DocuSign - owner earnings plus net cash (Q2 FY2027 update, raised guidance)

Assumptions as of 2026-09-03

USD

Updated Sep 3, 2026 · Revised 1 time

as of 2026-09-03

Fair value per share

$36.40

Upside to market

-44.8%

Net cash per share

$5.04

Justified multiple of owner earnings

10.2

Annual relative growth decay

15.0%

Discount rate

10.0%

Entry growth (FY2027 guided 9%, ~7.8% ex-FX)

9.0%

FCF margin (H1 FY27 actual 34.3%, FY26 32.9%)

34.0%

GAAP gross margin (Q2 FY27)

79.7%

Cash and investments at 2026-07-31, no debt

973.08$M

Market price

$65.97

FY2027E revenue (guided $3,499-3,507M, raised)

3,503.00$M

SBC as pct of revenue (H1 FY27 actual 17.0%)

17.0%

Diluted weighted shares (Q2 FY27)

193.12M

Terminal multiple cap

18.00

Total multiple cap

45.00

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