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 | $274M | $416.1M | $527.5M | $443.9M | $443.8M | |
| Revenue Growth (YoY) | 10.36% | 51.83% | 26.78% | -15.85% | -0.02% | |
| Cost of Revenues | $217.4M | $258M | $312.1M | $298.7M | $290.8M | |
| Gross Profit | $56.6M | $158.1M | $215.4M | $145.1M | $153M | |
| Gross Profit Margin | 20.66% | 37.99% | 40.84% | 32.7% | 34.48% | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | $31.6M | $36.9M | $43.4M | $46.2M | $48.5M | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | $27.2M | $33M | $38.7M | $41.3M | $50.6M | |
| Operating Income | $29.4M | $125.1M | $176.7M | $103.8M | $102.5M | |
| Net Interest Expenses | $5.1M | $3.1M | $1.9M | $1.7M | $2.6M | |
| EBT. Incl. Unusual Items | $28.1M | $136.6M | $172.6M | $108.8M | $97.5M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $10.8M | $36.1M | $59.5M | $31.1M | $25.9M | |
| Net Income to Company | $28.1M | $136.6M | $172.6M | $108.8M | $97.5M | |
| Minority Interest in Earnings | $2.1M | $5.7M | $4.3M | $3.6M | $4.4M | |
| Net Income to Common Excl Extra Items | $16.2M | $99.5M | $112.5M | $76.4M | $70.2M | |
| Basic EPS (Cont. Ops) | $1.36 | $9.00 | $10.40 | $6.99 | $6.33 | |
| Diluted EPS (Cont. Ops) | $1.36 | $8.99 | $10.36 | $6.98 | $6.32 | |
| Weighted Average Basic Share | $10.4M | $10.4M | $10.4M | $10.4M | $10.4M | |
| Weighted Average Diluted Share | $10.4M | $10.4M | $10.4M | $10.4M | $10.4M | |
| EBITDA | $73M | $173.7M | $224.6M | $156.5M | $158.3M | |
| EBIT | $29.4M | $125.1M | $176.7M | $103.8M | $102.5M | |
| Revenue (Reported) | $274M | $416.1M | $527.5M | $443.9M | $443.8M | |
| Operating Income (Reported) | $29.4M | $125.1M | $176.7M | $103.8M | $102.5M | |
| Operating Income (Adjusted) | $29.4M | $125.1M | $176.7M | $103.8M | $102.5M | |
| Period Ending | 2019-06-30 | 2020-06-30 | 2021-06-30 | 2022-06-30 | 2023-06-30 | |
|---|---|---|---|---|---|---|
| Revenue | -- | -- | $1.1B | $1.2B | $1.4B | |
| Revenue Growth (YoY) | -- | -- | -- | 12.24% | 11.27% | |
| Cost of Revenues | -- | -- | $695.7M | $755.5M | $864.3M | |
| Gross Profit | -- | -- | $388.2M | $461.1M | $489.4M | |
| Gross Profit Margin | -- | -- | 35.82% | 37.9% | 36.15% | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | $225.8M | $272.7M | $320.6M | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | -- | -- | $223.6M | $271M | $318.1M | |
| Operating Income | -- | -- | $164.6M | $190.1M | $171.3M | |
| Net Interest Expenses | -- | -- | $4.3M | $4.6M | $7.3M | |
| EBT. Incl. Unusual Items | -- | -- | $160.3M | $185.5M | $164M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | -- | -- | $36.8M | $44.8M | $40M | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | -- | -- | -- | -- | -- | |
| Net Income to Common Excl Extra Items | -- | -- | $123.5M | $140.7M | $124M | |
| Basic EPS (Cont. Ops) | -- | -- | $2.77 | $3.12 | $2.75 | |
| Diluted EPS (Cont. Ops) | -- | -- | $2.70 | $3.07 | $2.71 | |
| Weighted Average Basic Share | -- | -- | $44.5M | $45M | $45.1M | |
| Weighted Average Diluted Share | -- | -- | $45.8M | $45.8M | $45.7M | |
| EBITDA | -- | -- | $184.9M | $213.2M | $202.3M | |
| EBIT | -- | -- | $164.6M | $190.1M | $171.3M | |
| Revenue (Reported) | -- | -- | $1.1B | $1.2B | $1.4B | |
| Operating Income (Reported) | -- | -- | $164.6M | $190.1M | $171.3M | |
| Operating Income (Adjusted) | -- | -- | $164.6M | $190.1M | $171.3M | |
| Period Ending | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Revenue | $338.6M | $483.6M | $496.3M | $428.3M | $489.7M | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | $231.8M | $256.5M | $331.9M | $284.7M | $287.4M | |
| Gross Profit | $106.8M | $227.1M | $164.3M | $143.7M | $202.3M | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | $33.1M | $44M | $42.3M | $47M | $51.6M | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | $33.1M | $44M | $42.3M | $47M | $51.6M | |
| Operating Income | $73.7M | $183.2M | $122M | $96.7M | $150.6M | |
| Net Interest Expenses | $4.5M | $3M | $2.8M | $2.4M | $2.9M | |
| EBT. Incl. Unusual Items | $85.5M | $177.3M | $124.2M | $96.4M | $146.5M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $22.3M | $56.2M | $45.5M | $24.4M | $40.4M | |
