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) Beneish M-score
Docusign Inc.'s Beneish M-score for fiscal 2026 is −3.25; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2026 | −3.25 | (1.07) |
| FY2025 | −2.18 | 1.75 |
| FY2024 | −3.94 | (0.68) |
| FY2023 | −3.25 | 0.00 |
| FY2022 | −3.25 | 0.02 |
| FY2021 | −3.27 | (0.45) |
| FY2020 | −2.82 | 0.60 |
| FY2019 | −3.43 | — |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.11 | — | 1.02 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 1.01 | — | 0.41 | |
| Sales growth index | 1.08 | — | 0.96 | |
| Depreciation index | 1.04 | — | 0.12 | |
| SG&A index | 0.96 | — | −0.16 | |
| Total accruals to total assets | (0.20) | — | −0.95 | |
| Leverage index | 1.06 | — | −0.35 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.25 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| FIG Figma, Inc. compare | −4.6× |
| MANH Manhattan Associates, Inc. compare | −3.4× |
| DOCU Docusign Inc. | −3.3× |
| FROG JFrog Ltd. compare | −3.1× |
| HUBS HubSpot, Inc. compare | −3.0× |
| TYL Tyler Technologies, Inc. compare | −2.7× |
| GWRE Guidewire Software, Inc. compare | −2.7× |
| FICO Fair Isaac Corporation compare | −2.7× |
| GRAB Grab Holdings Limited compare | −2.0× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI