DOCUSIGN, Inc. (DOCU) intrinsic value & 10-year financials
DOCUSIGN, Inc. (DOCU) has a Graham intrinsic value of $49.16 per share. At $74.65 on Oct 17, 2026, the stock trades 52% above that value. Over the last 10 fiscal years revenue grew 26.7% a year to $3.2B, with an average return on invested capital of -18.1%.
- Graham intrinsic value
- $49.16
- Share price (Oct 17, 2026)
- $74.65
- Price vs Graham value
- 52% above
- Market cap
- $15.6B
- Revenue (FY2026)
- $3.2B
- Revenue growth (10-yr CAGR)
- 26.7%
- ROIC (10-yr avg)
- -18.1%
- Free cash flow (FY2026)
- $1.1B
DOCU 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $3.2B | $309.1M | $1.48 | $1.1B | 9.3% | 18.1% |
| FY2025 | $3.0B | $1.1B | $5.08 | $920.3M | 6.7% | 20.9% |
| FY2024 | $2.8B | $74.0M | $0.36 | $887.1M | 1.1% | 10.2% |
| FY2023 | $2.5B | -$97.5M | -$0.49 | $429.1M | -3.5% | 249.8% |
| FY2022 | $2.1B | -$70.0M | -$0.36 | $445.1M | -2.9% | 68.1% |
| FY2021 | $1.5B | -$243.3M | -$1.31 | $214.6M | -12.0% | -88.5% |
| FY2020 | $974.0M | -$208.4M | -$1.18 | $43.6M | -19.9% | -68.6% |
| FY2019 | $701.0M | -$426.5M | — | $45.7M | -60.8% | -439.7% |
| FY2018 | $518.5M | -$52.3M | — | $36.0M | -10.0% | 15.1% |
| FY2017 | $381.5M | -$115.4M | — | -$48.1M | -30.4% | 33.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
DOCUSIGN, INC. is a consistent compounder, expanding top-line revenue at 26.7% annually over the past decade.
DOCUSIGN, INC. has historically struggled to out-earn its cost of capital, averaging just 0.7% ROIC.
DOCUSIGN, INC. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, DOCUSIGN, INC. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $49.16 per share.