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Zscaler vs Doximity: ZS and DOCS compared
Zscaler is the larger company: $898M of revenue in its latest quarter (Q4 FY26) against $175M for Doximity (Q2 FY27). Zscaler is growing faster (+25% against +4% a year earlier). Doximity is more profitable, with an operating margin of 25.2% against -1.7%.
Where the money goes: ZS and DOCS
Zscaler (ZS) · Q4 FY26
Zscaler, Q4 FY26: revenue $898M (+25% year over year), operating margin -1.7%, net loss $3.4M, operating cash flow $279M. The chart follows the revenue to costs, profit and cash.
Doximity (DOCS) · Q2 FY27
Doximity, Q2 FY27: revenue $175M (+4% year over year), operating margin 25.2%, net earnings $34.7M, operating cash flow $93.3M. The chart follows the revenue to costs, profit and cash.
| Zscaler (ZS) | Doximity (DOCS) | |
|---|---|---|
| Latest quarter | Q4 FY26 | Q2 FY27 |
| Revenue | $898M | $175M |
| Revenue growth, Y/Y | +25% | +4% |
| Gross margin | — | 85.5% |
| Operating margin | -1.7% | 25.2% |
| Net earnings | −$3.4M | $34.7M |
| Net margin | -0.4% | 19.9% |
| Operating cash flow | $279M | $93.3M |
| Free cash flow | $79.4M | $91.3M |
| Market value | $31.8B | $5.8B |
| P/E | — | 34.8× |
| Analysts’ mean target | $235.19 | $31.11 |
Where the revenue comes from
Doximity
- Subscription: $163M (93%)
- Other: $11.9M (7%)
Questions
Which is bigger, Zscaler or Doximity?
Zscaler is the larger company: $898M of revenue in its latest quarter (Q4 FY26) against $175M for Doximity (Q2 FY27).
Is Zscaler or Doximity growing faster?
Zscaler is growing faster (+25% against +4% a year earlier).
Which is more profitable, Zscaler or Doximity?
Doximity is more profitable, with an operating margin of 25.2% against -1.7%.
More: Zscaler earnings · how Zscaler makes money · Doximity earnings · how Doximity makes money
From the companies' latest 10-Q, 10-K or earnings release (10-K filed Sep 3, 2026; 10-Q filed Nov 5, 2026). Fiscal quarters can end on different dates. Not investment advice.