vs
Side-by-side financial comparison of Doximity, Inc. (DOCS) and FORRESTER RESEARCH, INC. (FORR). Click either name above to swap in a different company.
Doximity, Inc. is the larger business by last-quarter revenue ($185.1M vs $101.1M, roughly 1.8× FORRESTER RESEARCH, INC.). Doximity, Inc. runs the higher net margin — 33.3% vs -33.5%, a 66.8% gap on every dollar of revenue. On growth, Doximity, Inc. posted the faster year-over-year revenue change (9.8% vs -6.5%). Over the past eight quarters, Doximity, Inc.'s revenue compounded faster (25.2% CAGR vs 0.5%).
Doximity is an online networking service for medical professionals. Launched in 2010, the platform offers its members curated medical news, telehealth tools, and case collaboration.
Forrester Research, Inc. is a research and advisory firm working in research, consulting and events. Forrester’s clients include large global business, technology and consumer enterprises. The firm is headquartered in Cambridge, MA.
DOCS vs FORR — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $185.1M | $101.1M |
| Net Profit | $61.6M | $-33.9M |
| Gross Margin | 89.9% | 56.7% |
| Operating Margin | 38.9% | -36.6% |
| Net Margin | 33.3% | -33.5% |
| Revenue YoY | 9.8% | -6.5% |
| Net Profit YoY | -18.1% | -7941.4% |
| EPS (diluted) | $0.31 | $-1.75 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $185.1M | $101.1M | ||
| Q3 25 | $168.5M | $94.3M | ||
| Q2 25 | $145.9M | $111.7M | ||
| Q1 25 | $138.3M | $89.9M | ||
| Q4 24 | $168.6M | $108.0M | ||
| Q3 24 | $136.8M | $102.5M | ||
| Q2 24 | $126.7M | $121.8M | ||
| Q1 24 | $118.1M | $100.1M |
| Q4 25 | $61.6M | $-33.9M | ||
| Q3 25 | $62.1M | $-2.1M | ||
| Q2 25 | $53.3M | $3.9M | ||
| Q1 25 | $62.5M | $-87.3M | ||
| Q4 24 | $75.2M | $432.0K | ||
| Q3 24 | $44.2M | $-5.8M | ||
| Q2 24 | $41.4M | $6.3M | ||
| Q1 24 | $40.6M | $-6.7M |
| Q4 25 | 89.9% | 56.7% | ||
| Q3 25 | 90.3% | 60.0% | ||
| Q2 25 | 89.2% | 55.5% | ||
| Q1 25 | 89.5% | 55.9% | ||
| Q4 24 | 91.6% | 58.8% | ||
| Q3 24 | 90.0% | 60.5% | ||
| Q2 24 | 89.3% | 57.3% | ||
| Q1 24 | 89.4% | 54.9% |
| Q4 25 | 38.9% | -36.6% | ||
| Q3 25 | 37.8% | 4.7% | ||
| Q2 25 | 37.4% | 6.2% | ||
| Q1 25 | 35.2% | -97.5% | ||
| Q4 24 | 47.4% | -0.5% | ||
| Q3 24 | 38.8% | -0.7% | ||
| Q2 24 | 36.4% | 9.3% | ||
| Q1 24 | 35.5% | -9.3% |
| Q4 25 | 33.3% | -33.5% | ||
| Q3 25 | 36.8% | -2.3% | ||
| Q2 25 | 36.5% | 3.5% | ||
| Q1 25 | 45.2% | -97.1% | ||
| Q4 24 | 44.6% | 0.4% | ||
| Q3 24 | 32.3% | -5.7% | ||
| Q2 24 | 32.7% | 5.2% | ||
| Q1 24 | 34.4% | -6.7% |
| Q4 25 | $0.31 | $-1.75 | ||
| Q3 25 | $0.31 | $-0.11 | ||
| Q2 25 | $0.27 | $0.20 | ||
| Q1 25 | $0.31 | $-4.62 | ||
| Q4 24 | $0.37 | $0.02 | ||
| Q3 24 | $0.22 | $-0.30 | ||
