Is DocuSign Stock Undervalued?
Digital signature software business DocuSign (NASDAQ:DOCU) has been struggling over…
| Period Ending | 2017-12-31 | 2018-12-31 | 2019-12-31 | 2020-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|---|
| Revenue | $574.9M | $565.7M | $647.2M | $282.1M | $334.4M | |
| Revenue Growth (YoY) | -25.57% | -1.6% | 14.41% | -56.42% | 18.56% | |
| Cost of Revenues | $510M | $513.7M | $581.8M | $253.9M | $292.4M | |
| Gross Profit | $64.9M | $51.9M | $65.3M | $28.2M | $42M | |
| Gross Profit Margin | 11.29% | 9.18% | 10.09% | 9.99% | 12.57% | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | $47.7M | $41.2M | $40.6M | $18M | $16.1M | |
| Other Inc / (Exp) | $24.9M | $27.4M | -- | -- | -- | |
| Operating Expenses | $47.7M | $41.2M | $40.6M | $18M | $16.1M | |
| Operating Income | $17.2M | $10.7M | $24.7M | $10.2M | $25.9M | |
| Net Interest Expenses | $61.1M | $106.1M | $97.7M | $35.6M | $27.3M | |
| EBT. Incl. Unusual Items | -$100.2M | -$68.5M | -$163.3M | $41.6M | $44.1M | |
| Earnings of Discontinued Ops. | -$25.8M | -$5.8M | -$124.5M | -$291M | $9.2M | |
| Income Tax Expense | -$13.4M | $5.1M | -$4.7M | $2.2M | $1.2M | |
| Net Income to Company | -$13.5M | -$46.2M | -$299.5M | -$519.7M | $65.5M | |
| Minority Interest in Earnings | -$82.1M | -$16.9M | -$33.8M | -$99.4M | $8.5M | |
| Net Income to Common Excl Extra Items | $12.3M | -$40.4M | -$175.1M | -$228.7M | $56.4M | |
| Basic EPS (Cont. Ops) | $4.54 | -$9.33 | -$9.11 | -$31.94 | $3.80 | |
| Diluted EPS (Cont. Ops) | $4.54 | -$9.33 | -$9.11 | -$31.94 | $3.80 | |
| Weighted Average Basic Share | $15.1M | $15.1M | $15M | $15M | $15M | |
| Weighted Average Diluted Share | $15.1M | $15.1M | $15M | $15M | $15M | |
| EBITDA | $159.1M | $148.9M | $180.1M | $60.7M | $72.1M | |
| EBIT | $17.2M | $10.7M | $24.7M | $10.2M | $25.9M | |
| Revenue (Reported) | $574.9M | $565.7M | $647.2M | $282.1M | $334.4M | |
| Operating Income (Reported) | $17.2M | $10.7M | $24.7M | $10.2M | $25.9M | |
| Operating Income (Adjusted) | $17.2M | $10.7M | $24.7M | $10.2M | $25.9M | |
| Period Ending | 2011-12-31 | 2012-12-31 | 2013-12-31 | 2014-12-31 | 2015-12-31 | |
|---|---|---|---|---|---|---|
| Revenue | -- | -- | $50.1M | $48.2M | $145.1M | |
| Revenue Growth (YoY) | -- | -- | 13.8% | 10.95% | 194.31% | |
| Cost of Revenues | -- | -- | $43.9M | $36.7M | $143.8M | |
| Gross Profit | -- | -- | $6.2M | $11.5M | $1.3M | |
| Gross Profit Margin | -- | -- | 12.39% | 23.9% | 0.91% | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | $9M | $6M | $24M | |
| Other Inc / (Exp) | -- | -- | $40.6M | $59M | $173.5M | |
| Operating Expenses | -- | -- | $9M | $6M | $24M | |
| Operating Income | -- | -- | -$2.8M | $5.5M | -$22.7M | |
| Net Interest Expenses | -- | -- | -- | $6.8M | $6.9M | |
| EBT. Incl. Unusual Items | -- | -- | $42.3M | $57.6M | $143.9M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | -- | -- | $127K | $37K | $1.9M | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | -- | -- | $650K | -$326K | $25.6M | |
| Net Income to Common Excl Extra Items | -- | -- | $42.8M | $57.2M | $167.5M | |
| Basic EPS (Cont. Ops) | -- | -- | $2.83 | $3.78 | $11.07 | |
| Diluted EPS (Cont. Ops) | -- | -- | $2.81 | $3.78 | $11.07 | |
| Weighted Average Basic Share | -- | -- | $15.1M | $15.1M | $15.1M | |
| Weighted Average Diluted Share | -- | -- | -- | $15.1M | $15.1M | |
| EBITDA | -- | -- | $44M | $59.5M | $156.5M | |
| EBIT | -- | -- | $44M | $59.5M | $156.5M | |
| Revenue (Reported) | -- | -- | $50.1M | $48.2M | $145.1M | |
| Operating Income (Reported) | -- | -- | -$2.8M | $5.5M | -$22.7M | |
| Operating Income (Adjusted) | -- | -- | $44M | $59.5M | $156.5M | |
| Period Ending | 2018-06-30 | 2019-06-30 | 2020-06-30 | 2021-06-30 | 2022-06-30 | |
|---|---|---|---|---|---|---|
| Revenue | $732.1M | $417.2M | $599.4M | $593.8M | $213.2M | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | $666.5M | $362.3M | $539.5M | $510M | $179.5M | |
| Gross Profit | $65.7M | $54.9M | $59.9M | $83.8M | $33.7M | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | $54M | $35.8M | $35.5M | $37.6M | $9.5M | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | $54M | $35.8M | $35.5M | $37.6M | $9.5M | |
| Operating Income | $11.7M | $19.1M | $24.4M | $46.2M | $24.2M | |
| Net Interest Expenses | $71.1M | $106.3M | $106.8M | $60.5M | $12.9M | |
| EBT. Incl. Unusual Items | -$98.6M | -$96.2M | -$295.1M | $29.6M | -$17.1M | |
| Earnings of Discontinued Ops. | $62.9M | -$87.3M | -$130.6M | $70.8M | -$7.6M | |
| Income Tax Expense | -$13.1M | $2M | -$2.5M | $5.2M | $3.7M | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | -$57.5M | -$15.5M | -$103.7M | -$7.5M | $2.7M | |
| Net Income to Common Excl Extra Items | -$33.6M | -$88.4M | -$527.4M | -$11.6M | $7.9M | |
| Basic EPS (Cont. Ops) | $5.75 | -$10.65 | -$36.85 | $3.72 | -$0.16 | |
| Diluted EPS (Cont. Ops) | $5.75 | -$10.65 | -$36.85 | $3.72 | -$0.16 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | $156.6M | $159.8M | $166.8M | $156.3M | -- | |
| EBIT | $11.7M | $19.1M | $24.4M | $46.2M | $24.2M | |
| Revenue (Reported) | $732.1M | $417.2M | $599.4M | $593.8M | $213.2M | |
| Operating Income (Reported) | $11.7M | $19.1M | $24.4M | $46.2M | $24.2M | |
| Operating Income (Adjusted) | $11.7M | $19.1M | $24.4M | $46.2M | $24.2M | |
| 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 | 2017-12-31 | 2018-12-31 | 2019-12-31 | 2020-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $202.9M | $152.7M | $134.8M | $137.5M | $60.7M | |
| Short Term Investments | $8.9M | $10.1M | -- | -- | -- | |
| Accounts Receivable, Net | $100.4M | $74.9M | $72M | $65.1M | $30.1M | |
| Inventory | $198.1M | $19.4M | $19.3M | $15.9M | $10.5M | |
| Prepaid Expenses | $92.8M | $78M | -- | -- | -- | |
| Other Current Assets | $177.5M | -- | -- | -- | -- | |
| Total Current Assets | $706.8M | $627.8M | $423.8M | $351.4M | $231.7M | |
| Property Plant And Equipment | $2.3B | $1.9B | $1.8B | $1.7B | $715.7M | |
| Long-Term Investments | $1.4B | $1.4B | $1.5B | $1.2B | $1.1B | |
| Goodwill | -- | -- | -- | -- | -- | |
| Other Intangibles | -- | -- | -- | -- | -- | |
| Other Long-Term Assets | $114.9M | $152.5M | -- | -- | -- | |
| Total Assets | $4.6B | $4.1B | $3.9B | $3.4B | $3.7B | |
| Accounts Payable | $147.2M | $68.1M | $64.5M | $57.2M | $16.7M | |
| Accrued Expenses | $112.6M | $45.9M | -- | -- | -- | |
| Current Portion Of Long-Term Debt | $178.2M | $136.1M | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | -- | $123.1M | -- | -- | -- | |
| Total Current Liabilities | $440M | $404.2M | $445.1M | $939.2M | $281.6M | |
| Long-Term Debt | $1.8B | $1.4B | $1.5B | $1.2B | $442.6M | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $2.5B | $2B | $2.1B | $2.2B | $2.4B | |
| Common Stock | $3.8M | $3.8M | $3.8M | $3.8M | $3.7M | |
| Other Common Equity Adj | -$67.7M | -$87.6M | -- | -- | -- | |
| Common Equity | $1.9B | $1.9B | $1.7B | $1.2B | $1.3B | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $148.8M | $130M | $90.1M | -$9.1M | $39.1M | |
| Total Equity | $2.1B | $2.1B | $1.7B | $1.2B | $1.3B | |
| Total Liabilities and Equity | $4.6B | $4.1B | $3.9B | $3.4B | $3.7B | |
| Cash and Short Terms | $202.9M | $152.7M | $134.8M | $137.5M | $60.7M | |
| Total Debt | $1.9B | $1.6B | $1.7B | $1.8B | $590.6M | |
| Period Ending | 2018-06-30 | 2019-06-30 | 2020-06-30 | 2021-06-30 | 2022-06-30 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $174.4M | $102.1M | -- | -- | -- | |
| Short Term Investments | $9.6M | $30.3M | -- | -- | -- | |
| Accounts Receivable, Net | -- | -- | -- | -- | -- | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | $446M | $226.1M | -- | -- | -- | |
| Total Current Assets | $674.9M | $504.1M | -- | -- | -- | |
| Property Plant And Equipment | $2.2B | $1.8B | -- | -- | -- | |
| Long-Term Investments | $1.2B | $1.2B | -- | -- | -- | |
| Goodwill | -- | -- | -- | -- | -- | |
| Other Intangibles | -- | -- | -- | -- | -- | |
| Other Long-Term Assets | $141.3M | $164.3M | -- | -- | -- | |
| Total Assets | $4.4B | $4B | -- | -- | -- | |
