Discounted Cash Flow

Doximity, Inc.

DOCS · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2020 $116.4m $29.7m $25.9m 25.5% $0.45
2021 $206.9m (77.8%) $50.2m (68.8%) $82.7m (219.2%) 24.3% (-5.0%) $0.68 (51.6%)
2022 $343.5m (66.0%) $154.8m (208.3%) $124.7m (50.7%) 45.1% (85.7%) $0.95 (40.2%)
2023 $419.1m (22.0%) $112.8m (-27.1%) $177.9m (42.7%) 26.9% (-40.2%) $0.58 (-38.3%)
2024 $475.4m (13.5%) $147.6m (30.8%) $183.9m (3.4%) 31.0% (15.3%) $0.78 (32.9%)
2025 $570.4m (20.0%) $223.2m (51.2%) $273.3m (48.6%) 39.1% (26.0%) $1.19 (53.9%)
2026 $644.9m (13.1%) $196.1m (-12.2%) $326.5m (19.5%) 30.4% (-22.3%) $1.05 (-12.2%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model