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 | $14.7B | $15.4B | $16.7B | $20.5B | $24.2B | |
| Revenue Growth (YoY) | -30.36% | 4.7% | 7.94% | 23.05% | 17.91% | |
| Cost of Revenues | $15B | $12.4B | $13.3B | $16B | $19B | |
| Gross Profit | -$223.1M | $3B | $3.4B | $4.4B | $5.1B | |
| Gross Profit Margin | -1.51% | 19.48% | 20.36% | 21.71% | 21.19% | |
| R&D Expenses | $791.2M | $966.8M | $981.7M | $808M | $664.5M | |
| Selling, General & Admin | $988.7M | $1.2B | $1.3B | $1.4B | $1.6B | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | $646.3M | $2.4B | $1.6B | $1.1B | $2.2B | |
| Operating Income | -$869.4M | $588.6M | $1.8B | $3.4B | $2.9B | |
| Net Interest Expenses | $433.4M | $528.1M | $627M | $718.5M | $654.2M | |
| EBT. Incl. Unusual Items | -$3.8B | -$466.2M | -$1.9B | $2.8B | $2.6B | |
| Earnings of Discontinued Ops. | -$87.2M | -$4.1M | -$98.5M | -- | -- | |
| Income Tax Expense | $387.3M | -$574.9M | -$379.4M | $28.6M | -$319.5M | |
| Net Income to Company | -$2.5B | $705.5M | $1B | $8.5B | $3.7B | |
| Minority Interest in Earnings | $1.3M | $1.4M | -$6.2M | -$9.9M | -$47.3M | |
| Net Income to Common Excl Extra Items | -$4B | $170.5M | -$1.5B | $3B | $3.2B | |
| Basic EPS (Cont. Ops) | -$0.68 | $0.03 | -$0.17 | $0.36 | $0.38 | |
| Diluted EPS (Cont. Ops) | -$0.68 | $0.03 | -$0.17 | $0.36 | $0.38 | |
| Weighted Average Basic Share | $6B | $8.3B | $8.3B | $8.4B | $8.4B | |
| Weighted Average Diluted Share | $6B | $8.4B | $8.3B | $8.4B | $8.4B | |
| EBITDA | $615.5M | $2B | $3B | $4.6B | $4.1B | |
| EBIT | -$869.4M | $588.6M | $1.8B | $3.4B | $2.9B | |
| Revenue (Reported) | $14.7B | $15.4B | $16.7B | $20.5B | $24.2B | |
| Operating Income (Reported) | -$869.4M | $588.6M | $1.8B | $3.4B | $2.9B | |
| Operating Income (Adjusted) | -$869.4M | $588.6M | $1.8B | $3.4B | $2.9B | |
| Period Ending | 2009-12-31 | 2010-12-31 | 2011-12-31 | 2012-12-31 | 2013-12-31 | |
|---|---|---|---|---|---|---|
| Revenue | -- | -- | -- | -- | -- | |
| Revenue Growth (YoY) | 16.39% | 3.6% | 1.13% | 16.9% | 29.7% | |
| 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 | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Revenue | $14.8B | $15.5B | $18.6B | $22.4B | $25.3B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | $13.1B | $12.3B | $14.6B | $17.5B | $19.1B | |
| Gross Profit | $1.6B | $3.2B | $4B | $4.9B | $6.2B | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | $934.9M | $908.5M | $1B | $714.8M | $588.5M | |
| Selling, General & Admin | $1B | $1.3B | $1.4B | $1.5B | $1.6B | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | $2B | $1.8B | $1.9B | $1.5B | $2.2B | |
| Operating Income | -$415.1M | $1.4B | $2.1B | $3.4B | $3.9B | |
| Net Interest Expenses | $494.3M | $714.7M | $591.8M | $770.1M | $602.9M | |
| EBT. Incl. Unusual Items | $3.1B | -$2.9B | $1.9B | $2.9B | $7.2B | |
| Earnings of Discontinued Ops. | $62.6M | $69.9M | -$159.7M | -- | -- | |
| Income Tax Expense | -$57.2M | -$373.4M | $47.9M | $137.4M | -$122.7M | |
| Net Income to Company | -$423.7M | $1.1B | $1.7B | $9.6B | $4.4B | |
| Minority Interest in Earnings | -$1.3M | $66.4K | -$12.1M | -$18.9M | -$41.4M | |
| Net Income to Common Excl Extra Items | $3.4B | -$2.5B | $2B | $2.9B | $7.5B | |
| Basic EPS (Cont. Ops) | $0.41 | -$0.28 | $0.24 | $0.35 | $0.89 | |
| Diluted EPS (Cont. Ops) | $0.41 | -$0.28 | $0.24 | $0.35 | $0.88 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | $1.5B | $2.6B | $3.2B | $4.5B | $5.1B | |
