Doximity, Inc. (DOCS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-19.1%

$27.12

vs $33.51 price

Levered DCF

$40.88

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

23.26

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	22.19×	48.76×	33.86×	55.83×	64.31×	441.67×	889.26×	16,060.61×
P/B	4.58×	10.01×	5.57×	6.47×	9.69×	141.51×	8,477.32×	198.57×
P/S	6.76×	19.01×	10.56×	14.93×	24.79×	45.65×	82.74×	112.38×
EV / EBITDA	15.69×	44.21×	27.13×	42.61×	70.6×	163.13×	415.56×	1,284.35×
Gross margin	89.1%	90.2%	89.3%	87.2%	88.4%	84.9%	87.2%	87.3%
Operating margin	33.3%	39.9%	34.5%	29.9%	33.0%	25.8%	19.0%	8.1%
Net margin	30.4%	39.1%	31.0%	26.9%	45.1%	24.3%	25.5%	9.1%
Current ratio	6.09×	6.97×	6.2×	6.99×	8.12×	2.05×	2.21×	2.2×
Debt / equity	0.01×	0.01×	0.02×	0.02×	0×	0.02×	2.01×	0×
Interest coverage	0×	0×	0×	0×	0×	0×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	20.6%	20.6%	16.4%	11.7%	17.6%	75.2%	2617.7%	16.2%
Return on invested capital	17.4%	17.4%	14.0%	10.6%	12.9%	30.8%	26.0%	14.0%
Return on assets	17.4%	17.7%	13.7%	9.9%	15.6%	19.9%	21.4%	9.0%
Free cash flow yield	7.3%	2.5%	3.5%	2.8%	1.4%	0.8%	0.2%	0.1%
Earnings yield	4.5%	2.1%	2.9%	1.8%	1.8%	0.5%	0.3%	0.1%
Enterprise value	$4.1B	$10.6B	$4.9B	$6.1B	$8.4B	$9.4B	$9.6B	$9.6B
Net debt / EBITDA	-0.79×	-0.82×	-0.45×	-0.99×	-0.94×	-1.13×	-2×	-4.5×
Cash conversion cycle (days)	61	73	62	85	82	71	47	34