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 | $28.7B | $34.2B | $35.9B | $38.8B | $41.3B | |
| Revenue Growth (YoY) | -5.65% | 19.12% | 5.13% | 8.06% | 6.33% | |
| Cost of Revenues | $17.4B | $20.8B | $21.8B | $23B | $24.1B | |
| Gross Profit | $11.2B | $13.4B | $14.1B | $15.8B | $17.2B | |
| Gross Profit Margin | 39.18% | 39.25% | 39.2% | 40.81% | 41.71% | |
| R&D Expenses | $1.3B | $1.5B | $1.6B | $1.9B | $2.1B | |
| Selling, General & Admin | $6.3B | $7.1B | $7.2B | $8B | $8.5B | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | $7.1B | $8B | $8.3B | $9.4B | $10.1B | |
| Operating Income | $4.2B | $5.4B | $5.8B | $6.4B | $7.1B | |
| Net Interest Expenses | $240.5M | $161.9M | $172.4M | $457.3M | $522.5M | |
| EBT. Incl. Unusual Items | $3.1B | $4.9B | $4.9B | $5.8B | $6.5B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $670.3M | $1.1B | $1.2B | $1.3B | $1.5B | |
| Net Income to Company | $2.6B | $3.9B | $3.7B | $4.5B | $4.8B | |
| Minority Interest in Earnings | $127.7M | $81.6M | $62M | $179.5M | $183.9M | |
| Net Income to Common Excl Extra Items | $2.6B | $3.9B | $3.7B | $4.5B | $4.8B | |
| Basic EPS (Cont. Ops) | $0.88 | $1.36 | $1.31 | $1.55 | $1.65 | |
| Diluted EPS (Cont. Ops) | $0.87 | $1.34 | $1.29 | $1.53 | $1.62 | |
| Weighted Average Basic Share | $2.8B | $2.8B | $2.8B | $2.8B | $2.8B | |
| Weighted Average Diluted Share | $2.8B | $2.8B | $2.8B | $2.8B | $2.8B | |
| EBITDA | $5.6B | $7.1B | $7.4B | $8B | $8.8B | |
| EBIT | $4.2B | $5.4B | $5.8B | $6.4B | $7.1B | |
| Revenue (Reported) | $28.7B | $34.2B | $35.9B | $38.8B | $41.3B | |
| Operating Income (Reported) | $4.2B | $5.4B | $5.8B | $6.4B | $7.1B | |
| Operating Income (Adjusted) | $4.2B | $5.4B | $5.8B | $6.4B | $7.1B | |
| 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 | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Revenue | $32.6B | $35.1B | $37.4B | $39.4B | $42.7B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | $19.1B | $20.9B | $22.3B | $22.6B | $24.5B | |
| Gross Profit | $13.5B | $14.3B | $15.1B | $16.8B | $18.2B | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | $1.4B | $1.6B | $1.7B | $2B | $2.2B | |
| Selling, General & Admin | $6.9B | $7.1B | $7.7B | $8.2B | $8.7B | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | $8.3B | $8.7B | $8.9B | $10.2B | $11B | |
| Operating Income | $5.2B | $5.6B | $6.2B | $6.7B | $7.2B | |
| Net Interest Expenses | $153.6M | $170.7M | $370.4M | $473.6M | $565.5M | |
| EBT. Incl. Unusual Items | $4.5B | $4.7B | $5.6B | $5.9B | $6.7B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $988.8M | $1.1B | $1.3B | $1.3B | $1.5B | |
| Net Income to Company | $3.6B | $3.6B | $4.2B | $4.4B | $4.9B | |
| Minority Interest in Earnings | $115.3M | $80.1M | $106.3M | $189.2M | $200.1M | |
| Net Income to Common Excl Extra Items | $3.6B | $3.7B | $4.3B | $4.4B | $4.9B | |
| Basic EPS (Cont. Ops) | $1.25 | $1.28 | $1.49 | $1.49 | $1.67 | |
| Diluted EPS (Cont. Ops) | $1.24 | $1.26 | $1.47 | $1.47 | $1.64 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | $6.8B | $7.2B | $7.7B | $8.3B | $8.9B | |
| EBIT | $5.2B | $5.6B | $6.2B | $6.7B | $7.2B | |
| Revenue (Reported) | $32.6B | $35.1B | $37.4B | $39.4B | $42.7B | |
