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 | $26.7B | $27.8B | $29.4B | $50.6B | $53.2B | |
| Revenue Growth (YoY) | -7.32% | 3.96% | 5.86% | 71.97% | 5.25% | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | $436.3M | -$328.9M | $935.4M | -$315M | -$226.2M | |
| Operating Expenses | $281.6M | -$3.8B | -$7.4B | -$12.2B | -$13.6B | |
| Operating Income | -$281.6M | $3.8B | $7.4B | $12.2B | $13.6B | |
| Net Interest Expenses | $2.5B | $2.4B | $1.9B | $2.8B | $2.8B | |
| EBT. Incl. Unusual Items | -$1.4B | $3.8B | $7.3B | $11.9B | $13.4B | |
| Earnings of Discontinued Ops. | $55.9M | $4.7M | $3.2M | -- | -- | |
| Income Tax Expense | $367.1M | -$405.4M | $860.7M | $2.1B | $3.3B | |
| Net Income to Company | -$3.2B | $2.5B | $6.8B | $10.3B | $10.6B | |
| Minority Interest in Earnings | $8M | $35.5M | $15.8M | $29.2M | $59.5M | |
| Net Income to Common Excl Extra Items | -$3.4B | $2.5B | $6.7B | $10.3B | $10.6B | |
| Basic EPS (Cont. Ops) | -$1.49 | $1.10 | $3.24 | $5.62 | $6.48 | |
| Diluted EPS (Cont. Ops) | -$1.49 | $1.09 | $3.21 | $5.56 | $6.42 | |
| Weighted Average Basic Share | $2.2B | $2.2B | $2.1B | $1.8B | $1.6B | |
| Weighted Average Diluted Share | $2.2B | $2.2B | $2.1B | $1.8B | $1.6B | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $2.8B | $8.1B | $13.4B | $33B | $35.2B | |
| Revenue (Reported) | $26.7B | $27.8B | $29.4B | $50.6B | $53.2B | |
| Operating Income (Reported) | -$281.6M | $3.8B | $7.4B | $12.2B | $13.6B | |
| Operating Income (Adjusted) | $2.8B | $8.1B | $13.4B | $33B | $35.2B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $5.2B | $4.9B | $6.5B | $6.7B | $7.2B | |
| Revenue Growth (YoY) | 6.7% | -7.1% | 33.97% | 3.7% | 6.55% | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -$69.6M | $27.2M | -$12M | -$20.9M | -- | |
| Operating Expenses | -$1.8B | -$2.1B | -$3.5B | -$3.9B | -$4.3B | |
| Operating Income | $1.8B | $2.1B | $3.5B | $3.9B | $4.3B | |
| Net Interest Expenses | -- | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | $1.8B | $2.1B | $3.5B | $3.9B | $4.3B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $426.7M | $369.5M | $910.5M | $1.1B | $1.1B | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | $11.8M | -$10.1M | $9.8M | $7.7M | $18.7M | |
| Net Income to Common Excl Extra Items | $1.3B | $1.7B | $2.5B | $2.8B | $3.1B | |
| Basic EPS (Cont. Ops) | $0.56 | $0.86 | $1.42 | $1.69 | $1.98 | |
| Diluted EPS (Cont. Ops) | $0.56 | $0.86 | $1.42 | $1.69 | -- | |
| Weighted Average Basic Share | $2.2B | $2B | $1.8B | $1.6B | -- | |
| Weighted Average Diluted Share | $2.2B | -- | -- | -- | -- | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $1.8B | $2.1B | $3.5B | $3.9B | $4.3B | |
| Revenue (Reported) | $5.2B | $4.9B | $6.5B | $6.7B | $7.2B | |
| Operating Income (Reported) | $1.8B | $2.1B | $3.5B | $3.9B | $4.3B | |
| Operating Income (Adjusted) | $1.8B | $2.1B | $3.5B | $3.9B | $4.3B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $21.4B | $20.8B | $25.6B | $27.1B | $35.3B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -$120.6M | -$2B | -$329.1M | -$190M | -- | |
| Operating Expenses | -$1.5B | -$4.1B | -$11.5B | -$15.2B | -$15B | |
| Operating Income | $1.5B | $4.1B | $11.5B | $15.2B | $15B | |
| Net Interest Expenses | -- | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | $3.1B | $4.1B | $11.6B | $14.3B | $14.1B | |
| Earnings of Discontinued Ops. | $59.6M | $5.7M | -- | -- | -- | |
| Income Tax Expense | $1.2B | -$295.9M | $2.2B | $2.8B | $3.4B | |
| Net Income to Company | -- | -- | -- | -- | -- | |
| Minority Interest in Earnings | $16.7M | $24.3M | $24.8M | $30.4M | $92M | |
| Net Income to Common Excl Extra Items | $1.9B | $3.1B | $9.7B | $11.3B | $12B | |
| Basic EPS (Cont. Ops) | $0.89 | $1.55 | $5.17 | $6.76 | $7.64 | |
| Diluted EPS (Cont. Ops) | $0.89 | $1.55 | $4.00 | $3.45 | $1.35 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $3.1B | $4.1B | $11.6B | $14.3B | $14.1B | |
