Doximity, Inc. (DOCS) vs Waystar Holding Corp. (WAY)

Doximity, Inc. and Waystar Holding Corp. are both Health Information Services companies. Doximity, Inc. and Waystar Holding Corp. are of similar size ($4.7B and $4.6B). Doximity, Inc. trades at the lower P/E: 29.6× against 34.3×. Waystar Holding Corp. grew revenue faster over the last twelve months: 19.2% against 11.2%. Doximity, Inc. has the higher net margin (25.5% vs 11.2%) and the higher return on invested capital (53.1% vs 3.30%). Across the 20 metrics below, Doximity, Inc. leads on 14 and Waystar Holding Corp. on 6.

Valuation

Metric DOCS WAY Health Information Services median
P/E 29.61 34.31 39.52
P/S 7.34 3.93 2.65
P/B 5.25 1.19 2.32
Price to free cash flow 16.20 19.24 16.77
EV/EBITDA 18.90 13.75 12.35
EV/Sales 6.29 4.96 3.06
Earnings yield 3.38% 2.91% (1.68%)
Free cash flow yield 6.17% 5.20% 0.54%

Profitability

Metric DOCS WAY Health Information Services median
Gross margin 88.07% 69.11% 63.38%
Operating margin 29.60% 22.87% (8.35%)
Net margin 25.48% 11.18% (14.70%)
Free cash flow margin 45.31% 20.42% 0.58%
Return on equity 17.21% 3.77% (6.82%)
Return on assets 14.60% 2.56% (6.02%)
Return on invested capital 53.13% 3.30% 0.00%

Growth

Metric DOCS WAY Health Information Services median
Revenue growth (TTM) 11.18% 19.23% 8.62%
EPS growth (last fiscal year) (11.71%) 569.23% —
Revenue growth, 5-year CAGR 25.53% — 12.36%
Net income growth, 5-year CAGR 55.51% — 0.00%

Health

Metric DOCS WAY Health Information Services median
Debt to equity 0.00 0.37 0.01
Current ratio 6.08 1.85 2.37
Net debt to EBITDA (3.18) 3.49 0.50

Dividend

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

Size

Metric DOCS WAY Health Information Services median
Market cap 4.64b 4.72b 352.86m

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