DocuSign (DOCU) spent years wearing the "pandemic convenience tool" badge, but it has since grown far past that label and rebuilt itself into a full-blown enterprise software platform. Consistent year-over-year (YOY) growth, improving profitability, and tighter operational discipline gradually restored confidence in the business.
Still, the skeptics have not packed up and left. The bear case rests on two nagging worries. First, artificial intelligence (AI)-native startups are picking up speed and threatening to lap traditional incumbents. Second, the rise of AI agents could gut the economics of e-signature services entirely, undermining the seat-based licensing model that DocuSign has leaned on for years.
