Doximity, Inc.

NYSE:DOCS Stock Report

Market Cap: US$9.7b

Doximity Valuation

Is DOCS undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of DOCS when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: DOCS ($55.18) is trading above our estimate of fair value ($44.51)

Significantly Below Fair Value: DOCS is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for DOCS?

Key metric: As DOCS is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for DOCS. This is calculated by dividing DOCS's market cap by their current earnings.
What is DOCS's PE Ratio?
PE Ratio59.2x
EarningsUS$174.11m
Market CapUS$9.74b

Price to Earnings Ratio vs Peers

How does DOCS's PE Ratio compare to its peers?

The above table shows the PE ratio for DOCS vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average68.9x
VEEV Veeva Systems
53.6x14.1%US$36.0b
HSTM HealthStream
48.1x5.8%US$947.7m
SLP Simulations Plus
58.2x29.3%US$573.1m
MASI Masimo
115.8x30.0%US$9.1b
DOCS Doximity
59.2x9.4%US$9.7b

Price-To-Earnings vs Peers: DOCS is good value based on its Price-To-Earnings Ratio (59.2x) compared to the peer average (68.9x).

Price to Earnings Ratio vs Industry

How does DOCS's PE Ratio compare vs other companies in the Global Healthcare Services Industry?

3 CompaniesPrice / EarningsEstimated GrowthMarket Cap
DOCS 59.2xIndustry Avg. 32.6xNo. of Companies10PE020406080100+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: DOCS is expensive based on its Price-To-Earnings Ratio (59.2x) compared to the Global Healthcare Services industry average (33x).

Price to Earnings Ratio vs Fair Ratio

What is DOCS's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

DOCS PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio59.2x
Fair PE Ratio35.4x

Price-To-Earnings vs Fair Ratio: DOCS is expensive based on its Price-To-Earnings Ratio (59.2x) compared to the estimated Fair Price-To-Earnings Ratio (35.4x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst DOCS forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$55.18
US$55.25
+0.1%
17.4%US$70.00US$31.00n/a16
Dec ’25US$53.00
US$55.27
+4.3%
18.0%US$70.00US$31.00n/a15
Nov ’25US$42.35
US$37.71
-10.9%
21.1%US$52.00US$19.00n/a14
Oct ’25US$43.20
US$34.29
-20.6%
18.8%US$45.00US$19.00n/a14
Sep ’25US$36.78
US$34.00
-7.6%
17.8%US$43.00US$19.00n/a14
Aug ’25US$27.39
US$29.54
+7.8%
13.9%US$35.00US$19.00n/a13
Jul ’25US$27.47
US$30.15
+9.8%
9.6%US$35.00US$25.00n/a13
Jun ’25US$27.73
US$30.00
+8.2%
10.4%US$35.00US$25.00n/a13
May ’25US$24.01
US$29.77
+24.0%
10.4%US$35.00US$25.00n/a13
Apr ’25US$26.41
US$29.92
+13.3%
10.2%US$35.00US$25.00n/a13
Mar ’25US$28.05
US$29.69
+5.9%
11.8%US$35.00US$22.00n/a13
Feb ’25US$27.50
US$28.17
+2.4%
12.5%US$34.00US$22.00n/a12
Jan ’25US$28.04
US$26.27
-6.3%
12.7%US$31.00US$21.00n/a11
Dec ’24US$24.35
US$27.00
+10.9%
11.8%US$31.00US$21.00US$53.0011
Nov ’24US$20.33
US$26.27
+29.2%
14.3%US$30.00US$20.00US$42.3511
Oct ’24US$21.22
US$26.91
+26.8%
10.9%US$30.00US$21.00US$43.2011
Sep ’24US$24.36
US$29.42
+20.8%
23.7%US$47.00US$21.00US$36.7812
Aug ’24US$34.79
US$36.71
+5.5%
15.0%US$47.00US$28.00US$27.3914
Jul ’24US$34.02
US$36.57
+7.5%
15.4%US$47.00US$28.00US$27.4714
Jun ’24US$31.55
US$36.79
+16.6%
15.0%US$47.00US$28.00US$27.7314
May ’24US$35.80
US$37.00
+3.4%
14.6%US$47.00US$28.00US$24.0114
Apr ’24US$32.38
US$37.14
+14.7%
14.6%US$47.00US$28.00US$26.4114
Mar ’24US$32.99
US$37.14
+12.6%
14.6%US$47.00US$28.00US$28.0514
Feb ’24US$37.28
US$40.79
+9.4%
22.4%US$60.00US$27.00US$27.5014
Jan ’24US$33.56
US$41.61
+24.0%
20.3%US$60.00US$27.00US$28.0417
Dec ’23US$34.78
US$41.61
+19.6%
20.3%US$60.00US$27.00US$24.3517

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/19 06:26
End of Day Share Price 2024/12/19 00:00
Earnings2024/09/30
Annual Earnings2024/03/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Doximity, Inc. is covered by 24 analysts. 18 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Vikram KesavabhotlaBaird
Nisala WeerasuriyaBerenberg
Allen LutzBofA Global Research