COMPARE · Reviewed August 3, 2026
DOCS vs WAY
Verdict: Side-by-side breakdown using the Bull Rankings model. DOCS scored 90.6, WAY scored 58.9 — DOCS leads.
Compare another set
Different reporting periods. WAY's fundamentals are as of June 2026, but DOCS's are as of March 2026 — a 3-month gap. Growth, margin and valuation figures below therefore describe different windows and aren't strictly like-for-like.
DOCS
Doximity, Inc.
90.6
$21.80 · $3.9B
fundamentals as of
Score gap
31.7
DOCS leads
WAY
Waystar Holding Corp.
58.9
$23.40 · $4.5B
fundamentals as of
The model, pillar by pillar (0–100 each)
DOCS
stronger →← stronger
WAY
90
Qualityreturns · margins · balance sheet
47
93
Growthrevenue & earnings expansion
95
89
Valuevaluation vs sector peers
45
DOCS is stronger on 2 of 3 pillars.
Fundamentals, head-to-head
DOCS
WAY
$326mC
FCF
$246mC
+13.1%B+
Rev
+19.2%B+
0.01A
D/E
0.37B
22.2xB+
P/E
33.4xC+
0.59A-
PEG
1.96C+
Winner per row is the stronger grade in our model; a tie or a missing value shows no highlight.
Valuation · DCF cross-check
DOCS
WAY
20% below
Price vs fair valuelower is cheaper
0% above
~2%/yr
Growth the price implies10-yr FCF · lower = less priced in
~8%/yr
+13%
1-yr DCF upside
-12%
+26%
5-yr DCF upside
0%
+45%
10-yr DCF upside
+19%
The DCF is a cross-check on intrinsic value, separate from the quality-growth score above.
Model signals
DOCS
Why this score
- Durable high returns
WAY
Why this score
- Diluting shareholders
- Short track record
The companies
DOCSDoximity, Inc.
Why now
Health Information Services · market cap $3.9b. Down 72% from 52-week high of $76.51 — deep drawdown territory. Revenue growing +13%, comfortably above the S&P median. PEG 0.59 — paying under fair value for the growth rate. 18 sell-side analysts rate this a Buy with a mean 1-yr target of $24.61 (implying +13% upside).
Moat
Net margin 30% is exceptional — pricing-power territory rare outside premium software, branded staples, and specialty pharma. ROE 21% sits above Buffett's preferred 15% threshold — the equity base is compounding at a rate the market struggles to discount accurately. FCF converts 166% of net income — earnings translate cleanly into cash, a sign that working capital and capex are well-disciplined.
Risk
Down 72% from the 52-week high — the market is pricing in something the screen can't see; verify the bear case before sizing up.
WAYWaystar Holding Corp.
Why now
Health Information Services · market cap $4.5b. Down 44% from 52-week high of $41.47 — deep drawdown territory. Revenue growing +19%, comfortably above the S&P median. 23 sell-side analysts rate this a Strong Buy with a mean 1-yr target of $33.22 (implying +42% upside).
Moat
FCF converts 183% of net income — earnings translate cleanly into cash, a sign that working capital and capex are well-disciplined.
Risk
Down 44% from the 52-week high — the market is pricing in something the screen can't see; verify the bear case before sizing up. Trailing P/E 33x sits well above the S&P median (~20x) — multiple compression is a real risk if revenue growth decelerates. ROE 3% is below the long-run sustainable threshold of ~10% — capital efficiency would need to improve for the equity base to compound at the market rate.
Verdict — model-derived comparison
Generating verdict… typically 5–10 seconds
Not investment advice. The Bull Rankings publishes a quantitative ranking model and accompanying analysis for general informational purposes only. Nothing on this page is a recommendation to buy, sell, or hold any security; nothing is personalized to your circumstances, risk tolerance, or tax situation. Investing carries the risk of loss — invest at your own risk and consider consulting a licensed financial professional before acting on anything you read here. See terms and methodology for full disclosures.