The balance sheet remains healthy with minimal leverage (D/E of 0.01) and a cash buffer of $273.6M, but retained earnings have swung to a -$119M deficit and equity has declined 17% from 2025Q4 to $916.1M, pressured by aggressive buybacks.
Doximity, Inc. (DOCS) balance sheet — 8-year assets, liabilities & shareholders' equity history
| Metric | TTM | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 |
|---|
| Total Current Assets | 921.54M | 944.26M | 1.09B | 912.94M | 975.45M | 904.14M | 209.4M | 122.97M | 83.36M |
| Cash & Short-Term Investments | 713.23M | 748.6M | 915.66M | 762.9M | 841M | 798.11M | 142.53M | 86.45M | 62.33M |
| Cash Only | 218.61M | 219.18M | 209.61M | 96.78M | 158.03M | 112.81M | 66.39M | 48.43M | 33.61M |
| Short-Term Investments | 494.62M | 529.42M | 706.05M | 666.12M | 682.97M | 685.3M | 76.14M | 38.02M | 28.73M |
| Accounts Receivable | 166.11M | 144.78M | 128.35M | 101.33M | 107.05M | 81.07M | 50.32M | 26.16M | 15.29M |
| Days Sales Outstanding | 88.97 | 81.95 | 82.13 | 77.8 | 93.24 | 86.14 | 88.77 | 82.05 | 65.11 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 42.2M | 50.88M | 44.6M | 48.71M | 27.41M | 5.51M | 5.86M | 3.41M | 2.97M |
| Total Non-Current Assets | 170.23M | 179.42M | 175.69M | 166.43M | 161.44M | 87.22M | 42.32M | 15.95M | 3.21M |
| Property, Plant & Equipment | 26.19M | 25.22M | 22.54M | 24.65M | 25.1M | 9.57M | 8.94M | 7.11M | 1.37M |
| Fixed Asset Turnover | 25.95x | 25.57x | 25.30x | 19.29x | 16.70x | 35.88x | 23.15x | 16.37x | 62.60x |
| Goodwill | 84.97M | 84.97M | 67.94M | 67.94M | 67.94M | 18.91M | 18.91M | 0 | 0 |
| Intangible Assets | 31.44M | 35.33M | 23.07M | 27.32M | 31.84M | 7.91M | 9.6M | 393K | 407K |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 1.55M | 1.92M | 2.12M | 1.46M | 1.65M | 2.26M | 2.76M | 1.35M | 1.43M |
| Total Assets | 1.09B | 1.12B | 1.26B | 1.08B | 1.14B | 991.36M | 251.72M | 138.92M | 86.56M |
| Asset Turnover | 0.59x | 0.57x | 0.45x | 0.44x | 0.37x | 0.35x | 0.82x | 0.84x | 0.99x |
| Asset Growth % | -35.58% | -11.12% | 17.13% | -5.06% | 14.68% | 293.83% | 81.2% | 60.49% | - |
| Total Current Liabilities | 144.59M | 154.97M | 156.26M | 147.25M | 139.51M | 111.28M | 102.04M | 55.71M | 37.81M |
| Accounts Payable | 6.3M | 4.01M | 1.36M | 2.25M | 1.27M | 463K | 1.51M | 1.42M | 938K |
| Days Payables Outstanding | 22.61 | 20.81 | 8.86 | 16.23 | 8.68 | 4.25 | 17.73 | 34.71 | 31.44 |
| Short-Term Debt | 0 | 2.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 381.64M | 106.05M | 114.28M | 99.14M | 105.24M | 84.91M | 83.27M | 44.3M | 0 |
| Other Current Liabilities | 0 | 42.8M | 12.06M | 14.77M | 11.92M | 4.88M | 3.55M | 283K | 32.49M |
| Current Ratio | 6.37x | 6.09x | 6.97x | 6.20x | 6.99x | 8.12x | 2.05x | 2.21x | 2.20x |
| Quick Ratio | 6.37x | 6.09x | 6.97x | 6.20x | 6.99x | 8.12x | 2.05x | 2.21x | 2.20x |
| Cash Conversion Cycle | 66.36 | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 18.69M | 17.88M | 25.43M | 30.73M | 31.27M | 1.48M | 82.93M | 82.07M | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 31.17M | 8.07M | 10.19M | 12.4M | 13.88M | 447K | 284K | 324K | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 11.71M | 9.4M | 14.96M | 18.12M | 17.18M | 956K | 82.43M | 81.46M | 0 |
| Total Liabilities | 163.29M | 172.85M | 181.68M | 177.98M | 170.77M | 112.76M | 184.98M | 137.78M | 37.81M |
| Total Debt | 9.15M | 10.19M | 12.4M | 14.55M | 15.64M | 1.09M | 1.25M | 2.28M | 0 |
| Net Debt | -209.47M | -208.99M | -197.22M | -82.24M | -142.39M | -111.72M | -65.14M | -46.15M | -33.61M |
| Debt / Equity | 0.01x | 0.01x | 0.01x | 0.02x | 0.02x | 0.00x | 0.02x | 2.01x | - |
| Debt / EBITDA | 0.05x | 0.04x | 0.05x | 0.08x | 0.12x | 0.01x | 0.02x | 0.10x | - |
| Net Debt / EBITDA | -1.10x | -0.91x | -0.83x | -0.47x | -1.05x | -0.94x | -1.14x | -2.00x | -4.50x |
| Interest Coverage | - | - | - | - | - | - | - | - | - |
| Total Equity | 928.48M | 950.84M | 1.08B | 901.4M | 966.12M | 878.59M | 66.74M | 1.14M | 48.5M |
| Equity Growth % | -43.13% | -12.17% | 20.11% | -6.7% | 9.96% | 1216.38% | 5775.26% | -97.66% | - |
| Book Value per Share | 4.94 | 4.78 | 5.38 | 4.38 | 4.53 | 4.60 | 0.37 | 0.01 | 0.27 |
| Total Shareholders' Equity | 928.48M | 950.84M | 1.08B | 901.4M | 966.12M | 878.59M | 66.74M | 1.14M | 48.5M |
| Common Stock | 178K | 183K | 189K | 187K | 194K | 192K | 83K | 68K | 33K |
| Retained Earnings | -138.74M | -51.06M | 186.89M | 79.99M | 217.85M | 191.11M | 36.32M | -13.89M | -43.62M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -1.65M | 28K | 1.32M | -2.66M | -14.08M | -15.29M | -21K | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying DOCS stock.
As of 2026, Doximity, Inc. (DOCS) had total assets of $1.12B including $944.3M in current assets.
Doximity, Inc. (DOCS) carries total debt of $10.2M, offset by $748.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Doximity, Inc. (DOCS) has total shareholders' equity (book value) of $950.8M ($4.78 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Doximity, Inc. (DOCS) reported a current ratio of 6.09x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
EPS miss and margin compression
Metrics are mathematically derived from official filings.
Equity Erosion Amidst Buybacks and Losses
Total equity declined from $1.1B in 2025Q4 to $916.1M in 2027Q1, a 17% drop, as retained earnings swung to a $119M deficit, according to recent balance sheet data.
The equity decline is driven by a combination of aggressive share repurchases and a shift to negative retained earnings, which fell from a positive $186.9M in 2025Q4 to a deficit of $119M in 2027Q1. This suggests that the company is returning capital to shareholders faster than it is generating profits, a trend that may not be sustainable if earnings do not recover. The balance sheet is still healthy given low leverage, but the trajectory warrants monitoring.
Minimal Leverage Masks Strategic Flexibility
Total debt stands at $9.7M with a D/E ratio of 0.01, as per reported figures, indicating negligible leverage and ample borrowing capacity for future strategic moves.
The company's debt is minimal and appears to be a small portion of total liabilities, which are primarily operating in nature. With a D/E of 0.01, leverage is not a concern, and the company has significant financial flexibility. However, the low debt levels also suggest a conservative capital structure that may not be optimizing shareholder returns, especially given the large cash pile and ongoing buybacks.
Asset-Light Model with Growing Intangibles
Goodwill increased from $67.9M to $85.0M in 2027Q1, as per balance sheet data, while PPE remains modest at $26M, underscoring an asset-light model with rising acquisition-related intangibles.
The increase in goodwill suggests recent acquisitions, likely to enhance AI capabilities or expand product offerings. While the asset base is predominantly intangible, the company's high gross margins indicate that these intangibles are productive. However, investors should monitor for potential impairment if growth continues to decelerate, as the carrying value of goodwill may become harder to justify.
Buybacks and Losses Pressure Equity Quality
Retained earnings turned negative at -$119M in 2027Q1, down from +$186.9M in 2025Q4, as per financial statements, reflecting cumulative losses and heavy share repurchases.
The negative retained earnings are a red flag, indicating that the company has distributed more to shareholders than it has earned over time. This is partly due to stock-based compensation and possibly one-time charges. While the equity base remains substantial at $916M, the quality of equity is deteriorating, and future profitability will be crucial to restore retained earnings to positive territory.
Cash Buffer Strengthens Despite Volatility
Cash surged to $273.6M in 2027Q1 from $64.8M in 2026Q3, with a current ratio of 6.08, as reported, indicating a robust liquidity position to weather operational shocks.
The cash balance has been volatile, but the latest quarter shows a significant increase, likely due to strong cash flow from operations and possibly reduced buybacks. The current ratio remains high, providing ample coverage for short-term obligations. This liquidity buffer is a key strength, especially given the EPS miss and margin pressures, as it provides a cushion for continued investment in AI and sales capabilities.
What the Balance Sheet Obscures
Despite a healthy cash position, the negative retained earnings and rising goodwill may signal that reported equity overstates economic value, as per balance sheet data.
The balance sheet appears strong with low debt and high liquidity, but the negative retained earnings and increasing goodwill suggest that the company has been spending heavily on buybacks and acquisitions that have not yet generated commensurate profits. The $36.8M stock-based compensation expense, which is nearly 1.5 times net income, further dilutes shareholder value and may not be fully reflected in the equity figures. Investors should scrutinize the sustainability of the buyback program and the potential for goodwill impairment if growth continues to slow.