| Operating Income (Reported) | $5.2B | $5.6B | $6.2B | $6.7B | $7.2B | |
| Operating Income (Adjusted) | $5.2B | $5.6B | $6.2B | $6.7B | $7.2B | |
| Period Ending | 2022-12-25 | 2023-12-25 | 2024-12-25 | 2025-12-25 | 2026-12-25 | |
|---|---|---|---|---|---|---|
| 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 | $8.5B | $3B | $4.3B | $5.2B | $7.1B | |
| Short Term Investments | $22.1M | $4.5M | -- | -- | -- | |
| Accounts Receivable, Net | $6.9B | $7.8B | $8B | $9.3B | $9.7B | |
| Inventory | $3.5B | $4.5B | $4.6B | $5B | $5.6B | |
| Prepaid Expenses | $192.1M | $196.7M | $323.4M | $353.5M | $398.7M | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $21.4B | $17.5B | $19.2B | $22B | $24.8B | |
| Property Plant And Equipment | $4.4B | $4.4B | $4.2B | $4.6B | $5.1B | |
| Long-Term Investments | $1.5B | $2.2B | $2.2B | $2.4B | $2.5B | |
| Goodwill | $24.5B | $28B | $27B | $27.3B | $27.3B | |
| Other Intangibles | $6.2B | $7.3B | $6.8B | $6.5B | $6.5B | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $60.5B | $62B | $62.3B | $65.1B | $68.3B | |
| Accounts Payable | $5.7B | $6.5B | $6.7B | $8.4B | $9.2B | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | $1.9B | $1.9B | $6.9B | $1.6B | $1.8B | |
| Total Current Liabilities | $15.8B | $16.2B | $22B | $18.2B | $20.3B | |
| Long-Term Debt | $11B | $9.6B | $8.9B | $13.7B | $12.4B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $31.5B | $30.1B | $34.4B | $35.1B | $35.9B | |
| Common Stock | $2.8B | $2.6B | $2.4B | $2.5B | $2.4B | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | $25.2B | $27.8B | $27.1B | $29.2B | $31.6B | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $3.8B | $4.2B | $699M | $779.9M | $819.1M | |
| Total Equity | $29B | $32B | $27.8B | $30B | $32.4B | |
| Total Liabilities and Equity | $60.5B | $62B | $62.3B | $65.1B | $68.3B | |
| Cash and Short Terms | $8.5B | $3B | $4.3B | $5.2B | $7.1B | |
| Total Debt | $12.1B | $10.7B | $10.6B | $15.1B | $16.3B | |
| Period Ending | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $4.3B | $3.2B | $3.4B | $4.7B | $4.7B | |
| Short Term Investments | $20.2M | $4.2M | -- | -- | -- | |
| Accounts Receivable, Net | $7.4B | $8.2B | $9B | $9.5B | $10.5B | |
| Inventory | $4.2B | $4.7B | $5.3B | $5.6B | $6.9B | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $18.3B | $19B | $21.4B | $22.4B | $25.3B | |
| Property Plant And Equipment | $4.4B | $4.1B | $4.3B | $4.7B | $5.8B | |
| Long-Term Investments | -- | -- | -- | -- | -- | |
| Goodwill | $28.3B | $27.3B | $27B | $27B | $29.5B | |
| Other Intangibles | $7.7B | $7B | $6.7B | $6.3B | $7.1B | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $62.9B | $62.3B | $63.8B | $65.3B | $72.7B | |
| Accounts Payable | $6.2B | $6.3B | $7.4B | $8.4B | $9.8B | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | $1.8B | $2B | $1.7B | $1.5B | $2B | |
| Total Current Liabilities | $17.3B | $18.7B | $18.6B | $18.4B | $22.2B | |
| Long-Term Debt | $9.8B | $7.4B | $13B | $12.2B | $12.8B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $32.8B | $31B | $35.9B | $34.8B | $40.1B | |
| Common Stock | $2.7B | $2.4B | $2.5B | $2.5B | $2.7B | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $4.4B | $3.9B | $703.1M | $827.5M | $970.9M | |
| Total Equity | $30.2B | $31.2B | $27.9B | $30.4B | $32.6B | |
| Total Liabilities and Equity | $62.9B | $62.3B | $63.8B | $65.3B | $72.7B | |
| Cash and Short Terms | $4.3B | $3.2B | $3.4B | $4.7B | $4.7B | |
| Total Debt | -- | -- | -- | -- | -- | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $2.6B | $3.9B | $3.7B | $4.5B | $4.8B | |
| Depreciation & Amoritzation | $1.4B | $1.7B | $1.6B | $1.6B | $1.7B | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | $371.6M | -$682M | -$320.5M | $67M | -$215.3M | |
| Change in Inventories | -$174.4M | -$1.1B | -$581.2M | -$413M | -$902.1M | |
| Cash From Operations | $5.1B | $4.3B | $4.6B | $6.4B | $6B | |
| Capital Expenditures | $931.4M | $1B | $1.1B | $1.5B | $1.5B | |
| Cash Acquisitions | $2.7B | $5.9B | $664.2M | $5.1B | $686.9M | |
| Cash From Investing | -$2.4B | -$6.6B | -$1.6B | -$6.2B | -$2.3B | |
| Dividends Paid (Ex Special Dividend) | $1.6B | $1.7B | $1.7B | $1.9B | $2.1B | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $4B | -- | $1.3B | $4.8B | $3.8B | |
| Long-Term Debt Repaid | -$571M | -$1.2B | -$874.3M | -$1.4B | -$2.9B | |
| Repurchase of Common Stock | $57M | $309.7M | $230.2M | $760M | $419.7M | |
| Other Financing Activities | $1.3B | -$494.6M | -$77M | -$5.1B | -$198.1M | |
| Cash From Financing | $1.6B | -$3.2B | -$1.5B | $950.3M | -$1.6B | |
| Beginning Cash (CF) | $8.4B | $3B | $4.3B | $5.2B | $7.1B | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $3.8B | -$5.1B | $1.5B | $860.6M | $2.3B | |
| Ending Cash (CF) | $11.8B | -$1.7B | $5.7B | $5.8B | $9.7B | |
| Levered Free Cash Flow | $4.1B | $3.2B | $3.4B | $4.9B | $4.5B | |
| 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 | -- | -- | -- | -- | -- | |
| 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 | $3.6B | $3.6B | $4.2B | $4.4B | $4.9B | |
| Depreciation & Amoritzation | $1.6B | $1.6B | $1.5B | $1.6B | $1.7B | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -$648M | -$852.9M | -$253.7M | $223.7M | $116.6M | |
| Change in Inventories | -$405.1M | -$851M | -$743M | -$450.1M | -$1.1B | |
| Cash From Operations | $5.6B | $3.5B | $5B | $6.5B | $5.7B | |
| Capital Expenditures | $1.1B | $1.1B | $1.3B | $1.5B | $1.6B | |
| Cash Acquisitions | $7.4B | $1.5B | $5.2B | $202.7M | $1.7B | |
| Cash From Investing | -$7.2B | -$2.2B | -$6.3B | -$1.5B | -$3.4B | |
| Dividends Paid (Ex Special Dividend) | $1.9B | $1.7B | $1.8B | $2.1B | $2.4B | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $1.7B | $1.4B | $5.1B | $922.6M | $3.8B | |
| Long-Term Debt Repaid | -$596.2M | -$1.2B | -$1.4B | -$1.9B | -$3.6B | |
| Repurchase of Common Stock | $3.9M | $543.3M | $27M | $716.1M | $515M | |
| Other Financing Activities | -- | -- | -$5.1B | -$197M | -$60.9M | |
| Cash From Financing | -$669.3M | -$2B | $1.7B | -$3.5B | -$2.6B | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -$2.4B | -$511.4M | $135.4M | $1.3B | -$393.1M | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | $4.5B | $2.4B | $3.7B | $5B | $4.1B | |
| 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 | -- | -- | -- | -- | -- | |
| 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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