | $26M | $243M | |
| Operating Income (Adjusted) | -$1.2B | -$384M | -$372M | $26M | $243M | |
| 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 | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $6B | $13.6B | $20.9B | $19B | $18.9B | |
| Short Term Investments | $2.5B | $3.9B | $11.3B | $16.8B | $11.8B | |
| Accounts Receivable, Net | $150M | $370M | $248M | $278M | $202M | |
| Inventory | $321M | $470M | $324M | $268M | $255M | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $7.1B | $15.3B | $23.4B | $22.1B | $22.1B | |
| Property Plant And Equipment | $443M | $604M | $620M | $555M | $493M | |
| Long-Term Investments | $45.2B | $51.1B | $39.3B | $37.8B | $48.4B | |
| Goodwill | $2.1B | $3.4B | $1.4B | $1B | $1.2B | |
| Other Intangibles | $782M | $928M | $367M | $326M | $394M | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $55.7B | $71.3B | $65.1B | $61.8B | $72.6B | |
| Accounts Payable | $344M | $549M | $356M | $365M | $318M | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | $54M | $63M | $54M | $45M | $45M | |
| Other Current Liabilities | $1.4B | $1.1B | $906M | $80M | $1.1B | |
| Total Current Liabilities | $4B | $4.4B | $4.4B | $4.6B | $6.2B | |
| Long-Term Debt | $8B | $15.8B | $15.7B | $15.7B | $15B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $12.5B | $20.8B | $20.5B | $20.5B | $21.5B | |
| Common Stock | $95M | $177M | $177M | $294M | $284M | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | $43.1B | $50.4B | $44.6B | $41.3B | $51B | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $117M | $102M | $32M | $32M | $79M | |
| Total Equity | $43.2B | $50.5B | $44.6B | $41.3B | $51.1B | |
| Total Liabilities and Equity | $55.7B | $71.3B | $65.1B | $61.8B | $72.6B | |
| Cash and Short Terms | $6B | $13.6B | $20.9B | $19B | $18.9B | |
| Total Debt | $8.1B | $16.1B | $16.1B | $16.2B | $16.4B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $6.2B | $8.5B | $2.7B | $9.9B | -- | |
| Short Term Investments | $7.5B | $7.4B | $17.2B | $8.4B | -- | |
| Accounts Receivable, Net | $174M | $479M | $475M | $265M | -- | |
| Inventory | $385M | $390M | $269M | $315M | -- | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $15B | $20.1B | $22.5B | $21.5B | -- | |
| Property Plant And Equipment | $488M | $541M | $571M | $582M | -- | |
| Long-Term Investments | -- | -- | -- | -- | -- | |
| Goodwill | $3.8B | $2.3B | $1B | $1B | -- | |
| Other Intangibles | $1B | $429M | $343M | $324M | -- | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $70.8B | $62.2B | $60.1B | $69.1B | -- | |
| Accounts Payable | $391M | $332M | $327M | $354M | -- | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | $1.1B | $2.2B | $625M | $672M | -- | |
| Total Current Liabilities | $4.8B | $5.6B | $4.3B | $5.2B | -- | |
| Long-Term Debt | $10.6B | $15B | $15.4B | $15.6B | -- | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $16.2B | $21.1B | $20.1B | $21.2B | -- | |
| Common Stock | $39.2B | $39.2B | $29.1B | $21.7B | -- | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $20M | $144M | $29M | $53M | -- | |
| Total Equity | $54.7B | $41.1B | $40B | $48B | -- | |
| Total Liabilities and Equity | $70.8B | $62.2B | $60.1B | $69.1B | -- | |
| Cash and Short Terms | $13.7B | $15.9B | $19.9B | $18.3B | -- | |
| Total Debt | -- | -- | -- | -- | -- | |
| Period Ending | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $7.3B | $18.6B | $9.8B | $7B | $12.7B | |
| Depreciation & Amoritzation | $231M | $168M | $169M | $170M | $146M | |
| Stock-Based Compensation | $729M | $242M | -$68M | $260M | $238M | |
| Change in Accounts Receivable | -$56M | -$208M | -$53M | $57M | $102M | |
| Change in Inventories | -$99M | -$190M | $82M | $44M | $2M | |
| Cash From Operations | $159M | -$605M | -$120M | $1B | $1.9B | |
| Capital Expenditures | $121M | $242M | $263M | $67M | $106M | |
| Cash Acquisitions | $358M | $2B | $1.6B | $387M | $182M | |
| Cash From Investing | -$3.4B | $4.4B | $11.1B | -$173M | $11.9B | |
| Dividends Paid (Ex Special Dividend) | $214M | $238M | $191M | $199M | $268M | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $4.6B | $9.6B | $104M | $59M | $110M | |
| Long-Term Debt Repaid | -$155M | -$1.6B | -$56M | -$99M | -$43M | |
| Repurchase of Common Stock | $1.4B | $5B | $10.5B | $7.3B | $8.4B | |
| Other Financing Activities | -$311M | -$324M | -$1.7B | -$540M | -$70M | |
| Cash From Financing | $2.7B | $2.4B | -$10.9B | -$7.7B | -$8.7B | |
| Beginning Cash (CF) | $3.6B | $9.6B | $9.6B | $2.2B | $7.1B | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -$587M | $6.1B | $3M | -$7B | $5B | |
| Ending Cash (CF) | $3B | $15.6B | $9.5B | -$5B | $12B | |
| Levered Free Cash Flow | $38M | -$847M | -$383M | $978M | $1.8B | |
| Period Ending | 2015-09-30 | 2016-09-30 | 2017-09-30 | 2018-09-30 | 2019-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -- | -- | -- | -- | -- | |
| Depreciation & Amoritzation | -- | -- | -- | -- | -- | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -- | -- | -- | -$269M | -$121M | |
| Capital Expenditures | -- | -- | -- | -- | -- | |
| Cash Acquisitions | -- | -- | -- | $1.6B | -$239M | |
| Cash From Investing | -- | -- | -- | $528M | $260M | |
| Dividends Paid (Ex Special Dividend) | -- | -- | -- | -- | -$215M | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | -- | -- | -- | $130M | $21M | |
| Long-Term Debt Repaid | -- | -- | -- | -$304M | -$47M | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | -- | -- | -- | -$216M | $6M | |
| Cash From Financing | -- | -- | -- | -$245M | -$50M | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -$78M | -$35M | |
| Additions / Reductions | -- | -- | -- | $14M | $89M | |
| Ending Cash (CF) | -- | -- | -- | $3.1B | $2.5B | |
| Levered Free Cash Flow | -- | -- | -- | -- | -- | |
| 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 | -$234.7M | -$577M | $742M | $1.4B | $2B | |
| Capital Expenditures | $165.7M | $266M | $121M | $64.2M | $84M | |
| Cash Acquisitions | $1.1B | $867M | $1.9B | $37.2M | $1.8B | |
| Cash From Investing | $1.5B | $6.3B | $4.3B | $12.8B | $16B | |
| Dividends Paid (Ex Special Dividend) | $214M | $428M | $1M | $199M | $268M | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $6.6B | $5.4B | $36M | $132M | -- | |
| Long-Term Debt Repaid | -$1.8B | $44M | -$32M | -$94M | -- | |
| Repurchase of Common Stock | $2.9B | $7.5B | $10.5B | $6.6B | $9.8B | |
| Other Financing Activities | -$377M | -$691M | -$1.6B | -$115M | -- | |
| Cash From Financing | $1.3B | -$2.7B | -$10.8B | -$6.9B | -$9.4B | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $2.5B | $2.7B | -$5.7B | $7.3B | $8.8B | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | -$400.3M | -$843M | $621M | $1.4B | $1.9B | |
| 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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Market Cap: $4.6T
P/E Ratio: 64x
Market Cap: $4T
P/E Ratio: 37x
Market Cap: $3.8T
P/E Ratio: 39x
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