Tearsheet

Doximity (DOCS)

Market Price (12/29/2025): $43.75 | Market Cap: $8.2 Bil
Sector: Health Care | Industry: Health Care Technology

Doximity (DOCS)

Market Price (12/29/2025): $43.75
Market Cap: $8.2 Bil
Sector: Health Care
Industry: Health Care Technology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -11%	Weak multi-year price returns 3Y Excs Rtn is -56%	Expensive valuation multiples P/EBITPrice/EBIT or Price/(Operating Income) ratio is 33x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 26x, P/EPrice/Earnings or Price/(Net Income) is 32x
1	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 40%		Significant share based compensation SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 14%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 51%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 50%		Key risks DOCS key risks include [1] a heavy dependence on pharmaceutical ad revenue, Show more.
3	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -33%
4	Megatrend and thematic drivers Megatrends include Digital Health & Telemedicine, and Social Media & Creator Economy. Themes include Telehealth Platforms, and Social Media Platforms.

0	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -11%
1	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 40%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 51%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 50%
3	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -33%
4	Megatrend and thematic drivers Megatrends include Digital Health & Telemedicine, and Social Media & Creator Economy. Themes include Telehealth Platforms, and Social Media Platforms.
5	Weak multi-year price returns 3Y Excs Rtn is -56%
6	Expensive valuation multiples P/EBITPrice/EBIT or Price/(Operating Income) ratio is 33x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 26x, P/EPrice/Earnings or Price/(Net Income) is 32x
7	Significant share based compensation SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 14%
8	Key risks DOCS key risks include [1] a heavy dependence on pharmaceutical ad revenue, Show more.

Valuation, Metrics & Events

	12/29/25	2024	2023	2022
Share Price CYE	$43.75	$53.39	$28.04	$33.56
Market Cap CYE ($ Bil)	8.2	10.0	5.2	6.5
Total Debt ($ Bil)	0.0	0.0	0.0	0.0
Total Cash ($ Bil)	0.9	0.9	0.8	0.8
Enterprise Value ($ Bil)	7.3	10.0	5.2	6.5
Valuation Ratios
P/S TTM	13.2	17.5	11.2	15.5
P/EBIT TTM	33.3	43.4	31.0	51.8
P/E TTM	32.5	44.7	36.1	57.5
P/FCF TTM	26.3	37.4	29.9	37.4
Sector Ratios
P/S TTM (Sector)	4.4	3.5	3.9	4.5
P/EBIT TTM (Sector)	-1.5	-1.3	-1.4	-1.3
P/E TTM (Sector)	-1.7	-1.5	-1.5	-1.3
P/FCF TTM (Sector)	-1.5	-1.4	-1.4	-1.5

	12/29/25	2024	2023
Share Price CYE	$43.75	$53.39	$28.04
Market Cap CYE ($ Bil)	8.2	10.0	5.2
Total Debt ($ Bil)	0.0	0.0	0.0
Total Cash ($ Bil)	0.9	0.9	0.8
Enterprise Value ($ Bil)	7.3	10.0	5.2
Valuation Ratios
P/S TTM	13.2	17.5	11.2
P/EBIT TTM	33.3	43.4	31.0
P/E TTM	32.5	44.7	36.1
P/FCF TTM	26.3	37.4	29.9
Sector Ratios
P/S TTM (Sector)	4.4	3.5	3.9
P/EBIT TTM (Sector)	-1.5	-1.3	-1.4
P/E TTM (Sector)	-1.7	-1.5	-1.5
P/FCF TTM (Sector)	-1.5	-1.4	-1.4

	DOCS	S&P 500
REVENUE GROWTH	VERY GOOD
Rev LTM ($ Bil)	0.6
Rev Chg Q	23.2%	7.3%
Rev Chg LTM	20.2%	6.1%
Rev Chg 3Y Avg	17.4%	5.5%
PROFITABILITY	VERY GOOD
Op Inc LTM ($ Bil)	0.2
CFO LTM ($ Bil)	0.3
Net Inc LTM ($ Bil)	0.3
Op Mgn LTM	39.7%	18.8%
CFO/Rev LTM	51.5%	20.4%
Net Inc Mgn	40.7%	13.1%
VALUATION	HIGH
P/S	13.2	3.3
P/CFO	25.7	15.8
P/FCF	26.3	20.7
P/E	32.5	23.7
STABILITY	VERY GOOD
Debt/Equity	0.00	0.21
Cash/Assets	0.70	0.07

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Metric	Value	Date	Source
Net revenue retention rate	119%	3312025	Link
Net revenue retention rate for top 20 customers	123%	3312025	Link
Number of customers with over $500,000 in subscription-based revenue (TTM)	116	3312025	Link
Unique active prescribers using workflow tools (quarterly)	over 620,000	3312025	Link
Percentage of U.S. physicians on platform	over 80%	7312025	Link
Number of registered members	over 2,000,000	3312024	Link
Percentage of U.S. nurse practitioners and physician assistants on platform	over 60%	3312024	Link
Percentage of graduating U.S. medical students on platform	over 90%	3312024	Link

Upcoming
2/05/2026	Earnings Release	Rev: $181 Mil (E) EPS: $0.44 (E)

DOCS Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Here are five key points explaining the approximate -35.7% stock movement for Doximity (DOCS) from August 31, 2025, to December 29, 2025:

1. Goldman Sachs Downgrade in October 2025.Doximity's shares fell by 3.2% on October 1, 2025, after Goldman Sachs downgraded the stock from a "Neutral" to a "Sell" rating. The downgrade was attributed to concerns regarding the company's high valuation and slowing growth prospects, with a price target set at $64.

2. Negative Market Reaction to Q3 FY2025 Earnings.Despite Doximity reporting better-than-expected revenue and adjusted EPS for its Q3 CY2025 results (announced around November 6-7, 2025), the market responded negatively, leading to a 6.2% immediate drop in the stock price to $58.65. This indicates investor apprehension despite strong financial beats.

Show more

Stock Movement Drivers

Fundamental Drivers

The -41.3% change in DOCS stock from 9/28/2025 to 12/28/2025 was primarily driven by a -45.5% change in the company's P/E Multiple.

	9282025	12282025	Change
Stock Price ($)	74.40	43.69	-41.28%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	589.64	621.33	5.38%
Net Income Margin (%)	39.88%	40.72%	2.13%
P/E Multiple	59.48	32.41	-45.51%
Shares Outstanding (Mil)	187.98	187.71	0.15%
Cumulative Contribution			-41.28%

LTM = Last Twelve Months as of date shown

Market Drivers

9/28/2025 to 12/28/2025

	Return	Correlation
DOCS	-41.3%
Market (SPY)	4.3%	40.9%
Sector (XLV)	15.2%	22.7%

Fundamental Drivers

The -28.5% change in DOCS stock from 6/29/2025 to 12/28/2025 was primarily driven by a -37.1% change in the company's P/E Multiple.

	6292025	12282025	Change
Stock Price ($)	61.09	43.69	-28.48%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	570.40	621.33	8.93%
Net Income Margin (%)	39.13%	40.72%	4.08%
P/E Multiple	51.55	32.41	-37.13%
Shares Outstanding (Mil)	188.33	187.71	0.33%
Cumulative Contribution			-28.48%

LTM = Last Twelve Months as of date shown

Market Drivers

6/29/2025 to 12/28/2025

	Return	Correlation
DOCS	-28.5%
Market (SPY)	12.6%	40.0%
Sector (XLV)	17.0%	16.1%

Fundamental Drivers

The -24.4% change in DOCS stock from 12/28/2024 to 12/28/2025 was primarily driven by a -47.6% change in the company's P/E Multiple.

	12282024	12282025	Change
Stock Price ($)	57.78	43.69	-24.39%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	516.85	621.33	20.21%
Net Income Margin (%)	33.69%	40.72%	20.89%
P/E Multiple	61.81	32.41	-47.57%
Shares Outstanding (Mil)	186.25	187.71	-0.78%
Cumulative Contribution			-24.39%

LTM = Last Twelve Months as of date shown

Market Drivers

12/28/2024 to 12/28/2025

	Return	Correlation
DOCS	-24.4%
Market (SPY)	17.0%	39.9%
Sector (XLV)	13.8%	18.9%

Fundamental Drivers

The 29.0% change in DOCS stock from 12/29/2022 to 12/28/2025 was primarily driven by a 61.7% change in the company's Total Revenues ($ Mil).

