TGM's two-stage DCF values Doximity, Inc. (DOCS) between $24.29 and $38.57 depending on assumptions, with a base case of $30.85. Growth is taken from the company's own record (blend of 5-year revenue and FCF growth (capped at 18%)), fading to 2.5% long-run; the discount rate (10.1%) reflects its beta.
What would today's price require?
$24.74 is justified only if free cash flow grows about +12.1% a year (fading to 2.5% long-run) at a 10.1% required return — slower than the company has actually grown.
| Scenario | FCF growth (fading to 2.5%) | Discount | Value / share |
|---|---|---|---|
| Conservative | 15.0%/yr | 11.1% | $24.29 |
| Base case | 18.0%/yr | 10.1% | $30.85 |
| Optimistic | 20.0%/yr | 9.1% | $38.57 |
| Third-party model estimate (FMP) | independent reference · retrieved Aug 26, 2026 · assumptions not provided | $28.54 | |
The FMP figure is a third-party point estimate. Its cash-flow forecast, discount rate, terminal growth, and valuation date are not included in the stored response, so TGMCharts presents it only as a reference—not as an intrinsic-value conclusion or price target.
Current Price
$24.74
Market-Implied Growth
+12.1%/yr
vs +23.8% 5Y actual
Model Scenario Range
$24.29 – $38.57
model output — not a price target
Edit the assumptions to see how they change the estimated fair value. Opens seeded with TGM's data-driven base case for DOCS (growth from its own 5-year record, discount from its beta), so the sandbox starts where the scenarios above leave off. Illustrative model — not investment advice.
Base inputs: FCF $222.5M · 0.19B shares · net cash $217.1M
Estimated Fair Value
$30.85
+24.7% vs $24.74
How the estimated fair value shifts with the discount rate (WACC) and terminal growth, holding your 18.0%/yr FCF growth and 10-year horizon fixed. Green = above today's $24.74; red = below. Your current case is outlined.
| WACC ↓ / Terminal → | 1.50% | 2.00% | 2.50% | 3.00% | 3.50% |
|---|---|---|---|---|---|
| 8.1% | $36.99 | $39.49 | $42.45 | $45.97 | $50.26 |
| 9.1% | $31.88 | $33.68 | $35.76 | $38.17 | $41.01 |
| 10.1% | $27.98 | $29.33 | $30.85 | $32.59 | $34.59 |
| 11.1% | $24.90 | $25.94 | $27.10 | $28.40 | $29.87 |
| 12.1% | $22.42 | $23.24 | $24.14 | $25.15 | $26.26 |
