Want to see DOCS full AI Analyst Report?
Top Page
Doximity
(NYSE:DOCS)
Select Model
Select Model
Rating:73Outperform
Price Target:
$23.50
▼(-4.90% Downside)
Action:Upgraded
Date:05/15/26
The score is driven mainly by strong financial fundamentals (high margins, strong cash flow, minimal leverage). This is tempered by weak technicals (sharp downtrend and bearish momentum) and a cautious near-term outlook from the earnings call (slower FY27 growth and investment-driven margin pressure), while valuation appears reasonable on earnings but without dividend support.
Positive Factors
Conservative Balance Sheet / Low Leverage
Extremely low leverage and a sizable equity/cash base provide durable financial flexibility. This reduces default risk, enables sustained R&D/AI investment, underpins share repurchases and M&A optionality, and shields operations from cyclical ad-market weakness over the medium term.
Negative Factors
Near‑term Revenue Deceleration
A meaningful slowdown in top‑line growth reduces the runway for operating leverage and increases reliance on cost control or non‑organic moves to meet profit targets. If sustained, slower revenue expansion could limit returns on AI investments and constrain long‑term TAM capture.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative Balance Sheet / Low Leverage
Extremely low leverage and a sizable equity/cash base provide durable financial flexibility. This reduces default risk, enables sustained R&D/AI investment, underpins share repurchases and M&A optionality, and shields operations from cyclical ad-market weakness over the medium term.
Read all positive factors
Doximity Key Performance Indicators (KPIs)
Doximity (DOCS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.79B
Dividend YieldN/A
Average Volume (3M)4.92M
Price to Earnings (P/E)19.9
Beta (1Y)1.45
Revenue Growth13.05%
EPS Growth-12.34%
CountryUS
Employees827
SectorHealthcare
Sector Strength45
IndustryMedical - Healthcare Information Services
Share Statistics
EPS (TTM)1.04
Shares Outstanding131,975,430
10 Day Avg. Volume3,145,102
30 Day Avg. Volume4,924,310
Financial Highlights & Ratios
PEG Ratio-1.89
Price to Book (P/B)4.58
Price to Sales (P/S)6.76
P/FCF Ratio13.72
Enterprise Value/Market Cap0.95
Enterprise Value/Revenue5.61
Enterprise Value/Gross Profit6.29
Enterprise Value/Ebitda13.59
Forecast
1Y Price Target
$24.82Price Target Upside0.46% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering20
EPS Forecast (FY)1.43
Revenue Forecast (FY)$670.51M
Doximity Business Overview & Revenue Model
Company Description
Doximity, Inc. provides a digital platform, hosted in the cloud, specifically designed for healthcare practitioners throughout the United States. This platform delivers a suite of specialized tools, empowering its members to connect with peers, st...
How the Company Makes Money
Doximity generates revenue primarily by selling subscription-based and usage-based software and services to customers that want to engage clinicians and/or support clinical workflows. Key revenue streams include: (1) Pharmaceutical and life scienc...
Doximity Earnings Call Summary
Earnings Call Date:May 13, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Positive
The call highlights strong financial health (record free cash flow, solid full-year revenue growth, high adjusted EBITDA and cash balance), robust engagement and rapid AI adoption across physicians and health systems, and meaningful early commercial traction for AI products. Offsetting these positives are near-term margin pressure from rising AI compute and investments, slower revenue guidance (~4% FY27 growth at midpoint), delayed AI monetization due to regulatory reviews, and softer bookings/visibility driven by policy and macro uncertainty. Management frames the year as an "AI investment year"—accepting short-term margin impact to capture a larger long-term TAM.Positive Updates
Record Free Cash Flow
Q4 free cash flow of $107 million (first-ever 9-digit FCF quarter) and full-year free cash flow of $317 million, up 19% year-over-year; free cash flow was 49% of revenue for fiscal 2026.
Negative Updates
Quarterly Margin Compression from AI Compute
Q4 non-GAAP gross margin fell to 89% from 91% a year ago, and adjusted EBITDA margin declined to 45% from 50% in the prior year quarter, driven primarily by rising AI compute costs and steep ramp in AI usage.
Read all updates
Q4-2026 Updates
Positive
Negative
Record Free Cash Flow
Q4 free cash flow of $107 million (first-ever 9-digit FCF quarter) and full-year free cash flow of $317 million, up 19% year-over-year; free cash flow was 49% of revenue for fiscal 2026.
