DigitalOcean Holdings, Inc. (DOCN) Key Metrics
DOCN valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $11.60B
- Enterprise value
- $17.37B
- P/E (TTM)
- 45.5 10-yr median 38.1
- Forward P/E
- 76.3
- PEG ratio
- 1.54
- Price / sales
- 11.5 10-yr median 5.1
- Price / book
- 17.8
- EV / EBITDA
- 45.9 10-yr median 31.1
- Dividend yield
- —
- Beta
- 1.70
DOCN key metrics, 2018–2025
Fiscal year ended December 31, 2025 · U.S. dollarsDOCN valuation Price multiples at each fiscal year-end price.
DOCN returns How much profit the business earns on the capital it uses.
DOCN per-share figures Results divided by the shares outstanding at year-end.
DOCN financial health Debt, liquidity and how easily interest is covered.
DOCN efficiency & capital use Working capital cycle and where the cash goes.
DOCN valuation history
DOCN returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
DOCN debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
DOCN cash returned to shareholders
DOCN price vs earnings per share
DOCN key metrics
2018–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||
| Market capitalization | $5.07B | $3.22B | $3.54B | $2.57B | $8.61B | — | — | — |
| Enterprise value | $5.55B | $4.49B | $4.78B | $3.34B | $8.36B | — | — | — |
| P/E ratio | 19.6 | 38.1 | 182.3 | — | — | — | — | — |
| Price / sales | 5.6 | 4.1 | 5.1 | 4.5 | 20.1 | — | — | — |
| Price / book | — | — | — | 54.0 | 14.9 | — | — | — |
| Price / free cash flow | 123.4 | 33.5 | 32.1 | 34.3 | 358.6 | — | — | — |
| Price / operating cash flow | 16.4 | 11.4 | 15.1 | 13.2 | 64.7 | — | — | — |
| EV / sales | 6.2 | 5.7 | 6.9 | 5.8 | 19.5 | — | — | — |
| EV / EBITDA | 15.3 | 18.9 | 31.1 | 38.5 | 113.1 | — | — | — |
| EV / free cash flow | 135.0 | 46.6 | 43.4 | 44.6 | 348.2 | — | — | — |
| Earnings yield | 5.1% | 2.6% | 0.5% | −1.1% | −0.2% | — | — | — |
| Free cash flow yield | 0.8% | 3.0% | 3.1% | 2.9% | 0.3% | — | — | — |
| Dividend yield | — | — | 1.2% | — | 17.2% | — | — | — |
| Shareholder yield (dividends + buybacks) | 1.6% | 1.9% | 15.0% | 23.4% | 21.3% | — | — | — |
| Share price at fiscal year-end | $48.12 | $34.07 | $36.69 | $25.47 | $80.33 | — | — | — |
| Per share | ||||||||
| Revenue per share | $8.56 | $8.26 | $7.19 | $5.72 | $4.00 | $3.02 | $2.42 | $2.33 |
| Earnings per share | $2.46 | $0.89 | $0.20 | −$0.28 | −$0.18 | −$0.41 | −$0.38 | −$0.41 |
| Operating cash flow per share | $2.94 | $2.99 | $2.44 | $1.94 | $1.24 | $0.56 | $0.38 | $0.44 |
| Free cash flow per share | $0.39 | $1.02 | $1.14 | $0.74 | $0.22 | −$0.54 | −$0.29 | −$0.27 |
| Cash per share | $2.42 | $4.53 | $4.27 | $8.57 | $15.98 | $0.95 | $0.31 | $0.34 |
| Book value per share | −$0.27 | −$2.15 | −$3.25 | $0.47 | $5.39 | −$0.68 | $0.48 | −$0.65 |
| Tangible book value per share | −$4.53 | −$7.08 | −$8.32 | −$3.83 | $4.69 | −$1.04 | −$0.08 | −$1.05 |
| Dividends per share | — | — | $0.45 | — | $13.81 | $0.01 | — | — |
| Capex per share | $2.55 | $1.97 | $1.29 | $1.19 | $1.02 | $1.10 | $0.67 | $0.70 |
| Debt per share | $6.94 | $17.94 | $17.17 | $16.22 | $13.64 | $2.47 | $1.81 | $1.56 |
| Shares outstanding | 105.3M | 94.5M | 96.4M | 100.8M | 107.2M | 105.3M | 105.3M | 87.1M |
| Change in shares outstanding | +11.5% | −2.0% | −4.4% | −6.0% | +1.8% | 0.0% | +20.9% | — |
| Returns & profitability | ||||||||
| Return on equity (ROE) | — | — | — | −8.9% | −7.7% | — | — | — |
| Return on invested capital (ROIC) | 20.8% | 7.9% | 1.0% | −3.5% | −4.3% | −8.4% | −18.3% | −43.9% |
| Return on assets (ROA) | 14.9% | 5.5% | 1.2% | −1.4% | −1.5% | −11.9% | −14.8% | −14.7% |
| Return on tangible assets | 18.7% | 7.2% | 2.0% | −2.0% | −1.0% | −11.1% | −16.6% | −17.1% |
| Free cash flow margin | 4.6% | 12.3% | 15.9% | 13.0% | 5.6% | −18.0% | −12.0% | −11.5% |
| Income quality (OCF / net income) | 1.19 | 3.35 | 12.10 | — | — | — | — | — |
| Financial health | ||||||||
| Total debt | $730.6M | $1.70B | $1.66B | $1.64B | $1.46B | $259.7M | $191.1M | $135.9M |
| Cash & short-term investments | $254.5M | $428.4M | $411.8M | $864.2M | $1.71B | $100.3M | $32.9M | $30.0M |
| Net debt | $476.1M | $1.27B | $1.24B | $771.2M | −$250.7M | $159.4M | $158.2M | $106.0M |
| Debt / equity | — | — | — | 34.38 | 2.53 | — | 3.75 | — |
| Debt / assets | 0.40 | 1.03 | 1.13 | 0.90 | 0.70 | 0.60 | 0.63 | 0.55 |
| Net debt / EBITDA | 1.31 | 5.35 | 8.10 | 8.89 | −3.39 | 3.43 | 4.82 | 4.42 |
| Current ratio | 0.69 | 2.45 | 2.61 | 5.72 | 30.39 | 1.75 | 0.84 | 0.80 |
| Quick ratio | 0.69 | 2.45 | 2.61 | 5.72 | 30.39 | 1.75 | 0.88 | 0.80 |
| Interest coverage | 8.8 | 10.0 | 1.3 | -3.1 | -3.0 | -1.2 | -3.2 | -4.3 |
| Working capital | −$192.5M | $320.8M | $310.3M | $780.5M | $1.71B | $63.2M | −$11.9M | −$13.0M |
| Invested capital | $447.4M | $1.06B | $930.0M | $818.7M | $327.5M | $87.3M | $209.1M | $49.1M |
| Tangible asset value | −$476.9M | −$669.3M | −$802.2M | −$386.5M | $503.1M | −$109.4M | −$8.6M | $32.0M |
| Net current asset value | −$1.44B | −$1.30B | −$1.27B | −$822.1M | $247.3M | −$354.4M | −$190.9M | −$128.1M |
| Graham net-net per share | −$14.65 | −$14.23 | −$13.65 | −$8.57 | $2.05 | −$3.62 | −$1.94 | −$1.57 |
| Capital allocation | ||||||||
| Dividends paid | — | — | $43.4M | — | $1.48B | $1.4M | — | — |
| Share buybacks (net) | $82.1M | $59.8M | $488.5M | $600.0M | $350.0M | $1.4M | $0 | — |
| Dividend payout ratio | — | — | 223.5% | — | — | — | — | — |
| Dividends + buybacks / free cash flow | 199.9% | 62.1% | 482.9% | 800.7% | — | — | — | — |
| Capex / revenue | 29.8% | 23.9% | 18.0% | 20.9% | 25.5% | 36.4% | 27.6% | 30.2% |
| Capex / operating cash flow | 86.7% | 66.0% | 53.1% | 61.6% | 82.0% | 198.1% | 176.5% | 161.4% |
| Capex / depreciation | 1.95 | 1.43 | 1.06 | 1.18 | 1.23 | 1.53 | 1.12 | 1.17 |
| Stock-based compensation / revenue | 8.9% | 11.6% | 12.8% | 18.4% | 14.4% | 9.3% | 7.3% | 6.0% |
| R&D / revenue | 17.9% | 18.3% | 20.3% | 25.0% | 27.0% | 23.5% | 23.5% | 22.1% |
| SG&A / revenue | 24.5% | 29.8% | 34.0% | 42.7% | 35.8% | 35.7% | 40.2% | 43.5% |
| Efficiency | ||||||||
| Days sales outstanding | 36.9 | 35.8 | 30.6 | 29.6 | 28.8 | 28.0 | 26.6 | 29.5 |
| Days of inventory on hand | — | — | — | — | — | -4.1 | -9.7 | — |
| Days payables outstanding | 47.1 | 33.9 | 16.1 | 29.1 | 26.8 | 49.7 | 61.2 | 51.7 |
| Cash conversion cycle (days) | -10.3 | 1.9 | 14.4 | 0.5 | 2.0 | -25.8 | -44.2 | -22.2 |
| Receivables turnover | 9.90 | 10.18 | 11.94 | 12.33 | 12.66 | 13.04 | 13.72 | 12.38 |
| Payables turnover | 7.75 | 10.75 | 22.63 | 12.54 | 13.60 | 7.34 | 5.97 | 7.07 |
| Asset turnover | 0.52 | 0.50 | 0.42 | 0.29 | 0.34 | 0.87 | 0.93 | 0.83 |
| Average receivables | $91.0M | $76.6M | $58.0M | $46.7M | $33.9M | $24.4M | $18.6M | $16.4M |
| Average payables | $46.7M | $29.3M | $12.5M | $16.9M | $12.5M | $19.8M | $20.5M | $13.7M |
| Average inventory | — | — | — | — | — | −$1.6M | −$3.2M | — |
| Intangibles / total assets | 24.4% | 28.5% | 33.4% | 23.9% | 3.6% | 8.7% | 19.7% | 14.0% |
Computed from DOCN's annual financial statements (latest annual report filed February 24, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
DOCN valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), DigitalOcean traded at 19.6 times earnings, against a 8-year median of 38.1. Based on the latest twelve months, the trailing P/E is 45.5 and the forward P/E is 76.3. DigitalOcean earned a return on invested capital of 20.8% in fiscal 2025. It ended the year with $730.6 million of debt and $254.5 million in cash and short-term investments, net debt of $476.1 million. It returned $82.1 million to shareholders: $0 in dividends and $82.1 million in share buybacks, 200% of free cash flow. The share count rose 20.9% from 87.1M to 105.3M over 7 years.
See the DOCN income statement, the DOCN chart for price history, or the DOCN stock overview for the latest quote and news.
DOCN key metrics FAQ
What is DigitalOcean's P/E ratio?
DigitalOcean's trailing P/E ratio is 45.5 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 76.3. At the end of fiscal 2025 it was 19.6, compared with a 8-year median of 38.1.
What is DigitalOcean's EV/EBITDA?
DigitalOcean's enterprise value was 15.3 times EBITDA at the end of fiscal 2025 (enterprise value $5.5 billion, EBITDA $362.1 million); the current EV/EBITDA is 45.9.
What is DigitalOcean's ROIC?
DigitalOcean's return on invested capital was 20.8% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does DigitalOcean have?
DigitalOcean had total debt of $730.6 million at the end of fiscal 2025 and $476.1 million of net debt (1.31 times EBITDA).
Does DigitalOcean buy back its shares?
Yes. DigitalOcean spent $82.1 million on net share repurchases in fiscal 2025 Shares outstanding changed +11.5% over the year, to 105.3M..
What is DigitalOcean's free cash flow yield?
DigitalOcean generated $41.1 million of free cash flow in fiscal 2025, a free cash flow yield of 0.8% on its market value at year-end ($5.1 billion).
What is DigitalOcean's current ratio?
DigitalOcean's current ratio was 0.69 at the end of fiscal 2025: current assets were 0.69 times current liabilities.