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Doximity, Inc. (DOCS) stock

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NYSE: DOCS NYSE Health Care Technology Next results ~November 5, 2026

B Fundamentals grade

Doximity runs a professional network and software platform for medical professionals in the United States. It is free to join for verified doctors, nurse practitioners, physician assistants and students, who gain a validated profile, a personalised medical newsfeed, and career tools including Residency Navigator. Members also use its Clinical AI Suite — Dialer for telehealth, Scribe for ambient clinical notes, and Ask, which supplies drug information and clinical answers — alongside secure messaging, digital fax and the AMiON scheduling tool.

Revenue comes from paying customers — chiefly pharmaceutical manufacturers and health systems, plus medical recruiting firms — served predominantly through subscriptions. These fall into three lines: Marketing Solutions, placing sponsored content; Hiring Solutions, covering digital recruiting and the Curative Talent staffing service, billed hourly or per placement; and Workflow Solutions.

The business is organised around Marketing, Hiring and Workflow Solutions and sells in the United States. As of 31 March 2026 it reported over 3 million registered members, more than 85% of US physicians and about 90% of graduating US medical students, and 880 full-time equivalent employees. It has grown partly through acquisitions including Curative Talent, AMiON and Pathway Medical.

Based on Doximity, Inc.'s 10-K filed May 19, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$40

Cash-flow model

Base case. Range ~$30–$53 across our lower- and higher-growth cases (7.8%–17.8% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 18% below our base value.

Price used: $32.87, November 2, 2026

Doximity, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Doximity files

Where Doximity stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $656m, up 11.2% on a year earlier, slower than 13.1% a quarter earlier. Free-cash-flow margin fell to 46.7% from 49.9% a year earlier. Operating margin narrowed to 29.6% from 40.1%. The diluted share count is down 2.5% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 2 financial-health checks. Our cash-flow model value is $31.69 a share, against a share price of $33.86. At that price, our model says the market is pricing in about 13.8% a year of cash-flow growth for five years, close to the 13.8% a year revenue growth it has delivered.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Doximity, Inc.'s trailing-twelve-month revenue grew 11.2% year on year, with a free-cash-flow margin of 46.7%. Where it stands out: gross margin of 88.1% ranks 1 of 14 health care technology companies we cover. Where it lags: days sales outstanding of 99 days ranks 20 of 21 health care technology companies we cover.

Our discounted-cash-flow model values the business at ~$40 per share in the base case (~$30–$53 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 4.2% while net income fell 29.0%: a 33pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $32.87 is 22% below our value per share of $40.
  • High operating margin. 29.6% of revenue is left as operating profit, against a median of -6.6% for health care technology companies we cover.
  • Strong cash generation. 46.7% of revenue turned into free cash flow, against a median of 10.6% for health care technology companies we cover.
  • Shrinking share count. Diluted shares fell 2.5% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $0.3bn.

Things to watch

  • Results due soon. Results are expected around 5 November; the share price can move sharply on the day.
  • Margins narrowing. Operating margin is down 10.5 points on a year ago.
  • Heavy stock-based pay. Stock pay equals 20.8% of revenue, against a median of 9.7% for health care technology companies we cover: a real cost that cash-flow figures leave out.
  • Volatile shares. Over the past year the shares showed annualised volatility of 64% and a beta of 0.5 against the S&P 500.
  • Gross margin slipping. Gross margin is down 2.1 points on a year ago.
  • Below peers: days sales outstanding. Days sales outstanding of 99 days ranks 20 of 21 health care technology companies we cover (median 58 days).

Latest results: FY2027 Q1

Filed August 6, 2026
Earnings per share
$0.29 against an average estimate of $0.30: missed by 4.2%
Revenue
$157m, up 7.3% on a year earlier
Share reaction
+26.7% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Guidance given
revenue $170m to $171m (fiscal second quarter ending September 30, 2026); adjusted EBITDA $80.5m to $81.5m (fiscal second quarter ending September 30, 2026)
Next report
November 5, 2026; average EPS estimate $0.35

Doximity's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.3%
  • 1 week-0.6%
  • 1 month+17.7%
  • This year-25.8%
  • 1 year-50.2%
  • 5 years-55.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$656M
Operating margin
29.6%
Net margin
25.5%
EPS (TTM, diluted)
$0.85

Growth

Revenue growth
+11.2%
Change in growth rate
−1.9 pts
Share count change
−2.5%

Cash

Free cash flow (TTM)
$306M
FCF margin
46.7%
Stock pay % of revenue
20.8%

Earnings

Last results
August 6, 2026
Next results (est.)
November 5, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Product
  2. Partnership
  3. Our research
  4. Announcement
  5. Partnership
  6. Announcement
  7. Shareholder vote
  8. Announcement
  9. Results
  10. Guidance
  11. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Doximity, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 12.0% a year of cash-flow growth for five years.That is close to the 13.8% a year revenue growth Doximity has delivered.

  • Priced in12.0%
  • Last 12 months11.2%
  • 3 years a year14.5%
  • 5 years a year13.8%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($32.22, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$40
Price used
$32.22close November 3, 2026
Implied change
▲ +24%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Doximity, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($189M, FY2027 Q1 TTM), growing 6.9% and 10.6% in the next two years (forecasts, guidance and its record), then back to 12.8% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$30–~$53 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Doximity, Inc.'s free cash flow after stock-based pay ( $189M, FY2027 Q1 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Doximity, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 11.2%: the 10-year Treasury yield (4.9%) plus a beta of 1.38 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$40 ~$30–$53 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$18 ~$14–$28 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$11 ~$7.7–$15 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$9.3 ~$8.3–$11 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$24 ~$9.3–$40 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Doximity, Inc. with Health Care Technology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +31%
  • Free-cash-flow margin 1 point lower ▼ −2%
  • Last year's free-cash-flow margin change, if it persists ▼ −6%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $17$22$29$39$51$67
8.5% $13$17$22$29$38$49
10% $11$14$18$23$30$38

Valuation multiples over time Market data may be delayed

At fiscal year end 20222023202420252026Now
Share price$52.09$32.38$26.91$58.03$23.30$32.87
Market value$10.0bn$6.9bn$5.5bn$11.7bn$4.6bn$6.5bn
+ Net debt (− = net cash)−$113m−$158m−$97m−$210m−$219m−$274m
Enterprise value$9.8bn$6.8bn$5.4bn$11.5bn$4.4bn$6.2bn
Multiples
Price / sales 29.0x16.5x11.6x20.5x7.2x9.9x
Price / earnings 64.3x61.3x37.5x52.3x23.7x38.7x
Price / free cash flow 79.8x38.8x30.1x42.7x14.2x21.1x
EV / EBITDA 83.0x49.9x31.2x48.1x19.3x30.0x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

75 /100

Strong moat

How hard Doximity's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 21.2% of total assets over 5 years.

  • Pricing power 20 / 20

    Gross margin has been a median 87.9%, moving by 1.1 percentage points (standard deviation) across 6 years.

  • Durability 20 / 20

    Operating margin has been a median 30.9%; its worst year was 29.6%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 6 of 6 years, at a median 43.9% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 91.6% over five years; stock-based pay has been a median 11.5% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (80 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, after the close. Analysts expect revenue of $170m and EPS of $0.35 (range $0.31 to $0.40) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.35 −11% $676m +5%
Next $1.56 +15% $721m +7%

Next year's EPS estimate has moved −2.2% in 90 days, across 17 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −5.6% on 90 days ago. In the last 30 days, 1 analyst raised Doximity, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Doximity, Inc., last 90 days
$1.30 $1.40 $1.50 $1.60 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.43 Current fiscal year, 60 days ago: $1.35 Current fiscal year, 30 days ago: $1.35 Current fiscal year, 7 days ago: $1.35 Current fiscal year, Now: $1.35 $1.35 Next fiscal year, 90 days ago: $1.59 Next fiscal year, 60 days ago: $1.55 Next fiscal year, 30 days ago: $1.55 Next fiscal year, 7 days ago: $1.56 Next fiscal year, Now: $1.56 $1.56

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.43$1.59
60 days ago $1.35$1.55
30 days ago $1.35$1.55
7 days ago $1.35$1.56
Now $1.35$1.56

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.30 $0.29 −4.2%
Mar 2026 $0.28 $0.26 −7.9%
Dec 2025 $0.45 $0.46 +2.9%
Sept 2025 $0.38 $0.45 +18.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026
  • Revenue fiscal year ending March 31, 2027 $671m to $681m
    “Revenue between $671 million and $681 million.” source
  • Revenue fiscal second quarter ending September 30, 2026 $170m to $171m New
    “Revenue between $170 million and $171 million.” source
  • Adjusted EBITDA fiscal year ending March 31, 2027 $309m to $329m Non-GAAP
    “Adjusted EBITDA between $309 million and $329 million.” source
  • Adjusted EBITDA fiscal second quarter ending September 30, 2026 $80.5m to $81.5m Non-GAAP New
    “Adjusted EBITDA between $80.5 million and $81.5 million.” source

How earlier guidance turned out

  • Revenue, fiscal first quarter ending June 30, 2026 guided $151m to $152m Above range: $157m

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Doximity, Inc.'s revenue by +6.9% next year and +10.6% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+4.9%, weight 56%) , management guidance (+4.9%, weight 19%) and the company's own record (+12.8%, weight 25%) . How the weights are set.

Analyst recommendations

21 analysts, Oct 2026
Buy838%
Hold1152%
Sell210%

Monthly trend

  1. Oct 2026531121
  2. Sep 2026531121
  3. Aug 2026541021
  4. Jul 2026541121

Counts of recommendations published by analysts covering Doximity, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
7.3%
of tradable shares
Days to cover
2.84
at average volume
Short interest, 1 month
−27%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
3.0%
of shares
Employees
880
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −50.2%

$66.00 on October 31, 2025 to $32.87

ThenNowEffect
Revenue (last 12 months) $590m $656m +11.2%
Net margin 39.9% 25.5% −36.1%
P/E multiple 56.6x 38.7x −31.7%
Share count 202m 197m +2.6%

Biggest factor: net margin.

Last 3 years +50.0%

$21.92 on November 3, 2023 to $32.87

ThenNowEffect
Revenue (last 12 months) $437m $656m +50.1%
Net margin 27.2% 25.5% −6.3%
P/E multiple 39.2x 38.7x −1.5%
Share count 213m 197m +8.3%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 20222023202420252026 to date
Return
DOCS−33%−16%+90%−17%−26%
Industry peers (median)−67%−25%−24%−28%−27%
S&P 500−18%+26%+25%+18%+11%
Months that ended higher
DOCS25%50%67%42%55%
S&P 50042%67%75%75%46%
Largest fall from a high during the year
DOCS−61%−50%−27%−48%−61%
S&P 500−25%−10%−8%−19%−9%

Worst fall since June 24, 2021: 82% from September 10, 2021 to May 14, 2026. Getting back needed a 467% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$18.01 – $66.95
From 52-week high
−50.9%
vs 50-day average
+15.6%
vs 200-day average
+28.9%
Volatility (1 year)
64%
Beta vs S&P 500
0.52

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±22.5%
After a week
8 up, 4 down
typical move ±21.8%
After a month
8 up, 4 down
typical move ±19.7%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 +26.7% +0.5% +22.9% +21.8%
May 13, 2026 −31.9% +1.4% −24.9% −24.2%
February 5, 2026 −21.3% +0.6% −29.9% −27.7%
November 6, 2025 −15.2% −1.0% −22.3% −28.6%
August 7, 2025 +14.5% +0.7% +9.3% +19.6%
May 15, 2025 −11.7% +1.1% −13.8% −5.9%
February 6, 2025 +36.3% −0.6% +32.4% +4.0%
November 7, 2024 +37.5% +1.2% +22.9% +27.1%
August 8, 2024 +39.6% +2.8% +37.1% +44.8%
May 16, 2024 +17.5% −0.1% +14.9% +17.7%
February 8, 2024 +4.3% +0.6% +10.7% +1.1%
November 9, 2023 +13.1% +0.8% +20.6% +14.0%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Doximity, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.64× the last 60 days’ realised volatility .
  • Calls are priced 3 points richer than puts (25-delta): demand for upside is high, which favours selling calls over puts.
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Doximity, Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Doximity, Inc.
$400M $500M $600M $700M FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Revenue (TTM), FY24 Q2: $448.3M Revenue (TTM), FY24 Q3: $468.3M Revenue (TTM), FY24 Q4: $475.4M Revenue (TTM), FY25 Q1: $493.6M Revenue (TTM), FY25 Q2: $516.8M Revenue (TTM), FY25 Q3: $550.2M Revenue (TTM), FY25 Q4: $570.4M Revenue (TTM), FY26 Q1: $589.6M Revenue (TTM), FY26 Q2: $621.3M Revenue (TTM), FY26 Q3: $637.8M Revenue (TTM), FY26 Q4: $644.9M Revenue (TTM), FY27 Q1: $655.6M $655.6M