	12292022	12282025	Change
Stock Price ($)	33.86	43.69	29.03%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	384.35	621.33	61.66%
Net Income Margin (%)	36.70%	40.72%	10.97%
P/E Multiple	46.36	32.41	-30.09%
Shares Outstanding (Mil)	193.14	187.71	2.81%
Cumulative Contribution			28.93%

LTM = Last Twelve Months as of date shown

Market Drivers

12/29/2023 to 12/28/2025

	Return	Correlation
DOCS	55.8%
Market (SPY)	48.4%	31.0%
Sector (XLV)	17.8%	19.8%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
DOCS Return	-	-5%	-33%	-16%	90%	-18%	-17%
Peers Return	16%	38%	-12%	21%	26%	16%	150%
S&P 500 Return	16%	27%	-19%	24%	23%	18%	114%
Monthly Win Rates [3]
DOCS Win Rate	-	43%	25%	50%	67%	42%
Peers Win Rate	52%	65%	42%	68%	57%	52%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
DOCS Max Drawdown	-	-12%	-52%	-41%	-18%	-19%
Peers Max Drawdown	-34%	-5%	-26%	-7%	-9%	-23%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL.
[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] 2025 data is for the year up to 12/26/2025 (YTD)

How Low Can It Go

Unique Key	Event	DOCS	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-80.5%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	413.7%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days

Compare to HPQ, HPE, IBM, CSCO, AAPL

In The Past

Doximity's stock fell -80.5% during the 2022 Inflation Shock from a high on 9/10/2021. A -80.5% loss requires a 413.7% gain to breakeven.

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About Doximity (DOCS)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Doximity, Inc. operates a cloud-based digital platform for medical professionals in the United States. The company's cloud-based platform provides its members with tools built for medical professionals, enabling them to collaborate with their colleagues, coordinate patient care, conduct virtual patient visits, stay up-to-date with the latest medical news and research, and manage their careers. It primarily serves pharmaceutical companies and health systems. The company was formerly known as 3MD Communications, Inc. and changed its name to Doximity, Inc. in June 2010. Doximity, Inc. was incorporated in 2010 and is headquartered in San Francisco, California.

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Doximity (DOCS) can be succinctly described as:

LinkedIn for doctors

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Doximity Network (Professional Networking Service): A secure, HIPAA-compliant professional network and communication platform exclusively for verified healthcare professionals, offering news feeds, research, and collaborative tools.
Doximity Dialer (Telehealth & Communication Service): A HIPAA-compliant virtual care tool enabling clinicians to make secure patient calls from their personal devices while displaying their office number.
Doximity Career Navigator (Recruitment Service): A specialized platform for healthcare organizations to recruit, engage, and connect with qualified medical professionals for employment opportunities.
Doximity Marketing Solutions (Healthcare Marketing Service): Provides pharmaceutical companies and health systems with targeted advertising and content delivery tools to effectively reach and engage healthcare professionals on the platform.

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Doximity (symbol: DOCS) primarily sells its services to other companies, making it a B2B (business-to-business) company. While Doximity provides a professional network and tools for individual healthcare professionals, its revenue comes from companies that utilize its platform to reach those professionals for marketing, communication, and hiring purposes.

Doximity's major customers fall into two primary categories:

Pharmaceutical Companies: These companies utilize Doximity's platform to market their drugs, educate physicians about new treatments, conduct market research, and engage with healthcare professionals. Examples of public pharmaceutical companies that *could* be Doximity customers (though Doximity does not disclose individual customer names) include:
- Pfizer Inc. (NYSE: PFE)
- Johnson & Johnson (NYSE: JNJ)
- Merck & Co., Inc. (NYSE: MRK)
- Eli Lilly and Company (NYSE: LLY)
Doximity serves a broad range of pharmaceutical companies, from large multinational corporations to smaller biotech firms.
Health Systems and Hospitals: These entities use Doximity for physician recruitment, internal and external communication among healthcare professionals, and sometimes to utilize Doximity's telehealth or secure messaging tools. Examples of public health systems or large hospital groups that *could* be Doximity customers include:
- HCA Healthcare, Inc. (NYSE: HCA)
- Tenet Healthcare Corporation (NYSE: THC)
Doximity's clients in this category range from major academic medical centers to regional hospital networks and smaller clinics.

It's important to note that Doximity typically sells its services to a broad array of companies within these categories rather than relying on a small number of individual large customers. Therefore, no single named company is usually disclosed as a dominant customer representing a significant portion of Doximity's overall revenue.

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Amazon Web Services (AMZN)

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Jeff Tangney, Co-Founder, Chief Executive Officer, and Director
Jeff Tangney co-founded Doximity in 2011. Prior to Doximity, he co-founded Epocrates in the late 1990s, a mobile drug and disease guide. He led Epocrates to a successful IPO in 2011 and later sold it to Athenahealth for $293 million. His professional journey also includes investment banking at Goldman Sachs and consulting and software development at ZS Associates. He holds an MBA from Stanford University.

Anna Bryson, Chief Financial Officer
Anna Bryson joined Doximity in 2017 and was appointed Chief Financial Officer in May 2021. Before Doximity, she founded ACB Capital, an investment advisory firm, and served as its CEO from 2012 to 2017. She also worked as a bond trader at Royal Bank of Scotland Business from 2011 to 2012. She holds a B.A. and an M.A. in Philosophy, Politics, and Economics from the University of Oxford.

Nate Gross, Co-Founder and Chief Strategy Officer
Nate Gross co-founded Doximity in 2010/2011. He also co-founded Rock Health, a venture capital fund dedicated to digital health startups. He has served as an angel investor at Cityblock Health. He holds an M.D. from Emory University School of Medicine and an MBA from Harvard Business School.

Shari Buck, Co-Founder and Senior Vice President, People & Ops
Shari Buck co-founded Doximity in 2011 with Jeff Tangney and Nate Gross. Prior to founding Doximity, she led product management and operations at Bluefish Wireless, a mobility management provider. Her career began in marketing and advertising, and she is a graduate of Princeton University with a bachelor's degree in political economy.

Jey Balachandran, Chief Technology Officer
Jey Balachandran is the Chief Technology Officer at Doximity. He is responsible for overseeing the company's technological strategy. His career includes roles as VP, Architect, and Director of Software Engineering at Doximity.

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Doximity (DOCS) faces several key risks to its business, primarily stemming from its revenue model and regulatory environment.

The most significant risk is Doximity's substantial **dependence on pharmaceutical advertising revenue**. The company's business model heavily relies on marketing budgets from pharmaceutical companies and health systems, with marketing solutions comprising a large portion of its total revenue. This concentration makes Doximity vulnerable to economic downturns, shifts in pharmaceutical marketing strategies, and industry-specific challenges, which have already led to slowing sales and reduced revenue guidance.

Secondly, Doximity is exposed to **legal and regulatory risks**, including an ongoing investigation into potential breaches of fiduciary duty. Furthermore, there are concerns regarding compliance with state-specific laws related to healthcare professional (HCP) data collection, particularly concerning "pre-populated" profiles. The potential loss of HCPs in states like California, due to stricter regulations on requiring ID uploads for profile management, could negatively impact user engagement and platform metrics.

Finally, there are notable **risks associated with Doximity's revenue accounting practices and declining Net Revenue Retention (NRR)**. Reports indicate that the company's revenue accounting and reported business metrics may be problematic, with suggestions of pulling forward revenue on large accounts and changes in the definition of NRR. Doximity's NRR has reportedly declined over the past three years, and there are concerns that accounting adjustments might mask churn among smaller customers, raising questions about the sustainability of its growth and the transparency of its financial reporting.

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Doximity (symbol: DOCS) estimates its total addressable market (TAM) to be $18.5 billion within the U.S. region. This market is segmented across its main products and services as follows:

Pharmaceutical Marketing: $7.3 billion (U.S.)
Health System Marketing and Staffing: $6.9 billion (U.S.)
Telehealth: $4.3 billion (U.S.)

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Doximity (DOCS) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

Growth in Existing Customers and Customer Expansion: Doximity consistently highlights that its existing customers are the primary drivers of growth. The company has demonstrated a strong net revenue retention rate, reaching 118% on a trailing 12-month basis in Q2 FY2026. This indicates that current clients are increasing their spending with Doximity. Additionally, the number of customers contributing at least $500,000 in subscription-based revenue has grown, signifying deeper penetration and value within its client base.
Launch and Growth of New AI-Integrated Products and Services: The strategic integration and rapid adoption of AI tools are significant growth catalysts. Doximity's AI-integrated products, such as the AI Scribe tool and DoxGPT, have boosted user engagement, with AI Scribe users nearly tripling and DoxGPT users increasing over 50% from the previous quarter in Q2 FY2026. These tools are designed to save physicians' time and are expected to become major revenue contributors, similar to the evolution of its telehealth platform.
Expansion and Increased Engagement with Workflow Tools: Beyond AI, Doximity's broader suite of workflow tools, including telehealth, fax, and scheduling, continues to see record engagement. In Q2 FY2026, a record 650,000 prescribers utilized these tools, contributing to the company's strong financial performance. This sustained and increasing use of essential productivity tools by medical professionals underpins continued revenue growth.
Client Portal Insights and Integrated Programs: The Doximity Client Portal plays a crucial role in enabling clients to personalize and optimize their campaigns. This platform, coupled with the adoption of integrated programs, has been a key driver of revenue growth, particularly within the pharmaceutical business during the upsell season. The portal provides a centralized and trusted place for clients to test strategies and monitor results.

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Share Repurchases

Doximity authorized a new share repurchase program of up to $500 million of its Class A common stock on May 1, 2024, with no expiration date.
For the full fiscal year ended March 31, 2025, the company repurchased $116.2 million worth of shares.
As of September 30, 2025, Doximity repurchased $220.2 million in Class A shares since the program's inception, with $279.8 million remaining authorized.

Share Issuance

Doximity completed its initial public offering (IPO) on June 24, 2021, selling 19,010,750 shares of Class A common stock at $26.00 per share, generating $467,094,127.50 in proceeds for the company.
The number of outstanding shares decreased by 2.2% from 2024 to 2025 and by 3.6% from 2023 to 2024.

Outbound Investments

In February 2022, Doximity acquired Amion, an on-call doctor scheduling company, for $53.5 million in cash, with potential additional earnouts and restricted stock units.
In August 2025, Doximity acquired Pathway Medical, a Montreal-based startup specializing in medical AI and evidence-based clinical reference, for $63 million, consisting of $26 million in cash and up to $37 million in additional equity grants.

Capital Expenditures

Doximity's capital expenditures peaked in March 2022 at $1.912 million.
The company's capital expenditures have generally decreased since then, with figures of $1.701 million in 2023 and $147 thousand in 2024.
Capital expenditures for the trailing twelve months ended June 30, 2025, were -$6.79 million, and the company plans to maintain elevated investment levels in AI product development and infrastructure.

Better Bets than Doximity (DOCS)

INDUSTRY: Health Care Technology

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TEM (59.8%)

Tempus AI

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Omada Health

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Higher Total Yield (Value for DOCS: 3.1%)

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GDRX (3.3%)

GoodRx

SECTOR: Health Care

Higher Rev Chg 3Y Avg | Lower P/S (Values for DOCS: 17.4% | 13.2x)

UTHR (19.0% | 7.1x)

United Therapeutics

PODD (26.6% | 8.1x)

Insulet

MEDP (19.9% | 6.8x)

Medpace

NBIX (24.6% | 5.4x)

Neurocrine Biosciences

GMED (45.6% | 4.3x)

Globus Medical

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for DOCS: 17.4% | 33.2x)

UTHR (19.0% | 14.6x)

United Therapeutics

MEDP (19.9% | 31.5x)

Medpace

NBIX (24.6% | 26.1x)

Neurocrine Biosciences

GMED (45.6% | 27.4x)

Globus Medical

ENSG (18.4% | 25.2x)

Ensign

Higher Rev Chg LTM (Value for DOCS: 20.2%)

ALNY (53.2%)

Alnylam Pharmaceuticals

LLY (36.8%)

Eli Lilly

ISRG (22.2%)

Intuitive Surgical

BSX (21.6%)

Boston Scientific

CI (20.9%)

Cigna

Higher Rev Chg 3Y Avg (Value for DOCS: 17.4%)

ALNY (51.4%)

Alnylam Pharmaceuticals

NTRA (40.2%)

Natera

LLY (23.4%)

Eli Lilly

INSM (22.8%)

Insmed

UTHR (19.0%)

United Therapeutics

Higher Op Mgn LTM (Value for DOCS: 39.7%)

RPRX (65.2%)

Royalty Pharma

HALO (59.3%)

Halozyme Therapeutics

UTHR (48.7%)

United Therapeutics

LLY (43.0%)

Eli Lilly

KRYS (42.4%)

Krystal Biotech

Higher CFO/Rev LTM (Value for DOCS: 51.5%)

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Septerna

TBPH (303.4%)

Theravance Biopharma

RPRX (102.4%)

Royalty Pharma

GLUE (82.2%)

Monte Rosa Therapeutics

INVA (51.9%)

Innoviva

Higher FCF/Rev LTM (Value for DOCS: 50.2%)

SEPN (467.9%)

Septerna

TBPH (303.2%)

Theravance Biopharma

RPRX (102.4%)

Royalty Pharma

GLUE (79.9%)

Monte Rosa Therapeutics

INVA (50.9%)

Innoviva

Higher Total Yield (Value for DOCS: 3.1%)

MRK (10.2%)

Merck

UNH (8.5%)

UnitedHealth

ABT (8.3%)

Abbott Laboratories

JNJ (7.5%)

Johnson & Johnson

ABBV (3.4%)

AbbVie

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for DOCS: 17.4% | 13.2x)

BRK-B (19.8% | 2.7x)

Berkshire Hathaway

MU (28.3% | 7.6x)

Micron Technology

BKNG (17.8% | 6.8x)

Booking

UBER (19.6% | 3.4x)

Uber Technologies

APH (20.7% | 8.0x)

Amphenol

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for DOCS: 17.4% | 33.2x)

MU (28.3% | 23.3x)

Micron Technology

BKNG (17.8% | 19.6x)

Booking

APH (20.7% | 32.5x)

Amphenol

NEM (23.9% | 12.4x)

Newmont

MELI (39.5% | 32.5x)

MercadoLibre

Higher Rev Chg LTM (Value for DOCS: 20.2%)

NVDA (65.2%)

NVIDIA

PLTR (47.2%)

Palantir Technologies

AMD (31.8%)

Advanced Micro Devices

AVGO (23.9%)

Broadcom

META (21.3%)

Meta Platforms

Higher Rev Chg 3Y Avg (Value for DOCS: 17.4%)

NVDA (91.6%)

NVIDIA

PLTR (29.3%)

Palantir Technologies

MU (28.3%)

Micron Technology

AVGO (25.2%)

Broadcom

BRK-B (19.8%)

Berkshire Hathaway

Higher Op Mgn LTM (Value for DOCS: 39.7%)

NVDA (58.8%)

NVIDIA

MA (58.3%)

Mastercard

MSFT (46.3%)

Microsoft

META (43.2%)

Meta Platforms

AVGO (40.8%)

Broadcom

Higher CFO/Rev LTM (Value for DOCS: 51.5%)

V (57.6%)

Visa

BAC (57.3%)

Bank of America

META (56.8%)

Meta Platforms

MA (56.1%)

Mastercard

MU (53.6%)

Micron Technology

Higher FCF/Rev LTM (Value for DOCS: 50.2%)

RY (79.6%)

Royal Bank of Canada

BAC (57.3%)

Bank of America

V (53.9%)

Visa

MA (52.5%)

Mastercard

APP (50.6%)

AppLovin

Higher Total Yield (Value for DOCS: 3.1%)

JPM (6.4%)

JPMorgan Chase

BRK-B (6.3%)

Berkshire Hathaway

META (3.8%)

Meta Platforms

MSFT (3.6%)

Microsoft

GOOGL (3.5%)

Alphabet

		Best Bets In Health Care Sector
	DOCS	RPRX	HALO	DOCS	CPRX	HRMY	LGND	ISRG	GMED	MD	HIMS
What You Pay
P/E	32.4	22.1	13.6	32.4	13.7	11.8	78.9	75.0	28.1	11.4	58.0
P/EBIT	33.2	10.7	10.6	33.2	11.5	8.9	57.4	73.2	27.4	7.7	67.5
What You Get
Rev Chg Q	23.2%	7.9%	22.1%	23.2%	15.3%	28.7%	122.8%	22.9%	22.9%	-3.6%	49.2%
Rev Chg LTM	20.2%	3.7%	31.2%	20.2%	25.6%	21.1%	64.8%	22.2%	11.7%	-4.2%	78.0%
Rev Chg 3Y Avg	17.4%	1.5%	29.0%	17.4%	46.5%	27.4%	16.0%	16.3%	45.6%	-0.5%	71.0%
FCF/Rev 3Y Avg	42.7%	115.2%	45.0%	42.7%	34.2%	33.2%	23.9%	16.5%	14.3%	8.9%	6.9%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.9%, and sharpe of 0.52

