Is Doximity, Inc. overvalued or undervalued?

As of 24 October 2025, Doximity, Inc. has moved from an attractive to a fair valuation grade. The company appears to be overvalued based on its current valuation metrics. The P/E ratio stands at 49, significantly higher than the peer average of 54.88 for similar companies, while the EV to EBITDA ratio is 42.00, again above the peer average of 48.71. Additionally, the PEG ratio of 1.46 suggests that the stock may not be growing fast enough to justify its high price.
In comparison to its peers, Commvault Systems, Inc. is considered very expensive with a P/E of 91.74, while BlackLine, Inc. is fairly valued with a P/E of 35.70. Notably, Doximity has outperformed the S&P 500 over the past year, returning 61.18% compared to the index's 16.90%, which may indicate strong underlying performance despite its current overvaluation.