DocuSign, Inc. (DOCU) Financial Ratios
11 years of historical data (2016–2026) · Technology · Software - Application
EV/EBITDA
↓
17.35
↓-95% vs avg
5yr avg: 358.26
30Y Low19.7·High95.3
P/FCF
↓
9.00
↓-66% vs avg
5yr avg: 26.12
30Y Low10.2·High146.3
P/B Ratio
↓
5.14
↓-81% vs avg
5yr avg: 27.31
30Y Low5.6·High132.8
ROE
↑
15.8%
↓+67% vs avg
5yr avg: 9.5%
30Y Low-104%·High68%
Debt/EBITDA
↓
0.35
↓-97% vs avg
5yr avg: 11.48
30Y Low0.4·High44.0
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
DOCU Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
DocuSign, Inc. trades at 32.6x earnings, 56% below its 5-year average of 74.6x, sitting at the 33rd percentile of its historical range. Compared to the Technology sector median P/E of 27.7x, the stock trades at a premium of 18%. On a free-cash-flow basis, the stock trades at 9.0x P/FCF, 66% below the 5-year average of 26.1x.
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $9.5B | $10.8B | $20.3B | $12.7B | $12.2B | $24.7B | $43.3B | $13.9B | $6.7B | — | — |
| Enterprise Value | $9.1B | $10.3B | $19.8B | $12.1B | $12.3B | $25.1B | $43.6B | $14.3B | $6.6B | — | — |
| P/E Ratio → | 32.56 | 35.50 | 19.04 | 169.22 | — | — | — | — | — | — | — |
| P/S Ratio | 2.96 | 3.34 | 6.84 | 4.61 | 4.84 | 11.74 | 29.77 | 14.24 | 9.54 | — | — |
| P/B Ratio | 5.14 | 5.61 | 10.16 | 11.27 | 19.74 | 89.78 | 132.81 | 25.39 | 10.88 | — | — |
| P/FCF | 9.00 | 10.16 | 22.11 | 14.35 | 28.39 | 55.58 | 201.63 | 317.82 | 146.34 | — | — |
| P/OCF | 8.18 | 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
DOCU EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
DocuSign, Inc.'s enterprise value stands at 17.3x EBITDA, 95% below its 5-year average of 358.3x. This is roughly in line with the Technology sector median of 17.5x.
| 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 | 17.35 | 19.68 | 64.41 | 95.31 | — | 1253.63 | — | — | — | — | — |
| EV / EBIT | 30.52 | 30.81 | 79.45 | 120.12 | — | — | — | — | — | — | — |
| EV / FCF | — | 9.76 | 21.54 | 13.61 | 28.78 | 56.42 | 203.26 | 327.15 | 144.61 | — | — |
DOCU Profitability
Margins and return-on-capital ratios measuring operating efficiency
DocuSign, Inc. earns an operating margin of 9.3%. Operating margins have expanded from 1.1% to 9.3% over the past 3 years, signaling improving operational efficiency. ROE of 15.8% indicates solid capital efficiency. ROIC of 15.0% represents solid returns on invested capital.
Margins
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% |
Return on Capital
| 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% |
DOCU Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
DocuSign, Inc. carries a Debt/EBITDA ratio of 0.4x, which is very conservative (88% below the sector average of 2.9x). The company holds a net cash position — cash of $602M exceeds total debt of $185M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns. Interest coverage of 117.3x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| 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 | 0.35 | 0.35 | 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 | -0.79 | -0.79 | -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 | 117.27 | 117.27 | 128.99 | 4.62 | -13.78 | -9.60 | -5.64 | -6.61 | -39.31 | -82.78 | -189.55 |
Net cash position: cash ($602M) exceeds total debt ($185M)
DOCU Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.73x is below 1.0, meaning current liabilities exceed current assets. The current ratio has declined from 0.94x to 0.73x over the past 3 years.
| 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 |
DOCU Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
DocuSign, Inc. returns 9.1% to shareholders annually primarily through share buybacks. The earnings yield of 3.1% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.1% | 2.8% | 5.3% | 0.6% | — | — | — | — | — | — | — |
| FCF Yield | 11.1% | 9.8% | 4.5% | 7.0% | 3.5% | 1.8% | 0.5% | 0.3% | 0.7% | — | — |
| Buyback Yield | 9.1% | 8.1% | 3.4% | 1.1% | 0.5% | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 9.1% | 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 |
Peer Comparison
Compare DOCU with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 DOCUYou | $10B | 32.6 | 17.3 | 9.0 | 79.4% | 9.3% | 15.8% | 15.0% | 0.4 |
 DBX | $7B | 13.5 | 11.5 | 7.2 | 80.1% | 27.4% | — | 47.8% | 4.6 |
 BOX | $4B | 43.6 | 28.3 | 10.6 | 79.2% | 7.1% | 51.4% | 64.7% | 0.6 |
 ASAN | $2B | -8.8 | — | 19.0 | 89.0% | -25.0% | -99.1% | -62.4% | — |
 PDFS | $2B | -2926.4 | 112.7 | — | 74.0% | 2.7% | -0.2% | 1.9% | 4.5 |
 ADBE | $106B | 15.4 | 11.3 | 10.8 | 88.6% | 36.6% | 55.4% | 51.4% | 0.7 |
 MSFT | $3.1T | 30.9 | 19.7 | 43.7 | 68.8% | 45.6% | 33.3% | 24.9% | 0.7 |
 CRM | $179B | 23.9 | 20.0 | 12.4 | 77.7% | 21.5% | 12.4% | 10.9% | 0.8 |
 OTEX | $6B | 14.4 | 6.6 | 8.6 | 63.5% | 20.2% | 11.0% | 8.4% | 3.9 |
 HUBS | $13B | 284.1 | 69.2 | 17.8 | 83.8% | 0.4% | 2.3% | 0.4% | 2.8 |
 ORCL | $559B | 44.8 | 27.4 | — | 70.5% | 30.8% | 82.4% | 12.8% | 4.4 |
| Technology Median | — | 27.7 | 17.5 | 19.2 | 48.5% | -0.6% | 2.4% | 2.9% | 2.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonDOCU — Frequently Asked Questions
Quick answers to the most common questions about buying DOCU stock.
What is DocuSign, Inc.'s P/E ratio?
DocuSign, Inc.'s current P/E ratio is 32.6x. The historical average is 74.6x. This places it at the 33th percentile of its historical range.
What is DocuSign, Inc.'s EV/EBITDA?
DocuSign, Inc.'s current EV/EBITDA is 17.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 59.8x.
What is DocuSign, Inc.'s ROE?
DocuSign, Inc.'s return on equity (ROE) is 15.8%. The historical average is -19.2%.
Is DOCU stock overvalued?
Based on historical data, DocuSign, Inc. is trading at a P/E of 32.6x. This is at the 33th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are DocuSign, Inc.'s profit margins?
DocuSign, Inc. has 79.4% gross margin and 9.3% operating margin.
How much debt does DocuSign, Inc. have?
DocuSign, Inc.'s Debt/EBITDA ratio is 0.4x, indicating low leverage. A ratio below 2x is generally considered financially healthy.