Is DocuSign Stock Undervalued?
Digital signature software business DocuSign (NASDAQ:DOCU) has been struggling over…
| Period Ending | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | |
|---|---|---|---|---|---|---|
| Revenue | $36.1B | $35.8B | $44.3B | $62.1B | $65.1B | |
| Revenue Growth (YoY) | -12.73% | -0.8% | 23.81% | 40.07% | 4.94% | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $679.7M | $2.2B | $2.2B | -$372.6M | $7.4B | |
| Operating Expenses | -$7.1B | -$9.6B | -$8.8B | -$10.8B | -$13B | |
| Operating Income | $7.1B | $9.6B | $8.8B | $10.8B | $13B | |
| Net Interest Expenses | $2.3B | $2.1B | $2.9B | $4.3B | $4.6B | |
| EBT. Incl. Unusual Items | $6.3B | $8.3B | $8.1B | $9.3B | $11.2B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $1.5B | $1.9B | $2.1B | $2.6B | $3.4B | |
| Net Income to Company | $6.3B | $8.3B | $8.1B | $9.3B | $11.2B | |
| Minority Interest in Earnings | $29M | $74.9M | $77.3M | $39.7M | $58.3M | |
| Net Income to Common Excl Extra Items | $4.9B | $6.4B | $6B | $6.7B | $7.8B | |
| Basic EPS (Cont. Ops) | $1.18 | $1.53 | $1.45 | $1.67 | $1.98 | |
| Diluted EPS (Cont. Ops) | $1.18 | $1.53 | $1.45 | $1.67 | $1.98 | |
| Weighted Average Basic Share | $4.1B | $4.1B | $4.1B | $4B | $3.9B | |
| Weighted Average Diluted Share | $4.1B | $4.1B | $4.1B | $4B | $3.9B | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $11.2B | $11.7B | $23.3B | $39.2B | $41.3B | |
| Revenue (Reported) | $36.1B | $35.8B | $44.3B | $62.1B | $65.1B | |
| Operating Income (Reported) | $7.1B | $9.6B | $8.8B | $10.8B | $13B | |
| Operating Income (Adjusted) | $11.2B | $11.7B | $23.3B | $39.2B | $41.3B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $9B | $11B | $14.9B | $16.4B | $17B | |
| Revenue Growth (YoY) | -1.67% | 22.37% | 35.85% | 9.96% | 3.92% | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | -$3B | -$2.6B | -$2.8B | -$2.3B | -$3.4B | |
| Operating Income | $3B | $2.6B | $2.8B | $2.3B | $3.4B | |
| Net Interest Expenses | $651.3M | $2.1B | $4.3B | $4.7B | $5B | |
| EBT. Incl. Unusual Items | $3.1B | $2.7B | $2.5B | $3.4B | $5.4B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $794.2M | $721.3M | $556.5M | $1B | $1.6B | |
| Net Income to Company | $4.6B | -- | -- | -- | -- | |
| Minority Interest in Earnings | $15.4M | $23.2M | -$3.7M | $17.6M | $14.4M | |
| Net Income to Common Excl Extra Items | $2.3B | $2B | $1.9B | $2.4B | $3.8B | |
| Basic EPS (Cont. Ops) | $0.56 | $0.48 | $0.48 | $0.61 | $0.98 | |
| Diluted EPS (Cont. Ops) | $0.56 | $0.48 | $0.48 | $0.61 | $0.98 | |
| Weighted Average Basic Share | $4.1B | $4.1B | $4B | $3.9B | $3.9B | |
| Weighted Average Diluted Share | $4.1B | $4.1B | $4B | $3.9B | $3.9B | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $3.9B | $6B | $9.7B | $10.8B | $13.2B | |
| Revenue (Reported) | $9B | $11B | $14.9B | $16.4B | $17B | |
| Operating Income (Reported) | $3B | $2.6B | $2.8B | $2.3B | $3.4B | |
| Operating Income (Adjusted) | $3.9B | $6B | $9.7B | $10.8B | $13.2B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $35.6B | $38.8B | $54.9B | $64.2B | $63.8B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -$1.3B | $2.2B | $2.3B | $366.7M | -- | |
| Operating Expenses | -$9.3B | -$9.6B | -$9.4B | -$11.5B | -$12.3B | |
| Operating Income | $9.3B | $9.6B | $9.4B | $11.5B | $12.3B | |
| Net Interest Expenses | $2.6B | $4.5B | $8.3B | $19.4B | $19B | |
| EBT. Incl. Unusual Items | $8.9B | $8.1B | $7.7B | $11B | $13.1B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $2.3B | $1.9B | $1.9B | $3.3B | $3.7B | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | $55.2M | $85.3M | $52.6M | $54.7M | $59M | |
| Net Income to Common Excl Extra Items | $6.5B | $6.2B | $5.8B | $7.8B | $9.4B | |
| Basic EPS (Cont. Ops) | $1.57 | $1.48 | $1.42 | $1.95 | $2.42 | |
| Diluted EPS (Cont. Ops) | $1.57 | $1.48 | $1.42 | $1.95 | $2.42 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $12.4B | $14.7B | $32.4B | $41.8B | $43.3B | |
| Revenue (Reported) | $35.6B | $38.8B | $54.9B | $64.2B | $63.8B | |
| Operating Income (Reported) | $9.3B | $9.6B | $9.4B | $11.5B | $12.3B | |
