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) Piotroski F-score
Docusign Inc.'s Piotroski F-score for fiscal 2026 is 6 out of 9: 6 of nine tests of profitability, leverage and efficiency passed, up from 4 in fiscal 2025.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2026 | 6 | 2.00 |
| FY2025 | 4 | (4.00) |
| FY2024 | 8 | 3.00 |
| FY2023 | 5 | (1.00) |
| FY2022 | 6 | 2.00 |
| FY2021 | 4 | (1.00) |
| FY2020 | 5 | — |
How fiscal 2026’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 7.50% | 30.58% | Pass | 1 |
| Positive operating cash flow | 1.17b | 1.02b | Pass | 1 |
| Rising return on assets | 7.50% | 30.58% | Fail | 0 |
| Cash flow above net income | 855.92m | (50.61m) | Pass | 1 |
| Falling long-term leverage | 0.00 | 0.00 | Pass | 1 |
| Rising current ratio | 0.73 | 0.81 | Fail | 0 |
| No new shares issued | 202,079,000 | 204,329,000 | Pass | 1 |
| Rising gross margin | 79.40% | 79.12% | Pass | 1 |
| Rising asset turnover | 0.78 | 0.85 | Fail | 0 |
| Piotroski F-score | Mixed | 6 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| MANH Manhattan Associates, Inc. compare | 7 |
| FICO Fair Isaac Corporation compare | 7 |
| GWRE Guidewire Software, Inc. compare | 7 |
| TYL Tyler Technologies, Inc. compare | 6 |
| HUBS HubSpot, Inc. compare | 6 |
| FROG JFrog Ltd. compare | 6 |
| DOCU Docusign Inc. | 6 |
| GRAB Grab Holdings Limited compare | 5 |
| FIG Figma, Inc. compare | 4 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover