Doximity
DOCS · Health Care Technology
$33.39
0.9%Veeva Systems
VEEV · Health Care Technology
$323.04
0.2%The short version
- Veeva Systems is the larger business, with $3.2B of revenue in fiscal 2026 against $645M for Doximity, about 5.0 times as much.
- Veeva Systems grew revenue faster (16.3%, against 13.1%).
- Doximity kept more of each dollar of sales as operating profit (33.3% operating margin, against 28.7% operating margin).
- Doximity turned more of its sales into free cash flow (50.6% FCF margin, against 43.4% FCF margin).
- Investors pay more for each dollar of Veeva Systems’s earnings: a P/E of 52.9x against 39.3x for Doximity.
| Latest fiscal year | DOCS · FY26 | VEEV · FY26 |
|---|---|---|
| Size | ||
| Market cap | $6.4B | $53.3B |
| Revenue | $645M | $3.2B |
| Free cash flow | $326M | $1.4B |
| Net income | $196M | $909M |
| Growth | ||
| Revenue growth | 13.1% | 16.3% |
| 5-year growth | 25.5% | 16.9% |
| Share count change | −1.1% | 1.1% |
| Profitability | ||
| Gross margin | 89.1% | 75.5% |
| Operating margin | 33.3% | 28.7% |
| Net margin | 30.4% | 28.4% |
| FCF margin | 50.6% | 43.4% |
| Return on capital | 91.3% | — |
| Return on equity | 19.3% | 13.9% |
| Balance sheet | ||
| Net debt | −$749M | −$6.6B |
| Net debt / EBITDA | −3.3x | −6.9x |
| Dividends and buybacks | $432M | $170M |
| Valuation & quality | ||
| P/E | 39.3x | 52.9x |
| Piotroski F-score | 4 | 6 |
FY17
DOCS —
VEEV $551M
FY18
DOCS —
VEEV $691M
FY19
DOCS —
VEEV $862M
FY20
DOCS $116M
VEEV $1.1B
FY21
DOCS $207M
VEEV $1.5B
FY22
DOCS $344M
VEEV $1.9B
FY23
DOCS $419M
VEEV $2.2B
FY24
DOCS $475M
VEEV $2.4B
FY25
DOCS $570M
VEEV $2.7B
FY26
DOCS $645M
VEEV $3.2B
DOCS
VEEV
FY17
DOCS —
VEEV 21.9%
FY18
DOCS —
VEEV 22.9%
FY19
DOCS —
VEEV 25.9%
FY20
DOCS 19.0%
VEEV 25.9%
FY21
DOCS 25.8%
VEEV 25.8%
FY22
DOCS 33.1%
VEEV 27.3%
FY23
DOCS 29.9%
VEEV 21.3%
FY24
DOCS 34.5%
VEEV 18.2%
FY25
DOCS 39.9%
VEEV 25.2%
FY26
DOCS 33.3%
VEEV 28.7%
DOCS
VEEV
FY17
DOCS —
VEEV $143M
FY18
DOCS —
VEEV $232M
FY19
DOCS —
VEEV $301M
FY20
DOCS $25.9M
VEEV $433M
FY21
DOCS $82.7M
VEEV $543M
FY22
DOCS $125M
VEEV $750M
FY23
DOCS $178M
VEEV $767M
FY24
DOCS $184M
VEEV $885M
FY25
DOCS $273M
VEEV $1.1B
FY26
DOCS $326M
VEEV $1.4B
DOCS
VEEV
FY17
DOCS —
VEEV 18.0%
FY18
DOCS —
VEEV 47.6%
FY19
DOCS —
VEEV 147.1%
FY20
DOCS —
VEEV 75.5%
FY21
DOCS —
VEEV 61.6%
FY22
DOCS —
VEEV 74.1%
FY23
DOCS 64.8%
VEEV 76.5%
FY24
DOCS 88.4%
VEEV 62.4%
FY25
DOCS 126.3%
VEEV —
FY26
DOCS 91.3%
VEEV —
DOCS
VEEV
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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.