| Q2 24 | $0.21 | $0.33 | ||
| Q1 24 | $0.20 | $-0.35 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $64.8M | $63.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $979.3M | $126.5M |
| Total Assets | $1.2B | $404.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $64.8M | $63.3M | ||
| Q3 25 | $169.2M | $65.1M | ||
| Q2 25 | $137.3M | $67.8M | ||
| Q1 25 | $209.6M | $75.6M | ||
| Q4 24 | $165.3M | $56.1M | ||
| Q3 24 | $184.2M | $62.8M | ||
| Q2 24 | $111.4M | $58.9M | ||
| Q1 24 | $96.8M | $61.4M |
| Q4 25 | $979.3M | $126.5M | ||
| Q3 25 | $1.1B | $157.7M | ||
| Q2 25 | $1.0B | $159.5M | ||
| Q1 25 | $1.1B | $147.4M | ||
| Q4 24 | $1.0B | $229.5M | ||
| Q3 24 | $961.2M | $234.3M | ||
| Q2 24 | $913.6M | $237.1M | ||
| Q1 24 | $901.4M | $230.9M |
| Q4 25 | $1.2B | $404.0M | ||
| Q3 25 | $1.3B | $414.2M | ||
| Q2 25 | $1.2B | $436.0M | ||
| Q1 25 | $1.3B | $439.8M | ||
| Q4 24 | $1.2B | $503.9M | ||
| Q3 24 | $1.1B | $505.3M | ||
| Q2 24 | $1.1B | $524.2M | ||
| Q1 24 | $1.1B | $555.7M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $60.9M | $-3.2M |
| Free Cash FlowOCF − Capex | — | $-4.3M |
| FCF MarginFCF / Revenue | — | -4.2% |
| Capex IntensityCapex / Revenue | — | 1.1% |
| Cash ConversionOCF / Net Profit | 0.99× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $18.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $60.9M | $-3.2M | ||
| Q3 25 | $93.9M | $1.2M | ||
| Q2 25 | $62.1M | $-3.6M | ||
| Q1 25 | $98.5M | $26.7M | ||
| Q4 24 | $65.2M | $-1.8M | ||
| Q3 24 | $68.3M | $264.0K | ||
| Q2 24 | $41.2M | $-2.9M | ||
| Q1 24 | $63.9M | $611.0K |
| Q4 25 | — | $-4.3M | ||
| Q3 25 | — | $524.0K | ||
| Q2 25 | — | $-4.2M | ||
| Q1 25 | — | $26.1M | ||
| Q4 24 | — | $-2.5M | ||
| Q3 24 | — | $-223.0K | ||
| Q2 24 | — | $-3.7M | ||
| Q1 24 | — | $-815.0K |
| Q4 25 | — | -4.2% | ||
| Q3 25 | — | 0.6% | ||
| Q2 25 | — | -3.8% | ||
| Q1 25 | — | 29.0% | ||
| Q4 24 | — | -2.3% | ||
| Q3 24 | — | -0.2% | ||
| Q2 24 | — | -3.1% | ||
| Q1 24 | — | -0.8% |
| Q4 25 | — | 1.1% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 0.5% | ||
| Q1 25 | 0.0% | 0.7% | ||
| Q4 24 | 0.0% | 0.6% | ||
| Q3 24 | 0.0% | 0.5% | ||
| Q2 24 | 0.0% | 0.7% | ||
| Q1 24 | 0.0% | 1.4% |
| Q4 25 | 0.99× | — | ||
| Q3 25 | 1.51× | — | ||
| Q2 25 | 1.16× | -0.93× | ||
| Q1 25 | 1.58× | — | ||
| Q4 24 | 0.87× | -4.24× | ||
| Q3 24 | 1.55× | — | ||
| Q2 24 | 1.00× | -0.46× | ||
| Q1 24 | 1.57× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DOCS
| Subscription | $175.4M | 95% |
| Service Other | $9.7M | 5% |
FORR
| Research Segment | $82.2M | 81% |
| Consulting Segment | $16.2M | 16% |
| Billable Expenses | $1.5M | 2% |
| Professional Services | $1.4M | 1% |
