DOCU
DOCU
Recurring SaaS
★ Quality 20/100Price today
$54.73
what the market pays
Worth
$69.20
calculated cycle value
Price is 21% below its value
charlieapp.co
Price vs Intrinsic Value
The line is the price month by month; the green band marks when it's undervalued (−20% off value). When the price drops in there, the discount is real, not opinion.
Where does the value come from?
Software and subscriptions
$66.32
per share
How it's calculated
Net cash in the bank
cash minus financial debt, per share
Total calculated value
business + cash
How many times the cash flow
Recurring SaaS · vs 34 peers
You pay 10.2x times this business's cash flow; its sector median is 21.5x.
28% below what Charlie thinks it's worth (13.1x) — that gap is your safety margin.
Why does Charlie give it 13.1x?
The multiple is how many times its cash flow the business is worth.
An average business of its kind is worth 21.5x. This one drops from there:
AI disruption risk. its business could be eroded by AI over the long run.
79% margin. it charges almost pure toll; it can raise prices without losing customers.
Grows 11% a year. next year's cash flow will be larger than today's.
That's why it's worth 13.1x, less than the 21.5x average.
Why Undervalued?
Its free cash flow is $5.06/share × 13.1x multiplier plus $2.88 in net cash = $69.20 in intrinsic value. Today's price of $54.73 is 27% below that value — there's a real safety margin to enter.
The price is 21% below the calculated value. There's a real safety margin.
The model asks for a discount to absorb estimate errors. That cushion is here.
If the business disappoints a little, the price should hold near $55.36.
At what price would buying make sense?
Entry zones
🟢 Undervalued
≤$55.36
-20% off Value
🟡 Discounted
≤$65.74
-5% off Value
🟢 Today
$54.73
+27% Valor
Undervalued
Today's price offers a real discount to the calculated value. For the long run, this is the kind of entry that builds wealth.
“Price is what you pay. Value is what you get.”
— Warren Buffett
Model updated · July 2026
The business
DocuSign es el bolígrafo digital del mundo: fácil de usar, fácil de imitar.
DocuSign convirtió la firma manuscrita en un clic. Cobra por suscripción anual: las empresas pagan por usuario y por volumen de documentos firmados. Facturó $3.2B con márgenes brutos del 79% y generó $1.1B de caja libre.
El costo de cambiarse es real: una vez que tus contratos y flujos viven dentro de DocuSign, moverlos duele. Pero firmar un PDF no es física cuántica, y Adobe lo hace igual de bien. El foso existe; profundo no es.
Revenue history
From $2.1B to $3.2B in 4 years. The business grows steadily.
Where each $100 of sales goes
Revenue $3.2B · FY2026
Of every $100 in sales, $90 goes to costs and operations; $10 is left as net profit (10% margin).
Catalysts and risks
Adopción de su nueva plataforma de gestión de contratos (IAM), lanzada en 2024.
Recompra de acciones sostenida con la caja libre de $1.1B.
Expansión internacional, hoy menos del 30% de los ingresos.
Adobe empaqueta firma electrónica gratis dentro de Acrobat y presiona precios.
El crecimiento cayó del auge pandémico a un 11% anual más terrenal.
Producto que tiende a volverse commodity: difícil defender precios a largo plazo.
Charlie's note
“Una máquina de generar caja con márgenes del 79% y cero deuda. Pero pagar 13 veces por un negocio que crece 11% y no tiene foso profundo es un trato honesto: ni te roban ni te regalan nada.”
Analysis · July 2026
So when would be a good price for DOCU?
Today it trades below what we calculate. If you want us to tell you when that changes —or when the value itself moves because the company reported— we will email you.
🔔 Email meFree · no card
Charlie informs, it doesn't advise. No information should be taken as a recommendation to buy or sell.