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY24 Q2 $448.3M
FY24 Q3 $468.3M
FY24 Q4 $475.4M
FY25 Q1 $493.6M
FY25 Q2 $516.8M
FY25 Q3 $550.2M
FY25 Q4 $570.4M
FY26 Q1 $589.6M
FY26 Q2 $621.3M
FY26 Q3 $637.8M
FY26 Q4 $644.9M
FY27 Q1 $655.6M
Revenue growth, TTM YoY Doximity, Inc.
10% 15% 20% 25% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Revenue growth, TTM YoY, FY24 Q2: 16.6% Revenue growth, TTM YoY, FY24 Q3: 16.6% Revenue growth, TTM YoY, FY24 Q4: 13.5% Revenue growth, TTM YoY, FY25 Q1: 13.0% Revenue growth, TTM YoY, FY25 Q2: 15.3% Revenue growth, TTM YoY, FY25 Q3: 17.5% Revenue growth, TTM YoY, FY25 Q4: 20.0% Revenue growth, TTM YoY, FY26 Q1: 19.4% Revenue growth, TTM YoY, FY26 Q2: 20.2% Revenue growth, TTM YoY, FY26 Q3: 15.9% Revenue growth, TTM YoY, FY26 Q4: 13.1% Revenue growth, TTM YoY, FY27 Q1: 11.2% 11.2%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q2 16.6%
FY24 Q3 16.6%
FY24 Q4 13.5%
FY25 Q1 13.0%
FY25 Q2 15.3%
FY25 Q3 17.5%
FY25 Q4 20.0%
FY26 Q1 19.4%
FY26 Q2 20.2%
FY26 Q3 15.9%
FY26 Q4 13.1%
FY27 Q1 11.2%
Operating margin (TTM) Doximity, Inc.
25% 30% 35% 40% 45% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 Operating margin (TTM), FY24 Q2: 30.1% Operating margin (TTM), FY24 Q3: 33.1% Operating margin (TTM), FY24 Q4: 34.5% Operating margin (TTM), FY25 Q1: 36.5% Operating margin (TTM), FY25 Q2: 38.6% Operating margin (TTM), FY25 Q3: 40.2% Operating margin (TTM), FY25 Q4: 39.9% Operating margin (TTM), FY26 Q1: 40.1% Operating margin (TTM), FY26 Q2: 39.7% Operating margin (TTM), FY26 Q3: 37.4% Operating margin (TTM), FY26 Q4: 33.3% Operating margin (TTM), FY27 Q1: 29.6% 29.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q2 30.1%
FY24 Q3 33.1%
FY24 Q4 34.5%
FY25 Q1 36.5%
FY25 Q2 38.6%
FY25 Q3 40.2%
FY25 Q4 39.9%
FY26 Q1 40.1%
FY26 Q2 39.7%
FY26 Q3 37.4%
FY26 Q4 33.3%
FY27 Q1 29.6%
FCF margin (TTM) Doximity, Inc.
30% 35% 40% 45% 50% 55% FY24 Q2 FY25 Q1 FY25 Q4 FY27 Q1 FCF margin (TTM), FY24 Q2: 36.8% FCF margin (TTM), FY24 Q3: 35.6% FCF margin (TTM), FY24 Q4: 38.7% FCF margin (TTM), FY25 Q1: 34.0% FCF margin (TTM), FY25 Q2: 43.3% FCF margin (TTM), FY25 Q3: 43.4% FCF margin (TTM), FY25 Q4: 47.9% FCF margin (TTM), FY26 Q1: 49.9% FCF margin (TTM), FY26 Q2: 51.5% FCF margin (TTM), FY26 Q3: 49.5% FCF margin (TTM), FY26 Q4: 50.6% FCF margin (TTM), FY27 Q1: 46.7% 46.7%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q2 36.8%
FY24 Q3 35.6%
FY24 Q4 38.7%
FY25 Q1 34.0%
FY25 Q2 43.3%
FY25 Q3 43.4%
FY25 Q4 47.9%
FY26 Q1 49.9%
FY26 Q2 51.5%
FY26 Q3 49.5%
FY26 Q4 50.6%
FY27 Q1 46.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2026, from the 10-K

