DocuSign

DOCU

Software - Application · Technology

Price

$52.74

-0.64 (-1.20%)

Market Cap

$10.07B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count rising — dilution

+4.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 196.7M (2022) → 204.7M (2026)

DocuSign, Inc. provides electronic signature software in the United States and internationally. The company provides e-signature solution that enables businesses to digitally prepare, sign, act on, and manage agreements. It also offers CLM, which automates workflows across the entire agreement process; Insights that use artificial intelligence (AI) to search and analyze agreements by legal concepts and clauses; Gen for Salesforce, which allows sales representatives to automatically generate agre

Winston Score History

Politician Trades

6 trades / 12mo

3 Congressional buys and 3 sells on DOCU in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+7.8% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+9.8% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$665M/ year

↑ Rising (+13% vs prior year)

20.7% of revenue

In line with sector average (15%)

Investing heavily in future products and technology

Insider Activity

0.6%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$602M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Heavy R&D investment

DocuSign is putting 21% of revenue into R&D and that number is rising. And they're generating enough cash to self-fund it.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

79.7%

Premium pricing power — 79.7% gross margin

Operating Margin

10.5%

Modest — 10.5% operating margin

ROCE

4.5%

Weak — 4.5% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+8.9%

Steady sales growth (8.9% YoY)

EPS YoY

-69.2%

Earnings shrinking (-69.2% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

381%

Turns 381% of profit into real cash

FCF Margin

34.4%

Converts sales into free cash efficiently (34.4%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.01

Conservative — low debt load (0.01)

Interest Cover

121.07x

Comfortably covers interest (121.1x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

33.4x

Pricey — P/E 33.4

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+21.7

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (33.4 → 11.7)

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Dividends

Not applicable for this business.

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