Is Doximity, Inc. overvalued or undervalued?

As of 26 August 2025, the valuation grade for Doximity, Inc. has moved from attractive to fair, indicating a shift in its perceived value. The company appears to be fairly valued at this time. Key valuation ratios include a P/E ratio of 49, a Price to Book Value of 10.21, and an EV to EBITDA of 42.00, which suggest that while the company has strong growth potential, it is priced at a premium compared to its earnings and book value.
In comparison to its peers, Doximity's P/E ratio of 54.88 is notably higher than BlackLine, Inc.'s fair valuation P/E of 35.70, but lower than Commvault Systems, Inc., which is considered very expensive at a P/E of 91.74. The company's recent stock performance has outpaced the S&P 500, with a year-to-date return of 37.85% compared to the S&P 500's 12.22%, reinforcing the notion that investors are currently optimistic about Doximity's growth prospects despite its fair valuation status.