Doximity vs Veeva Systems

Add, change or remove companies; up to four.

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%).
Doximity turned more of its sales into free cash flow (50.6% FCF margin, against 43.4%).
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

Revenue

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

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

DOCS VEEV

Operating margin

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%

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

DOCS VEEV

Free cash flow

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

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

DOCS VEEV

Return on capital

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 —

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

DOCS VEEV

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.