MeritValue

Doximity, Inc.

DOCSdata completeness 88%7 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

Doximity, Inc. earns about 20% on invested capital, far above its ~9% cost of capital, but has diluted owners by 4% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $8.06 and $82.98 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025FY 2026
Revenue$343.5M1$419.1M2$475.4M3$570.4M3$644.9M3
Net income$154.8M4$112.8M5$147.6M6$223.2M6$196.1M6
Operating cash flow$126.6M7$179.6M8$184.1M9$273.3M9$326.5M9
Capital expenditure$1.91M10$1.7M11$147,00012$012$012
Free cash flow (derived)$124.7M7$177.9M8$183.9M9$273.3M9$326.5M9
Total debt—————
Cash & equivalents$112.8M13$158M14$96.8M15$209.6M16$219.2M16
Diluted shares191.0M213.4M205.7M201.2M199.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$47.77
your share of equity
Profit it earned you last year
$9.85
Free cash flow it threw off
$16.4
Debt you’d be carrying
—

10 shares is a claim on $47.77 of net worth that earned you $9.85 and generated $16.4 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
20% avg · 5y
FY22 15%FY23 14%FY24 18%FY25 26%FY26 27%

It earned about 20% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.

seeing a moat in the numbers →
Management signal · capital allocation
+4% shares · 5y

Share count is up 4% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $8.06 and $82.98 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$82.98
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$273.3M
DCF · Growth Exit 5Y
$45.86
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$273.3M
Earnings Power Value
$8.06
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$154.8M
  • growthAssumed0.0%
Graham Number
$10.26
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years20.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $45.86
The three cases
Bear0.0%$20.72
Base20.0%$45.86
Bull20.0%$45.86

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2022-03-31 · accession 0001516513-24-000035 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2023-03-31 · accession 0001516513-25-000056 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2024-03-31 · accession 0001516513-26-000025 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2022-03-31 · accession 0001516513-24-000035 (NetIncomeLoss)
  5. 10-K · period ending 2023-03-31 · accession 0001516513-25-000056 (NetIncomeLoss)
  6. 10-K · period ending 2024-03-31 · accession 0001516513-26-000025 (NetIncomeLoss)
  7. 10-K · period ending 2022-03-31 · accession 0001516513-24-000035 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-03-31 · accession 0001516513-25-000056 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-03-31 · accession 0001516513-26-000025 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-03-31 · accession 0001516513-24-000035 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-03-31 · accession 0001516513-25-000056 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-03-31 · accession 0001516513-26-000025 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-03-31 · accession 0001516513-23-000036 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-03-31 · accession 0001516513-24-000035 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-03-31 · accession 0001516513-25-000056 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2025-03-31 · accession 0001516513-26-000025 (CashAndCashEquivalentsAtCarryingValue)