| EBIT | -$415.1M | $1.4B | $2.1B | $3.4B | $3.9B | |
| Revenue (Reported) | $14.8B | $15.5B | $18.6B | $22.4B | $25.3B | |
| Operating Income (Reported) | -$415.1M | $1.4B | $2.1B | $3.4B | $3.9B | |
| Operating Income (Adjusted) | -$415.1M | $1.4B | $2.1B | $3.4B | $3.9B | |
| 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 | $4.9B | $3.6B | $3.3B | $4.9B | $7.2B | |
| Short Term Investments | $17.7M | $28.3M | $27.8M | $12.7M | $40.2M | |
| Accounts Receivable, Net | $5.5B | $4.9B | $4.7B | $5.1B | $6.1B | |
| Inventory | $5B | $5B | $5.7B | $6.2B | $6.4B | |
| Prepaid Expenses | $563.2M | $774.7M | $1.1B | $3B | $3.1B | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $18.8B | $17.2B | $17.7B | $22.5B | $26.4B | |
| Property Plant And Equipment | $8.1B | $6.9B | $6B | $5.9B | $5.6B | |
| Long-Term Investments | $1.7B | $1.3B | $1.7B | $1.6B | $1.3B | |
| Goodwill | $1.5B | $1.4B | $1.3B | $1.4B | $1.3B | |
| Other Intangibles | $5.5B | $4.1B | $3.6B | $3.7B | $4.3B | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $40.3B | $38.8B | $35.4B | $40.2B | $44.7B | |
| Accounts Payable | $1.9B | $1.7B | $2.1B | $2B | $1.9B | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | $353M | $364.4M | $429.6M | $354.1M | $371.4M | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $18.7B | $15.1B | $16.7B | $19B | $21B | |
| Long-Term Debt | $8.3B | $10.2B | $6.7B | $6.3B | $5.1B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $46.9B | $45.1B | $42.6B | $44.7B | $45.8B | |
| Common Stock | $2.3B | $2.3B | $2B | $2.1B | $2.1B | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | -$6.7B | -$6.3B | -$7.3B | -$4.7B | -$1.1B | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $30.1M | $35.2M | $40.9M | $66.3M | $38.8M | |
| Total Equity | -$6.7B | -$6.3B | -$7.2B | -$4.6B | -$1.1B | |
| Total Liabilities and Equity | $40.3B | $38.8B | $35.4B | $40.1B | $44.7B | |
| Cash and Short Terms | $4.9B | $3.6B | $3.3B | $4.9B | $7.2B | |
| Total Debt | $9.6B | $10.5B | $7.2B | $7.3B | $6.4B | |
| Period Ending | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $4B | $3.3B | $3.6B | $5.5B | $8.3B | |
| Short Term Investments | $18M | $14.6M | $13.9M | $21.5M | $17.8M | |
| Accounts Receivable, Net | $3.2B | $2.8B | $5.2B | $3.7B | $4.1B | |
| Inventory | $5.1B | $5.4B | $6.5B | $6.9B | $7.7B | |
| Prepaid Expenses | $955M | $1.3B | $1.1B | $3.2B | $3.8B | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $21.4B | $20.6B | $21.2B | $24.6B | $31.1B | |
| Property Plant And Equipment | $7.3B | $6.1B | $6B | $5.6B | $6.2B | |
| Long-Term Investments | -- | -- | -- | -- | -- | |
| Goodwill | $1.4B | $1.3B | $1.3B | $1.3B | $1.4B | |
| Other Intangibles | $4.2B | $3.6B | $3.7B | $4.3B | $4.8B | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $39.8B | $37.1B | $37.5B | $41.8B | $52B | |
| Accounts Payable | $1.7B | $2B | $2.2B | $2.1B | $2.5B | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | $293.4M | $385.7M | $362M | $373.1M | $443.1M | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $16.6B | $15.6B | $18.6B | $19.3B | $25B | |
| Long-Term Debt | $8.4B | $7.4B | $4.4B | $4.5B | $2.4B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $46.1B | $44.7B | $43.8B | $44.6B | $48.7B | |
| Common Stock | $2.3B | $2B | $2.1B | $2.2B | $2.3B | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $33.2M | $36.4M | $47.9M | $69.6M | $35.7M | |
