Doximity Inc (DOCS) is fairly valued and Veeva Systems Inc (VEEV) is overvalued.
Against our estimates of intrinsic value, DOCS trades at the wider discount: a margin of safety of +0%, against -74% for VEEV.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 10.8% (average of 3 methods) values the shares at $26.62; the price of $26.51 sits right on that value, and 72% of that value comes from beyond year five.
Leak Score 59/100 on 3 of 12 signals
Discounting its cash flows at 9.8% (average of 3 methods) values the shares at $149.85; the price of $260.91 is 74% above that value, and 74% of that value comes from beyond year five.
Leak Score 50/100 on 8 of 12 signals
| Metric | DOCS | VEEV |
|---|---|---|
| Verdict | Fairly valued | Overvalued |
| Price | $26.51 | $260.91 |
| Intrinsic value | $26.62 | $149.85 |
| Margin of safety | +0% | -74% |
| Leak Score | 59/100 (3/12) | 50/100 (8/12) |
| Market cap | $4.7B | $42.2B |
| Revenue growth, 5 years | 25.5% | 16.9% |
| Operating margin | 30.6% | 29.9% |
| Net margin | 25.5% | 29.3% |
| Return on equity | 17.2% | 14.4% |
| Debt to equity | 0.01 | 0.02 |
| P/E | 31.4x | 42.9x |
| Forward P/E | 17.1x | 25.4x |
| P/B | 5.2x | 5.7x |