What is Docusign, Inc. worth?
With the base-case assumptions below, a discounted cash flow model on Docusign, Inc.'s reported free cash flow gives $169.77 per share. The share price was $67.50 on September 25, 2026, 60% below that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 10.0% | 10.0% | $104.14 | +54% |
| Base | 15.0% | 9.0% | $169.77 | +152% |
| Bull | 20.0% | 8.0% | $291.97 | +333% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $219.46 | $234.95 | $253.89 | $277.56 | $307.99 |
| 8.0% | $182.13 | $192.18 | $204.05 | $218.30 | $235.72 |
| 9.0% | $154.98 | $161.85 | $169.77 | $179.02 | $189.95 |
| 10.0% | $134.38 | $139.27 | $144.81 | $151.13 | $158.43 |
| 11.0% | $118.27 | $121.85 | $125.85 | $130.36 | $135.46 |
Where the presets come from
Base: years 1 to 5 grow at Docusign, Inc.'s revenue growth rate over the last 5 fiscal years (17.2% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions