DocuSign Inc.

DOCU
Financial Analysis · Updated May 18, 2026 · Coverage 2026-Q2
Latest Q Revenue
$836.9M
Q4 FY2026 · +7.8% YoY
TTM ROIC
19.4%
FY2026 · GAAP NOPAT / Invested Capital (Total Equity + Debt − Cash) · WACC ~9.25% · Moat spread +9.75pp

Financial Snapshot

ticker: DOCU step: 04 generated: 2026-05-13 source: quick-research

DocuSign, Inc. (DOCU) — Financial Snapshot

Income Statement Summary

Metric FY2022 FY2023 FY2024 YoY
Revenue $2.11B $2.52B $2.76B +9.5%
Non-GAAP Gross Margin 82% 82% 83%
Non-GAAP Net Income ~$0.6B ~$0.7B ~$0.9B
Non-GAAP EPS (diluted) ~$2.98 ~$3.52 ~$3.99

FY2025: Revenue $2.98B (+8% YoY); Non-GAAP EPS ~$4.14; highest adjusted profitability in company history. FY2022 reflects post-COVID deceleration from peak ~45% growth to normalize to ~8–10%.

Cash Flow & Balance Sheet (FY2024)

Metric Value
Operating Cash Flow ~$1.0B
Free Cash Flow ~$0.9B
Capital Expenditures ~$0.1B
Cash & Equivalents ~$1.2B
Total Debt ~$0.7B

FCF is strong and growing. Net cash positive. Company has aggressively repurchased shares — $1B+ in buyback programs authorized. Non-GAAP gross margins at 82–83% reflect high-quality SaaS economics.

Key Ratios (approximate)

  • P/E: ~21x (non-GAAP FY2026) | EV/EBITDA: ~18x | FCF Yield: ~5%
  • Revenue Growth (TTM): ~8–9% | Non-GAAP Operating Margin: ~30%

Growth Profile

DocuSign's revenue growth decelerated from 45%+ (pandemic era) to ~8–10% as the initial e-signature adoption wave normalized. The company has reached a steady-state growth profile at mid-to-high single digits, with IAM potentially re-accelerating to 9–11% by FY2027 per consensus estimates ($3.54 non-GAAP EPS in FY2026 → $4.41 in FY2028). Margins have never been higher — non-GAAP gross margin 82–83%, operating margin ~30% — making this a highly profitable mature growth software business. The key question is whether IAM can expand TAM and accelerate growth meaningfully.

Forward Estimates

  • FY2026 consensus: Revenue ~$3.14B (+5%); Non-GAAP EPS ~$3.54
  • FY2027 consensus: Revenue ~$3.42B (+9%); Non-GAAP EPS ~$3.98
  • FY2028 consensus: Revenue ~$3.80B (+11%); Non-GAAP EPS ~$4.41
  • IAM: 10,000 customers; could reach double-digit % of subscription revenue by FY2026
  • Billings growth (leading indicator): +13% YoY in most recent quarter — ahead of revenue

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $DOCU.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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