Is Docusign Stock Outperforming Its Rivals?
Docusign‘s stock has notably underperformed over the past year, with a 21% decline as of January 7, 2026, contrasting sharply with some peers. While the e-signature leader shows moderate revenue growth at 8.4%, its operating margin of 8.5% lags behind many larger rivals. Despite a high PE ratio of 46.48, Docusign maintains a strong free cash flow margin of 31.2%, yet faces ongoing questions about achieving greater profitability and sustained growth in the competitive cloud software landscape.
- DOCU’s 8.6% operating margin is modest, lower than MSFT’s 46.3%, reflecting high G&A expenses vs. diversified software/cloud efficiency.
- DOCU’s 8.4% revenue growth, outpacing DBX/BOX amid e-signature competition, still lags ADBE/MSFT/ORCL’s broader cloud/AI-driven enterprise expansion.
- DOCU’s 21.2% stock drop, underperforming peers with a 46.5 PE, reflects investor concern over decelerating growth and rising competition.
Here’s how Docusign stacks up across size, valuation, and profitability versus key peers.
| DOCU | ADBE | MSFT | DBX | BOX | ORCL | |
|---|---|---|---|---|---|---|
| Market Cap ($ Bil) | 14.0 | 143.0 | 3,593.6 | 7.1 | 4.3 | 552.3 |
| Revenue ($ Bil) | 3.2 | 23.2 | 293.8 | 2.5 | 1.2 | 61.0 |
| PE Ratio | 46.5 | 20.6 | 34.3 | 14.2 | 19.0 | 35.8 |
| LTM Revenue Growth | 8.4% | 10.7% | 15.6% | -0.4% | 7.2% | 11.1% |
| LTM Operating Margin | 8.6% | 36.2% | 46.3% | 24.4% | 6.1% | 31.9% |
| LTM FCF Margin | 31.3% | 41.4% | 26.6% | 36.2% | 26.8% | -21.6% |
| 12M Market Return | -21.2% | -20.0% | 15.3% | -7.7% | -3.7% | 20.2% |
For more details on Docusign, read Buy or Sell DOCU Stock. Below we compare DOCU’s growth, margin, and valuation with peers across years
Revenue Growth Comparison
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| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| DOCU | 8.4% | 7.8% | 9.8% | 19.4% | |
| ADBE | 10.7% | – | 10.8% | 10.2% | 11.5% |
| MSFT | 15.6% | 14.9% | 15.7% | 6.9% | |
| DBX | -0.4% | – | 1.9% | 7.6% | 7.7% |
| BOX | 7.2% | 5.0% | 4.7% | 13.3% | |
| ORCL | 11.1% | 8.4% | 6.0% | 17.7% |
Operating Margin Comparison
| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| DOCU | 8.6% | 7.7% | 2.2% | -2.4% | |
| ADBE | 36.2% | – | 36.0% | 34.3% | 34.6% |
| MSFT | 46.3% | 45.6% | 44.6% | 41.8% | |
| DBX | 24.4% | – | 19.1% | 15.3% | 15.3% |
| BOX | 6.1% | 7.3% | 4.9% | 3.7% | |
| ORCL | 31.9% | 31.5% | 30.3% | 27.6% |
PE Ratio Comparison
| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| DOCU | 46.5 | 13.1 | 248.1 | -122.6 | |
| ADBE | 20.6 | – | 28.1 | 37.4 | 58.9 |
| MSFT | 34.3 | 35.3 | 35.5 | 38.7 | |
| DBX | 14.2 | – | 19.6 | 22.6 | 19.2 |
| BOX | 19.0 | 17.6 | 35.3 | 137.3 | |
| ORCL | 35.8 | 43.7 | 43.7 | 33.4 |
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