DocuSign, Inc. (DOCU)
NEUTRALファンダメンタル
72
株価
$60.81
時価総額
$11.95B
パート1 · 企業の価値
概要
DocuSign makes software that lets people and companies sign documents electronically and manage the whole agreement process — drafting, negotiating, signing and storing — online instead of on paper. Its best-known product is e-signature, used by businesses of every size and by individual consumers to close deals, sign leases or approve contracts in minutes instead of days. A newer "Intelligent Agreement Management" suite goes further, using the data inside signed contracts to flag risks and missed obligations.
収益の仕組み
Nearly all revenue comes from subscription contracts, typically billed annually based on the number of documents sent for signature or user seats, and recognized evenly over the contract term; a small remainder is implementation and training fees. Once a company builds its everyday workflows and software integrations around DocuSign's e-signature, replacing it means retraining every employee and rewiring those connections, which is why customers tend to renew rather than switch to a cheaper alternative.
セグメント別売上高
Cloud e-signature and agreement-management software billed on a recurring basis — DocuSign's core business by a wide margin.
Implementation, training and consulting fees for setting up the platform, a small and deliberately shrinking share of revenue.
競争優位性（moat）
スイッチングコスト · 狭いE-signature becomes embedded in a company's everyday workflows and wired into other software such as CRM and HR systems, so switching means retraining staff and rebuilding those integrations — a real deterrent to leaving. The moat is narrow rather than wide, though, because e-signature itself has become a commodity feature that Adobe, Microsoft and cheaper rivals now also offer, often bundled into software customers already own.
需要を左右する要因
中程度の景気循環性Usage is tied to overall business activity: more employees, more sales deals and more contracts signed all mean more documents flowing through DocuSign, so growth slows when corporate hiring and deal volumes slow. Offsetting that, the underlying shift from paper to digital signatures is still an ongoing structural trend in many countries and industries, providing a tailwind independent of the economic cycle.
主なリスク
- Commoditization of e-signature — Adobe, Microsoft and lower-cost providers now offer e-signature, often bundled into software customers already pay for, limiting how much DocuSign can charge for its core product.
- Sensitivity to business activity — Revenue is tied to customer headcount and transaction volumes; a slowdown in hiring or deal-making during weaker economic periods directly reduces the number of documents sent through the platform.
- Declining professional services revenue — DocuSign is deliberately shifting implementation work to partners, which is expected to keep shrinking the already small professional-services revenue line.
- Data security and privacy risk — The platform stores sensitive signed agreements and personal data; a breach could damage the trust the entire e-signature product depends on and trigger regulatory consequences.
- Execution risk expanding beyond e-signature — Growth increasingly depends on selling the broader agreement-management suite; if customers do not adopt those newer products, growth could slow to the pace of the maturing e-signature market alone.
顧客集中度
DocuSign does not disclose a single customer's share of revenue; its base spans companies of every size and industry, and individual consumers, which limits reliance on any one account.
強気材料
Buyers argue that DocuSign's dominant e-signature brand and large installed base give it a natural platform to sell a broader agreement-management suite that mines contract data for value well beyond the signature itself, extending growth once e-signature alone matures.
弱気材料
Sellers fear that e-signature has become a commodity feature increasingly bundled for free into other software suites, capping DocuSign's pricing power and growth just as it needs new products to succeed for the business to keep expanding.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
貸借対照表と流動性
売上高
$3.29B
直近12か月（2026/4/30まで）
純利益
$315M
直近12か月（2026/4/30まで）
フリーキャッシュフロー
$1.06B
自己資本合計
$1.92B
負債合計
$2.31B
流動比率
0.66
利払い倍率
133.50
負債/EBITDA
0.44
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$56.08
現在株価
$60.81
安全マージン
-8.4%
適正価値レンジ
$36.45 - $75.70
推定方法
バリュエーション指標
P/E レシオ
40.62
ROE
16.1%
P/B レシオ
6.56
P/FCF
10.66
粗利益率
79.4%
ROIC
13.2%
収益性レーダー
Value Creation (Economic Moat)
ROIC
13.2%
WACC
9.1%
ROIC − WACC
+4.0 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
ファンダメンタル分析基準
合格（18）
- EPS shows upward trend
- Price CAGR 5.60%
- ROIC 13.2%
- Gross Margin 79.4%
- P/FCF 10.66
- Debt/Equity ratio
- Operating Margin 10.6%
- Positive Free Cash Flow
- CapEx intensity
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- ROE 16.4%
- Revenue Growth 5Y 17.3%
- Earnings Surprise avg 6.8%
- Earnings Quality (OCF/NI) 3.92
- Share Dilution -0.7%
- Piotroski F-Score 6/9
不合格（7）
- P/B Ratio 6.56
- Current Ratio
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
- Analyst Consensus 31% Buy
- Net Margin Trend 9.6% vs 36.5%
データなし（2）
- Dividend Payout NaN%
- PEG Ratio (need PE > 0 and growth > 0)
Piotroski F-スコア
まちまちのシグナル：一部の領域に注意が必要
利益の質
高品質：利益はキャッシュに裏付けられている
株式希薄化
株式を買い戻している。株主に友好的
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Mr. Allan C. Thygesen | President, CEO & Director | 62 |
| Mr. Robert Chatwani | President & GM of Growth | 49 |
| Ms. Paula Hansen | President & Chief Revenue Officer | 54 |
| Mr. Blake Jeffrey Grayson | Executive VP & CFO | 52 |
| Mr. James P. Shaughnessy Esq. | Chief Legal Officer | 70 |
| Mr. Anwar Akram | Chief Operating Officer | - |
| Mr. Sagnik Nandy | Chief Technology Officer & Executive VP of Engineering | - |
| Ms. Shanthi Iyer | Chief Information Officer | - |
| Ms. Jennifer Christie | Chief People Officer | - |
| Mr. Michael J. Adams | Group VP & Chief Information Security Officer | - |
監査リスク
1
取締役会リスク
6
報酬リスク
8
株主権利リスク
5
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for DOCU, sourced from Markets Gazette.
