Docusign DOCU

Software - Infrastructure, Technology

$85.27

+1.02%

Market cap: $15.9B
PE: 52.0×; 3y median 34.1×
Forward PE: n/m; not a meaningful number
Price to sales: 4.7×
EV/EBIT: 38.2×
Revenue, 12 months: $3.4B; +9% on a year ago
Net margin: 9.8%
Free cash flow yield: 7.5%

Docusign trades at 52.0× trailing earnings, pricier than 68% of the last ten years. Revenue was $3.4B over the last twelve months, up 9% on a year earlier with a 10% net margin.

Charts

Financials

Income statement for DOCU, by quarter
Income statement	Q3 FY24	Q4 FY24	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27	Q2 FY27
	$700.4M+9%	$712.4M+8%	$709.6M+7%	$736M+7%	$754.8M+8%	$776.3M+9%	$763.7M+8%	$800.6M+9%	$818.4M+8%	$836.9M+8%	$830.2M+9%	$875.7M+9%
Cost of revenue	$142.6M+10%	$147.9M+8%	$149.4M+10%	$155.5M+7%	$156.5M+10%	$160.2M+8%	$157.3M+5%	$165.5M+6%	$170.5M+9%	$169.8M+6%	$171.3M+9%	$177.9M+8%
Gross profit	$557.8M+8%	$564.5M+8%	$560.2M+7%	$580.6M+7%	$598.3M+7%	$616M+9%	$606.4M+8%	$635.2M+9%	$647.8M+8%	$667.1M+8%	$659M+9%	$697.9M+10%
R&D	$136.6M+18%	$151.5M+20%	$134.3M+16%	$147.6M+9%	$151.1M+11%	$155.5M+3%	$159.4M+19%	$169.6M+15%	$167.6M+11%	$168.3M+8%	$159.6M+0%	$163.6M−4%
SG&A	$400.7M+0%	$402.9M+2%	$374.1M−3%	$374.6M−6%	$388.2M−3%	$400.1M−1%	$386.7M+3%	$400.3M+7%	$394.8M+2%	$411.1M+3%	$388.1M+0%	$416.7M+4%
	$19.7M	$9.9M	$22.6M	$57.8M+774%	$59M+199%	$60.5M+509%	$60.3M+166%	$65.2M+13%	$85.4M+45%	$87.7M+45%	$111.3M+85%	$117.6M+80%
Interest expense	$1.6M+8%	$1.7M+4%	$144K−93%	$544K−66%	$462K−71%	$400K−77%	$478K+232%	$828K+52%	$654K+42%	$586K+47%	$551K+15%	$569K−31%
Pre-tax income	$35.8M	$29.7M+448%	$36.6M+550%	$71.9M+220%	$71.6M+100%	$67.9M+128%	$73.8M+102%	$76.5M+6%	$95.5M+34%	$101.5M+50%	$117.8M+60%	$125M+64%
	−$3M	$2.5M+341%	$2.8M−44%	−$816.3M	$9.2M	−$15.6M	$1.7M−40%	$13.5M	$11.8M+29%	$11.2M	$39.6M+2223%	$47.3M+250%
Net income	$38.8M	$27.2M+460%	$33.8M+6164%	$888.2M+11911%	$62.4M+61%	$83.5M+207%	$72.1M+114%	$63M−93%	$83.7M+34%	$90.3M+8%	$78.2M+9%	$77.7M+23%
	$0.19	$0.13+550%	$0.16	$4.26+10550%	$0.30+58%	$0.39+200%	$0.34+113%	$0.30−93%	$0.40+33%	$0.44+13%	$0.40+18%	$0.40+33%
	208.1M+3%	210.8M+4%	209.9M+1%	208.3M+0%	208.7M+0%	212.1M+1%	212.8M+1%	211M+1%	208.1M−0%	204.7M−4%	196.5M−8%	193.1M−9%

EPS, diluted: 9 periods, Q4 FY18 to Q4 FY26: quarter's net income to common over its shares, to the cent.

Diluted shares: 5 periods, Q4 FY18 to Q4 FY22: a loss quarter: its basic count, share-days: the 12-month average less the 9-month, weighted by days. 4 periods, Q4 FY23 to Q4 FY26: share-days: the 12-month average less the 9-month, weighted by days.

From each company's 10-Q and 10-K filings, the newest version of each figure. Quarters are as filed (a fourth quarter is the year less its first nine months), fiscal years as the 10-K prints them, restated where a later 10-K restated them, and balance sheet lines as of the period's end. A quarter whose 10-Q isn't filed yet is from the company's results release. Growth is on the same period a year earlier. A dash is a period with no figure for the line: the filing doesn't print it, or it hasn't been read yet.

Peers

Companies in Software - Infrastructure nearest Docusign's size, closest first.

Company	Market cap	PE	Its 10y median PE	Fwd PE	P/S	Revenue growth	Net margin
DOCUDocusign	$15.9B	52.0×	34.1×	n/m	4.7×	+9%	9.8%
TYLTyler Technologies	$16B	51.7×	84.4×	n/m	6.6×	+8%	13.4%
GWREGuidewire Software	$15.5B	117×	281×	n/m	10.5×	+23%	9.4%
GENGen Digital	$14.9B	14.5×	18.5×	n/m	2.9×	+20%	20.7%
LDOSLeidos	$17.1B	12.7×	20.0×	n/m	1.0×	+3%	7.8%
GDDYGoDaddy	$14.3B	16.7×	40.8×	13.6×	2.8×	+7%	17.8%
CACICaci International	$14B	26.3×	19.5×	n/m	1.5×	+11%	5.6%
MANHManhattan Associates	$13.9B	68.2×	59.3×	n/m	12.3×	+6%	18.7%
DTDynatrace	$18.5B	128×	104×	n/m	8.8×	+18%	7.2%
AKAMAkamai Technologies	$13.4B	33.6×	31.6×	14.2×	3.1×	+6%	9.5%
TOSTToast	$18.9B	41.4×	72.3×	21.3×	2.8×	+23%	7.1%
Peer median	$15.2B	37.5×	50.0×	14.2×	3.0×	+10%	9.5%