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 | $9.3B | $12.4B | $12.8B | $10.7B | $12.2B | |
| Revenue Growth (YoY) | -10.99% | 32.7% | 2.61% | -16.11% | 13.81% | |
| Cost of Revenues | $8B | $9.8B | $10.8B | $10.5B | $10.7B | |
| Gross Profit | $1.3B | $2.6B | $1.9B | $241M | $1.5B | |
| Gross Profit Margin | 14.18% | 21.08% | 15.15% | 2.25% | 12.3% | |
| R&D Expenses | $27M | $31M | $32M | $39M | $57M | |
| Selling, General & Admin | $206M | $227M | $204M | $226M | $275M | |
| Other Inc / (Exp) | -$109M | -$645M | -$523M | -$250M | -$383M | |
| Operating Expenses | $889M | $258M | $236M | $265M | $332M | |
| Operating Income | $428M | $2.4B | $1.7B | -$24M | $1.2B | |
| Net Interest Expenses | $146M | $195M | $106M | $107M | $156M | |
| EBT. Incl. Unusual Items | $173M | $1.2B | $702M | -$584M | $289M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $187M | $629M | $664M | $189M | $265M | |
| Net Income to Company | -$14M | $570M | $38M | -$773M | $24M | |
| Minority Interest in Earnings | -$156M | $141M | $161M | -$122M | -$36M | |
| Net Income to Common Excl Extra Items | -$170M | $570M | $38M | -$773M | $24M | |
| Basic EPS (Cont. Ops) | -$0.91 | $2.31 | -$0.68 | -$3.66 | $0.28 | |
| Diluted EPS (Cont. Ops) | -$0.91 | $2.26 | -$0.68 | -$3.66 | $0.28 | |
| Weighted Average Basic Share | $186M | $186M | $181M | $178M | $212M | |
| Weighted Average Diluted Share | $186M | $190M | $181M | $178M | $214M | |
| EBITDA | $972M | $3B | $2.3B | $608M | $1.8B | |
| EBIT | $319M | $2.4B | $1.7B | -$24M | $1.2B | |
| Revenue (Reported) | $9.3B | $12.4B | $12.8B | $10.7B | $12.2B | |
| Operating Income (Reported) | $428M | $2.4B | $1.7B | -$24M | $1.2B | |
| Operating Income (Adjusted) | $319M | $2.4B | $1.7B | -$24M | $1.2B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $3.2B | $2.9B | $2.7B | $2.8B | $2.9B | |
| Revenue Growth (YoY) | 33.57% | -9.56% | -8.04% | 6.63% | 2.79% | |
| Cost of Revenues | $2.5B | $2.8B | $2.6B | $2.5B | $2.8B | |
| Gross Profit | $710M | $69M | $22M | $351M | $140M | |
| Gross Profit Margin | 22.25% | 2.39% | 0.83% | 12.4% | 4.81% | |
| R&D Expenses | $8M | $7M | $9M | $16M | $11M | |
| Selling, General & Admin | $53M | $44M | $56M | $66M | $78M | |
| Other Inc / (Exp) | -$15M | -$687M | -$107M | -$42M | -- | |
| Operating Expenses | $61M | $51M | $65M | $82M | $89M | |
| Operating Income | $649M | $18M | -$43M | $269M | $51M | |
| Net Interest Expenses | $58M | $25M | $26M | $44M | $33M | |
| EBT. Incl. Unusual Items | $497M | -$729M | -$228M | $184M | $167M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $127M | $40M | -$35M | $86M | -$51M | |
| Net Income to Company | $370M | -$769M | -$193M | $98M | $218M | |
| Minority Interest in Earnings | $33M | -$23M | -$25M | $8M | -$14M | |
| Net Income to Common Excl Extra Items | $370M | -$769M | -$193M | $98M | $218M | |
| Basic EPS (Cont. Ops) | $1.80 | -$4.17 | -$0.94 | $0.39 | $0.90 | |
| Diluted EPS (Cont. Ops) | $1.76 | -$4.17 | -$0.94 | $0.38 | $0.89 | |
| Weighted Average Basic Share | $187M | $179M | $178M | $232M | $259M | |
| Weighted Average Diluted Share | $191M | $179M | $178M | $234M | $261M | |
| EBITDA | $805M | $167M | $120M | $428M | $211M | |
| EBIT | $649M | $18M | -$43M | $269M | $51M | |
