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Doximity

DOCS NYSE Health Care Technology Financials FY2020–FY2026

Doximity's revenue rose 13.1% to $645 million in fiscal 2026. Its operating margin was 33.3%, down from 39.9% a year earlier. Free cash flow was $326 million, up 19.5%. It paid out $432 million in dividends and buybacks, 132% of free cash flow. The diluted share count fell 1.1%.

Last close · Oct 23, 2026

$33.39

0.9%
Value it Compare
Revenue Total sales reported in the income statement.
$645M
13.1% vs prior year
Operating margin Operating income as a share of revenue.
33.3%
6.6 pts
Net income Profit after all expenses, interest and tax.
$196M
12.1%
Free cash flow Cash from operations minus capital spending.
$326M
19.5%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
91.3%
35.0 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$6.4B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
39.3x
On $0.85 EPS (TTM)

About these figures. Doximity has no borrowings (its balance sheet has no debt line), so debt is counted as zero.

What Doximity does

No business description yet.

Legal name
Doximity, Inc.
Fiscal year ends
March 31, 2026
Latest annual report
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Accession · CIK
0001516513-26-000025
0001516513

Revenue and margins

Doximity had $645M of revenue in fiscal 2026, up 13.1% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2020 to 2026, diluted EPS grew 40.0% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $326M in fiscal 2026, 50.6% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Doximity returned $432M to shareholders in fiscal 2026, 132% of free cash flow. The diluted share count fell 1.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Doximity yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $749M and divides by 199.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 39.3x · peers 48.8x · sector 27.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably Doximity can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY22FY23FY24FY25FY26
Cash and short-term investments $708M$809M$763M$916M$749M
Debt incl. finance leases $0.0M$0.0M$0.0M$0.0M$0.0M
Net debt / EBITDA −6.0x−6.0x−4.4x−3.8x−3.3x
Debt / equity 0.0x0.0x0.0x0.0x0.0x
Current ratio 8.1x7.0x6.2x7.0x6.1x
Quick ratio 8.1x7.0x6.2x7.0x6.1x
Total assets $991M$1.1B$1.1B$1.3B$1.1B
Total liabilities $113M$171M$178M$182M$173M
Shareholders' equity $879M$966M$901M$1.1B$951M
Net debt (− = net cash) −$708M−$809M−$763M−$916M−$749M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$1.1M

3 insiders

Of sales under plans

100%

$1.1M

DateInsiderTradeSharesPriceValueFiling
Oct 14, 2026 Siddharth SitaramChief Accounting Officer Sold plan 2,613 $30.68 $0.1M Form 4
Sep 15, 2026 Siddharth SitaramChief Accounting Officer Sold plan 2,077 $26.02 $0.1M Form 4
Sep 1, 2026 Kira Scherer WamplerDirector Sold plan 2,000 $26.33 $0.1M Form 4
Aug 25, 2026 Kira Scherer WamplerDirector Sold plan 2,000 $24.95 $0.0M Form 4
Aug 13, 2026 Siddharth SitaramChief Accounting Officer Sold plan 1,770 $24.94 $0.0M Form 4
Aug 7, 2026 Timothy S CabralDirector Sold plan 7,500 $39.11 $0.3M Form 4
Jul 15, 2026 Siddharth SitaramChief Accounting Officer Sold plan 1,732 $22.02 $0.0M Form 4
Jun 8, 2026 Siddharth SitaramInterim PAO Sold plan 2,444 $20.41 $0.0M Form 4
May 11, 2026 Siddharth SitaramInterim PFO and PAO Sold plan 2,309 $25.77 $0.1M Form 4
May 7, 2026 Kira Scherer WamplerDirector Sold plan 9,000 $26.06 $0.2M Form 4
Apr 10, 2026 Siddharth SitaramInterim PFO and PAO Sold plan 2,427 $21.09 $0.1M Form 4
Mar 10, 2026 Siddharth SitaramInterim PFO and PAO Sold plan 2,319 $25.37 $0.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY24FY25FY26
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✕ ✓ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✓ ✕
Revenue rose relative to assets ✕ ✓ ✕
F-score 6 / 98 / 94 / 9
Accruals ratio −3.3%−4.3%−10.9%
Altman Z'' 11.2312.7911.52

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Doximity DOCS $6.4B 13.1% 33.3% 50.6% 91.3% 39.3x 4
Certara CERT $1.6B 8.8% 5.0% 22.6% 0.9% — 5 Compare →
HealthStream HSTM $1.0B 4.3% 6.7% 19.6% — 48.8x — Compare →
Veeva Systems VEEV $53.3B 16.3% 28.7% 43.4% — 52.9x 6 Compare →
Solventum SOLV $14.8B 0.9% 26.2% −0.1% 20.4% 10.5x 5 Compare →

