At a glance
DocuSign Inc is worth $15.63B, about 57 times its fiscal 2026 earnings. Revenue grew 8.2% to $3.22B in fiscal 2026, with 9.6% kept as profit; over 5 years it has grown 17.2% a year. It pays no dividend; it spent $1.76B buying back its shares over FY2022–FY2026. The stock returned +18.2% over the past year with dividends reinvested and −21.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 24.9% in the 2020 crash (S&P 500: 33.7%) and 71.6% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Docusign offers software for signing and managing agreements online. Its core product, eSignature, lets people sign documents electronically instead of printing, signing and mailing paper. It also offers contract lifecycle management (CLM) software, which handles contracts from drafting through renewal, and a newer Intelligent Agreement Management (IAM) platform. IAM gathers a company's agreements in one place and uses AI to surface insights and automate workflows. As of January 31, 2026, Docusign had over 1.8 million customers, from global enterprises to very small businesses.
Subscriptions brought in 98% of the $3.22 billion in revenue for the fiscal year ended January 31, 2026; deployment and integration services made up the rest. Plans usually run one to three years, and multi-year customers generally pay a year in advance. Pricing has traditionally depended on features and the number of “Envelopes,” digital packets of documents sent for signature, while IAM is priced per user. Customers using IAM made up about 10.8% of annual recurring revenue (the yearly value of active subscriptions), so standalone eSignature still brings in most revenue.
In that year, the U.S. supplied 70.6% of revenue and international markets 29.4%, and no customer accounted for more than 10%. Docusign reaches buyers through its own sales force, partners such as Microsoft, SAP and Salesforce, and online self-service.
Price history
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DOCU +18.2% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By geography
| U.S. | $2.27B | 70.6% |
| International | $945.0M | 29.4% |
Latest results
- In Q2 FY2027 (ended Jul 31, 2026), revenue was $875.7M, up 9.4% from a year earlier, and net income was $77.7M (+23.4%).
- For fiscal 2026, revenue was $3.22B (+8.2% year over year; +17.2% a year from FY2021 to FY2026) with a 9.6% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +17.2% good |
|---|---|
| Operating margin | 9.3% watch |
| Free cash flow margin | 32.9% good |
| Return on equity (FY2026) | 16.1% good |
| Return on assets (FY2026) | 7.3% watch |
| Cash and investments | $528.2M (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $1.45B | $-243.3M | $214.6M |
| FY2022 | $2.11B | $-70.0M | $445.1M |
| FY2023 | $2.52B | $-97.5M | $429.1M |
| FY2024 | $2.76B | $74.0M | $887.1M |
| FY2025 | $2.98B | $1.07B | $920.3M |
| FY2026 | $3.22B | $309.1M | $1.06B |
Valuation snapshot
| Market value | $15.63B |
|---|---|
| P/E ratio | 56.5 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
DocuSign’s market value went from $6.62B at the end of 2018 to $15.63B on Oct 28, 2026, about 2.4 times as much; since the end of 2025 it is up 14%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $15.63B | +14.1% |
| 2025 | $13.70B | -24.6% |
| 2024 | $18.17B | +49.9% |
| 2023 | $12.12B | +8.8% |
| 2022 | $11.14B | -63.0% |
| 2021 | $30.14B | -27.3% |
| 2020 | $41.47B | +211.8% |
| 2019 | $13.30B | +100.8% |
| 2018 | $6.62B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| DOCU price data to Oct 28, 2026 | +22.2% | +18.2% | +29.5% | -21.2% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +22.2% |
| 2025 | -23.9% |
| 2024 | +51.3% |
| 2023 | +7.3% |
| 2022 | -63.6% |
| 2021 | -31.5% |
| 2020 | +200.0% |
| 2019 | +84.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 8.7% over that stretch · deepest drop along the way 24.9%, back to its old high 0.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 71.1% over that stretch · deepest drop along the way 71.6%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 18 sales ($10.2M), 16 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 4, 2026 | Blake Jeffrey Grayson Chief Financial Officer | sell (plan) | $2.1M |
| Sep 10, 2026 | Peter Solvik Director | sell | $2.0M |
| Sep 10, 2026 | Peter Solvik Director | sell | $1.0M |
| Oct 1, 2026 | Allan C. Thygesen President and CEO, Director | sell (plan) | $944K |
| Oct 1, 2026 | James P Shaughnessy Chief Legal Officer | sell (plan) | $798K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 10.7% | Mar 31, 2026 |
| JPMORGAN CHASE & CO. | 6.4% | Dec 31, 2025 |
| Vanguard Portfolio Management | 5.85% | Mar 31, 2026 |
| Vanguard Capital Management | 5.53% | Mar 31, 2026 |
ETFs with the most weight in DOCU
| MID American Century Mid Cap Growth Impact | 3.88% |
| XMHQ Invesco S&P MidCap Quality ETF | 3.51% |
| CBSE Clough Select Equity ETF | 2.63% |
| LGRO Level Four Large Cap Growth Active ETF | 2.5% |
| CNAV Mohr Company Nav ETF | 2.43% |
| NUMG Nuveen ESG Mid-Cap Growth ETF | 2.36% |
| FCLD Fidelity Cloud Computing ETF | 2.31% |
| WLDR Affinity World Leaders Equity ETF | 2.2% |
What could go wrong
- Most revenue still depends on eSignature. eSignature brings in the substantial majority of revenue, and demand for it has fallen or fluctuated before. If it weakens and newer products don't fill the gap, results could suffer.
