Stock-based pay is a large cost. Stock pay was 19% of revenue in FY Mar 2026.
Doximity paid employees $122M in stock in FY Mar 2026, 19% of its $645M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Share count shrinking. Shares outstanding down 7.3% from March 2023 to June 2026.
Doximity had 7.3% fewer shares at June 2026 than at March 2023, mainly through buybacks, so each remaining share owns a larger slice of the business.
Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $207M in FY Mar 2021 to $645M in FY Mar 2026.
Doximity's fiscal-year revenue rose in each of the five years to FY Mar 2026, from $207M to $645M.
Profit is backed by cash. Free cash flow is 183% of reported profit.
Doximity's free cash flow is 183% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.
Since last quarter: No major changeValuation also moves with the share price every day.
Why it changed since the Oct 27, 2026 close: Score 53 → 54
Peer companies moved+1
Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.
Yahoo Finance fallback · no standard SEC debt tagReported value33% base weight · Z-score 1.03Sector median: 0.2215 · MAD: 0.2039
Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.
Questions investors ask about Doximity
Is Doximity getting weaker?
Its latest SEC filing (Aug 6, 2026) got weaker in some ways: operating margin fell 3.7 points to 29.6%. Its overall score is 68/100, up 1 since Oct 28, 2026.
How is Doximity valued vs its peers?
Priced about in line with its peers. Valuation scores 54/100 against 1,393 healthcare peers.
Is Doximity growing?
At about the same pace as its peers. Growth scores 50/100 against 1,393 healthcare peers.3-year revenue growth 14.5% vs a peer median of 5.8% (stronger than 73% of peers).3-year revenue growth 14.5% vs peers 5.8% (stronger than 73% of peers).Earnings per share growth -25.9% vs a peer median of 9.8% (weaker than 73% of peers).Earnings per share growth -25.9% vs peers 9.8% (weaker than 73% of peers).
How profitable is Doximity?
More profitable than most of its peers. Profitability scores 95/100 against 1,393 healthcare peers.Return on assets 15.4% vs a peer median of 1.7% (stronger than 95% of peers).Return on assets 15.4% vs peers 1.7% (stronger than 95% of peers).
How risky is Doximity?
Lower risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings.Debt / equity 0.01× vs a peer median of 0.22× (stronger than 89% of peers).Debt / equity 0.01× vs peers 0.22× (stronger than 89% of peers).Beta 1.22 vs a peer median of 0.63 (weaker than 81% of peers).Beta 1.22 vs peers 0.63 (weaker than 81% of peers). A relative measure, not a bankruptcy probability.
Latest filing: what changed
Quarter ended Jun 30, 2026 · filed Aug 6, 2026 · compared with the quarter ended Mar 31, 2026
Got weaker
Operating margin fell 3.7 points to 29.6%
Previous quarter
Latest quarter
Change
Revenue (12 months)
644.9M USD
655.6M USD
+1.7%
Net income (12 months)
196.1M USD
167.1M USD
−14.8%
Operating margin
33.3%
29.6%
−3.7 pts
Free cash flow (12 months)
326.5M USD
306.3M USD
−6.2%
Cash
219.2M USD
273.6M USD
+24.8%
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.
Industry valuation context
Sector: Healthcare · 301 companies
Valuations in Healthcare are within their usual range since 2016.
52% of months since 2016 were valued lower than now.
19% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +8% and earnings +24% (medians): earnings grew faster than prices.
Median price-to-sales is +63% vs the whole market, against a usual +119%.
2016Shaded: most expensive fifth of its range2026
Shown for Healthcare: too few Health Information Services companies have a long enough history of their own.
Earnings-based measures are left out for now because many companies in Healthcare are losing money.
Describes valuations since 2016; it does not predict prices. US companies worth $1B+, from SEC filings and month-end prices, as of Aug 2026. Today's companies and industry labels are used throughout. Measured on sales and free cash flow yields. How this works
Financials
Fiscal years from SEC annual filings · change vs the prior year
Key ratios
FY Mar 2022
FY Mar 2023
FY Mar 2024
FY Mar 2025
FY Mar 2026
Change
Gross margin
88.4%
87.2%
89.3%
90.2%
89.1%
▼ 1.1 pts
Operating margin
33.0%
29.9%
34.5%
39.9%
33.3%
▼ 6.6 pts
Net margin
45.1%
26.9%
31.0%
39.1%
30.4%
▼ 8.7 pts
Return on assets (ROA)
15.6%
9.9%
13.7%
17.7%
17.4%
▼ 0.2 pts
Return on equity (ROE)
17.6%
11.7%
16.4%
20.6%
20.6%
▲ 0.0 pts
Free cash flow margin
36.3%
42.5%
38.7%
47.9%
50.6%
▲ 2.7 pts
Current ratio
8.12×
6.99×
6.20×
6.97×
6.09×
▼ 13%
DOCS price history
Price history is added with the daily price update and will appear after the next one.