That said, Docusign stock sells for an unchallenging valuation of only 16.6 times trailing FCF -- cheaper than that when you factor in net cash on the balance sheet. If Docusign can just find a way to goose its growth rate again, this stock could still be a buy.

Docusign shares were down 17% at $757.58 in early trading following its earnings, released after the market closed on Thursday. Billings grew 4% from a year earlier, which was low