- The IAM bet may not pay off. Docusign is steering customers toward its Intelligent Agreement Management platform, but IAM customers made up only about 10.8% of annual recurring revenue in the year to January 31, 2026. Weak uptake would limit growth.
- AI could reduce demand for its tools. Fast, unpredictable advances in AI could give customers new ways to create, sign and manage agreements, letting rivals or new tools replace parts of what Docusign offers and upending its strategy.
- A data breach could damage trust. Docusign stores contracts and other sensitive data for over 1.8 million customers. A cyberattack, data leak or outage at its data centers or cloud providers could hurt its reputation and drive customers away.
- Competition could force lower prices. Docusign calls its market evolving and highly competitive, and says it may need to cut or change its pricing to stay competitive, which could squeeze revenue and profit margins.
- Growth depends on keeping existing customers. Revenue rose 8.2% in the year to January 31, 2026, versus 17.2% a year on average over five years. Weaker renewals or fewer upgrades from current customers would slow growth further.
Recent events
- Quarterly results released
- Quarterly results released
- Shareholder vote results
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Executive or board change
- Quarterly results released
For income and retirement investors
Docusign does not pay a dividend, so the stock produces no regular income. An investor wanting cash from it would have to trim their holding. The company returns cash through share buybacks instead, spending about $1.76 billion from fiscal 2022 through fiscal 2026 (its years end January 31). That included $869 million in fiscal 2026, when free cash flow, the cash left after running the business and investing in it, was about $1.06 billion. The share count fell 5.5% between November 2021 and August 2026.
During the 2020 COVID crash the shares dropped 24.9% from February 19 to March 12, 2020, then recovered by March 31. In the 2022 bear market they fell 71.6% between January 3 and October 11, 2022, and had not regained that January 2022 level as of October 28, 2026. The stock's price history does not reach back to the 2008 financial crisis. A single stock carries more risk than a diversified fund.
Questions investors ask
Does Docusign pay a dividend?
No. Docusign paid no dividends in the five fiscal years from 2022 through 2026 (its years end January 31). It returns cash by repurchasing its own shares instead, spending about $1.76 billion over those five years, including $869 million in the year ended January 31, 2026. Repurchases shrink the share count, which can raise each remaining share's slice of profits, but they provide no regular income. Investors who need cash from the stock would have to trim their holding.
How does Docusign make money?
Mostly from software subscriptions, which provided 98% of Docusign's $3.22 billion in revenue in the fiscal year ended January 31, 2026. Customers pay for eSignature, contract management tools and the newer IAM platform, usually on one- to three-year plans, with multi-year customers typically paying a year at a time, in advance. Deployment and integration services make up the rest. The U.S. supplied 70.6% of revenue, and no single customer accounted for more than 10%.
What is Docusign IAM?
IAM, short for Intelligent Agreement Management, is Docusign's newer platform, launched in April 2024. It combines eSignature with Navigator, an AI-powered repository for a company's agreements, and Maestro, a tool for building agreement workflows without writing code, all powered by the Docusign Iris AI engine. As of January 31, 2026, more than 25,000 customers used IAM. Customers using it accounted for about 10.8% of annual recurring revenue (the yearly value of its subscriptions), so standalone eSignature still brings in most revenue.
Is Docusign profitable?
Yes. Docusign earned $309 million in net income on $3.22 billion of revenue in the fiscal year ended January 31, 2026, a 9.6% net margin. That was down 71.1% from $1.07 billion the year before, and the company lost money in fiscal 2021 through 2023. Free cash flow, the cash left after running and investing in the business, was about $1.06 billion. As of October 28, 2026, the shares traded at about 56.5 times those earnings.
How has Docusign stock performed over time?
With big swings. Based on share price changes, the stock gained about 200% in 2020, then fell 31.5% in 2021 and 63.6% in 2022. It rose 7.3% in 2023 and 51.3% in 2024, dropped 24% in 2025, and was up 22.2% year to date as of October 28, 2026. Over the five years to that date, it lost 21.2% a year, or about 70% in total. Its deepest fall from a peak was 87.6%.