DocuSign, Inc. (DOCU)

NASDAQ: DOCU · USD

$83.6

+1.52 (+1.9%)· Recorded snapshot

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StockMarketAgent Research · Analyzed 2026-05-10

Our latest published analysis: DOCU rated Sell

DocuSign, Inc.'s published Sell conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.

Fair value

$28.6 / share

Potential value

$36.5 / share

Upside to FV

-40.3%

from $83.6

Moat

6.5/10

narrow

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$9.3B
Revenue (ttm)	3.4B
Net income (ttm)	329.9M
EPS (ttm)	$1.64
Shares out	186.9M
P/E (trailing)	50.8x
P/E (forward)	9.5x
Volume	1,164,209
Beta	0.86

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 3.4B
Net income (ttm): 329.9M
EPS (ttm): $1.64
P/E (trailing): 50.8x
P/E (forward): 9.5x
Market cap: $9.3B

Item	P1	P2	P3	P4	Trend
Period	2023-01-31	2024-01-31	2025-01-31	2026-01-31	Trend
Revenue	$2.52B	$2.76B	$2.98B	$3.22B	+8.6%
Gross profit	$1.98B	$2.19B	$2.36B	$2.56B	+8.9%
Operating income	$-83.5M	$100.5M	$249.5M	$349.9M	—
Net income	$-97.5M	$74.0M	$1.07B	$309.1M	—
EPS (diluted)	$-0.49	$0.36	$5.08	$1.48	—
EBITDA	$2.8M	$195.6M	$357.3M	$466.0M	+452.5%
R&D	$480.6M	$539.5M	$588.5M	$665.0M	+11.4%
SG&A	$1.56B	$1.59B	$1.54B	$1.59B	+0.7%

Ticker	Name	Market cap	P/E	P/S	ROIC	5Y rev CAGR	1Y total return	Rating
AAPL	Apple Inc.	5T	39.4x	10.8x	101.6%	+6.1%	+28.5%	매도
ABNB	Airbnb, Inc.	97.8B	37.5x	7.4x	16.8%	+24.4%	+28.5%	매도
ADBE	Adobe Inc.	97.1B	13.9x	3.7x	57.2%	+11.5%	-30.7%	적극 매수
ACN	Accenture plc	144.3B	18.0x	2.0x	27.9%	+8.0%	+0.4%	보유
ADI	Analog Devices, Inc.	207.6B	50.9x	14.8x	11.0%	+16.4%	+76.9%	매도
AI	C3.ai, Inc.	2B	—	8.4x	-35.6%	+3.6%	-33.6%	매도

Base and Bull scenarios

Bull20%

Price target

$36.46

-23.9% from spot

Successful expansion of Intelligent Agreement Management (IAM) accelerates revenue back to double-digits, while cost discipline drops the high incremental gross margins straight to the bottom line.

Revenue growth re-accelerates >10%
SBC falls to industry averages

Base60%

Price target

$28.60

-40.3% from spot

DocuSign is a mature software compounder generating exceptional free cash flow and maintaining dominant market share in e-signature. However, heavy stock-based compensation and decelerating top-line growth present valuation headwinds. The base case assumes steady, low-growth cash generation with gradual GAAP margin improvement.

Low single-digit revenue growth
SBC remains a structural drag

Sensitivity: Ke × terminal growth

Ke ↓ / g →	2.0%	2.5%	3.0%	3.5%	4.0%
8.8%	$37.5	$40.5	$43.9	$48.1	$53.0
9.8%	$32.7	$34.9	$37.5	$40.5	$43.9
10.8%	$29.0	$30.7	$32.7	$34.9	$37.5
11.8%	$26.0	$27.4	$29.0	$30.7	$32.7
12.8%	$23.6	$24.8	$26.0	$27.4	$29.0

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E9.5

P25 n/aP50 n/aP75 n/a

Trailing P/E32.4

P25 n/aP50 n/aP75 n/a

ROE17.8

P25 n/aP50 n/aP75 n/a

ROIC26.1

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All DOCU indicators

Market & fundamental data

Available fields

256

Groups with data

Currency

USD

Showing 256 of 256 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0001261333
Company name	DocuSign, Inc.
Country	United States
Country code	US
CUSIP number	256163106
Earnings date	2026-12-03
Earnings time	amc
Employees	7,044
Employees change	206
Employees growth	3.01%
Enterprise value	$15B
Exchange	NASDAQ
Financial currency	USD
Financial report date	2026-07-31
First seen	2026-05-09
Fiscal year end	January
Founded	2003
Industry	Software - Application
IPO date	2018-04-27
Is primary listing	Yes
Is SPAC	No
ISIN number	US2561631068
Last 10-K release date	2026-03-18
Last earnings date	2026-09-03
Last refreshed	2026-10-28
Last stock split type	Never
Market cap	$15.6B
Market cap category	Large-Cap
Next earnings date	2026-12-03
Options	Yes
Price	$83.56
Price currency	USD
Sector	Technology
SIC code	7372
Stock price date	2026-10-28
Symbol	DOCU
U.S. state	California
Website	https://www.docusign.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	19.57x
Average P/E ratio (3Y)	57.08x
Earnings yield	1.97%
EV/Earnings	45.52x
EV/EBIT	37.35x
EV/EBITDA	34x
EV/FCF	12.53x
EV/Sales	4.47x
FCF / EV yield	7.98%
FCF yield	7.68%
Forward EV/Sales	4.13x
Forward P/E	17.1x
Forward P/S	4.29x
Graham number	18.37914
Graham upside	-78%
Industry forward P/E	19.47x
Industry P/E	71.8x
P/(FCF - SBC) ratio	26.37x
P/(OCF - SBC) ratio	21.76x
P/B ratio	8.98x
P/E ratio	50.83x
P/FCF ratio	13.03x
P/OCF ratio	11.79x
P/S ratio	4.64x
PEG ratio	1.14x
Price / tangible book value	12.92x
Price/EBITDA ratio	35.35x
Sector forward P/E	18.55x
Sector P/E	32.64x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	11.96%
EBITDA margin	13.14%
Effective tax rate	24.98%
FCF margin	35.65%
Gross margin	79.61%
Operating margin	11.96%
Pretax margin	13.08%
Profit margin	9.82%
Profit per employee	$46,840
Profitable quarters	15
Profitable years	3
Revenue per employee	$477,171
ROA	6.35%
ROA (5Y)	1.45%
ROCE	20.23%
ROE	17.8%
ROE (5Y)	9.46%
ROIC	26.08%
ROIC (5Y)	8.4%
SBC / revenue	18.03%
Tax / revenue	3.27%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	23.26%
EPS growth (Q)	33.33%
EPS growth (QoQ)	0%
EPS growth quarters	4
EPS growth years	0
FCF growth	28.06%
FCF growth (Q)	35.89%
FCF growth (QoQ)	2.18%
FCF growth 3Y	29.85%
FCF growth 5Y	26.72%
Gross profit growth	8.71%
Gross profit growth (Q)	9.74%
Gross profit growth 3Y	7.82%
Gross profit growth 5Y	14.09%
Net income growth	17.43%
Net income growth (Q)	23.42%
Net income growth (QoQ)	-0.62%
Net income growth quarters	4
Net income growth years	0
OCF growth	27.31%
OCF growth (Q)	35.95%
OCF growth (QoQ)	4%
OCF growth 3Y	27.8%
OCF growth 5Y	25.05%
Operating income growth	61.25%
Operating income growth (Q)	80.33%
Operating income growth 3Y	123.76%
Revenue growth	8.59%
Revenue growth (Q)	9.38%
Revenue growth (QoQ)	5.48%
Revenue growth 3Y	8.19%
Revenue growth 5Y	13.37%
Revenue growth quarters	34
Revenue growth years	10

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-125.4M
Depreciation and amortization	$39.6M
EBIT	$402M
EBITDA	$441.7M
EPS	$1.64
FCF per share	$6.41
Financing cash flow	$-1.3B
Free cash flow	$1.2B
Free cash flow minus SBC	$592.1M
Gross profit	$2.7B
Income taxes	$109.9M
Investing cash flow	$-117.5M
Net cash flow	$-70.8M
Net income	$329.9M
Operating cash flow minus SBC	$717.6M
Operating income	$402M
Revenue	$3.4B
Stock-based compensation	$606.2M

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Altman Z-Score	3.28
Book value per share	$9.13
Debt / EBITDA	0.39
Debt / equity	0.11
Debt / FCF	0.15
Goodwill	$458.4M
Interest coverage	170.35
Long-term assets	$2.7B
Long-term liabilities	$269.2M
Net cash (debt)	$594.6M
Net cash / market cap	3.81%
Net cash growth	-17.13%
Net debt / EBITDA	-1.35
Net debt / equity	-0.35
Net debt / FCF	-0.5
Piotroski F-Score	6
Property, plant and equipment	$575.1M
Shareholders' equity	$1.7B
Tangible book value	$1.2B
Tangible book value per share	$6.42
Total assets	$4B
Total cash	$777.7M
Total debt	$183.1M
Total liabilities	$2.2B
WACC	8.91%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	0.85
Current assets	$1.3B
Current liabilities	$2B
Current ratio	0.64
Net working capital	$-1.5B
Quick ratio	0.59
Working capital	$-704.1M
Working capital turnover	-5.79

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	5.17%
Dividend yield	0%
Shareholder yield	5.17%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
150-day SMA	$56.11
1D price change	1.85%
1M price change	23.38%
1M total return	23.38%
1W price change	3.74%
1W total return	3.74%
1Y price change	16.57%
1Y return CAGR	16.59%
1Y total return	16.57%
20-day SMA	$75.87
200-day SMA	$54.39
3M price change	57.4%
3M total return	57.4%
3Y price change	116.14%
3Y return CAGR	29.29%
3Y total return	116.14%
50-day SMA	$70.00
50-day SMA vs 200-day SMA	50over200
52-week high	$85.90
52-week high date	2026-10-26
52-week low	$40.16
52-week low date	2026-02-25
5Y price change	-70.04%
5Y return CAGR	-21.42%
5Y total return	-70.04%
6M price change	82.39%
6M total return	82.39%
All-time high	$314.76
All-time high date	2021-08-10
All-time low	$35.06
All-time low date	2018-11-20
Average true range (ATR)	$2.80
Average volume	2.5M
Beta (1Y)	0.87
Beta (2Y)	1.1
Beta (5Y)	0.86
Change from 52-week high	-2.72%
Change from 52-week low	108.07%
Change from all-time high	-73.54%
Change from all-time low	137.54%
Change from open	2.93%
Day's gap	-1.05%
Dollar volume	$97.3M
High price	$83.63
Low price	$81.18
Monthly RSI	59.74
Open price	$81.18
Position in 52-week range	97.14%
Premarket change	-1.38%
Premarket close	$82.04
Premarket price	$80.91
Premarket volume	2.3K
Previous close	$82.04
Price vs 150-day SMA	48.43%
Price vs 20-day SMA	9.77%
Price vs 200-day SMA	53.11%
Price vs 50-day SMA	18.98%
Relative volume	0.46
RSI	68.23
Sharpe ratio	0.48
Sharpe ratio (3Y)	0.66
Sharpe ratio (5Y)	-0.16
Sortino ratio	0.82
Sortino ratio (3Y)	1.14
Sortino ratio (5Y)	-0.13
Volume	1.2M
Weekly RSI	73.92
YTD price change	21.75%
YTD total return	21.75%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	185.8M
Float percentage	99.39%
Shares change (QoQ)	-1.71%
Shares change (YoY)	-5.17%
Shares held by insiders	0.53%
Shares held by institutions	95.61%
Shares outstanding	186.9M
Short % of float	6.14%
Short % of shares	6.1%
Short ratio	3.2 days

Deeper analysis on DOCU

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this DOCU report

What is the latest published DOCU stock rating?

DocuSign, Inc. is shown with Sell in the latest published report, analyzed 2026-05-10. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full DOCU analysis?

The full latest published report, analyzed 2026-05-10, lives at /stocks/DOCU/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for DOCU?

The latest published report analyzed 2026-05-10 gives DOCU a fair value of USD 29 and a potential value of USD 36. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the DOCU page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-05-10). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

SellDOCU · Fair value $28.6-40.3%

Read full analysis →

DocuSign, Inc. (DOCU)

Our latest published analysis: DOCU rated Sell

Price

Financial snapshot

Fair-value bridge

Latest news · DOCU

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All DOCU indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Deeper analysis on DOCU

Frequently asked questions

등급 이력

Category	Score	Reading
Valuation	1.5
Management	6.7
Balance Sheet	5.0
Profitability	6.0
Revenue Growth	6.0
Risk Assessment	6.0
Competitive Moat	6.5
Earnings Quality	8.0
Capital Efficiency	5.0