olivLaw · US equity research
Docusign, Inc. DOCU
Services-Prepackaged Software · SIC 7372 · Vertical: Services-Prepackaged Software (SIC 7372)
Docusign is an e-signature and contract management provider expanding its IAM platform. In the second quarter of fiscal 2027 revenue was 875.7 million USD, and IAM represented 15.1% of total ARR as of July 31, 2026. The company raised its fiscal 2027 outlook, but eSignature remains the revenue base, so the transition to IAM is the main item to watch.
At the close of 03 Nov 2026, Docusign, Inc. (DOCU) stock was 80.36 USD (−1.58% on the day), with market capitalisation 15.0 bn USD, P/E 49.0 on diluted EPS of 1.64 USD over the last 12 months, beta 1.09, 52-week range 41.75–85.27 USD. Latest reported quarter (Q2 2027): revenue of 875.7 m USD (+9.4% YoY), net income of 77.7 m USD (+23.4% YoY), diluted EPS 0.40 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 58.5
- strong (55–70)
- Bollinger (20, 2)
- 68.03 – 88.61
- in the upper half of the band · %B 0.60 · band width 26.3%
- SMA 50 / 200
- 71.54 / 54.81
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 3.50 / 3.78
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +16.4% | −2.0% | +18.4 pp | — |
| 3 months | +39.7% | −2.2% | +41.8 pp | — |
| 6 months | +66.1% | +4.3% | +61.8 pp | — |
| Year to date | +17.5% | +10.6% | +6.9 pp | — |
| 1 year | +10.0% | +10.5% | −0.4 pp | −1.9% |
| 3 years | +95.6% | +73.7% | +21.9 pp | +20.9% |
| 5 years | −71.7% | +61.7% | −133.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2027 · 31 Jul 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 | Q2 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 754.8 m | 776.3 m | 763.7 m | 800.6 m | 818.4 m | 836.9 m | 830.2 m | 875.7 m |
| Cost of revenue | 156.5 m | 160.2 m | 157.3 m | 165.5 m | 170.5 m | 169.8 m | 171.3 m | 177.9 m |
| Gross profit | 598.3 m | 616.0 m | 606.4 m | 635.2 m | 647.8 m | 667.1 m | 659.0 m | 697.9 m |
| Research & development | 151.1 m | 155.5 m | 159.4 m | 169.6 m | 167.6 m | 168.3 m | 159.6 m | 163.6 m |
| Operating income | 59.0 m | 60.5 m | 60.3 m | 65.2 m | 85.4 m | 87.7 m | 111.3 m | 117.6 m |
| Depreciation & amortisation | 27.6 m ≈ | 28.7 m | 30.4 m | 28.9 m ≈ | 30.4 m ≈ | 26.4 m | 32.2 m | 33.8 m ≈ |
| Interest expense | 462.0 k | 400.0 k | 478.0 k | 828.0 k | 654.0 k | 586.0 k | 551.0 k | 569.0 k |
| Pre-tax income | 71.6 m | 67.9 m | 73.8 m | 76.5 m | 95.5 m | 101.5 m | 117.8 m | 125.0 m |
| Income tax | 9.2 m | -15.6 m | 1.7 m | 13.5 m | 11.8 m | 11.2 m | 39.6 m | 47.3 m |
| Net income | 62.4 m | 83.5 m | 72.1 m | 63.0 m | 83.7 m | 90.3 m | 78.2 m | 77.7 m |
| Diluted EPS | 0.30 | 0.39 ≈ | 0.34 | 0.30 | 0.40 | 0.44 ≈ | 0.40 | 0.40 |
| Operating cash flow | 234.3 m ≈ | 307.9 m | 251.4 m | 246.1 m ≈ | 290.3 m ≈ | 377.2 m | 321.7 m | 334.5 m ≈ |
| Capex | 23.6 m ≈ | 28.3 m | 23.6 m | 28.4 m ≈ | 27.4 m ≈ | 27.0 m | 32.3 m | 38.8 m ≈ |
