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Docusign

DOCU Nasdaq Application Software Financials FY2017–FY2026

Docusign's revenue rose 8.2% to $3.2 billion in fiscal 2026. Its operating margin was 9.3%, up from 6.7% a year earlier. Free cash flow was $1.1 billion, up 15.0%. It paid out $869 million in dividends and buybacks, 82% of free cash flow. The diluted share count fell 0.6%.

Last close · Oct 23, 2026

$85.27

1.0%
Value it Compare
Revenue Total sales reported in the income statement.
$3.2B
8.2% vs prior year
Operating margin Operating income as a share of revenue.
9.3%
2.6 pts
Net income Profit after all expenses, interest and tax.
$309M
71.1%
Free cash flow Cash from operations minus capital spending.
$1.1B
15.0%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
25.4%
10.2 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$16.5B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
52.0x
On $1.64 EPS (TTM)

What Docusign does

No business description yet.

Legal name
DOCUSIGN, INC.
Fiscal year ends
January 31, 2026
Latest annual report
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Accession · CIK
0001261333-26-000021
0001261333

Revenue and margins

Docusign had $3.2B of revenue in fiscal 2026, up 8.2% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $1.1B in fiscal 2026, 32.9% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Docusign returned $869M to shareholders in fiscal 2026, 82% of free cash flow. The diluted share count fell 0.6%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Docusign yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $867M and divides by 209.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 52.0x · peers 112.4x · sector 33.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Docusign can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY22FY23FY24FY25FY26
Cash and short-term investments $803M$1.0B$1.0B$964M$867M
Debt incl. finance leases $719M$723M$0.0M$0.0M$0.0M
Net debt / EBITDA −4.2x—−8.3x−3.1x−2.1x
Debt / equity 2.6x1.2x0.0x0.0x0.0x
Interest coverage −9.6x−13.8x4.6x129.0x117.3x
Current ratio 1.0x0.7x0.9x0.8x0.7x
Quick ratio 1.0x0.7x0.9x0.8x0.7x
Total assets $2.5B$3.0B$3.0B$4.0B$4.2B
Total liabilities $2.3B$2.4B$1.8B$2.0B$2.3B
Shareholders' equity $276M$617M$1.1B$2.0B$1.9B
Net debt (− = net cash) −$84.3M−$309M−$1.0B−$964M−$867M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$10.6M

9 insiders

Of sales under plans

72%

$7.6M

DateInsiderTradeSharesPriceValueFiling
Sep 17, 2026 Robert ChatwaniPresident General Mgr, Growth Sold plan 14,676 $69.41 $1.0M Form 4
Sep 16, 2026 Mary Agnes WilderotterDirector Sold plan 1,096 $70.60 $0.1M Form 4
Sep 14, 2026 Anna MarrsDirector Sold plan 548 $67.00 $0.0M Form 4
Sep 10, 2026 Peter SolvikDirector Sold 46,000 $65.24 $3.0M Form 4
Sep 10, 2026 Teresa BriggsDirector Sold plan 548 $64.60 $0.0M Form 4
Sep 8, 2026 Blake Jeffrey GraysonChief Financial Officer Sold plan 15,000 $65.57 $1.0M Form 4
Sep 4, 2026 Blake Jeffrey GraysonChief Financial Officer Sold plan 30,000 $70.00 $2.1M Form 4
Aug 28, 2026 James A BeerDirector Sold plan 450 $64.02 $0.0M Form 4
Aug 7, 2026 Blake Jeffrey GraysonChief Financial Officer Sold plan 15,000 $60.00 $0.9M Form 4
Jul 1, 2026 Allan C. ThygesenPresident and CEO, Director Sold plan 26,250 $46.02 $1.2M Form 4
Jul 1, 2026 Blake Jeffrey GraysonChief Financial Officer Sold plan 15,000 $45.55 $0.7M Form 4
Jul 1, 2026 James P ShaughnessyChief Legal Officer Sold plan 12,000 $45.54 $0.5M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY24FY25FY26
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✕
Cash from operations exceeds net income ✓ ✕ ✓
Debt fell relative to assets ✓ ✕ ✕
Current ratio rose ✓ ✕ ✕
Share count didn't rise ✕ ✕ ✓
Gross margin rose ✓ ✕ ✓
Revenue rose relative to assets ✕ ✓ ✕
F-score 7 / 94 / 95 / 9
Accruals ratio −30.3%1.5%−20.8%
Altman Z'' −1.32−0.23−0.94

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Docusign DOCU $16.5B 8.2% 9.3% 32.9% 25.4% 52.0x 5
HubSpot HUBS $13.7B 19.2% 0.2% 22.6% — 96.4x — Compare →
Datadog DDOG $100.0B 27.7% −1.3% 29.2% — — 5 Compare →
Okta OKTA $38.1B 11.8% 5.1% 30.0% — 128.3x 8 Compare →
Trimble TRMB $14.8B −2.6% 16.5% 10.1% 7.4% — 4 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
Income statement
Revenue $382M $519M $701M $974M $1.5B $2.1B $2.5B $2.8B $3.0B $3.2B
Gross profit $279M $400M $509M $731M $1.1B $1.6B $2.0B $2.2B $2.4B $2.6B
Research and development $89.7M $92.4M $186M $186M $272M $393M $481M $540M $589M $665M
Operating income −$116M −$51.7M −$426M −$194M −$174M −$61.9M −$88.0M $31.6M $200M $299M
Interest expense $0.6M $0.6M $10.8M $29.3M $30.8M $6.4M $6.4M $6.8M $1.5M $2.5M
Pretax income −$115M −$49.1M −$428M −$204M −$230M −$66.9M −$89.9M $93.7M $248M $347M
Income tax $0.4M $3.1M −$1.8M $4.8M $13.8M $3.1M $7.6M $19.7M −$820M $38.2M
Net income −$115M −$52.3M −$427M −$208M −$243M −$70.0M −$97.5M $74.0M $1.1B $309M
Diluted EPS −$4.17 −$1.66 −$3.16 −$1.18 −$1.31 −$0.36 −$0.49 $0.36 $5.08 $1.48
Diluted shares 0.03B 0.03B 0.14B 0.18B 0.19B 0.20B 0.20B 0.21B 0.21B 0.21B
Cash flow
Cash from operations −$4.8M $55.0M $76.1M $116M $297M $507M $507M $980M $1.0B $1.2B
Capital expenditure $43.3M $18.9M $30.4M $72.0M $82.4M $61.4M $77.7M $92.4M $97.0M $106M
Free cash flow −$48.1M $36.1M $45.7M $43.7M $215M $445M $429M $887M $920M $1.1B
Depreciation and amortization $28.5M $31.8M $38.0M $50.2M $71.1M $81.9M $86.3M $95.1M $108M $116M
Stock-based compensation $35.4M $29.7M $411M $206M $287M $409M $539M $617M $610M $622M
Acquisitions $0.0M $0.0M $0.0M $0.0M $180M $6.4M $0.0M $0.0M $144M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $63.0M $146M $684M $869M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $63.0M $146M $684M $869M
Balance sheet
Cash and short-term investments $191M $257M $769M $656M $774M $803M $1.0B $1.0B $964M $867M
Total debt — $0.0M $439M $465M $714M $719M $723M $0.0M $0.0M $0.0M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets — $419M $985M $944M $1.2B $1.3B $1.6B $1.6B $1.5B $1.5B
Current liabilities — $374M $516M $694M $1.1B $1.4B $2.2B $1.7B $1.8B $2.0B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net — $63.0M $75.8M $128M $165M $185M $200M $245M $299M $362M
Total assets — $620M $1.6B $1.9B $2.3B $2.5B $3.0B $3.0B $4.0B $4.2B
Total liabilities — $411M $1.0B $1.3B $2.0B $2.3B $2.4B $1.8B $2.0B $2.3B
Shareholders' equity −$347M −$339M $614M $546M $326M $276M $617M $1.1B $2.0B $1.9B
Margins
Gross margin 73.1% 77.2% 72.6% 75.0% 75.0% 77.9% 78.7% 79.3% 79.1% 79.4%
Operating margin −30.4% −10.0% −60.8% −19.9% −12.0% −2.9% −3.5% 1.2% 6.7% 9.3%
EBITDA margin −22.9% −3.8% −55.4% −14.7% −7.1% 1.0% −0.1% 4.6% 10.3% 12.9%
Net margin −30.3% −10.1% −60.8% −21.4% −16.7% −3.3% −3.9% 2.7% 35.9% 9.6%
FCF margin −12.6% 7.0% 6.5% 4.5% 14.8% 21.1% 17.1% 32.1% 30.9% 32.9%
Returns
Return on capital — — — −47.8% −44.2% — — — 35.6% 25.4%
Return on capital employed — — −63.4% −16.9% −14.3% −5.1% −8.9% 3.0% 11.5% 13.7%
Return on equity — — −309.4% −35.9% −55.8% −23.3% −21.8% 8.5% 68.2% 15.8%
Return on assets — — −38.2% −11.9% −11.5% −2.9% −3.5% 2.5% 30.6% 7.5%
Growth
Revenue growth — 35.9% 35.2% 39.0% 49.2% 45.0% 19.4% 9.8% 7.8% 8.2%
Net income growth — — — — — — — — 1,343.5% −71.1%
EPS growth — — — — — — — — 1,311.1% −70.9%
FCF growth — — 26.7% −4.4% 391.5% 107.4% −3.6% 106.7% 3.7% 15.0%
Share count change — 15.3% 318.5% 30.7% 5.1% 5.9% 2.2% 4.0% 0.7% −0.6%
Financial health
Net debt / EBITDA — — — — — −4.2x — −8.3x −3.1x −2.1x
Debt / equity — — 0.7x 0.9x 2.2x 2.6x 1.2x 0.0x 0.0x 0.0x
Interest coverage −189.6x −82.8x −39.3x −6.6x −5.6x −9.6x −13.8x 4.6x 129.0x 117.3x
Current ratio — 1.1x 1.9x 1.4x 1.1x 1.0x 0.7x 0.9x 0.8x 0.7x
Quick ratio — 1.1x 1.9x 1.4x 1.1x 1.0x 0.7x 0.9x 0.8x 0.7x
Capital allocation
Capex / revenue 11.4% 3.7% 4.3% 7.4% 5.7% 2.9% 3.1% 3.4% 3.3% 3.3%
Stock comp / revenue 9.3% 5.7% 58.6% 21.2% 19.7% 19.4% 21.4% 22.3% 20.5% 19.3%
Payouts / FCF — 0.0% 0.0% 0.0% 0.0% 0.0% 14.7% 16.4% 74.3% 82.1%
Quality scores
Piotroski F-score — — — 5.0 4.0 6.0 5.0 7.0 4.0 5.0
Altman Z'' — −3.6 −1.1 −1.4 −2.1 −2.0 −2.9 −1.3 −0.2 −0.9
Accruals ratio — — −45.0% −18.5% −25.6% −23.6% −21.8% −30.3% 1.5% −20.8%

Source: SEC EDGAR XBRL filings (CIK 0001261333). Data updated October 16, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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