| Accounts Payable | $222.1M | $165.5M | -- | -- | -- | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | $187M | $140.9M | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | -- | $90M | -- | -- | -- | |
| Total Current Liabilities | $409.1M | $396.3M | -- | -- | -- | |
| Long-Term Debt | $1.5B | $1.5B | -- | -- | -- | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $2.3B | $2.2B | -- | -- | -- | |
| Common Stock | $3.8M | $3.8M | -- | -- | -- | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $151.4M | $108.2M | -- | -- | -- | |
| Total Equity | $2.1B | $1.9B | -- | -- | -- | |
| Total Liabilities and Equity | $4.4B | $4B | -- | -- | -- | |
| Cash and Short Terms | $184M | $132.4M | -- | -- | -- | |
| Total Debt | -- | -- | -- | -- | -- | |
| Period Ending | 2017-12-31 | 2018-12-31 | 2019-12-31 | 2020-12-31 | 2021-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -$13.5M | -$46.2M | -$299.5M | -$519.7M | $65.5M | |
| Depreciation & Amoritzation | $156.5M | $154.9M | $158.5M | $125.5M | $46.1M | |
| Stock-Based Compensation | -$1.6M | -$2.2M | -- | -- | -- | |
| Change in Accounts Receivable | -$11.9M | $26.2M | $8.2M | $6.7M | -$25.2M | |
| Change in Inventories | $323K | $1.2M | $185K | $3.3M | $5.4M | |
| Cash From Operations | $65M | $213.5M | $877K | $74.9M | $50.3M | |
| Capital Expenditures | $351.8M | $223.1M | $177.1M | $66.1M | $42.8M | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -$285.2M | -$10.1M | -$36.4M | $3.1M | $106.1M | |
| Dividends Paid (Ex Special Dividend) | -- | -- | -- | -- | -- | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $580M | $62.7M | -- | -- | -- | |
| Long-Term Debt Repaid | -$444.6M | -$316.9M | -- | -- | -- | |
| Repurchase of Common Stock | $721K | $4M | $3M | -- | $3.7M | |
| Other Financing Activities | $58.2M | $20M | -- | -- | -- | |
| Cash From Financing | $185.2M | -$246.1M | -$2.4M | -$86.6M | -$235.9M | |
| Beginning Cash (CF) | $194M | $142.6M | $121.9M | $129.2M | $51.2M | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -$36.8M | -$38.6M | -$37.9M | -$8.6M | -$79.4M | |
| Ending Cash (CF) | $155.5M | $108.2M | $84M | $120.6M | -$28.2M | |
| Levered Free Cash Flow | -$286.8M | -$9.6M | -$176.3M | $8.8M | $7.5M | |
| Period Ending | 2010-06-30 | 2011-06-30 | 2012-06-30 | 2013-06-30 | 2014-06-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -- | -- | $179.7M | $16.5M | $174.9M | |
| Depreciation & Amoritzation | -- | -- | $7.6M | $3.5M | $8.4M | |
| Stock-Based Compensation | -- | -- | $1.2M | -$4.1M | $55K | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -- | -- | $61.2M | $16.5M | $4.1M | |
| Capital Expenditures | -- | -- | -- | -- | -- | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -- | -- | $26.9M | -$150M | $190.6M | |
| 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 | -- | -- | -$32.4M | $68.4M | -$49M | |
| Beginning Cash (CF) | $92.5M | $50.5M | $45M | $492M | $298.4M | |
| Foreign Exchange Rate Adjustment | -- | -- | -$371K | -$1.6M | -$2.2M | |
| Additions / Reductions | -- | -- | $55.7M | -$65.2M | $145.7M | |
| Ending Cash (CF) | -- | -- | $100.3M | $425.2M | $441.9M | |
| Levered Free Cash Flow | -- | -- | $61.2M | $16.5M | $4.1M | |
| Period Ending | 2011-06-30 | 2012-06-30 | 2013-06-30 | 2014-06-30 | 2015-06-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -- | -- | $73.5M | $285.4M | -- | |
| Depreciation & Amoritzation | -- | -- | $17.8M | $19M | -- | |
| Stock-Based Compensation | -- | $1.2M | -$3M | -$4M | $55K | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -- | -- | $8M | $14.1M | -- | |
| Capital Expenditures | -- | -- | -- | -- | -- | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -- | -- | -$186.1M | $97M | -- | |
| 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 | -- | -- | $503M | -$116M | -- | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -- | -- | $324.8M | -$4.4M | -- | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | -- | -- | $8M | $14.1M | -- | |
| 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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