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 | -- | -- | -- | -- | -- | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | $68.8K | $63.1K | $70K | $749K | $605K | |
| Other Inc / (Exp) | $260 | $25.3K | $370 | $40 | -- | |
| Operating Expenses | $68.8K | $63.1K | $70K | $749K | $605K | |
| Operating Income | -$68.8K | -$63.1K | -$70K | -$749K | -$605K | |
| Net Interest Expenses | $582.8K | $532K | $513.7K | $498.1K | $501.3K | |
| EBT. Incl. Unusual Items | -$651.3K | -$569.8K | -$583.3K | -$1.2M | -$1.1M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | -- | -- | -- | -- | -- | |
| Net Income to Company | -$651.3K | -$569.8K | -$583.3K | -$1.2M | -$1.1M | |
| Minority Interest in Earnings | -$152.3K | -$150.2K | -$147.9K | -$140.9K | -$139.1K | |
| Net Income to Common Excl Extra Items | -$651.3K | -$569.8K | -$583.3K | -$1.2M | -$1.1M | |
| Basic EPS (Cont. Ops) | -$0.01 | -$0.00 | -$0.00 | -$0.01 | -$0.01 | |
| Diluted EPS (Cont. Ops) | -$0.01 | -$0.00 | -$0.00 | -$0.01 | -$0.01 | |
| Weighted Average Basic Share | $66.1M | $110.4M | $110.4M | $110.5M | $110.8M | |
| Weighted Average Diluted Share | $66.1M | $110.4M | $110.4M | $110.5M | $110.8M | |
| EBITDA | -$68.8K | -$63.1K | -$70K | -$749K | -$605K | |
| EBIT | -$68.8K | -$63.1K | -$70K | -$749K | -$605K | |
| Revenue (Reported) | -- | -- | -- | -- | -- | |
| Operating Income (Reported) | -$68.8K | -$63.1K | -$70K | -$749K | -$605K | |
| Operating Income (Adjusted) | -$68.8K | -$63.1K | -$70K | -$749K | -$605K | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | -- | -- | -- | -- | -- | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | $15.7K | $17.9K | $694.1K | $44.9K | $41K | |
| Other Inc / (Exp) | $40 | -$10 | -- | -- | -- | |
| Operating Expenses | $15.7K | $17.9K | $694.1K | $44.9K | $41K | |
| Operating Income | -$15.7K | -$17.9K | -$694.1K | -$44.9K | -$41K | |
| Net Interest Expenses | $133.1K | $125.4K | $122.2K | $126.2K | $124.3K | |
| EBT. Incl. Unusual Items | -$148.7K | -$143.4K | -$816.3K | -$171.1K | -$162.8K | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | -- | -- | -- | -- | -- | |
| Net Income to Company | -$148.7K | -$131.5K | -$787.1K | -$173.9K | -$160.8K | |
| Minority Interest in Earnings | -$39K | -$36.1K | -$34.5K | -$35K | -$33.2K | |
| Net Income to Common Excl Extra Items | -$148.7K | -$143.4K | -$816.3K | -$171.1K | -$162.8K | |
| Basic EPS (Cont. Ops) | -$0.00 | -$0.00 | -$0.01 | -$0.00 | -$0.00 | |
| Diluted EPS (Cont. Ops) | -$0.00 | -$0.00 | -$0.01 | -$0.00 | -$0.00 | |
| Weighted Average Basic Share | $110.4M | $110.4M | $110.5M | $110.7M | $111M | |
| Weighted Average Diluted Share | $110.4M | $110.4M | $110.5M | $110.7M | $111M | |
| EBITDA | -$15.7K | -$18K | -$694.1K | -$44.9K | -$41K | |
| EBIT | -$15.7K | -$18K | -$694.1K | -$44.9K | -$41K | |
| Revenue (Reported) | -- | -- | -- | -- | -- | |
| Operating Income (Reported) | -$15.7K | -$17.9K | -$694.1K | -$44.9K | -$41K | |
| Operating Income (Adjusted) | -$15.7K | -$18K | -$694.1K | -$44.9K | -$41K | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | -- | -- | -- | -- | -- | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | $64.6K | $81.7K | $737.1K | $101.2K | $595.3K | |
| Other Inc / (Exp) | $100 | $25.6K | -- | -- | -- | |
| Operating Expenses | $64.6K | $81.7K | $737.1K | $101.2K | $595.3K | |
| Operating Income | -$64.6K | -$81.7K | -$737.1K | -$101.2K | -$595.3K | |
| Net Interest Expenses | $562.4K | $525.4K | $497.9K | $497.5K | $497.8K | |
| EBT. Incl. Unusual Items | -$626.8K | -$581.5K | -$1.2M | -$598.7K | -$216.3K | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | -- | -- | -- | -- | -- | |
| Net Income to Company | -$649.1K | -$567.9K | -$1.2M | -$608.5K | -$211.9K | |
| Minority Interest in Earnings | -$161.2K | -$146K | -$141.4K | -$138.8K | $126.2K | |
| Net Income to Common Excl Extra Items | -$626.8K | -$581.5K | -$1.2M | -$598.7K | -$216.3K | |
| Basic EPS (Cont. Ops) | -$0.00 | -$0.00 | -$0.01 | -$0.00 | -$0.00 | |
| Diluted EPS (Cont. Ops) | -$0.00 | -$0.00 | -$0.01 | -$0.00 | -$0.00 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | -$64.6K | -$81.7K | -$737.1K | -$101.2K | -$595.4K | |
| EBIT | -$64.6K | -$81.7K | -$737.1K | -$101.2K | -$595.4K | |
| Revenue (Reported) | -- | -- | -- | -- | -- | |
| Operating Income (Reported) | -$64.6K | -$81.7K | -$737.1K | -$101.2K | -$595.3K | |
| Operating Income (Adjusted) | -$64.6K | -$81.7K | -$737.1K | -$101.2K | -$595.4K | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | -- | -- | -- | -- | -- | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | $48.2K | $66.9K | $734K | $86.2K | $76.5K | |
| Other Inc / (Exp) | $40 | $380 | $40 | -- | $875K | |
| Operating Expenses | $48.2K | $66.9K | $734K | $86.2K | $76.5K | |
| Operating Income | -$48.2K | -$66.9K | -$734K | -$86.2K | -$76.5K | |
| Net Interest Expenses | $397.8K | $391.1K | $375.4K | $374.8K | $371.3K | |
| EBT. Incl. Unusual Items | -$446K | -$457.7K | -$1.1M | -$460.9K | $429.1K | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | -- | -- | -- | -- | -- | |
| Net Income to Company | -$446.5K | -$439.6K | -$1.1M | -$462.7K | $432.9K | |
| Minority Interest in Earnings | -$117.1K | -$112.9K | -$106.4K | -$104.4K | $160.9K | |
| Net Income to Common Excl Extra Items | -$446K | -$457.7K | -$1.1M | -$460.9K | $429.1K | |
| Basic EPS (Cont. Ops) | -$0.00 | -$0.00 | -$0.01 | -$0.00 | $0.00 | |
| Diluted EPS (Cont. Ops) | -$0.00 | -$0.00 | -$0.01 | -$0.00 | $0.00 | |
| Weighted Average Basic Share | $331.2M | $331.2M | $331.4M | $332.2M | $332.9M | |
| Weighted Average Diluted Share | $331.2M | $331.2M | $331.4M | $332.2M | $332.9M | |
| EBITDA | -$48.2K | -$67.1K | -$734.1K | -$86.2K | -$76.5K | |
| EBIT | -$48.2K | -$67.1K | -$734.1K | -$86.2K | -$76.5K | |
| Revenue (Reported) | -- | -- | -- | -- | -- | |
| Operating Income (Reported) | -$48.2K | -$66.9K | -$734K | -$86.2K | -$76.5K | |
| Operating Income (Adjusted) | -$48.2K | -$67.1K | -$734.1K | -$86.2K | -$76.5K | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $3.3K | $29.8K | $13.7K | $6.3K | $2K | |
| Short Term Investments | -- | -- | -- | -- | -- | |
| Accounts Receivable, Net | -- | -- | -- | -- | -- | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $3.3K | $29.8K | $13.7K | $6.3K | $2K | |
| Property Plant And Equipment | -- | -- | -- | -- | -- | |
| Long-Term Investments | $5.4K | $5.4K | $5.4K | $5.4K | $5.4K | |
| Goodwill | -- | -- | -- | -- | -- | |
| Other Intangibles | -- | -- | -- | -- | -- | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $8.7K | $35.2K | $19.1K | $11.7K | $7.4K | |
| Accounts Payable | $376.9K | $403.7K | $400.8K | $480.9K | $505.4K | |
| Accrued Expenses | $4.8M | $5.5M | $5.6M | $5.8M | $6.1M | |
| Current Portion Of Long-Term Debt | $3.5M | $3.7M | $3.5M | $3.4M | $3.5M | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $9.7M | $10.5M | $10.3M | $10.6M | $10.9M | |
| Long-Term Debt | -- | -- | -- | -- | -- | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $9.7M | $10.5M | $10.3M | $10.6M | $10.9M | |
| Common Stock | $11K | $11K | $11K | $11.1K | $11.1K | |
| Other Common Equity Adj | $169.4K | $7.3K | $557.4K | $759.6K | $955.6K | |
| Common Equity | -$6.6M | -$7.2M | -$7.1M | -$7.3M | -$7.6M | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | -$3.1M | -$3.3M | -$3.2M | -$3.3M | -$3.3M | |
| Total Equity | -$9.7M | -$10.5M | -$10.3M | -$10.6M | -$10.9M | |
| Total Liabilities and Equity | $8.7K | $35.2K | $19.2K | $11.7K | $7.4K | |
| Cash and Short Terms | $3.3K | $29.8K | $13.7K | $6.3K | $2K | |
| Total Debt | -- | -- | -- | -- | -- | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $13.4K | $10.7K | $8.4K | $6.6K | $28.6K | |
| Short Term Investments | -- | -- | -- | -- | -- | |
| Accounts Receivable, Net | -- | -- | -- | -- | -- | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $13.4K | $10.7K | $8.4K | $6.6K | $28.9K | |
| Property Plant And Equipment | -- | -- | -- | -- | -- | |
| Long-Term Investments | $5.4K | $5.4K | $5.4K | $5.4K | $5.4K | |
| Goodwill | -- | -- | -- | -- | -- | |
| Other Intangibles | -- | -- | -- | -- | -- | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $18.8K | $16.1K | $13.8K | $12K | $34.3K | |
| Accounts Payable | $387.8K | -- | $464.8K | $505.4K | $558.4K | |
| Accrued Expenses | $5.3M | $5.3M | $5.5M | $6.6M | -- | |
| Current Portion Of Long-Term Debt | $3.6M | $3.4M | $3.3M | $3.6M | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $10.3M | $9.9M | $10.2M | $11.2M | $10.8M | |
| Long-Term Debt | -- | -- | -- | -- | -- | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $10.3M | $9.9M | $10.2M | $11.2M | $10.8M | |
| Common Stock | $11K | $11K | $11.1K | $11.1K | $11.1K | |
| Other Common Equity Adj | $84.2K | $768.3K | $944.8K | $668.6K | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | -$3.2M | -$3.1M | -$3.2M | -$3.4M | -$3.3M | |
| Total Equity | -$10.3M | -$9.9M | -$10.2M | -$11.2M | -$10.7M | |
| Total Liabilities and Equity | $18.8K | $16.1K | $13.8K | $12K | $34.3K | |
| Cash and Short Terms | $13.4K | $10.7K | $8.4K | $6.6K | $28.6K | |
| Total Debt | -- | -- | $274.2K | $285K | -- | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -$651.3K | -$569.8K | -$583.3K | -$1.2M | -$1.1M | |
| Depreciation & Amoritzation | -- | -- | -- | -- | -- | |
| Stock-Based Compensation | -- | -- | -- | $678.1K | $501.4K | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -$136.2K | -$108.1K | -$75.4K | $9.3K | -$107.2K | |
| Capital Expenditures | -- | -- | -- | -- | -- | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -- | $82.3K | $300 | -- | -- | |
| Dividends Paid (Ex Special Dividend) | -- | -- | -- | -- | -- | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $63.1K | $84K | $52.7K | $66.8K | $105.5K | |
| Long-Term Debt Repaid | -- | -$25.5K | -- | -- | -- | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | -- | -- | -- | -- | -- | |
| Cash From Financing | $63.1K | $58.5K | $52.7K | $66.8K | $105.5K | |
| Beginning Cash (CF) | $3.3K | $29.8K | $13.7K | $6.3K | $2K | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -$5.9K | $26.5K | -$16.1K | -$7.4K | -$4.3K | |
| Ending Cash (CF) | $64.6K | $50.2K | $4K | -$84.6K | -$4.9K | |
| Levered Free Cash Flow | -$136.2K | -$108.1K | -$75.4K | $9.3K | -$107.2K | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -$148.7K | -$131.5K | -$787.1K | -$173.9K | -$160.8K | |
