DOCUSIGN, INC.
DOCU · Services-Prepackaged Software · 190.9M shares · +4%/yr ↑ shares · EDGAR filings ↗
Net buyback after stock comp: -$471M (gross $146M, SBC $617M)
Reference price $42.64 · est. market cap ~$8.1B — last insider sale, 2026-06-22 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B74E-signature leader with elite FCF margin and high gross margins, but slow growth and thin liquidity.
Strengths
- Elite FCF — FCF $1.06B (85th), FCF margin 32.9% (90th)
- High margins, profitable — gross margin 79.4%, net margin 9.6%
- Strong returns — ROE 16.1% (71st)
Risks
- Slow growth — revenue +8.2% (44th)
- eSignature-revenue concentration; IAM-platform transition per risk factors — per 10-K
- Thin liquidity — current ratio 0.73 (7th)
Notable findings
- Customer concentration~98% of revenue from one customer/distributor — We generate substantially all our revenue from sales of subscriptions, which accounted for 98%, 97% and 97% of our revenue in each of the years ended January 31, 2026, 2025 and 2024
- Weak liquidityCurrent ratio 0.73 (<1)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Strong balance sheetStrong balance sheet — $602M cash & investments
- Notable holderHeld by 6 notable fund(s): STATE STREET CORP, RENAISSANCE TECHNOLOGIES LLC, GOLDMAN SACHS GROUP INC +3 more (as of 2026-03-31)
- Insider sellingInsider selling — 37 open-market sale(s) by 9 insider(s) (cluster of 9 insiders, ~$7M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
79.4%
Operating margin
9.3%
Net margin
9.6%
Return on equity
16.1%
Return on assets
7.3%
Revenue growth (QoQ)
-0.8%
Net-income growth
-71.1%
Current ratio
0.7×
Free cash flow
$1.1B
EBITDA
$415M
Tangible book value
$1.4B
Cash & investments
$602M
Stock comp / revenue
19.3%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-22 | Chatwani Robert | Sell | 9.2K | $42.64 |
| 2026-06-22 | Chatwani Robert | Sell | 6.7K | $43.52 |
| 2026-06-15 | Chatwani Robert | Option exercise | 32K | — |
| 2026-06-15 | Hansen Paula | Option exercise | 33K | — |
| 2026-06-15 | Hansen Paula | Tax withheld | 16K | — |
| 2026-06-15 | Shaughnessy James P | Tax withheld | 9.8K | — |
| 2026-06-15 | Shaughnessy James P | Option exercise | 21K | — |
| 2026-06-15 | GRAYSON BLAKE JEFFREY | Option exercise | 37K | — |
| 2026-06-15 | GRAYSON BLAKE JEFFREY | Tax withheld | 15K | — |
| 2026-06-15 | Thygesen Allan C. | Tax withheld | 33K | — |
| 2026-06-15 | Thygesen Allan C. | Option exercise | 66K | — |
| 2026-06-15 | Chatwani Robert | Tax withheld | 16K | — |
| 2026-06-05 | Roberts Brian Keith | Option exercise | 855 | — |
| 2026-06-05 | Marrs Anna | Sell | 363 | $49.42 |
| 2026-06-04 | Marrs Anna | Option exercise | 725 | — |
| 2026-06-03 | Rosenbaum Michael George | Option exercise | 522 | — |
| 2026-06-02 | BEER JAMES A | Sell | 450 | $55.04 |
| 2026-06-02 | Marrs Anna | Sell | 365 | $55.04 |
| 2026-05-29 | Briggs Teresa | Option exercise | 729 | — |
| 2026-05-29 | Briggs Teresa | Sell | 365 | $50.04 |
| 2026-05-29 | Solvik Peter | Option exercise | 729 | — |
| 2026-05-29 | Irving Blake | Option exercise | 729 | — |
| 2026-05-29 | BEER JAMES A | Option exercise | 729 | — |
| 2026-05-29 | Marrs Anna | Option exercise | 729 | — |
| 2026-05-29 | Salem Enrique T | Option exercise | 729 | — |
| 2026-05-29 | Wilderotter Mary Agnes | Option exercise | 729 | — |
| 2026-05-29 | Hayes Cain A | Option exercise | 729 | — |
| 2026-04-03 | GRAYSON BLAKE JEFFREY | Grant | 255 | $41.11 |
| 2026-04-03 | Hansen Paula | Grant | 346 | $41.11 |
| 2026-04-03 | Chatwani Robert | Grant | 346 | $41.11 |
| 2026-04-02 | Wilderotter Mary Agnes | Gift | 57K | — |
| 2026-04-01 | Thygesen Allan C. | Sell | 17K | $48.12 |
| 2026-04-01 | Wilderotter Mary Agnes | Option exercise | 3.0K | $17.66 |
| 2026-04-01 | Wilderotter Mary Agnes | Sell | 3.0K | $48.15 |
| 2026-04-01 | Hansen Paula | Sell | 2.7K | $46.21 |
| 2026-04-01 | Hansen Paula | Sell | 3.1K | $47.31 |
| 2026-04-01 | Hansen Paula | Sell | 200 | $47.95 |
| 2026-04-01 | Thygesen Allan C. | Sell | 2.7K | $46.44 |
| 2026-04-01 | Thygesen Allan C. | Sell | 6.1K | $47.39 |
| 2026-04-01 | Shaughnessy James P | Sell | 5.4K | $46.22 |
| 2026-04-01 | Shaughnessy James P | Sell | 6.5K | $47.33 |
| 2026-04-01 | Shaughnessy James P | Sell | 100 | $48.00 |
| 2026-03-18 | Chatwani Robert | Sell | 1.4K | $45.52 |
| 2026-03-18 | Chatwani Robert | Sell | 4.3K | $47.92 |
| 2026-03-18 | Chatwani Robert | Sell | 4.1K | $48.93 |
| 2026-03-18 | Chatwani Robert | Sell | 3.8K | $49.50 |
| 2026-03-18 | Chatwani Robert | Sell | 3.1K | $46.67 |
| 2026-03-15 | GRAYSON BLAKE JEFFREY | Option exercise | 37K | — |
| 2026-03-15 | Thygesen Allan C. | Option exercise | 66K | — |
| 2026-03-15 | Thygesen Allan C. | Tax withheld | 29K | — |
| 2026-03-15 | Shaughnessy James P | Option exercise | 21K | — |
| 2026-03-15 | Shaughnessy James P | Tax withheld | 9.9K | — |
| 2026-03-15 | GRAYSON BLAKE JEFFREY | Tax withheld | 15K | — |
| 2026-03-15 | Chatwani Robert | Option exercise | 32K | — |
| 2026-03-15 | Chatwani Robert | Tax withheld | 13K | — |
| 2026-03-15 | Hansen Paula | Option exercise | 33K | — |
| 2026-03-15 | Hansen Paula | Tax withheld | 16K | — |
| 2026-03-05 | Marrs Anna | Sell | 363 | $46.33 |
| 2026-03-04 | Marrs Anna | Option exercise | 725 | — |
| 2026-03-03 | Marrs Anna | Sell | 365 | $45.02 |
| 2026-03-03 | Rosenbaum Michael George | Option exercise | 522 | — |
| 2026-03-03 | BEER JAMES A | Sell | 450 | $45.02 |
| 2026-02-28 | Hayes Cain A | Option exercise | 729 | — |
| 2026-02-28 | Briggs Teresa | Option exercise | 729 | — |
| 2026-02-28 | Solvik Peter | Option exercise | 729 | — |
| 2026-02-28 | Irving Blake | Option exercise | 729 | — |
| 2026-02-28 | BEER JAMES A | Option exercise | 729 | — |
| 2026-02-28 | Marrs Anna | Option exercise | 729 | — |
| 2026-02-28 | Salem Enrique T | Option exercise | 729 | — |
| 2026-02-28 | Wilderotter Mary Agnes | Option exercise | 729 | — |
| 2026-02-27 | Briggs Teresa | Sell | 364 | $44.31 |
| 2026-01-09 | Thygesen Allan C. | Sell | 9.8K | $69.98 |
| 2026-01-09 | Thygesen Allan C. | Sell | 300 | $70.83 |
| 2026-01-09 | Thygesen Allan C. | Sell | 16K | $69.35 |
| 2026-01-09 | GRAYSON BLAKE JEFFREY | Sell | 6.5K | $70.00 |
| 2026-01-02 | Shaughnessy James P | Sell | 2.4K | $65.39 |
| 2026-01-02 | Shaughnessy James P | Sell | 2.7K | $66.74 |
| 2026-01-02 | Shaughnessy James P | Sell | 4.2K | $67.28 |
| 2026-01-02 | Shaughnessy James P | Sell | 2.7K | $68.45 |
| 2026-01-02 | Hansen Paula | Sell | 2.6K | $66.94 |
| 2026-01-02 | Hansen Paula | Sell | 1.1K | $67.78 |
| 2026-01-02 | Hansen Paula | Sell | 1.3K | $65.43 |
| 2026-01-02 | Hansen Paula | Sell | 997 | $68.62 |
| 2025-12-17 | Chatwani Robert | Sell | 5.3K | $67.88 |
| 2025-12-17 | GRAYSON BLAKE JEFFREY | Sell | 3.5K | $67.86 |
| 2025-12-17 | GRAYSON BLAKE JEFFREY | Sell | 6.0K | $68.61 |
| 2025-12-17 | Chatwani Robert | Sell | 8.6K | $68.61 |
| 2025-12-15 | Shaughnessy James P | Tax withheld | 9.9K | — |
| 2025-12-15 | Chatwani Robert | Sell | 1.7K | $70.87 |
| 2025-12-15 | Chatwani Robert | Option exercise | 32K | — |
| 2025-12-15 | Chatwani Robert | Tax withheld | 16K | — |
| 2025-12-15 | Hansen Paula | Option exercise | 33K | — |
| 2025-12-15 | Hansen Paula | Tax withheld | 17K | — |
| 2025-12-15 | GRAYSON BLAKE JEFFREY | Option exercise | 37K | — |
| 2025-12-15 | GRAYSON BLAKE JEFFREY | Tax withheld | 15K | — |
| 2025-12-15 | Thygesen Allan C. | Option exercise | 66K | — |
| 2025-12-15 | Thygesen Allan C. | Tax withheld | 33K | — |
| 2025-12-15 | Shaughnessy James P | Option exercise | 21K | — |
| 2025-12-11 | Chatwani Robert | Sell | 983 | $68.62 |
| 2025-12-10 | Solvik Peter | Gift | 15K | — |
| 2025-12-05 | Marrs Anna | Sell | 363 | $64.50 |
| 2025-12-04 | Marrs Anna | Option exercise | 725 | — |
| 2025-12-03 | Rosenbaum Michael George | Option exercise | 522 | — |
| 2025-12-02 | BEER JAMES A | Sell | 450 | $68.54 |
| 2025-12-02 | Marrs Anna | Sell | 365 | $68.54 |
| 2025-11-29 | Wilderotter Mary Agnes | Option exercise | 729 | — |
| 2025-11-29 | Solvik Peter | Option exercise | 729 | — |
| 2025-11-29 | Irving Blake | Option exercise | 729 | — |
| 2025-11-29 | BEER JAMES A | Option exercise | 729 | — |
| 2025-11-29 | Hayes Cain A | Option exercise | 729 | — |
| 2025-11-29 | Marrs Anna | Option exercise | 729 | — |
| 2025-11-29 | Briggs Teresa | Option exercise | 729 | — |
| 2025-11-29 | Salem Enrique T | Option exercise | 729 | — |
| 2025-11-28 | Briggs Teresa | Sell | 365 | $69.19 |
| 2025-10-07 | Hansen Paula | Sell | 3.1K | $70.65 |
| 2025-10-07 | Hansen Paula | Sell | 1.7K | $71.67 |
| 2025-10-07 | Hansen Paula | Sell | 1.2K | $72.54 |
| 2025-10-03 | Hansen Paula | Grant | 245 | $59.27 |
| 2025-10-01 | GRAYSON BLAKE JEFFREY | Sell | 1.8K | $70.73 |
| 2025-10-01 | GRAYSON BLAKE JEFFREY | Sell | 4.7K | $71.38 |
| 2025-10-01 | Thygesen Allan C. | Sell | 24K | $69.03 |
| 2025-10-01 | Thygesen Allan C. | Sell | 7.4K | $70.05 |
| 2025-10-01 | Thygesen Allan C. | Sell | 7.0K | $71.09 |
| 2025-10-01 | Thygesen Allan C. | Sell | 1.6K | $71.65 |
| 2025-10-01 | Shaughnessy James P | Sell | 1.9K | $70.71 |
| 2025-10-01 | Shaughnessy James P | Sell | 5.6K | $71.36 |
| 2025-09-17 | GRAYSON BLAKE JEFFREY | Sell | 3.9K | $83.33 |
| 2025-09-17 | Chatwani Robert | Sell | 8.2K | $82.94 |
| 2025-09-17 | Chatwani Robert | Sell | 5.6K | $83.34 |
| 2025-09-17 | GRAYSON BLAKE JEFFREY | Sell | 5.7K | $82.95 |
| 2025-09-16 | BEER JAMES A | Sell | 450 | $81.28 |
| 2025-09-15 | Chatwani Robert | Option exercise | 32K | — |
| 2025-09-15 | Hansen Paula | Option exercise | 80K | — |
| 2025-09-15 | Hansen Paula | Tax withheld | 41K | — |
| 2025-09-15 | Thygesen Allan C. | Option exercise | 66K | — |
| 2025-09-15 | Thygesen Allan C. | Tax withheld | 33K | — |
| 2025-09-15 | GRAYSON BLAKE JEFFREY | Option exercise | 37K | — |
| 2025-09-15 | GRAYSON BLAKE JEFFREY | Tax withheld | 15K | — |
| 2025-09-15 | Marrs Anna | Sell | 728 | $80.30 |
| 2025-09-15 | Chatwani Robert | Tax withheld | 16K | — |
| 2025-09-15 | Solvik Peter | Sell | 15K | $81.48 |
| 2025-09-15 | Shaughnessy James P | Option exercise | 21K | — |
| 2025-09-15 | Shaughnessy James P | Tax withheld | 9.8K | — |
| 2025-09-15 | Chatwani Robert | Sell | 1.7K | $80.30 |
| 2025-09-11 | Chatwani Robert | Sell | 983 | $79.39 |
| 2025-09-11 | Briggs Teresa | Sell | 364 | $79.39 |
| 2025-09-04 | Marrs Anna | Option exercise | 725 | — |
| 2025-08-29 | Marrs Anna | Option exercise | 729 | — |
| 2025-08-29 | Hayes Cain A | Option exercise | 729 | — |
| 2025-08-29 | Briggs Teresa | Option exercise | 729 | — |
| 2025-08-29 | Solvik Peter | Option exercise | 729 | — |
| 2025-08-29 | Irving Blake | Option exercise | 729 | — |
| 2025-08-29 | BEER JAMES A | Option exercise | 729 | — |
| 2025-08-29 | Wilderotter Mary Agnes | Option exercise | 729 | — |
| 2025-08-29 | Salem Enrique T | Option exercise | 729 | — |
| 2025-07-01 | GRAYSON BLAKE JEFFREY | Sell | 10K | $77.28 |
| 2025-07-01 | GRAYSON BLAKE JEFFREY | Sell | 944 | $77.70 |
| 2025-07-01 | Thygesen Allan C. | Sell | 21K | $77.26 |
| 2025-07-01 | Thygesen Allan C. | Sell | 19K | $77.78 |
| 2025-07-01 | Shaughnessy James P | Sell | 6.7K | $77.27 |
| 2025-07-01 | Shaughnessy James P | Sell | 761 | $77.70 |
| 2025-06-18 | Chatwani Robert | Sell | 1.0K | $74.66 |
| 2025-06-18 | Chatwani Robert | Sell | 139 | $75.49 |
| 2025-06-18 | Chatwani Robert | Sell | 3.4K | $74.70 |
| 2025-06-18 | Chatwani Robert | Sell | 534 | $75.44 |
| 2025-06-18 | Chatwani Robert | Sell | 16K | $74.69 |
| 2025-06-18 | Chatwani Robert | Sell | 2.3K | $75.45 |
| 2025-06-18 | GRAYSON BLAKE JEFFREY | Sell | 13K | $74.70 |
| 2025-06-18 | GRAYSON BLAKE JEFFREY | Sell | 1.9K | $75.45 |
| 2025-06-16 | Briggs Teresa | Sell | 534 | $74.37 |
| 2025-06-15 | Thygesen Allan C. | Tax withheld | 47K | — |
| 2025-06-15 | Hansen Paula | Tax withheld | 25K | — |
| 2025-06-15 | Chatwani Robert | Option exercise | 36K | — |
| 2025-06-15 | Hansen Paula | Option exercise | 50K | — |
| 2025-06-15 | Chatwani Robert | Tax withheld | 18K | — |
| 2025-06-15 | Shaughnessy James P | Option exercise | 25K | — |
| 2025-06-15 | Shaughnessy James P | Tax withheld | 12K | — |
| 2025-06-15 | GRAYSON BLAKE JEFFREY | Option exercise | 67K | — |
| 2025-06-15 | GRAYSON BLAKE JEFFREY | Tax withheld | 28K | — |
| 2025-06-15 | Thygesen Allan C. | Option exercise | 92K | — |
| 2025-06-04 | Marrs Anna | Option exercise | 725 | — |
| 2025-05-29 | Hayes Cain A | Option exercise | 1.1K | — |
| 2025-05-29 | Irving Blake | Option exercise | 1.1K | — |
| 2025-05-29 | Solvik Peter | Option exercise | 1.1K | — |
| 2025-05-29 | Marrs Anna | Option exercise | 1.1K | — |
| 2025-05-29 | BEER JAMES A | Option exercise | 1.1K | — |
| 2025-05-29 | Briggs Teresa | Option exercise | 1.1K | — |
| 2025-05-29 | Wilderotter Mary Agnes | Option exercise | 1.1K | — |
| 2025-05-29 | Salem Enrique T | Option exercise | 1.1K | — |
| 2025-04-15 | GRAYSON BLAKE JEFFREY | Sell | 5.3K | $75.96 |
| 2025-04-15 | GRAYSON BLAKE JEFFREY | Sell | 2.7K | $76.34 |
| 2025-04-04 | GRAYSON BLAKE JEFFREY | Grant | 196 | $53.36 |
| 2025-04-04 | Chatwani Robert | Grant | 399 | $53.36 |
| 2025-04-04 | Hansen Paula | Grant | 515 | $53.36 |
| 2025-04-01 | Shaughnessy James P | Sell | 6.9K | $81.26 |
| 2025-04-01 | Thygesen Allan C. | Sell | 300 | $82.91 |
| 2025-04-01 | Shaughnessy James P | Sell | 600 | $81.86 |
| 2025-04-01 | Thygesen Allan C. | Sell | 4.0K | $80.34 |
| 2025-04-01 | Thygesen Allan C. | Sell | 13K | $81.56 |
| 2025-04-01 | Thygesen Allan C. | Sell | 23K | $82.35 |
| 2025-03-19 | GRAYSON BLAKE JEFFREY | Sell | 12K | $82.92 |
| 2025-03-19 | Chatwani Robert | Sell | 12K | $82.93 |
| 2025-03-19 | Chatwani Robert | Sell | 3.1K | $83.77 |
| 2025-03-19 | Chatwani Robert | Sell | 874 | $84.68 |
| 2025-03-19 | GRAYSON BLAKE JEFFREY | Sell | 3.2K | $83.76 |
| 2025-03-19 | GRAYSON BLAKE JEFFREY | Sell | 1.1K | $84.66 |
| 2025-03-17 | Briggs Teresa | Sell | 534 | $87.41 |
| 2025-03-15 | GRAYSON BLAKE JEFFREY | Option exercise | 51K | — |
| 2025-03-15 | GRAYSON BLAKE JEFFREY | Tax withheld | 19K | — |
| 2025-03-15 | Thygesen Allan C. | Option exercise | 43K | — |
| 2025-03-15 | Shaughnessy James P | Option exercise | 15K | — |
| 2025-03-15 | Shaughnessy James P | Tax withheld | 5.3K | — |
| 2025-03-15 | Chatwani Robert | Option exercise | 35K | — |
| 2025-03-15 | Chatwani Robert | Tax withheld | 16K | — |
| 2025-03-15 | Springer Daniel D. | Option exercise | 2.2K | — |
| 2025-03-15 | Springer Daniel D. | Tax withheld | 251 | — |
| 2025-03-15 | Thygesen Allan C. | Tax withheld | 20K | — |
| 2025-03-04 | Marrs Anna | Option exercise | 725 | — |
| 2025-02-28 | Briggs Teresa | Option exercise | 1.1K | — |
| 2025-02-28 | Marrs Anna | Option exercise | 1.1K | — |
| 2025-02-28 | Irving Blake | Option exercise | 1.1K | — |
| 2025-02-28 | BEER JAMES A | Option exercise | 1.1K | — |
| 2025-02-28 | Springer Daniel D. | Option exercise | 1.1K | — |
| 2025-02-28 | Solvik Peter | Option exercise | 1.1K | — |
| 2025-02-28 | Hayes Cain A | Option exercise | 1.1K | — |
| 2025-02-28 | Wilderotter Mary Agnes | Option exercise | 1.1K | — |
| 2025-02-28 | Salem Enrique T | Option exercise | 1.1K | — |
| 2025-02-14 | GRAYSON BLAKE JEFFREY | Sell | 7.1K | $86.79 |
| 2025-02-14 | GRAYSON BLAKE JEFFREY | Sell | 927 | $87.75 |
| 2025-01-10 | Salem Enrique T | Option exercise | 10K | $13.43 |
| 2025-01-10 | Salem Enrique T | Sell | 10K | $91.56 |
| 2025-01-10 | Solvik Peter | Sell | 10K | $91.26 |
| 2025-01-02 | Shaughnessy James P | Sell | 6.7K | $90.13 |
| 2025-01-02 | Shaughnessy James P | Sell | 841 | $90.53 |
| 2025-01-02 | Thygesen Allan C. | Sell | 37K | $90.01 |
| 2025-01-02 | Thygesen Allan C. | Sell | 2.7K | $90.53 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-04 | ResultsExhibits | filing ↗ |
| 2026-06-03 | Shareholder voteExhibits | filing ↗ |
| 2026-05-06 | Exec/director changeReg FDExhibits | filing ↗ |
| 2026-03-17 | ResultsExhibits | filing ↗ |
| 2026-03-06 | Exec/director change | filing ↗ |
| 2025-12-04 | ResultsExhibits | filing ↗ |
| 2025-09-04 | ResultsExec/director changeReg FDExhibits | filing ↗ |
| 2025-06-05 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 10-Q | 2026-06-05 | 2026-04-30 | 0001261333-26-000074 ↗ |
| 8-K | 2026-06-04 | 2026-06-04 | 0001261333-26-000072 ↗ |
| 8-K | 2026-06-03 | 2026-06-01 | 0001104659-26-070097 ↗ |
| 8-K | 2026-05-06 | 2026-05-02 | 0001261333-26-000050 ↗ |
| 10-K | 2026-03-18 | 2026-01-31 | 0001261333-26-000021 ↗ |
| 8-K | 2026-03-17 | 2026-03-17 | 0001261333-26-000017 ↗ |
| 8-K | 2026-03-06 | 2026-03-05 | 0001261333-26-000006 ↗ |
| 10-Q | 2025-12-05 | 2025-10-31 | 0001261333-25-000150 ↗ |
| 8-K | 2025-12-04 | 2025-12-04 | 0001261333-25-000146 ↗ |
| 10-Q | 2025-09-05 | 2025-07-31 | 0001261333-25-000132 ↗ |
| 8-K | 2025-09-04 | 2025-09-03 | 0001261333-25-000129 ↗ |
| 10-Q | 2025-06-06 | 2025-04-30 | 0001261333-25-000075 ↗ |