Doximity, Inc. (DOCS) 10-Year Financial Performance & Capital Metrics

DOCS • • Industrial / General

HealthcareHealthcare ITClinical Software & EHR SystemsProvider Management Solutions

AboutDoximity, Inc. operates a cloud-based digital platform for medical professionals in the United States. The company's platform provides its members with tools built for medical professionals, enabling them to collaborate with their colleagues, coordinate patient care, conduct virtual patient visits, stay up to date with the latest medical news and research, and manage their careers. It primarily serves pharmaceutical manufacturers and healthcare systems. The company was formerly known as 3MD Communications, Inc. and changed its name to Doximity, Inc. in June 2010. Doximity, Inc. was incorporated in 2010 and is headquartered in San Francisco, California.Show more

Revenue $570M +20.0%
EBITDA $238M +36.9%
Net Income $223M +51.2%
EPS (Diluted) 1.11 +54.2%
Gross Margin 90.2% +1.0%
EBITDA Margin 41.81% +14.1%
Operating Margin 39.94% +15.9%
Net Margin 39.13% +26.0%
ROE 22.5% +42.3%
ROIC 20.05% +34.0%
Debt/Equity 0.01 -29.0%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong 5Y profit CAGR of 49.6%
✓Strong Piotroski F-Score: 9/9
✓FCF machine: 46.8% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 37.4%

✗Weaknesses

✗Weak momentum: RS Rating 13 (bottom 13%)
✗Trading more than 30% below 52-week high

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-

5Y37.42%

3Y18.41%

TTM20.21%

Profit (Net Income) CAGR

10Y-

5Y49.65%

3Y12.97%

TTM45.33%

EPS CAGR

10Y-

5Y79.48%

3Y16.61%

TTM44.83%

ROCE

10Y Avg24.04%

5Y Avg24.09%

3Y Avg17.55%

Latest22.33%

Peer Comparison

Provider Management Solutions

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PRVAPrivia Health Group, Inc.	2.93B	23.86	216.91	4.74%	0.89%	2.38%	3.55%	0.01
PGNYProgyny, Inc.	2.1B	24.31	42.65	7.22%	4.46%	10.1%	8.29%	0.05
DOCSDoximity, Inc.	5.64B	41.05	36.98	19.98%	40.72%	23.1%	4.73%	0.01
HSTMHealthStream, Inc.	653.89M	22.04	33.39	4.51%	6.93%	5.93%	4.51%	0.06
SPOKSpok Holdings, Inc.	272.51M	13.23	18.12	-0.99%	11.88%	11.16%	9.44%	0.06
BTSGBrightSpring Health Services, Inc. Common Stock	7.14B	39.60	-423.08	27.65%	1.04%	7.12%		1.76

Profit & Loss

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales/Revenue+	85.69M	116.39M	206.9M	343.55M	419.05M	475.42M	570.4M
Revenue Growth %	-	0.36%	0.78%	0.66%	0.22%	0.13%	0.2%
Cost of Goods Sold+	10.89M	14.9M	31.2M	39.79M	53.49M	50.67M	55.87M
COGS % of Revenue	0.13%	0.13%	0.15%	0.12%	0.13%	0.11%	0.1%
Gross Profit+	74.81M	101.49M	175.7M	303.76M	365.56M	424.75M	514.52M
Gross Margin %	0.87%	0.87%	0.85%	0.88%	0.87%	0.89%	0.9%
Gross Profit Growth %	-	0.36%	0.73%	0.73%	0.2%	0.16%	0.21%
Operating Expenses+	67.89M	79.33M	122.4M	190.22M	240.45M	260.88M	286.73M
OpEx % of Revenue	0.79%	0.68%	0.59%	0.55%	0.57%	0.55%	0.5%
Selling, General & Admin	40.39M	46.89M	78.53M	127.88M	160.27M	170.96M	191.38M
SG&A % of Revenue	0.47%	0.4%	0.38%	0.37%	0.38%	0.36%	0.34%
Research & Development	27.5M	32.44M	43.87M	62.35M	80.19M	81.98M	93.04M
R&D % of Revenue	0.32%	0.28%	0.21%	0.18%	0.19%	0.17%	0.16%
Other Operating Expenses	0	0	0	0	0	7.94M	2.3M
Operating Income+	6.92M	22.16M	53.3M	113.54M	125.11M	163.88M	227.8M
Operating Margin %	0.08%	0.19%	0.26%	0.33%	0.3%	0.34%	0.4%
Operating Income Growth %	-	2.2%	1.41%	1.13%	0.1%	0.31%	0.39%
EBITDA+	7.47M	23.06M	57.01M	118.58M	135.39M	174.14M	238.46M
EBITDA Margin %	0.09%	0.2%	0.28%	0.35%	0.32%	0.37%	0.42%
EBITDA Growth %	-	2.09%	1.47%	1.08%	0.14%	0.29%	0.37%
D&A (Non-Cash Add-back)	551K	900K	3.7M	5.04M	10.28M	10.27M	10.66M
EBIT	6.92M	22.16M	53.3M	113.54M	125.11M	171.81M	230.1M
Net Interest Income+	1.07M	1.46M	301K	2.15M	9.29M	21.66M	35.85M
Interest Income	1.07M	1.46M	301K	2.15M	9.29M	21.66M	35.85M
Interest Expense	0	0	0	0	0	0	0
Other Income/Expense	1.01M	1.35M	4.47M	469K	8.05M	21.32M	35.77M
Pretax Income+	7.93M	23.51M	57.77M	114M	133.16M	185.2M	263.57M
Pretax Margin %	0.09%	0.2%	0.28%	0.33%	0.32%	0.39%	0.46%
Income Tax+	98K	-6.22M	7.56M	-40.78M	20.34M	37.62M	40.39M
Effective Tax Rate %	0.99%	1.26%	0.87%	1.36%	0.85%	0.8%	0.85%
Net Income+	7.83M	29.74M	50.21M	154.78M	112.82M	147.58M	223.19M
Net Margin %	0.09%	0.26%	0.24%	0.45%	0.27%	0.31%	0.39%
Net Income Growth %	-	2.8%	0.69%	2.08%	-0.27%	0.31%	0.51%
Net Income (Continuing)	7.83M	29.74M	50.21M	154.78M	112.82M	147.58M	223.19M
Discontinued Operations	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0
EPS (Diluted)+	0.00	0.06	0.12	0.70	0.53	0.72	1.11
EPS Growth %	-	-	1.01%	4.83%	-0.24%	0.36%	0.54%
EPS (Basic)	0.00	0.06	0.12	0.81	0.58	0.78	1.19
Diluted Shares Outstanding	181.7M	181.7M	178.21M	191.02M	213.43M	205.73M	201.21M
Basic Shares Outstanding	181.7M	181.7M	178.21M	163.48M	193.18M	190.17M	186.84M
Dividend Payout Ratio	-	-	-	-	-	-	-

Balance Sheet

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Total Current Assets+	83.36M	122.97M	209.4M	904.14M	975.45M	912.94M	1.09B
Cash & Short-Term Investments	62.33M	86.45M	142.53M	798.11M	841M	762.9M	915.66M
Cash Only	33.61M	48.43M	66.39M	112.81M	158.03M	96.78M	209.61M
Short-Term Investments	28.73M	38.02M	76.14M	685.3M	682.97M	666.12M	706.05M
Accounts Receivable	15.29M	26.16M	50.32M	81.07M	107.05M	101.33M	128.35M
Days Sales Outstanding	65.11	82.05	88.77	86.14	93.24	77.8	82.13
Inventory	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-
Other Current Assets	2.97M	3.41M	5.86M	5.51M	27.41M	48.71M	44.6M
Total Non-Current Assets+	3.21M	15.95M	42.32M	87.22M	161.44M	166.43M	175.69M
Property, Plant & Equipment	1.37M	7.11M	8.94M	9.57M	25.1M	24.65M	22.54M
Fixed Asset Turnover	62.60x	16.37x	23.15x	35.88x	16.70x	19.29x	25.30x
Goodwill	0	0	18.91M	18.91M	67.94M	67.94M	67.94M
Intangible Assets	407K	393K	9.6M	7.91M	31.84M	27.32M	23.07M
Long-Term Investments	0	0	0	0	0	0	0
Other Non-Current Assets	1.43M	1.35M	2.76M	2.26M	1.65M	1.46M	2.12M
Total Assets+	86.56M	138.92M	251.72M	991.36M	1.14B	1.08B	1.26B
Asset Turnover	0.99x	0.84x	0.82x	0.35x	0.37x	0.44x	0.45x
Asset Growth %	-	0.6%	0.81%	2.94%	0.15%	-0.05%	0.17%
Total Current Liabilities+	37.81M	55.71M	102.04M	111.28M	139.51M	147.25M	156.26M
Accounts Payable	938K	1.42M	1.51M	463K	1.27M	2.25M	1.36M
Days Payables Outstanding	31.44	34.71	17.73	4.25	8.68	16.23	8.86
Short-Term Debt	0	0	0	0	0	0	0
Deferred Revenue (Current)	0	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	32.49M	283K	3.55M	4.88M	11.92M	14.77M	12.06M
Current Ratio	2.20x	2.21x	2.05x	8.12x	6.99x	6.20x	6.97x
Quick Ratio	2.20x	2.21x	2.05x	8.12x	6.99x	6.20x	6.97x
Cash Conversion Cycle	-	-	-	-	-	-	-
Total Non-Current Liabilities+	0	82.07M	82.93M	1.48M	31.27M	30.73M	25.43M
Long-Term Debt	0	0	0	0	0	0	0
Capital Lease Obligations	0	324K	284K	447K	13.88M	12.4M	10.19M
Deferred Tax Liabilities	0	0	0	0	0	0	0
Other Non-Current Liabilities	0	81.46M	82.43M	956K	17.18M	18.12M	14.96M
Total Liabilities	37.81M	137.78M	184.98M	112.76M	170.77M	177.98M	181.68M
Total Debt+	0	2.28M	1.25M	1.09M	15.64M	14.55M	12.4M
Net Debt	-33.61M	-46.15M	-65.14M	-111.72M	-142.39M	-82.24M	-197.22M
Debt / Equity	-	2.01x	0.02x	0.00x	0.02x	0.02x	0.01x
Debt / EBITDA	-	0.10x	0.02x	0.01x	0.12x	0.08x	0.05x
Net Debt / EBITDA	-4.50x	-2.00x	-1.14x	-0.94x	-1.05x	-0.47x	-0.83x
Interest Coverage	-	-	-	-	-	-	-
Total Equity+	48.5M	1.14M	66.74M	878.59M	966.12M	901.4M	1.08B
Equity Growth %	-	-0.98%	57.75%	12.16%	0.1%	-0.07%	0.2%
Book Value per Share	0.27	0.01	0.37	4.60	4.53	4.38	5.38
Total Shareholders' Equity	48.5M	1.14M	66.74M	878.59M	966.12M	901.4M	1.08B
Common Stock	33K	68K	83K	192K	194K	187K	189K
Retained Earnings	-43.62M	-13.89M	36.32M	191.11M	217.85M	79.99M	186.89M
Treasury Stock	0	0	0	0	0	0	0
Accumulated OCI	0	0	-21K	-15.29M	-14.08M	-2.66M	1.32M
Minority Interest	0	0	0	0	0	0	0

