Docusign
DOCU on Nasdaq. Docusign sells agreement software to businesses of all sizes. Market value $13.1bn.
Price checks use the past 12 months to July 2026. Quality checks use five annual reports, the latest for the year to January 2026.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
What to watch out for
See Technology stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $9.16 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 61 of 100. Price score: 64 of 100. Our list needs 70 on quality and 60 on price.
$70.03 a share, 74% above its 1-year low
Over the past year the price has ranged from $40.16 to $75.00.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $2.1bn | $2.5bn | $2.8bn | $3.0bn | $3.2bn |
| Operating margin | |||||
| Operating margin | -2.9% | -3.5% | 1.1% | 6.7% | 9.3% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.20bn | 0.20bn | 0.20bn | 0.20bn | 0.19bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)7 of 8 checks we could run
- Profit backed by cash (accruals)No
- DebtUnknown
- Revenue growth, five yearsStrong, 17.2% a year
- Buying back its own sharesYes, 7% fewer since 2022
The quarter to July 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $876 million last quarter, up 9% on a year ago.
- Profit: $78 million, up 23% on a year ago.
- It keeps 12 cents of each $1 of sales as operating profit, up from 8 cents a year earlier.
- Spare cash over the past 12 months: $1.2 billion, up from $936 million.
- 8% fewer shares than a year ago. Each share owns a bit more of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| October 2024 | $755m |
| January 2025 | $776m |
| April 2025 | $764m |
| July 2025 | $801m |
| October 2025 | $818m |
| January 2026 | $837m |
| April 2026 | $830m |
| July 2026 | $876m |
| Quarter to | Amount |
|---|---|
| October 2024 | $62m |
| January 2025 | $83m |
| April 2025 | $72m |
| July 2025 | $63m |
| October 2025 | $84m |
| January 2026 | $90m |
| April 2026 | $78m |
| July 2026 | $78m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 18 March 2026
- Next quarterly (estimated, 10-Q)
- 4 December 2026
Who owns it
4 long-term investors we follow own it, unchanged from 4 last quarter. 672 funds in all.
- Pzena Investment ManagementRichard Pzena
- Value
- $200,334
- Share of fund
- <0.1%
- LSV Asset ManagementJosef Lakonishok
- Value
- $102,000
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Gotham Asset ManagementJoel Greenblatt | $48m | 0.1% | Added |
| Boston PartnersBoston Partners team | $7m | <0.1% | Added |
| Pzena Investment ManagementRichard Pzena | $200,334 | <0.1% | |
| LSV Asset ManagementJosef Lakonishok | $102,000 | <0.1% |
Largest holders overall
- BlackRock$927mCut
- Vanguard Portfolio Management$515mAdded
- AQR Capital Management$399mAdded
- Vanguard Capital Management$390mCut
- Capital World Investors$313m
- State Street$279mCut
- Ameriprise Financial$274mAdded
- Arrowstreet Capital, Limited Partnership$248mAdded
- Geode Capital Management$184m
- Federated Hermes$148mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- BlackRock, Inc.Passive investor10.7%Since 31 March 2026
- JPMORGAN CHASE & CO.Passive investor6.4%Since 31 December 2025
- Vanguard Portfolio ManagementPassive investor5.8%Since 31 March 2026
- Vanguard Capital ManagementPassive investor5.5%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 10.7% | 31 March 2026 | |
JPMORGAN CHASE & CO. Passive investor | 6.4% | 31 December 2025 | |
Vanguard Portfolio Management Passive investor | 5.8% | 31 March 2026 | |
Vanguard Capital Management Passive investor | 5.5% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 10 sold $24m, $20m of it under preset trading plans.
- Hansen PaulaChief Revenue OfficerSoldunder a preset trading plan
- Date
- 1 October 2026
- Shares
- 3,300
- Price
- $68.81
- Value
- $227,061
- Thygesen Allan C.President and CEO, DirectorSoldunder a preset trading plan
- Date
- 1 October 2026
- Shares
- 26,250
- Price
- $69.29
- Value
- $2m
- Shaughnessy James PChief Legal OfficerSoldunder a preset trading plan
- Date
- 1 October 2026
- Shares
- 12,000
- Price
- $68.80
- Value
- $825,552
- Wilderotter Mary AgnesDirectorSoldunder a preset trading plan
- Date
- 1 October 2026
- Shares
- 1,000
- Price
- $68.80
- Value
- $68,800
- Chatwani RobertPresident General Mgr, GrowthSoldunder a preset trading plan
- Date
- 17 September 2026
- Shares
- 14,676
- Price
- $69.41
- Value
- $1m
- Wilderotter Mary AgnesDirectorSoldunder a preset trading plan
- Date
- 16 September 2026
- Shares
- 1,096
- Price
- $70.60
- Value
- $77,378
- Marrs AnnaDirectorSoldunder a preset trading plan
- Date
- 14 September 2026
- Shares
- 548
- Price
- $67.00
- Value
- $36,716
- Briggs TeresaDirectorSoldunder a preset trading plan
- Date
- 10 September 2026
- Shares
- 548
- Price
- $64.60
- Value
- $35,401
- Solvik PeterDirectorSold
- Date
- 10 September 2026
- Shares
- 46,000
- Price
- $65.24
- Value
- $3m
- GRAYSON BLAKE JEFFREYChief Financial OfficerSoldunder a preset trading plan
- Date
- 8 September 2026
- Shares
- 15,000
- Price
- $65.57
- Value
- $983,546
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 1 October 2026 | Hansen Paula Chief Revenue Officer | Sold under a preset trading plan | 3,300 | $68.81 | $227,061 |
| 1 October 2026 | Thygesen Allan C. President and CEO, Director | Sold under a preset trading plan | 26,250 | $69.29 | $2m |
| 1 October 2026 | Shaughnessy James P Chief Legal Officer | Sold under a preset trading plan | 12,000 | $68.80 | $825,552 |
| 1 October 2026 | Wilderotter Mary Agnes Director | Sold under a preset trading plan | 1,000 | $68.80 | $68,800 |
| 17 September 2026 | Chatwani Robert President General Mgr, Growth | Sold under a preset trading plan | 14,676 | $69.41 | $1m |
| 16 September 2026 | Wilderotter Mary Agnes Director | Sold under a preset trading plan | 1,096 | $70.60 | $77,378 |
| 14 September 2026 | Marrs Anna Director | Sold under a preset trading plan | 548 | $67.00 | $36,716 |
| 10 September 2026 | Briggs Teresa Director | Sold under a preset trading plan | 548 | $64.60 | $35,401 |
| 10 September 2026 | Solvik Peter Director | Sold | 46,000 | $65.24 | $3m |
| 8 September 2026 | GRAYSON BLAKE JEFFREY Chief Financial Officer | Sold under a preset trading plan | 15,000 | $65.57 | $983,546 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 18 Mar 2026, plus the 10-Q filed 4 Sep 2026 and 4 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.