Doximity Inc. DOCS

Name: DOCS Crucible Score
Creator: Kaladin Capital Intelligence

UnknownUnknownN/A📅 Scored March 14, 2026

Price at analysis: $24.18

Crucible Score

74.5

B+

Quality × Value Composite

KQI — Quality

76.8

B+

Fundamental Quality Index

KVI — Value

71.6

Valuation Attractiveness Index

Crucible Verdict — DOCS

Doximity Inc. (DOCS) presents a high-quality but narrowly focused business, with exceptional financial metrics and strong competitive moats offset by poor diversification and modest market position. The stock trades at a 25% discount to fair value despite a 97% earnings beat rate, suggesting the market remains concerned about DOCS' ability to expand beyond its core physician networking niche. Growth sustainability hinges on successful platform diversification.

— Kal, Kaladin Capital Intelligence

◆ KQI Quality Dimensions

Financial Quality

91.3

Growth Profile

80.6

Moat Durability

88.5

Management Effectiveness⚠

71.9

Diversification & Resilience⚠

18.0

Market Position

48.0

Weakest dimension: Diversification & Resilience (18.0)

◆ KVI Value Dimensions

DCF Margin of Safety

68.5

FCF Yield & Cash Returns

75.3

Relative Valuation

65.8

Growth-Adjusted Value

70.8

Historical Valuation

86.5

Macro Context

66.8

◆ DCF Valuation Scenarios

Bear Case

$18.52

Base Case

$30.14

Bull Case

$46.89

Price at Analysis

$24.18

Scenario	Fair Value	Rev CAGR (5yr)	Terminal Margin	WACC
🔴 Bear	$18.52	8.0%	32.0%	12.3%
🟢 Base	$30.14	12.0%	37.0%	11.8%
🟢 Bull	$46.89	16.0%	42.0%	11.3%

Key Assumptions: WACC derived from CAPM using 4.39% risk-free rate, 1.44 beta, and 5.5% ERP yielding ~12.3% cost of equity; minimal debt makes WACC approximately equal to cost of equity with slight scenario adjustments. Revenue growth anchored to 5-year CAGR of ~29% but decelerating materially given maturing platform dynamics; operating margins reflect historical range of 26-40% with bear assuming competitive pressure and bull assuming continued operating leverage. Capex intensity remains very low at ~1.2% of revenue consistent with asset-light software model, and tax rate normalized to ~16% reflecting historical effective rates excluding the anomalous negative year.

◆ Financial Snapshot

Profitability

Gross Margin89.7%

Operating Margin37.4%

Net Margin37.5%

ROIC19.1%

ROE24.4%

Balance Sheet

Balance SheetD/E: 0.01*, CR: 6.63* (* = TTM)

Cash ConversionFCF/EPS: 1.30x

Capital IntensityCapex/Rev: 1.1%

Altman Z-Score17.83 (Safe)

Piotroski F-Score5/9 (Mixed)

Growth

Revenue CAGR28.9% CAGR

Earnings CAGR45.2% CAGR

Growth ConsistencyCV: 0.62

Segment Breadth2/2 growing (100%)

Quarterly TrendRev→+17%, Margin↓, WC↓, Exp↓

Earnings CredibilityConsistent Beater

◆ Analyst Consensus & Leadership

Leadership & Governance

CEO Ownership31.3%

Compensation97% performance-based

Insider ActivitySelling

Capital AllocationROIC 19.1% vs WACC 12.4%

Earnings Beat Rate97% (21/22)

◆ Related Companies in Our Universe

Other Unknown companies scored by the Crucible:

ADBE81.8A-NICE80.7A-DECK79.9A-INTU79.9A-EXEL78.3A-MTCH78.2A-TTD78.0B+

Methodology All Scores Crucible Briefs Performance @KaladinCI

Analysis conducted March 14, 2026 based on most recent SEC filings. Updated quarterly, after new SEC filings.

Point-in-time fundamental analysis. Not investment advice. Scores reflect company quality and valuation at time of analysis and may not reflect current market conditions.