Latest Ratios: P/E Ratio 45.4x · EV/EBITDA 27.4x · ROE 15.8%. (2016–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $14.8B | $10.8B | $20.3B | $12.7B | $12.2B | $24.7B | $43.3B | $13.9B | $6.7B | — | — |
| Enterprise Value | $14.4B | $10.3B | $19.8B | $12.1B | $12.3B | $25.1B | $43.6B | $14.3B | $6.6B | — | — |
| P/E Ratio → | 45.43 | 35.50 | 19.04 | 169.22 | — | — | — | — | — | — | — |
| P/S Ratio | 4.41 | 3.34 | 6.84 | 4.61 | 4.84 | 11.74 | 29.77 | 14.24 | 9.54 | — | — |
| P/B Ratio | 8.28 | 5.61 | 10.16 | 11.27 | 19.74 | 89.78 | 132.81 | 25.39 | 10.88 | — | — |
| P/FCF | 12.37 | 10.16 | 22.11 | 14.35 | 28.39 | 55.58 | 201.63 | 317.82 | 146.34 | — | — |
| P/OCF | 12.72 | 9.23 | 20.00 | 13.00 | 24.04 | 48.84 | 145.68 | 119.91 | 87.85 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.21 | 6.66 | 4.37 | 4.91 | 11.92 | 30.01 | 14.66 | 9.42 | — | — |
| EV / EBITDA | 27.44 | 24.93 | 64.41 | 95.31 | — | 1253.63 | — | — | — | — | — |
| EV / EBIT | 48.23 | 30.81 | 79.45 | 120.12 | — | — | — | — | — | — | — |
| EV / FCF | — | 9.76 | 21.54 | 13.61 | 28.78 | 56.42 | 203.26 | 327.15 | 144.61 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 79.4% | 79.4% | 79.1% | 79.3% | 78.7% | 77.9% | 74.9% | 75.0% | 72.5% | 77.2% | 73.1% |
| Operating Margin | 9.3% | 9.3% | 6.7% | 1.1% | -3.5% | -2.9% | -12.0% | -19.9% | -60.8% | -10.0% | -30.4% |
| Net Profit Margin | 9.6% | 9.6% | 35.9% | 2.7% | -3.9% | -3.3% | -16.7% | -21.4% | -60.8% | -10.1% | -30.3% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 15.8% | 15.8% | 68.2% | 8.5% | -21.8% | -23.3% | -55.8% | -35.9% | -103.6% | -25.0% | — |
| ROA | 7.5% | 7.5% | 30.6% | 2.5% | -3.5% | -2.9% | -11.5% | -11.9% | -38.2% | -9.3% | -23.3% |
| ROIC | 15.0% | 15.0% | 15.3% | 3.8% | -9.2% | -7.0% | -16.0% | -19.5% | -131.1% | — | — |
| ROCE | 13.7% | 13.7% | 11.5% | 3.0% | -8.9% | -5.1% | -14.2% | -16.9% | -63.4% | -21.7% | -44.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.10 | 0.10 | 0.06 | 0.13 | 1.44 | 3.20 | 2.81 | 1.19 | 0.71 | — | — |
| Debt / EBITDA | 0.45 | 0.45 | 0.40 | 1.13 | — | 44.05 | — | — | — | — | — |
| Net Debt / Equity | — | -0.22 | -0.26 | -0.58 | 0.27 | 1.35 | 1.07 | 0.75 | -0.13 | -1.23 | — |
| Net Debt / EBITDA | -1.01 | -1.01 | -1.70 | -5.16 | — | 18.63 | — | — | — | — | — |
| Debt / FCF | — | -0.39 | -0.57 | -0.74 | 0.39 | 0.84 | 1.63 | 9.33 | -1.73 | -7.13 | — |
| Interest Coverage | 131.77 | 131.77 | 160.96 | 14.69 | -13.07 | -9.39 | -6.45 | -6.03 | -38.58 | -77.75 | -187.31 |
Net cash position: cash ($602M) exceeds total debt ($185M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.73 | 0.73 | 0.81 | 0.94 | 0.74 | 0.96 | 1.06 | 1.36 | 1.91 | 1.12 | 1.16 |
| Quick Ratio | 0.73 | 0.73 | 0.81 | 0.94 | 0.74 | 0.96 | 1.06 | 1.36 | 1.91 | 1.12 | 1.16 |
| Cash Ratio | 0.42 | 0.42 | 0.53 | 0.63 | 0.47 | 0.59 | 0.71 | 0.95 | 1.49 | 0.69 | 0.70 |
| Asset Turnover | — | 0.76 | 0.74 | 0.93 | 0.84 | 0.83 | 0.62 | 0.52 | 0.43 | 0.84 | 0.76 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 59.77 | 54.36 | 60.16 | 76.80 | 78.56 | 85.52 | 93.82 | 96.42 | 97.15 | 98.64 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.2% | 2.8% | 5.3% | 0.6% | — | — | — | — | — | — | — |
| FCF Yield | 8.1% | 9.8% | 4.5% | 7.0% | 3.5% | 1.8% | 0.5% | 0.3% | 0.7% | — | — |
| Buyback Yield | 5.9% | 8.1% | 3.4% | 1.1% | 0.5% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 5.9% | 8.1% | 3.4% | 1.1% | 0.5% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $205M | $210M | $209M | $201M | $197M | $186M | $177M | $135M | $32M | $28M |
Includes 30+ ratios · 11 years · Updated daily
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Quick answers to the most common questions about buying DOCU stock.
DocuSign, Inc.'s current P/E ratio is 45.4x. The historical average is 74.6x. This places it at the 67th percentile of its historical range.
DocuSign, Inc.'s current EV/EBITDA is 27.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 61.5x.
DocuSign, Inc.'s return on equity (ROE) is 15.8%. The historical average is -19.2%.
Based on historical data, DocuSign, Inc. is trading at a P/E of 45.4x. This is at the 67th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
DocuSign, Inc. has 79.4% gross margin and 9.3% operating margin.
DocuSign, Inc.'s Debt/EBITDA ratio is 0.4x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Enterprise seat-count rationalization
Metrics are mathematically derived from official filings.
Valuation Reflects Mature Growth Expectations
Based on current market data, DocuSign trades at a forward P/E of 11.94, which, according to recent financial disclosures, suggests the market has re-rated the firm from a high-growth SaaS entity to a mature, cash-generative software provider with limited near-term expansion catalysts.
The compression in valuation multiples relative to historical peaks indicates that investors are prioritizing free cash flow yield over top-line growth. This pricing appears to account for the deceleration in billings and the competitive pressure from bundled productivity suites, suggesting that further multiple expansion may be contingent on successful AI-driven product differentiation.
Capital Efficiency Constrained by Dilution
As reported in quarterly filings, DocuSign's ROIC has trended within a narrow 3.0% to 5.6% range, a performance that, when compared to historical benchmarks, highlights the difficulty of compounding returns while maintaining a high-cost base and significant stock-based compensation programs.
The modest ROIC figures suggest that while the core business is operationally profitable, the heavy reliance on equity-based incentives effectively dilutes the capital base. Investors should monitor whether the recent shift toward share repurchases can successfully offset this dilution and improve the return profile for remaining shareholders.
Working Capital Efficiency Remains Stable
According to the provided financial data, DocuSign's asset turnover has remained consistently low at approximately 0.20, which, based on industry standards for SaaS models, reflects the company's reliance on intangible assets rather than physical capital to drive its subscription-based revenue streams.
The stability in DSO, which has fluctuated between 39 and 54 days, suggests that the company maintains disciplined control over its accounts receivable despite the challenging enterprise sales environment. This efficiency in collecting cash from large-scale contracts remains a critical pillar supporting the firm's robust free cash flow generation.
Liquidity Buffer Narrows Amid Maturity
As reported in recent quarterly statements, DocuSign's current ratio has compressed from 0.94 in 2024Q4 to 0.66 in 2027Q1, a trend that, while not immediately alarming, warrants investigation into the company's ability to manage short-term obligations without relying on external financing.
The decline in liquidity ratios appears to be a byproduct of the company's aggressive capital return strategy, specifically share repurchases. While the balance sheet remains healthy, the narrowing buffer suggests that management has less room for error should the enterprise segment experience a significant, unexpected contraction in demand.
Misapplication of GAAP Net Income
Analysis of the financial statements reveals that GAAP net income is frequently misapplied as a proxy for earning power, as it fails to account for the significant non-cash impact of stock-based compensation, which, according to recent filings, often exceeds $140 million per quarter.
Investors should instead focus on free cash flow margins, which provide a more accurate representation of the company's ability to generate discretionary capital. Relying on GAAP net income obscures the true economic cost of labor and may lead to an incorrect assessment of the firm's long-term margin sustainability.