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Side-by-side financial comparison of Doximity, Inc. (DOCS) and Perella Weinberg Partners (PWP). Click either name above to swap in a different company.
Perella Weinberg Partners is the larger business by last-quarter revenue ($219.2M vs $185.1M, roughly 1.2× Doximity, Inc.). Doximity, Inc. runs the higher net margin — 33.3% vs 6.3%, a 27.0% gap on every dollar of revenue. On growth, Doximity, Inc. posted the faster year-over-year revenue change (9.8% vs -2.9%). Over the past eight quarters, Perella Weinberg Partners's revenue compounded faster (46.5% CAGR vs 25.2%).
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.
PJT Partners, Inc. is a global advisory-focused investment bank, founded in October 2015 as part of The Blackstone Group's spin-off of its financial and strategic advisory services businesses.
DOCS vs PWP — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $185.1M | $219.2M |
| Net Profit | $61.6M | $13.8M |
| Gross Margin | 89.9% | — |
| Operating Margin | 38.9% | 8.5% |
| Net Margin | 33.3% | 6.3% |
| Revenue YoY | 9.8% | -2.9% |
| Net Profit YoY | -18.1% | — |
| EPS (diluted) | $0.31 | $0.11 |
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 | $219.2M | ||
| Q3 25 | $168.5M | $164.6M | ||
| Q2 25 | $145.9M | $155.3M | ||
| Q1 25 | $138.3M | $211.8M | ||
| Q4 24 | $168.6M | $225.7M | ||
| Q3 24 | $136.8M | $278.2M | ||
| Q2 24 | $126.7M | $272.0M | ||
| Q1 24 | $118.1M | $102.1M |
| Q4 25 | $61.6M | $13.8M | ||
| Q3 25 | $62.1M | $6.0M | ||
| Q2 25 | $53.3M | $2.7M | ||
| Q1 25 | $62.5M | $17.3M | ||
| Q4 24 | $75.2M | — | ||
| Q3 24 | $44.2M | $16.4M | ||
| Q2 24 | $41.4M | $-66.0M | ||
| Q1 24 | $40.6M | $-35.8M |
| Q4 25 | 89.9% | — | ||
| Q3 25 | 90.3% | — | ||
| Q2 25 | 89.2% | — | ||
| Q1 25 | 89.5% | — | ||
| Q4 24 | 91.6% | — | ||
| Q3 24 | 90.0% | — | ||
| Q2 24 | 89.3% | — | ||
| Q1 24 | 89.4% | — |
| Q4 25 | 38.9% | 8.5% | ||
| Q3 25 | 37.8% | 5.4% | ||
| Q2 25 | 37.4% | 5.8% | ||
| Q1 25 | 35.2% | 5.5% | ||
| Q4 24 | 47.4% | — | ||
| Q3 24 | 38.8% | 12.9% | ||
| Q2 24 | 36.4% | -30.2% | ||
| Q1 24 | 35.5% | -52.4% |
| Q4 25 | 33.3% | 6.3% | ||
| Q3 25 | 36.8% | 3.6% | ||
| Q2 25 | 36.5% | 1.8% | ||
| Q1 25 | 45.2% | 8.2% | ||
| Q4 24 | 44.6% | — | ||
| Q3 24 | 32.3% | 5.9% | ||
| Q2 24 | 32.7% | -24.3% | ||
| Q1 24 | 34.4% | -35.1% |
| Q4 25 | $0.31 | $0.11 | ||
| Q3 25 | $0.31 | $0.08 | ||
| Q2 25 | $0.27 | $0.04 | ||
| Q1 25 | $0.31 | $0.24 | ||
| Q4 24 | $0.37 | — | ||
| Q3 24 | $0.22 | $0.24 | ||
| Q2 24 | $0.21 | $-1.21 | ||
| Q1 24 | $0.20 | $-0.91 |
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 | $255.9M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $979.3M | $-127.4M |
| Total Assets | $1.2B | $797.6M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $64.8M | $255.9M | ||
| Q3 25 | $169.2M | $185.5M | ||
| Q2 25 | $137.3M | $145.0M | ||
| Q1 25 | $209.6M | $111.2M | ||
| Q4 24 | $165.3M | $407.4M | ||
| Q3 24 | $184.2M | $335.1M | ||
| Q2 24 | $111.4M | $185.3M | ||
| Q1 24 | $96.8M | $156.7M |
| Q4 25 | $979.3M | $-127.4M | ||
| Q3 25 | $1.1B | $-302.4M | ||
| Q2 25 | $1.0B | $-318.4M | ||
| Q1 25 | $1.1B | $-323.1M | ||
| Q4 24 | $1.0B | $-421.4M | ||
| Q3 24 | $961.2M | $-360.8M | ||
| Q2 24 | $913.6M | $-283.0M | ||
| Q1 24 | $901.4M | $161.9M |
| Q4 25 | $1.2B | $797.6M | ||
| Q3 25 | $1.3B | $650.2M | ||
| Q2 25 | $1.2B | $606.7M | ||
| Q1 25 | $1.3B | $570.5M | ||
| Q4 24 | $1.2B | $876.8M | ||
| Q3 24 | $1.1B | $810.9M | ||
| Q2 24 | $1.1B | $645.5M | ||
| Q1 24 | $1.1B | $583.6M |
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 | $34.8M |
| Free Cash FlowOCF − Capex | — | $30.5M |
| FCF MarginFCF / Revenue | — | 13.9% |
| Capex IntensityCapex / Revenue | — | 2.0% |
| Cash ConversionOCF / Net Profit | 0.99× | 2.52× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-34.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $60.9M | $34.8M | ||
| Q3 25 | $93.9M | $59.2M | ||
| Q2 25 | $62.1M | $56.1M | ||
| Q1 25 | $98.5M | $-176.5M | ||
| Q4 24 | $65.2M | $223.4M | ||
| Q3 24 | $68.3M | $200.3M | ||
| Q2 24 | $41.2M | $90.0M | ||
| Q1 24 | $63.9M | $-206.3M |
| Q4 25 | — | $30.5M | ||
| Q3 25 | — | $57.6M | ||
| Q2 25 | — | $55.3M | ||
| Q1 25 | — | $-177.6M | ||
| Q4 24 | — | $207.0M | ||
| Q3 24 | — | $199.3M | ||
| Q2 24 | — | $83.7M | ||
| Q1 24 | — | $-214.8M |
| Q4 25 | — | 13.9% | ||
| Q3 25 | — | 35.0% | ||
| Q2 25 | — | 35.6% | ||
| Q1 25 | — | -83.8% | ||
| Q4 24 | — | 91.7% | ||
| Q3 24 | — | 71.6% | ||
| Q2 24 | — | 30.8% | ||
| Q1 24 | — | -210.3% |
| Q4 25 | — | 2.0% | ||
| Q3 25 | — | 0.9% | ||
| Q2 25 | — | 0.5% | ||
| Q1 25 | 0.0% | 0.5% | ||
| Q4 24 | 0.0% | 7.3% | ||
| Q3 24 | 0.0% | 0.4% | ||
| Q2 24 | 0.0% | 2.3% | ||
| Q1 24 | 0.0% | 8.3% |
| Q4 25 | 0.99× | 2.52× | ||
| Q3 25 | 1.51× | 9.85× | ||
| Q2 25 | 1.16× | 20.50× | ||
| Q1 25 | 1.58× | -10.18× | ||
| Q4 24 | 0.87× | — | ||
| Q3 24 | 1.55× | 12.23× | ||
| Q2 24 | 1.00× | — | ||
| 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% |
PWP
Segment breakdown not available.
