The company maintains a conservative capital structure with a debt-to-equity ratio of 0.10, though the current ratio has tightened to 0.66 as of 2027Q1.
DocuSign, Inc. (DOCU) balance sheet — 11-year assets, liabilities & shareholders' equity history
| Metric | TTM | Jan'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 | Jan'18 | Jan'17 | Jan'16 |
|---|
| Total Current Assets | 1.27B | 1.49B | 1.49B | 1.57B | 1.63B | 1.32B | 1.16B | 943.89M | 984.52M | 418.8M | 317.35M | 333.34M |
| Cash & Short-Term Investments | 777.68M | 867.01M | 963.55M | 1.05B | 1.03B | 802.82M | 773.5M | 656.14M | 769.01M | 256.87M | 190.56M | 228.52M |
| Cash Only | 528.16M | 602.44M | 648.62M | 797.06M | 721.89M | 509.06M | 566.05M | 241.2M | 517.81M | 256.87M | 190.56M | 228.52M |
| Short-Term Investments | 249.52M | 264.08M | 314.92M | 248.4M | 309.77M | 293.76M | 207.45M | 414.94M | 251.2M | 0 | 0 | 0 |
| Accounts Receivable | 370.53M | 527.21M | 443.35M | 455.22M | 529.35M | 453.54M | 340.45M | 250.34M | 185.16M | 138.01M | 103.09M | 80.35M |
| Days Sales Outstanding | 42.42 | 59.77 | 54.36 | 60.16 | 76.8 | 78.56 | 85.52 | 93.82 | 96.42 | 97.15 | 98.64 | 117.09 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 7.55M | 96.62M | 82.37M | 66.98M | 69.99M | 0 | 0 | 0 | 11.93M | 7.86M | 6.73M | 11.43M |
| Total Non-Current Assets | 2.69B | 2.74B | 2.52B | 1.4B | 1.38B | 1.22B | 1.17B | 947.25M | 630.9M | 201.18M | 185.51M | 153.14M |
| Property, Plant & Equipment | 575.13M | 527.39M | 409M | 368.36M | 341.38M | 310.69M | 324.39M | 278.13M | 75.83M | 63.02M | 63.68M | 36.83M |
| Fixed Asset Turnover | 6.32x | 6.10x | 7.28x | 7.50x | 7.37x | 6.78x | 4.48x | 3.50x | 9.24x | 8.23x | 5.99x | 6.80x |
| Goodwill | 458.37M | 458.45M | 454.48M | 353.14M | 353.62M | 355.06M | 350.15M | 194.88M | 195.22M | 37.31M | 35.78M | 34.03M |
| Intangible Assets | 51.92M | 61.39M | 76.39M | 50.91M | 70.28M | 98.82M | 121.83M | 56.5M | 74.2M | 14.15M | 22.97M | 32.86M |
| Long-Term Investments | 852.54M | 238.72M | 134.1M | 121.98M | 186.05M | 94.94M | 92.72M | 239.73M | 164.22M | 1.9M | 1.8M | 0 |
| Other Non-Current Assets | 646.75M | 617.52M | 609M | 507.21M | 430.38M | 362.17M | 285.07M | 178.01M | 121.42M | 86.7M | 63.08M | 49.42M |
| Total Assets | 3.96B | 4.23B | 4.01B | 2.97B | 3.01B | 2.54B | 2.34B | 1.89B | 1.62B | 619.97M | 502.86M | 486.49M |
| Asset Turnover | 0.83x | 0.76x | 0.74x | 0.93x | 0.84x | 0.83x | 0.62x | 0.52x | 0.43x | 0.84x | 0.76x | 0.51x |
| Asset Growth % | 12.22% | 5.4% | 35.05% | -1.38% | 18.55% | 8.76% | 23.55% | 17.07% | 160.56% | 23.29% | 3.37% | - |
| Total Current Liabilities | 1.97B | 2.04B | 1.83B | 1.66B | 2.21B | 1.37B | 1.09B | 693.97M | 516.31M | 373.82M | 273.1M | 200.86M |
| Accounts Payable | 21.87M | 17.42M | 30.7M | 19.03M | 24.39M | 52.8M | 37.37M | 28.14M | 19.59M | 23.71M | 19.04M | 13.43M |
| Days Payables Outstanding | 11.35 | 9.59 | 18.02 | 12.13 | 16.61 | 41.32 | 37.46 | 42.23 | 37.16 | 73.18 | 67.83 | 66.35 |
| Short-Term Debt | 0 | 16.62M | 0 | 0 | 722.89M | 0 | 20.47M | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 4.59B | 0 | 1.46B | 1.32B | 1.17B | 1.03B | 779.64M | 507.56M | 381.06M | 270.19M | 187.33M | 127.41M |
| Other Current Liabilities | 121.05M | 2.01B | 227.12M | 195.27M | 163.13M | 160.16M | 156.16M | 83.19M | 80M | 64.18M | 52.95M | 47.88M |
| Current Ratio | 0.64x | 0.73x | 0.81x | 0.94x | 0.74x | 0.96x | 1.06x | 1.36x | 1.91x | 1.12x | 1.16x | 1.66x |
| Quick Ratio | 0.64x | 0.73x | 0.81x | 0.94x | 0.74x | 0.96x | 1.06x | 1.36x | 1.91x | 1.12x | 1.16x | 1.66x |
| Cash Conversion Cycle | 31.07 | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 269.24M | 272.32M | 178.1M | 180.93M | 187.11M | 894.12M | 917.6M | 650.85M | 484.74M | 36.86M | 577.12M | 561.77M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 718.49M | 696.61M | 465.32M | 438.93M | 0 | 0 | 0 |
| Capital Lease Obligations | 637.89M | 168.5M | 105.35M | 120.82M | 141.35M | 126.34M | 165.7M | 162.43M | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 85.17M | 21.51M | 20.6M | 16.8M | 10.72M | 9.32M | 6.46M | 4.92M | 4.21M | 2.51M | 2.44M | 2.42M |
| Other Non-Current Liabilities | 51.87M | 52.36M | 30.63M | 21.33M | 18.11M | 23.25M | 32.33M | 6.7M | 33.89M | 574.55M | 571.86M | 556.05M |
| Total Liabilities | 2.24B | 2.31B | 2.01B | 1.84B | 2.4B | 2.27B | 2.01B | 1.34B | 1B | 410.68M | 850.22M | 762.63M |
| Total Debt | 183.1M | 185.12M | 124.43M | 143.05M | 888.29M | 882.23M | 915.75M | 648.48M | 438.93M | 0 | 0 | 0 |
| Net Debt | -345.06M | -417.32M | -524.2M | -654.01M | 166.4M | 373.17M | 349.7M | 407.28M | -78.88M | -256.87M | -190.56M | -228.52M |
| Debt / Equity | 0.11x | 0.10x | 0.06x | 0.13x | 1.44x | 3.20x | 2.81x | 1.19x | 0.71x | - | - | - |
| Debt / EBITDA | 0.33x | 0.35x | 0.40x | 1.13x | - | 44.05x | - | - | - | - | - | - |
| Net Debt / EBITDA | -0.62x | -0.79x | -1.70x | -5.16x | - | 18.63x | - | - | - | - | - | - |
| Interest Coverage | 187.36x | 131.77x | 160.96x | 14.69x | -13.07x | -9.39x | -6.45x | -6.03x | -38.58x | -77.75x | -187.31x | -27.82x |
| Total Equity | 1.72B | 1.92B | 2B | 1.13B | 617.29M | 275.5M | 325.74M | 546.33M | 614.36M | 209.3M | -347.36M | -276.14M |
| Equity Growth % | -27.87% | -4.24% | 77.27% | 83.02% | 124.06% | -15.42% | -40.38% | -11.07% | 193.53% | 160.25% | -25.79% | - |
| Book Value per Share | 8.90 | 9.37 | 9.52 | 5.41 | 3.07 | 1.40 | 1.75 | 3.09 | 4.55 | 6.48 | -12.40 | -9.86 |
| Total Shareholders' Equity | 1.72B | 1.92B | 2B | 1.13B | 617.29M | 275.5M | 325.74M | 546.33M | 614.36M | 209.3M | -347.36M | -276.14M |
| Common Stock | 19K | 20K | 20K | 21K | 20K | 20K | 19K | 18K | 17K | 14K | 3K | 3K |
| Retained Earnings | -2.33B | -1.86B | -1.29B | -1.67B | -1.6B | -1.44B | -1.38B | -1.14B | -928.78M | -743.6M | -450.04M | -334.63M |
| Treasury Stock | 0 | 0 | -2.87M | -2.16M | -1.78M | -1.53M | -1.05M | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -7.84M | -3.71M | -28.38M | -19.36M | -23M | -4.81M | 4.96M | -1.67M | -1.97M | 3.4M | -2.75M | -3.4M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying DOCU stock.
As of 2026, DocuSign, Inc. (DOCU) had total assets of $4.23B including $1.49B in current assets.
DocuSign, Inc. (DOCU) carries total debt of $185.1M, offset by $867.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
DocuSign, Inc. (DOCU) has total shareholders' equity (book value) of $1.92B ($9.37 book value per share). Book value represents the net worth of the company belonging to common stock holders.
DocuSign, Inc. (DOCU) reported a current ratio of 0.73x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Persistent stock-based compensation dilution
Metrics are mathematically derived from official filings.
Asset Base Stability Amid Maturity
According to reported financial statements, DocuSign's total assets have remained relatively stable near $4.0 billion over the last ten quarters, suggesting the company has successfully transitioned from an aggressive expansion phase to a more disciplined, capital-efficient operational model focused on maintaining its existing enterprise software footprint.
The consistency in total asset levels indicates that the company is not currently pursuing large-scale, asset-heavy acquisitions to drive growth. This stability appears to reflect a strategic pivot toward optimizing existing infrastructure and internal product development rather than inorganic expansion.
Tightening Liquidity Ratios Warrant Monitoring
As reported in recent quarterly filings, DocuSign's current ratio has compressed from 0.94 in 2024Q4 to 0.66 in 2027Q1, indicating a narrowing buffer of liquid assets relative to short-term obligations that may necessitate closer scrutiny of the company's working capital management and cash conversion cycles.
While the company maintains a healthy cash position, the downward trend in the current ratio suggests that current liabilities are growing faster than liquid assets. Investors should monitor whether this compression is a result of strategic capital allocation or a tightening of operational liquidity.
Accumulated Deficit Masks Operational Strength
Based on the provided balance sheet data, DocuSign's retained earnings have deepened to a negative $2.1 billion as of 2027Q1, a figure that primarily reflects the historical accounting impact of aggressive stock-based compensation rather than a lack of underlying operational profitability or cash generation.
The persistent negative retained earnings highlight the significant accounting cost of talent acquisition in the competitive software sector. This suggests that while the company is cash-flow positive, its GAAP equity position remains heavily influenced by non-cash charges that may obscure the true economic value created for shareholders.
Goodwill and Intangibles Risk Exposure
Analysis of the balance sheet reveals that goodwill has increased from $353.1 million in 2024Q4 to $459.1 million in 2027Q1, representing a growing portion of total assets that warrants investigation for potential impairment risks should the company's recent growth deceleration persist in the enterprise segment.
The steady rise in goodwill suggests that past acquisitions are being integrated into the balance sheet, but this also increases the risk of future write-downs if the acquired businesses fail to meet performance expectations. This trend warrants caution, as it represents a non-liquid asset that could be sensitive to shifts in market valuation.