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 12,786 - -
Change - -51.01% 1.88% 57.31% -46.15% 21.51% - -
Enterprise Value (EV) 1 24,803 11,698 11,255 18,444 9,656 11,524 10,520 9,175
Change - -52.83% -3.79% 63.87% -47.65% 19.35% -8.71% -12.78%
P/E -349x -124x 169x 19x 35.5x 38.5x 28.7x 24x
PBR 90.8x 19.7x 11.3x 10.2x 5.73x 5.74x 4.24x 3.17x
PEG - -3.4x -1x 0x -0.5x 1.9x 0.8x 1.2x
Capitalization / Revenue 11.8x 4.85x 4.5x 6.56x 3.27x 3.65x 3.39x 3.17x
EV / Revenue 11.8x 4.65x 4.08x 6.2x 3x 3.29x 2.79x 2.27x
EV / EBITDA 52.1x 20.1x 14.3x 19x 9.04x 8.75x 7.93x 6.38x
EV / EBIT 59.2x 22.6x 15.8x 20.8x 9.98x 10.5x 8.71x 6.84x
EV / FCF 55.7x 27.3x 12.7x 20x 9.12x 9.67x 8.15x 6.28x
FCF Yield 1.79% 3.67% 7.88% 4.99% 11% 10.3% 12.3% 15.9%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -0.36 -0.49 0.36 5.08 1.48 1.775 2.385 2.848
Distribution rate - - - - - - - -
Net sales 1 2,107 2,516 2,762 2,977 3,220 3,505 3,770 4,038
EBITDA 1 476.2 582.4 787.1 969.1 1,068 1,318 1,327 1,438
EBIT 1 419.1 516.8 711.4 886 967.9 1,100 1,207 1,342
Net income 1 -69.98 -97.45 73.98 1,068 309.1 337.1 454.2 550.3
Net Debt 1 -84.34 -494.8 -1,167 -1,098 -866.5 -1,262 -2,266 -3,611
Reference price 2 125.77 60.64 60.92 96.73 52.54 68.41 68.41 68.41
Nbr of stocks (in thousands) 1,97,877 2,01,074 2,03,916 2,02,023 2,00,273 1,86,902 - -
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.($)
24.82x6.59x11.69x1.28% 46TCr
25.9x5.19x16.37x1.46% 25TCr
91.44x8.9x23.83x-.--% 15TCr
-5.74x112.7x1501.37x-.--% 5.49TCr
37.45x3.51x12.93x0.18% 4.64TCr
24.83x10.01x16.38x-.--% 2.01TCr
35.5x2.36x21.42x-.--% 1.96TCr
-214.31x3.79x12.69x - 1.39TCr
93.23x8.9x37.94x-.--% 1.35TCr
Average 12.57x 17.99x 183.85x 0.37% 11.3TCr
Weighted average by Cap. 31.43x 12.15x 95.62x 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

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