DOCU
DocuSign, Inc.
DOCU's fundamentals are strong, but it looks expensive: trading at 49x earnings, above its usual 36x. Analysts expect strong earnings growth.
DOCU Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Strong | |
| Strong |
DOCU's profitability, cash flow and balance sheet are currently healthy, and its revenue is stable.
DOCU PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 16x | $26.23 | -67% |
| Forward | 16x | $80.15 | — |
| Fair | 35x | $57.65 | -28% |
| Current | 49x | $80.15 | — |
| Expensive | 114x | $187 | +133% |
Historical ranges are pointers, not guarantees.
DOCU's PE is in its fair range at 49x. If earnings grow as analysts expect, today's price would be 16x next year's earnings, in its cheap range.
DOCU Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Moderate | |
| High |
Analysts expect earnings and revenue growth for DOCU, with profitability improving.
DOCU Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $5.06 | +208% |
| Q3 2026 | $1.64 | +26% |
| Q2 2026 | $1.54 | -71% |
| Q1 2026 | $1.48 | -71% |
| Q4 2025 | $1.40 | -71% |
| Q3 2025 | $1.30 | -73% |
| Q2 2025 | $5.26 | +912% |
| Q1 2025 | $5.08 | +1311% |
| Q4 2024 | $4.85 | +1840% |
DOCU's earnings per share have fallen from their peak: $1.64 over the past year, against $5.26 in early 2025.
DOCU Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $875.7M | +9.4% |
| Q2 2026 | $830.2M | +8.7% |
| Q1 2026 | $836.9M | +7.8% |
| Q4 2025 | $818.4M | +8.4% |
| Q3 2025 | $800.6M | +8.8% |
| Q2 2025 | $763.7M | +7.6% |
| Q1 2025 | $776.3M | +9% |
| Q4 2024 | $754.8M | +7.8% |
DOCU's revenue has grown year over year every quarter since late 2020: $876M last quarter, up 9.4% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 13% | +5.3 points |
| Q2 2026 | 13% | +5.5 points |
| Q1 2026 | 10% | +2.7 points |
| Q4 2025 | 10% | +2.6 points |
| Q3 2025 | 8.2% | +0.3 points |
| Q2 2025 | 7.9% | +4.7 points |
| Q1 2025 | 7.8% | +6.4 points |
| Q4 2024 | 7.8% | +5 points |
DOCU's operating margin was 13% last quarter, up 5.3 points from the same quarter a year ago, near the top of its range since 2019.
DOCU Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $295.8M | +36% |
| Q2 2026 | $289.4M | +27% |
| Q1 2026 | $350.2M | +25% |
| Q4 2025 | $262.9M | +25% |
| Q3 2025 | $217.6M | +10% |
| Q2 2025 | $227.8M | -1.8% |
| Q1 2025 | $279.6M | +12% |
| Q4 2024 | $210.7M | -12% |
DOCU generated $1.2B in free cash flow over the past year, up 28% from the year before.
DOCU Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.7% | -3.4M shares |
| 1 year | -8.5% | -17.8M shares |
| 3 years | -7.2% | -15.1M shares |
| 5 years | -1.5% | -2.9M shares |
| Available history | +8.3% | +14.8M shares |
DOCU has 193M diluted shares, down 8.5% from a year ago, with $1.1B in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $306.5M |
| Q2 2026 | $317.5M |
| Q1 2026 | $269.1M |
| Q4 2025 | $215.1M |
| Q3 2025 | $201.5M |
| Q2 2025 | $183.4M |
| Q1 2025 | $161.7M |
| Q4 2024 | $172.7M |
DOCU spent $1.1B buying back its own shares over the past year, up 54% from the year before.
DOCU Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -1.0x | Net Cash |
| Q2 2026 | -1.2x | Net Cash |
| Q1 2026 | -1.5x | Net Cash |
| Q4 2025 | -1.5x | Net Cash |
| Q3 2025 | -1.7x | Net Cash |
| Q2 2025 | -1.9x | Net Cash |
| Q1 2025 | -2.1x | Net Cash |
| Q4 2024 | -2.4x | Net Cash |
DOCU has more cash than debt.
DOCU Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 67.3 | Neutral |
| Stochastic | 80.9 | Overbought |
DOCU's weekly RSI is 67 (neutral) and its Stochastic is 81 (overbought).
DOCU PE vs Technology Sector
| Metric | DOCU | Sector median | Relative |
|---|---|---|---|
| PE | 49x | 28x | 75% above |
| PE % | 62 | 35 | 27 pts above |
DOCU is trading at 49x earnings, a 75% premium to the Technology sector's median of 28x.
DOCU Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $75.9 | 5.6% above |
| 20 week MA | $65.6 | 22% above |
| 50 week MA | $57.4 | 40% above |
| 100 week MA | $68.6 | 17% above |
| 200 week MA | $62.6 | 28% above |
DOCU is in an uptrend: it's above all five of its weekly moving averages, and 28% above its 200-week average.
DOCU Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $74.4 | $244.9 | +229% |
| 2021 | $244.9 | $157.0 | -36% |
| 2022 | $157.0 | $53.9 | -66% |
| 2023 | $53.9 | $59.5 | +10% |
| 2024 | $59.5 | $93.0 | +56% |
| 2025 | $93.0 | $70.0 | -25% |
| 2026 YTD | $70.0 | $80.2 | +15% |
DOCU's yearly returns have swung widely, from +229% in 2020 to −66% in 2022. It's up 15% so far in 2026.