Doximity, Inc.
DOCS Healthcare Health Information Services
Doximity, Inc.’s revenue for fiscal 2026 (year ended March 2026) was $644.9 million, up 13.1% from fiscal 2025. In the quarter to June 2026, revenue grew 7.34%, EPS fell 53.6% and free cash flow fell 34.1%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for five.
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Doximity, Inc. (DOCS) Altman Z-score
Doximity, Inc.'s Altman Z-score for fiscal 2026 is 17.11, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2026 | 17.11 | (20.83) |
| FY2025 | 37.94 | 18.80 |
| FY2024 | 19.15 | (4.71) |
| FY2023 | 23.86 | (23.41) |
| FY2022 | 47.27 | — |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.70 | — | 0.84 | |
| Retained earnings / total assets | (0.05) | — | −0.06 | |
| EBIT / total assets | 0.19 | — | 0.63 | |
| Market value of equity / total liabilities | 25.21 | — | 15.13 | |
| Sales / total assets | 0.57 | — | 0.57 | |
| Altman Z-score | Safe zone | 17.11 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 11.52 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| DOCS Doximity, Inc. | 17.1× |
| HTFL Heartflow, Inc. compare | 7.2× |
| PRVA Privia Health Group, Inc. compare | 4.8× |
| HQY HealthEquity, Inc. compare | 4.4× |
| TXG 10x Genomics compare | 4.0× |
| BTSG BrightSpring Health Services, Inc. compare | 3.3× |
| TEM Tempus AI, Inc. compare | 2.6× |
| WAY Waystar Holding Corp. compare | 2.2× |
| HNGE Hinge Health Inc. compare | −0.6× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets