Doximity, Inc. (DOCS) vs HealthEquity, Inc. (HQY)

Doximity, Inc. and HealthEquity, Inc. are both Health Information Services companies. HealthEquity, Inc. is the larger, with a market value of $7.3B against $4.6B — 1.6× the size. Doximity, Inc. trades at the lower P/E: 29.6× against 31.6×. Doximity, Inc. grew revenue faster over the last twelve months: 11.2% against 7.34%. Doximity, Inc. has the higher net margin (25.5% vs 17.4%) and the higher return on invested capital (53.1% vs 8.24%). Across the 22 metrics below, Doximity, Inc. leads on 16 and HealthEquity, Inc. on 6.

Valuation

Metric DOCS HQY Health Information Services median
P/E 29.61 31.63 39.52
P/S 7.34 5.40 2.65
P/B 5.25 3.70 2.32
Price to free cash flow 16.20 16.85 16.77
EV/EBITDA 18.90 15.77 12.35
EV/Sales 6.29 5.90 3.06
Earnings yield 3.38% 3.16% (1.68%)
Free cash flow yield 6.17% 5.93% 0.54%

Profitability

Metric DOCS HQY Health Information Services median
Gross margin 88.07% 71.25% 63.38%
Operating margin 29.60% 25.80% (8.35%)
Net margin 25.48% 17.36% (14.70%)
Free cash flow margin 45.31% 32.08% 0.58%
Return on equity 17.21% 11.43% (6.82%)
Return on assets 14.60% 7.07% (6.02%)
Return on invested capital 53.13% 8.24% 0.00%

Growth

Metric DOCS HQY Health Information Services median
Revenue growth (TTM) 11.18% 7.34% 8.62%
EPS growth (last fiscal year) (11.71%) 125.69% —
Revenue growth, 5-year CAGR 25.53% 12.36% 12.36%
Net income growth, 5-year CAGR 55.51% 89.38% 0.00%

Health

Metric DOCS HQY Health Information Services median
Debt to equity 0.00 0.47 0.01
Current ratio 6.08 2.99 2.37
Net debt to EBITDA (3.18) 1.34 0.50

Dividend

Metric DOCS HQY Health Information Services median
Dividend yield — — 0.85%
Payout ratio 0.00 0.00 0.00

Size

Metric DOCS HQY Health Information Services median
Market cap 4.64b 7.33b 352.86m

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