| Depreciation & Amoritzation | -- | -- | -- | -- | -- | |
| Stock-Based Compensation | -- | -- | $678.1K | -- | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | $1.7K | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -$15.6K | -$71.8K | -$11.9K | -$26.8K | -$42.1K | |
| Capital Expenditures | -- | -- | -- | -- | -- | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -- | -- | -- | -- | -- | |
| Dividends Paid (Ex Special Dividend) | -- | -- | -- | -- | -- | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | $18.6K | $15.1K | $12K | $35.9K | -- | |
| Long-Term Debt Repaid | $1.4K | -- | -- | -- | -- | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | -- | -- | -- | -- | -- | |
| Cash From Financing | $20.1K | $14K | $10.9K | $36.4K | $43.2K | |
| Beginning Cash (CF) | $13.4K | $10.7K | $8.4K | $6.6K | $28.6K | |
| Foreign Exchange Rate Adjustment | -$3.9K | $46.5K | -$1.4K | -$17.4K | $9.3K | |
| Additions / Reductions | $600 | -$11.2K | -$2.4K | -$7.8K | $10.4K | |
| Ending Cash (CF) | $10K | $46K | $4.5K | -$18.6K | $48.3K | |
| Levered Free Cash Flow | -$15.6K | -$71.8K | -$11.9K | -$26.8K | -$42.1K | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -$649.1K | -$567.9K | -$1.2M | -$608.5K | -$211.9K | |
| Depreciation & Amoritzation | -- | -- | -- | -- | -- | |
| Stock-Based Compensation | -- | -- | $678.1K | -- | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -$285.7K | -$152K | -$42.4K | -$2.7K | $44.9K | |
| Capital Expenditures | -- | -- | -- | -- | -- | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -- | $83K | $300 | -- | -- | |
| Dividends Paid (Ex Special Dividend) | -- | -- | -- | -- | -- | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | -$16.3K | -- | $66.5K | $105.4K | -- | |
| Long-Term Debt Repaid | -- | -- | -- | -- | -- | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | -- | -- | -- | -- | -- | |
| Cash From Financing | -$15.2K | $36.3K | $63.6K | $106K | -$28.5K | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $3.5K | -$1.7K | -$2.1K | -$1.8K | $22.2K | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | -$285.6K | -$152K | -$42.4K | -$2.7K | $45K | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -$446.5K | -$439.6K | -$1.1M | -$462.7K | $432.9K | |
| Depreciation & Amoritzation | -- | -- | -- | -- | -- | |
| Stock-Based Compensation | -- | -- | $678.1K | -- | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | -$300 | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -$49.5K | -$92.5K | -$63.6K | -$75.3K | $77K | |
| Capital Expenditures | -- | -- | -- | -- | -- | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -- | -- | -- | -- | -- | |
| Dividends Paid (Ex Special Dividend) | -- | -- | -- | -- | -- | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | $61.1K | $40.1K | $53.9K | $92.5K | $25.2K | |
| Long-Term Debt Repaid | -$0 | -- | -- | -- | -$122.8K | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | -- | -- | -- | -- | -- | |
| Cash From Financing | $61.3K | $38.5K | $52.2K | $92.8K | -$41.3K | |
| Beginning Cash (CF) | $50.4K | $46.3K | $30K | $26K | $73.2K | |
| Foreign Exchange Rate Adjustment | -$1.5K | $35.6K | $6.2K | -$17.2K | -$8.9K | |
| Additions / Reductions | $10.1K | -$18.3K | -$5.2K | $300 | $26.8K | |
| Ending Cash (CF) | $58.9K | $63.7K | $31K | $9.2K | $91K | |
| Levered Free Cash Flow | -$49.5K | -$92.5K | -$63.6K | -$75.3K | $77K | |
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