DOCS vs VEEV: How Doximity and Veeva Systems Compare (2026)
Last updated August 2026
Short answer
VEEV is the larger of the two ($33.10B market cap): the incumbent the market prices for continued execution (20.31x forward earnings, beta 0.94). DOCS is the smaller challenger ($4.88B), cheaper on forward earnings (17.34x): more room to run, but more to prove. The real question is which set of drivers you believe, and whether owning one (or both) leaves you over-concentrated.
DOCS vs VEEV: the tie-breaker metrics
Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.
| Metric | DOCS | VEEV | What it tells you |
|---|---|---|---|
| Market cap | $4.88B | $33.10B | Size. The larger name is the incumbent; the smaller has more room to grow and more to prove. |
| Forward P/E | 17.34 | 20.31 | Valuation on next year's expected earnings, the same yardstick for both. Lower is cheaper for that growth; higher means the market is paying up. |
| Trailing P/E | 32.62 | 36.13 | Valuation on the last 12 months. A big drop from trailing to forward means the market expects earnings to jump, so more growth is already in the price. |
| Beta | 1.21 | 0.94 | Volatility vs the market. Above 1 swings harder than the index; below 1 is steadier. Higher beta means bigger drawdowns to hold through. |
| Price vs 52-week range | 17% of range | 34% of range | Where today's price sits between the 52-week low and high. Near the high is momentum with less margin of safety; near the low is out of favor or a discount, depending on why. |
| Price / book | 5.28 | 4.55 | How much you pay over book value. Very high can signal an asset-light, high-return business or a rich price. |
Reading it: DOCS is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.
Before you buy: how DOCS and VEEV affect your concentration
The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. DOCS and VEEV share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.
This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined DOCS and VEEV exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.
What does Doximity (DOCS) do?
Doximity, Inc. (NYSE: DOCS) operates a verified online network for U.S. medical professionals, with membership the company says covers more than 85% of U.S. physicians. Doctors use it free: profiles and colleague search, a specialty-tailored newsfeed, secure messaging, a voice and video dialer, digital fax, the Amion on-call scheduling tool, telehealth visits, and a Clinical AI Suite that includes Ask (formerly DoxGPT), the Scribe ambient note taker and the PeerCheck reference feature. Revenue comes from the other side of the network: Marketing, Hiring and Workflow Solutions sold mainly to pharmaceutical manufacturers and health systems. The company was founded in 2010, is headquartered in San Francisco with roughly 880 employees, and closes its fiscal year on March 31, so figures labeled fiscal 2026 cover April 2025 through March 2026.
What does Veeva Systems (VEEV) do?
Veeva Systems Inc. is the dominant provider of cloud software built specifically for the life-sciences industry, serving pharmaceutical, biotech, and medical-device companies. Its products span two broad areas: commercial applications, including its CRM used by drug-company sales and medical teams, and its Vault platform, a content and data-management system used across clinical trials, regulatory submissions, quality, and safety. Because Veeva's software is purpose-built for the highly regulated life-sciences world and is deeply embedded in customers' core workflows, it enjoys strong retention and pricing power, and it earns recurring subscription revenue.
DOCS vs VEEV: how do they differ?
Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.
- DOCS drivers: Clinical AI moving from demo to daily use; Pharma spend and the large-customer cohort.
- VEEV drivers: Life-sciences market dominance; Vault CRM transition.
Which fits which kind of investor
A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Revenue is concentrated: 127 customers were ~83% of trailing revenue, and most are pharmaceutical manufacturers whose promotional budgets move with drug launches, patent expirations and pricing policy. For VEEV, the dominant risk is valuation: as a high-quality software company, Veeva trades at a premium multiple that assumes durable growth, so any slowdown in revenue or the Vault CRM migration could pressure the stock.
DOCS or VEEV: which should you pick?
Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick DOCS if you believe its drivers more; VEEV if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the DOCS and VEEV guides.
DOCS vs VEEV: the full fundamentals
DOCS. At the ~$27.40 close on August 7, 2026, DOCS traded at roughly ~7.5x trailing revenue and about ~22x trailing GAAP earnings, with enterprise value near ~$4.25B, or roughly ~13x the midpoint of fiscal 2027 adjusted EBITDA guidance. Because the fiscal year ends March 31, the newest reported quarter is Q1 fiscal 2027 (the three months ended June 30, 2026) and the most recent full year is fiscal 2026 (April 2025 through March 2026). GAAP net income in that June quarter fell to ~$24.3M from ~$53.3M a year earlier on higher stock compensation and a larger tax provision, so trailing GAAP earnings are declining faster than revenue and the reported P/E is a weak comparison point right now.
VEEV. Figures are approximate and tied to the asOf date; verify live numbers before acting. Unlike many unprofitable software names, Veeva has real earnings, so investors look at both its P/E and growth-adjusted metrics, plus revenue growth, operating margins, and free cash flow. The stock carries a premium valuation that embeds expectations of steady mid-teens growth, a successful Vault CRM transition, and expanding AI adoption. That premium means the shares can fall on any growth disappointment even though the underlying business is high quality.
Headline figures (approximate, August 2026): DOCS shows revenue (ttm through june 2026) ~$656M, revenue (fiscal 2026, year ended march 31, 2026) ~$645M, up ~13% year over year, revenue (q1 fiscal 2027, quarter ended june 30, 2026) ~$157M, up ~7% year over year, fiscal 2027 revenue guidance ~$671M to ~$681M; VEEV shows fy2026 revenue Roughly $3.2 billion, up about 16% year over year, q4 fy2026 revenue Around $836 million, up about 16% and ahead of estimates, profitability Highly profitable with strong operating margins and robust free cash flow, vault crm traction More than 150 customers live, dozens of migrations completed, high win rate.
The bottom line: DOCS vs VEEV
DOCS and VEEV are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined DOCS and VEEV exposure against your real portfolio. It is not an investment adviser.
Wondering how DOCS or VEEV fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in Doximity with AI
Connect the broker you already use and ask Walnut's AI how DOCS fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is the difference between DOCS and VEEV?
+
Doximity, Inc. Veeva Systems Inc. They show up together because they share investment themes, but they are different businesses, so the better fit depends on which thesis you are expressing.
Is DOCS or VEEV the better stock?
+
Neither is universally better. VEEV is the larger incumbent; DOCS is the smaller challenger and looks cheaper on forward earnings. Walnut is informational, not investment advice. Compare what each does, the tie-breaker metrics above, and the risks, then decide which fits your thesis and what you already own.
Which is cheaper, DOCS or VEEV?
+
On forward P/E (as of August 2026), DOCS trades at 17.34x and VEEV at 20.31x, so DOCS is the cheaper of the two on next year's expected earnings. A lower multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is compounding.
Should you own both DOCS and VEEV?
+
Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both, and whether adding either over-concentrates you, before you buy.
What are the risks of DOCS vs VEEV?
+
DOCS: Revenue is concentrated: 127 customers were ~83% of trailing revenue, and most are pharmaceutical manufacturers whose promotional budgets move with drug launches, patent expirations and pricing policy. Net revenue retention of 107%, down from 118%, shows existing customers expanding far more slowly than they were a year ago. AI is a cost line before it is a revenue line here, with gross margin, adjusted EBITDA margin and stock compensation all moving the wrong way in the June 2026 quarter, and OpenEvidence, a free ad-supported clinical AI reference used by many of the same physicians, competes directly and has sued Doximity in federal court alleging unauthorized access to its platform (Doximity has filed counterclaims including false advertising and defamation). The securities class action that followed the fiscal 2024 guidance reset was settled for $31 million funded by insurance carriers, with final court approval on June 11, 2026 and the case terminated on June 23, 2026, but related shareholder derivative suits in California and Delaware remain pending. The stock has also been unstable in a way that is easy to underestimate: a ~$17.15 to ~$76.51 range over the past year, and an August 7, 2026 session that opened near ~$39 and closed near ~$27.40 on roughly six times normal volume. VEEV: The dominant risk is valuation: as a high-quality software company, Veeva trades at a premium multiple that assumes durable growth, so any slowdown in revenue or the Vault CRM migration could pressure the stock. Veeva's fortunes are concentrated in a single industry, so any downturn in life-sciences spending, tighter drug-industry budgets, or pharma R&D pullbacks would hit it more than a diversified software vendor. The CRM transition itself carries execution risk, and unwinding its historical relationship with Salesforce introduces competitive dynamics, as Salesforce and others could target the same customers. Regulatory change in the drug industry, biotech funding cycles, and consolidation among pharma customers can affect demand. AI is an opportunity but also a competitive threat if rivals or in-house tools erode Veeva's advantages. Currency swings and stock-based compensation are additional considerations. Overall, Veeva is a strong business, but its premium price leaves limited room for disappointment.
Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell DOCS or VEEV; figures are approximate and dated (as of August 2026). Verify current data before investing.