DocuSign Inc. DOCU

Name: DOCU Crucible Score
Creator: Kaladin Capital Intelligence

UnknownUnknownN/A📅 Scored March 17, 2026

Price at analysis: $46.30

Crucible Score

74.6

B+

Quality × Value Composite

KQI — Quality

75.1

B+

Fundamental Quality Index

KVI — Value

73.9

Valuation Attractiveness Index

Crucible Verdict — DOCU

DocuSign Inc. (DOCU) earns a solid B+ rating driven by strong growth prospects and durable competitive positioning in digital transactions, though diversification remains limited at 53. The stock trades at a 23% discount to fair value despite management's flawless earnings execution under CEO Sarkela. DOCU's valuation gap presents opportunity if the company can expand beyond its core e-signature dominance.

— Kal, Kaladin Capital Intelligence

◆ KQI Quality Dimensions

Financial Quality

71.4

Growth Profile

84.1

Moat Durability

83.5

Management Effectiveness

71.1

Diversification & Resilience

53.2

Market Position

64.0

Weakest dimension: Diversification & Resilience (53.2)

◆ KVI Value Dimensions

DCF Margin of Safety

68.6

FCF Yield & Cash Returns

87.6

Relative Valuation

88.9

Growth-Adjusted Value

52.5

Historical Valuation

70.3

Macro Context

65.1

◆ DCF Valuation Scenarios

Bear Case

$35.82

Base Case

$56.74

Bull Case

$84.19

Price at Analysis

$46.30

Scenario	Fair Value	Rev CAGR (5yr)	Terminal Margin	WACC
🔴 Bear	$35.82	5.0%	15.0%	10.0%
🟢 Base	$56.74	7.0%	20.0%	9.5%
🟢 Bull	$84.19	10.0%	25.0%	9.0%

Key Assumptions: Revenue growth decelerating from ~8% recent levels toward 4-6% terminal given DocuSign's maturing e-signature market, with upside from IAM/CLM expansion in bull case. Operating margins anchored to recent 9.3% EBITDA margin with gradual expansion as the business scales, though well below software peers given competitive pressures. FCF conversion remains strong at ~33% of revenue currently; WACC of 9.5% base uses 5.5% ERP reflecting software sector risk with 1.06 beta.

◆ Financial Snapshot

Profitability

Gross Margin79.3%

Operating Margin8.6%

Net Margin9.6%

ROIC10.1%

ROE15.3%

Balance Sheet

Balance SheetD/E: 0.08*, CR: 0.73* (* = TTM)

Cash ConversionFCF/EPS: 3.27x

Capital IntensityCapex/Rev: 3.3%

Altman Z-Score3.14 (Safe)

Piotroski F-Score5/9 (Mixed)

Growth

Revenue CAGR19.6% CAGR

Earnings CAGR231.0% CAGR

Growth ConsistencyCV: 0.48

Segment Breadth2/2 growing (100%)

Quarterly TrendMargin↑, WC↓, Exp↓

Earnings CredibilityConsistent Beater

◆ Analyst Consensus & Leadership

Leadership & Governance

CEOJaanus Sarkela · 4 years

CEO Ownership1.0%

Compensation96% performance-based

Insider ActivitySelling

Capital AllocationROIC 10.1% vs WACC 1.0%

Earnings Beat Rate100% (22/22)

◆ Related Companies in Our Universe

Other Unknown companies scored by the Crucible:

ADBE81.8A-NICE80.7A-DECK79.9A-INTU79.9A-EXEL78.3A-MTCH78.2A-TTD78.0B+

Methodology All Scores Crucible Briefs Performance @KaladinCI

Analysis conducted March 17, 2026 based on most recent SEC filings. Updated quarterly, after new SEC filings.

Point-in-time fundamental analysis. Not investment advice. Scores reflect company quality and valuation at time of analysis and may not reflect current market conditions.