| Revenue (Reported) | $21.4B | $20.8B | $25.6B | $27.1B | $35.3B | |
| Operating Income (Reported) | $1.5B | $4.1B | $11.5B | $15.2B | $15B | |
| Operating Income (Adjusted) | $3.1B | $4.1B | $11.6B | $14.3B | $14.1B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $16.2B | $15.7B | $19.5B | $20.7B | $28.9B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | -- | |
| Gross Profit | -- | -- | -- | -- | -- | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -$275.6M | -$9.7M | -$149.1M | -$45.7M | $980.9M | |
| Operating Expenses | -$4.9B | -$5.3B | -$9.7B | -$11.7B | -$12B | |
| Operating Income | $4.9B | $5.3B | $9.7B | $11.7B | $12B | |
| Net Interest Expenses | -- | -- | -- | -- | -- | |
| EBT. Incl. Unusual Items | $4.9B | $5.2B | $9.7B | $11.6B | $12B | |
| Earnings of Discontinued Ops. | $1.2M | $3.4M | -- | -- | -- | |
| Income Tax Expense | $1.2B | $1.2B | $2.6B | $3.3B | $3.4B | |
| Net Income to Company | $2.3B | $2.5B | $4.8B | $5.7B | -- | |
| Minority Interest in Earnings | $26.2M | $15.2M | $22.8M | $23.9M | $55.7M | |
| Net Income to Common Excl Extra Items | $3.6B | $4.1B | $7.2B | $8.3B | $9.9B | |
| Basic EPS (Cont. Ops) | $1.58 | $2.01 | $3.91 | $4.99 | $6.28 | |
| Diluted EPS (Cont. Ops) | $1.58 | $2.01 | $2.74 | $1.69 | -- | |
| Weighted Average Basic Share | $6.7B | $6.3B | $5.5B | $5B | $3.1B | |
| Weighted Average Diluted Share | $6.7B | $2.2B | $1.9B | -- | $3.1B | |
| EBITDA | -- | -- | -- | -- | -- | |
| EBIT | $4.9B | $5.2B | $9.7B | $11.6B | $12B | |
| Revenue (Reported) | $16.2B | $15.7B | $19.5B | $20.7B | $28.9B | |
| Operating Income (Reported) | $4.9B | $5.3B | $9.7B | $11.7B | $12B | |
| Operating Income (Adjusted) | $4.9B | $5.2B | $9.7B | $11.6B | $12B | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $127.6B | $122.1B | $119.3B | $67.4B | $42.9B | |
| Short Term Investments | -- | -- | -- | -- | -- | |
| Accounts Receivable, Net | -- | -- | -- | -- | -- | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $222.6B | $219.1B | $191.9B | $133.3B | $102.3B | |
| Property Plant And Equipment | $12.2B | $10.8B | $9.8B | $9.5B | $9.1B | |
| Long-Term Investments | $14.7B | $9.9B | -$197.4M | $3B | $4.2B | |
| Goodwill | -- | -- | -- | -- | $39.5M | |
| Other Intangibles | $2.6B | $2.5B | $2.5B | $2.5B | $2.3B | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $1.1T | $1T | $915.5B | $867.1B | $811.8B | |
| Accounts Payable | $2.2B | $2.2B | $2.7B | $2.7B | $2.4B | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $766.1B | $597B | $536.6B | $511B | $483.8B | |
| Long-Term Debt | $179.3B | $269.6B | $208.6B | $155.2B | $132.1B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $1.1T | $971.8B | $847.7B | $801.5B | $751.9B | |
| Common Stock | $25.8B | $24B | $22.6B | $23.5B | $22.1B | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | $64.4B | $70.7B | $67.6B | $70.8B | $59.5B | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $532.2M | $528.8M | $168.6M | $181.2M | $414.2M | |
| Total Equity | $65B | $71.2B | $67.8B | $71B | $59.9B | |
| Total Liabilities and Equity | $1.1T | $1T | $915.5B | $872.5B | $811.8B | |
| Cash and Short Terms | $218.3B | $184B | $144B | $80B | $56.5B | |
| Total Debt | $179.8B | $270B | $209B | $155.6B | $132.4B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $156.9B | $137.8B | $92.5B | $42.9B | $56.6B | |
| Short Term Investments | -- | -- | -- | -- | -- | |
| Accounts Receivable, Net | -- | -- | -- | -- | -- | |
| Inventory | -- | -- | -- | -- | -- | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -- | |
| Total Current Assets | $251.2B | $216.2B | $160.4B | $108.5B | $138.6B | |
| Property Plant And Equipment | $11.1B | $9B | $9.4B | $9.8B | $10.2B | |
| Long-Term Investments | $6.4B | -$3.4B | -$3.9B | -$1.1B | -$2.6B | |
| Goodwill | -- | -- | -- | -- | -- | |
| Other Intangibles | $2.6B | $2.3B | $2.4B | $2.4B | -- | |
| Other Long-Term Assets | -- | -- | -- | -- | -- | |
| Total Assets | $1.1T | $923.6B | $874.2B | $896.8B | $1T | |
| Accounts Payable | -- | -- | -- | -- | -- | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | -- | -- | -- | -- | -- | |
| Total Current Liabilities | $58.5B | $63.8B | $47.3B | $40.4B | $40.6B | |
| Long-Term Debt | $324.2B | $255B | $200.6B | $197.6B | $227.4B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $1T | $861.8B | $807.6B | $825.5B | $953.1B | |
| Common Stock | -- | -- | -- | -- | -- | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $536.6M | $151.8M | $166.2M | $185.3M | $452.4M | |
| Total Equity | $72.6B | $61.9B | $66.6B | $71.3B | $81.5B | |
| Total Liabilities and Equity | $1.1T | $923.6B | $874.2B | $896.8B | $1T | |
| Cash and Short Terms | $142.2B | $138.2B | $92.5B | $42.9B | -- | |
| Total Debt | $324.2B | $255B | $200.6B | $197.6B | $227.4B | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -$3.2B | $2.5B | $6.8B | $10.3B | $10.6B | |
| Depreciation & Amoritzation | $1.6B | $1.7B | $1.4B | $1.6B | $1.4B | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $7.8B | -$34.2B | -$62.8B | -$102.9B | $14B | |
| Capital Expenditures | $1.6B | $1.5B | $1.2B | $1.2B | $1.9B | |
| Cash Acquisitions | $18.2M | $117M | -- | -- | -- | |
| Cash From Investing | $1.1B | $6.5B | $35.5B | -$15.1B | -$23.1B | |
| Dividends Paid (Ex Special Dividend) | $660M | $914.9M | $1.8B | $2.6B | $5.4B | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | -- | -- | -- | -- | -- | |
| Long-Term Debt Repaid | -- | -- | -- | -- | -- | |
| Repurchase of Common Stock | -- | $446.8M | $3.2B | $5.1B | $6.4B | |
| Other Financing Activities | -- | -- | -$322.7M | -- | -- | |
| Cash From Financing | $87.4B | $16.3B | $32B | $63.6B | -$11.7B | |
| Beginning Cash (CF) | $34.7B | $138.4B | $113.3B | $121B | $66B | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $96.2B | -$11.3B | $4.6B | -$54.9B | -$21.2B | |
| Ending Cash (CF) | $133.6B | $127.1B | $117.9B | $66B | $44.9B | |
| Levered Free Cash Flow | $6.2B | -$35.7B | -$64B | -$104.1B | $12.2B | |
| 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 | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -- | -- | -- | -- | -- | |
| Depreciation & Amoritzation | -- | -- | -- | -- | -- | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | -- | -- | -- | -- | -- | |
| Capital Expenditures | $293M | $515.8M | $469.7M | $515.8M | $1.2B | |
| Cash Acquisitions | $446M | $21.7M | -$2.1M | -$12M | $4.3M | |
| Cash From Investing | -- | -- | -- | -- | -- | |
| Dividends Paid (Ex Special Dividend) | -$312.8M | -$636.3M | -$1.6B | -$2.4B | -$3.6B | |
| 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 | $2.3B | $2.5B | $4.8B | $5.7B | -- | |
| Depreciation & Amoritzation | -- | -- | -- | -- | -- | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $23.9B | $19.1B | -$31.9B | -$3.1B | -- | |
| Capital Expenditures | $515.8M | $469.7M | $515.8M | $1.2B | -- | |
| Cash Acquisitions | $21.7M | -$2.1M | -$12M | $4.3M | -- | |
| Cash From Investing | -$135M | -$140.6M | -$298.8M | -$875.4M | -- | |
| Dividends Paid (Ex Special Dividend) | -$636.3M | -$1.6B | -$2.4B | -$3.6B | -- | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | -- | -- | -- | -- | -- | |
| Long-Term Debt Repaid | -- | -- | -- | -- | -- | |
| Repurchase of Common Stock | -- | -- | -- | -- | -- | |
| Other Financing Activities | -- | -- | -- | -- | -- | |
| Cash From Financing | -$852.1M | -$3.7B | -$6.3B | -$8B | -- | |
| Beginning Cash (CF) | $141B | $114.4B | $121.9B | $65.7B | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $22.9B | $15.3B | -$38.5B | -$11.9B | -- | |
| Ending Cash (CF) | $163.9B | $130.1B | $82.9B | $53.9B | -- | |
| Levered Free Cash Flow | $23.3B | $18.7B | -$32.5B | -$4.2B | -- | |
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