Cash Flow

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operations+	15.31M	26.2M	82.97M	126.58M	179.6M	184.1M	273.26M
Operating CF Margin %	0.18%	0.23%	0.4%	0.37%	0.43%	0.39%	0.48%
Operating CF Growth %	-	0.71%	2.17%	0.53%	0.42%	0.03%	0.48%
Net Income	7.83M	29.74M	50.21M	154.78M	112.82M	147.58M	223.19M
Depreciation & Amortization	551K	900K	10.59M	5.04M	10.28M	10.27M	10.66M
Stock-Based Compensation	2.34M	2.35M	7.25M	31.44M	47.83M	51.08M	72.39M
Deferred Taxes	480K	-7.1M	4.99M	-41.25M	13.23M	-8.59M	-11.59M
Other Non-Cash Items	5.2M	6.58M	-95K	16.89M	16.47M	8.29M	2.72M
Working Capital Changes	-1.1M	-6.27M	10.03M	-40.33M	-21.03M	-24.52M	-24.1M
Change in Receivables	2.53M	-12.04M	-20.45M	-31.02M	-26.24M	3.99M	-27.21M
Change in Inventory	-4.07M	-6.93M	1.21M	0	0	0	0
Change in Payables	726K	5.06M	-243K	8.66M	-195K	8.33M	-663K
Cash from Investing+	-9.07M	-13.1M	-70.42M	-640.57M	-59.92M	31.19M	-29.3M
Capital Expenditures	-1.19M	-4.24M	-4.61M	-5.7M	-6.18M	-147K	-6.53M
CapEx % of Revenue	0.01%	0.04%	0.02%	0.02%	0.01%	0%	0.01%
Acquisitions	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-
Other Investing	-1.08M	-3.96M	-12K	595K	0	-5.65M	0
Cash from Financing+	985K	1.72M	5.41M	560.41M	-74.46M	-276.52M	-131.14M
Debt Issued (Net)	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-
Other Financing	985K	1.72M	7.43M	9.21M	10.86M	4.19M	-34.15M
Net Change in Cash	-	-	-	-	-	-	-
Free Cash Flow+	14.12M	21.95M	78.36M	120.88M	173.42M	178.29M	266.74M
FCF Margin %	0.16%	0.19%	0.38%	0.35%	0.41%	0.38%	0.47%
FCF Growth %	-	0.56%	2.57%	0.54%	0.43%	0.03%	0.5%
FCF per Share	0.08	0.12	0.44	0.63	0.81	0.87	1.33
FCF Conversion (FCF/Net Income)	1.95x	0.88x	1.65x	0.82x	1.59x	1.25x	1.22x
Interest Paid	0	0	0	0	0	0	0
Taxes Paid	4K	1.24M	5.97M	206K	5.23M	51.27M	55.65M

Key Ratios

Metric	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	16.15%	119.83%	147.94%	32.75%	12.23%	15.81%	22.5%
Return on Invested Capital (ROIC)	34.86%	-	2492.35%	22.16%	11.8%	14.96%	20.05%
Gross Margin	87.29%	87.2%	84.92%	88.42%	87.24%	89.34%	90.2%
Net Margin	9.14%	25.55%	24.27%	45.05%	26.92%	31.04%	39.13%
Debt / Equity	-	2.01x	0.02x	0.00x	0.02x	0.02x	0.01x
FCF Conversion	1.95x	0.88x	1.65x	0.82x	1.59x	1.25x	1.22x
Revenue Growth	-	35.82%	77.76%	66.05%	21.98%	13.45%	19.98%

Revenue by Segment

	2022	2023	2024	2025
Subscription	319.3M	389.74M	450.07M	543.77M
Subscription Growth	-	22.06%	15.48%	20.82%
Service, Other	24.25M	29.31M	25.35M	26.63M
Service, Other Growth	-	20.88%	-13.52%	5.04%

Frequently Asked Questions

Valuation & Price

Doximity, Inc. (DOCS) has a price-to-earnings (P/E) ratio of 37.0x. This suggests investors expect higher future growth.

Growth & Financials

Doximity, Inc. (DOCS) reported $621.3M in revenue for fiscal year 2025. This represents a 625% increase from $85.7M in 2019.

Doximity, Inc. (DOCS) grew revenue by 20.0% over the past year. This is strong growth.

Yes, Doximity, Inc. (DOCS) is profitable, generating $253.0M in net income for fiscal year 2025 (39.1% net margin).

Dividend & Returns

Doximity, Inc. (DOCS) has a return on equity (ROE) of 22.5%. This is excellent, indicating efficient use of shareholder capital.

Doximity, Inc. (DOCS) generated $314.5M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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Doximity, Inc. (DOCS) 10-Year Financial Performance & Capital Metrics

DOCS • • Industrial / General

HealthcareHealthcare ITClinical Software & EHR SystemsProvider Management Solutions

Revenue $570M +20.0%
EBITDA $238M +36.9%
Net Income $223M +51.2%
EPS (Diluted) 1.11 +54.2%
Gross Margin 90.2% +1.0%
EBITDA Margin 41.81% +14.1%
Operating Margin 39.94% +15.9%
Net Margin 39.13% +26.0%
ROE 22.5% +42.3%
ROIC 20.05% +34.0%
Debt/Equity 0.01 -29.0%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong 5Y profit CAGR of 49.6%
✓Strong Piotroski F-Score: 9/9
✓FCF machine: 46.8% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 37.4%

✗Weaknesses

✗Weak momentum: RS Rating 13 (bottom 13%)
✗Trading more than 30% below 52-week high

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-

5Y37.42%

3Y18.41%

TTM20.21%

Profit (Net Income) CAGR

10Y-

5Y49.65%

3Y12.97%

TTM45.33%

EPS CAGR

10Y-

5Y79.48%

3Y16.61%

TTM44.83%

ROCE

10Y Avg24.04%

5Y Avg24.09%

3Y Avg17.55%

Latest22.33%

Peer Comparison

Provider Management Solutions

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
PRVAPrivia Health Group, Inc.	2.93B	23.86	216.91	4.74%	0.89%	2.38%	3.55%	0.01
PGNYProgyny, Inc.	2.1B	24.31	42.65	7.22%	4.46%	10.1%	8.29%	0.05
DOCSDoximity, Inc.	5.64B	41.05	36.98	19.98%	40.72%	23.1%	4.73%	0.01
HSTMHealthStream, Inc.	653.89M	22.04	33.39	4.51%	6.93%	5.93%	4.51%	0.06
SPOKSpok Holdings, Inc.	272.51M	13.23	18.12	-0.99%	11.88%	11.16%	9.44%	0.06
BTSGBrightSpring Health Services, Inc. Common Stock	7.14B	39.60	-423.08	27.65%	1.04%	7.12%		1.76

Profit & Loss

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Sales/Revenue+	85.69M	116.39M	206.9M	343.55M	419.05M	475.42M	570.4M
Revenue Growth %	-	0.36%	0.78%	0.66%	0.22%	0.13%	0.2%
Cost of Goods Sold+	10.89M	14.9M	31.2M	39.79M	53.49M	50.67M	55.87M
COGS % of Revenue	0.13%	0.13%	0.15%	0.12%	0.13%	0.11%	0.1%
Gross Profit+	74.81M	101.49M	175.7M	303.76M	365.56M	424.75M	514.52M
Gross Margin %	0.87%	0.87%	0.85%	0.88%	0.87%	0.89%	0.9%
Gross Profit Growth %	-	0.36%	0.73%	0.73%	0.2%	0.16%	0.21%
Operating Expenses+	67.89M	79.33M	122.4M	190.22M	240.45M	260.88M	286.73M
OpEx % of Revenue	0.79%	0.68%	0.59%	0.55%	0.57%	0.55%	0.5%
Selling, General & Admin	40.39M	46.89M	78.53M	127.88M	160.27M	170.96M	191.38M
SG&A % of Revenue	0.47%	0.4%	0.38%	0.37%	0.38%	0.36%	0.34%
Research & Development	27.5M	32.44M	43.87M	62.35M	80.19M	81.98M	93.04M
R&D % of Revenue	0.32%	0.28%	0.21%	0.18%	0.19%	0.17%	0.16%
Other Operating Expenses	0	0	0	0	0	7.94M	2.3M
Operating Income+	6.92M	22.16M	53.3M	113.54M	125.11M	163.88M	227.8M
Operating Margin %	0.08%	0.19%	0.26%	0.33%	0.3%	0.34%	0.4%
Operating Income Growth %	-	2.2%	1.41%	1.13%	0.1%	0.31%	0.39%
EBITDA+	7.47M	23.06M	57.01M	118.58M	135.39M	174.14M	238.46M
EBITDA Margin %	0.09%	0.2%	0.28%	0.35%	0.32%	0.37%	0.42%
EBITDA Growth %	-	2.09%	1.47%	1.08%	0.14%	0.29%	0.37%
D&A (Non-Cash Add-back)	551K	900K	3.7M	5.04M	10.28M	10.27M	10.66M
EBIT	6.92M	22.16M	53.3M	113.54M	125.11M	171.81M	230.1M
Net Interest Income+	1.07M	1.46M	301K	2.15M	9.29M	21.66M	35.85M
Interest Income	1.07M	1.46M	301K	2.15M	9.29M	21.66M	35.85M
Interest Expense	0	0	0	0	0	0	0
Other Income/Expense	1.01M	1.35M	4.47M	469K	8.05M	21.32M	35.77M
Pretax Income+	7.93M	23.51M	57.77M	114M	133.16M	185.2M	263.57M
Pretax Margin %	0.09%	0.2%	0.28%	0.33%	0.32%	0.39%	0.46%
Income Tax+	98K	-6.22M	7.56M	-40.78M	20.34M	37.62M	40.39M
Effective Tax Rate %	0.99%	1.26%	0.87%	1.36%	0.85%	0.8%	0.85%
Net Income+	7.83M	29.74M	50.21M	154.78M	112.82M	147.58M	223.19M
Net Margin %	0.09%	0.26%	0.24%	0.45%	0.27%	0.31%	0.39%
Net Income Growth %	-	2.8%	0.69%	2.08%	-0.27%	0.31%	0.51%
Net Income (Continuing)	7.83M	29.74M	50.21M	154.78M	112.82M	147.58M	223.19M
Discontinued Operations	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0
EPS (Diluted)+	0.00	0.06	0.12	0.70	0.53	0.72	1.11
EPS Growth %	-	-	1.01%	4.83%	-0.24%	0.36%	0.54%
EPS (Basic)	0.00	0.06	0.12	0.81	0.58	0.78	1.19
Diluted Shares Outstanding	181.7M	181.7M	178.21M	191.02M	213.43M	205.73M	201.21M
Basic Shares Outstanding	181.7M	181.7M	178.21M	163.48M	193.18M	190.17M	186.84M
Dividend Payout Ratio	-	-	-	-	-	-	-

Balance Sheet

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Total Current Assets+	83.36M	122.97M	209.4M	904.14M	975.45M	912.94M	1.09B
Cash & Short-Term Investments	62.33M	86.45M	142.53M	798.11M	841M	762.9M	915.66M
Cash Only	33.61M	48.43M	66.39M	112.81M	158.03M	96.78M	209.61M
Short-Term Investments	28.73M	38.02M	76.14M	685.3M	682.97M	666.12M	706.05M
Accounts Receivable	15.29M	26.16M	50.32M	81.07M	107.05M	101.33M	128.35M
Days Sales Outstanding	65.11	82.05	88.77	86.14	93.24	77.8	82.13
Inventory	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-
Other Current Assets	2.97M	3.41M	5.86M	5.51M	27.41M	48.71M	44.6M
Total Non-Current Assets+	3.21M	15.95M	42.32M	87.22M	161.44M	166.43M	175.69M
Property, Plant & Equipment	1.37M	7.11M	8.94M	9.57M	25.1M	24.65M	22.54M
Fixed Asset Turnover	62.60x	16.37x	23.15x	35.88x	16.70x	19.29x	25.30x
Goodwill	0	0	18.91M	18.91M	67.94M	67.94M	67.94M
Intangible Assets	407K	393K	9.6M	7.91M	31.84M	27.32M	23.07M
Long-Term Investments	0	0	0	0	0	0	0
Other Non-Current Assets	1.43M	1.35M	2.76M	2.26M	1.65M	1.46M	2.12M
Total Assets+	86.56M	138.92M	251.72M	991.36M	1.14B	1.08B	1.26B
Asset Turnover	0.99x	0.84x	0.82x	0.35x	0.37x	0.44x	0.45x
Asset Growth %	-	0.6%	0.81%	2.94%	0.15%	-0.05%	0.17%
Total Current Liabilities+	37.81M	55.71M	102.04M	111.28M	139.51M	147.25M	156.26M
Accounts Payable	938K	1.42M	1.51M	463K	1.27M	2.25M	1.36M
Days Payables Outstanding	31.44	34.71	17.73	4.25	8.68	16.23	8.86
Short-Term Debt	0	0	0	0	0	0	0
Deferred Revenue (Current)	0	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	32.49M	283K	3.55M	4.88M	11.92M	14.77M	12.06M
Current Ratio	2.20x	2.21x	2.05x	8.12x	6.99x	6.20x	6.97x
Quick Ratio	2.20x	2.21x	2.05x	8.12x	6.99x	6.20x	6.97x
Cash Conversion Cycle	-	-	-	-	-	-	-
Total Non-Current Liabilities+	0	82.07M	82.93M	1.48M	31.27M	30.73M	25.43M
Long-Term Debt	0	0	0	0	0	0	0
Capital Lease Obligations	0	324K	284K	447K	13.88M	12.4M	10.19M
Deferred Tax Liabilities	0	0	0	0	0	0	0
Other Non-Current Liabilities	0	81.46M	82.43M	956K	17.18M	18.12M	14.96M
Total Liabilities	37.81M	137.78M	184.98M	112.76M	170.77M	177.98M	181.68M
Total Debt+	0	2.28M	1.25M	1.09M	15.64M	14.55M	12.4M
Net Debt	-33.61M	-46.15M	-65.14M	-111.72M	-142.39M	-82.24M	-197.22M
Debt / Equity	-	2.01x	0.02x	0.00x	0.02x	0.02x	0.01x
Debt / EBITDA	-	0.10x	0.02x	0.01x	0.12x	0.08x	0.05x
Net Debt / EBITDA	-4.50x	-2.00x	-1.14x	-0.94x	-1.05x	-0.47x	-0.83x
Interest Coverage	-	-	-	-	-	-	-
Total Equity+	48.5M	1.14M	66.74M	878.59M	966.12M	901.4M	1.08B
Equity Growth %	-	-0.98%	57.75%	12.16%	0.1%	-0.07%	0.2%
Book Value per Share	0.27	0.01	0.37	4.60	4.53	4.38	5.38
Total Shareholders' Equity	48.5M	1.14M	66.74M	878.59M	966.12M	901.4M	1.08B
Common Stock	33K	68K	83K	192K	194K	187K	189K
Retained Earnings	-43.62M	-13.89M	36.32M	191.11M	217.85M	79.99M	186.89M
Treasury Stock	0	0	0	0	0	0	0
Accumulated OCI	0	0	-21K	-15.29M	-14.08M	-2.66M	1.32M
Minority Interest	0	0	0	0	0	0	0

Cash Flow

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operations+	15.31M	26.2M	82.97M	126.58M	179.6M	184.1M	273.26M
Operating CF Margin %	0.18%	0.23%	0.4%	0.37%	0.43%	0.39%	0.48%
Operating CF Growth %	-	0.71%	2.17%	0.53%	0.42%	0.03%	0.48%
Net Income	7.83M	29.74M	50.21M	154.78M	112.82M	147.58M	223.19M
Depreciation & Amortization	551K	900K	10.59M	5.04M	10.28M	10.27M	10.66M
Stock-Based Compensation	2.34M	2.35M	7.25M	31.44M	47.83M	51.08M	72.39M
Deferred Taxes	480K	-7.1M	4.99M	-41.25M	13.23M	-8.59M	-11.59M
Other Non-Cash Items	5.2M	6.58M	-95K	16.89M	16.47M	8.29M	2.72M
Working Capital Changes	-1.1M	-6.27M	10.03M	-40.33M	-21.03M	-24.52M	-24.1M
Change in Receivables	2.53M	-12.04M	-20.45M	-31.02M	-26.24M	3.99M	-27.21M
Change in Inventory	-4.07M	-6.93M	1.21M	0	0	0	0
Change in Payables	726K	5.06M	-243K	8.66M	-195K	8.33M	-663K
Cash from Investing+	-9.07M	-13.1M	-70.42M	-640.57M	-59.92M	31.19M	-29.3M
Capital Expenditures	-1.19M	-4.24M	-4.61M	-5.7M	-6.18M	-147K	-6.53M
CapEx % of Revenue	0.01%	0.04%	0.02%	0.02%	0.01%	0%	0.01%
Acquisitions	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-
Other Investing	-1.08M	-3.96M	-12K	595K	0	-5.65M	0
Cash from Financing+	985K	1.72M	5.41M	560.41M	-74.46M	-276.52M	-131.14M
Debt Issued (Net)	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-
Other Financing	985K	1.72M	7.43M	9.21M	10.86M	4.19M	-34.15M
Net Change in Cash	-	-	-	-	-	-	-
Free Cash Flow+	14.12M	21.95M	78.36M	120.88M	173.42M	178.29M	266.74M
FCF Margin %	0.16%	0.19%	0.38%	0.35%	0.41%	0.38%	0.47%
FCF Growth %	-	0.56%	2.57%	0.54%	0.43%	0.03%	0.5%
FCF per Share	0.08	0.12	0.44	0.63	0.81	0.87	1.33
FCF Conversion (FCF/Net Income)	1.95x	0.88x	1.65x	0.82x	1.59x	1.25x	1.22x
Interest Paid	0	0	0	0	0	0	0
Taxes Paid	4K	1.24M	5.97M	206K	5.23M	51.27M	55.65M

Key Ratios

Metric	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	16.15%	119.83%	147.94%	32.75%	12.23%	15.81%	22.5%
Return on Invested Capital (ROIC)	34.86%	-	2492.35%	22.16%	11.8%	14.96%	20.05%
Gross Margin	87.29%	87.2%	84.92%	88.42%	87.24%	89.34%	90.2%
Net Margin	9.14%	25.55%	24.27%	45.05%	26.92%	31.04%	39.13%
Debt / Equity	-	2.01x	0.02x	0.00x	0.02x	0.02x	0.01x
FCF Conversion	1.95x	0.88x	1.65x	0.82x	1.59x	1.25x	1.22x
Revenue Growth	-	35.82%	77.76%	66.05%	21.98%	13.45%	19.98%

Revenue by Segment

	2022	2023	2024	2025
Subscription	319.3M	389.74M	450.07M	543.77M
Subscription Growth	-	22.06%	15.48%	20.82%
Service, Other	24.25M	29.31M	25.35M	26.63M
Service, Other Growth	-	20.88%	-13.52%	5.04%

Frequently Asked Questions

Valuation & Price

Doximity, Inc. (DOCS) has a price-to-earnings (P/E) ratio of 37.0x. This suggests investors expect higher future growth.

Growth & Financials

Doximity, Inc. (DOCS) reported $621.3M in revenue for fiscal year 2025. This represents a 625% increase from $85.7M in 2019.

Doximity, Inc. (DOCS) grew revenue by 20.0% over the past year. This is strong growth.

Yes, Doximity, Inc. (DOCS) is profitable, generating $253.0M in net income for fiscal year 2025 (39.1% net margin).

Dividend & Returns

Doximity, Inc. (DOCS) has a return on equity (ROE) of 22.5%. This is excellent, indicating efficient use of shareholder capital.

Doximity, Inc. (DOCS) generated $314.5M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.