- 6/4/2026NEUTRALDocuSign Reports Q1 2027 Results: Full Earnings Call Transcript
DocuSign reported its Q1 2027 earnings call transcript on June 4, 2026. While the full financial details and forward-looking guidance are contained within the transcript, the mere release of the document itself does not provide immediate actionable insights for investors. The market's reaction will depend on the specific figures, management commentary, and future outlook presented in the earnings call. Investors should review the transcript for key performance indicators, revenue growth, profitability, and strategic initiatives to form an informed opinion on the company's prospects.
- 3/31/2026NEUTRALDocusign: Fiscal 2027 Could Be 'Transition Year' Despite Double Digit Growth Strategy
DocuSign anticipates fiscal year 2027 to be a 'transition year' despite its long-term strategy focused on achieving double-digit growth. Analysts suggest limited near-term upside potential for the stock. While the company maintains its commitment to sustained growth, the acknowledgement of a transitional period in FY27 indicates potential headwinds or strategic shifts that may temper immediate investor enthusiasm. This outlook suggests a period of consolidation or investment before the next phase of accelerated expansion, making it crucial for investors to monitor upcoming strategic announcements and execution.
- 3/20/2026POSITIVEWhy Are DocuSign Shares Up On Friday?
DocuSign Inc. (DOCU) shares experienced a notable increase on Friday following the release of its fiscal Q4 results, which surpassed analyst expectations. The company's performance was bolstered by strong growth in its Identity and Access Management (IAM) solutions and a significant announcement of a $2 billion share repurchase program. This combination of operational success and shareholder-friendly capital allocation signals robust financial health and management's confidence in future value creation, likely attracting further investor interest.
- 3/18/2026POSITIVEDocusign Posts Q4 Beat, IAM Is A 'Compelling Long-Term Opportunity': Analysts
DocuSign Inc. shares surged following its Q4 earnings report, which surpassed analyst expectations. The company also issued guidance that exceeded consensus estimates, signaling strong future performance. Analysts highlighted Identity and Access Management (IAM) as a 'compelling long-term opportunity' for DocuSign, noting its broad applicability across various industries. This positive outlook, coupled with better-than-expected financial results, suggests continued investor confidence and potential for further stock appreciation.
- 3/17/2026NEUTRALDocuSign Earnings Are Imminent; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call
DocuSign is set to release its earnings on March 17, with analysts forecasting earnings per share of $0.95. Despite the upcoming report, recent analyst actions have seen a trend of downgrades, with firms like Piper Sandler, Wolfe Research, and Wells Fargo maintaining ratings such as Neutral, Peer Perform, and Equal-Weight, respectively. This suggests a cautious outlook from the analyst community ahead of the earnings call, making the upcoming results critical for a potential shift in sentiment.
- 3/16/2026NEUTRALDocuSign Q4 Preview: AI Twist Takes Center Stage As Company Pivots Beyond Signatures
DocuSign is poised to meet Q4 earnings expectations, with analysts highlighting positive momentum in Identity and Access Management (IAM) solutions alongside sustained demand for its core eSignature services. The company's strategic pivot, incorporating AI to enhance its offerings, is a key focus. While the earnings outlook appears stable, the market will be closely watching the integration and impact of AI on future growth and competitive positioning. Analyst ratings remain mixed, reflecting a cautious optimism around the company's evolving strategy.
- 3/5/2026POSITIVEWhat's Going On With DocuSign Stock Thursday?
DocuSign (DOCU) is integrating with Anthropic's Cowork platform, a strategic partnership aimed at enhancing collaborative features and operational efficiency. This announcement comes just before the March 17 earnings report, fueling investor optimism and driving a pre-market surge in its shares. The collaboration is expected to broaden DocuSign's customer base and strengthen its market position in electronic signature and document management solutions, suggesting a positive outlook.
via Markets Gazette