Doximity (DOCS) AI Stock Analysis

• Market Cap: $10.86B
• Dividend Yield: N/A
• Average Volume (3M): 1.62M
• Price to Earnings (P/E): 52.3
• Beta (1Y): 1.36
• Revenue Growth: 19.98%
• EPS Growth: 53.10%
• Country: US
• Employees: 827
• Sector: Healthcare
• Sector Strength: 38
• Industry: Medical - Healthcare Information Services
• EPS (TTM): 0.36
• Shares Outstanding: 136,497,590
• 10 Day Avg. Volume: 1,556,284
• 30 Day Avg. Volume: 1,624,702
• PEG Ratio: N/A
• Price to Book (P/B): 0.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: 1.00
• Enterprise Value/Revenue: 19.07
• Enterprise Value/Gross Profit: 21.14
• Enterprise Value/Ebitda: 45.17
• 1Y Price Target: $63.21
• Price Target Upside: 8.42% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 15

• Rating: 76 Outperform
• Price Target: $65.00 ▲(11.49% Upside)

Doximity's strong financial performance and positive earnings call insights are major strengths, reflecting operational efficiency and growth potential. However, technical analysis indicates recent downward pressure, and valuation metrics suggest the stock may be overvalued, highlighting potential risks.

Positive Factors

Product Innovation

The company's ability to make itself more relevant to doctors remains in place, with the new AI Scribe solution being rolled out as another example of widening its solutions offering to keep doctors engaged longer.

Revenue Growth

The company's revenue growth and margin expansion stories are very much intact, with DOCS' value proposition to customers of efficiently reaching prescribers continuing to resonate and should drive growth for years to come.

Negative Factors

Competition

A new competitor OpenEvidence appears to be rapidly gaining traction within top 20 pharmaceutical customers.

User Engagement

Declining monthly active users for approximately 12 months made analysts incrementally cautious over the sustainability of ad-dollar growth on the platform.

Doximity Business Overview & Revenue Model

Company Description

Doximity (DOCS) is a leading digital platform for medical professionals, primarily serving the healthcare and pharmaceutical sectors. The company offers a suite of tools designed to streamline communication, collaboration, and information sharing among doctors, healthcare professionals, and industry stakeholders. Core services include a professional network similar to LinkedIn for doctors, telehealth capabilities, and a comprehensive medical newsfeed tailored to the interests of its users.

How the Company Makes Money

Doximity generates revenue primarily through its subscription-based services, where healthcare organizations and pharmaceutical companies pay for access to its marketing, hiring, and telehealth solutions. The company offers marketing solutions that allow pharmaceutical companies to target specific groups of healthcare professionals with their promotional content. Additionally, Doximity provides hiring solutions enabling hospitals and health systems to recruit medical professionals more efficiently. Another significant revenue stream comes from its telehealth services, which facilitate virtual patient consultations, and are offered to healthcare providers on a subscription basis. Strategic partnerships with key players in the healthcare and pharmaceutical industries further bolster its revenue by expanding its reach and integrating its services into broader healthcare systems.

Doximity Financial Statement Overview

Summary

Doximity exhibits strong financial performance with impressive revenue growth of 19.97% and high profitability margins, including a net profit margin of 39.13%. The company's financial health is robust, with minimal leverage as seen in the low debt-to-equity ratio of 0.01 and substantial free cash flow increase of 52.27%.

Income Statement

Doximity has demonstrated impressive revenue growth with a 19.97% increase in TTM (Trailing-Twelve-Months) compared to the previous year. The company maintains strong profitability metrics, with a gross profit margin of 90.21% and a net profit margin of 39.13% in TTM, indicating effective cost management and solid operational efficiency. EBIT and EBITDA margins are also robust at 39.96% and 41.74%, respectively, underscoring strong core business profitability.

Balance Sheet

Doximity's balance sheet showcases strong financial health, with a low debt-to-equity ratio of 0.01, reflecting minimal leverage and reduced financial risk. The equity ratio stands at 85.64% in TTM, indicating a high level of asset financing through equity, which enhances financial stability. Return on equity remains strong at 20.61%, driven by effective use of equity capital.

Cash Flow

The cash flow position is robust, with a substantial increase in free cash flow by 52.27% in TTM, indicating efficient cash generation from operations. The operating cash flow to net income ratio is 1.22, reflecting strong cash conversion efficiency. Additionally, the free cash flow to net income ratio of 1.22 highlights effective cash management relative to net income.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	570.40M	475.42M	419.05M	343.55M	206.90M
Gross Profit	514.52M	424.75M	365.56M	303.76M	175.70M
EBITDA	240.76M	182.08M	135.39M	118.58M	57.01M
Net Income	223.19M	147.58M	112.82M	154.78M	50.21M
Balance Sheet
Total Assets	1.26B	1.08B	1.14B	991.36M	251.72M
Cash, Cash Equivalents and Short-Term Investments	915.66M	762.90M	841.00M	798.11M	142.53M
Total Debt	12.40M	14.55M	15.64M	1.09M	1.25M
Total Liabilities	181.68M	177.98M	170.77M	112.76M	184.98M
Stockholders Equity	1.08B	901.40M	966.12M	878.59M	66.74M
Cash Flow
Free Cash Flow	273.26M	178.29M	173.42M	120.88M	78.36M
Operating Cash Flow	273.26M	184.10M	179.60M	126.58M	82.97M
Investing Cash Flow	-29.30M	31.19M	-59.92M	-640.57M	-70.42M
Financing Cash Flow	-131.14M	-276.52M	-74.46M	560.41M	5.41M

Doximity Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 58.30
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DOCS, the sentiment is Negative. The current price of 58.3 is below the 20-day moving average (MA) of 60.26, below the 50-day MA of 58.34, and above the 200-day MA of 57.05, indicating a neutral trend. The MACD of -0.26 indicates Positive momentum. The RSI at 43.33 is Neutral, neither overbought nor oversold. The STOCH value of 25.47 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for DOCS.

Doximity Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DOCS	76 Outperform	$10.86B	52.31	22.50%	―	19.98%	53.10%
OMCL	64 Neutral	$1.43B	61.83	1.87%	―	6.39%	―
EVH	58 Neutral	$1.12B	―	-10.99%	―	10.24%	2.63%
DH	53 Neutral	$567.79M	―	-86.36%	―	-3.04%	-152.59%
Sector *	51 Neutral	$7.39B	0.42	-62.86%	2.37%	15.61%	-1.95%
TEM	49 Neutral	$10.00B	―	-1252.79%	―	42.93%	-160.27%
TDOC	44 Neutral	$0.00	―	-14.18%	―	-2.57%	79.86%

Doximity Corporate Events

Doximity Co-Founder Steps Down to Advisory Role

On June 10, 2025, Dr. Nathan Gross announced his decision to step down as Chief Strategy Officer of Doximity to transition into an advisory role effective June 16, 2025. Dr. Gross, a co-founder of the company, will continue to contribute his expertise under an Independent Contractor Agreement, with his stock options continuing to vest until September 2025. This transition marks a significant change in leadership but reflects confidence in Doximity’s strategic direction and its potential to become a generational company in the healthcare technology sector.

The most recent analyst rating on (DOCS) stock is a Hold with a $58.00 price target. To see the full list of analyst forecasts on Doximity stock, see the DOCS Stock Forecast page.