Each dollar Doximity took in during FY2026, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $645M
  2. Other income $35.1M · 5.4%
  3. Cost of revenue $70.3M · 10.9%
  4. Gross profit $575M · 89.1%
  5. Research and development $131M · 20.3%
  6. Selling, general and admin $229M · 35.5%
  7. Operating income $215M · 33.3%
  8. Income tax $54M · 8.4%
  9. Net income $196M · 30.4%

Shares of revenue. Source: Doximity's 10-K for FY2026, as filed with the SEC. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2020 Mar 2020 2021 Mar 2021 2022 Mar 2022 2023 Mar 2023 2024 Mar 2024 2025 Mar 2025 2026 Mar 2026 LTM Jun 2026
Income
Revenue 116 207 344 419 475 570 645 656
Gross profit 101 176 304 366 425 515 575 577
EBITDA 23 57 119 135 174 238 229 206
Operating income 22 53 114 125 164 228 215 194
Net income 30 50 155 113 148 223 196 167
Diluted EPS $0.07 $0.12 $0.70 $0.53 $0.72 $1.11 $0.98 $0.85
Growth (year on year)
Revenue — +77.8% +66.0% +22.0% +13.5% +20.0% +13.1% +11.2%
EBITDA — +147.2% +108.0% +14.2% +28.6% +36.9% −3.8% −15.7%
Operating income — +140.5% +113.0% +10.2% +31.0% +39.0% −5.7% −17.9%
Net income — +68.8% +208.3% −27.1% +30.8% +51.2% −12.2% −29.0%
Diluted EPS — +76.9% +508.7% −24.3% +35.8% +54.2% −11.7% −27.1%
Margins
Gross margin 87.2% 84.9% 88.4% 87.2% 89.3% 90.2% 89.1% 88.1%
EBITDA margin 19.8% 27.6% 34.5% 32.3% 36.6% 41.8% 35.6% 31.5%
Operating margin 19.0% 25.8% 33.0% 29.9% 34.5% 39.9% 33.3% 29.6%
Net margin 25.5% 24.3% 45.1% 26.9% 31.0% 39.1% 30.4% 25.5%
Free-cash-flow margin 22.3% 40.0% 36.3% 42.5% 38.7% 47.9% 50.6% 46.7%
Cash flow
Cash from operations 26 83 127 180 184 273 326 306
Capital spending 0 0 2 2 0 0 0 0
Free cash flow 26 83 125 178 184 273 326 306
Stock-based pay 2 7 31 48 51 72 122 137
Free cash flow after stock pay 24 75 93 130 133 201 205 170
Balance sheet
Cash 48 66 113 158 97 210 219 274
Total debt 0 0 0 0 0 0 0 0
Net debt (negative = net cash) −48 −66 −113 −158 −97 −210 −219 −274
Diluted shares 163m 190m 191m 213m 206m 201m 199m 197m
Returned to shareholders
Buybacks 0 2 3 85 281 120 432 401
Total returned 0 2 3 85 281 120 432 401

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · June 30, 2026
What it owns · $1.1bn
Short-term assets $914mLonger-term assets $170m
What it owes, and who funded it · $1.1bn
Short-term liabilities $150mLonger-term liabilities $17mShareholders' equity $916m
  • Short-term assets cover short-term liabilities $914m of assets due within a year against $150m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $914m short-term assets against $17m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Doximity, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2027 Q1 TTM
Buybacks (TTM)
$401M
Returned to shareholders
131%
of free cash flow
Buybacks, last 3 fiscal years
$833M
Diluted share count
−2.5%
year over year
Total shareholder yield
6.8%
dividends 0.0% + buybacks 6.8% of market value
R&D spending
21.7%
of revenue
Days sales outstanding
99 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care technology
Last 12 months unless stated DOCS GDRX PHR WGS OMCL WAY Median
Revenue, last 12 months $656m $785m $508m $454m $1.2bn $1.3bn $292m
Revenue growth, last 12 months 11.2% −1.8% 12.9% 25.4% 8.5% 21.4% 8.8%
Revenue growth, 3-year average 14.5% 1.8% 16.7% 24.3% 0.3% — 0.8%
Revenue growth, latest quarter 7.3% −1.3% 10.4% 11.4% 7.4% 21.2% 7.4%
Gross margin 88.1% — — 69.4% 44.8% — 58.6%
Operating margin 29.6% 9.5% 2.5% −20.3% 4.6% 21.9% −12.5%
Operating margin, 3-year average 35.4% 5.6% −9.5% −19.0% 0.8% 19.1% −18.8%
Net margin 25.5% 2.1% 2.1% −23.4% 3.1% 10.7% −12.5%
Cash from operations / revenue 46.7% 25.7% 18.0% −10.7% 14.6% 24.9% 9.7%
Free-cash-flow margin 46.7% 25.1% 15.9% −16.7% 11.4% 20.9% 9.2%
Free-cash-flow margin, 3-year average 43.6% 21.7% 7.8% −18.7% 12.0% 19.4% 8.2%
Stock pay / revenue 20.8% 9.7% 11.7% 7.9% 3.6% 4.9% 9.5%
Change in share count −2.5% −9.8% 5.5% 2.6% −1.5% 9.7% 2.9%

Median of all 23 companies we cover in health care technology. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

23 health care technology companies
Measure Company Peer median Rank
Revenue growth Growth 11.2% 8.8% 11 of 23
Change in growth rate Growth -1.9pp -0.3pp 17 of 23
Gross margin Profitability 88.1% 58.2% 1 of 14
Operating margin Profitability 29.6% -6.6% 2 of 22
Net margin Profitability 25.5% -12.5% 2 of 23
Free-cash-flow margin Cash generation 46.7% 10.6% 2 of 22
Stock pay as % of revenue Cash generation 20.8% 9.7% 18 of 22
Change in share count Balance sheet -2.5% 2.6% 4 of 19
Days sales outstanding Balance sheet 99 days 58 days 20 of 21

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to March 31, 2026
Products and services
Line of business Revenue Share YoY
Subscription $608M 94.3% ▲ 11.9%
Other services $36.5M 5.7% ▲ 36.9%

From Doximity, Inc.'s 10-K filed May 19, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$2.6B
Institutions reporting
356
Shares held vs prior quarter
▲ 1.1%
Positions opened / closed
36 / 99