Read all positive updates
Company Guidance
Doximity guided Q1 FY2027 revenue of $151–$152M (≈4% growth at the midpoint) with adjusted EBITDA of $68.5–$69.5M (≈46% adjusted EBITDA margin), and full‑year FY2027 revenue of $664–$676M (≈4% growth at the midpoint) with adjusted EBITDA of $323–$335M (≈49% adjusted EBITDA margin), while noting they expect stock‑based comp to rise to the low‑20s% of revenue in FY2027 (then trend down in 2028), that ~65% of subscription‑based revenue guidance is already booked, and that AI will be minimally revenue‑contributory this year even as higher R&D, compute and marketing spend (including AI compute) widen near‑term expense and pressure margins—management reiterated a commitment to run adjusted EBITDA margins in the high‑40s or better for FY27; trailing‑12‑month metrics cited on the call included net revenue retention of 109% (114% for the top 20), 125 customers contributing ≥$500K in subscription revenue (up from 118 a year ago) accounting for 83% of total revenue.Doximity Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
92
Very Positive
Cash Flow
90
Very Positive
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 644.86M | 570.40M | 475.42M | 419.05M | 343.55M |
| Gross Profit | 574.54M | 514.52M | 424.75M | 365.56M | 303.76M |
| EBITDA | 264.39M | 240.76M | 182.08M | 143.44M | 119.05M |
| Net Income | 196.05M | 223.19M | 147.58M | 112.82M | 154.78M |
Balance Sheet | |||||
| Total Assets | 1.12B | 1.26B | 1.08B | 1.14B | 991.36M |
| Cash, Cash Equivalents and Short-Term Investments | 748.60M | 915.66M | 762.90M | 841.00M | 798.11M |
| Total Debt | 10.19M | 12.40M | 14.55M | 15.64M | 1.09M |
| Total Liabilities | 172.85M | 181.68M | 177.98M | 170.77M | 112.76M |
| Stockholders Equity | 950.84M | 1.08B | 901.40M | 966.12M | 878.59M |
Cash Flow | |||||
| Free Cash Flow | 317.50M | 266.74M | 178.29M | 173.42M | 120.88M |
| Operating Cash Flow | 326.46M | 273.26M | 184.10M | 179.60M | 126.58M |
| Investing Cash Flow | 147.17M | -29.30M | 31.19M | -59.92M | -640.57M |
| Financing Cash Flow | -464.06M | -131.14M | -276.52M | -74.46M | 560.41M |
Doximity Technical Analysis
Neutral
24.71
Price Trends
22.11
Negative
23.60
Negative
39.57
Negative
Market Momentum
-0.37
Negative
49.74
Neutral
62.22
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DOCS, the sentiment is Neutral. The current price of 24.71 is above the 20-day moving average (MA) of 20.67, above the 50-day MA of 22.11, and below the 200-day MA of 39.57, indicating a neutral trend. The MACD of -0.37 indicates Negative momentum. The RSI at 49.74 is Neutral, neither overbought nor oversold. The STOCH value of 62.22 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for DOCS.
Doximity Risk Analysis
Doximity disclosed 67 risk factors in its most recent earnings report. Doximity reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 1 New Risks
1.
Our development, deployment, and use of artificial intelligence may not achieve the expected benefits and may create operational, reputational, competitive, regulatory, legal, and liability risks. Q1, 2026
Doximity Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $3.79B | 19.95 | 19.36% | ― | 13.05% | -12.34% | |
67 Neutral | $1.89B | 93.68 | 1.64% | ― | 7.86% | -2.92% | |
61 Neutral | $1.53B | -8.79 | -12.37% | ― | -1.50% | 83.75% | |
53 Neutral | $609.65M | -1.15 | -77.89% | ― | -21.26% | -290.08% | |
53 Neutral | $119.44M | -0.50 | -67.07% | ― | -3.89% | 63.03% | |
53 Neutral | $10.40B | -34.22 | -70.24% | ― | 69.82% | 62.77% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
DOCS
Doximity
20.74
-37.64
-64.47%
OMCL
Omnicell
41.52
11.59
38.72%
EVH
Evolent Health
5.42
-6.21
-53.40%
TDOC
Teladoc
8.48
-0.10
-1.17%
DH
Definitive Healthcare Corp
0.83
-3.22
-79.51%
TEM
Tempus AI, Inc. Class A
57.93
-1.51
-2.54%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.