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Doximity Inc Financials

DOCS
Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE March

This page shows Doximity Inc (DOCS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI DOCS FY2025

Minimal reinvestment and high cash conversion make each new revenue dollar unusually likely to become deployable cash.

From FY2023 to FY2025, operating margin expanded from 29.9% to 39.9%, showing that growth is arriving faster than operating costs. In FY2025, operating cash flow and free cash flow were both $273.3M because capital spending was effectively $0, which means profits needed almost no reinvestment to become usable cash.

Even after repurchasing $120.3M of stock in FY2025, cash still rose from $96.8M a year earlier, so capital returns were funded by internal cash generation rather than by new borrowing. With liabilities low relative to equity and no long-term debt reported, the balance sheet is acting as support for optionality, not as a source of strain.

A gross margin of 90.2% alongside just $55.9M of cost of revenue suggests the economic bottleneck is not physical delivery but how much the company chooses to spend on product and customer acquisition. That makes recent margin gains look more like fixed-cost absorption and spending discipline than a business that must keep building heavy infrastructure to grow.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 86 / 100
Financial Profile 86/100

Based on FY2026 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Doximity Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability
100

Doximity Inc has an operating margin of 33.3%, meaning the company retains $33 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is down from 39.9% the prior year.

Growth
61

Doximity Inc's revenue grew 13.1% year-over-year to $644.9M, a solid pace of expansion. This earns a growth score of 61/100.

Leverage
98

Doximity Inc carries a low D/E ratio of 0.18, meaning only $0.18 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 98/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
100

With a current ratio of 6.09, Doximity Inc holds $6.09 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.

Cash Flow
100

Doximity Inc converts 50.6% of revenue into free cash flow ($326.5M). This strong cash generation earns a score of 100/100.

Returns
55

Doximity Inc's ROE of 20.6% shows moderate profitability relative to equity, earning a score of 55/100. This is up from 20.6% the prior year.

Altman Z-Score Safe
14.64

Doximity Inc scores 14.64, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($3.6B) relative to total liabilities ($172.8M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Neutral
5/9

Doximity Inc passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed
1.67x

For every $1 of reported earnings, Doximity Inc generates $1.67 in operating cash flow ($326.5M OCF vs $196.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue
$644.9M
YoY+13.1%
5Y CAGR+25.5%

Doximity Inc generated $644.9M in revenue in fiscal year 2026. This represents an increase of 13.1% from the prior year.

EBITDA
$229.3M
YoY-3.8%
5Y CAGR+32.1%

Doximity Inc's EBITDA was $229.3M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 3.8% from the prior year.

Net Income
$196.1M
YoY-12.2%
5Y CAGR+31.3%

Doximity Inc reported $196.1M in net income in fiscal year 2026. This represents a decrease of 12.2% from the prior year.

EPS (Diluted)
$0.98
YoY-11.7%
5Y CAGR+33.6%

Doximity Inc earned $0.98 per diluted share (EPS) in fiscal year 2026. This represents a decrease of 11.7% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$326.5M
YoY+19.5%
5Y CAGR+31.6%

Doximity Inc generated $326.5M in free cash flow in fiscal year 2026, representing cash available after capex. This represents an increase of 19.5% from the prior year.

Cash & Debt
$219.2M
YoY+4.6%
5Y CAGR+27.0%

Doximity Inc held $219.2M in cash against $0 in long-term debt as of fiscal year 2026.

Dividends Per Share
N/A
Shares Outstanding
183M
YoY-3.1%
5Y CAGR+17.2%

Doximity Inc had 183M shares outstanding in fiscal year 2026. This represents a decrease of 3.1% from the prior year.

Margins & Returns

Gross Margin
89.1%
YoY-1.1pp
5Y CAGR+4.2pp

Doximity Inc's gross margin was 89.1% in fiscal year 2026, indicating the percentage of revenue retained after direct costs. This is down 1.1 percentage points from the prior year.

Operating Margin
33.3%
YoY-6.6pp
5Y CAGR+7.6pp

Doximity Inc's operating margin was 33.3% in fiscal year 2026, reflecting core business profitability. This is down 6.6 percentage points from the prior year.

Net Margin
30.4%
YoY-8.7pp
5Y CAGR+6.1pp

Doximity Inc's net profit margin was 30.4% in fiscal year 2026, showing the share of revenue converted to profit. This is down 8.7 percentage points from the prior year.

Return on Equity
20.6%
YoY+0.0pp
5Y CAGR-54.6pp

Doximity Inc's ROE was 20.6% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is up 0.0 percentage points from the prior year.

