Tearsheet

Docusign (DOCU)


Market Price (11/6/2025): $70.72 | Market Cap: $14.3 Bil
Sector: Information Technology | Industry: Application Software

Docusign (DOCU)


Market Price (11/6/2025): $70.72
Market Cap: $14.3 Bil
Sector: Information Technology
Industry: Application Software

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow


0 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 34%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 30%
Weak multi-year price returns
3Y Excs Rtn is -29%
Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.4%
1 Attractive yield
FCF Yield is 6.5%
  
0 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 34%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 30%
1 Attractive yield
FCF Yield is 6.5%
2 Weak multi-year price returns
3Y Excs Rtn is -29%
3 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.4%

Market Valuation & Key Metrics

DOCU Stock


Return vs. Risk


Price Returns Compared

 202020212022202320242025Total [1]
Returns
DOCU Return200%-31%-64%7%51%-21%-4%
Peers Return45%23%-18%58%2%-0%137%
S&P 500 Return16%27%-19%24%23%16%110%

Monthly Win Rates [3]
DOCU Win Rate75%42%25%50%67%50% 
Peers Win Rate50%53%32%52%47%48% 
S&P 500 Win Rate58%75%42%67%75%70% 

Max Drawdowns [4]
DOCU Max Drawdown-7%-39%-74%-30%-16%-25% 
Peers Max Drawdown-18%-8%-25%-5%-15%-17% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 


[1] Cumulative total returns since the beginning of 2020
[2] Peers: ADBE, PANW, CDNS, DBX, BIYA. See DOCU Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 11/5/2025 (YTD)

How Low Can It Go

Unique KeyEventDOCUS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-87.6%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven704.7%34.1%
2022 Inflation ShockTime to BreakevenTime to BreakevenNot Fully Recovered days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-28.1%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven39.0%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven274 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-44.9%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven81.4%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven350 days120 days

Compare to ADBE, PANW, CDNS, DBX, BIYA


In The Past

Docusign's stock fell -87.6% during the 2022 Inflation Shock from a high on 9/3/2021. A -87.6% loss requires a 704.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Docusign (DOCU)

Better Bets than Docusign (DOCU)

Latest Trefis Analyses

Trade Ideas

Select past ideas related to DOCU. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ZBRA_10312025_Dip_Buyer_FCFYield10312025ZBRAZebra TechnologiesDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-1.1%-1.1%-3.3%
ACN_10312025_Dip_Buyer_ValueBuy10312025ACNAccentureDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
-0.9%-0.9%-2.9%
ADBE_10312025_Dip_Buyer_ValueBuy10312025ADBEAdobeDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
-1.4%-1.4%-1.5%
TXN_10312025_Monopoly_xInd_xCD_Getting_Cheaper10312025TXNTexas InstrumentsMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
1.3%1.3%-1.3%
MRVL_10242025_Monopoly_xInd_xCD_Getting_Cheaper10242025MRVLMarvell TechnologyMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
10.4%10.4%0.0%
DOCU_2292024_Monopoly_xInd_xCD_Getting_Cheaper02292024DOCUDocusignMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
10.8%56.1%-6.6%
DOCU_6302022_Dip_Buyer_High_CFO_Margins_ExInd_DE06302022DOCUDocusignDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap
-2.8%-11.0%-30.6%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
ZBRA_10312025_Dip_Buyer_FCFYield10312025ZBRAZebra TechnologiesDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-1.1%-1.1%-3.3%
ACN_10312025_Dip_Buyer_ValueBuy10312025ACNAccentureDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
-0.9%-0.9%-2.9%
ADBE_10312025_Dip_Buyer_ValueBuy10312025ADBEAdobeDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
-1.4%-1.4%-1.5%
TXN_10312025_Monopoly_xInd_xCD_Getting_Cheaper10312025TXNTexas InstrumentsMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
1.3%1.3%-1.3%
MRVL_10242025_Monopoly_xInd_xCD_Getting_Cheaper10242025MRVLMarvell TechnologyMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
10.4%10.4%0.0%
DOCU_2292024_Monopoly_xInd_xCD_Getting_Cheaper02292024DOCUDocusignMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple
10.8%56.1%-6.6%
DOCU_6302022_Dip_Buyer_High_CFO_Margins_ExInd_DE06302022DOCUDocusignDip BuyDB | CFO/Rev | Low D/EDip Buy with High Cash Flow Margins
Buying dips for companies with significant cash flows from operations and reasonable debt / market cap
-2.8%-11.0%-30.6%

Recent Active Movers

Recent Active Movers

More From Trefis

Peer Comparisons for Docusign

Financials

DOCUADBEPANWCDNSDBXBIYAMedian
NameDocusign Adobe Palo Alt.Cadence .Dropbox Baiya In. 
Mkt Price70.90335.53213.18327.6329.130.28142.04
Mkt Cap14.4141.9143.388.87.9-88.8
Rev LTM3,09523,1819,2225,2132,533-5,213
Op Inc LTM2458,4021,2431,640571-1,243
FCF LTM9369,5993,4701,479892-1,479
FCF 3Y Avg8017,9253,0671,222823-1,222
CFO LTM1,0409,7923,7161,617902-1,617
CFO 3Y Avg8958,1853,2501,350846-1,350

Growth & Margins

DOCUADBEPANWCDNSDBXBIYAMedian
NameDocusign Adobe Palo Alt.Cadence .Dropbox Baiya In. 
Rev Chg LTM8.3%10.7%14.9%19.7%-0.0%-10.7%
Rev Chg 3Y Avg9.8%10.5%18.9%15.0%4.1%-10.5%
Rev Chg Q8.8%10.7%15.8%10.1%-1.4%-10.1%
QoQ Delta Rev Chg LTM2.1%2.6%3.9%2.4%-0.3%-2.4%
Op Mgn LTM7.9%36.2%13.5%31.5%22.5%-22.5%
Op Mgn 3Y Avg4.7%35.4%9.2%29.8%18.6%-18.6%
QoQ Delta Op Mgn LTM0.1%-0.1%2.4%0.8%1.8%-0.8%
CFO/Rev LTM33.6%42.2%40.3%31.0%35.6%-35.6%
CFO/Rev 3Y Avg30.9%39.0%40.4%30.1%33.9%-33.9%
FCF/Rev LTM30.2%41.4%37.6%28.4%35.2%-35.2%
FCF/Rev 3Y Avg27.7%37.7%38.1%27.2%32.9%-32.9%

Valuation

DOCUADBEPANWCDNSDBXBIYAMedian
NameDocusign Adobe Palo Alt.Cadence .Dropbox Baiya In. 
Mkt Cap14.4141.9143.388.87.9-88.8
P/S4.66.115.517.03.1-6.1
P/EBIT49.216.389.756.113.9-49.2
P/E51.120.4126.483.716.3-51.1
P/CFO13.814.538.655.08.8-14.5
Total Yield2.0%4.9%0.8%1.2%6.1%-2.0%
Dividend Yield0.0%0.0%0.0%0.0%0.0%-0.0%
FCF Yield 3Y Avg6.5%4.0%2.9%1.6%10.4%-4.0%
D/E0.00.00.00.00.4-0.0
Net D/E-0.00.0-0.0-0.00.3--0.0

Returns

DOCUADBEPANWCDNSDBXBIYAMedian
NameDocusign Adobe Palo Alt.Cadence .Dropbox Baiya In. 
1M Rtn-1.8%-4.2%0.3%-7.3%-0.7%-55.9%-3.0%
3M Rtn-5.6%-2.9%23.3%-9.0%9.9%-60.9%-4.3%
6M Rtn-13.8%-12.8%13.3%6.3%-1.0%-93.8%-6.9%
12M Rtn-1.9%-31.0%16.4%12.5%9.3%-9.3%
3Y Rtn73.5%17.4%199.8%130.1%36.1%-73.5%
1M Excs Rtn0.2%-4.9%-0.2%-6.4%-1.1%-55.5%-3.0%
3M Excs Rtn-6.6%-8.0%19.6%-14.7%4.0%-67.2%-7.3%
6M Excs Rtn-34.5%-33.5%-7.4%-14.4%-21.6%-114.5%-27.6%
12M Excs Rtn-18.9%-49.1%-1.1%-2.5%-6.5%--6.5%
3Y Excs Rtn-28.7%-70.2%73.0%40.9%-41.6%--28.7%

Financials

Segment Financials

Revenue by Segment

$ Mil20252024202320222021
Single segment2,7622,516   
Professional services and other  707256
Subscription  2,0371,381918
Total2,7622,5162,1071,453974


Net Income by Segment
$ Mil20252024202320222021
Single segment74-97   
Total74-97   


Assets by Segment
$ Mil20252024202320222021
Single segment2,971    
Total2,971    


Price Behavior

Short Interest

Short Interest: As Of Date10152025
Short Interest: Shares Quantity5,392,048
Short Interest: % Change Since 93020252.1%
Average Daily Volume3,931,543
Days-to-Cover Short Interest1.37
Basic Shares Quantity202,644,000
Short % of Basic Shares2.7%

Earnings Returns History

Expand for More

 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
9/4/20254.7%5.2%-8.5%
6/5/2025-19.0%-18.2%-14.3%
3/13/202514.8%13.9%-0.5%
12/5/202427.9%13.0%5.5%
9/5/20244.0%-0.8%12.1%
6/6/2024-4.7%-6.3%-4.9%
12/7/20234.8%18.3%18.2%
9/7/2023-3.7%-13.8%-19.2%
...
SUMMARY STATS   
# Positive1198
# Negative101213
Median Positive8.7%10.5%15.2%
Median Negative-8.6%-8.1%-11.5%
Max Positive27.9%24.8%43.2%
Max Negative-42.2%-36.1%-32.9%

SEC Filings

Expand for More

Report DateFiling DateFiling
7312025905202510-Q 7/31/2025
4302025606202510-Q 4/30/2025
1312025318202510-K 1/31/2025
103120241206202410-Q 10/31/2024
7312024906202410-Q 7/31/2024
4302024607202410-Q 4/30/2024
1312024321202410-K 1/31/2024
103120231208202310-Q 10/31/2023
7312023907202310-Q 7/31/2023
4302023608202310-Q 4/30/2023
1312023327202310-K 1/31/2023
103120221208202210-Q 10/31/2022
7312022908202210-Q 7/31/2022
4302022609202210-Q 4/30/2022
1312022325202210-K 1/31/2022
103120211206202110-Q 10/31/2021

Insider Activity

Expand for More

 OwnerTitleFiling DateActionPriceSharesTransacted
Value
Value of
Held Shares
Form
0Thygesen Allan C.President and CEO10022025Sell69.0323,9821,655,47710,510,784Form
1GRAYSON BLAKE JEFFREYChief Financial Officer10022025Sell70.731,751123,8487,809,229Form
2Shaughnessy James PChief Legal Officer10022025Sell70.711,918135,6224,315,007Form
3Chatwani RobertPresident General Mgr, Growth9162025Sell80.301,682135,0655,577,718Form
4Marrs Anna 9162025Sell80.3072858,458867,160Form