DOCUSIGN, INC.(DOCU)Stock Analysis
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Rank #461 of 2,879 stocksTOP 25%
Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.
Revenue Growth
Profitability
Balance Sheet
Earnings Quality
Free Cash Flow
Institutional Flow
Revenue Scale
Dilution Risk
DOCU Stock Analysis & AI Quality Score
AI stock analysis and institutional research for DOCUSIGN, INC. (DOCU), a Technology sector company. 13F Pro's AI-powered ranking engine scores DOCU at 67.5/100 on a 32-signal composite quality model, placing it at rank #461 of 2,879 stocks — the top 25% of the AI-ranked universe. DOCU scores in the top quartile across institutional flow (93.9), earnings quality (91.8), free cash flow (86.5). Shareholder dilution risk is elevated at 9.4/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q1 2027), DOCUSIGN, INC. reports quarterly revenue of $830.2M, net income of $78.2M, an operating margin of 13.4%. Top institutional holders of DOCU by reported 13-F value include BlackRock,, VANGUARD PORTFOLIO MANAGEMENT, VANGUARD CAPITAL MANAGEMENT, based on the most recent SEC filings. DOCU trades on the Nasdaq exchange and files with the SEC under CIK 1261333. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate DOCU daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for DOCUSIGN, INC. directly from SEC EDGAR.
What's Driving DOCU's Business? Latest 10-Q Breakdown
✓ 22/22 datapoints verifiedAI-extracted from DOCUSIGN, INC.'s 10-Q filed 2026-06-05 — Q1 FY2027 (quarter ended April 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Revenue grew 9% YoY to $830.2M; operating income nearly doubled to $111.3M as gross margin held steady at 79% despite higher hosting costs.
Biggest Revenue Drivers
Total revenue: $830.2M+9% YoY
Expansion of revenue from commercial and enterprise accounts and digital channel, with continued customer investments in new use cases.
Revenue from deployment, integration services, and on-premises solutions.
Largest Expense Items
$6.3M increase in IT costs, particularly hosting costs to support IAM expansion and customer data migration to cloud storage.
Relatively flat; decrease in marketing/advertising costs offset by increase in personnel costs due to merit increases and headcount.
Relatively flat; increase in personnel costs offset by higher capitalized software development costs.
Increase in personnel expenses for higher headcount and incentive compensation, offset by reduction in professional fees.
Margins: Gross margin remained stable at 79%, flat YoY despite revenue growth. Operating margin expanded significantly from 8% to 13%, driven by relatively flat operating expenses even as revenue grew 9% and higher non-cash deferred tax benefits.
Watch Items from the Filing
- IAM platform represented 12.6% of total ARR as of April 30, 2026 vs. 10.8% as of January 31, 2026—rapid adoption suggests successful new product momentum but concentration risk remains.
- Tax provision surged 2,223% to $39.6M ($1.7M prior year) due to OBBBA legislation eliminating R&D expensing and higher stock-based comp tax expense, materially increasing effective tax rate.
- International revenue grew 17% YoY and now represents 31% of total revenue (vs. 28% prior year); expansion efforts underway in EU eIDAS compliance and civil law markets.
- No single customer exceeds 10% of revenue; diverse customer base across industries with 1.9M total customers including 1,258 customers with $300K+ ARR (+12% YoY).
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Revenue
Q1 2027
$830.2M
Net Income
Q1 2027
$78.2M
Free Cash Flow
Q1 2027
$289.4M
Operating Margin
Q1 2027
13.4%
AI Insight: DOCU Financial Trends
DocuSign delivered consistent revenue growth and operating leverage in H1 2026, with operating income up 85% year-over-year and operating cash flow accelerating to $377M in Q1 2026.
• Revenue grew from $736M (Q3 2024) to $830M (Q2 2026), a 12.8% increase over 18 months with sequential growth in 6 of 8 quarters.
• Operating income expanded from $58M (Q3 2024) to $111M (Q2 2026); operating margin improved from 7.9% to 13.4%.
• Operating cash flow averaged $281M over the latest four quarters, peaking at $377M in Q1 2026, demonstrating strong cash generation.
• Equity declined from $2,015M (Q2 2025) to $1,820M (Q2 2026), reflecting share buybacks and capital return initiatives.
⚠ Net income volatility persists: $90M in Q1 2026 but fell to $78M in Q2 2026 despite higher operating income, signaling non-operating headwinds.
⚠ Sequential revenue decline Q2 2026 ($830M) vs. Q1 2026 ($837M) marks first quarterly dip in current growth cycle; monitor sustainability.
AI Insight: DOCU Ratio Trends
Operating margin surged to 13.4% in Q2 2026, highest on record, while ROIC jumped to 24.5%—signaling meaningful operational leverage.
• Operating margin expanded from 7.8% in Q3–Q4 2024 to 13.4% in Q2 2026, a 560 bp improvement over 18 months.
• ROIC climbed from 11.8%–12.1% in early 2025 to 24.5% in Q2 2026, nearly doubling capital efficiency.
• ROE and ROA remain elevated at 17.2% and 7.8% respectively in Q2 2026, sustaining shareholder returns.
⚠ Net profit margin dipped to 9.4% in Q2 2026 from 10.8% in Q1 2026, despite op margin gains—check for one-time items.
⚠ ROA compressed to 7.8% in Q2 2026 from 8.5% in Q1 2026—asset turnover or profitability may have softened.
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Top Institutional Holders of DOCU
BlackRock, Inc.
$1.0B21,564,137 shVANGUARD PORTFOLIO MANAGEMENT LLC
$535.1M11,287,298 shVANGUARD CAPITAL MANAGEMENT LLC
$424.6M8,955,214 shCapital World Investors
$333.8M7,039,805 shSTATE STREET CORP
$323.7M6,826,736 shARROWSTREET CAPITAL, LIMITED PARTNERSHIP
$250.6M5,285,128 shAQR CAPITAL MANAGEMENT LLC
$229.6M4,843,791 shGEODE CAPITAL MANAGEMENT, LLC
$198.6M4,159,260 shAMERIPRISE FINANCIAL INC
$191.4M4,036,376 shRENAISSANCE TECHNOLOGIES LLC
$150.3M3,170,061 sh
| Fund | Value | Shares |
|---|---|---|
| BlackRock, Inc. | $1.0B | 21,564,137 |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $535.1M | 11,287,298 |
| VANGUARD CAPITAL MANAGEMENT LLC | $424.6M | 8,955,214 |
| Capital World Investors | $333.8M | 7,039,805 |
| STATE STREET CORP | $323.7M | 6,826,736 |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $250.6M | 5,285,128 |
| AQR CAPITAL MANAGEMENT LLC | $229.6M | 4,843,791 |
| GEODE CAPITAL MANAGEMENT, LLC | $198.6M | 4,159,260 |
| AMERIPRISE FINANCIAL INC | $191.4M | 4,036,376 |
| RENAISSANCE TECHNOLOGIES LLC | $150.3M | 3,170,061 |
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Is DOCU a good stock to buy?
13F Pro's AI-powered analysis of DOCUSIGN, INC. (DOCU) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Technology sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for DOCU are available on the DOCU stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.
Which hedge funds own DOCU?
Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling DOCU. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of DOCUSIGN, INC.'s investment landscape.