| Net Income to Company | $85.3M | $179.5M | $131.4M | $96.4M | $146.5M | |
| Minority Interest in Earnings | $3.9M | $6.3M | $2.2M | $4M | $5.8M | |
| Net Income to Common Excl Extra Items | $62.2M | $120.4M | $77.7M | $70.6M | $104.4M | |
| Basic EPS (Cont. Ops) | $5.60 | $10.97 | $7.25 | $6.40 | $9.46 | |
| Diluted EPS (Cont. Ops) | $5.60 | $10.96 | $7.21 | $6.39 | $9.45 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | $119.9M | $231.6M | $170.6M | $154.6M | $202.9M | |
| EBIT | $73.7M | $183.2M | $122M | $96.7M | $150.6M | |
| Revenue (Reported) | $338.6M | $483.6M | $496.3M | $428.3M | $489.7M | |
| Operating Income (Reported) | $73.7M | $183.2M | $122M | $96.7M | $150.6M | |
| Operating Income (Adjusted) | $73.7M | $183.2M | $122M | $96.7M | $150.6M | |
| 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 | $9.8M | $20M | $46M | $12.3M | $19.9M | |
| Short Term Investments | -- | $38K | $10.2M | $1K | $1K | |
| Accounts Receivable, Net | $27.7M | $32.3M | $44.6M | $29.9M | $47.4M | |
| Inventory | $36.4M | $57.2M | $59.9M | $58.3M | $59.7M | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | $2M | $2.2M | $2.2M | $2M | $1.9M | |
| Total Current Assets | $136.9M | $176.5M | $215.1M | $172.4M | $176.4M | |
| Property Plant And Equipment | $670.6M | $667.3M | $696.6M | $751.7M | $778.6M | |
| Long-Term Investments | $20.8M | $29.4M | $31.4M | $36M | $46M | |
| Goodwill | $104.8M | $104.8M | $104.8M | $104.8M | $104.8M | |
| Other Intangibles | $123M | $128.9M | $136.5M | $152M | $161M | |
| Other Long-Term Assets | $2K | -- | $2K | $2K | $4K | |
| Total Assets | $946.6M | $991.8M | $1.1B | $1.1B | $1.1B | |
| Accounts Payable | $21.4M | $23.6M | $29.9M | $25.2M | $28.5M | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | $543K | $484K | $590K | $675K | $626K | |
| Other Current Liabilities | $5.3M | $24.7M | $20.8M | $20.3M | $15.2M | |
| Total Current Liabilities | $145.6M | $112.2M | $122.4M | $113M | $108.2M | |
| Long-Term Debt | $56.3M | $38.2M | $20.3M | $2M | $1.4M | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $272.1M | $225.6M | $212.1M | $191.4M | $186.6M | |
| Common Stock | $44.7M | $44.7M | $44.7M | $44.7M | $44.7M | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | $638.7M | $727.3M | $817.8M | $853.8M | $898.4M | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $35.9M | $38.9M | $32.3M | $35M | $37.4M | |
| Total Equity | $674.6M | $766.2M | $850.1M | $888.8M | $935.8M | |
| Total Liabilities and Equity | $946.6M | $991.8M | $1.1B | $1.1B | $1.1B | |
| Cash and Short Terms | $9.8M | $20M | $46M | $12.3M | $19.9M | |
| Total Debt | $74.8M | $56.7M | $38.9M | $20.6M | $2.1M | |
| Period Ending | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $13.1M | $38M | $39.3M | $15.7M | -- | |
| Short Term Investments | -- | $35K | $212K | $461K | -- | |
| Accounts Receivable, Net | $32.1M | $38.1M | $29.8M | $25.2M | -- | |
| Inventory | $51.4M | $84.3M | $64M | $62.6M | -- | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | $3.5M | $2M | $1.5M | $2.2M | -- | |
| Total Current Assets | $177.3M | $232.6M | $211M | $167.7M | -- | |
| Property Plant And Equipment | $351.4M | $370.8M | $397.6M | $434.4M | -- | |
| Long-Term Investments | -- | -- | -- | -- | -- | |
| Goodwill | $104.8M | $104.8M | $104.8M | $104.8M | -- | |
| Other Intangibles | $449K | $285K | $196K | $105K | -- | |
| Other Long-Term Assets | $1K | $1K | -$1K | $1K | -- | |
| Total Assets | $974.8M | $1.1B | $1.1B | $1.1B | -- | |
| Accounts Payable | $15.6M | $30M | $23.6M | $21.7M | -- | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | $471K | $532K | $514K | $575K | -- | |
| Other Current Liabilities | $8.7M | $16M | $18.4M | $13.9M | -- | |
| Total Current Liabilities | $135.7M | $146M | $140.2M | $113.8M | -- | |
| Long-Term Debt | -- | $27M | $9M | -- | -- | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $259.9M | $252M | $228.9M | $195.6M | -- | |
| Common Stock | $44.7M | $44.7M | $44.7M | $44.7M | -- | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $35.9M | $33M | $33.6M | $36.7M | -- | |
| Total Equity | $714.9M | $806.3M | $848.8M | $893M | -- | |
| Total Liabilities and Equity | $974.8M | $1.1B | $1.1B | $1.1B | -- | |
| Cash and Short Terms | $13.1M | $38.1M | $39.5M | $16.1M | -- | |
| Total Debt | -- | -- | -- | -- | -- | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $28.1M | $136.6M | $172.6M | $108.8M | $97.5M | |
| Depreciation & Amoritzation | $43.6M | $48.6M | $47.9M | $52.7M | $55.8M | |
| Stock-Based Compensation | $128K | $121K | $140K | $163K | $201K | |
| Change in Accounts Receivable | -- | -$4.6M | -- | -- | -- | |
| Change in Inventories | -- | -$22.2M | -- | -- | -- | |
| Cash From Operations | $64.5M | $157.9M | $164.7M | $122.3M | $131.6M | |
| Capital Expenditures | $51.8M | $68.7M | $79.3M | $107M | $86.9M | |
| Cash Acquisitions | $2.8M | -- | $5.5M | -- | -- | |
| Cash From Investing | -$50.3M | -$48M | -$91.3M | -$116.8M | -$94.7M | |
| Dividends Paid (Ex Special Dividend) | -- | $4.4M | $22.3M | $33.8M | $22.4M | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | -- | -- | $861K | $17.9M | $14M | |
| Long-Term Debt Repaid | -$14.3M | -$91.8M | -$25.8M | -$19.1M | -$19M | |
| Repurchase of Common Stock | -- | $2.2M | $176K | $1.1M | $118K | |
| Other Financing Activities | -$2.8M | -- | -$5.5M | -$415K | -- | |
| Cash From Financing | -$15M | -$99.7M | -$49M | -$38.3M | -$28.5M | |
| Beginning Cash (CF) | $9.8M | $19.9M | $34.1M | $11.5M | $19.9M | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -$863K | $10.2M | $24.4M | -$32.8M | $8.3M | |
| Ending Cash (CF) | $8.9M | $30.1M | $58.5M | -$21.3M | $28.2M | |
| Levered Free Cash Flow | $12.7M | $89.2M | $85.4M | $15.4M | $44.8M | |
| Period Ending | 2018-12-31 | 2019-12-31 | 2020-12-31 | 2021-12-31 | 2022-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -- | -- | $5.3M | $4.3M | $2.7M | |
| Depreciation & Amoritzation | -- | -- | $13.1M | $11.8M | $13.9M | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -- | -- | $20.2M | $17.9M | $17.1M | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -- | -- | $112.1M | $95.3M | $92.9M | |
| Capital Expenditures | -- | -- | -- | -- | -- | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -- | -- | $10.8M | $11.2M | $11.4M | |
| Dividends Paid (Ex Special Dividend) | -- | -- | -- | -- | -- | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | -- | -- | $1.9M | $1.3M | $1.7M | |
| Long-Term Debt Repaid | -- | -- | $10.2M | $7.8M | $4.8M | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | -- | -- | -- | -- | -- | |
| Cash From Financing | -- | -- | -$13M | -$9.1M | -$8.3M | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -- | -- | -- | -- | -- | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | -- | -- | $112.1M | $95.3M | $92.9M | |
| Period Ending | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $85.3M | $179.5M | $131.4M | $96.4M | $146.5M | |
| Depreciation & Amoritzation | $44.6M | $49.3M | $50.3M | $57.9M | $52.3M | |
| Stock-Based Compensation | $120.4K | $132.3K | $156.1K | $182.9K | $209K | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $75.7M | $202.9M | $144.8M | $128.9M | $148M | |
| Capital Expenditures | $51.7M | $81.4M | $89.5M | $100.2M | $85.7M | |
| Cash Acquisitions | $2.8M | $5.5M | $398K | -- | -- | |
| Cash From Investing | -$27.6M | -$91.3M | -$98.9M | -$110.7M | -$89.7M | |
| Dividends Paid (Ex Special Dividend) | -- | $4.4M | $22.3M | $33.8M | $22.4M | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | -$7.9M | $645K | $259K | $17.8M | -- | |
| Long-Term Debt Repaid | -$37.7M | -$80.5M | -$18.4M | -$22.3M | -- | |
| Repurchase of Common Stock | -- | $2.2M | $503K | $788.7K | $1M | |
| Other Financing Activities | -- | -- | $221K | -$636K | -- | |
| Cash From Financing | -$48.3M | -$86.6M | -$43.1M | -$41.6M | -$26.4M | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -$215.9K | $25.1M | $2.8M | -$23.4M | $31.8M | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | $24M | $121.5M | $55.3M | $28.7M | $62.2M | |
| 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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P/E Ratio: 39x
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