Capital Allocation

R&D Spending
$130.7M
YoY+40.5%
5Y CAGR+24.4%

Doximity Inc invested $130.7M in research and development in fiscal year 2026. This represents an increase of 40.5% from the prior year.

Share Buybacks
$431.7M
YoY+258.8%
5Y CAGR+192.3%

Doximity Inc spent $431.7M on share buybacks in fiscal year 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 258.8% from the prior year.

Capital Expenditures
$0

Doximity Inc invested $0 in capex in fiscal year 2026, funding long-term assets and infrastructure.

DOCS Income Statement

Metric Q4'26 Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25
Revenue $145.4M-21.4% $185.1M+9.8% $168.5M+15.5% $145.9M+5.5% $138.3M-18.0% $168.6M+23.2% $136.8M+8.0% $126.7M
Cost of Revenue $19.4M+3.8% $18.7M+13.9% $16.4M+4.0% $15.8M+9.2% $14.5M+2.0% $14.2M+3.7% $13.7M+0.9% $13.6M
Gross Profit $126.0M-24.3% $166.4M+9.4% $152.1M+16.9% $130.1M+5.1% $123.8M-19.8% $154.4M+25.4% $123.2M+8.9% $113.1M
R&D Expenses $39.1M+13.0% $34.6M+14.5% $30.2M+12.7% $26.8M+8.0% $24.8M+10.6% $22.4M-3.5% $23.2M+3.0% $22.6M
SG&A Expenses $16.1M-8.7% $17.7M-7.3% $19.0M+53.1% $12.4M-2.3% $12.7M-6.3% $13.6M+34.5% $10.1M+9.2% $9.3M
Operating Income $24.8M-65.5% $71.9M+12.9% $63.7M+16.8% $54.5M+12.0% $48.7M-39.1% $79.9M+50.4% $53.1M+15.4% $46.1M
Interest Expense N/A N/A N/A N/A N/A N/A N/A N/A
Income Tax $13.0M-32.4% $19.2M+76.8% $10.9M+0.5% $10.8M+366.4% -$4.1M-127.8% $14.6M-18.7% $18.0M+52.8% $11.8M
Net Income $19.1M-68.9% $61.6M-0.8% $62.1M+16.4% $53.3M-14.6% $62.5M-16.9% $75.2M+70.3% $44.2M+6.7% $41.4M
EPS (Diluted) N/A $0.310.0% $0.31+14.8% $0.27 N/A $0.37+68.2% $0.22+4.8% $0.21

DOCS Balance Sheet

Metric Q4'26 Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25
Total Assets $1.1B-2.9% $1.2B-8.0% $1.3B+4.4% $1.2B-4.7% $1.3B+7.9% $1.2B+4.8% $1.1B+4.2% $1.1B
Current Assets $944.3M-5.0% $993.5M-9.0% $1.1B+5.6% $1.0B-5.0% $1.1B+7.5% $1.0B+5.7% $957.7M+5.4% $908.5M
Cash & Equivalents $219.2M+238.0% $64.8M-61.7% $169.2M+23.3% $137.3M-34.5% $209.6M+26.8% $165.3M-10.3% $184.2M+65.3% $111.4M
Inventory N/A N/A N/A N/A N/A N/A N/A N/A
Accounts Receivable $144.8M-7.5% $156.6M+21.1% $129.3M-8.7% $141.7M+10.4% $128.4M-6.7% $137.5M+10.2% $124.8M+3.2% $120.9M
Goodwill $85.0M0.0% $85.0M0.0% $85.0M+25.1% $67.9M0.0% $67.9M0.0% $67.9M0.0% $67.9M0.0% $67.9M
Total Liabilities $172.8M-2.7% $177.7M+10.0% $161.6M-9.7% $178.9M-1.6% $181.7M+28.8% $141.0M-10.4% $157.3M-1.6% $159.9M
Current Liabilities $155.0M+3.4% $149.8M+6.8% $140.3M-12.3% $159.9M+2.3% $156.3M+34.8% $115.9M-12.4% $132.3M-2.2% $135.3M
Long-Term Debt N/A N/A N/A N/A N/A N/A N/A N/A
Total Equity $950.8M-2.9% $979.3M-10.6% $1.1B+6.8% $1.0B-5.3% $1.1B+5.0% $1.0B+7.3% $961.2M+5.2% $913.6M
Retained Earnings -$51.1M-343.5% $21.0M-86.7% $157.7M+34.7% $117.1M-37.3% $186.9M+23.6% $151.2M+58.8% $95.2M+30.6% $72.9M

