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 | $19B | $17.9B | $20.5B | $25.6B | $30B | |
| Revenue Growth (YoY) | -32.51% | -5.65% | 14.71% | 24.62% | 17.25% | |
| Cost of Revenues | $17.7B | $16.7B | $18.2B | $22.4B | $25.6B | |
| Gross Profit | $1.2B | $1.2B | $2.3B | $3.2B | $4.4B | |
| Gross Profit Margin | 6.48% | 6.48% | 11.21% | 12.5% | 14.66% | |
| R&D Expenses | -- | -- | $1.1B | $1.3B | $1.5B | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | -$34.2M | $215.1M | $325.8M | $382.7M | $631.7M | |
| Operating Income | $1.3B | $943.2M | $2B | $2.8B | $3.8B | |
| Net Interest Expenses | $91.2M | $118.2M | $98.8M | $147M | $120.1M | |
| EBT. Incl. Unusual Items | $425.2M | $80.4M | -$3.7B | $4.7B | -$1.5B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $39.9M | $47.3M | -$1B | $992.5M | -$692.3M | |
| Net Income to Company | $401.3M | $50.8M | -$2.6B | $3.7B | -$721.5M | |
| Minority Interest in Earnings | $38.8M | $29.5M | $34.7M | $82.2M | $99.5M | |
| Net Income to Common Excl Extra Items | $440M | $80.4M | -$2.5B | $3.8B | -$622M | |
| Basic EPS (Cont. Ops) | $0.24 | $0.03 | -$1.51 | $2.23 | -$0.43 | |
| Diluted EPS (Cont. Ops) | $0.23 | $0.03 | -$1.51 | $2.16 | -$0.43 | |
| Weighted Average Basic Share | $1.7B | $1.7B | $1.7B | $1.7B | $1.7B | |
| Weighted Average Diluted Share | $1.8B | $1.8B | $1.7B | $1.7B | $1.7B | |
| EBITDA | $2.9B | $2.6B | $3.4B | $4.3B | $5.3B | |
| EBIT | $1.3B | $943.2M | $2B | $2.8B | $3.8B | |
| Revenue (Reported) | $19B | $17.9B | $20.5B | $25.6B | $30B | |
| Operating Income (Reported) | $1.3B | $943.2M | $2B | $2.8B | $3.8B | |
| Operating Income (Adjusted) | $1.3B | $943.2M | $2B | $2.8B | $3.8B | |
| Period Ending | 2019-12-31 | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | |
|---|---|---|---|---|---|---|
| Revenue | -- | -- | -- | -- | -- | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | $466.3K | $817.5K | $855.5K | |
| Other Inc / (Exp) | -- | -- | -$32.2K | -$22.8K | -$9.8K | |
| Operating Expenses | -- | -- | $538.4K | $1.4M | $1.1M | |
| Operating Income | -- | -- | -$538.4K | -$1.4M | -$1.1M | |
| Net Interest Expenses | -- | -- | $48.3K | $700 | -- | |
| EBT. Incl. Unusual Items | -- | -- | -$618.9K | -$1.4M | -$1.1M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | -- | -- | -- | -- | -- | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | -- | -- | -$618.9K | -$1.4M | -$1.1M | |
| Basic EPS (Cont. Ops) | -- | -- | -$0.01 | -$0.01 | -$0.01 | |
| Diluted EPS (Cont. Ops) | -- | -- | -$0.01 | -$0.01 | -$0.01 | |
| Weighted Average Basic Share | -- | -- | $86.2M | $113.9M | $117.2M | |
| Weighted Average Diluted Share | -- | -- | $86.2M | $113.9M | $117.2M | |
| EBITDA | -- | -- | -$532K | -$1.4M | -$1.1M | |
| EBIT | -- | -- | -$570.5K | -$1.5M | -$1.1M | |
| Revenue (Reported) | -- | -- | -- | -- | -- | |
| Operating Income (Reported) | -- | -- | -$538.4K | -$1.4M | -$1.1M | |
| Operating Income (Adjusted) | -- | -- | -$570.5K | -$1.5M | -$1.1M | |
| Period Ending | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Revenue | $17.3B | $19.2B | $23B | $27.8B | $31.9B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | $16.8B | $17.2B | $20.3B | $24B | $26.8B | |
| Gross Profit | $471.8M | $1.9B | $2.8B | $3.8B | $5.1B | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $56.3K | -$65.1K | -$48K | -- | -- | |
| Operating Expenses | -$97.4M | $264.4M | $232M | $162.1M | $597M | |
| Operating Income | $569.3M | $1.7B | $2.5B | $3.6B | $4.5B | |
| Net Interest Expenses | $132.5M | $89M | $130.4M | $142.7M | $109.9M | |
| EBT. Incl. Unusual Items | $2.2B | -$6.5B | $4.4B | $2.2B | $6.5B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $603.1M | -$1.7B | $1.1B | $453.3M | $1.8B | |
| Net Income to Company | $1.6B | -$4.9B | $3.6B | $1.8B | $4.7B | |
| Minority Interest in Earnings | $38.1M | $30.3M | $63.6M | $89.7M | $119.7M | |
| Net Income to Common Excl Extra Items | $1.7B | -$4.8B | $3.4B | $1.9B | $4.8B | |
| Basic EPS (Cont. Ops) | $0.95 | -$2.84 | $1.97 | $1.07 | $2.83 | |
| Diluted EPS (Cont. Ops) | $0.93 | -$2.84 | $1.93 | $1.03 | $2.83 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | $2.2B | $3.2B | $3.9B | $5.1B | $6.1B | |
| EBIT | $569.3M | $1.7B | $2.5B | $3.6B | $4.5B | |
| Revenue (Reported) | $17.3B | $19.2B | $23B | $27.8B | $31.9B | |
| Operating Income (Reported) | $569.3M | $1.7B | $2.5B | $3.6B | $4.5B | |
| Operating Income (Adjusted) | $569.3M | $1.7B | $2.5B | $3.6B | $4.5B | |
| 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 | $4.6B | $6B | $7.1B | $7.4B | $6.7B | |
| Short Term Investments | $155M | $117.8M | $259.5M | $190.1M | $109.3M | |
| Accounts Receivable, Net | $7.4B | $7.6B | $8.5B | $9.9B | $10.1B | |
| Inventory | $7.1B | $6.7B | $7.9B | $10.3B | $9.8B | |
| Prepaid Expenses | $110.1M | $119.4M | $139.8M | $206.6M | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $21.7B | $22.8B | $25.7B | $31.6B | $31.7B | |
| Property Plant And Equipment | $5.7B | $5.2B | $4.7B | $5.2B | $5.5B | |
| Long-Term Investments | $3.2B | $3.1B | $2.9B | $3B | $3.1B | |
| Goodwill | $6.2B | $5.7B | $5.4B | $5.2B | $5.1B | |
| Other Intangibles | $10.7B | $9.5B | $8.7B | $8.7B | $8.3B | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $48.4B | $47.4B | $50B | $55.7B | $57B | |
| Accounts Payable | $2.6B | $2.7B | $3.3B | $4.7B | $10.1B | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | $140.2M | $109.8M | $113.7M | $122.7M | $130.1M | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $23.3B | $22.5B | $29.3B | $34B | $38.8B | |
| Long-Term Debt | $5.5B | $6.2B | $6.1B | $5.5B | $4.2B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $32.8B | $32.3B | $38.4B | $42.4B | $45.9B | |
| Common Stock | $104M | $96.7M | $90.7M | $93.9M | $88M | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | $14.2B | $14.6B | $11.1B | $12.8B | $10.5B | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $490.6M | $487.9M | $485.6M | $564.5M | $568.5M | |
| Total Equity | $15.6B | $15.1B | $11.6B | $13.4B | $11.1B | |
| Total Liabilities and Equity | $48.4B | $47.4B | $50B | $55.7B | $57B | |
| Cash and Short Terms | $4.6B | $6B | $7.1B | $7.4B | $6.7B | |
| Total Debt | $6.7B | $7.2B | $6.7B | $5.6B | $4.3B | |
| Period Ending | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $4.7B | $6.5B | $6.7B | $6.1B | $7.9B | |
| Short Term Investments | $154.7M | $553.6M | $690.1M | $241.2M | $429.2M | |
| Accounts Receivable, Net | $6.3B | $7.3B | $9.2B | $10.2B | $13.6B | |
| Inventory | $6.3B | $6.3B | $8B | $10B | $12.1B | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $22.4B | $24.1B | $29.3B | $32.3B | $41B | |
| Property Plant And Equipment | $5.5B | $4.8B | $4.9B | $5.4B | $6.5B | |
| Long-Term Investments | -- | -- | -- | -- | -- | |
| Goodwill | $6.1B | $5.4B | $5.4B | $5B | $5.7B | |
| Other Intangibles | $10.2B | $8.5B | $8.7B | $8.5B | $9.2B | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $47.6B | $47.6B | $52.4B | $56.8B | $65.8B | |
| Accounts Payable | $5.4B | $6.2B | $7.5B | $9.6B | $12.5B | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | $119M | $105.5M | $119.5M | $129.7M | $138.4M | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $21.1B | $27.8B | $31.6B | $36.6B | $43.9B | |
| Long-Term Debt | $5.8B | $5.5B | $4.9B | $3.8B | $2.5B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $31.6B | $37.1B | $40.3B | $44.3B | $49.6B | |
| Common Stock | $101.2M | $88.8M | $92.4M | $91.1M | $99.7M | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $491.5M | $459.6M | $518.4M | $545.6M | $652M | |
| Total Equity | $16B | $10.5B | $12.2B | $12.6B | $16.2B | |
| Total Liabilities and Equity | $47.6B | $47.6B | $52.4B | $56.8B | $65.8B | |
| Cash and Short Terms | $4.8B | $7B | $7.4B | $6.3B | $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 | $401.3M | $50.8M | -$2.6B | $3.7B | -$721.5M | |
| Depreciation & Amoritzation | $1.6B | $1.6B | $1.4B | $1.4B | $1.5B | |
| Stock-Based Compensation | -- | -- | -- | -- | $114.7M | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | $1.2B | $349.9M | -$1.6B | -$1.6B | -$1.6B | |
| Cash From Operations | $2.1B | $2.9B | $3.7B | $4.6B | $5.1B | |
| Capital Expenditures | $598.5M | $520.1M | $626.4M | $1.2B | $1.3B | |
| Cash Acquisitions | $23.9M | $39M | $515M | $354.6M | $372.1M | |
| Cash From Investing | -$910.8M | -$872.3M | -$1.4B | -$1.8B | -$2B | |
| Dividends Paid (Ex Special Dividend) | -- | $216.3M | $223.9M | $609.7M | $985.4M | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $1.8B | $2.5B | $537.8M | $18.4M | $60.6M | |
| Long-Term Debt Repaid | -$888.5M | -$1.6B | -$689.7M | -$336.7M | -$934.1M | |
| Repurchase of Common Stock | -- | $86.3M | $283.8M | $1.7B | $1.4B | |
| Other Financing Activities | -$11.4M | -- | -$17.9M | -$5.4M | -$22.7M | |
| Cash From Financing | $77.5M | -$316.8M | -$856.5M | -$2.8B | -$3.3B | |
| Beginning Cash (CF) | $4.6B | $6B | $7.1B | $7.4B | $6.7B | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $1.3B | $1.8B | $1.5B | -$11.9M | -$175.2M | |
| Ending Cash (CF) | $5.8B | $7.8B | $8.6B | $7.4B | $6.6B | |
| Levered Free Cash Flow | $1.5B | $2.4B | $3.1B | $3.5B | $3.8B | |
| Period Ending | 2003-12-31 | 2004-12-31 | 2005-12-31 | 2006-12-31 | 2007-12-31 | |
|---|---|---|---|---|---|---|
| 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 | $1.6B | -$4.9B | $3.6B | $1.8B | $4.7B | |
| Depreciation & Amoritzation | $1.7B | $1.5B | $1.4B | $1.5B | $1.6B | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | $1.3B | -$746M | -$1.6B | -$1.9B | -$1.4B | |
| Cash From Operations | $2B | $3.8B | $3.6B | $4.8B | $5.6B | |
| Capital Expenditures | $544.5M | $448.7M | $770M | $1.3B | $1.3B | |
| Cash Acquisitions | $36.8M | $33.9M | $601.2M | $446.7M | $328.7M | |
| Cash From Investing | -$1.1B | -$947.1M | -$1.5B | -$2B | -$2B | |
| Dividends Paid (Ex Special Dividend) | $220.5M | $224.5M | $592.6M | $985.3M | $1.3B | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $2.9B | $541.8M | $5.7M | $20.5M | $63.8M | |
| Long-Term Debt Repaid | -$2.4B | -$672.5M | -$382.6M | -$874.3M | -$294.7M | |
| Repurchase of Common Stock | $92.8M | -$3.7M | $1.3B | $1.3B | $1.6B | |
| Other Financing Activities | -$25.1M | -- | -$6.5M | -$8.6M | -$27.5M | |
| Cash From Financing | -$1.4B | -$372.9M | -$2.2B | -$3.3B | -$2.4B | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -$384.7M | $2.6B | -$174.1M | -$484.4M | $1.1B | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | $1.4B | $3.4B | $2.8B | $3.5B | $4.2B | |
| 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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