DocuSign, Inc. (DOCU) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-25.9%

$61.78

vs $83.32 price

Levered DCF

$122.16

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

4.29

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	34.57×	18.5×	169.22×	-123.76×	-349.36×	-175.68×	-66.53×	-15.65×
P/B	5.49×	9.87×	11×	19.74×	89.78×	131.24×	25.39×	10.88×
P/S	3.27×	6.64×	4.5×	4.84×	11.74×	29.42×	14.24×	9.54×
EV / EBITDA	22.4×	53.85×	60.22×	4,469.47×	1,171.02×	-337.77×	-113.25×	-17.37×
Gross margin	79.4%	79.1%	79.3%	78.7%	77.9%	74.9%	75.0%	72.5%
Operating margin	9.3%	6.7%	1.1%	-3.5%	-2.9%	-12.0%	-19.9%	-60.8%
Net margin	9.6%	35.9%	2.7%	-3.9%	-3.3%	-16.7%	-21.4%	-60.8%
Current ratio	0.73×	0.81×	0.94×	0.74×	0.96×	1.06×	1.36×	1.91×
Debt / equity	0.1×	0.06×	0.13×	1.44×	3.2×	2.81×	1.19×	0.71×
Interest coverage	117.27×	128.99×	4.62×	-13.78×	-9.6×	-5.64×	-6.61×	-39.31×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	16.1%	53.3%	6.5%	-15.8%	-25.4%	-74.7%	-38.1%	-69.4%
Return on invested capital	12.0%	9.1%	1.9%	-5.7%	-5.1%	-13.4%	-15.9%	-38.6%
Return on assets	7.3%	26.6%	2.5%	-3.2%	-2.8%	-10.4%	-11.0%	-26.4%
Free cash flow yield	10.0%	4.7%	7.1%	3.5%	1.8%	0.5%	0.3%	0.7%
Earnings yield	2.9%	5.4%	0.6%	-0.8%	-0.3%	-0.6%	-1.5%	-6.4%
Enterprise value	$10.1B	$19.2B	$11.8B	$12.3B	$25.1B	$43.1B	$14.3B	$6.6B
Net debt / EBITDA	-0.92×	-1.47×	-3.34×	60.22×	17.4×	-2.74×	-3.23×	0.21×
Cash conversion cycle (days)	50	36	48	60	37	48	52	59