Doximity, Inc. key statistics and ratios

In fiscal 2026, Doximity, Inc. had return on equity of 19.3%, an operating margin of 33.3%, debt equal to 0.0% of equity and a current ratio of 6.09. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Doximity, Inc.: financial ratios, annual
Fiscal year	2020Mar 2020	2021Mar 2021	2022Mar 2022	2023Mar 2023	2024Mar 2024	2025Mar 2025	2026Mar 2026	LTMJun 2026
Gross margin	87.2%	84.9%	88.4%	87.2%	89.3%	90.2%	89.1%	88.1%
Operating margin	19.0%	25.8%	33.0%	29.9%	34.5%	39.9%	33.3%	29.6%
Net margin	25.5%	24.3%	45.1%	26.9%	31.0%	39.1%	30.4%	25.5%
Free-cash-flow margin	22.3%	40.0%	36.3%	42.5%	38.7%	47.9%	50.6%	46.7%
Return on equity	—	147.9%	32.7%	12.2%	15.8%	22.5%	19.3%	17.9%
Return on assets	—	19.9%	24.9%	10.6%	13.3%	19.0%	16.4%	15.1%
Asset turnover	—	0.82	0.55	0.39	0.43	0.49	0.54	0.59
Current ratio	—	2.05	8.12	6.99	6.20	6.97	6.09	6.08
Debt to equity	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Effective tax rate	−26.5%	13.1%	−35.8%	15.3%	20.3%	15.3%	21.6%	26.2%
R&D as % of revenue	27.9%	21.2%	18.1%	19.1%	17.2%	16.3%	20.3%	21.7%
Capital spending as % of revenue	0.2%	0.1%	0.6%	0.4%	0.0%	0.0%	0.0%	0.0%
Free cash flow ÷ net income	87.1%	164.8%	80.5%	157.7%	124.6%	122.4%	166.5%	183.4%
Dividends and buybacks ÷ free cash flow	0.0%	2.4%	2.2%	48.0%	152.6%	44.0%	132.2%	130.9%

US$ thousands unless shown otherwise. Fiscal quarters.

Doximity, Inc.: financial ratios, quarterly
Quarter	2025 Q2Sept 2024	2025 Q3Dec 2024	2025 Q4Mar 2025	2026 Q1Jun 2025	2026 Q2Sept 2025	2026 Q3Dec 2025	2026 Q4Mar 2026	2027 Q1Jun 2026
Gross margin	90.0%	91.6%	89.5%	89.2%	90.3%	89.9%	86.7%	84.9%
Operating margin	38.8%	47.4%	35.2%	37.4%	37.8%	38.9%	17.1%	21.5%
Net margin	32.3%	44.6%	45.2%	36.5%	36.8%	33.3%	13.1%	15.5%
Free-cash-flow margin	49.9%	38.7%	71.2%	42.6%	—	—	—	26.8%
Current ratio	7.24	8.74	6.97	6.47	7.79	6.63	6.09	6.08
R&D as % of revenue	17.0%	13.3%	17.9%	18.4%	17.9%	18.7%	26.9%	24.6%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

2 of 2 checks passed · June 30, 2026

What it owns · $1.1bn

Short-term assets $914mLonger-term assets $170m

What it owes, and who funded it · $1.1bn

Short-term liabilities $150mLonger-term liabilities $17mShareholders' equity $916m

Short-term assets cover short-term liabilities $914m of assets due within a year against $150m of liabilities due within a year.
Short-term assets cover long-term liabilities $914m short-term assets against $17m of longer-dated liabilities.
More cash than debt Cash or debt not separately reported. Not assessable.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Doximity, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

75 /100

Strong moat

How hard Doximity's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 20 / 20

Cash operating profit has been a median 21.2% of total assets over 5 years.
Pricing power 20 / 20

Gross margin has been a median 87.9%, moving by 1.1 percentage points (standard deviation) across 6 years.
Durability 20 / 20

Operating margin has been a median 30.9%; its worst year was 29.6%.
Cash conversion 20 / 20

Free cash flow was positive in 6 of 6 years, at a median 43.9% of revenue.
Discipline 0 / 20

The diluted share count rose 91.6% over five years; stock-based pay has been a median 11.5% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (80 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Doximity, Inc.'s SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Doximity, Inc.