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Docusign, Inc. key statistics and ratios

In fiscal 2026, Docusign, Inc. had return on equity of 15.8%, an operating margin of 9.3% and a current ratio of 0.73. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2017Jan 20172018Jan 20182019Jan 20192020Jan 20202021Jan 20212022Jan 20222023Jan 20232024Jan 20242025Jan 20252026Jan 2026LTMJul 2026
Gross margin73.1%77.2%72.5%75.0%74.9%77.9%78.7%79.3%79.1%79.4%79.5%
Operating margin−30.4%−10.0%−60.8%−19.9%−12.0%−2.9%−3.5%1.1%6.7%9.3%12.0%
Net margin−30.3%−10.1%−60.8%−21.4%−16.7%−3.3%−3.9%2.7%35.9%9.6%9.8%
Free-cash-flow margin−12.6%7.0%6.5%4.5%14.8%21.1%17.1%32.1%30.9%32.9%35.7%
Return on equity———−35.9%−55.8%−23.3%−21.8%8.5%68.2%15.8%18.1%
Return on assets—−8.4%−38.2%−11.9%−11.5%−2.9%−3.5%2.5%30.6%7.5%8.1%
Asset turnover—0.840.630.560.690.860.910.920.850.780.82
Current ratio—1.121.911.361.060.960.740.940.810.730.64
Debt to equity——————————0.0%
Interest cover (operating income ÷ interest)n/mn/mn/mn/mn/mn/mn/m4.6x129.0x117.3x170.4x
Effective tax rate———————21.0%—11.0%25.0%
R&D as % of revenue23.5%17.8%26.5%19.1%18.7%18.7%19.1%19.5%19.8%20.7%19.6%
Capital spending as % of revenue11.4%3.7%4.3%7.4%5.7%2.9%3.1%3.3%3.3%3.3%3.7%
Free cash flow ÷ net income———————>999%86.2%342.5%363.2%
Dividends and buybacks ÷ free cash flow————0.0%0.0%14.7%16.4%74.3%82.1%92.5%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 3 checks passed · July 31, 2026
What it owns · $4.0bn
Short-term assets $1.3bnLonger-term assets $2.7bn
What it owes, and who funded it · $4.0bn
Short-term liabilities $2.0bnLonger-term liabilities $269mShareholders' equity $1.7bn
  • Short-term assets cover short-term liabilities $1.3bn of assets due within a year against $2.0bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.3bn short-term assets against $269m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of $402m against $2m of interest.

From Docusign, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

60 /100

Moderate moat

How hard Docusign's competitive advantage looks for rivals to wear away, judged from 9 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 19.0% of total assets over 8 years.

  • Pricing power 20 / 20

    Gross margin has been a median 77.9%, moving by 2.2 percentage points (standard deviation) across 9 years.

  • Durability 10 / 20

    Operating margin has been a median -3.8%; its worst year was -53.8%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 9 of 9 years, at a median 20.4% of revenue.

  • Discipline 5 / 20

    The diluted share count rose 4.8% over five years; stock-based pay has been a median 20.5% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (75 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

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Figures from Docusign, Inc.'s SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Docusign, Inc.