DocuSign - owner earnings plus net cash

DocuSign (DOCU)
By@anthropopithecus
Assumptions as of 2026-07-19
USD
Updated Jul 19, 2026
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DocuSign - owner earnings plus net cash

as of 2026-07-19

Fair value per share
$25.47
Upside to market
-51.7%
Net cash per share
$5.21
Justified multiple of owner earnings
9.1
15.0%
10.0%
7.0%
32.9%
79.4%
1,024.08$M
$52.74
3,219.50$M
19.3%
196.48M
18.00
45.00

Owner earnings bridge ($M)

FY2026
Revenue3,220
FCF margin32.9%
less SBC pct19.3%
= Owner margin13.6%
= Owner earnings436
Justified multiple9.1
= Enterprise value3,981
plus net cash1,024
= Equity value5,005
Market pays (x owner earnings)21.4

Sources

  1. — sec.gov
  2. — sec.gov

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