| Revenue (Reported) | $3.2B | $2.9B | $2.7B | $2.8B | $2.9B | |
| Operating Income (Reported) | $649M | $18M | -$43M | $269M | $51M | |
| Operating Income (Adjusted) | $649M | $18M | -$43M | $269M | $51M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $11.4B | $13.5B | $10.8B | $10.9B | $13.1B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | $9.4B | $10.6B | $10.6B | $10.3B | $10.9B | |
| Gross Profit | $2B | $2.9B | $190M | $656M | $2.2B | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | $30M | $33M | $34M | $54M | $52M | |
| Selling, General & Admin | $214M | $208M | $226M | $259M | $311M | |
| Other Inc / (Exp) | -$27M | -$1.2B | -$346M | -$209M | -- | |
| Operating Expenses | $237M | $241M | $260M | $313M | $363M | |
| Operating Income | $1.8B | $2.6B | -$70M | $343M | $1.9B | |
| Net Interest Expenses | $210M | $108M | $105M | $139M | $187M | |
| EBT. Incl. Unusual Items | $1.3B | $871M | -$726M | -$126M | $1.3B | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $351M | $782M | $219M | $279M | $215M | |
| Net Income to Company | $956M | $89M | -$966M | -$405M | $1.1B | |
| Minority Interest in Earnings | $139M | $209M | -$70M | -$113M | -$27M | |
| Net Income to Common Excl Extra Items | $956M | $89M | -$945M | -$405M | $1.1B | |
| Basic EPS (Cont. Ops) | $4.37 | -$0.71 | -$4.93 | -$1.75 | $4.43 | |
| Diluted EPS (Cont. Ops) | $4.30 | -$0.83 | -$4.93 | -$1.75 | $4.40 | |
| Weighted Average Basic Share | ||||||
| Weighted Average Diluted Share | ||||||
| EBITDA | $2.5B | $3.3B | $546M | $989M | $2.5B | |
| EBIT | $1.8B | $2.6B | -$70M | $343M | $1.9B | |
| Revenue (Reported) | $11.4B | $13.5B | $10.8B | $10.9B | $13.1B | |
| Operating Income (Reported) | $1.8B | $2.6B | -$70M | $343M | $1.9B | |
| Operating Income (Adjusted) | $1.8B | $2.6B | -$70M | $343M | $1.9B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Revenue | $8.9B | $10.1B | $8.1B | $8.3B | $9.1B | |
| Revenue Growth (YoY) | -- | -- | -- | -- | -- | |
| Cost of Revenues | $6.9B | $8.1B | $7.9B | $7.7B | $8B | |
| Gross Profit | $2B | $2B | $233M | $648M | $1.1B | |
| Gross Profit Margin | -- | -- | -- | -- | -- | |
| R&D Expenses | $21M | $23M | $25M | $40M | $35M | |
| Selling, General & Admin | $159M | $140M | $162M | $195M | $231M | |
| Other Inc / (Exp) | $74M | -$517M | -$340M | -$299M | $119M | |
| Operating Expenses | $523M | $163M | $187M | $235M | $266M | |
| Operating Income | $1.4B | $1.8B | $46M | $413M | $868M | |
| Net Interest Expenses | $167M | $80M | $79M | $111M | $142M | |
| EBT. Incl. Unusual Items | $1.3B | $942M | -$507M | -$49M | $996M | |
| Earnings of Discontinued Ops. | -- | -- | -- | -- | -- | |
| Income Tax Expense | $331M | $484M | $39M | $129M | $79M | |
| Net Income to Company | $939M | $458M | -$546M | -$178M | $917M | |
| Minority Interest in Earnings | -$52M | $186M | -$45M | -$36M | -$27M | |
| Net Income to Common Excl Extra Items | $854M | $458M | -$546M | -$178M | $917M | |
| Basic EPS (Cont. Ops) | $4.40 | $1.40 | -$2.81 | -$0.91 | $3.64 | |
| Diluted EPS (Cont. Ops) | $4.32 | $1.28 | -$2.81 | -$0.91 | $3.63 | |
| Weighted Average Basic Share | $560M | $545M | $534M | $591M | $777M | |
| Weighted Average Diluted Share | $570M | $553M | $534M | $594M | $781M | |