| Operating Income (Adjusted) | $12.4B | $14.7B | $32.4B | $41.8B | $43.3B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $17.3B | $20.1B | $29.8B | $31.6B | $32.9B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | -$5.5B | -$5.1B | -$5.3B | -$5.1B | -$6.7B | |
| Operating Income | $5.5B | $5.1B | $5.3B | $5.1B | $6.7B | |
| Net Interest Expenses | $1.3B | $3.2B | $8.8B | $9.8B | $9.6B | |
| EBT. Incl. Unusual Items | $5.7B | $5.4B | $5B | $6.7B | $8.7B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $1.5B | $1.4B | $1.3B | $2B | $2.3B | |
| Net Income to Company | $4.6B | -- | -- | -- | -- | |
| Minority Interest in Earnings | $30M | $40.8M | $16M | $30.6M | $31.2M | |
| Net Income to Common Excl Extra Items | $4.2B | $4B | $3.7B | $4.8B | $6.4B | |
| Basic EPS (Cont. Ops) | $1.01 | $0.95 | $0.93 | $1.21 | $1.65 | |
| Diluted EPS (Cont. Ops) | $1.01 | $0.95 | $0.93 | $1.21 | $1.65 | |
| Weighted Average Basic Share | $8.2B | $8.2B | $8B | $7.8B | $7.7B | |
| Weighted Average Diluted Share | $8.2B | $8.2B | $8B | $7.9B | $7.7B | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $7.3B | $10.3B | $19.4B | $22B | $24B | |
| Revenue (Reported) | $17.3B | $20.1B | $29.8B | $31.6B | $32.9B | |
| Operating Income (Reported) | $5.5B | $5.1B | $5.3B | $5.1B | $6.7B | |
| Operating Income (Adjusted) | $7.3B | $10.3B | $19.4B | $22B | $24B | |
| Period Ending | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $604.6B | $542.4B | $495B | $438.8B | $442.8B | |
| Short Term Investments | -- | -- | -- | -- | -- | |
| Accounts Receivable, Net | -- | -- | -- | -- | -- | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $975.3B | $930.1B | $909B | $867.8B | $906.5B | |
| Property Plant And Equipment | $13.2B | $12B | $11.2B | $6.7B | $6.7B | |
| Long-Term Investments | $70.6B | $77.2B | $66.5B | $65.7B | $67.8B | |
| Goodwill | $1.3B | $2.6B | $2.1B | $1.8B | $1.5B | |
| Other Intangibles | $5.4B | $4.7B | $4.7B | $4.7B | $5.3B | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $2.2T | $2.1T | $2T | $2T | $2T | |
| Accounts Payable | -- | -- | -- | -- | -- | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | $12.4B | $9.3B | $19.3B | $20.7B | $29.3B | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $1.4T | $1.4T | $1.3T | $1.3T | $1.3T | |
| Long-Term Debt | $161.2B | $152.9B | $152.8B | $130B | $122.1B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $2.1T | $2T | $1.9T | $1.9T | $1.9T | |
| Common Stock | $21.2B | $19.3B | $17.6B | $15.5B | $15.7B | |
| Other Common Equity Adj | $19.1B | $12.7B | $10.2B | $15.5B | $11.8B | |
| Common Equity | $107B | $99.7B | $95.3B | $96.9B | $98.3B | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $641M | $804.5M | $822.7M | $917.9M | $918.2M | |
| Total Equity | $107.7B | $100.5B | $96.1B | $97.8B | $99.2B | |
| Total Liabilities and Equity | $2.2T | $2.1T | $2T | $2T | $2T | |
| Cash and Short Terms | $657.8B | $612.8B | $569.7B | $516.3B | $505.2B | |
| Total Debt | $242.1B | $236.6B | $180.8B | $184.1B | $165.4B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $635.8B | $489.2B | $453.2B | $472.4B | $491.8B | |
| Short Term Investments | -- | -- | -- | -- | -- | |
| Accounts Receivable, Net | -- | -- | -- | -- | -- | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $948.4B | $811.8B | $860.8B | $893.1B | $910.4B | |
| Property Plant And Equipment | $13.3B | $10.7B | $10.4B | $7B | $6.9B | |
| Long-Term Investments | $72.9B | $69.1B | $62B | $68.3B | $67.4B | |
| Goodwill | -- | -- | -- | -- | -- | |
| Other Intangibles | -- | -- | -- | -- | -- | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $2.2T | $1.9T | $2T | $2T | $2.1T | |
| Accounts Payable | -- | -- | -- | -- | -- | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | $15.4B | $8B | $14.5B | $29.6B | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $336.9B | $322.4B | $376.7B | $364B | $418.9B | |
| Long-Term Debt | $247.1B | $156B | $179B | $199.2B | $171.1B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $2.1T | $1.8T | $1.9T | $1.9T | $2T | |
| Common Stock | $21B | $16.2B | $15.7B | $16.4B | $15.9B | |
| Other Common Equity Adj | $24.3B | $6.9B | $10.5B | $13.7B | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $666.5M | $738.3M | $840.3M | $955.7M | $933.4M | |
| Total Equity | $110.9B | $88.2B | $92.6B | $104.1B | $103.6B | |
| Total Liabilities and Equity | $2.2T | $1.9T | $2T | $2T | $2.1T | |
| Cash and Short Terms | $647.1B | $490B | $518.2B | $515.4B | -- | |
| Total Debt | $247.1B | $156B | $179B | $199.2B | $171.1B | |
| Period Ending | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $6.3B | $8.3B | $8.1B | $9.3B | $11.2B | |
| Depreciation & Amoritzation | $2.1B | $2.2B | $2B | $2B | $1.8B | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -$36.6M | $233.8M | $154.2M | $334.6M | -$111.6M | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -$6.6B | $4.5B | $13.7B | $33.6B | $2.1B | |
| Capital Expenditures | $3.1B | $2.6B | $2.2B | $2.7B | $2.4B | |
| Cash Acquisitions | $40.6M | $2B | -- | $136.8M | $2.1M | |
| Cash From Investing | -$84.7B | -$95.5B | -$33.8B | -$109.3B | -$88.5B | |
| Dividends Paid (Ex Special Dividend) | $2.5B | $2.4B | $2.2B | $2.4B | $2.7B | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $1.8B | $1.6B | $1.6B | $6.8B | $4.3B | |
| Long-Term Debt Repaid | -$4.6B | -$3.5B | -$984.9M | -$207.9M | -$3.1B | |
| Repurchase of Common Stock | $575.2K | $658.5K | $1B | $1.5B | $1.7B | |
| Other Financing Activities | -$10.8M | -$4.5M | -$12.4M | -$774.3M | -$39.1M | |
| Cash From Financing | $190.8B | $79B | $17.9B | $72.8B | $86.4B | |
| Beginning Cash (CF) | $529.2B | $595.1B | $487.5B | $456.4B | $435.8B | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $101B | -$8.7B | $334.1M | $606.3M | -$323M | |
| Ending Cash (CF) | $630.2B | $586.4B | $487.8B | $460B | $434.5B | |
| Levered Free Cash Flow | -$9.6B | $1.9B | $11.5B | $30.9B | -$337.7M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $4.6B | -- | -- | -- | -- | |
| Depreciation & Amoritzation | $1.4B | -- | -- | -- | -- | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -$10.3B | -- | -- | -- | -- | |
| Capital Expenditures | $1.1B | -- | -- | -- | -- | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | $4.7B | -- | -- | -- | -- | |
| Dividends Paid (Ex Special Dividend) | -$1.2B | -- | -- | -- | -- | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | $848.1M | -- | -- | -- | -- | |
| Long-Term Debt Repaid | -$2B | -- | -- | -- | -- | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | -$24M | -- | -- | -- | -- | |
| Cash From Financing | -$2.4B | -- | -- | -- | -- | |
| Beginning Cash (CF) | $650B | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -$7.9B | -- | -- | -- | -- | |
| Ending Cash (CF) | $642.6B | -- | -- | -- | -- | |
| Levered Free Cash Flow | -$11.4B | -- | -- | -- | -- | |
| Period Ending | 2018-06-30 | 2019-06-30 | 2020-06-30 | 2021-06-30 | 2022-06-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -- | -- | -- | -- | -- | |
| Depreciation & Amoritzation | -- | -- | -- | -- | -- | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -- | -- | -- | -- | -- | |
| Capital Expenditures | $3.2B | $3.3B | $992.1M | $938.3M | $1.1B | |
| Cash Acquisitions | -$1.5B | -- | $251.9M | -$27M | -- | |
| Cash From Investing | -- | -- | -- | -- | -- | |
| Dividends Paid (Ex Special Dividend) | -$953.1M | -$1.1B | -$1.2B | -$1.3B | -$1.2B | |
| 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 | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $4.6B | -- | -- | -- | -- | |
| Depreciation & Amoritzation | $1.4B | -- | -- | -- | -- | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -$10.3B | -- | -- | -- | -- | |
| Capital Expenditures | $1.1B | -- | -- | -- | -- | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | $4.7B | -- | -- | -- | -- | |
| Dividends Paid (Ex Special Dividend) | -$1.2B | -- | -- | -- | -- | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | $848.1M | -- | -- | -- | -- | |
| Long-Term Debt Repaid | -$2B | -- | -- | -- | -- | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | -$24M | -- | -- | -- | -- | |
| Cash From Financing | -$2.4B | -- | -- | -- | -- | |
| Beginning Cash (CF) | $650B | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -$7.9B | -- | -- | -- | -- | |
| Ending Cash (CF) | $642.6B | -- | -- | -- | -- | |
| Levered Free Cash Flow | -$11.4B | -- | -- | -- | -- | |
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