Docusign Inc.
DOCU Technology Software Application
Docusign Inc.’s revenue for fiscal 2026 (year ended January 2026) was $3.2 billion, up 8.16% from fiscal 2025. In the quarter to July 2026, revenue grew 9.38%, EPS grew 32.3% and free cash flow grew 35.9%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for five.
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Docusign Inc. (DOCU) Altman Z-score
Docusign Inc.'s Altman Z-score for fiscal 2026 is 2.98, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2026 | 2.98 | (3.27) |
| FY2025 | 6.25 | 2.06 |
| FY2024 | 4.19 | 1.37 |
| FY2023 | 2.82 | (3.67) |
| FY2022 | 6.48 | (6.01) |
| FY2021 | 12.49 | 6.81 |
| FY2020 | 5.68 | 2.57 |
| FY2019 | 3.11 | — |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.13) | — | −0.16 | |
| Retained earnings / total assets | (0.44) | — | −0.61 | |
| EBIT / total assets | 0.07 | — | 0.23 | |
| Market value of equity / total liabilities | 4.59 | — | 2.76 | |
| Sales / total assets | 0.76 | — | 0.76 | |
| Altman Z-score | Grey zone | 2.98 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −0.94 | ||
Z and Z″ put Docusign Inc. in different zones: grey zone by Z, distress zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| MANH Manhattan Associates, Inc. compare | 15.1× |
| FICO Fair Isaac Corporation compare | 12.0× |
| FROG JFrog Ltd. compare | 9.7× |
| HUBS HubSpot, Inc. compare | 7.9× |
| FIG Figma, Inc. compare | 7.4× |
| TYL Tyler Technologies, Inc. compare | 7.2× |
| GWRE Guidewire Software, Inc. compare | 6.0× |
| DOCU Docusign Inc. | 3.0× |
| GRAB Grab Holdings Limited compare | 0.9× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets