Is Doximity, Inc. overvalued or undervalued?

As of 10 October 2025, Doximity, Inc. has moved from a fair to attractive valuation grade, indicating a shift towards being undervalued. The company is currently assessed as undervalued, supported by a P/E ratio of 49, an EV to EBITDA ratio of 42.00, and a PEG ratio of 1.46. In comparison, peers such as BlackLine, Inc. have a P/E of 35.70, while Commvault Systems, Inc. is considered very expensive with a P/E of 91.74, highlighting Doximity's relative attractiveness in the market.
Despite recent short-term declines, with a 1-week return of -10.44% compared to the S&P 500's -2.43%, Doximity has outperformed the index significantly over the longer term, achieving a 1-year return of 51.35% versus the S&P 500's 13.36%. This performance reinforces the narrative that Doximity is positioned favorably in the market, especially given its strong financial ratios and recent valuation upgrade.