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 | $29.7B | $33.7B | $45.1B | $49B | $48.3B | |
| Revenue Growth (YoY) | -2.56% | 13.64% | 33.76% | 8.78% | -1.4% | |
| Cost of Revenues | $25.2B | $28.3B | $37.6B | $41B | $40B | |
| Gross Profit | $4.4B | $5.4B | $7.5B | $8.1B | $8.3B | |
| Gross Profit Margin | 14.86% | 16.07% | 16.59% | 16.43% | 17.26% | |
| R&D Expenses | $64.4M | $77.8M | $137.7M | $135.1M | $147.1M | |
| Selling, General & Admin | $3.1B | $3.4B | $4.4B | $4.7B | $4.8B | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | $3.1B | $3.5B | $4.4B | $4.9B | $5B | |
| Operating Income | $1.3B | $1.9B | $3B | $3.1B | $3.3B | |
| Net Interest Expenses | $414.5M | $375.2M | $567.8M | $740.6M | $831.8M | |
| EBT. Incl. Unusual Items | $290.6M | $940.7M | $1.4B | $1.9B | $2.1B | |
| Earnings of Discontinued Ops. | -$22.7M | -- | -$82.6M | -$25.9M | -$111.4M | |
| Income Tax Expense | $156.2M | $408.7M | $441.2M | $552.5M | $613.3M | |
| Net Income to Company | $260.4M | $655.9M | $1.1B | $1.5B | $1.7B | |
| Minority Interest in Earnings | $136.5M | $178M | $296.2M | $429.2M | $375.3M | |
| Net Income to Common Excl Extra Items | $260.4M | $655.9M | $1.1B | $1.5B | $1.7B | |
| Basic EPS (Cont. Ops) | $0.09 | $0.40 | $0.55 | $0.72 | $0.82 | |
| Diluted EPS (Cont. Ops) | $0.08 | $0.39 | $0.53 | $0.69 | $0.80 | |
| Weighted Average Basic Share | $1.2B | $1.2B | $1.4B | $1.4B | $1.4B | |
| Weighted Average Diluted Share | $1.2B | $1.2B | $1.4B | $1.5B | $1.5B | |
| EBITDA | $3.6B | $4.4B | $6.3B | $6.5B | $6.8B | |
| EBIT | $1.3B | $1.9B | $3B | $3.1B | $3.3B | |
| Revenue (Reported) | $29.7B | $33.7B | $45.1B | $49B | $48.3B | |
| Operating Income (Reported) | $1.3B | $1.9B | $3B | $3.1B | $3.3B | |
| Operating Income (Adjusted) | $1.3B | $1.9B | $3B | $3.1B | $3.3B | |
| Period Ending | 2012-03-31 | 2013-03-31 | 2014-03-31 | 2015-03-31 | 2016-03-31 | |
|---|---|---|---|---|---|---|
| Revenue | $10.4B | -- | -- | -- | $6.7B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | -- | -- | -- | -- | $6.3B | |
| Gross Profit | -- | -- | -- | -- | $455.4M | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | -- | -- | -- | -- | -- | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | -- | -- | -- | -- | -- | |
| Operating Income | -- | -- | -- | -- | $455.4M | |
| 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 | -- | -- | -- | -- | $190.8M | |
| Basic EPS (Cont. Ops) | -- | -- | -- | -- | $0.34 | |
| Diluted EPS (Cont. Ops) | -- | -- | -- | -- | $0.34 | |
| Weighted Average Basic Share | -- | -- | -- | -- | -- | |
| Weighted Average Diluted Share | -- | -- | -- | -- | -- | |
| EBITDA | -- | -- | -- | -- | $874M | |
| EBIT | -- | -- | -- | -- | $455.4M | |
| Revenue (Reported) | $10.4B | -- | -- | -- | $6.7B | |
| Operating Income (Reported) | -- | -- | -- | -- | $455.4M | |
| Operating Income (Adjusted) | -- | -- | -- | -- | $455.4M | |
| Period Ending | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Revenue | $32.5B | $39.3B | $47.6B | $48.4B | $48.5B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | $27.2B | $32.9B | $39.9B | $40.1B | $40B | |
| Gross Profit | $5.3B | $6.4B | $7.7B | $8.2B | $8.5B | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | -- | -- | -- | -- | -- | |
| Selling, General & Admin | $3.3B | $3.9B | $4.5B | $4.8B | $4.8B | |
| Other Inc / (Exp) | -- | -- | -- | -- | -- | |
| Operating Expenses | $3.4B | $3.9B | $4.6B | $4.9B | $4.9B | |
| Operating Income | $1.9B | $2.5B | $3.1B | $3.4B | $3.6B | |
| Net Interest Expenses | $391.1M | $501.9M | $608.3M | $861.3M | $850.9M | |
| EBT. Incl. Unusual Items | $1B | $888.6M | $1.9B | $2B | $2.2B | |
| Earnings of Discontinued Ops. | -$18.4M | $3.2M | -$85.3M | -$22.6M | -$113.7M | |
| Income Tax Expense | $359.3M | $403.7M | $508.3M | $539.5M | $641.6M | |
| Net Income to Company | $820.9M | $597.3M | $1.5B | $1.6B | $1.7B | |
| Minority Interest in Earnings | $178.1M | $240M | $359.3M | $414.8M | $402.7M | |
| Net Income to Common Excl Extra Items | $825.9M | $615.1M | $1.5B | $1.6B | $1.7B | |
| Basic EPS (Cont. Ops) | $0.54 | $0.28 | $0.76 | $0.81 | $0.82 | |
| Diluted EPS (Cont. Ops) | $0.52 | $0.27 | $0.73 | $0.78 | $0.82 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | $4.4B | $5.1B | $6.6B | $6.7B | $7B | |
| EBIT | $1.9B | $2.5B | $3.1B | $3.4B | $3.6B | |
| Revenue (Reported) | $32.5B | $39.3B | $47.6B | $48.4B | $48.5B | |
| Operating Income (Reported) | $1.9B | $2.5B | $3.1B | $3.4B | $3.6B | |
| Operating Income (Adjusted) | $1.9B | $2.5B | $3.1B | $3.4B | $3.6B | |
| 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 | $7.4B | $12.1B | $9.6B | $9.6B | $9.9B | |
| Short Term Investments | $1.2B | $1.6B | $2B | $2.3B | $2.3B | |
| Accounts Receivable, Net | $9B | $9.1B | $11.9B | $12.3B | $11.1B | |
| Inventory | $976M | $928.3M | $1.6B | $1.7B | $1.6B | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -$123K | -- | $2.1M | -$1.1M | $1M | |
| Total Current Assets | $21.6B | $26.7B | $30.6B | $30.8B | $28.8B | |
| Property Plant And Equipment | $11.9B | $11.7B | $19.8B | $21B | $20.5B | |
| Long-Term Investments | $7.5B | $8B | $4.2B | $4B | $3.7B | |
| Goodwill | $7.2B | $7B | $12.5B | $12.8B | $12.3B | |
| Other Intangibles | $6B | $5.7B | $9B | $9.8B | $8.8B | |
| Other Long-Term Assets | $246K | -- | -$1.1M | $1.1M | -$1M | |
| Total Assets | $55.5B | $60.4B | $78.2B | $80.2B | $75.5B | |
| Accounts Payable | $5.5B | $6.2B | $8.6B | $8.8B | $7.9B | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | $495.6M | $464.9M | $533M | $516.2M | $480.7M | |
| Other Current Liabilities | $179.1M | $191.8M | $260.6M | $384.7M | $317.4M | |
| Total Current Liabilities | $25B | $27.1B | $31.2B | $33.2B | $31.8B | |
| Long-Term Debt | $17.3B | $16.2B | $26.5B | $26.4B | $24B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $47.8B | $48.6B | $66.1B | $67.9B | $63.2B | |
| Common Stock | $3.5B | $4B | $3.8B | $4B | $3.8B | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | $6.4B | $10.3B | $9.3B | $9.6B | $9.9B | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $1.3B | $1.4B | $2.8B | $2.6B | $2.5B | |
| Total Equity | $7.7B | $11.7B | $12.1B | $12.2B | $12.4B | |
| Total Liabilities and Equity | $55.5B | $60.4B | $78.2B | $80.2B | $75.5B | |
| Cash and Short Terms | $7.4B | $12.1B | $9.6B | $9.6B | $9.9B | |
| Total Debt | $17.8B | $16.6B | $27B | $27B | $24.4B | |
| Period Ending | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $6.5B | $7.5B | $8.6B | $7.7B | $8.6B | |
| Short Term Investments | $1.4B | $1.9B | $2.4B | $2.3B | $2.5B | |
| Accounts Receivable, Net | $11.3B | $14.4B | $15.6B | $15.2B | $15.8B | |
| Inventory | $933M | $1.5B | $1.7B | $1.6B | $1.8B | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | -- | -- | -- | -- | -$2.3M | |
| Total Current Assets | $21B | $27.9B | $29.1B | $29.1B | $29.5B | |
| Property Plant And Equipment | $11.8B | $18.8B | $20.5B | $20.3B | $22.7B | |
| Long-Term Investments | -- | -- | -- | -- | -- | |
| Goodwill | $7.2B | $14.3B | $12.9B | $12.5B | $13.4B | |
| Other Intangibles | $5.8B | $8.1B | $9B | $8.8B | $9B | |
| Other Long-Term Assets | -- | -- | $108.7K | -$1.1M | $1.2M | |
| Total Assets | $55.5B | $75.4B | $77.5B | $76.6B | $80.9B | |
| Accounts Payable | $14.1B | $18.6B | $20.5B | $19.7B | $20.8B | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | -- | -- | -- | -- | -- | |
| Current Portion Of Capital Lease Obligations | $486.6M | $552M | $510.2M | $485.6M | $539.4M | |
