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DocuSign, Inc. (DOCU)

合理估值
TechnologySoftware - ApplicationUnited States

基本面

77

价格

$68.83

市值

$12.89B

第一部分 · 这家公司值多少

概览

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.

盈利方式

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.

分部营收

Subscription97.9%

Cloud e-signature and agreement-management software billed on a recurring basis — DocuSign's core business by a wide margin.

Professional services and other2.1%

Implementation, training and consulting fees for setting up the platform, a small and deliberately shrinking share of revenue.

护城河

转换成本 · 狭窄

E-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.

需求驱动因素

中度周期性

Usage 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.

主要风险

  • 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.

客户集中度

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.

看多理由

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.

看空理由

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 2026年8月18日

Direct competitors

Who this company fights with for the same customers

Compare

Generated on 2026年9月18日 with claude-haiku-4-5 — shared with all users

P/E: 13.4Score: 68Market cap: $92.99B

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.

P/E: 18.8Score: 68Market cap: $9.56B

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 Inc.OSPN

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.

Icertis, Inc.Not tracked

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.

Ironclad, Inc.Not tracked

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.

PandaDoc, Inc.Not tracked

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.

资产负债表与流动性

营收

$3.36B

最近12个月(截至2026/7/31)

净利润

$330M

最近12个月(截至2026/7/31)

自由现金流

$1.06B

股东权益合计

$1.92B

负债合计

$2.31B

流动比率

0.64

利息覆盖率

170.35

债务/EBITDA

0.44

每股收益

营收与净利润

自由现金流

收入构成

历史财务表

利润率变化

债务变化

债务负担有多重

增长一览表

增长 — 营业收入

公允价值估算

一般情形合理估值

公允价值

$62.05

当前价格

$68.83

安全边际

-10.9%

公允价值区间

$40.33 - $83.77

所用估值方法之间的离散区间,并非经过统计校准的置信区间。

估算方法

分析师目标价:$69.99
现金流折现法(DCF):$118.15
市盈率法(P/E):$21.87
格雷厄姆成长公式:$26.70
盈利能力价值(EPV):$17.89
合理市净率(P/B):$22.09
股息折现模型(戈登模型):数据不足,无法计算
P/FFO(运营资金):$36.40
周期中段收益:数据不足,无法计算
市销率法(P/S):$88.84
分析师共识:持有 (10B / 18H / 1S)
最近财报超预期:+4.74%

估值指标

市盈率(P/E)

40.95

ROE

16.1%

市净率(P/B)

7.30

P/FCF

10.47

毛利率

79.5%

ROIC

16.0%

盈利能力雷达图

价值创造(经济护城河)

ROIC

16.0%

WACC

9.1%

ROIC − WACC

+6.9 pp

ROIC 超过资本成本:公司正在为股东创造价值。

基本面分析标准

通过(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

未通过(6)

  • P/B Ratio 7.30
  • Current Ratio
  • Low reliance on intangibles
  • Price below Graham Number
  • DCF valuation (Overvalued)
  • Analyst Consensus 34% Buy

不可用(2)

  • Dividend Payout NaN%
  • PEG Ratio (need PE > 0 and growth > 0)

Piotroski F-评分

6/9

信号混杂:部分领域需关注

score
criteria

盈利质量

4.01

高质量:盈利有现金流支撑

股权稀释

-0.7%

正在回购股份,对股东友好

机构持股

公司治理

管理团队

姓名职位年龄
Mr. Allan C. ThygesenPresident, CEO & Director62
Mr. Robert ChatwaniPresident & GM of Growth49
Ms. Paula HansenPresident & Chief Revenue Officer54
Mr. Blake Jeffrey GraysonExecutive VP & CFO52
Mr. James P. Shaughnessy Esq.Chief Legal Officer70
Mr. Anwar AkramChief Operating Officer-
Mr. Sagnik NandyChief Technology Officer & Executive VP of Engineering-
Ms. Shanthi IyerChief Information Officer-
Mr. Matthew SonefeldtHead of Investor Relations45
Ms. Jennifer ChristieChief People Officer-

审计风险

1

董事会风险

6

薪酬风险

8

股东权利风险

5

第二部分 · 价格与买入时机

这一部分不判断公司是否值得拥有:它帮助你在基本面说服你之后,选择何时买入。包含:技术分析、潜力、历史回撤、Gamma 敞口。

文件

  • 年度报告(10-K)

    对公司业务、财务业绩和风险的年度概述。

    提交日期:2026-03-18

    查看文件
  • 季度报告(10-Q)

    最近三个月财务表现的最新情况。

    提交日期:2026-09-04

    查看文件
  • 临时报告(8-K)

    关于重大事件(如管理层变动或重要公告)的通知。

    提交日期:2026-09-03

    查看文件

via SEC EDGAR

损益历史

via SEC EDGAR

Latest News

Recent headlines for DOCU, sourced from Markets Gazette.

  • 27d agoPOSITIVE
    Le 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.

  • 6/4/2026NEUTRAL
    DocuSign 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.

  • 3/31/2026NEUTRAL
    Docusign: 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.

  • 3/20/2026POSITIVE
    Why 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.

  • 3/18/2026POSITIVE
    Docusign 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.

  • 3/17/2026NEUTRAL
    DocuSign 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.

  • 3/16/2026NEUTRAL
    DocuSign 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.

  • 3/5/2026POSITIVE
    What'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