Company Valuation: DocuSign, Inc.

Data adjusted to current consolidation scope
Fiscal Period: January 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 24,887 12,193 12,423 19,542 10,522 12,597 - -
Change - -51.01% 1.88% 57.31% -46.15% 19.71% - -
Enterprise Value (EV) 1 24,803 11,698 11,255 18,444 9,656 11,401 10,248 8,919
Change - -52.83% -3.79% 63.87% -47.65% 18.07% -10.11% -12.97%
P/E -349x -124x 169x 19x 35.5x 37x 28.5x 24x
PBR 90.8x 19.7x 11.3x 10.2x 5.73x 5.74x 3.96x 2.99x
PEG - -3.4x -1x 0x -0.5x 1.8x 1x 1.3x
Capitalization / Revenue 11.8x 4.85x 4.5x 6.56x 3.27x 3.6x 3.35x 3.14x
EV / Revenue 11.8x 4.65x 4.08x 6.2x 3x 3.26x 2.72x 2.22x
EV / EBITDA 52.1x 20.1x 14.3x 19x 9.04x 8.82x 7.87x 6.35x
EV / EBIT 59.2x 22.6x 15.8x 20.8x 9.98x 10.4x 8.6x 6.77x
EV / FCF 55.7x 27.3x 12.7x 20x 9.12x 9.63x 8.11x 6.21x
FCF Yield 1.79% 3.67% 7.88% 4.99% 11% 10.4% 12.3% 16.1%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -0.36 -0.49 0.36 5.08 1.48 1.782 2.313 2.749
Distribution rate - - - - - - - -
Net sales 1 2,107 2,516 2,762 2,977 3,220 3,499 3,764 4,016
EBITDA 1 476.2 582.4 787.1 969.1 1,068 1,292 1,303 1,404
EBIT 1 419.1 516.8 711.4 886 967.9 1,097 1,191 1,318
Net income 1 -69.98 -97.45 73.98 1,068 309.1 335.4 447.9 553
Net Debt 1 -84.34 -494.8 -1,167 -1,098 -866.5 -1,196 -2,348 -3,678
Reference price 2 125.77 60.64 60.92 96.73 52.54 65.97 65.97 65.97
Nbr of stocks (in thousands) 1,97,877 2,01,074 2,03,916 2,02,023 2,00,273 1,90,945 - -
Announcement Date 10/03/22 09/03/23 07/03/24 13/03/25 17/03/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
24.08x6.44x11.52x1.32% 44TCr
26.29x5.27x16.63x1.44% 25TCr
94.24x9.18x24.57x-.--% 15TCr
-5.82x114.25x1522x-.--% 5.56TCr
37.8x3.54x13.04x0.18% 4.67TCr
29.81x11.6x18.97x-.--% 2.42TCr
35.48x2.35x21.41x-.--% 1.96TCr
116.44x11.2x47.73x-.--% 1.69TCr
-216.58x3.83x12.82x - 1.4TCr
Average 15.75x 18.63x 187.63x 0.37% 11.34TCr
Weighted average by Cap. 32.55x 12.39x 98.12x 0.95%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield