Doximity vs Solventum
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The short version
- Solventum is the larger business, with $8.3B of revenue in fiscal 2025 against $645M for Doximity, about 13 times as much.
- Doximity grew revenue faster (13.1%, against 0.9%).
- Doximity kept more of each dollar of sales as operating profit (33.3% operating margin, against 26.2%).
- Doximity turned more of its sales into free cash flow (50.6% FCF margin, against −0.1%).
- Doximity earned a higher return on the capital invested in it (91.3%, against 20.4%).
- Investors pay more for each dollar of Doximity’s earnings: a P/E of 39.3x against 10.5x for Solventum.
| Latest fiscal year | DOCS · FY26 | SOLV · FY25 |
|---|---|---|
| Size | ||
| Market cap | $6.4B | $14.8B |
| Revenue | $645M | $8.3B |
| Free cash flow | $326M | −$10.0M |
| Net income | $196M | $1.6B |
| Growth | ||
| Revenue growth | 13.1% | 0.9% |
| 5-year growth | 25.5% | — |
| Share count change | −1.1% | 0.9% |
| Profitability | ||
| Gross margin | 89.1% | 53.5% |
| Operating margin | 33.3% | 26.2% |
| Net margin | 30.4% | 18.7% |
| FCF margin | 50.6% | −0.1% |
| Return on capital | 91.3% | 20.4% |
| Return on equity | 19.3% | 38.9% |
| Balance sheet | ||
| Net debt | −$749M | $4.2B |
| Net debt / EBITDA | −3.3x | 1.6x |
| Dividends and buybacks | $432M | $0.0M |
| Valuation & quality | ||
| P/E | 39.3x | 10.5x |
| Piotroski F-score | 4 | 5 |
Revenue
FY20
DOCS $116M
SOLV —
FY21
DOCS $207M
SOLV —
FY22
DOCS $344M
SOLV $8.1B
FY23
DOCS $419M
SOLV $8.2B
FY24
DOCS $475M
SOLV $8.3B
FY25
DOCS $570M
SOLV $8.3B
FY26
DOCS $645M
SOLV —
DOCS
SOLV
Operating margin
FY20
DOCS 19.0%
SOLV —
FY21
DOCS 25.8%
SOLV —
FY22
DOCS 33.1%
SOLV 20.8%
FY23
DOCS 29.9%
SOLV 20.6%
FY24
DOCS 34.5%
SOLV 12.6%
FY25
DOCS 39.9%
SOLV 26.2%
FY26
DOCS 33.3%
SOLV —
DOCS
SOLV
Free cash flow
FY20
DOCS $25.9M
SOLV —
FY21
DOCS $82.7M
SOLV —
FY22
DOCS $125M
SOLV $1.4B
FY23
DOCS $178M
SOLV $1.6B
FY24
DOCS $184M
SOLV $805M
FY25
DOCS $273M
SOLV −$10.0M
FY26
DOCS $326M
SOLV —
DOCS
SOLV
Return on capital
FY20
DOCS —
SOLV —
FY21
DOCS —
SOLV —
FY22
DOCS —
SOLV —
FY23
DOCS 64.8%
SOLV —
FY24
DOCS 88.4%
SOLV 7.6%
FY25
DOCS 126.3%
SOLV 20.4%
FY26
DOCS 91.3%
SOLV —
DOCS
SOLV
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.