DOCS Cash Flow Statement

Metric Q4'26 Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25
Operating Cash Flow $109.5M+79.9% $60.9M-35.2% $93.9M+51.3% $62.1M-36.9% $98.5M+51.1% $65.2M-4.6% $68.3M+65.7% $41.2M
Capital Expenditures N/A N/A N/A N/A $0 $0 $0 $0
Free Cash Flow N/A N/A N/A N/A $98.5M+51.1% $65.2M-4.6% $68.3M+65.7% $41.2M
Investing Cash Flow $138.0M+261.0% $38.2M+220.5% -$31.7M-1283.7% $2.7M+110.9% -$24.5M+58.5% -$58.9M-343.9% $24.2M-19.3% $29.9M
Financing Cash Flow -$93.2M+54.2% -$203.5M-572.9% -$30.2M+77.9% -$137.1M-362.2% -$29.7M-17.5% -$25.2M-28.2% -$19.7M+65.2% -$56.5M
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks $90.5M-54.0% $196.9M+799.3% $21.9M-82.1% $122.4M+356.8% $26.8M+38.7% $19.3M-16.0% $23.0M-55.1% $51.2M

DOCS Financial Ratios

Metric Q4'26 Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25
Gross Margin 86.7%-3.2pp 89.9%-0.4pp 90.3%+1.1pp 89.2%-0.4pp 89.5%-2.1pp 91.6%+1.6pp 90.0%+0.7pp 89.3%
Operating Margin 17.1%-21.8pp 38.9%+1.1pp 37.8%+0.4pp 37.4%+2.2pp 35.2%-12.2pp 47.4%+8.6pp 38.8%+2.5pp 36.4%
Net Margin 13.2%-20.1pp 33.3%-3.6pp 36.8%+0.3pp 36.5%-8.6pp 45.2%+0.6pp 44.6%+12.3pp 32.3%-0.4pp 32.7%
Return on Equity 2.0%-4.3pp 6.3%+0.6pp 5.7%+0.5pp 5.2%-0.6pp 5.8%-1.5pp 7.3%+2.7pp 4.6%+0.1pp 4.5%
Return on Assets 1.7%-3.6pp 5.3%+0.4pp 4.9%+0.5pp 4.4%-0.5pp 4.9%-1.5pp 6.4%+2.5pp 4.0%+0.1pp 3.9%
Current Ratio 6.09-0.5 6.63-1.2 7.79+1.3 6.47-0.5 6.97-1.8 8.74+1.5 7.24+0.5 6.72
Debt-to-Equity 0.180.0 0.18+0.0 0.15-0.0 0.170.0 0.17+0.0 0.14-0.0 0.16-0.0 0.17
FCF Margin N/A N/A N/A N/A 71.2%+32.6pp 38.7%-11.3pp 50.0%+17.4pp 32.6%

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Frequently Asked Questions

Doximity Inc (DOCS) reported $644.9M in total revenue for fiscal year 2026. This represents a 13.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Doximity Inc (DOCS) revenue grew by 13.1% year-over-year, from $570.4M to $644.9M in fiscal year 2026.

Yes, Doximity Inc (DOCS) reported a net income of $196.1M in fiscal year 2026, with a net profit margin of 30.4%.

Doximity Inc (DOCS) reported diluted earnings per share of $0.98 for fiscal year 2026. This represents a -11.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Doximity Inc (DOCS) had EBITDA of $229.3M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.

Doximity Inc (DOCS) had a gross margin of 89.1% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.

Doximity Inc (DOCS) had an operating margin of 33.3% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.

Doximity Inc (DOCS) had a net profit margin of 30.4% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.

Doximity Inc (DOCS) has a return on equity of 20.6% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.

Doximity Inc (DOCS) generated $326.5M in free cash flow during fiscal year 2026. This represents a 19.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Doximity Inc (DOCS) generated $326.5M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.

Doximity Inc (DOCS) had $1.1B in total assets as of fiscal year 2026, including both current and long-term assets.

Doximity Inc (DOCS) invested $0 in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.

Doximity Inc (DOCS) invested $130.7M in research and development during fiscal year 2026.

Yes, Doximity Inc (DOCS) spent $431.7M on share buybacks during fiscal year 2026, returning capital to shareholders by reducing shares outstanding.

Doximity Inc (DOCS) had 183M shares outstanding as of fiscal year 2026.

Doximity Inc (DOCS) had a current ratio of 6.09 as of fiscal year 2026, which is generally considered healthy.

Doximity Inc (DOCS) had a debt-to-equity ratio of 0.18 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.

Doximity Inc (DOCS) had a return on assets of 17.4% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.

Doximity Inc (DOCS) has an Altman Z-Score of 14.64, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Doximity Inc (DOCS) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Doximity Inc (DOCS) has an earnings quality ratio of 1.67x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Doximity Inc (DOCS) scores 86 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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