DOCUSIGN, INC.
DOCUdata completeness 88%10 fiscal years on fileData notes: no data for concept 'totalDebt'
DOCUSIGN, INC. earns about 22% on invested capital, far above its ~9% cost of capital, but has diluted owners by 6% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $3.67 and $265.35 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 |
|---|---|---|---|---|---|
| Revenue | $2.11B1 | $2.52B2 | $2.76B3 | $2.98B3 | $3.22B3 |
| Net income | −$70M4 | −$97.5M5 | $74M6 | $1.07B6 | $309.1M6 |
| Operating cash flow | $506.5M7 | $506.8M8 | $979.5M9 | $1.02B9 | $1.17B9 |
| Capital expenditure | $61.4M10 | $77.7M11 | $92.4M12 | $97M12 | $106.4M12 |
| Free cash flow (derived) | $445.1M7 | $429.1M8 | $887.1M9 | $920.3M9 | $1.06B9 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $509.1M13 | $721.9M14 | $797.1M15 | $648.6M15 | $602.4M15 |
| Diluted shares | 196.7M | 200.9M | 208.9M | 210.3M | 209.1M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $91.71 of net worth that earned you $14.78 and generated $50.62 of cash last year.
It earned about 22% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is up 6% over 5 years — owners have been diluted. Worth asking what they got for it.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $3.67 and $265.35 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth20.0%
- fcfBase$920.3M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth20.0%
- fcfBase$920.3M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$74M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $65.76 |
| Base | 20.0% | $146.36 |
| Bull | 20.0% | $146.36 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2022-01-31 · accession 0001261333-24-000045 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-01-31 · accession 0001261333-25-000024 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2024-01-31 · accession 0001261333-26-000021 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-01-31 · accession 0001261333-24-000045 (NetIncomeLoss)
- 10-K · period ending 2023-01-31 · accession 0001261333-25-000024 (NetIncomeLoss)
- 10-K · period ending 2024-01-31 · accession 0001261333-26-000021 (NetIncomeLoss)
- 10-K · period ending 2022-01-31 · accession 0001261333-24-000045 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-01-31 · accession 0001261333-25-000024 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-01-31 · accession 0001261333-26-000021 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-01-31 · accession 0001261333-24-000045 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-01-31 · accession 0001261333-25-000024 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2024-01-31 · accession 0001261333-26-000021 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-01-31 · accession 0001261333-24-000045 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-01-31 · accession 0001261333-25-000024 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-01-31 · accession 0001261333-26-000021 (CashAndCashEquivalentsAtCarryingValue)