DOCS · Technology(services-computer programming services) · 8 years of annual accounts filed with the SEC · latest fiscal year ended 2026-03-31
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Doximity, Inc. reported revenue of $644.9 million in fiscal 2026. Of the $1.2 billion its operations generated over 8 years, 76.9% went to buybacks and 9.3% to acquisitions. On the accounting screens, it passes 5 of 8 Piotroski tests, its Altman Z'' of 11.52 is in the safe zone and its Beneish M-score is below the -1.78 line; 1 of the six cross-checks between its statements fires.
Revenue, fiscal 2026644.9M
Operating margin33.3%gross margin 89.1%
Return on invested capital—
Free cash flow after stock pay204.8M31.8% of revenue
Net debt ÷ EBITDA—net debt —
Piotroski F-score5/8tests of improvement passed
Share counts are in today's shares. The SEC's filings restate only recent years after a split, so these jumps were read as splits and the older years scaled to match — otherwise per-share figures would compare different units:
2-for-1 before fiscal 2022.
Is it growing?
Revenue and the operating income it turns into. Growth that does not reach operating income is growth bought with margin.
RevenueOperating income
0200.0M400.0M600.0M800.0M
2019
2020Revenue 116.4MOperating income 22.2M
2021Revenue 206.9MOperating income 53.3M
2022Revenue 343.5MOperating income 113.5M
2023Revenue 419.1MOperating income 125.1M
2024Revenue 475.4MOperating income 163.9M
2025Revenue 570.4MOperating income 227.8M
2026Revenue 644.9MOperating income 214.9M
20192020202120222023202420252026
Compound growth a year
3 yrs
5 yrs
7 yrs
Revenue
+15.5%
+25.5%
—
Operating income
+19.8%
+32.2%
—
Net income
+20.2%
+31.3%
—
Earnings per share
+23.1%
+30.1%
—
Free cash flow per share
+25.3%
+30.4%
—
Shares
-2.3%
+0.9%
—
Falling shares are buybacks: each remaining share owns more of the company.
Does it earn more than its capital costs?
Margins say how much of each sale is kept; return on invested capital says how much the business earns on the money it needs to operate. Growth only creates value when that return is above the cost of the capital.
Return on invested capitalCost of capital today · 10.2%
0.0%5.0%10.0%15.0%
2019
2020
2021
2022
2023
2024
2025
2026
20192020202120222023202420252026
Economic profit
Needs a cost of capital, which comes from the valuation below.
Return on equity
20.6%
Return on assets
17.4%
Asset turnover
0.57×
Research & development
20.3% of revenue
Overheads (SG&A)
10.1% of revenue
Is the profit cash, and where does the cash go?
Net income is an accounting opinion; free cash flow is what was left in the bank after investing. Stock-based pay does not leave the bank — shareholders pay it through dilution — so it is shown taken off as well.
Net incomeFree cash flowAfter stock-based pay
0100.0M200.0M300.0M400.0M
2019
2020Net income 29.7MFree cash flow 25.9MAfter stock-based pay 23.6M
2021Net income 50.2MFree cash flow 82.7MAfter stock-based pay 75.5M
2022Net income 154.8MFree cash flow 124.7MAfter stock-based pay 93.2M
2023Net income 112.8MFree cash flow 177.9MAfter stock-based pay 130.1M
2024Net income 147.6MFree cash flow 183.9MAfter stock-based pay 132.9M
2025Net income 223.2MFree cash flow 273.3MAfter stock-based pay 200.9M
2026Net income 196.1MFree cash flow 326.5MAfter stock-based pay 204.8M
20192020202120222023202420252026
Where 8 years of operating cash went, 2019–2026
1.2B generated by the business. Each band is its share of that total.
Reinvested in the business 0%4.3M
Acquisitions 9%111.7M
Dividends 0%0
Share buybacks 77%922.7M
Kept, or used to pay down debt 13%160.5M
Over the same years it paid 334.0M in stock. 588.7M of the buybacks went beyond offsetting that dilution.
