DocuSign, Inc. (DOCU)
Juste valeurFondamental
77
Prix
$67.15
Capitalisation boursière
$12.89B
Partie 1 · Ce que vaut l'entreprise
Vue d'ensemble
DocuSign makes software that lets people and companies sign documents electronically and manage the whole agreement process — drafting, negotiating, signing and storing — online instead of on paper. Its best-known product is e-signature, used by businesses of every size and by individual consumers to close deals, sign leases or approve contracts in minutes instead of days. A newer "Intelligent Agreement Management" suite goes further, using the data inside signed contracts to flag risks and missed obligations.
Comment l'entreprise gagne de l'argent
Nearly all revenue comes from subscription contracts, typically billed annually based on the number of documents sent for signature or user seats, and recognized evenly over the contract term; a small remainder is implementation and training fees. Once a company builds its everyday workflows and software integrations around DocuSign's e-signature, replacing it means retraining every employee and rewiring those connections, which is why customers tend to renew rather than switch to a cheaper alternative.
Chiffre d'affaires par segment
Cloud e-signature and agreement-management software billed on a recurring basis — DocuSign's core business by a wide margin.
Implementation, training and consulting fees for setting up the platform, a small and deliberately shrinking share of revenue.
Avantage concurrentiel
Coûts de changement · ÉtroitE-signature becomes embedded in a company's everyday workflows and wired into other software such as CRM and HR systems, so switching means retraining staff and rebuilding those integrations — a real deterrent to leaving. The moat is narrow rather than wide, though, because e-signature itself has become a commodity feature that Adobe, Microsoft and cheaper rivals now also offer, often bundled into software customers already own.
Ce qui stimule la demande
Modérément cycliqueUsage is tied to overall business activity: more employees, more sales deals and more contracts signed all mean more documents flowing through DocuSign, so growth slows when corporate hiring and deal volumes slow. Offsetting that, the underlying shift from paper to digital signatures is still an ongoing structural trend in many countries and industries, providing a tailwind independent of the economic cycle.
Principaux risques
- Commoditization of e-signature — Adobe, Microsoft and lower-cost providers now offer e-signature, often bundled into software customers already pay for, limiting how much DocuSign can charge for its core product.
- Sensitivity to business activity — Revenue is tied to customer headcount and transaction volumes; a slowdown in hiring or deal-making during weaker economic periods directly reduces the number of documents sent through the platform.
- Declining professional services revenue — DocuSign is deliberately shifting implementation work to partners, which is expected to keep shrinking the already small professional-services revenue line.
- Data security and privacy risk — The platform stores sensitive signed agreements and personal data; a breach could damage the trust the entire e-signature product depends on and trigger regulatory consequences.
- Execution risk expanding beyond e-signature — Growth increasingly depends on selling the broader agreement-management suite; if customers do not adopt those newer products, growth could slow to the pace of the maturing e-signature market alone.
Concentration des clients
DocuSign does not disclose a single customer's share of revenue; its base spans companies of every size and industry, and individual consumers, which limits reliance on any one account.
Les arguments en faveur
Buyers argue that DocuSign's dominant e-signature brand and large installed base give it a natural platform to sell a broader agreement-management suite that mines contract data for value well beyond the signature itself, extending growth once e-signature alone matures.
Les arguments contre
Sellers fear that e-signature has become a commodity feature increasingly bundled for free into other software suites, capping DocuSign's pricing power and growth just as it needs new products to succeed for the business to keep expanding.
Written by the editors, published on 18 août 2026
Direct competitors
Who this company fights with for the same customers
Generated on 18 septembre 2026 with claude-haiku-4-5 — shared with all users
Docusign's own 10-K names Adobe as its primary global competitor in electronic signature, where Adobe Acrobat Sign chases the same enterprise and small-business customers, often bundled with the document tools those companies already buy.
Through Dropbox Sign (formerly HelloSign) it sells stand-alone electronic signature subscriptions to the small and mid-sized businesses that make up a large share of Docusign's self-service base.
OneSpan Sign competes for the same signature and identity-verification budgets in regulated sectors such as banking and insurance, where Docusign also sells its enterprise agreements platform.
A private vendor of enterprise contract lifecycle management, it bids against Docusign CLM for the large-company contract workflows the 10-K flags as a competitive front alongside signature.
Another private contract lifecycle management platform, it sells to the same in-house legal and procurement teams Docusign targets with its Intelligent Agreement Management suite.
A private document-automation and e-signature provider aimed at sales teams, it competes for the proposal-and-signature spend of small and mid-sized businesses.
Bilan & Liquidités
Chiffre d'affaires
$3.36B
12 derniers mois (au 31/07/2026)
Résultat net
$330M
12 derniers mois (au 31/07/2026)
Flux de trésorerie libre
$1.06B
Capitaux propres totaux
$1.92B
Passif total
$2.31B
Ratio de liquidité général
0.64
Couverture des intérêts
170.35
Dette/EBITDA
0.44
Bénéfice par action
Chiffre d'affaires & Résultat net
Flux de trésorerie libre
Décomposition du résultat
État historique
Marges dans le temps
La dette dans le temps
Le poids de la dette
Grille de la croissance
Croissance — Chiffre d'affaires
Estimation de la juste valeur
Juste valeur
$62.05
Prix actuel
$67.15
Marge de sécurité
-8.2%
Fourchette de juste valeur
$40.33 - $83.77
Écart entre les méthodes de valorisation utilisées, pas un intervalle de confiance calibré statistiquement.
Méthodes d'estimation
Indicateurs de valorisation
Ratio P/E
40.95
ROE
16.1%
Ratio P/B
7.30
P/FCF
10.47
Marge brute
79.5%
ROIC
16.0%
Radar de rentabilité
Création de valeur (avantage concurrentiel)
ROIC
16.0%
WACC
9.1%
ROIC − WACC
+6.9 pp
Le ROIC dépasse le coût du capital — l'entreprise crée de la valeur pour les actionnaires.
Critères d'analyse fondamentale
Réussi (19)
- EPS shows upward trend
- Price CAGR 7.12%
- ROIC 16.0%
- Gross Margin 79.5%
- P/FCF 10.47
- Debt/Equity ratio
- Operating Margin 12.0%
- Positive Free Cash Flow
- CapEx intensity
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- ROE 17.7%
- Revenue Growth 5Y 17.3%
- Earnings Surprise avg 6.3%
- Earnings Quality (OCF/NI) 4.01
- Share Dilution -0.7%
- Net Margin Trend 9.8% vs 9.1%
- Piotroski F-Score 6/9
Échoué (6)
- P/B Ratio 7.30
- Current Ratio
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
- Analyst Consensus 34% Buy
Indisponible (2)
- Dividend Payout NaN%
- PEG Ratio (need PE > 0 and growth > 0)
Score F de Piotroski
Signaux mixtes : certains domaines nécessitent attention
Qualité des bénéfices
Qualité élevée : bénéfices soutenus par la trésorerie
Dilution du capital
Rachat d'actions. Favorable aux actionnaires
Participations institutionnelles
Gouvernance
Équipe dirigeante
| Nom | Titre | Âge |
|---|---|---|
| Mr. Allan C. Thygesen | President, CEO & Director | 62 |
| Mr. Robert Chatwani | President & GM of Growth | 49 |
| Ms. Paula Hansen | President & Chief Revenue Officer | 54 |
| Mr. Blake Jeffrey Grayson | Executive VP & CFO | 52 |
| Mr. James P. Shaughnessy Esq. | Chief Legal Officer | 70 |
| Mr. Anwar Akram | Chief Operating Officer | - |
| Mr. Sagnik Nandy | Chief Technology Officer & Executive VP of Engineering | - |
| Ms. Shanthi Iyer | Chief Information Officer | - |
| Mr. Matthew Sonefeldt | Head of Investor Relations | 45 |
| Ms. Jennifer Christie | Chief People Officer | - |
Risque d'audit
1
Risque du conseil
6
Risque de rémunération
8
Risque droits des actionnaires
5
Partie 2 · Le prix et le moment d'entrer
Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.
Documents
- Voir le document
Rapport annuel (10-K)
Un aperçu annuel de l'activité, des résultats financiers et des risques de l'entreprise.
Déposé le 2026-03-18
- Voir le document
Rapport trimestriel (10-Q)
Une mise à jour de la performance financière des trois derniers mois.
Déposé le 2026-09-04
- Voir le document
Rapport d'événement important (8-K)
Un avis concernant un événement important, comme un changement de direction ou une annonce majeure.
Déposé le 2026-09-03
via SEC EDGAR
Historique des résultats
via SEC EDGAR
Latest News
Recent headlines for DOCU, sourced from Markets Gazette.