Top buyers and sellers, Q2 2026: 162 institutions bought and 238 sold ; the biggest buyer was Two Sigma Investments, LP (+3.3M shares) and the biggest seller William Blair Investment Management, LLC (−4.8M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $297M 14.3M 11.2% ▲ 0.4%
Vanguard Portfolio Management LLC $132M 6.4M 5.0% ▼ 0.1%
Vanguard Capital Management LLC $124M 6.0M 4.7% ▲ 3.7%
D. E. Shaw & Co., Inc. $123M 5.9M 4.6% ▲ 104.1%
Two Sigma Investments, LP $96.4M 4.6M 3.6% ▲ 239.2%
State Street Corp $87.3M 4.2M 3.3% ▲ 4.2%
Goldman Sachs Group Inc $84.8M 4.1M 3.2% ▲ 131.8%
Geode Capital Management, LLC $79.8M 3.8M 3.0% ▼ 2.4%
Wellington Management Group LLP $65M 3.1M 2.5% ▲ 24.7%
Deutsche Bank Ag\ $60M 2.9M 2.3% ▼ 1.0%
Renaissance Technologies LLC $59.2M 2.9M 2.2% ▼ 6.7%
BNP Paribas Financial Markets $55.8M 2.7M 2.1% ▲ 459.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Doximity, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $2.2M 21 trades by 4 insiders · 100% under pre-set plans
Net ▼ $2.2M net selling
Insider Date Trade Shares Price Value
Sitaram Siddharth Chief Accounting Officer October 14, 2026 Sell pre-set plan 2,613 $30.68 $80,167
Wampler Kira Scherer Director October 1, 2026 Sell pre-set plan 2,000 $28.91 $57,820
Yang Watkin Phoebe L. Director September 30, 2026 Sell pre-set plan 1,290 $26.71 $34,456
Sitaram Siddharth Chief Accounting Officer September 15, 2026 Sell pre-set plan 2,077 $26.02 $54,044
Wampler Kira Scherer Director September 1, 2026 Sell pre-set plan 2,000 $26.33 $52,660
Wampler Kira Scherer Director August 25, 2026 Sell pre-set plan 2,000 $24.95 $49,900
Sitaram Siddharth Chief Accounting Officer August 13, 2026 Sell pre-set plan 1,770 $24.94 $44,144
Cabral Timothy S Director August 7, 2026 Sell pre-set plan 7,500 $39.11 $293,325
Sitaram Siddharth Chief Accounting Officer July 15, 2026 Sell pre-set plan 1,732 $22.02 $38,139
Sitaram Siddharth Interim PAO June 8, 2026 Sell pre-set plan 2,444 $20.41 $49,882
Sitaram Siddharth Interim PFO and PAO May 11, 2026 Sell pre-set plan 2,309 $25.77 $59,503
Wampler Kira Scherer Director May 7, 2026 Sell pre-set plan 9,000 $26.06 $234,540

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 2 trades and filings

In the last 12 months, 1 member of Congress disclosed 0 purchases and 1 sale of Doximity, Inc. shares.

  • Jonathan L. Jackson(D-IL 1):Sale (full), $15,001 - $50,000, traded November 6, 2025, filed December 5, 2025
  • Jonathan L. Jackson(D-IL 1):Purchase, $15,001 - $50,000, traded August 25, 2025, filed September 23, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 5, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • May 13, 2026
  • February 5, 2026
  • November 6, 2025
  • August 7, 2025
  • May 15, 2025

Recent SEC filings

Data status

When each part of this page on Doximity, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Doximity, Inc. in brief

What does Doximity, Inc. do?
Doximity, Inc. is a US-listed company in the health care technology industry. Its financial year ends in March.
What is Doximity, Inc.'s stock ticker?
Doximity, Inc. trades under the ticker DOCS on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Doximity, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Doximity, Inc. reported revenue of $656M, 11.2% higher than a year earlier, according to its SEC filings.
What is Doximity, Inc.'s free cash flow?
Doximity, Inc.'s free-cash-flow margin is 46.7% of revenue over the trailing twelve months, ranking 2 of the 22 health care technology companies we cover.
What is Doximity, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Doximity, Inc.'s free cash flow after stock-based pay gives ~$40 per share in the base case, and ~$30–$53 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Doximity, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Doximity, Inc. buying back stock, and does it pay a dividend?
Doximity, Inc. spent $401M on share repurchases over the trailing twelve months, and its diluted share count fell 2.5% over the year.
What is Doximity, Inc.'s market cap?
On November 2, 2026, Doximity, Inc.'s market capitalisation was about $6.5B, with a price-to-earnings ratio of 38.7 and net debt of -$274M. Market figures come from third-party market data and may be delayed.
Who are Doximity, Inc.'s competitors?
In our Health Care Technology peer group, the companies closest to Doximity, Inc. are Goodrx Holdings, Inc., Phreesia, Inc., Genedx Holdings Corp., Omnicell, Inc. and Waystar Holding Corp. The side-by-side comparison below sets their revenue, margins and growth against Doximity, Inc.'s.
Are insiders buying or selling Doximity, Inc. stock?
Over the last 12 months, Doximity, Inc.'s directors and officers reported 0 open-market purchases and 21 sales on Form 4. The insider trading page charts every trade.
When is Doximity, Inc.'s next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Doximity, Inc. announces its own schedule.