Explain this page
Arphra AIPlain-English read on DocuSign, Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Quality composite
B+Solid
A snapshot of the latest fiscal year’s margins, returns on capital, balance-sheet strength and efficiency, computed from the income statement, balance sheet and cash-flow rows. Source income / balance / cash_flow.
Profitability
Gross margin79.4%
Operating margin9.3%
Net margin9.6%
ROE16.1%
ROA7.3%
ROIC17.7%
Liquidity & leverage
Current ratio0.73×
Quick ratio0.73×
Debt / equity0.10×
Net debt / EBITDA-0.74×
Interest coverage117×
Efficiency & per-share
Asset turnover0.76×
Inventory days0
Days sales out.60
FCF / share$5.17
Book value / share$9.37
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|
| Headline | ||||||||
| Market cap | — | — | $12.43B | $19.76B | $10.53B | — | — | — |
| Enterprise value | — | — | $11.78B | $19.24B | $10.12B | — | — | — |
| Multiples | ||||||||
| P / E | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | 4.26 | 6.46 | 3.14 | — | — | — |
| EV / FCF | — | — | 13.28 | 20.91 | 9.56 | — | — | — |
| Yields | ||||||||
| Earnings yield | — | — | +0.60% | +5.40% | +2.93% | — | — | — |
| Free cash flow yield | — | — | +7.14% | +4.66% | +10.05% | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin | +77.86% | +78.69% | +79.27% | +79.12% | +79.40% | +79.13% | +78.84% | +78.81% |
| Operating margin | -2.94% | -3.50% | +1.15% | +6.72% | +9.27% | +5.69% | +5.67% | +5.79% |
| EBITDA margin | +1.02% | +0.11% | +7.08% | +12.00% | +17.46% | +12.08% | +12.50% | +12.42% |
| EBIT margin | -2.87% | -3.32% | +3.64% | +8.38% | +10.42% | +7.64% | +7.51% | +7.64% |
| Pre-tax margin | -3.18% | -3.57% | +3.39% | +8.33% | +10.79% | +7.73% | +7.36% | +7.69% |
| Net margin | -3.32% | -3.87% | +2.68% | +35.87% | +9.60% | +5.71% | +5.82% | +5.69% |
| Cost structure | ||||||||
| Cost of revenue / sales | +22.14% | +21.31% | +20.73% | +20.88% | +20.60% | +20.14% | +20.47% | +21.19% |
| R&D intensity | +18.67% | +19.10% | +19.53% | +19.77% | +20.65% | +19.65% | +20.55% | +20.26% |
| SG&A intensity | +62.13% | +61.96% | +57.49% | +51.63% | +49.48% | +52.94% | +52.85% | +52.90% |
| Effective tax rate | — | — | +21.03% | -330.70% | +11.01% | +15.24% | +16.12% | +15.81% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|
| Returns | ||||||||
| Return on equity (ROE) | -25.40% | -15.79% | +6.55% | +53.32% | +16.12% | +10.24% | +10.73% | +10.43% |
| Return on assets (ROA) | -2.75% | -3.23% | +2.49% | +26.61% | +7.31% | +4.67% | +4.65% | +4.44% |
| Return on capital (ROC) | -5.35% | -5.85% | +2.49% | +9.40% | +14.20% | +9.36% | +9.53% | +9.69% |
| Return on invested capital (ROIC) | -4.01% | -4.39% | +5.81% | +50.20% | +14.70% | +9.40% | +9.80% | +9.53% |
| Asset turnover | +82.92% | +83.51% | +92.95% | +74.18% | +76.12% | +81.78% | +79.84% | +78.09% |
| DuPont · ROE decomposition | ||||||||
| Net margin | -3.32% | -3.87% | +2.68% | +35.87% | +9.60% | +5.71% | +5.82% | +5.69% |
| Asset turnover (× revenue / assets) | +82.92% | +83.51% | +92.95% | +74.18% | +76.12% | +81.78% | +79.84% | +78.09% |
| Equity multiplier (× assets / equity) | +922.41% | +488.06% | +263.01% | +200.37% | +220.54% | +219.31% | +230.72% | +234.79% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|
| Turnover | ||||||||
| Asset turnover | 0.83 | 0.84 | 0.93 | 0.74 | 0.76 | 0.82 | 0.80 | 0.78 |
| Fixed-asset turnover | 6.78 | 7.37 | 7.50 | 7.28 | 6.10 | — | — | — |
| Inventory turnover | — | — | — | — | — | — | — | — |
| Receivables turnover | 4.65 | 4.75 | 6.07 | 6.71 | 6.11 | — | — | — |
| Payables turnover | 8.83 | 21.98 | 30.09 | 20.25 | 38.07 | — | — | — |
| Days outstanding | ||||||||
| Days sales outstanding (DSO) | 78.56 | 76.80 | 60.16 | 54.36 | 59.77 | — | — | — |
| Days inventory outstanding (DIO) | — | — | — | — | — | — | — | — |
| Days payables outstanding (DPO) | 41.32 | 16.61 | 12.13 | 18.02 | 9.59 | — | — | — |
| Cash conversion cycle | 37.24 | 60.19 | 48.03 | 36.34 | 50.18 | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | -7.24 | -5.20 | 13.24 | 0.95 | 3.77 | 6.33 | 6.09 | 6.19 |
| FCF / Net income | -6.36 | -4.40 | 11.99 | 0.86 | 3.42 | 5.62 | 5.44 | 5.51 |
| FCF margin | +21.12% | +17.06% | +32.12% | +30.92% | +32.88% | +32.11% | +31.66% | +31.34% |
| OCF margin | +24.03% | +20.14% | +35.47% | +34.17% | +36.19% | +36.15% | +35.49% | +35.23% |
| CapEx / Revenue | +2.91% | +3.09% | +3.35% | +3.26% | +3.31% | +3.39% | +3.28% | +3.23% |
| CapEx / D&A | 0.75 | 0.90 | 0.97 | 0.90 | 0.92 | — | — | — |
| Stock-based comp / Revenue | +19.39% | +21.41% | +22.33% | +20.50% | +19.33% | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|
| EPS · diluted | -0.36 | -0.49 | 0.36 | 5.08 | 1.48 | 4.52 | 5.09 | 5.54 |
| EPS · basic | -0.36 | -0.49 | 0.36 | 5.23 | 1.52 | 4.62 | 5.26 | 5.66 |
| Book value / share | 1.40 | 3.07 | 5.41 | 9.52 | 9.37 | 9.47 | 9.91 | 10.61 |
| Tangible BV / share | -0.91 | 0.96 | 3.47 | 7.00 | 6.83 | 9.47 | 9.91 | 10.61 |
| Sales / share | 10.71 | 12.52 | 13.22 | 14.15 | 15.73 | 16.99 | 18.26 | 19.45 |
| Operating CF / share | 2.58 | 2.52 | 4.69 | 4.84 | 5.69 | 6.14 | 6.48 | 6.85 |
| Free cash flow / share | 2.26 | 2.14 | 4.25 | 4.38 | 5.17 | 5.46 | 5.78 | 6.09 |
| Dividends / share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Payout ratio | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Retention ratio | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 | 2027E | 2028E | 2029E | 7y CAGR |
|---|---|---|---|---|---|---|---|---|---|
| Top-line | |||||||||
| Revenue · YoY | — | +19.40% | +9.78% | +7.78% | +8.16% | +8.60% | +7.60% | +6.21% | +9.57% |
| Gross profit · YoY | — | +20.67% | +10.58% | +7.57% | +8.55% | +8.23% | +7.20% | +6.17% | +9.76% |
| Profit | |||||||||
| Operating income · YoY | — | -42.25% | +135.94% | +532.00% | +49.34% | -33.38% | +7.19% | +8.42% | — |
| EBITDA · YoY | — | -87.11% | +6978.72% | +82.68% | +57.34% | -24.85% | +11.33% | +5.47% | +56.64% |
| Net income · YoY | — | -39.27% | +175.91% | +1343.48% | -71.06% | -35.40% | +9.75% | +3.71% | — |
| Operating | |||||||||
| EBIT · YoY | — | -38.07% | +220.40% | +148.19% | +34.47% | -20.42% | +5.80% | +8.12% | — |
| R&D · YoY | — | +22.17% | +12.26% | +9.08% | +13.01% | +3.29% | +12.54% | +4.74% | +10.86% |
| Per-share | |||||||||
| EPS · diluted · YoY | — | -36.11% | +173.47% | +1311.11% | -70.87% | +205.68% | +12.59% | +8.85% | — |
| EPS · basic · YoY | — | -36.11% | +173.47% | +1352.78% | -70.94% | +203.88% | +13.94% | +7.59% | — |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|
| Leverage | ||||||||
| Total debt | $882.23M | $888.29M | $143.05M | $124.43M | $185.12M | $175.7M | $194.07M | $206.45M |
| Net debt | $373.17M | $166.4M | -$654.01M | -$524.2M | -$417.32M | -$640.45M | -$679.72M | -$738.79M |
| Net debt / EBITDA | 17.40 | 60.22 | -3.34 | -1.47 | -0.74 | -1.52 | -1.45 | -1.49 |
| Debt / equity | 3.20 | 1.44 | 0.13 | 0.06 | 0.10 | 0.09 | 0.10 | 0.09 |
| Debt / assets | +34.72% | +29.48% | +4.81% | +3.10% | +4.38% | +4.11% | +4.12% | +4.03% |
| Equity / assets | +10.84% | +20.49% | +38.02% | +49.91% | +45.34% | +45.60% | +43.34% | +42.59% |
| Coverage | ||||||||
| EBITDA / interest expense | 3.33 | 0.43 | 28.58 | 230.51 | 220.80 | 95.81 | 100.10 | 100.45 |
| Operating income / interest | -9.60 | -13.78 | 4.62 | 128.99 | 117.27 | 45.11 | 45.38 | 46.81 |
| Interest expense | $6.44M | $6.39M | $6.84M | $1.55M | $2.55M | $4.41M | $4.7M | $4.94M |
| Liquidity | ||||||||
| Current ratio | 0.96 | 0.74 | 0.94 | 0.81 | 0.73 | — | — | — |
| Quick ratio | 0.92 | 0.71 | 0.90 | 0.77 | 0.68 | — | — | — |
| Cash ratio | 0.37 | 0.33 | 0.48 | 0.35 | 0.30 | — | — | — |
| Working capital | -$52.04M | -$577.32M | -$92.95M | -$342.65M | -$548.57M | — | — | — |
| Working capital / revenue | -2.47% | -22.95% | -3.37% | -11.51% | -17.04% | — | — | — |
Historical multiples · μ ± σ bands
3 fiscal-year-end observations from key_metrics. Mean is dashed; light-green band is ±1σ, light-red band ±2σ. The dot marks the most recent value; the cheap / fair / rich verdict uses z-score against the issuer's own history (yields inverted — a high yield is cheap).
EV / Salescheap · z -1.07
μ 4.6 · σ 1.4 · current 3.1
EV / FCFcheap · z -1.06
μ 14.6 · σ 4.7 · current 9.6
Earnings yieldfair · z -0.02
μ 3.0% · σ 2.0% · current 2.9%
FCF yieldcheap · z 1.26
μ 7.3% · σ 2.2% · current 10.0%
Sourced from key_metrics + financial_ratios (loaded by load_fundamentals_extended.py).
Valuation
| Metric | FY 2026 | FY 2025 | FY 2024 |
|---|---|---|---|
| P / E | — | — | — |
| P / B | — | — | — |
| EV / EBITDA | — | — | — |
| EV / Sales | 3.14x | 6.46x | 4.26x |
| Earnings yield | 2.9% | 5.4% | 0.6% |
| FCF yield | 10.0% | 4.7% | 7.1% |
Returns
| Metric | FY 2026 | FY 2025 | FY 2024 |
|---|---|---|---|
| Gross margin | — | — | — |
| Operating margin | — | — | — |
| Net margin | — | — | — |
| ROE | 16.1% | 53.3% | 6.5% |
| ROA | 7.3% | 26.6% | 2.5% |
| ROIC | 12.0% | 9.1% | 1.9% |
Leverage & liquidity
| Metric | FY 2026 | FY 2025 | FY 2024 |
|---|---|---|---|
| Debt / equity | — | — | — |
| Net debt / EBITDA | -0.74 | -1.47 | -3.34 |
| Interest coverage | — | — | — |
| Current ratio | 0.73x | 0.81x | 0.94x |
| Quick ratio | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).