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 12,298 - -
Change - -51.01% 1.88% 57.31% -46.15% 16.88% - -
Enterprise Value (EV) 1 24,803 11,698 11,255 18,444 9,656 11,178 9,990 8,604
Change - -52.83% -3.79% 63.87% -47.65% 15.77% -10.63% -13.87%
P/E -349x -124x 169x 19x 35.5x 36.8x 27.2x 22.6x
PBR 90.8x 19.7x 11.3x 10.2x 5.73x 5.99x 4.05x 3.01x
PEG - -3.4x -1x 0x -0.5x 1.8x 0.8x 1.1x
Capitalization / Revenue 11.8x 4.85x 4.5x 6.56x 3.27x 3.51x 3.25x 3.03x
EV / Revenue 11.8x 4.65x 4.08x 6.2x 3x 3.19x 2.64x 2.12x
EV / EBITDA 52.1x 20.1x 14.3x 19x 9.04x 8.34x 7.3x 5.64x
EV / EBIT 59.2x 22.6x 15.8x 20.8x 9.98x 10.2x 8.26x 6.4x
EV / FCF 55.7x 27.3x 12.7x 20x 9.12x 9.38x 7.74x 5.89x
FCF Yield 1.79% 3.67% 7.88% 4.99% 11% 10.7% 12.9% 17%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -0.36 -0.49 0.36 5.08 1.48 1.79 2.416 2.913
Distribution rate - - - - - - - -
Net sales 1 2,107 2,516 2,762 2,977 3,220 3,505 3,782 4,064
EBITDA 1 476.2 582.4 787.1 969.1 1,068 1,340 1,369 1,524
EBIT 1 419.1 516.8 711.4 886 967.9 1,099 1,209 1,345
Net income 1 -69.98 -97.45 73.98 1,068 309.1 341.3 457.2 552
Net Debt 1 -84.34 -494.8 -1,167 -1,098 -866.5 -1,120 -2,308 -3,694
Reference price 2 125.77 60.64 60.92 96.73 52.54 65.80 65.80 65.80
Nbr of stocks (in thousands) 197,877 201,074 203,916 202,023 200,273 186,902 - -
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
28.21x6.33x10.63x1.33% 441B
25.19x5.05x15.92x1.51% 239B
84.91x8.26x22.11x-.--% 136B
-4.92x101.67x1419.31x-.--% 49.4B
34.22x3.22x11.86x0.2% 42.31B
25.56x10.26x16.75x-.--% 20.75B
33.4x2.2x20.01x-.--% 18.46B
-204.83x3.63x12.17x - 13.25B
36.75x3.19x8.34x-.--% 12.3B
Average 6.50x 15.98x 170.79x 0.38% 107.92B
Weighted average by Cap. 30.93x 10.93x 85.53x 1%

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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