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 12,616 - -
Change - -51.01% 1.88% 57.31% -46.15% 19.9% - -
Enterprise Value (EV) 1 24,803 11,698 11,255 18,444 9,656 11,496 10,308 8,922
Change - -52.83% -3.79% 63.87% -47.65% 19.06% -10.34% -13.45%
P/E -349x -124x 169x 19x 35.5x 37.1x 27.2x 23.2x
PBR 90.8x 19.7x 11.3x 10.2x 5.73x 6.14x 4.15x 3.09x
PEG - -3.4x -1x 0x -0.5x 1.6x 0.7x 1.3x
Capitalization / Revenue 11.8x 4.85x 4.5x 6.56x 3.27x 3.6x 3.33x 3.1x
EV / Revenue 11.8x 4.65x 4.08x 6.2x 3x 3.28x 2.72x 2.2x
EV / EBITDA 52.1x 20.1x 14.3x 19x 9.04x 9.25x 7.74x 6.2x
EV / EBIT 59.2x 22.6x 15.8x 20.8x 9.98x 10.5x 8.5x 6.63x
EV / FCF 55.7x 27.3x 12.7x 20x 9.12x 9.65x 7.9x 6.11x
FCF Yield 1.79% 3.67% 7.88% 4.99% 11% 10.4% 12.7% 16.4%
Dividend per Share 2 - - - - - - - -
Rate of return - - - - - - - -
EPS 2 -0.36 -0.49 0.36 5.08 1.48 1.818 2.48 2.913
Distribution rate - - - - - - - -
Net sales 1 2,107 2,516 2,762 2,977 3,220 3,505 3,784 4,064
EBITDA 1 476.2 582.4 787.1 969.1 1,068 1,243 1,332 1,440
EBIT 1 419.1 516.8 711.4 886 967.9 1,099 1,213 1,345
Net income 1 -69.98 -97.45 73.98 1,068 309.1 346.2 469.8 552
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 67.50 67.50 67.50
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
20.64x5.89x10.31x1.46% 416B
26.32x5.28x16.65x1.44% 245B
87.79x8.53x22.82x-.--% 140B
-7.23x124.82x1662.84x-.--% 60.94B
34.82x3.28x12.06x0.2% 43.06B
22.97x9.43x15.39x-.--% 18.64B
31.95x2.1x19.01x-.--% 17.69B
-208.47x3.7x12.38x - 13.49B
37.13x3.28x9.25x-.--% 12.62B
Average 5.10x 18.48x 197.86x 0.39% 107.42B
Weighted average by Cap. 27.96x 13.43x 118.24x 1.01%

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