- 27d agoPOSITIVELe azioni DocuSign formano una golden cross mentre Morgan Stanley alza il target
DocuSign shares have surged 62% from their year-to-date low, reaching $67.05, fueled by strategic investments in Artificial Intelligence (AI). The company reported a 9% year-over-year revenue increase to $875 million in the second quarter, with its AI product IAM highlighted as a key driver. Analysts at Morgan Stanley and Evercore have upgraded their outlooks, signaling increased confidence. This positive momentum, coupled with a technical 'golden cross' formation, suggests continued upward potential for the stock as AI integration begins to yield tangible financial results.
- 6/4/2026NEUTRALDocuSign Reports Q1 2027 Results: Full Earnings Call Transcript
DocuSign reported its Q1 2027 earnings call transcript on June 4, 2026. While the full financial details and forward-looking guidance are contained within the transcript, the mere release of the document itself does not provide immediate actionable insights for investors. The market's reaction will depend on the specific figures, management commentary, and future outlook presented in the earnings call. Investors should review the transcript for key performance indicators, revenue growth, profitability, and strategic initiatives to form an informed opinion on the company's prospects.
- 3/31/2026NEUTRALDocusign: Fiscal 2027 Could Be 'Transition Year' Despite Double Digit Growth Strategy
DocuSign anticipates fiscal year 2027 to be a 'transition year' despite its long-term strategy focused on achieving double-digit growth. Analysts suggest limited near-term upside potential for the stock. While the company maintains its commitment to sustained growth, the acknowledgement of a transitional period in FY27 indicates potential headwinds or strategic shifts that may temper immediate investor enthusiasm. This outlook suggests a period of consolidation or investment before the next phase of accelerated expansion, making it crucial for investors to monitor upcoming strategic announcements and execution.
- 3/20/2026POSITIVEWhy Are DocuSign Shares Up On Friday?
DocuSign Inc. (DOCU) shares experienced a notable increase on Friday following the release of its fiscal Q4 results, which surpassed analyst expectations. The company's performance was bolstered by strong growth in its Identity and Access Management (IAM) solutions and a significant announcement of a $2 billion share repurchase program. This combination of operational success and shareholder-friendly capital allocation signals robust financial health and management's confidence in future value creation, likely attracting further investor interest.
- 3/18/2026POSITIVEDocusign Posts Q4 Beat, IAM Is A 'Compelling Long-Term Opportunity': Analysts
DocuSign Inc. shares surged following its Q4 earnings report, which surpassed analyst expectations. The company also issued guidance that exceeded consensus estimates, signaling strong future performance. Analysts highlighted Identity and Access Management (IAM) as a 'compelling long-term opportunity' for DocuSign, noting its broad applicability across various industries. This positive outlook, coupled with better-than-expected financial results, suggests continued investor confidence and potential for further stock appreciation.
- 3/17/2026NEUTRALDocuSign Earnings Are Imminent; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call
DocuSign is set to release its earnings on March 17, with analysts forecasting earnings per share of $0.95. Despite the upcoming report, recent analyst actions have seen a trend of downgrades, with firms like Piper Sandler, Wolfe Research, and Wells Fargo maintaining ratings such as Neutral, Peer Perform, and Equal-Weight, respectively. This suggests a cautious outlook from the analyst community ahead of the earnings call, making the upcoming results critical for a potential shift in sentiment.
- 3/16/2026NEUTRALDocuSign Q4 Preview: AI Twist Takes Center Stage As Company Pivots Beyond Signatures
DocuSign is poised to meet Q4 earnings expectations, with analysts highlighting positive momentum in Identity and Access Management (IAM) solutions alongside sustained demand for its core eSignature services. The company's strategic pivot, incorporating AI to enhance its offerings, is a key focus. While the earnings outlook appears stable, the market will be closely watching the integration and impact of AI on future growth and competitive positioning. Analyst ratings remain mixed, reflecting a cautious optimism around the company's evolving strategy.
- 3/5/2026POSITIVEWhat's Going On With DocuSign Stock Thursday?
DocuSign (DOCU) is integrating with Anthropic's Cowork platform, a strategic partnership aimed at enhancing collaborative features and operational efficiency. This announcement comes just before the March 17 earnings report, fueling investor optimism and driving a pre-market surge in its shares. The collaboration is expected to broaden DocuSign's customer base and strengthen its market position in electronic signature and document management solutions, suggesting a positive outlook.
via Markets Gazette