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US software company providing e-signature and agreement/contract lifecycle management software.
US software company providing e-signature and agreement/contract lifecycle management software.
Customers pay annual subscriptions priced by the number of users or signature 'envelopes' sent, so revenue recurs and grows by upselling plans and add-on products rather than by new customers alone. It is moving from a signature tool toward managing the whole agreement, from drafting to storage.
Moat: narrow (network effects, brand, switching costs). Broad brand recognition as the default e-signature tool creates network effects among senders and signers.
Headquarters: San Francisco, California, US · Founded: 2003 · Employees: 7,044
Size DocuSign (DOCU) is a United States Information Technology company (Packaged Software) with a market value of $14.5B, the 614th largest of 3,117 United States companies the cockpit tracks. Shares closed at $77.61 on 6 Nov 2026.
Performance Over six months the shares gained 62.0%, against +32.6% for the median peer and -1.1% for the United States market (cap-weighted) — 4th highest of 20 in its peer set.
Growth Revenue grew 8.6% over the last twelve months (peer median +17.6%); the operating margin is 12.0% (peer median 19.9%).
Valuation It trades at 15.9× forward earnings against a peer median of 22.8× (6th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 13% a year for seven years (Req g). Recent delivered growth is +17%, so the hurdle is -4 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 19.9 points above its cost of capital (8.8% WACC).
Backlog Backlog (remaining performance obligations) was $2.30B at 31 Jul 2026, flat on a year earlier — 0.7 years of trailing revenue. Backlog detail →
Short interest Short interest is 6.4% of the free float (15 Oct 2026).
Next results Next results expected around 3 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $3.36B | $3.22B | $2.98B | $2.76B | $2.52B |
| Revenue growth | — | +8% | +8% | +10% | — |
| Gross profit | $2.66B | $2.55B | $2.34B | $2.18B | $1.97B |
| EBITDA | $525M | $415M | $342M | $162M | $33.7M |
| Net income | $330M | $309M | $1.07B | $74.0M | -$97.5M |
| Free cash flow | $1.20B | $1.06B | $920M | $887M | $429M |
| Capital expenditure | $125M | $106M | $97.0M | $92.4M | $77.7M |
| Total debt | $183M | $185M | $124M | $143M | $888M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| DocuSign DOCU | $14.5B | +62% | +9% | 12% | 15.9× | 12.9% |
| Adobe ADBE | $93.1B | -5% | +12% | 36% | 8.9× | 0.9% |
| Dropbox DBX | $7.54B | +20% | 0% | 26% | 11.1× | -5.0% |
| Box BOX | $5.76B | +63% | +10% | 9% | 26.0× | 20.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | DOCU | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.7% | +3.5% | 7th highest of 21 |
| 6-month return | +62.0% | +32.6% | 4th highest of 20 |
| Distance from 52-week high | -9.7% | -13.7% | 7th highest of 21 |
| Revenue growth (TTM) | +8.6% | +17.6% | 4th lowest of 21 |
| Operating margin | 12.0% | 19.9% | 8th lowest of 21 |
| Forward P/E | 15.9× | 22.8× | 6th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 12.9% | 16.7% | 9th least demanding of 19 |
| Growth delivered (Del g) | +17.2% | +20.8% | 8th lowest of 19 |
| Hurdle (Req g minus delivered) | -4.3 pp | -5.7 pp | 9th most demanding of 19 |
| ROIC minus cost of capital | +19.9 pp | +3.1 pp | 5th highest of 19 |
| EV / EBITDA | 26.5× | 15.7× | 5th most expensive of 13 |
| Net debt / EBITDA | -1.2× | -0.9× | 8th least indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| DocuSign DOCU | United States | $14.5B | +62% | +9% | 12% | 15.9× | 12.9% | +17.2% |
| Manhattan Associates MANH | United States | $14.7B | +77% | +8% | 25% | 42.0× | 29.4% | +13.0% |
| Sage SGE.L | United Kingdom | $14.1B | +33% | +9% | 23% | 23.1× | 3.1% | +5.7% |
| Zhejiang Century Huatong 002602.SZ | China | $14.0B | -20% | +28% | 21% | 11.1× | -0.2% | +20.4% |
| Tempus AI TEM | United States | $13.9B | +53% | +37% | -18% | n/a | n/a | n/a |
| Evolution EVO.ST | Sweden | $15.8B | +33% | -3% | 57% | 14.4× | -0.3% | +31.2% |
| Beijing Kingsoft Office Software 688111.SS | China | $16.1B | -8% | +20% | 22% | 35.6× | 32.7% | +21.3% |
| Trimble TRMB | United States | $12.6B | -11% | +7% | 18% | 13.6× | 15.3% | +2.6% |
| Dynatrace DT | United States | $12.5B | +7% | +18% | 14% | 22.6× | 18.8% | +23.5% |
| JFrog FROG | United States | $12.5B | +43% | +26% | -13% | 89.6× | 37.7% | +28.7% |
| Circle Internet CRCL | United States | $17.3B | -40% | +26% | 13% | 68.1× | 23.2% | +52.7% |
| F5, Inc. FFIV | United States | $17.7B | -12% | +11% | 24% | 17.1× | 9.7% | +5.6% |
| Gen Digital GEN | United States | $17.7B | +32% | +17% | 43% | 9.6× | 1.8% | +14.4% |
| Chime Financial CHYM | United States | $11.9B | +70% | +18% | -1% | 35.2× | 18.2% | +24.8% |
| SS&C Technologies SSNC | United States | $18.2B | +13% | +9% | 24% | 10.2× | 6.9% | +6.1% |
| Procore Technologies PCOR | United States | $11.4B | +41% | +16% | -1% | 33.8× | 19.9% | +27.0% |
| Capcom 9697.T | Japan | $11.0B | +25% | +21% | 41% | 27.0× | -2.2% | +15.4% |
| SailPoint SAIL | United States | $11.0B | +57% | +20% | -19% | 53.5× | 42.0% | +24.7% |
| Paycom Software PAYC | United States | $10.5B | +73% | +9% | 30% | 15.9× | 3.3% | +19.5% |
| Cerebras Systems CBRS | United States | $20.1B | n/a | +91% | -81% | n/a | n/a | n/a |
| Toast TOST | United States | $20.1B | +38% | +22% | 7% | 20.9× | 28.6% | +49.5% |
DocuSign reported $2.30B of remaining performance obligations at 31 Jul 2026, flat from a year earlier and flat from the previous quarter. That is 0.7 years of trailing revenue already under contract. Book-to-bill last quarter: 1.00.