DOCS
Doximity, Inc.
DOCS has the edge over NVO overall, supported by stronger modeled upside.
NVO
Novo Nordisk A/S
NVO has lower modeled downside risk, despite its lower overall score.
DOCS Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Unavailable | |
| Strong |
DOCS's profitability and balance sheet are currently healthy, and its revenue is stable. There isn't enough data to rate its cash flow.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is stable.
DOCS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 23x | $33.20 | — |
| Cheap | 35x | $24.67 | -26% |
| Current | 47x | $33.20 | — |
| Fair | 49x | $35.12 | +5.8% |
| Expensive | 63x | $45.04 | +36% |
Historical ranges are pointers, not guarantees.
DOCS's PE is in its fair range at 47x. On analysts' estimates for next year's earnings, today's price would be 23x, in its cheap range.
NVO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 10x | $40.65 | — |
| Cheap | 14x | $53.56 | +32% |
| Fair | 27x | $103 | +154% |
| Expensive | 39x | $152 | +273% |
Historical ranges are pointers, not guarantees.
NVO has the edge over DOCS in the historical PE scenario, which offers more potential upside but is not a forecast.
DOCS Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Stable | |
| Growth | |
| Weakening | |
| Moderate | |
| Moderate |
Analysts expect DOCS's revenue to grow, but its profitability to weaken.
NVO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Stable | |
| Growth | |
| Weakening | |
| Limited | |
| Low |
Analysts expect NVO's revenue to grow, but its profitability to weaken. However, they disagree widely on these estimates.
DOCS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.44 | +103% |
| Q3 2026 | $0.71 | -44% |
| Q2 2026 | $0.84 | -28% |
| Q1 2026 | $0.98 | -12% |
| Q4 2025 | $1.20 | +20% |
| Q3 2025 | $1.26 | +45% |
| Q2 2025 | $1.17 | +46% |
| Q1 2025 | $1.11 | +54% |
| Q4 2024 | $1.00 | +49% |
DOCS's earnings per share have fallen from their peak: $0.71 over the past year, against $1.26 in late 2025.
NVO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $3.89 | +4.9% |
| Q1 2026 | $4.07 | +17% |
| Q4 2025 | $3.42 | +1.8% |
| Q3 2025 | $3.47 | +10% |
| Q2 2025 | $3.71 | +24% |
| Q1 2025 | $3.49 | +18% |
| Q4 2024 | $3.36 | +21% |
| Q3 2024 | $3.15 | +27% |
NVO's earnings per share have climbed steadily: $3.89 over the past year, up 4.9% from the year before, and higher year over year every quarter since late 2020.
DOCS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $174.5M | +3.6% |
| Q2 2026 | $156.6M | +7.3% |
| Q1 2026 | $145.4M | +5.1% |
| Q4 2025 | $185.1M | +9.8% |
| Q3 2025 | $168.5M | +23% |
| Q2 2025 | $145.9M | +15% |
| Q1 2025 | $138.3M | +17% |
| Q4 2024 | $168.6M | +25% |
DOCS's revenue has grown year over year every quarter since late 2020: $175M last quarter, up 3.6% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 25% | -13 points |
| Q2 2026 | 21% | -16 points |
| Q1 2026 | 17% | -18 points |
| Q4 2025 | 39% | -8.5 points |
| Q3 2025 | 38% | -1.1 points |
| Q2 2025 | 37% | +1 points |
| Q1 2025 | 35% | -0.3 points |
| Q4 2024 | 47% | +4.1 points |
DOCS's operating margin was 25% last quarter, down 13 points from the same quarter a year ago.
NVO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $11.7B | +2.1% |
| Q1 2026 | $14.4B | +24% |
| Q4 2025 | $11.8B | -7.6% |
| Q3 2025 | $11.1B | +5.1% |
| Q2 2025 | $11.4B | +13% |
| Q1 2025 | $11.6B | +19% |
| Q4 2024 | $12.7B | +30% |
| Q3 2024 | $10.6B | +21% |
NVO's revenue is growing: $11.7B last quarter, up 2.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 34% | -9 points |
| Q1 2026 | 62% | +12 points |
| Q4 2025 | 40% | -2.8 points |
| Q3 2025 | 32% | -16 points |
| Q2 2025 | 44% | +5.4 points |
| Q1 2025 | 50% | +1 points |
| Q4 2024 | 43% | +2.2 points |
| Q3 2024 | 47% | +1.6 points |
NVO has the edge over DOCS on profitability, with a higher operating margin.
DOCS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $93.3M | -0.7% |
| Q2 2026 | $41.9M | -32% |
| Q4 2025 | $60.9M | -6.6% |
| Q3 2025 | $93.9M | +37% |
| Q2 2025 | $62.1M | +51% |
| Q1 2025 | $98.5M | +54% |
| Q4 2024 | $65.2M | +30% |
| Q3 2024 | $68.3M | +432% |
DOCS has the stronger cash trend. Its trailing FCF is up 65% versus its history, compared with NVO at down 14%.