Per share
Earnings per shareFree cash flow per shareDividend per share
$0.00$0.50$1.00$1.50$2.00
2019
2020Earnings per share $0.18Free cash flow per share $0.16
2021Earnings per share $0.26Free cash flow per share $0.43
2022Earnings per share $0.81Free cash flow per share $0.65
2023Earnings per share $0.53Free cash flow per share $0.83
2024Earnings per share $0.72Free cash flow per share $0.89
2025Earnings per share $1.11Free cash flow per share $1.36
2026Earnings per share $0.98Free cash flow per share $1.64
20192020202120222023202420252026
Shares outstanding
Diluted shares
160.0M180.0M200.0M220.0M
2019
2020Diluted shares 163.4M
2021Diluted shares 190.3M
2022Diluted shares 191.0M
2023Diluted shares 213.4M
2024Diluted shares 205.7M
2025Diluted shares 201.2M
2026Diluted shares 199.0M
20192020202120222023202420252026
How strong is the balance sheet?
Debt is not bad in itself; debt the business cannot service in a bad year is. Net debt is debt minus cash, and below zero the company holds more cash than it owes.
Net debt ÷ EBITDA
—
Interest coverage
— operating income ÷ interest
Current ratio
6.09 current assets ÷ current liabilities
Cash conversion cycle
— collects in 82d
Three classic screens of the accounts
Each asks a different question of the same statements — is it improving, does it look like a company heading for distress, do the accounts resemble ones that were manipulated. None is a verdict; each shows what moves it.
Piotroski F-score
Is the business improving? Nine yes-or-no tests, this year against last.
5of 8 tests passed
✓ProfitableReturn on assets above zeropassed
✓Cash from operationsOperating cash flow above zeropassed
✕Profitability improvedReturn on assets higher than a year beforefailed
✓Profit backed by cashOperating cash flow above net income (low accruals)passed
–Less long-term debtLong-term debt as a share of assets fell — not reportedno data
✕More liquidCurrent ratio higher than a year beforefailed
✓No new sharesShare count did not growpassed
✕Better gross marginGross margin higher than a year beforefailed
✓Sells more per assetAsset turnover higher than a year beforepassed
Where it misleads: it measures change, not level. An excellent business that stood still for a year scores low; a poor one recovering from a disaster scores high.
Altman Z''-score
Does the balance sheet look like those of companies that went bankrupt?
11.52safe zone
1.12.6
Working capital ÷ assets 0.70 × 6.56+4.61
Retained earnings ÷ assets -0.05 × 3.26-0.15
Operating income ÷ assets 0.19 × 6.72+1.29
Equity ÷ liabilities 5.50 × 1.05+5.78
Where it misleads: buybacks. A company that returns so much cash that its equity turns small or negative sinks the last two ratios without being anywhere near bankruptcy. Banks and insurers do not fit the model at all.
Beneish M-score
Do the accounts resemble those of companies that manipulated their earnings?
-2.94below the -1.78 line
-1.78
Receivables vs sales 1.00+0.92
Gross margin slipping 1.01+0.53
Soft assets 1.12+0.45
Sales growth 1.13+1.01
Slower depreciation 0.99+0.11
Overheads vs sales 1.26-0.22
Profit not in cash -0.12-0.54
Leverage rising 1.12-0.36
Where it misleads: fast growth and acquisitions. Sales growth carries a heavy weight, so a company growing 50% a year scores like a suspect without having done anything. It is a screen from a 1999 study, not an accusation.
Where the statements disagree
Cross-checks between the income statement, the balance sheet and the cash flow for the latest year, each with the benign reading and the worrying one.
Capital spending (0M) is well below depreciation (14M).
Benign
Mature assets, or a business that has become less capital-intensive.
Worrying
Under-investing: today's profit is being held up by consuming tomorrow's capacity.
What is it worth, under which assumptions?
A company is worth the cash it will generate, brought back to today. This model projects revenue with growth that fades over the years, applies a free cash flow margin, and discounts the result at the cost of capital. Every assumption says where it came from, and all of them can be changed.
Value per share, with these assumptions$15.27discounted at 10.2% a year · 56% of it from after year 10
Type a share price on the left to ask the reverse questions: what growth, what margin or what discount rate that price implies.
What the value implies, in the usual multiples
At this model's value
Price ÷ earnings
15.5×
Enterprise value ÷ EBITDA
13.3×
Enterprise value ÷ revenue
4.7×
Free cash flow yield
6.7%
From cash flows to a value per share
10 years of cash flow, today1.3B
Everything after, today1.7B
The whole business3.0B
Minus net debt-0
What belongs to shareholders3.0B
Divided among 199.0M shares: <strong>$15.27</strong> each.
The projection next to its history
Reported free cash flow after stock pay, then the model's. A projection that looks nothing like the past needs a reason.
ReportedProjected
0100.0M200.0M300.0M400.0M
2019
2020Reported 23.6M
2021Reported 75.5M
2022Reported 93.2M
2023Reported 130.1M
2024Reported 132.9M
2025Reported 200.9M
2026Reported 204.8M
2027Projected 117.8M
2028Projected 144.3M
2029Projected 173.2M
2030Projected 203.5M
2031Projected 234.0M
2032Projected 263.3M
2033Projected 289.6M
2034Projected 311.3M
2035Projected 326.9M
2036Projected 335.0M
201920212023202520272029203120332035
Year by year
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
Revenue
806.1M
987.4M
1.2B
1.4B
1.6B
1.8B
2.0B
2.1B
2.2B
2.3B
Growth
25.0%
22.5%
20.0%
17.5%
15.0%
12.5%
10.0%
7.5%
5.0%
2.5%
Cash margin
14.6%
14.6%
14.6%
14.6%
14.6%
14.6%
14.6%
14.6%
14.6%
14.6%
Free cash flow
117.8M
144.3M
173.2M
203.5M
234.0M
263.3M
289.6M
311.3M
326.9M
335.0M
Worth today
106.9M
118.9M
129.5M
138.1M
144.2M
147.2M
147.0M
143.4M
136.7M
127.2M
If the least-known inputs move
Value per share as two inputs change at a time. Neighbouring cells that differ a lot are the conclusion: the value depends on numbers nobody knows to a point.
The discount rate and growth forever
discount ↓ · forever →
1.5%
2.0%
2.5%
3.0%
3.5%
9.2%
16
17
18
19
21
9.7%
15
16
16
18
19
10.2%
14
14
15
16
17
10.7%
13
14
14
15
16
11.2%
12
13
13
14
15
Year-one growth and the final margin
margin ↓ · growth →
21.0%
23.0%
25.0%
27.0%
29.0%
11.7%
11
12
13
14
15
13.2%
12
13
14
15
16
14.6%
13
14
15
16
18
16.1%
14
15
17
18
19
17.5%
15
16
18
19
21
All the inputs moving at once
5,000 valuations, each with growth, final margin, discount rate and growth forever drawn at random around the values on the left (spreads of 3.0%, 2.2%, 1.0% and 0.5%). Not a probability — the spreads are assumptions too — but an honest picture of how wide the answer is.
10th percentile$11.53
Median$15.29
90th percentile$20.69
$10.00$15.00$20.00$25.00
Half of the simulations land between <b>$13.14</b> and <b>$17.82</b>; one in ten below $11.53, one in ten above $20.69.
Does the long run make sense?
5.5×The terminal value prices the business in year 10 at 5.5 times that year's EBITDA.
6%To grow 2.5% forever while reinvesting 44% of its after-tax operating profit, the business must earn 6% on the new capital.
56%of the value comes from after year 10. The more of it, the more the answer depends on the part nobody can see.
What lenders charge, after the tax saving on interest: 6.67% × (1 − 21.6%) = <strong>5.23%</strong>.
Weighted by how much of each the company uses (book value (no price given)): <strong>10.17%</strong>, the rate every future cash flow is discounted at.
What it has filed lately
The last twelve months at the SEC, most important first: annual and quarterly reports, events, large holders and insiders.
Every Form 4 filed in the last twelve months, read line by line: 6 filings by 5 people. Open-market purchases and sales are counted apart from awards, option exercises and shares withheld for taxes.
Bought on the open market—none in the period
Sold on the open market$106,7042 sale(s) by 2 insider(s)
Under pre-arranged plans100%of the sales followed a 10b5-1 plan set months earlier
A Form 4 says what happened, when, how many shares and at what price. It does not say why: a sale can be diversification, a tax bill or a plan fixed months earlier, and an award is pay, not a purchase. Nothing here is a reason to buy or sell anything.
Which large funds report holding it
From the Form 13F of the 28 institutions followed on this site, as of the end of their last reported quarter. A 13F is filed up to 45 days later and shows only long positions in US-listed shares.
Accounts from the company's own SEC filings; lines some companies do not report are shown as a dash rather than estimated. The risk-free rate is the 10-year US Treasury yield. A DCF is a way of making assumptions explicit, not a forecast: it states what the company would be worth if the assumptions held. The scores are screens that point where to look, not verdicts. Nothing here is a recommendation to buy or sell.
