Does DOCUSIGN, INC. have an economic moat?

Based on its FY2026 SEC filings, the Moat Index scores DOCUSIGN, INC. (DOCU) 56.6 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 100, returns on capital 25, balance-sheet safety 73, capital discipline 24.

Is DOCU stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $4.31 per share versus a recent price of $52.74 — 1125% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has DOCU's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 56.6 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

DOCUSIGN, INC.

DOCU · Technology · $10.4B mkt cap · FY2026 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power100

Median gross margin 77.5% over 10y, very stable.

Returns on capital25

Median ROIC 7.5%, above the 9% hurdle in 40% of years.

Balance-sheet safety73

Net debt/EBITDA n/ax, interest coverage 117x.

Capital discipline24

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale

1125% above value

Owner earnings (normalized): $76.7M
Est. intrinsic value / share: $4.31
Recent price: $52.74
Discount to value: 1125% above value

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

11 years of fundamentals

The business, in plain English

DOCUSIGN, INC. booked $3.2B of revenue in FY2026 in the Technology sector and kept 79.4% of it as gross profit — a high-margin business by that measure. After every other cost, 9.6% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $381.5M (FY2017) to $3.2B (FY2026) — about 26.7% a year compounded over 9 years.

It earned 20.2% on invested capital in FY2026, with a median of 7.5% across 5 filed years. The Returns on Capital filter above scores it 25/100.

DOCU's filings don't disclose total debt in a form the methodology can use, so leverage is treated as unmeasured — never assumed to be zero.

The share count rose 454.0% between FY2018 and FY2026 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.

Put together: Pricing Power is the strongest of the four filters (100/100) and Capital Discipline the weakest (24/100), which is how DOCU lands at 57/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$3.2B FY2026

Gross marginRevenue kept after cost of goods79.4% FY2026

Return on invested capitalOperating profit on the capital employed20.2% FY2026

Owner earningsCash an owner could take out$318.7M FY2026

Gaps in a line mean that item isn’t in DOCU’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale56.6 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — DOCU has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Technology context

#158 of 532 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

#156BKTI BK Technologies Corp57.2 out of 100, Shallow moatShallow moat
#157ZIP ZIPRECRUITER, INC.56.7 out of 100, Shallow moatShallow moat
#159PANW PALO ALTO NETWORKS, INC56.5 out of 100, Shallow moatShallow moat
#160VPG Vishay Precision Group, Inc.56.3 out of 100, Shallow moatShallow moat

Compare DOCU with its nearest peers →All Technology companies on the Index →

Common questions about DOCU

Does DOCUSIGN, INC. have an economic moat?: Based on its FY2026 SEC filings, the Moat Index scores DOCUSIGN, INC. (DOCU) 56.6 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 100, returns on capital 25, balance-sheet safety 73, capital discipline 24.
Is DOCU stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $4.31 per share versus a recent price of $52.74 — 1125% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has DOCU's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 56.6 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell DOCU. See the disclaimer.