Discounted Cash Flow

Docusign, Inc.

DOCU · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2018 $518.5m $-52.3m $36.0m -10.1%
2019 $701.0m (35.2%) $-426.5m (-715.8%) $45.7m (26.7%) -60.8% (-503.4%)
2020 $974.0m (38.9%) $-208.4m (51.1%) $43.6m (-4.4%) -21.4% (64.8%) $-1.18
2021 $1.5b (49.2%) $-243.3m (-16.8%) $214.6m (391.5%) -16.7% (21.7%) $-1.31 (-11.0%)
2022 $2.1b (45.0%) $-70.0m (71.2%) $445.1m (107.4%) -3.3% (80.2%) $-0.36 (72.5%)
2023 $2.5b (19.4%) $-97.5m (-39.3%) $429.1m (-3.6%) -3.9% (-16.6%) $-0.49 (-36.1%)
2024 $2.8b (9.8%) $74.0m (175.9%) $74.0m (-82.8%) 2.7% (169.2%) $0.36 (174.0%)
2025 $3.0b (7.8%) $1.1b (1343.5%) $920.3m (1144.0%) 35.9% (1239.3%) $5.23 (1341.6%)
2026 $3.2b (8.2%) $309.1m (-71.1%) $1.1b (15.0%) 9.6% (-73.2%) $1.53 (-70.7%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model