HCAT vs DOCS

For growth investors, Doximity, Inc.

(DOCS) is the stronger pick with 20. 0% revenue growth year-over-year, versus 1. 5% for Health Catalyst, Inc. (HCAT). Doximity, Inc. (DOCS) offers the better valuation at 23. 1x trailing P/E (16. 6x forward), making it the more compelling value choice. Analysts rate Health Catalyst, Inc. (HCAT) a "Buy" — based on 22 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.

On forward P/E, Health Catalyst, Inc.

is actually cheaper at 14. 0x — notably different from the trailing picture, reflecting expected earnings growth.

Over the past 5 years, Doximity, Inc.

(DOCS) delivered a total return of -51. 5%, compared to -96. 9% for Health Catalyst, Inc. (HCAT). Over 10 years, the gap is even starker: DOCS returned -51. 5% versus HCAT's -96. 0%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.

By beta (market sensitivity over 5 years), Doximity, Inc.

(DOCS) is the lower-risk stock at 1. 03β versus Health Catalyst, Inc. 's 2. 05β — meaning HCAT is approximately 99% more volatile than DOCS relative to the S&P 500. On balance sheet safety, Doximity, Inc. (DOCS) carries a lower debt/equity ratio of 1% versus 8% for Health Catalyst, Inc. — giving it more financial flexibility in a downturn.

By revenue growth (latest reported year), Doximity, Inc.

(DOCS) is pulling ahead at 20. 0% versus 1. 5% for Health Catalyst, Inc. (HCAT). On earnings-per-share growth, the picture is similar: Doximity, Inc. grew EPS 54. 2% year-over-year, compared to -121. 7% for Health Catalyst, Inc.. Over a 3-year CAGR, DOCS leads at 18. 4% annualised revenue growth. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.

Doximity, Inc.

(DOCS) is the more profitable company, earning 39. 1% net margin versus -57. 2% for Health Catalyst, Inc. — meaning it keeps 39. 1% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: DOCS leads at 39. 9% versus -51. 7% for HCAT. At the gross margin level — before operating expenses — DOCS leads at 90. 2%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.

On forward earnings alone, Health Catalyst, Inc.

(HCAT) trades at 14. 0x forward P/E versus 16. 6x for Doximity, Inc. — 2. 6x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for DOCS: 66. 6% to $42. 79.

None of the stocks in this comparison currently pay a material dividend.

All are effectively zero-yield and should be held for capital appreciation rather than income.

For long-horizon retirement investors, Doximity, Inc.

(DOCS) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 1. 03)). Health Catalyst, Inc. (HCAT) carries a higher beta of 2. 05 — meaning larger drawdowns in market downturns, which matters significantly when you cannot wait years for a recovery. Both have compounded well over 10 years (DOCS: -51. 5%, HCAT: -96. 0%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.

Both stocks operate in the Healthcare sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.

In terms of investment character: HCAT is a small-cap quality compounder stock; DOCS is a small-cap high-growth stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.