Doximity, Inc. (DOCS) intrinsic value & 10-year financials
Doximity, Inc. (DOCS) has a Graham intrinsic value of $32.55 per share. At $30.97 on Oct 17, 2026, the stock trades 5% below that value. Over the last 8 fiscal years revenue grew 33.0% a year to $644.9M, with an average return on invested capital of 1038.6%.
- Graham intrinsic value
- $32.55
- Share price (Oct 17, 2026)
- $30.97
- Price vs Graham value
- 5% below
- Market cap
- $6.2B
- Revenue (FY2026)
- $644.9M
- Revenue growth (8-yr CAGR)
- 33.0%
- ROIC (10-yr avg)
- 1038.6%
- Free cash flow (FY2026)
- —
DOCS 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2026 | $644.9M | $196.1M | $0.98 | — | 33.3% | 20.8% |
| FY2025 | $570.4M | $223.2M | $1.11 | — | 39.9% | 22.7% |
| FY2024 | $475.4M | $147.6M | $0.72 | $183.9M | 34.5% | 15.9% |
| FY2023 | $419.1M | $112.8M | $0.53 | $177.9M | 29.9% | 13.3% |
| FY2022 | $343.5M | $154.8M | $0.70 | $124.7M | 33.0% | 29.6% |
| FY2021 | $206.9M | $50.2M | $0.12 | $82.7M | 25.8% | 7307.3% |
| FY2020 | $116.4M | $29.7M | $0.07 | $25.9M | 19.0% | -139.4% |
| FY2019 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Doximity, Inc. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
Doximity, Inc. has earned high returns on invested capital, averaging 29.2% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Doximity, Inc. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Doximity, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $32.55 per share.