| EBITDA | $2B | $2.3B | $515M | $896M | $1.3B | |
| EBIT | $1.5B | $1.8B | $46M | $413M | $868M | |
| Revenue (Reported) | $8.9B | $10.1B | $8.1B | $8.3B | $9.1B | |
| Operating Income (Reported) | $1.4B | $1.8B | $46M | $413M | $868M | |
| Operating Income (Adjusted) | $1.5B | $1.8B | $46M | $413M | $868M | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $1.6B | $1.9B | $1.6B | $1.1B | $1.3B | |
| Short Term Investments | -- | -- | -- | -- | -- | |
| Accounts Receivable, Net | $471M | $757M | $778M | $656M | $1.1B | |
| Inventory | $1.4B | $2B | $2.4B | $2.2B | $2B | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | $290M | $358M | $417M | $466M | $514M | |
| Total Current Assets | $4.5B | $5B | $5.3B | $4.4B | $4.9B | |
| Property Plant And Equipment | $7.2B | $6.6B | $6.5B | $6.8B | $6.4B | |
| Long-Term Investments | $1.1B | $1.3B | $1.2B | $1.1B | $1B | |
| Goodwill | $145M | $144M | $145M | $146M | $142M | |
| Other Intangibles | $45M | $36M | $29M | $37M | $36M | |
| Other Long-Term Assets | $148M | $198M | $150M | $166M | $154M | |
| Total Assets | $14.9B | $15B | $14.8B | $14.2B | $14.1B | |
| Accounts Payable | $1.4B | $1.7B | $1.8B | $1.7B | $1.8B | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | $79M | $76M | $1M | $135M | $125M | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | $793M | $716M | $681M | $736M | $1B | |
| Total Current Liabilities | $2.8B | $3.2B | $3B | $3B | $3.4B | |
| Long-Term Debt | $2.5B | $1.8B | $1.9B | $1.8B | $2.7B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $9.8B | $8.7B | $8.2B | $8.3B | $8.9B | |
| Common Stock | $2M | $2M | $2M | $2M | $3M | |
| Other Common Equity Adj | -$5.6B | -$4.6B | -$3.5B | -$3.6B | -$5.1B | |
| Common Equity | $3.3B | $4.7B | $5.1B | $4.3B | $5.2B | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $1.7B | $1.6B | $1.5B | $1.6B | -- | |
| Total Equity | $5B | $6.3B | $6.6B | $5.8B | $5.2B | |
| Total Liabilities and Equity | $14.9B | $15B | $14.8B | $14.2B | $14.1B | |
| Cash and Short Terms | $1.6B | $1.9B | $1.6B | $1.1B | $1.3B | |
| Total Debt | $2.5B | $1.8B | $1.9B | $1.9B | $2.8B | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Cash and Equivalents | $1.5B | $1.7B | $1.1B | $1.4B | $1.6B | |
| Short Term Investments | -- | -- | -- | -- | -- | |
| Accounts Receivable, Net | $769M | $749M | $691M | $862M | $1B | |
| Inventory | $1.7B | $2.4B | $2.2B | $2.1B | $2.2B | |
| Prepaid Expenses | -- | -- | -- | -- | -- | |
| Other Current Assets | $251M | $388M | $420M | $445M | -- | |
| Total Current Assets | $4.3B | $5.4B | $4.4B | $4.9B | $5.3B | |
| Property Plant And Equipment | $6.7B | $6.3B | $6.5B | $6.7B | $6.6B | |
| Long-Term Investments | $1.1B | $1.3B | $1.1B | $1B | $2.1B | |
| Goodwill | -- | $144M | $146M | $144M | -- | |
| Other Intangibles | -- | $30M | $37M | $34M | -- | |
| Other Long-Term Assets | $1.4B | $151M | $150M | $188M | -- | |
| Total Assets | $14.2B | $14.9B | $13.9B | $14.5B | $16B | |
| Accounts Payable | $1.5B | $1.6B | $1.5B | $1.5B | $1.6B | |
| Accrued Expenses | -- | -- | -- | -- | -- | |
| Current Portion Of Long-Term Debt | $1M | $1M | $1M | $464M | -- | |
| Current Portion Of Capital Lease Obligations | -- | -- | -- | -- | -- | |
| Other Current Liabilities | $850M | $733M | $704M | $979M | -- | |
| Total Current Liabilities | $2.9B | $3B | $2.6B | $3.5B | $3.4B | |
| Long-Term Debt | $1.8B | $1.8B | $1.8B | $2.5B | $2.6B | |
| Capital Leases | -- | -- | -- | -- | -- | |
| Total Liabilities | $8.7B | $8B | $7.8B | $9.3B | $9.5B | |
| Common Stock | $2M | $2M | $2M | $3M | $3M | |
| Other Common Equity Adj | -$5.9B | -$3.6B | -$3.5B | -$4.7B | -- | |
| Common Equity | -- | -- | -- | -- | -- | |
| Total Preferred Equity | -- | -- | -- | -- | -- | |
| Minority Interest, Total | $1.6B | $1.5B | $1.6B | -- | $86M | |
| Total Equity | $5.5B | $6.9B | $6.1B | $5.3B | $6.4B | |
| Total Liabilities and Equity | $14.2B | $14.9B | $13.9B | $14.5B | $16B | |
| Cash and Short Terms | $1.5B | $1.7B | $1.1B | $1.4B | $1.6B | |
| Total Debt | $1.8B | $1.8B | $1.8B | $2.9B | $2.6B | |
| Period Ending | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | -$14M | $570M | $38M | -$773M | $24M | |
| Depreciation & Amoritzation | $653M | $664M | $617M | $632M | $642M | |
| Stock-Based Compensation | $25M | $39M | $40M | $35M | $36M | |
| Change in Accounts Receivable | $16M | -$414M | -$59M | $104M | -$493M | |
| Change in Inventories | $122M | -$639M | -$547M | $243M | $51M | |
| Cash From Operations | $394M | $920M | $822M | $91M | $622M | |
| Capital Expenditures | $353M | $390M | $480M | $531M | $580M | |
| Cash Acquisitions | -- | -- | -- | -- | $23M | |
| Cash From Investing | -$167M | $586M | -$281M | -$397M | -$566M | |
| Dividends Paid (Ex Special Dividend) | -- | $19M | $72M | $72M | $90M | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $739M | $495M | $4M | $127M | $1B | |
| Long-Term Debt Repaid | -$1M | -$1.3B | -$1M | -$72M | -$679M | |
| Repurchase of Common Stock | -- | $150M | $500M | -- | -- | |
| Other Financing Activities | -$225M | -$215M | -$221M | $73M | -$62M | |
| Cash From Financing | $514M | -$1.2B | -$982M | -$131M | $159M | |
| Beginning Cash (CF) | $883M | $1.9B | $1.5B | $1B | $1.2B | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | $741M | $314M | -$450M | -$427M | $187M | |
| Ending Cash (CF) | $1.6B | $2.2B | $1B | $630M | $1.4B | |
| Levered Free Cash Flow | $41M | $530M | $342M | -$440M | $42M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $370M | -$769M | -$193M | $98M | $218M | |
| Depreciation & Amoritzation | $156M | $149M | $163M | $159M | $160M | |
| Stock-Based Compensation | $8M | $8M | $6M | $9M | $10M | |
| Change in Accounts Receivable | -$138M | $176M | $37M | $81M | -$48M | |
| Change in Inventories | -$189M | $77M | $144M | -$78M | $50M | |
| Cash From Operations | $435M | $134M | $69M | $143M | $85M | |
| Capital Expenditures | $83M | $128M | $145M | $146M | $151M | |
| Cash Acquisitions | -- | -- | -- | $23M | -- | |
| Cash From Investing | -$69M | -$71M | -$124M | -$176M | -$11M | |
| Dividends Paid (Ex Special Dividend) | -- | $18M | $18M | $26M | $26M | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | -- | -- | $55M | -- | -- | |
| Long-Term Debt Repaid | -$518M | -- | -$23M | -$19M | -- | |
| Repurchase of Common Stock | -- | $150M | -- | -- | -- | |
| Other Financing Activities | -$32M | -$17M | $21M | -$39M | -- | |
| Cash From Financing | -$553M | -$252M | -$7M | -$61M | -$105M | |
| Beginning Cash (CF) | $1.5B | $1.5B | $1B | $1.4B | $1.6B | |
