Doximity
DOCS · Health Care Technology
$33.39
0.9%HealthStream
HSTM · Health Care Technology
$35.16
1.6%The short version
- Doximity is the larger business, with $645M of revenue in fiscal 2026 against $304M for HealthStream, about 2.1 times as much.
- Doximity grew revenue faster (13.1%, against 4.3%).
- Doximity kept more of each dollar of sales as operating profit (33.3% operating margin, against 6.7% operating margin).
- Doximity turned more of its sales into free cash flow (50.6% FCF margin, against 19.6% FCF margin).
- Investors pay more for each dollar of HealthStream’s earnings: a P/E of 48.8x against 39.3x for Doximity.
| Latest fiscal year | DOCS · FY26 | HSTM · FY25 |
|---|---|---|
| Size | ||
| Market cap | $6.4B | $1.0B |
| Revenue | $645M | $304M |
| Free cash flow | $326M | $59.6M |
| Net income | $196M | $18.3M |
| Growth | ||
| Revenue growth | 13.1% | 4.3% |
| 5-year growth | 25.5% | 4.4% |
| Share count change | −1.1% | −1.3% |
| Profitability | ||
| Gross margin | 89.1% | — |
| Operating margin | 33.3% | 6.7% |
| Net margin | 30.4% | 6.0% |
| FCF margin | 50.6% | 19.6% |
| Return on capital | 91.3% | — |
| Return on equity | 19.3% | 5.1% |
| Balance sheet | ||
| Net debt | −$749M | — |
| Net debt / EBITDA | −3.3x | — |
| Dividends and buybacks | $432M | $33.7M |
| Valuation & quality | ||
| P/E | 39.3x | 48.8x |
| Piotroski F-score | 4 | — |
FY17
DOCS —
HSTM $215M
FY18
DOCS —
HSTM $232M
FY19
DOCS —
HSTM $254M
FY20
DOCS $116M
HSTM $245M
FY21
DOCS $207M
HSTM $257M
FY22
DOCS $344M
HSTM $267M
FY23
DOCS $419M
HSTM $279M
FY24
DOCS $475M
HSTM $292M
FY25
DOCS $570M
HSTM $304M
FY26
DOCS $645M
HSTM —
DOCS
HSTM
FY17
DOCS —
HSTM 4.4%
FY18
DOCS —
HSTM 6.7%
FY19
DOCS —
HSTM 5.8%
FY20
DOCS 19.0%
HSTM 6.5%
FY21
DOCS 25.8%
HSTM 3.1%
FY22
DOCS 33.1%
HSTM 4.7%
FY23
DOCS 29.9%
HSTM 5.7%
FY24
DOCS 34.5%
HSTM 7.3%
FY25
DOCS 39.9%
HSTM 6.7%
FY26
DOCS 33.3%
HSTM —
DOCS
HSTM
FY17
DOCS —
HSTM $41.2M
FY18
DOCS —
HSTM $36.1M
FY19
DOCS —
HSTM $43.7M
FY20
DOCS $25.9M
HSTM $33.9M
FY21
DOCS $82.7M
HSTM $39.0M
FY22
DOCS $125M
HSTM $49.4M
FY23
DOCS $178M
HSTM $61.8M
FY24
DOCS $184M
HSTM $56.3M
FY25
DOCS $273M
HSTM $59.6M
FY26
DOCS $326M
HSTM —
DOCS
HSTM
FY17
DOCS —
HSTM —
FY18
DOCS —
HSTM —
FY19
DOCS —
HSTM —
FY20
DOCS —
HSTM —
FY21
DOCS —
HSTM —
FY22
DOCS —
HSTM —
FY23
DOCS 64.8%
HSTM —
FY24
DOCS 88.4%
HSTM —
FY25
DOCS 126.3%
HSTM —
FY26
DOCS 91.3%
HSTM —
DOCS
HSTM
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.