DocuSign (NASDAQ: DOCU) stock soared to an all-time high of $310 in late 2021 on the back of the company's substantial revenue growth, driven by its portfolio of digital document software that allowed businesses to close deals remotely in the face of COVID-19 lockdowns and social restrictions.

But with society now largely back to normal, management is focused on making DocuSign's business more sustainable, which means cutting costs and delivering profitability. The strategy is bearing fruit: Fiscal 2024 (ended Jan. 31) was the first profitable year in the company's history.

Unfortunately, it came at a cost. DocuSign's revenue growth has slowed to a crawl, and its stock has plunged 81% from its all-time high. It's incredibly cheap based on two traditional valuation metrics, though, and here's why it might be time to buy.

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Source Fool.com