NYSE: DOCS · Healthcare Information Services
Doximity (DOCS) fair value: undervalued or overvalued?
As of 31 Oct 2026, Faircurve's model values Doximity (DOCS) at $32.04 a share. The stock last closed at $33.18, which puts the model's fair value 3.4% below the price. On the model's bands that reads as Fairly valued.
Revalued . Price is the close of 5 Nov 2026. Doximity, Inc.
The report adds the live price, the chart against the range the options market prices and the analysts' consensus. No account needed.
This week, in three parts
What happenedThe run of 31 Oct 2026 held the fair value at $32.04, within 1% of the run of 24 Oct 2026.
What the model makes of itThe price of $33.18 is 3.4% above it: Fairly valued, on a medium evidence grade.
What's nextNo report date on file. Options prices imply a move of about 30% either way over the next month. The next weekly run is on Saturday 7 Nov 2026.
What price range does the model give DOCS?
The calibrated range for DOCS over 63 trading days is $24.36 to $48.51. It sits around the last close, and its width comes from the volatility that DOCS's own options imply (104% a year), calibrated weekly against realised prices (n = 6,661 past valuations, refreshed 31 Oct 2026). Ranges built this way held the price 60% of the time at this horizon. The fair value is the model's opinion and rides beside the range. It is not the centre of it.
The model's own simulated range, from the 20th to the 80th percentile of its runs, is $23.20 to $43.91. In 48% of the simulations the fair value came out above the price the model ran on.
Faircurve Insights · 31 Oct 2026
Doximity, Inc. (DOCS) provides a digital platform, hosted in the cloud, specifically designed for healthcare practitioners throughout the United States. It falls under healthcare information services.
Faircurve's model put the fair value at $32.04 a share on 31 Oct 2026, the midpoint of 2,000 simulations. The previous run, on 24 Oct 2026, gave $32.21, so the fair value moved -0.5%. The calibrated range over 63 trading days runs from $27.33 to $46.44. Calibrated weekly against 6,661 past valuations, ranges built this way held the price 60% of the time at this horizon. The evidence grade is Medium. It reflects how complete the inputs are, how many comparable companies there are and how closely they agree, and how wide the range of outcomes is. It does not say whether the fair value is right.
Doximity's overall quality score is 83 out of 100 against comparable companies. Profitability is the strongest factor at 100, with ROIC of 22.0% against a peer median of -0.5%. Capital discipline scores 94, with net buybacks of 6.9% of market value against a peer median of 0.0%. The balance sheet scores 88, with net debt to EBITDA of -1.09x against a peer median of 2.71x. The model compares the company with Waystar Holding Corp. (WAY), Certara, Inc. (CERT), Omnicell, Inc. (OMCL) and HealthStream, Inc. (HSTM).
Written from the figures on this page for the 31 Oct 2026 valuation and checked by rule before publishing: every number is one printed here, no forecast, no instruction. The price, the gap and the verdict are the page's own and change daily. Not a recommendation.
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When does DOCS report earnings, and how has the stock reacted?
Options prices on 5 Nov 2026 imply a move of about 25.4% in either direction through the nearest expiry, about 14 days out. That is the size the market is pricing, not a direction. DOCS's 30 day implied volatility works out to about 30.0% over one month.
Around its last 8 reports: what the options market priced, and what followed
Each move runs from the last close before the report to the first close after it, so it covers companies that report before the open and after the close. The median size across DOCS's last 8 reports, ignoring direction, was 29.3%.
What the options market has priced for a month's move in DOCS
How does DOCS score on business quality?