7 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY20FY21FY22FY23FY24FY25FY26
Income statement
Revenue $116M $207M $344M $419M $475M $570M $645M
Gross profit $102M $176M $304M $366M $425M $515M $575M
Research and development $32.4M $43.9M $62.3M $80.2M $82.0M $93.0M $131M
Operating income $22.2M $53.3M $114M $125M $164M $228M $215M
Pretax income $23.5M $57.8M $114M $133M $185M $264M $250M
Income tax −$6.2M $7.6M −$40.8M $20.3M $37.6M $40.4M $54.0M
Net income $29.7M $50.2M $155M $113M $148M $223M $196M
Diluted EPS $0.13 $0.23 $0.70 $0.53 $0.72 $1.11 $0.98
Diluted shares 0.08B 0.10B 0.19B 0.21B 0.21B 0.20B 0.20B
Cash flow
Cash from operations $26.2M $83.0M $127M $180M $184M $273M $327M
Capital expenditure $0.3M $0.2M $1.9M $1.7M $0.1M $0.0M $0.0M
Free cash flow $25.9M $82.7M $125M $178M $184M $273M $326M
Depreciation and amortization $0.9M $3.7M $5.0M $10.3M $10.3M $10.7M $14.4M
Stock-based compensation $2.4M $7.3M $31.4M $47.8M $51.1M $72.4M $122M
Acquisitions $0.0M $31.7M $0.0M $53.5M $0.0M $0.0M $26.5M
Share buybacks $0.0M $2.0M $2.7M $85.3M $281M $120M $432M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $2.0M $2.7M $85.3M $281M $120M $432M
Balance sheet
Cash and short-term investments $48.4M $143M $708M $809M $763M $916M $749M
Total debt $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets — $209M $904M $976M $913M $1.1B $944M
Current liabilities — $102M $111M $140M $147M $156M $155M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net — $7.6M $8.5M $11.3M $12.3M $13.7M $18.1M
Total assets — $252M $991M $1.1B $1.1B $1.3B $1.1B
Total liabilities — $104M $113M $171M $178M $182M $173M
Shareholders' equity $1.1M $66.7M $879M $966M $901M $1.1B $951M
Margins
Gross margin 87.2% 84.9% 88.4% 87.2% 89.3% 90.2% 89.1%
Operating margin 19.0% 25.8% 33.1% 29.9% 34.5% 39.9% 33.3%
EBITDA margin 19.8% 27.6% 34.5% 32.3% 36.6% 41.8% 35.6%
Net margin 25.6% 24.3% 45.1% 26.9% 31.0% 39.1% 30.4%
FCF margin 22.3% 40.0% 36.3% 42.5% 38.7% 47.9% 50.6%
Returns
Return on capital — — — 64.8% 88.4% 126.3% 91.3%
Return on capital employed — — 22.1% 13.3% 17.0% 22.3% 20.7%
Return on equity — — 32.8% 12.2% 15.8% 22.5% 19.3%
Return on assets — — 24.9% 10.6% 13.3% 19.1% 16.4%
Growth
Revenue growth — 77.8% 66.1% 22.0% 13.5% 20.0% 13.1%
Net income growth — 68.9% 208.3% −27.1% 30.8% 51.2% −12.2%
EPS growth — 76.9% 204.4% −24.3% 35.9% 54.2% −11.7%
FCF growth — 219.2% 50.7% 42.7% 3.4% 48.6% 19.5%
Share count change — 16.4% 100.8% 11.7% −3.6% −2.2% −1.1%
Financial health
Net debt / EBITDA −2.1x −2.5x −6.0x −6.0x −4.4x −3.8x −3.3x
Debt / equity — 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
Current ratio — 2.1x 8.1x 7.0x 6.2x 7.0x 6.1x
Quick ratio — 2.1x 8.1x 7.0x 6.2x 7.0x 6.1x
Capital allocation
Capex / revenue 0.2% 0.1% 0.6% 0.4% 0.0% 0.0% 0.0%
Stock comp / revenue 2.0% 3.5% 9.2% 11.4% 10.7% 12.7% 18.9%
Payouts / FCF 0.0% 2.4% 2.2% 48.0% 152.6% 44.0% 132.2%
Quality scores
Piotroski F-score — — — 3.0 6.0 8.0 4.0
Altman Z'' — 5.4 14.8 12.1 11.2 12.8 11.5
Accruals ratio — — 4.5% −6.3% −3.3% −4.3% −10.9%

Source: SEC EDGAR XBRL filings (CIK 0001516513). Data updated October 14, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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