DocuSign

DOCU

Software - Application · Technology

Also trades as: 0XNH.L

Price

$62.00

-0.28 (-0.45%)

Market Cap

$11.84B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Apr 30, 2026

How the score breaks down

Quality

Strong

Growth

Good

Cash Flow

Exceptional

Stability

Good

Valuation

Good

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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)

Winston Score History

The full picture

DocuSign makes software that lets people sign documents electronically, without printing or mailing anything. Its main product is an e-signature platform used by businesses, law firms, real estate agents, banks, and governments to get contracts signed quickly and securely. DocuSign is one of the most widely recognized names in e-signature and is used by hundreds of thousands of companies worldwide.

DocuSign earns money through software subscriptions, charging businesses a recurring fee based on how many users or envelopes (signed documents) they need. It operates globally, with strong presence in North America and growing revenue in Europe and other regions, and generates roughly $2.9 billion in annual revenue. Its moat comes from deep customer integrations and the fact that switching to a competitor is disruptive once DocuSign is embedded in a company's workflows. The key growth challenge is competition from Microsoft, Adobe, and others who bundle e-signature tools into products businesses already use.

Politician Trades

5 trades / 12mo

3 Congressional buys and 2 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

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$1.1B 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

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

79.4%

Premium pricing power — 79.4% gross margin

Profit after running costs

Operating Margin

13.4%

Healthy — 13.4% operating margin

Return on the money invested

ROCE

19.2%

Strong — 19.2% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+8.4%

Steady sales growth (+8.4% YoY)

Profit growth

EPS YoY

-71.0%

Earnings shrinking (-71.0% YoY)

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

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

392%

Turns 392% of profit into real cash

Spare cash per sale

FCF Margin

34.1%

Converts sales into free cash efficiently (34.1%)

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

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

133.50x

Comfortably covers interest (133.5x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

39.5x

Pricey — P/E 39.5

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+25.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (39.5 → 13.6)

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Dividends

Not applicable for this business.

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