| Share repurchases | 172.7 m ≈ | 161.7 m | 183.4 m | 201.5 m ≈ | 215.1 m ≈ | 269.1 m | 317.5 m | 306.5 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 58 percentile of its own 12-quarter history (min 11.7, median 34.4, max 169.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 701.0 m | 974.0 m | 1.5 bn | 2.1 bn | 2.5 bn | 2.8 bn | 3.0 bn | 3.2 bn |
| Revenue YoY | +35.2% | +38.9% | +49.2% | +45.0% | +19.4% | +9.8% | +7.8% | +8.2% |
| Net income | -426.5 m | -208.4 m | -243.3 m | -70.0 m | -97.5 m | 74.0 m | 1.1 bn | 309.1 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | +1,343.5% | −71.1% |
| Diluted EPS | unavailable | -1.18 | -1.31 | -0.36 | -0.49 | 0.36 | 5.08 | 1.48 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | +1,311.1% | −70.9% |
| net % | -60.8% | -21.4% | -16.7% | -3.3% | -3.9% | 2.7% | 35.9% | 9.6% |
| Free cash flow | 45.7 m | 43.7 m | 214.6 m | 445.1 m | 429.1 m | 887.1 m | 920.3 m | 1.1 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 31 Jan 2026
- Cash
- 602.4 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 1.9 bn USD
- Total assets
- 4.2 bn USD
- Debt / equity
- unavailable
- Current ratio
- 0.73x
- ROE
- 15.8%
- ROA
- 7.5%
- FCF margin
- 32.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.5 bn | 2.1 bn | 2.5 bn | 2.8 bn | 3.0 bn | 3.2 bn | SEC (XBRL)· 18 Mar 2026verified |
| Cost of revenue | 364.1 m | 466.5 m | 536.1 m | 572.6 m | 621.7 m | 663.1 m | SEC (XBRL)· 18 Mar 2026verified |
| Gross profit | 1.1 bn | 1.6 bn | 2.0 bn | 2.2 bn | 2.4 bn | 2.6 bn | SEC (XBRL)· 18 Mar 2026verified |
| Research & development | 271.5 m | 393.4 m | 480.6 m | 539.5 m | 588.5 m | 665.0 m | SEC (XBRL)· 18 Mar 2026verified |
| Operating income | -173.9 m | -61.9 m | -88.0 m | 31.6 m | 199.9 m | 298.6 m | SEC (XBRL)· 18 Mar 2026verified |
| Depreciation & amortisation | 71.1 m | 81.9 m | 86.3 m | 95.1 m | 107.8 m | 116.1 m | SEC (XBRL)· 18 Mar 2026verified |
| EBITDA | -102.8 m ≈ | 20.0 m ≈ | -1.8 m ≈ | 126.7 m ≈ | 307.7 m ≈ | 414.7 m ≈ | SEC (XBRL)· 18 Mar 2026derived |
| Interest expense | 30.8 m | 6.4 m | 6.4 m | 6.8 m | 1.6 m | 2.5 m | SEC (XBRL)· 18 Mar 2026verified |
| Pre-tax income | -229.5 m | -66.9 m | -89.9 m | 93.7 m | 247.9 m | 347.3 m | SEC (XBRL)· 18 Mar 2026verified |
| Income tax | 13.8 m | 3.1 m | 7.6 m | 19.7 m | -819.9 m | 38.2 m | SEC (XBRL)· 18 Mar 2026verified |
| Net income | -243.3 m | -70.0 m | -97.5 m | 74.0 m | 1.1 bn | 309.1 m | SEC (XBRL)· 18 Mar 2026verified |
| Diluted EPS | -1.31 | -0.36 | -0.49 | 0.36 | 5.08 | 1.48 | SEC (XBRL)· 18 Mar 2026verified |
| Weighted average diluted shares | 185.8 m | 196.7 m | 200.9 m | 209.0 m | 210.3 m | 209.1 m | SEC (XBRL)· 18 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 566.1 m | 509.1 m | 721.9 m | 797.1 m | 648.6 m | 602.4 m | SEC (XBRL)· 18 Mar 2026verified |
| Receivables | 323.6 m | 441.0 m | 516.9 m | 439.3 m | 429.6 m | 516.4 m | SEC (XBRL)· 18 Mar 2026verified |
| Current assets | 1.2 bn | 1.3 bn | 1.6 bn | 1.6 bn | 1.5 bn | 1.5 bn | SEC (XBRL)· 18 Mar 2026verified |
| Property, plant & equipment, net | 165.0 m | 184.7 m | 199.9 m | 245.2 m | 299.4 m | 361.8 m | SEC (XBRL)· 18 Mar 2026verified |
| Goodwill | 350.2 m | 355.1 m | 353.6 m | 353.1 m | 454.5 m | 458.4 m | SEC (XBRL)· 18 Mar 2026verified |
| Intangibles (excl. goodwill) | 121.8 m | 98.8 m | 70.3 m | 50.9 m | 76.4 m | 61.4 m | SEC (XBRL)· 18 Mar 2026verified |
| Total assets | 2.3 bn | 2.5 bn | 3.0 bn | 3.0 bn | 4.0 bn | 4.2 bn | SEC (XBRL)· 18 Mar 2026verified |
| Accounts payable | 37.4 m | 52.8 m | 24.4 m | 19.0 m | 30.7 m | 17.4 m | SEC (XBRL)· 18 Mar 2026verified |
| Current liabilities | 1.1 bn | 1.4 bn | 2.2 bn | 1.7 bn | 1.8 bn | 2.0 bn | SEC (XBRL)· 18 Mar 2026verified |
| Total liabilities | 2.0 bn | 2.3 bn | 2.4 bn | 1.8 bn | 2.0 bn | 2.3 bn | SEC (XBRL)· 18 Mar 2026verified |
| Equity | 325.7 m † | 275.5 m † | 617.3 m † | 1.1 bn † | 2.0 bn † | 1.9 bn † | SEC (XBRL)· 18 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 297.0 m | 506.5 m | 506.8 m | 979.5 m | 1.0 bn | 1.2 bn | SEC (XBRL)· 18 Mar 2026verified |
| Capex | 82.4 m | 61.4 m | 77.7 m | 92.4 m | 97.0 m | 106.4 m | SEC (XBRL)· 18 Mar 2026verified |
| Free cash flow | 214.6 m ≈ | 445.1 m ≈ | 429.1 m ≈ | 887.1 m ≈ | 920.3 m ≈ | 1.1 bn ≈ | SEC (XBRL)· 18 Mar 2026derived |
| Investing cash flow | 81.2 m | -162.9 m | -191.2 m | 44.6 m | -312.9 m | -126.8 m | SEC (XBRL)· 18 Mar 2026verified |
| Financing cash flow | -59.0 m | -394.6 m | -98.3 m | -946.0 m | -838.8 m | -1.1 bn | SEC (XBRL)· 18 Mar 2026verified |
| Share repurchases | 0 | 0 | 63.0 m | 145.5 m | 683.5 m | 869.1 m | SEC (XBRL)· 18 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 15.0 bn USD
Key indicators
Coverage and freshness
Score by group
77% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 79.5% | 99 (on a fixed band) | 14% |
| EBIT margin · Quality | 12.0% | 50 (vs peers) | 11% |
| FCF margin · Quality | 35.7% | 100 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | 8.6% | 34 (on a fixed band) | 22% |
| Revenue growth (YoY) · Growth | 8.2% | 11 (vs peers) | 11% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.6x | 0 (on a fixed band) | 8% |
| EV/Sales · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 8.0% | 100 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 7.4% | 100 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/2 factors with a value
- Growth27/100 · 2/2 factors with a value
- Quality84/100 · 3/3 factors with a value
- Returns100/100 · 1/1 factors with a value
- Valuation· partial100/100 · 1/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
DOCUSIGN, INC. (DOCU). Latest full fiscal year: 2026; data up to 2026-07-31.
Figures computed from the financial statements: revenue 3.2 bn USD in 2026; YoY growth 8.2%; net margin 9.8%; ROE 17.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Gross margin: 79.5%
- FCF margin: 35.7%
- FCF yield: 8.0%
- Shareholder yield (distributions): 7.4%
What contradicts it
- Revenue growth (YoY): 8.2%
- Current ratio: 0.6x
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/Sales.
Versus the vertical median
Services-Prepackaged Software (SIC 7372) · same industry (4-digit SIC) · compared with 18 companies
Only companies with a capitalisation between 2.0 bn and 126.2 bn (within 8× of the company's); 203 of the vertical were left out.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SNOWSnowflake Inc. | 104.1 bn | — | -48.2% | -20.1% | +29.2% | +17% / +57% |
| ADBEAdobe Inc. | 95.8 bn | 13.7 | 61.9% | 28.0% | +10.5% | −23% / −60% |
| INTUIntuit Inc. | 92.1 bn | 20.9 | 23.6% | 21.3% | +13.9% | −46% / −40% |
| CDNSCadence Design Systems, Inc. | 88.8 bn | 64.3 | 22.9% | 22.5% | +14.1% | +4% / +18% |
| SNPSSynopsys Inc | 88.7 bn | 81.8 | 3.7% | 11.4% | +15.1% | +11% / −15% |
| ADSKAutodesk, Inc. | 52.7 bn | 32.7 | 53.9% | 21.1% | +17.5% | −17% / +16% |
| VEEVVeeva Systems Inc. | 49.1 bn | 49.6 | 14.4% | 29.3% | +16.3% | +26% / +74% |
| TTWOTake-Two Interactive Software, Inc. | 36.5 bn | — | -9.0% | -4.8% | +18.2% | −21% / +23% |
| TWLOTwilio Inc. | 33.1 bn | 26.9 | 14.9% | 21.8% | +13.7% | +65% / +231% |
| RBLXRoblox Corporation | 32.5 bn | — | -478.2% | -16.5% | +35.8% | −52% / +16% |
| MDBMongodb, Inc. | 27.0 bn | 458.7 | 2.0% | 2.1% | +22.8% | +1% / −19% |
| PTCPTC Inc. | 21.1 bn | 18.9 | 35.1% | 41.4% | +19.2% | +11% / +23% |
| SSNCSs&C Technologies Holdings, Inc. | 19.0 bn | 23.3 | 12.7% | 13.2% | +6.6% | −6% / +44% |
| UUnity Software Inc. | 17.8 bn | — | -18.9% | -29.0% | +2.0% | −5% / +37% |
| NTNXNutanix, Inc. | 17.5 bn | 12.5 | 37,460.2% | 52.8% | +12.4% | +35% / +50% |
| TYLTyler Technologies, Inc. | 16.1 bn | 50.9 | 10.5% | 13.5% | +9.1% | −14% / −1% |
| DOCUDocusign, Inc. | 15.0 bn | 49.0 | 17.8% | 9.8% | +8.2% | +10% / +96% |
| DTDynatrace, Inc. | 13.5 bn | 87.4 | 6.4% | 7.4% | +18.8% | +6% / −12% |
| GWREGuidewire Software, Inc. | 13.2 bn | 98.8 | 10.5% | 9.4% | +22.7% | −25% / +61% |
1- and 3-year price returns: for DOCU from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 53.18 Total return -34% · Per year -34% | 93.85 Total return 17% · Per year 17% | 141.12 Total return 76% · Per year 76% |
| 3 years | 55.92 Total return -30% · Per year -11% | 110.61 Total return 38% · Per year 11% | 182.00 Total return 126% · Per year 31% |
| 5 years | 58.80 Total return -27% · Per year -6% | 130.38 Total return 62% · Per year 10% | 234.74 Total return 192% · Per year 24% |
- Exit P/E± 27.65
- Net margin± 19.36
- Annual revenue growth± 15.29
- Annual dilution± 1.63
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Docusign is an e-signature and contract management provider expanding its IAM platform. In the second quarter of fiscal 2027 revenue was 875.7 million USD 3, and IAM represented 15.1% of total ARR as of July 31, 2026 3. The company raised its fiscal 2027 outlook, but eSignature remains the revenue base, so the transition to IAM is the main item to watch.
SWOT
Strengths
- A broad customer base, many integrations and a large share of recurring subscription revenue give high revenue predictability 1.
- The company holds a proprietary contract dataset used to train its Iris model, which could produce more accurate results than models trained on public data 1.
- A high non-GAAP gross margin and strong operating cash flow in the second quarter of fiscal 2027 support funding of investments 3.
Weaknesses
- Revenue depends largely on eSignature, while IAM still contributes a relatively small part of ARR 13.
- Sales cycles for large customers are long and costly, and revenue is recognized over time, which delays the effect of sales changes 1.
- Forecasts may be hard to meet, and quarterly fluctuations can disappoint analysts and investors 1.
Opportunities
- If IAM reaches broad adoption, the company could expand revenue from existing customers through AI agents and workflows for more departments 23.
- International markets, especially Europe, offer growth potential, particularly if strategic partnerships expand 12.
- Digital self-service and partner programs could lower customer acquisition costs 1.
Risks
- Dependence on eSignaturehigh
If adoption of eSignature falls without an equal rise in IAM, financial results could be significantly affected 1.
- AI-driven competitionhigh
Rapid AI innovation can produce cheaper products from other companies, which could reduce prices and market share 1.
- Data securitymedium
Cyberattacks or data leaks could lead to customer losses and legal liability 1.
- Subscription renewalsmedium
Customers are not obliged to renew, and a lower subscription value at renewal could reduce revenue 1.
- International riskslow
Foreign operations and currency movements can affect reported revenue, as the currency adjustments in the guidance show 3.
Investment thesis
What would need to be true (bull case)
- If IAM keeps increasing its share of ARR and customers adopt AI agents, the company could turn its eSignature base into a more valuable platform.
- Raising the fiscal 2027 outlook and growing cash flow suggest the AI strategy is already producing measurable results 3.
- International growth and wide partner integrations could open new revenue sources if these trends hold.
What would break the thesis
- If AI makes basic contract functions easy to replicate, the advantage of eSignature could fade quickly.
- Guided ARR growth in the single digits could prove insufficient if AI development costs rise faster than revenue.
- Dependence on a mature product and on customer renewals could leave revenue exposed to a weak economic cycle.
What to watch
- Quarterly results and IAM share of ARRQ3 2027
- Delivery of the fiscal 2027 revenue guidance2027
- AI product development and customer agent adoption2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Docusign sells subscriptions to eSignature, CLM and the IAM platform, with over 1.8 million customers as of January 31, 2026 1. Subscriptions accounted for 98% of revenue in fiscal 2026 1. The company serves both large enterprises and very small businesses, and more than 1,100 partner integrations let customers create and manage agreements inside existing applications 1.
The three-pillar strategy covers product innovation focused on IAM, an omnichannel go-to-market model combining direct sales, partners and digital self-service, and operational efficiency including the migration to cloud infrastructure 1. In fiscal 2026 IAM became available in all major geographies where the company operates 1.
Segments
Market context
Trends
- Artificial intelligencemixed
AI development could raise the value of the IAM platform if customers adopt agents and automated workflows 3. The same change can also make basic contract functions easier to replicate, which could attract new competitors 1.
- International expansiontailwind
Demand across several regions and compliance with European rules support revenue growth outside the US 2.
- Pressure on eSignatureheadwind
Dependence on eSignature means that a drop in adoption of this product, without matching growth in other solutions, could weigh on results 1.
- IT budgets and the economyheadwind
Global economic conditions and lower IT spending could slow renewals and new contracts, which would weigh on growth 1.
Competitive position
Docusign says the market is highly competitive, and rival products or new AI technologies could replace or reduce the advantage of eSignature 1. Companies not initially focused on agreements can now offer similar solutions at lower cost 1.
The company stresses its proprietary data, its integration ecosystem and trust in enterprise-grade solutions, supported by an internal survey in which most professionals preferred a dedicated contract AI over a general model 1.
- Large language model providers
Companies building general AI models could offer comparable functions at lower prices or in more convenient formats, as the company's risk factors describe 1.
- Data platform and enterprise software companies
Data and enterprise software vendors could develop agreement management solutions that compete with IAM 1.
- Hyperscalers
Large cloud providers could build integrated alternatives that compete with platform functions 1.
- In-house developers
Customers can build their own AI agents, which reduces the need for outside solutions 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- DocuSign (DOCU) Q2 2027 Earnings Call TranscriptYahoo Finance — News · 09 Sept 2026 · EN
- DocuSign (DOCU) Raised IAM’s Share of ARR to 15%. Can Platform Mix Lift Total ARR Growth Beyond Single Digits?Yahoo Finance — News · 04 Sept 2026 · EN
- ROOTS 2026: Orna Guralnik, gazda docu-seriei „Couples Therapy”, vine în premieră la BucureștiAdevărul · 18 May 2026 · RO
SEC filings
- Quarterly report04 Sept 2026
- Current report03 Sept 2026Results of operations · Financial statements and exhibits
- Quarterly report05 Jun 2026
- Current report04 Jun 2026Results of operations · Financial statements and exhibits
- Current report03 Jun 2026Shareholder vote · Financial statements and exhibits
- Current report06 May 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Proxy statement16 Apr 2026
- Annual report18 Mar 2026
- Current report17 Mar 2026Results of operations · Financial statements and exhibits
- Current report06 Mar 2026Departure or appointment of officers
Sources
- [1] Form 10-K, fiscal year ended 2026-01-31 · SEC / Docusign, Inc. · 18 Mar 2026
- [2] Form 10-Q, quarter ended 2026-07-31 · SEC / Docusign, Inc. · 04 Sept 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Docusign, Inc. · 03 Sept 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.