Doximity Inc (DOCS)

Payables turnover

		Mar 31, 2025	Mar 31, 2024	Mar 31, 2023	Mar 31, 2022	Mar 31, 2021
Cost of revenue	US$ in thousands	55,874	50,669	53,490	39,787	31,196
Payables	US$ in thousands	—	2,253	1,272	463	1,515
Payables turnover		—	22.49	42.05	85.93	20.59

March 31, 2025 calculation

Payables turnover = Cost of revenue ÷ Payables
= $55,874K ÷ $—K
= —

Based on the provided data, Doximity Inc's payables turnover has shown fluctuations over the years. In March 2021, the payables turnover was 20.59, indicating that the company converted its accounts payable into purchases around 20.59 times during that period.

The payables turnover increased significantly to 85.93 by March 2022, suggesting a more efficient management of accounts payable in converting them into purchases. However, there was a notable decrease in the payables turnover to 42.05 by March 2023, indicating a slower rate of converting payables into purchases compared to the previous year.

By March 2024, the payables turnover decreased further to 22.49, showing a continued decline in the efficiency of managing accounts payable. Unfortunately, the data is missing for March 2025, preventing a complete analysis of the trend for that year.

Overall, fluctuations in the payables turnover ratio indicate changes in the company's ability to efficiently utilize its accounts payable to support its operations and growth. Further analysis and comparison with industry benchmarks would provide additional insights into Doximity Inc's financial performance and liquidity management.