Doximity (DOCS)
Market Price (8/29/2026): $26.72 | Market Cap: $4.9 BilSector: Health Care | Industry: Health Care Technology
Doximity (DOCS)
Market Price (8/29/2026): $26.72Market Cap: $4.9 BilSector: Health CareIndustry: Health Care Technology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -14% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 30% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 47%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 45% Attractive yieldFCF Yield is 6.1% Megatrend and thematic driversMegatrends include Digital Health & Telemedicine, and Social Media & Creator Economy. Themes include Telehealth Platforms, and Social Media Platforms. | Weak multi-year price returns2Y Excs Rtn is -64%, 3Y Excs Rtn is -62% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 10% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 25x, P/EPrice/Earnings or Price/(Net Income) is 29x Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 21% Key risksDOCS key risks include [1] a heavy dependence on pharmaceutical ad revenue, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -14% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 30% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 47%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 45% |
| Attractive yieldFCF Yield is 6.1% |
| Megatrend and thematic driversMegatrends include Digital Health & Telemedicine, and Social Media & Creator Economy. Themes include Telehealth Platforms, and Social Media Platforms. |
| Weak multi-year price returns2Y Excs Rtn is -64%, 3Y Excs Rtn is -62% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 10% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 25x, P/EPrice/Earnings or Price/(Net Income) is 29x |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 21% |
| Key risksDOCS key risks include [1] a heavy dependence on pharmaceutical ad revenue, Show more. |
Qualitative Assessment
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Doximity (DOCS) stock has gained about 10% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q1 2027 Revenue Beat and Raised Guidance.
Doximity, which operates on a fiscal year ending March 31, reported its fiscal Q1 2027 results (for the quarter ended June 30, 2026) with revenue of $156.6 million, representing a 7% increase year-over-year. This figure surpassed analyst expectations by approximately 3.2% to 3.5%. Following these results, the company raised its full fiscal year 2027 revenue guidance to a range of $671 million to $681 million, exceeding prior analyst forecasts.
2. Robust Growth and Profitability of AI Products.
The company emphasized significant traction and profitability within its clinical artificial intelligence (AI) offerings, including Doximity Ask, AI Search, and AI Scribe. Management reported a year-over-year increase of over 30% in workflow active prescribers and more than 25% quarter-over-quarter growth in AI Search queries. CEO Jeff Tangney highlighted that each AI search generates more than 10 times its operational cost in revenue, indicating strong unit economics for these burgeoning AI tools.
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Doximity (DOCS) stock has gained about 10% since 4/30/2026 because of the following key factors:
1. Strong Fiscal Q1 2027 Revenue Beat and Raised Guidance.
Doximity, which operates on a fiscal year ending March 31, reported its fiscal Q1 2027 results (for the quarter ended June 30, 2026) with revenue of $156.6 million, representing a 7% increase year-over-year. This figure surpassed analyst expectations by approximately 3.2% to 3.5%. Following these results, the company raised its full fiscal year 2027 revenue guidance to a range of $671 million to $681 million, exceeding prior analyst forecasts.
2. Robust Growth and Profitability of AI Products.
The company emphasized significant traction and profitability within its clinical artificial intelligence (AI) offerings, including Doximity Ask, AI Search, and AI Scribe. Management reported a year-over-year increase of over 30% in workflow active prescribers and more than 25% quarter-over-quarter growth in AI Search queries. CEO Jeff Tangney highlighted that each AI search generates more than 10 times its operational cost in revenue, indicating strong unit economics for these burgeoning AI tools.
3. Significant Short Covering Post-Earnings.
The positive earnings surprise and favorable outlook triggered a substantial short squeeze. Approximately 17% of Doximity's available shares were held by short sellers prior to the fiscal Q1 2027 earnings announcement on August 6, 2026. This high level of short interest led to a rapid repurchase of shares by short sellers to cover their positions, which exacerbated the stock's upward price movement following the strong report.
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Stock Movement Drivers
Fundamental Drivers
The 9.4% change in DOCS stock from 4/30/2026 to 8/28/2026 was primarily driven by a 52.6% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 8282026 | Change |
|---|---|---|---|
| Stock Price ($) | 24.44 | 26.73 | 9.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 638 | 656 | 2.8% |
| Net Income Margin (%) | 37.5% | 25.5% | -32.1% |
| P/E Multiple | 19.1 | 29.2 | 52.6% |
| Shares Outstanding (Mil) | 187 | 183 | 2.7% |
| Cumulative Contribution | 9.4% |
Market Drivers
4/30/2026 to 8/28/2026| Return | Correlation | |
|---|---|---|
| DOCS | 9.4% | |
| Market (SPY) | 7.1% | 2.5% |
| Sector (XLV) | 17.2% | 7.1% |
Fundamental Drivers
The -28.7% change in DOCS stock from 1/31/2026 to 8/28/2026 was primarily driven by a -37.4% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 8282026 | Change |
|---|---|---|---|
| Stock Price ($) | 37.47 | 26.73 | -28.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 621 | 656 | 5.5% |
| Net Income Margin (%) | 40.7% | 25.5% | -37.4% |
| P/E Multiple | 27.8 | 29.2 | 5.1% |
| Shares Outstanding (Mil) | 188 | 183 | 2.8% |
| Cumulative Contribution | -28.7% |
Market Drivers
1/31/2026 to 8/28/2026| Return | Correlation | |
|---|---|---|
| DOCS | -28.7% | |
| Market (SPY) | 11.5% | 5.0% |
| Sector (XLV) | 11.1% | 0.6% |
Fundamental Drivers
The -54.5% change in DOCS stock from 7/31/2025 to 8/28/2026 was primarily driven by a -41.1% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 8282026 | Change |
|---|---|---|---|
| Stock Price ($) | 58.75 | 26.73 | -54.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 570 | 656 | 14.9% |
| Net Income Margin (%) | 39.1% | 25.5% | -34.9% |
| P/E Multiple | 49.6 | 29.2 | -41.1% |
| Shares Outstanding (Mil) | 188 | 183 | 3.2% |
| Cumulative Contribution | -54.5% |
Market Drivers
7/31/2025 to 8/28/2026| Return | Correlation | |
|---|---|---|
| DOCS | -54.5% | |
| Market (SPY) | 22.7% | 15.3% |
| Sector (XLV) | 32.9% | 6.6% |
Fundamental Drivers
The -25.2% change in DOCS stock from 7/31/2023 to 8/28/2026 was primarily driven by a -52.4% change in the company's P/E Multiple.| (LTM values as of) | 7312023 | 8282026 | Change |
|---|---|---|---|
| Stock Price ($) | 35.73 | 26.73 | -25.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 419 | 656 | 56.4% |
| Net Income Margin (%) | 26.9% | 25.5% | -5.4% |
| P/E Multiple | 61.4 | 29.2 | -52.4% |
| Shares Outstanding (Mil) | 194 | 183 | 6.2% |
| Cumulative Contribution | -25.2% |
Market Drivers
7/31/2023 to 8/28/2026| Return | Correlation | |
|---|---|---|
| DOCS | -25.2% | |
| Market (SPY) | 74.0% | 26.8% |
| Sector (XLV) | 33.6% | 14.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| DOCS Return | -5% | -33% | -16% | 90% | -17% | -42% | -52% |
| Peers Return | 0% | -42% | -10% | -41% | -14% | 59% | -58% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| DOCS Win Rate | 43% | 25% | 50% | 67% | 42% | 38% | |
| Peers Win Rate | 53% | 35% | 43% | 35% | 38% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| DOCS Max Drawdown | - | -61% | -50% | -27% | -48% | -61% | |
| Peers Max Drawdown | -43% | -49% | -46% | -55% | -47% | -33% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: VEEV, IQV, TDOC, AMWL, AMN.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/28/2026 (YTD)
How Low Can It Go
| Event | DOCS | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -40.5% | -9.5% |
| % Gain to Breakeven | 68.0% | 10.5% |
| Time to Breakeven | 318 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -12.0% | -6.7% |
| % Gain to Breakeven | 13.7% | 7.1% |
| Time to Breakeven | 31 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -52.9% | -24.5% |
| % Gain to Breakeven | 112.1% | 32.4% |
| Time to Breakeven | 756 days | 427 days |
In The Past
Doximity's stock fell -4.2% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 4.4% gain to breakeven.
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| Event | DOCS | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -40.5% | -9.5% |
| % Gain to Breakeven | 68.0% | 10.5% |
| Time to Breakeven | 318 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -52.9% | -24.5% |
| % Gain to Breakeven | 112.1% | 32.4% |
| Time to Breakeven | 756 days | 427 days |
In The Past
Doximity's stock fell -4.2% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 4.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Doximity (DOCS)
Doximity, Inc. (DOCS) operates a leading cloud-based digital platform specifically designed for medical professionals within the United States. The company's fundamental purpose is to equip physicians and other healthcare providers with a robust suite of digital tools aimed at enhancing their professional lives and streamlining patient care.
The platform offers a variety of core services, enabling its members to securely collaborate with colleagues, efficiently coordinate patient care, and conduct virtual patient visits. Beyond these clinical tools, Doximity also helps medical professionals stay up-to-date with the latest medical news and research, and provides resources for career management and professional development.
Doximity's business model primarily serves pharmaceutical companies and health systems. These organizations leverage Doximity's platform as a crucial communication and engagement channel to connect with and reach medical professionals, facilitating their marketing, educational outreach, and strategic initiatives within the healthcare industry.
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- Professional Networking & Collaboration: Enables medical professionals to securely connect and collaborate with colleagues.
- Patient Care Coordination Tools: Provides features for healthcare providers to efficiently coordinate patient care.
- Telehealth Services: Facilitates secure virtual patient visits and consultations for medical professionals.
- Medical Information & Research Hub: Offers access to the latest medical news, research, and educational content.
- Career Development Resources: Supports medical professionals in managing and advancing their careers through dedicated tools.
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Doximity (DOCS) primarily sells its services to other companies. Its major customers fall into the following categories:
- Pharmaceutical companies
- Health systems
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Jeff Tangney, Chief Executive Officer & Director
Jeff Tangney is the Co-Founder, Chief Executive Officer, and Director at Doximity, responsible for the company's vision and strategy. Before co-founding Doximity in 2010, he co-founded Epocrates, a mobile medical reference app, where he served as President and Chief Operating Officer. Tangney took Epocrates public in 2011 and later sold it to Athenahealth for $293 million. His professional background also includes investment banking at Goldman Sachs and consulting and software development at ZS Associates. He holds a B.S. in Economics and Math from the University of Wisconsin-Madison and an M.B.A. from the Stanford Graduate School of Business.
Anna Bryson, Chief Financial Officer
Anna Bryson is the Chief Financial Officer at Doximity, overseeing the company's financial strategy and operations. She joined Doximity in 2017 and was appointed CFO in May 2021, having previously served as the company's VP of Strategic Finance and Financial Planning and Analysis (FP&A). Before Doximity, Bryson founded ACB Capital, an investment advisory firm, and worked as a bond trader at the Royal Bank of Scotland. She holds a B.A. and an M.A. in Philosophy, Politics, and Economics from the University of Oxford.
Nate Gross, Co-Founder & Chief Strategy Officer
Nate Gross is a Co-Founder and the Chief Strategy Officer at Doximity, focusing on the company's strategic direction and long-term vision. He also co-founded Rock Health, a venture capital fund for digital health startups, and has been an angel investor at Cityblock Health. Gross graduated from Emory University School of Medicine with an M.D., Harvard Business School with an M.B.A., and Claremont McKenna College with a B.A. in Government. He serves as affiliated faculty for the Clinical Informatics Fellowship at Stanford. Note: Nate Gross transitioned from his day-to-day role to an advisory role at Doximity in February 2026.
Jey Balachandran, Chief Technology Officer
Jey Balachandran is the Chief Technology Officer at Doximity, responsible for the company's technological strategy and the robustness of its platform. His extensive career at Doximity includes roles as VP, Architect, and Director of Software Engineering. He holds a background in Computer Science from the University of Toronto.
Shari Buck, Co-Founder & Senior Vice President, People & Operations
Shari Buck is a Co-Founder and the Senior Vice President of People & Operations at Doximity. She played a key role in the company's founding in 2010.
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Digital Health Market (U.S.): The U.S. digital health market was estimated at approximately USD 88.38 billion in 2025 and is projected to reach around USD 266.5 billion by 2035, growing at a CAGR of 11.67% from 2026 to 2035. Another estimate places the global digital health market size at USD 427.24 billion in 2025, with North America holding a 42.67% market share in the same year. Yet another report indicates the global digital health market was valued at USD 573.3 billion in 2025 and is expected to reach USD 2,088.1 billion by 2034, with North America dominating with over 38.6% of the market share in 2025.
Telehealth/Telemedicine Market (U.S.): The U.S. telehealth market was valued at USD 42.54 billion in 2024 and is expected to grow at a CAGR of 23.8% from 2025 to 2030, reaching USD 150.13 billion by 2030. Another source indicates the U.S. telehealth market size reached approximately USD 52.77 billion in 2025 and is anticipated to increase to USD 65.35 billion in 2026, with projections to reach around USD 447.69 billion by 2035 at a CAGR of 23.84%. The U.S. telemedicine market specifically was valued at USD 41.54 billion in 2025 and is projected to reach around USD 188.05 billion by 2035, growing at a CAGR of 16.3% from 2026 to 2035.
Healthcare Business Collaboration Tools / Clinical Communication & Collaboration Market (Global and North America): The global healthcare business collaboration tools market size was estimated at USD 32.53 billion in 2024 and is projected to grow at a CAGR of 23.4% from 2025 to 2030, reaching USD 115.83 billion by 2030. North America's healthcare business collaboration tools market is anticipated to register significant growth. The North American clinical communication and collaboration market accounted for a 38.2% revenue share in 2024. The global clinical communication & collaboration market is projected to grow from approximately USD 2,876.1 million in 2025 to USD 5,302.9 million by 2030, at a CAGR of 13.02%. The North America healthcare business collaboration tools market accounted for USD 6.9 billion in 2023 and is anticipated to grow at a CAGR of 18.9% between 2024 and 2032.
Pharmaceutical Digital Advertising Spending (U.S.): Healthcare and pharmaceutical digital ad spending in the U.S. is estimated to reach USD 24.8 billion in 2025, with a forecast of USD 26.2 billion in 2026. Another estimate indicates U.S. pharma digital ad spending is expected to rise to USD 20.19 billion in 2025. By 2027, digital is expected to comprise 82% of all healthcare and pharma ad spending in the U.S.
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Expected Drivers of Future Revenue Growth for Doximity (DOCS)
- Expansion and Monetization of Artificial Intelligence (AI) Products and Services: Doximity is actively developing and integrating AI tools, such as DocsGPT, into its platform, which have seen significant user adoption. While revenue upside from AI tools outside of hospitals has not yet been fully commercialized or included in current guidance, the company plans to commercialize these products later, presenting a clear opportunity for future revenue growth.
- Continued Growth in Existing Customer Spend and Strong Net Revenue Retention: Doximity consistently demonstrates a high net revenue retention rate, indicating that existing pharmaceutical companies and health systems are increasing their spending on the platform. The company's top customers, in particular, continue to grow at the fastest rate, driven by increased engagement with Doximity's offerings and the positive influence of its client portal on purchasing decisions.
- Increasing Penetration of the Healthcare Professional Market and Enhanced Platform Engagement: Doximity continues to expand its already extensive network of medical professionals, having surpassed 3 million registered members, including a substantial majority of U.S. physicians and a significant portion of NPs and PAs. This growing and highly engaged user base enhances the platform's value proposition for pharmaceutical companies and health systems, attracting more clients and driving demand for Doximity's digital solutions.
- Capitalizing on the Shift Towards Digital Advertising in Healthcare: As pharmaceutical companies and healthcare organizations increasingly reallocate their advertising budgets to digital channels, Doximity is well-positioned to capture a larger share of this spend. Its established and highly engaged platform provides an attractive and targeted environment for advertisers to reach medical professionals.
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Capital Allocation Decisions for Doximity (DOCS) (Last 3-5 Years)
Share Repurchases
- Doximity announced a new $500 million share repurchase program in February 2026, which authorizes the company to buy back up to 8% of its outstanding shares.
- As of March 31, 2025, Doximity had repurchased and retired 1,875,226 shares of Class A common stock for an aggregate purchase price of $76.0 million, with $424.0 million remaining available under the authorized program at that time.
- During the second fiscal quarter of 2026 (ending September 30, 2025), the company repurchased $21.9 million worth of shares, with $280 million remaining under the existing repurchase authorization.
Share Issuance
- For fiscal year 2025, proceeds from the issuance of common stock upon the exercise of stock options and common stock warrants totaled $19.732 million.
- Proceeds from the issuance of common stock in connection with the employee stock purchase plan were $2.147 million in fiscal year 2025.
- As of May 13, 2025, Doximity had 136,906,542 shares of Class A common stock and 50,919,611 shares of Class B common stock outstanding.
Outbound Investments
- Doximity acquired Pathway Medical Inc. for $63 million around August 2025, an acquisition intended to boost the platform's AI capabilities.
Capital Expenditures
- Investing Cash Flow for fiscal year 2025 showed an outflow of $29.0 million, primarily reflecting strategic investments and minimal capital expenditures, which is characteristic of a capital-light technology platform.
- Doximity allocated $93.04 million to research and development (R&D) in fiscal year 2025, representing 16.31% of its revenue, focusing on innovation and new products, including AI-powered solutions.
- The company anticipates increasing investments in AI, expecting related costs to rise in the latter half of fiscal year 2026, while aiming to maintain a 55%+ adjusted EBITDA margin.
Peer Outperformance in Health Care Technology
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| DOCS | Doximity | 14.5% | 29.2x | -60.9% | 11.7% | -67.6% | — |
| VEEV | Veeva Systems | 15.7% | 44.3x | 1.6% | 43.3% | -16.3% | +51pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 7 | 11.9% | 83.5% | 129.3% | CAH 405% · MCK 356% · COR 183% |
| Managed Health Care | 8 | 32.4% | -4.5% | 1.8% | OSCR 117% · HQY 46% · ELV 14% |
| Health Care Services | 20 | 21.0% | 40.8% | 1.7% | HIMS 273% · RDNT 140% · DGX 79% |
| Health Care Facilities | 24 | 4.0% | -6.2% | -18.1% | THC 256% · NHC 244% · ENSG 112% |
| Health Care Equipment | 51 | -2.9% | -7.9% | -20.3% | POCI 10900% · UFPT 336% · GKOS 217% |
| Health Care Supplies | 12 | 32.8% | -17.8% | -35.4% | LNTH 292% · HAE 69% · MMSI 26% |
| Pharmaceuticals | 63 | -2.6% | 7.0% | -37.3% | LQDA 2407% · INDV 1218% · ETON 1079% |
| Life Sciences Tools & Services | 108 | -2.0% | -32.5% | -71.0% | SNWV 1808% · MEDP 233% · AXGN 206% |
| Health Care Technology ← | 21 | -25.0% | -57.3% | -74.6% | SPOK 125% · HSTM 1% · VEEV -16% |
| Biotechnology | 365 | 8.2% | -26.2% | -78.3% | BRTX 99450% · DNTH 1593% · CELZ 1529% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 30.67 |
| Mkt Cap | 3.1 |
| Rev LTM | 2,962 |
| Op Inc LTM | 177 |
| FCF LTM | 368 |
| FCF 3Y Avg | 274 |
| CFO LTM | 389 |
| CFO 3Y Avg | 332 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.7% |
| Rev Chg 3Y Avg | 2.2% |
| Rev Chg Q | 4.8% |
| QoQ Delta Rev Chg LTM | 1.1% |
| Op Inc Chg LTM | 25.0% |
| Op Inc Chg 3Y Avg | 15.9% |
| Op Mgn LTM | 9.3% |
| Op Mgn 3Y Avg | 9.2% |
| QoQ Delta Op Mgn LTM | 0.5% |
| CFO/Rev LTM | 15.2% |
| CFO/Rev 3Y Avg | 14.1% |
| FCF/Rev LTM | 12.8% |
| FCF/Rev 3Y Avg | 11.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 3.1 |
| P/S | 1.7 |
| P/Op Inc | 13.4 |
| P/EBIT | 12.7 |
| P/E | 21.0 |
| P/CFO | 10.0 |
| Total Yield | 2.7% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 5.4% |
| D/E | 0.2 |
| Net D/E | 0.0 |
Price Behavior
| Market Price | $26.73 | |
| Market Cap ($ Bil) | 4.9 | |
| First Trading Date | 06/24/2021 | |
| Distance from 52W High | -64.4% | |
| 50 Days | 200 Days | |
| DMA Price | $23.37 | $29.61 |
| DMA Trend | down | up |
| Distance from DMA | 14.4% | -9.7% |
| 3M | 1YR | |
| Volatility | 79.6% | 63.2% |
| Downside Capture | 60.09 | 141.86 |
| Upside Capture | 160.71 | 3.07 |
| Correlation (SPY) | 12.7% | 12.5% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.02 | 0.05 | -0.44 | 0.01 | 0.62 | 1.09 |
| Up Beta | -1.44 | 0.24 | -0.14 | -1.30 | -0.06 | 0.85 |
| Down Beta | 0.09 | 0.26 | 0.44 | 0.53 | 1.10 | 1.16 |
| Up Capture | 48% | -17% | -96% | -31% | -6% | 87% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 10 | 20 | 32 | 58 | 116 | 376 |
| Down Capture | 37% | -2% | -77% | 100% | 123% | 107% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 12 | 23 | 31 | 68 | 135 | 369 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DOCS | |
|---|---|---|---|---|
| DOCS | -60.8% | 63.1% | -1.23 | - |
| Sector ETF (XLV) | 26.7% | 16.0% | 1.29 | 4.5% |
| Equity (SPY) | 20.1% | 12.8% | 1.16 | 12.6% |
| Gold (GLD) | 30.9% | 29.0% | 0.92 | -3.3% |
| Commodities (DBC) | 39.9% | 20.3% | 1.54 | -5.9% |
| Real Estate (VNQ) | 9.9% | 13.7% | 0.44 | 8.7% |
| Bitcoin (BTCUSD) | -27.5% | 43.6% | -0.61 | 5.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DOCS | |
|---|---|---|---|---|
| DOCS | -19.3% | 67.4% | -0.05 | - |
| Sector ETF (XLV) | 6.3% | 15.1% | 0.23 | 20.5% |
| Equity (SPY) | 13.1% | 17.2% | 0.59 | 35.9% |
| Gold (GLD) | 19.7% | 18.7% | 0.85 | 3.0% |
| Commodities (DBC) | 11.5% | 19.6% | 0.46 | 3.8% |
| Real Estate (VNQ) | 2.0% | 18.9% | 0.00 | 27.5% |
| Bitcoin (BTCUSD) | 10.4% | 52.6% | 0.38 | 19.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DOCS | |
|---|---|---|---|---|
| DOCS | -6.9% | 69.6% | 0.08 | - |
| Sector ETF (XLV) | 10.5% | 16.7% | 0.51 | 18.2% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 34.1% |
| Gold (GLD) | 12.2% | 16.3% | 0.61 | 3.7% |
| Commodities (DBC) | 7.3% | 18.0% | 0.33 | 4.2% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 26.0% |
| Bitcoin (BTCUSD) | 64.0% | 66.1% | 1.04 | 18.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 8/17/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | 32.6% | 28.7% | |
| 5/13/2026 | -23.0% | -15.1% | -14.3% |
| 2/5/2026 | -16.8% | -25.8% | -23.5% |
| 11/6/2025 | -13.2% | -20.5% | -27.9% |
| 8/7/2025 | 13.7% | 8.5% | 18.7% |
| 5/15/2025 | -10.1% | -12.3% | -4.3% |
| 2/6/2025 | 36.0% | 32.1% | 3.8% |
| 11/7/2024 | 34.2% | 19.9% | 24.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 11 | 9 |
| # Negative | 10 | 10 | 11 |
| Median Positive | 32.6% | 20.1% | 18.7% |
| Median Negative | -11.6% | -11.8% | -18.9% |
| Max Positive | 38.7% | 43.3% | 91.4% |
| Max Negative | -23.0% | -30.9% | -28.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/6/2026 | 32.6% | 28.7% | |
| 5/13/2026 | -23.0% | -15.1% | -14.3% |
| 2/5/2026 | -16.8% | -25.8% | -23.5% |
| 11/6/2025 | -13.2% | -20.5% | -27.9% |
| 8/7/2025 | 13.7% | 8.5% | 18.7% |
| 5/15/2025 | -10.1% | -12.3% | -4.3% |
| 2/6/2025 | 36.0% | 32.1% | 3.8% |
| 11/7/2024 | 34.2% | 19.9% | 24.0% |
| 8/8/2024 | 38.7% | 36.3% | 43.9% |
| 5/16/2024 | 18.1% | 15.5% | 18.3% |
| 2/8/2024 | 1.2% | 7.4% | -1.9% |
| 11/9/2023 | 16.2% | 23.9% | 17.2% |
| 8/8/2023 | -22.8% | -30.9% | -28.1% |
| 5/16/2023 | -5.7% | -7.5% | -4.5% |
| 2/9/2023 | -12.9% | -4.5% | -20.1% |
| 11/10/2022 | 32.7% | 20.1% | 33.2% |
| 8/4/2022 | -7.4% | -4.0% | -18.9% |
| 5/17/2022 | -10.2% | -5.6% | -4.1% |
| 2/8/2022 | 24.0% | 14.3% | 0.3% |
| 11/9/2021 | -5.9% | -11.4% | -24.9% |
| 8/10/2021 | 33.0% | 43.3% | 91.4% |
| SUMMARY STATS | |||
| # Positive | 11 | 11 | 9 |
| # Negative | 10 | 10 | 11 |
| Median Positive | 32.6% | 20.1% | 18.7% |
| Median Negative | -11.6% | -11.8% | -18.9% |
| Max Positive | 38.7% | 43.3% | 91.4% |
| Max Negative | -23.0% | -30.9% | -28.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/19/2026 | 10-K |
| 12/31/2025 | 02/05/2026 | 10-Q |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/20/2025 | 10-K |
| 12/31/2024 | 02/06/2025 | 10-Q |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/23/2024 | 10-K |
| 12/31/2023 | 02/08/2024 | 10-Q |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/26/2023 | 10-K |
| 12/31/2022 | 02/09/2023 | 10-Q |
| 09/30/2022 | 11/10/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-Q |
| 03/31/2026 | 05/19/2026 | 10-K |
| 12/31/2025 | 02/05/2026 | 10-Q |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/20/2025 | 10-K |
| 12/31/2024 | 02/06/2025 | 10-Q |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/23/2024 | 10-K |
| 12/31/2023 | 02/08/2024 | 10-Q |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/26/2023 | 10-K |
| 12/31/2022 | 02/09/2023 | 10-Q |
| 09/30/2022 | 11/10/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/27/2022 | 10-K |
| 12/31/2021 | 02/09/2022 | 10-Q |
| 09/30/2021 | 11/10/2021 | 10-Q |
| 06/30/2021 | 08/12/2021 | 10-Q |
| 03/31/2021 | 06/15/2021 | S-1/A |
Recent Forward Guidance
Updated 8/7/2026Latest: Q1 2027 Earnings Reported 8/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2027 Revenue | 170.00 Mil | 170.50 Mil | 171.00 Mil | 12.5% | Higher New | Guidance: 151.50 Mil for Q1 2027 | |
| Q2 2027 Adjusted EBITDA | 80.50 Mil | 81.00 Mil | 81.50 Mil | 17.4% | Higher New | Guidance: 69.00 Mil for Q1 2027 | |
| 2027 Revenue | 671.00 Mil | 676.00 Mil | 681.00 Mil | 0.9% | Raised | Guidance: 670.00 Mil for 2027 | |
| 2027 Adjusted EBITDA | 309.00 Mil | 319.00 Mil | 329.00 Mil | -3.0% | Lowered | Guidance: 329.00 Mil for 2027 | |
Prior: Q4 2026 Earnings Reported 5/13/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2027 Revenue | 151.00 Mil | 151.50 Mil | 152.00 Mil | 5.6% | Higher New | Actual: 143.50 Mil for Q4 2026 | |
| Q1 2027 Adjusted EBITDA | 68.50 Mil | 69.00 Mil | 69.50 Mil | 7.8% | Higher New | Actual: 64.00 Mil for Q4 2026 | |
| 2027 Revenue | 664.00 Mil | 670.00 Mil | 676.00 Mil | 4.2% | Higher New | Actual: 643.00 Mil for 2026 | |
| 2027 Adjusted EBITDA | 323.00 Mil | 329.00 Mil | 335.00 Mil | -7.6% | Lower New | Actual: 356.00 Mil for 2026 | |
Q3 2026 Earnings Reported 2/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Revenue | 143.00 Mil | 143.50 Mil | 144.00 Mil | -20.5% | Lower New | Actual: 180.50 Mil for Q3 2026 | |
| Q4 2026 Adjusted EBITDA | 63.50 Mil | 64.00 Mil | 64.50 Mil | -38.2% | Lower New | Actual: 103.50 Mil for Q3 2026 | |
| 2026 Revenue | 642.50 Mil | 643.00 Mil | 643.50 Mil | 0 | Affirmed | Guidance: 643.00 Mil for 2026 | |
| 2026 Adjusted EBITDA | 355.50 Mil | 356.00 Mil | 356.50 Mil | 0.6% | Raised | Guidance: 354.00 Mil for 2026 | |
Q2 2026 Earnings Reported 11/6/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Revenue | 180.00 Mil | 180.50 Mil | 181.00 Mil | ||||
| Q3 2026 Adjusted EBITDA | 103.00 Mil | 103.50 Mil | 104.00 Mil | ||||
| 2026 Revenue | 640.00 Mil | 643.00 Mil | 646.00 Mil | 1.7% | Raised | Guidance: 632.00 Mil for 2026 | |
| 2026 Adjusted EBITDA | 351.00 Mil | 354.00 Mil | 357.00 Mil | 2.6% | Raised | Guidance: 345.00 Mil for 2026 | |
Insider Activity
Updated 8/27/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Wampler, Kira Scherer | Direct | Sell | 8272026 | 24.95 | 2,000 | 49,900 | 494,983 | Form | |
| 2 | Sitaram, Siddharth | Chief Accounting Officer | Direct | Sell | 8172026 | 24.94 | 1,770 | 44,144 | 2,419,280 | Form |
| 3 | Cabral, Timothy S | Direct | Sell | 8112026 | 39.11 | 7,500 | 293,325 | 125,973 | Form | |
| 4 | Sitaram, Siddharth | Chief Accounting Officer | Direct | Sell | 7202026 | 22.02 | 1,732 | 38,139 | 2,064,903 | Form |
| 5 | Sitaram, Siddharth | Interim PAO | Direct | Sell | 6102026 | 20.41 | 2,444 | 49,882 | 1,851,309 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Wampler, Kira Scherer | Direct | Sell | 8272026 | 24.95 | 2,000 | 49,900 | 494,983 | Form | |
| 2 | Sitaram, Siddharth | Chief Accounting Officer | Direct | Sell | 8172026 | 24.94 | 1,770 | 44,144 | 2,419,280 | Form |
| 3 | Cabral, Timothy S | Direct | Sell | 8112026 | 39.11 | 7,500 | 293,325 | 125,973 | Form | |
| 4 | Sitaram, Siddharth | Chief Accounting Officer | Direct | Sell | 7202026 | 22.02 | 1,732 | 38,139 | 2,064,903 | Form |
| 5 | Sitaram, Siddharth | Interim PAO | Direct | Sell | 6102026 | 20.41 | 2,444 | 49,882 | 1,851,309 | Form |
| 6 | Sitaram, Siddharth | Interim PFO and PAO | Direct | Sell | 5132026 | 25.77 | 2,309 | 59,503 | 2,303,735 | Form |
| 7 | Wampler, Kira Scherer | Direct | Sell | 5082026 | 26.06 | 9,000 | 234,540 | 517,004 | Form | |
| 8 | Sitaram, Siddharth | Interim PFO and PAO | Direct | Sell | 4142026 | 21.09 | 2,427 | 51,185 | 1,828,608 | Form |
| 9 | Sitaram, Siddharth | Interim PFO and PAO | Direct | Sell | 3122026 | 25.37 | 2,319 | 58,833 | 2,134,429 | Form |
| 10 | Sitaram, Siddharth | Interim PFO and PAO | Direct | Sell | 3122026 | 27.88 | 2,282 | 63,622 | 2,270,854 | Form |
| 11 | Wampler, Kira Scherer | Direct | Sell | 3052026 | 26.00 | 2,000 | 52,000 | 515,814 | Form | |
| 12 | Wampler, Kira Scherer | Direct | Sell | 2042026 | 37.33 | 2,000 | 74,660 | 740,590 | Form | |
| 13 | Wampler, Kira Scherer | Direct | Sell | 1062026 | 44.65 | 2,000 | 89,300 | 885,811 | Form | |
| 14 | Wampler, Kira Scherer | Direct | Sell | 12032025 | 50.71 | 2,000 | 101,420 | 1,006,036 | Form | |
| 15 | Cabral, Timothy S | Direct | Sell | 11242025 | 50.00 | 10,000 | 500,000 | 161,050 | Form | |
| 16 | Wampler, Kira Scherer | Direct | Sell | 11052025 | 66.44 | 2,000 | 132,880 | 1,318,103 | Form | |
| 17 | Benjamin, Regina M | Direct | Sell | 10142025 | 70.84 | 5,000 | 354,200 | 1,405,395 | Form | |
| 18 | Wampler, Kira Scherer | Direct | Sell | 10032025 | 70.01 | 2,000 | 140,020 | 1,388,928 | Form | |
| 19 | Cabral, Timothy S | Direct | Sell | 9262025 | 75.00 | 20,000 | 1,500,000 | 241,575 | Form | |
| 20 | Benjamin, Regina M | Direct | Sell | 9162025 | 70.50 | 5,000 | 352,500 | 1,398,650 | Form | |
| 21 | Cabral, Timothy S | Direct | Sell | 9042025 | 66.30 | 6,360 | 421,656 | 213,546 | Form | |
| 22 | Wampler, Kira Scherer | Direct | Sell | 9042025 | 66.57 | 2,000 | 133,140 | 1,320,682 | Form | |
| 23 | Bryson, Anna | Chief Financial Officer | Direct | Sell | 8272025 | 66.76 | 40,000 | 2,670,244 | 23,159,360 | Form |
| 24 | Cabral, Timothy S | Direct | Sell | 8182025 | 63.78 | 20,000 | 1,275,566 | 405,630 | Form | |
| 25 | Benjamin, Regina M | Direct | Sell | 8112025 | 63.00 | 5,000 | 315,000 | 1,046,934 | Form | |
| 26 | Wampler, Kira Scherer | Direct | Sell | 8012025 | 57.09 | 2,000 | 114,180 | 948,722 | Form |
Investor Activity (13F)
Updated Aug 29, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
DOCS Trade Sentinel
Constructive
CONVICTION RATIONALE
Conviction is constructive based on early evidence of a successful pivot to AI. The company raised its full-year revenue forecast, driven by new AI search contracts. This follows a 32% yearly increase in active providers using its workflow tools. While the core business is slowing, the new growth engine appears to be igniting, justifying the strategic investment.
STOCK ARCHETYPE
Digital Platform / Professional Network(Number of Customers) x (Average Revenue per Customer), driven by new customer acquisition and expansion within existing customers (as measured by Net Revenue Retention). Operating leverage on a scalable software platform with high gross margins, where incremental revenue from new or expanded customer subscriptions drops to the bottom line with minimal associated cost.
INVESTMENT THESIS
Early evidence suggests yes. The company is successfully layering a new AI-driven growth engine onto its dominant physician network.
- Quarterly revenue growth accelerated to 7.3% from 5.1% in the prior quarter.
- Full-year revenue guidance was raised, driven by new AI search contracts.
- Unique active providers using workflow tools increased approximately 32% year-over-year.
- The Doximity Ask product outperformed U.S. models in an independent clinical AI study.
- The company has signed 165 health systems as AI clients.
PRIMARY RISK
The AI products could fail to generate meaningful revenue, leaving the company with a slowing core business, evidenced by Net Revenue Retention decelerating to 107% from 118% a year ago, and compressed margins from the investment.
- Net Revenue Retention rate declined to 107% from 118% in the prior year.
- Trailing-twelve-month operating margin fell to 29.6% from 40.5% a year ago.
- The core pharma ad market is expected to grow at or below a modest 5%.
- Accounts receivable grew 25.4%, far outpacing 7.3% revenue growth.
| KPI | Status | Rationale |
|---|---|---|
| Net Revenue Retention Rate | 107% for the trailing twelve months ended June 30, 2026 - Decelerating | Net Revenue Retention, a key measure of existing customer spending, has been on a clear decelerating trend for several quarters. While still indicating net expansion, the rate of that expansion has slowed consistently. |
| Customers with >$500k TTM Revenue | 127 customers as of June 30, 2026 - Stable | The count of large customers, a key driver of revenue, continues to grow, showing a 7% year-over-year increase and positive sequential momentum. This indicates continued success in landing and expanding major accounts within the pharma and hospital sectors. |
| Quarterly Unique Active Providers using Workflow Tools | Increased approximately 32% year-over-year (As of 6/30/2026) | A measure of the platform's usage and adoption among healthcare providers, reflecting engagement with tools like Dialer, Ask, and Scribe. Strong growth indicates increasing integration into daily clinical workflows. |
New AI Momentum vs. Core Business Deceleration
BULL VIEW
Bulls believe the 7.3% quarterly revenue re-acceleration and raised guidance, driven by new AI contracts, are leading indicators of a successful pivot that will create a new, larger growth story.
CORE TENSION
Can the new AI search product's momentum, which is driving a higher 2027 revenue forecast, overcome the drag from the core business's slowing expansion, reflected in the 107% retention rate?
PREVAILING SENTIMENT
The latest evidence favors the bulls. The company's specific disclosure that new AI contracts are the driver of the raised full-year revenue guidance is a tangible, forward-looking data point.
BEAR VIEW
Bears see the decelerating Net Revenue Retention of 107% as the true signal of a maturing core business, and view the AI story as insufficient to offset this structural slowdown.
| Timeline | Event & Metric To Watch |
|---|---|
Q3 '27 | Expected Growth Acceleration Watch: Company expects stronger year-over-year growth as AI search revenue builds. |
10/26/2026 | Pharma Ad Market Weakness Watch: Peer commentary from IQVIA, Veeva, and Teladoc on pharma marketing budgets, digital ad spend, and sales cycle length. |
10/27/2026 | Teladoc Health Earnings Report Watch: Peer Teladoc Health (TDOC) is scheduled to report earnings. |
11/2/2026 | American Well Earnings Report Watch: Peer American Well (AMWL) is scheduled to report earnings. |
11/4/2026 | AI Monetization Failure Watch: Commentary on AI search revenue ramp, customer adoption of new AI products, and any revision to FY27 guidance. |
11/4/2026 | Worsening Receivables Divergence Watch: The year-over-year growth rate of accounts receivable versus revenue in the next quarterly report. |
11/18/2026 | Accelerating Competitive AI Launches Watch: AI product announcements from competitors like Veeva, Medscape, or large tech firms targeting clinical reference or pharma marketing. |
| Date | Event | Stock Impact |
|---|---|---|
2026-08-06 | Q1 Earnings and Guidance Update Details: The company reported Q1 FY27 revenue growth of 7.3%, beating expectations. It raised full-year revenue guidance by 0.9% but lowered Adjusted EBITDA guidance by -3.0%. | +26.7% $21.63 -> $27.40 |
2026-07-15 | Positive Independent AI Study Details: An independent study by Stanford and Harvard researchers found Doximity Ask outperformed leading frontier AI models in clinical AI safety. | +1.9% $21.80 -> $22.21 |
2026-06-02 | Shareholder Investigations Launched Details: Multiple law firms announced investigations into claims on behalf of investors for potential violations of securities laws. | -6.7% $22.55 -> $21.04 |
2026-05-14 | Q4 Earnings and Soft Guidance Details: The company announced Q4 and FY26 results, providing soft FY27 guidance of 4% revenue growth and designating it an "AI investment year." The stock reacted -19.0%. | -18.9% $23.39 -> $18.97 |
2026-05-13 | Aledade AI Partnership Details: Doximity announced an integration with Aledade to bring its Clinical AI Suite, including Scribe and Ask, into value-based care settings. | -31.9% $26.45 -> $18.01 |
2026-03-17 | Physician AI Adoption Study Details: Doximity released a report finding that 94% of physicians reported they are currently using or interested in using AI in clinical practice. | +0.8% $24.59 -> $24.79 |
2026-02-05 | Q3 Earnings and Negative Reaction Details: The company announced fiscal 2026 third quarter results. The stock had a two-day reaction of -21.0% around the earnings call. | -21.3% $35.25 -> $27.73 |
Position Sizing
1% - 2%
MINIMAL POSITION
Sizing is volatility-based: DOCS trades at roughly 72% annualized options-implied volatility versus about 13% for the S&P 500 (5.6x the market), around the 96th percentile of its own trailing year. A 1% - 2% position keeps a single-name swing of that size within a diversified portfolio's risk budget.
Diversification Alternatives
VEEV - Veeva Systems
Scaled Pharma Tech LeaderVeeva offers exposure to the same pharma end-market but with much greater scale (5.1x Doximity's revenue) and a deeply embedded suite of commercial cloud solutions for the largest customers.
IQV - a business partner
Diversified Healthcare Data Incumbenta business partner provides much broader exposure across the healthcare data and clinical research landscape, with revenue 25.9 times larger than Doximity's, offering more stability and diversification.
The dominant, high-margin professional network for U.S. physicians, monetizing engagement via pharma marketing, now leveraging its trusted platform to win the emerging clinical AI market.
Doximity has built a powerful moat through its network of over 85% of U.S. physicians, which it monetizes with high-margin marketing and hiring solutions. The company is currently in an 'AI investment year,' leveraging its trusted brand and vast user base to drive adoption of its new AI tools for clinical search (Ask) and documentation (Scribe). Early results, including outperformance in independent studies and strong enterprise adoption, suggest this pivot could unlock a new, multi-billion dollar market and re-accelerate growth.
Sustained high growth in active providers using AI tools, successful ramp-up of AI Search monetization contributing meaningfully to revenue, and continued expansion of enterprise AI contracts with major health systems.
A slowdown in physician engagement with AI tools, failure to convert AI usage into a significant revenue stream, or evidence that competitors are gaining more traction with hospital AI committees.
Short-term stock price volatility or lawsuits from investment firms, which are common for public companies.
Repricing Catalyst
The successful monetization of the new AI Search product, which began in Q2 FY27. Management noted that new search contracts are driving the full-year revenue guidance increase and that the product is opening up conversations with C-level executives at pharma clients.
Industry Resources
| Health Care Resources |
| U.S. National Library of Medicine |
| ClinicalTrials.gov |
| Modern Healthcare |
| Healthcare Dive |
| Fierce Healthcare |
| Health Affairs |
| Health Data Management |
| FDA Tracker |
| Health Care Technology Resources |
| Healthcare IT News |
| MobiHealthNews |
| HealthTech Magazine |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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