| Other Current Liabilities | $183.6M | $202.2M | $257.7M | $345.2M | $355.3M | |
| Total Current Liabilities | $25.4B | $28.3B | $31B | $32.6B | $33.4B | |
| Long-Term Debt | $11.5B | $20.1B | $18.6B | $16.7B | $20.1B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $44.7B | $59.5B | $62B | $61.1B | $66B | |
| Common Stock | $3.4B | $3.7B | $3.9B | $3.9B | $4.3B | |
| Other Common Equity Adj | -- | -- | -- | -- | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $1.4B | $3.1B | $2.9B | $2.6B | $2.6B | |
| Total Equity | $10.8B | $15.9B | $15.5B | $15.5B | $14.9B | |
| Total Liabilities and Equity | $55.5B | $75.4B | $77.5B | $76.6B | $80.9B | |
| Cash and Short Terms | $7.8B | $9.3B | $11B | $9.9B | $11.1B | |
| Total Debt | -- | -- | -- | -- | -- | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $260.4M | $655.9M | $1.1B | $1.5B | $1.7B | |
| Depreciation & Amoritzation | $2.3B | $2.5B | $3.2B | $3.3B | $3.4B | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $2.7B | $3.6B | $3.8B | $4.9B | $4.9B | |
| Capital Expenditures | $1.8B | $2B | $2.9B | $3.4B | $3.2B | |
| Cash Acquisitions | -- | -- | -- | -- | -- | |
| Cash From Investing | -$7.1B | -$1.3B | $4.6B | -$2.5B | -$2.4B | |
| Dividends Paid (Ex Special Dividend) | $315.9M | $469.2M | $722.9M | $850.8M | $968.1M | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $4.9B | $1.7B | $927M | $1.3B | $1.6B | |
| Long-Term Debt Repaid | -$80.6M | -$60.6M | -$2.3B | -$616M | -$909.2M | |
| Repurchase of Common Stock | $9.5M | $3.2M | $1.9B | $179.5M | $34.6M | |
| Other Financing Activities | -$423.9M | -$191.6M | -$2.7B | -$526.1M | -$257.6M | |
| Cash From Financing | $4.5B | $3.1B | -$10B | -$2.7B | -$1.3B | |
| Beginning Cash (CF) | $7.1B | $12B | $9.6B | $9.6B | $9.9B | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $90.6M | $5.5B | -$1.5B | -$525.4M | $1.2B | |
| Ending Cash (CF) | $7.2B | $17.5B | $8.1B | $8.8B | $11.1B | |
| Levered Free Cash Flow | $897M | $1.5B | $899.1M | $1.5B | $1.7B | |
| Period Ending | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| 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 | $820.9M | $597.3M | $1.5B | $1.6B | $1.7B | |
| Depreciation & Amoritzation | $2.4B | $2.5B | $3.3B | $3.3B | $3.4B | |
| Stock-Based Compensation | -- | -- | -- | -- | -- | |
| Change in Accounts Receivable | -- | -- | -- | -- | -- | |
| Change in Inventories | -- | -- | -- | -- | -- | |
| Cash From Operations | $3.7B | $3.3B | $4.4B | $4.7B | $4.7B | |
| Capital Expenditures | $2B | $2.6B | $3B | $3.4B | $3.2B | |
| Cash Acquisitions | -$4.2M | -- | -- | -- | -- | |
| Cash From Investing | -$6.9B | $3.8B | -$844.7M | -$3.2B | -$2.8B | |
| Dividends Paid (Ex Special Dividend) | $600.5M | $84.4M | $1.3B | $967.9M | $1.1B | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $3.7B | $1.1B | $916.1M | $1.3B | $4.3B | |
| Long-Term Debt Repaid | -$68.2M | -$1.3B | -$1.2B | -$804.4M | -$648.5M | |
| Repurchase of Common Stock | $33.8M | $2.5B | -$627.2M | $362.3M | $1.5B | |
| Other Financing Activities | -$201.9M | -$2.7B | -$875.9M | $923.9M | -$3.8B | |
| Cash From Financing | $1.5B | -$4.7B | -$3B | -$1.6B | -$2B | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -$1.8B | $2B | $1.1B | -$367.4M | -$97M | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | $1.7B | $748M | $1.5B | $1.3B | $1.5B | |
| Period Ending | 2021-06-30 | 2022-06-30 | 2023-06-30 | 2024-06-30 | 2025-06-30 | |
|---|---|---|---|---|---|---|
| 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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P/E Ratio: 64x
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P/E Ratio: 37x
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P/E Ratio: 39x
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