Doximity vs Waystar
Waystar reported revenue of $1.1 billion in fiscal 2025, 1.7 times Doximity's $645 million in fiscal 2026. Doximity's revenue grew 13.1% in its latest year, and Waystar's grew 16.5%. Doximity had an operating margin of 33.3%, against 22.7% at Waystar. Free cash flow was $326 million at Doximity and $283 million at Waystar. Their fiscal years end in different months (March 31 and December 31), so the periods don't line up exactly.
Side by side
| Doximity | Waystar | |
|---|---|---|
| Latest fiscal year | FY2026, Mar 31, 2026 | FY2025, Dec 31, 2025 |
| Revenue | $645M | $1.1B |
| Revenue growth | 13.1% | 16.5% |
| Revenue growth a year, last 5 years | 25.5% | — |
| Gross margin | 89.1% | — |
| Operating margin | 33.3% | 22.7% |
| Net margin | 30.4% | 10.2% |
| Free cash flow | $326M | $283M |
| Free cash flow margin | 50.6% | 25.8% |
| Return on capital | 91.3% | 3.5% |
| Net debt to EBITDA | −3.3x | 3.6x |
| Dividends and buybacks | $432M | $0M |
| Change in diluted share count | −1.1% | 23.3% |
| Last close | $32.51 | $28.35 |
| P/E at the last close | 45.2× | 41.1× |
| Insider trades, last 12 months | sold $2.0 million | bought $189,000, sold $8.4 million |
| Piotroski F-score | 4 of 9 | 5 of 8 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
DoximityWaystar
Operating margin
Percent of revenue
DoximityWaystar
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
DoximityWaystar