| Foreign Exchange Rate Adjustment | -$9M | -$18M | -$5M | $11M | $3M | |
| Additions / Reductions | -$196M | -$207M | -$67M | -$83M | -$28M | |
| Ending Cash (CF) | $1.3B | $1.3B | $958M | $1.3B | $1.5B | |
| Levered Free Cash Flow | $352M | $6M | -$76M | -$3M | -$66M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $956M | $89M | -$966M | -$405M | $1.1B | |
| Depreciation & Amoritzation | $669M | $635M | $616M | $646M | $620M | |
| Stock-Based Compensation | $27M | $41M | $39M | $39M | $38M | |
| Change in Accounts Receivable | -$418M | $17M | $26M | -$206M | -$190M | |
| Change in Inventories | -$472M | -$846M | $199M | $156M | -$89M | |
| Cash From Operations | $393M | $1.3B | $11M | $405M | $1.1B | |
| Capital Expenditures | $348M | $462M | $514M | $599M | $544M | |
| Cash Acquisitions | -- | -- | -- | $23M | -- | |
| Cash From Investing | $362M | -$67M | -$331M | -$565M | -$398M | |
| Dividends Paid (Ex Special Dividend) | -- | $74M | $71M | $81M | $106M | |
| Special Dividend Paid | ||||||
| Long-Term Debt Issued | $495M | -- | $84M | $1B | -- | |
| Long-Term Debt Repaid | -- | -- | -$40M | -$318M | -- | |
| Repurchase of Common Stock | -- | $650M | -- | -- | -- | |
| Other Financing Activities | -$249M | -$239M | $52M | -$36M | -- | |
| Cash From Financing | -$1B | -$1.1B | -$202M | $535M | -$516M | |
| Beginning Cash (CF) | -- | -- | -- | -- | -- | |
| Foreign Exchange Rate Adjustment | -- | -- | -- | -- | -- | |
| Additions / Reductions | -$280M | $82M | -$511M | $380M | $164M | |
| Ending Cash (CF) | -- | -- | -- | -- | -- | |
| Levered Free Cash Flow | $45M | $807M | -$503M | -$194M | $519M | |
| Period Ending | 2021-09-30 | 2022-09-30 | 2023-09-30 | 2024-09-30 | 2025-09-30 | |
|---|---|---|---|---|---|---|
| Net Income to Stockholders | $939M | $458M | -$546M | -$178M | $917M | |
| Depreciation & Amoritzation | $499M | $470M | $469M | $483M | $461M | |
| Stock-Based Compensation | $26M | $28M | $27M | $31M | $33M | |
| Change in Accounts Receivable | -$408M | $23M | $108M | -$202M | $101M | |
| Change in Inventories | -$373M | -$580M | $166M | $79M | -$61M | |
| Cash From Operations | $355M | $704M | -$107M | $207M | $648M | |
| Capital Expenditures | $237M | $309M | $343M | $411M | $375M | |
| Cash Acquisitions | -- | -- | -- | $23M | -- | |
| Cash From Investing | $479M | -$174M | -$224M | -$392M | -$224M | |
| Dividends Paid (Ex Special Dividend) | -- | $55M | $54M | $63M | $79M | |
| Special Dividend Paid | -- | -- | -- | -- | -- | |
| Long-Term Debt Issued | $495M | -- | $80M | $989M | $1B | |
| Long-Term Debt Repaid | -$1.3B | -- | -$39M | -$285M | -$990M | |
| Repurchase of Common Stock | -- | $500M | -- | -- | -- | |
| Other Financing Activities | -$186M | -$210M | $63M | -$46M | $13M | |
| Cash From Financing | -$974M | -$893M | -$113M | $553M | -$122M | |
| Beginning Cash (CF) | $5.6B | $5B | $3.4B | $4.2B | $4.5B | |
| Foreign Exchange Rate Adjustment | -$11M | -$20M | -- | -$5M | $38M | |
| Additions / Reductions | -$149M | -$383M | -$444M | $363M | $340M | |
| Ending Cash (CF) | $5.5B | $4.6B | $2.9B | $4.5B | $4.8B | |
| Levered Free Cash Flow | $118M | $395M | -$450M | -$204M | $273M | |
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