Is Doximity, Inc. overvalued or undervalued?

As of 24 October 2025, the valuation grade for Doximity, Inc. has moved from attractive to fair. Based on the current metrics, Doximity appears to be fairly valued. The company has a P/E ratio of 49, a Price to Book Value of 10.21, and an EV to EBITDA of 42.00, which are relatively high compared to its peers. For instance, BlackLine, Inc. has a P/E of 35.70 and an EV to EBITDA of 42.41, while Commvault Systems, Inc. is considered very expensive with a P/E of 91.74.
Despite the fair valuation, Doximity has demonstrated strong performance with a year-to-date return of 25.19%, significantly outperforming the S&P 500's return of 15.47% in the same period. However, over the past month, the stock has declined by 10%, contrasting with the S&P 500's gain of 2.32%. This mixed performance underscores the current valuation narrative, suggesting that while Doximity is not undervalued, its recent stock performance may warrant closer scrutiny.