NVO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $6.3B | +73% |
| Q1 2026 | $1.8B | +20% |
| Q4 2025 | -$5.4B | -$4.7B |
| Q3 2025 | $4.6B | -2.1% |
| Q2 2025 | $3.6B | -34% |
| Q1 2025 | $1.5B | +89% |
| Q4 2024 | -$632.6M | +$390.5M |
| Q3 2024 | $4.7B | +3.3% |
NVO still generates free cash flow, though less than at its 2026 peak: $7.3B over the past year.
DOCS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.8% | -3.4M shares |
| 1 year | -6.4% | -12.9M shares |
| 3 years | -10% | -21.2M shares |
| 5 years | -13% | -28.9M shares |
| Available history | +3.4% | +6.1M shares |
DOCS has the edge over NVO on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $54.2M |
| Q2 2026 | $91.6M |
| Q1 2026 | $90.5M |
| Q4 2025 | $196.9M |
| Q3 2025 | $21.9M |
| Q2 2025 | $122.4M |
| Q1 2025 | $26.8M |
| Q4 2024 | $19.3M |
DOCS spent $433M buying back its own shares over the past year, up 128% from the year before.
NVO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -12.9M shares |
| 1 year | -0.2% | -11M shares |
| 3 years | -1.5% | -66.8M shares |
| 5 years | -3.8% | -177M shares |
| Available history | -6.5% | -311M shares |
NVO has 4.4B diluted shares, about the same as a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | $520M |
| Q1 2026 | $356.7M |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $206.3M |
| Q4 2024 | $1.1B |
| Q3 2024 | $357.4M |
NVO spent $877M buying back its own shares over the past year, down 48% from the year before.
DOCS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -1.1x | Net Cash |
| Q2 2026 | -1.3x | Net Cash |
| Q1 2026 | -1.0x | Net Cash |
| Q4 2025 | -0.3x | Net Cash |
| Q3 2025 | -0.7x | Net Cash |
| Q2 2025 | -0.6x | Net Cash |
| Q1 2025 | -0.9x | Net Cash |
| Q4 2024 | -0.7x | Net Cash |
DOCS has the edge over NVO on leverage, with a lower net debt burden relative to earnings.
NVO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 0.5x | Very low |
| Q1 2026 | 0.7x | Very low |
| Q4 2025 | 0.6x | Very low |
| Q3 2025 | 0.4x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.6x | Very low |
| Q3 2024 | -0.0x | Very low |
NVO's net debt is less than a year of its operating earnings (EBITDA).
DOCS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 64.2 | Neutral |
| Stochastic | 69.8 | Neutral |
DOCS's weekly RSI is 64 (neutral) and its Stochastic is 70 (neutral).
NVO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.0 | Neutral |
| Stochastic | 27.0 | Neutral |
NVO's weekly RSI is 43 (neutral) and its Stochastic is 27 (neutral).
DOCS PE vs Healthcare Sector
| Metric | DOCS | Sector median | Relative |
|---|---|---|---|
| PE | 47x | 26x | 81% above |
| PE % | 45 | 37 | 8 pts above |
DOCS is trading at 47x earnings, a 81% premium to the Healthcare sector's median of 26x.
NVO PE vs Healthcare Sector
| Metric | NVO | Sector median | Relative |
|---|---|---|---|
| PE | 10x | 26x | 60% below |
| PE % | 6 | 29 | 23 pts below |
NVO has the edge over DOCS on valuation relative to its sector.
DOCS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $31.0 | 7.3% above |
| 20 week MA | $26.8 | 24% above |
| 50 week MA | $28.1 | 18% above |
| 100 week MA | $44.7 | 26% below |
| 200 week MA | $38.1 | 13% below |
DOCS has the edge over NVO on trend strength, trading above more of its moving averages.
NVO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $39.2 | 3.7% above |
| 20 week MA | $43.9 | 7.4% below |
| 50 week MA | $45.3 | 10% below |
| 100 week MA | $56.3 | 28% below |
| 200 week MA | $80.7 | 50% below |
NVO has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 50% below its 200-week average.
DOCS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $56.0 | $51.5 | -7.9% |
| 2022 | $51.5 | $34.2 | -34% |
| 2023 | $34.2 | $28.0 | -18% |
| 2024 | $28.0 | $57.8 | +106% |
| 2025 | $57.8 | $43.7 | -24% |
| 2026 YTD | $43.7 | $33.2 | -24% |
DOCS has finished lower in four of the last five years. It's down 24% so far in 2026.
NVO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $29.1 | $34.7 | +19% |
| 2021 | $34.7 | $54.2 | +56% |
| 2022 | $54.2 | $67.0 | +24% |
| 2023 | $67.0 | $103.5 | +54% |
| 2024 | $103.5 | $87.4 | -16% |
| 2025 | $87.4 | $52.4 | -40% |
| 2026 YTD | $52.4 | $40.7 | -22% |
NVO has the edge over DOCS on returns for 2026, with the stronger performance.