DocuSign (NASDAQ
OCU) received an upgrade to Outperform from William Blair, citing optimism around the company’s Intelligent Agreement Management (IAM) platform and its potential to reignite double-digit growth.
William Blair sees IAM as a game-changer, creating new upsell opportunities and deepening customer relationships beyond DocuSign’s traditional e-signature business. Early traction has been promising—IAM accounted for a high-single-digit percentage of deal volume in the direct channel and represented over 20% of new direct customer acquisitions in the last quarter.
Looking ahead, DocuSign expects IAM to contribute a low-double-digit percentage of its subscription revenue by fiscal 2026, up from low-single digits in fiscal 2025.
Beyond IAM, the firm highlighted strong execution from DocuSign’s new management team, pointing to strategic investments in product-led growth (PLG), AI, enterprise solutions, and agreement cloud offerings. Additionally, improving retention rates in its core e-signature business further reinforce the company’s stability.
From a valuation perspective, DocuSign currently trades at 16.9x William Blair’s calendar 2026 free cash flow estimate, which the firm believes presents an attractive opportunity. As revenue growth picks up, retention strengthens, and PLG strategies gain traction, margin expansion is expected by fiscal 2027.
