# DocuSign, Inc. (DOCU)

> Source: Nexqual · https://nexqual.com/DOCU · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, DocuSign, Inc. (DOCU), nexqual.com/DOCU" · informational, not investment advice.

**Price:** USD 84.41 (+3.60% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 81.48 · day 81.68–85.36 · 52w 40.16–85.36 · market cap $15.8B · NMS

## Key facts
- Last four reported quarters (through Jul 31, 2026): revenue $3.36B, net income $330M (9.8% margin), free cash flow $1.20B (SEC filings).
- Valuation: P/E 47.8x (avg 75.6x at the last 3 fiscal year-ends).
- 1 of 80 tracked superinvestors hold DOCU (13F, Q2 2026): 0 new, 0 added, 0 reduced, 1 unchanged.
- Analysts: Hold (mean 2.80 on a 1–5 scale) (20 analysts), mean target USD 69.99 (range 46.89–86).
- Total return with dividends: 1Y +18.8% vs S&P 500 +14.9%; 5Y -69.3% vs S&P 500 +80.3%.
- Next earnings: 2026-12-03, EPS estimate USD 1.18, revenue estimate $889M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.11B | $2.52B | $2.76B | $2.98B | $3.22B | $3.36B |
| Gross profit | $1.64B | $1.98B | $2.19B | $2.36B | $2.56B | — |
| Operating income | -$61.9M | -$88.0M | $31.6M | $200M | $299M | $402M |
| Net income | -$70.0M | -$97.5M | $74.0M | $1.07B | $309M | $330M |
| EPS (diluted) | -$0.36 | -$0.49 | $0.36 | $5.08 | $1.48 | — |
| Free cash flow | $445M | $429M | $887M | $920M | $1.06B | $1.20B |
| Gross margin | 77.9% | 78.7% | 79.3% | 79.1% | 79.4% | — |
| Operating margin | -2.9% | -3.5% | 1.1% | 6.7% | 9.3% | 12.0% |
| Net margin | -3.3% | -3.9% | 2.7% | 35.9% | 9.6% | 9.8% |
| Revenue growth | +45.0% | +19.4% | +9.8% | +7.8% | +8.2% | — |
| Cash + short-term investments | $803M | $1.03B | $1.05B | $964M | $867M | — |
| Total debt | $718M | $0K | — | — | — | — |
Fiscal years end Jan. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 31, 2026)
P/E 47.8x · P/S 4.7x · P/FCF 13.2x · P/B 9.2x · FCF yield 7.60% · Earnings yield 2.09% · Buyback yield (TTM) 7.02%
P/E at fiscal year-ends: Jan 2026 35.5x, Jan 2025 19.1x, Jan 2024 172.1x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold DOCU. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Richard Pzena | Pzena Investment Management | <0.01% | $200K | Unchanged |

## Analysts
Consensus Hold (mean 2.80 on a 1–5 scale), 20 analysts; mean target USD 69.99 (low 46.89, high 86).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-04 | Piper Sandler | Target raised | Neutral | $52 → $75 |
| 2026-09-04 | Citigroup | Target raised | Neutral | $54 → $72 |
| 2026-09-04 | Morgan Stanley | Target raised | Equal-Weight | $69 → $75 |
| 2026-09-04 | B of A Securities | Target raised | Underperform | $58 → $64 |
| 2026-09-04 | Baird | Target raised | Neutral | $55 → $72 |
| 2026-09-04 | Wells Fargo | Target raised | Equal-Weight | $55 → $60 |
| 2026-09-04 | RBC Capital | Target raised | Sector Perform | $55 → $70 |
| 2026-09-04 | UBS | Target raised | Neutral | $54 → $70 |
| 2026-09-04 | Citizens | Reiterated | Market Outperform | $86 |
| 2026-09-04 | BTIG | Reiterated | Buy | $75 |
| 2026-09-04 | Needham | Reiterated | Hold |  |
| 2026-09-02 | BTIG | Target raised | Buy | $60 → $75 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +18.8% | -69.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +18.8% | -21.0% |
| Volatility (annualized) | 48.4% | 61.6% |
| Max drawdown | -42.9% (Oct 2025→Feb 2026) | -86.2% (Oct 2021→Oct 2023) |

## Peers (Software - Application)
TYL (Tyler Technologies, Inc.) USD 392.45 +4.44% · GWRE (Guidewire Software, Inc.) USD 189.64 +4.26% · MANH (Manhattan Associates, Inc.) USD 242.17 +2.69% · FICO (Fair Isaac Corporation) USD 823.27 +3.53% · HUBS (HubSpot, Inc.) USD 267.19 +6.92% · U (Unity Software Inc.) USD 40.27 -2.28%

## More
Full page: https://nexqual.com/DOCU · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in DOCU's own 10-K filed 2026-03-18 (https://www.sec.gov/Archives/edgar/data/1261333/000126133326000021/docu-20260131.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Apple (AAPL) | "◦Core Value Propositions: Docusign is building IAM on the foundation created by our existing customer value propositions and benefits, including eSignature user simplicity, which has generated over 775,000 Apple App Stor…" |
| Partner | Salesforce (CRM) | "Within our GTM strategy evolution, we are investing in deeper partner engagement across strategic technology partners like Microsoft, SAP, and Salesforce with whom we have both product integrations and co-selling relatio…" |
| Partner | Microsoft (MSFT) | "Within our GTM strategy evolution, we are investing in deeper partner engagement across strategic technology partners like Microsoft, SAP, and Salesforce with whom we have both product integrations and co-selling relatio…" |
| Partner | SAP (SAP) | "Within our GTM strategy evolution, we are investing in deeper partner engagement across strategic technology partners like Microsoft, SAP, and Salesforce with whom we have both product integrations and co-selling relatio…" |
| Partner | Alphabet (Google) (GOOGL) | "▪Global partners: We have partnerships with some of the world's foremost technology providers including Salesforce, Microsoft, SAP, Google, ServiceNow, and Workday—that help us sell into a far greater number of accounts …" |
| Partner | ServiceNow (NOW) | "▪Global partners: We have partnerships with some of the world's foremost technology providers including Salesforce, Microsoft, SAP, Google, ServiceNow, and Workday—that help us sell into a far greater number of accounts …" |
| Competitor | Adobe (ADBE) | "Our primary global competitor for eSignature is currently Adobe, which offers an electronic signature solution known as Adobe Acrobat Sign." |

## Revenue by product line (quarter ended 2026-07-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Subscription and Circulation | $854.0M | 97.5% | +8.9% |
| Professional Services And Other | $21.8M | 2.5% | +34.1% |
| Total revenue | $875.7M | 100% | — |

## Revenue by region (quarter ended 2026-07-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| U.S. | $603.5M | 68.9% | +6.3% |
| International | $272.2M | 31.1% | +16.8% |
| Total revenue | $875.7M | 100% | — |

## Company outlook (8-K filed 2026-09-03)

- "Guidance for Revenue, ARR and IAM's Percentage of Total ARR San Francisco – September 3, 2026 – Docusign, Inc."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-10-31) | $1.18 | $1.16 | +1.3% | $888.8M | 17 |
| Next quarter (ends 2027-01-31) | $1.19 | $1.19 | +0.1% | $910.0M | 17 |
| Current fiscal year (ends 2027-01-31) | $4.62 | $4.53 | +2.1% | $3.50B | 19 |
| Next fiscal year (ends 2028-01-31) | $5.21 | $5.10 | +2.2% | $3.78B | 20 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-12-04 (includes earnings 2026-12-03): ±15.0%; earnings reaction alone ±9.4%; last 8 reports averaged ±10.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 47.7% | ±5.7% |
| 2026-11-06 | 14 | 52.9% | ±8.6% |
| 2026-11-13 | 21 | 50.8% | ±10.0% |
| 2026-11-20 | 28 | 47.4% | ±10.7% |
| 2026-11-27 | 35 | 43.2% | ±10.8% |
| 2026-12-04 | 42 | 54.7% | ±15.0% |
| 2026-12-18 | 56 | 53.7% | ±17.0% |
| 2027-01-15 | 84 | 49.5% | ±19.2% |