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) Beneish M-score
Doximity, Inc.'s Beneish M-score for fiscal 2026 is −2.93; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2026 | −2.93 | (0.53) |
| FY2025 | −2.40 | 0.25 |
| FY2024 | −2.65 | (0.41) |
| FY2023 | −2.24 | (0.48) |
| FY2022 | −1.76 | 0.26 |
| FY2021 | −2.01 | — |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.00 | — | 0.92 | |
| Gross margin index | 1.01 | — | 0.53 | |
| Asset quality index | 1.12 | — | 0.45 | |
| Sales growth index | 1.13 | — | 1.01 | |
| Depreciation index | 0.75 | — | 0.09 | |
| SG&A index | 1.06 | — | −0.18 | |
| Total accruals to total assets | (0.12) | — | −0.54 | |
| Leverage index | 1.12 | — | −0.36 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.93 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| HNGE Hinge Health Inc. compare | −6.2× |
| TXG 10x Genomics compare | −3.2× |
| DOCS Doximity, Inc. | −2.9× |
| HQY HealthEquity, Inc. compare | −2.8× |
| BTSG BrightSpring Health Services, Inc. compare | −2.6× |
| PRVA Privia Health Group, Inc. compare | −2.6× |
| HTFL Heartflow, Inc. compare | −2.5× |
| WAY Waystar Holding Corp. compare | −2.4× |
| TEM Tempus AI, Inc. compare | −1.2× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI