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Docusign Inc (DOCU) — wheel strategy suitability
Where DOCU sits as an underlying for selling cash-secured puts and covered calls, and what its own price history says about the risk of being assigned into a falling stock. Snapshot of 3 October 2026.
Docusign Inc (DOCU) scores 80 on the Wheel score, which puts it in the preferred band for selling cash-secured puts and covered calls.
The score is carried by its quality (87/100) and held back by valuation (43/100). Growth is deliberately excluded from this score: fast growers tend to carry high implied volatility and gap risk, which is the opposite of what a wheel seller wants. It is not cheap, so assignment would leave you holding a fully priced stock.
It has weekly options, so no liquidity haircut is applied — weeklies let you roll on a shorter cycle and take theta more often.
Over the last 3.0 years it had 3 days with a fall of 10% or more (1.01 a year), a deepest drawdown of -61.0%, and a worst single session of -19.0%. That is worse than the median screened name (0.67 gap-downs a year, -44.9% typical worst drawdown).
Realised volatility runs about 47% annualised. That is high. More premium, and a materially higher chance of being assigned into a falling stock.
Entry timing currently reads extended: the stock has run. Covered calls fit that better than puts.
Score breakdown
| Wheel score | 80 | 0–100 suitability for options selling |
|---|---|---|
| Quality | 87 | ROIC, margins, leverage, accruals |
| Valuation | 43 | cheaper on fwd P/E, EV/EBITDA, FCF yield |
| Margin stability | — | steadier earnings score higher |
| Options listed | Weekly | weekly avoids the liquidity haircut |
| Accounting flags | 0 | −8 points each |
Realised tail risk
Computed from our own daily price history, 2023-10-04 to 2026-10-01 (749 sessions). The Wheel score is built from fundamentals, so these price-derived numbers are an independent check on it, not a restatement of it.
| Days falling 10%+ in one session | 3 | 1.01 a year |
|---|---|---|
| Deepest drawdown | -61.0% | peak to trough |
| Worst single session | -19.0% | |
| Realised volatility | 47% | annualised |
Fundamentals
| Revenue (ttm) | 3,220M USD |
|---|---|
| Revenue CAGR (3y) | 8.6% |
| Net margin | 9.6% |
| Return on equity | 16.1% |
| Share price | $69.74 |
| Days to earnings | 61 |
| Sector / industry | Technology · Software - Application |
Open the DOCU options chain on Yahoo Finance to check live strikes and premium — this page deliberately carries no quotes, because a quote baked into a static page is stale before you read it.
Run the numbers on DOCU
Pre-filled with the snapshot price of $69.74 and 30-day realised volatility; add the strike and premium from the live option chain.