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 11,299 10,153 8,714
Change - -52.83% -3.79% 63.87% -47.65% 17.02% -10.15% -14.17%
P/E -349x -124x 169x 19x 35.5x 37.1x 28.8x 24x
PBR 90.8x 19.7x 11.3x 10.2x 5.73x 5.36x 3.7x 2.8x
PEG - -3.4x -1x 0x -0.5x 1.9x 1x 1.2x
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 3.23x 2.7x 2.17x
EV / EBITDA 52.1x 20.1x 14.3x 19x 9.04x 8.88x 7.84x 6.23x
EV / EBIT 59.2x 22.6x 15.8x 20.8x 9.98x 10.3x 8.63x 6.66x
EV / FCF 55.7x 27.3x 12.7x 20x 9.12x 10.1x 8.29x 6.23x
FCF Yield 1.79% 3.67% 7.88% 4.99% 11% 9.94% 12.1% 16%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -0.36 -0.49 0.36 5.08 1.48 1.776 2.292 2.749
Distribution rate - - - - - - - -
Net sales 1 2,107 2,516 2,762 2,977 3,220 3,496 3,759 4,014
EBITDA 1 476.2 582.4 787.1 969.1 1,068 1,272 1,296 1,400
EBIT 1 419.1 516.8 711.4 886 967.9 1,094 1,176 1,308
Net income 1 -69.98 -97.45 73.98 1,068 309.1 346.7 420.5 557.5
Net Debt 1 -84.34 -494.8 -1,167 -1,098 -866.5 -1,298 -2,444 -3,882
Reference price 2 125.77 60.64 60.92 96.73 52.54 65.97 65.97 65.97
Nbr of stocks (in thousands) 197,877 201,074 203,916 202,023 200,273 190,945 - -
Announcement Date 3/10/22 3/9/23 3/7/24 3/13/25 3/17/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
22.79x6.18x11.04x1.4% 420B
25.7x5.15x16.25x1.48% 243B
88.5x8.61x23.05x-.--% 141B
-4.95x100.35x1336.86x-.--% 47.33B
37.73x3.54x13.02x0.18% 46.66B
29.29x11.43x18.7x-.--% 23.75B
35.59x2.36x21.48x-.--% 19.68B
110.64x10.62x45.28x-.--% 16.05B
-213.01x3.77x12.62x - 13.78B
Average 14.70x 16.89x 166.48x 0.38% 107.91B
Weighted average by Cap. 30.97x 10.83x 79.79x 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