| Total Equity | -$6.4B | -$7.6B | -$6.3B | -$2.8B | $3.3B | |
| Total Liabilities and Equity | $39.8B | $37.1B | $37.5B | $41.8B | $52B | |
| Cash and Short Terms | $4.1B | $3.3B | $3.6B | $5.5B | $8.3B | |
| Total Debt | -- | -- | -- | -- | -- | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -$2.5B | $705.5M | $1B | $8.5B | $3.7B | |
| Depreciation & Amoritzation | $1.5B | $1.4B | $1.2B | $1.2B | $1.1B | |
| Stock-Based Compensation | $32.1M | $38.5M | $57.9M | $82M | $173.8M | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | $754M | -$232.4M | -$1.1B | -$248.6M | -$412.7M | |
| Cash From Operations | -$4B | -$639.5M | $2B | $2.8B | $4.6B | |
| Capital Expenditures | $1.2B | $768.8M | $734.1M | $886.3M | $1.1B | |
| Cash Acquisitions | $135.9M | -- | -- | $22.4M | -- | |
| Cash From Investing | -$1.3B | -$547.4M | $1.1B | -$806.7M | -$1B | |
| Dividends Paid (Ex Special Dividend) | -- | -- | -- | -- | -- | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $6.1B | $2.8B | $1.2M | $2.5M | $8.9M | |
| Long-Term Debt Repaid | -$3.7B | -$1.3B | -$2.5B | -$1.2M | -$607.1M | |
| Repurchase of Common Stock | $118M | $4.1M | $1.2M | $1.2M | $1.3M | |
| Other Financing Activities | -$259.3M | -$576.4M | $70.6M | $95.8M | $28.1M | |
| Cash From Financing | $4B | $121M | -$3.3B | -$534.5M | -$1.1B | |
| Beginning Cash (CF) | $4.7B | $3.6B | $3.1B | $4.8B | $7B | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -$1.2B | -$1.2B | -$41.9M | $1.4B | $2.4B | |
| Ending Cash (CF) | $3.6B | $2.3B | $3.3B | $6.1B | $9.3B | |
| Levered Free Cash Flow | -$5.2B | -$1.4B | $1.3B | $2B | $3.4B | |
| Period Ending | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| 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 | -- | -- | -- | -- | -- | |
| 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 | -$423.7M | $1.1B | $1.7B | $9.6B | $4.4B | |
| Depreciation & Amoritzation | $286.1M | $1.2B | $1.1B | $1.2B | $1.2B | |
| Stock-Based Compensation | $56.4M | $44.3M | $52.4M | $129M | $178.7M | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | $842.7M | -$823.1M | -$831.5M | -$374.4M | -$394.6M | |
| Cash From Operations | -$2.1B | $1B | $2.6B | $3.6B | $5.1B | |
| Capital Expenditures | $997.6M | $747M | $786M | $900.3M | $1.2B | |
| Cash Acquisitions | $139.4M | -$11.1M | $14.8M | $7.8M | $110.2M | |
| Cash From Investing | -$1.1B | -$258.4M | $734.9M | -$844.4M | -$1.2B | |
| Dividends Paid (Ex Special Dividend) | -- | -- | -- | -- | -- | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $5.4B | $4M | $1.3M | $6.3M | $238.9M | |
| Long-Term Debt Repaid | -$5.1B | -$59.9M | -$2.4B | -$599.3M | -$235M | |
| Repurchase of Common Stock | $8.3M | $2.6M | -$121.9K | $1.3M | $495.3M | |
| Other Financing Activities | -$579.1M | -$460.8M | $379.3M | $93.6M | $46.7M | |
| Cash From Financing | $1.8B | -$1.2B | -$3.2B | -$826M | -$1.6B | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -$1.7B | -$263M | $83M | $1.8B | $2.2B | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | -$3.1B | $297.3M | $1.8B | $2.7B | $3.9B | |
| Period Ending | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| 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 | -- | -- | -- | -- | -- | |
| 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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