Doximity's overall quality score is 83 out of 100. Each factor below is a score against comparable companies, not a percentile of the metric beside it.
| Factor | Score (0 to 100) | Headline measure | Peer median |
|---|---|---|---|
| ProfitabilityReturn on invested capital against the peer group, with a bonus for an improving trend. | 100 | 22.0%ROIC | -0.5% |
| Earnings qualityHow much of reported profit is cash: free cash flow to net income, and the accrual ratio (the share of earnings that is not cash). | 90 | 1.79xFCF / net income | |
| Growth qualityTrailing revenue growth, forward growth from consensus, and the direction of analysts' rating changes. | 49 | 13.1%Revenue growth, trailing | 12.6% |
| Capital disciplineReinvestment efficiency (capital spending per unit of revenue) and net buybacks. | 94 | 6.9%Net buybacks / market value | 0.0% |
| Balance sheetNet debt to EBITDA and interest coverage. | 88 | -1.09xNet debt / EBITDA | 2.71x |
| StabilityDownside volatility of the EBITDA margin over the last five years. | 71 | 2.3 ptsEBITDA margin downside volatility, 5y | 4.0 pts |
How does DOCS compare with similar companies?
The companies in healthcare information services closest to Doximity in market value, each on the same model and the same date.
| Company | Last close | Model fair value | Gap | Model verdict |
|---|---|---|---|---|
| WAY Waystar Holding Corp. | $28.88 | $30.97 | +7.2% | Fairly valued |
| HQY HealthEquity, Inc. | $103.46 | $114.42 | +10.6% | Low evidence grade |
| BTSG BrightSpring Health Services, Inc. Common Stock | $65.86 | $62.98 | -4.4% | Low evidence grade |
| CERT Certara, Inc. | $12.18 | $11.11 | -8.8% | Fairly valued |
| OMCL Omnicell, Inc. | $38.03 | $38.92 | +2.3% | Fairly valued |
| HSTM HealthStream, Inc. | $29.60 | $32.00 | +8.1% | Fairly valued |
What the comparable companies' multiples alone would give for DOCS, the peer-implied price, is $27.40 a share on this run. The fair value weighs that against the company's own multiple.
All healthcare information services stocks ranked by gap to fair value
Doximity at a glance
Doximity, Inc. provides a digital platform, hosted in the cloud, specifically designed for healthcare practitioners throughout the United States.
- Market value
- $5.8B
- Sector
- Healthcare
- Industry
- Healthcare Information Services
- Revenue expected, next twelve months
- $703M
- Consensus revenue growth, next fiscal year
- +5.1%
- Analysts with estimates
- 12
- Beta to the US market
- 0.42
- First valued by Faircurve
- 11 Jul 2026
At the close of 5 Nov 2026, 56.0% of the 1,065 graded US stocks the model covers traded below the model's fair value. DOCS was not among them.
How the fair value is worked out: the model prices Doximity on the value of the whole business, debt included, against the operating profit analysts expect next year (forward EV/EBITDA), runs 2,000 simulations across its inputs and takes the midpoint. The full method is documented here.
What changed in the latest valuation?
On 24 Oct 2026 the model's fair value for DOCS was $32.21. As of 31 Oct 2026 it is $32.04, a change of -0.5%. The model revalues every stock it covers each week, and again after an earnings report.
Questions about Doximity's valuation
Is Doximity stock undervalued or overvalued?
On Faircurve's model, DOCS reads as Fairly valued as of 31 Oct 2026. The model's fair value is $32.04 a share against a last close of $33.18, a gap of -3.4%.
What is DOCS's fair value?
$32.04 a share as of 31 Oct 2026, the midpoint of 2,000 simulations. The model's own 20th to 80th percentile range is $23.20 to $43.91.
What price range does the model give DOCS?
$24.36 to $48.51 over 63 trading days. Ranges built this way held the price 60% of the time across 6,661 past valuations, refreshed 31 Oct 2026.
How much has DOCS moved on past earnings reports?
Across its last 8 reports the median two session move was 29.3%, ignoring direction. The largest was +39.6% around the report of 8 Aug 2024.
How confident is the model in this valuation?
The model's evidence grade for DOCS is medium. The grade looks at how complete the inputs are, how many comparable companies there are and how closely they agree, and how wide the range of outcomes is. It is not a probability that the fair value is right, or that the price reaches it.
The model's own ideas on DOCS
The model holds no idea open on DOCS today. Signed-in readers see the rule each idea runs on, the floor and the exit level the model set and its time limit, and the model's closed ideas on DOCS with their outcomes. A free account is enough.