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Doximity Earnings Notes
2	How Low Can Doximity Stock Really Go?	Return
3	Doximity vs Eli Lilly: Which Is A Better Investment?	Counter-Intuitive Comparisons
4	How Does Doximity Stock Stack Up Against Its Peers?	Peer Comparison
5	Better Bet Than DOCS Stock: Pay Less Than Doximity To Get More From LLY, VRT
6	Better Bet Than DOCS Stock: Pay Less Than Doximity To Get More From LLY, HALO
7	Why Doximity Stock Moved: DOCS Stock Has Gained 56% Since 2023 Fiscal End, Primarily Due To Favorable Change In Revenues
8	DOCS Dip Buy Analysis
9	Doximity vs. CACI International: With Return Forecast Of 44%, Doximity Is A Better Bet	Peer Comparison
10	Doximity vs. Light & Wonder: With Return Forecast Of 49%, Doximity Is A Better Bet	Peer Comparison

	Title
0	ARTICLES

Trade Ideas

Select ideas related to DOCS. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CRL_11142025_Dip_Buyer_FCFYield	11142025	CRL	Charles River Laboratories International	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	21.4%	21.4%	-3.7%
GDRX_11142025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11142025	GDRX	GoodRx	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	-7.4%	-7.4%	-11.8%
ASTH_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	ASTH	Astrana Health	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	18.0%	18.0%	-5.5%
SGRY_11142025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11142025	SGRY	Surgery Partners	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	3.9%	3.9%	-1.4%
TFX_11072025_Dip_Buyer_FCFYield	11072025	TFX	Teleflex	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	12.2%	12.2%	-5.1%
DOCS_9302023_Dip_Buyer_High_CFO_Margins_ExInd_DE	09302023	DOCS	Doximity	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	26.8%	102.2%	-4.2%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ZETA	Zeta Global	4.6	8.3%	15.1%
SGML	Sigma Lithium	1.6	7.3%	29.2%
USAS	Americas Gold And Silver	1.6	6.6%	557.6%
CPNG	Coupang	44.2	6.4%	10.4%
LION	Lionsgate Studios	2.7	4.6%	-69.9%
BBW	Build-A-Bear Workshop	0.8	4.4%	37.8%
XRAY	Dentsply Sirona	2.3	4.2%	-36.3%
BLMN	Bloomin Brands	0.6	3.8%	-41.2%
FUN	Six Flags Entertainment	1.5	3.8%	-69.1%
SVM	Silvercorp Metals	1.9	3.6%	198.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FLY	Firefly Aerospace	3.3	-13.7%	-61.3%
TMC	TMC The Metals	2.5	-10.5%	508.9%
ORGO	Organogenesis	0.7	-10.1%	64.8%
AAOI	Applied Optoelectronics	2.4	-9.3%	0.8%
BKSY	BlackSky Technology	0.7	-9.0%	79.0%
LUNR	Intuitive Machines	1.8	-8.7%	-16.0%
RCAT	Red Cat	0.8	-8.7%	-35.4%
RGTI	Rigetti Computing	6.7	-8.7%	46.7%
RDW	Redwire	1.0	-8.6%	-56.6%
RKLB	Rocket Lab	36.4	-8.5%	177.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	71.5%	59.0%
RZLT	Rezolute	0.3	44.3%	-45.5%
DVAX	Dynavax Technologies	1.8	41.5%	20.4%
LUNR	Intuitive Machines	1.8	40.6%	-16.0%
UAMY	United States Antimony	0.7	39.0%	252.5%
FOLD	Amicus Therapeutics	4.4	30.9%	51.3%
ADEA	Adeia	1.9	30.3%	23.0%
HUT	Hut 8	5.2	28.6%	142.3%
AAOI	Applied Optoelectronics	2.4	27.1%	0.8%
SGML	Sigma Lithium	1.6	24.9%	29.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TPL	Texas Pacific Land	6.6	-67.9%	-21.5%
LW	Lamb Weston	5.9	-29.0%	-35.3%
TLRY	Tilray Brands	10.2	-22.2%	-27.8%
TDUP	ThredUp	0.8	-18.2%	348.2%
LAB	Standard BioTools	0.5	-16.9%	-21.1%
OLMA	Olema Pharmaceuticals	2.2	-14.9%	349.9%
EVEX	Eve	1.4	-12.0%	-21.9%
IRON	Disc Medicine	2.8	-11.2%	26.7%
AVO	Mission Produce	0.8	-11.1%	-18.8%
CABO	Cable One	0.7	-10.6%	-67.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TLRY	Tilray Brands	10.2	876.4%	-27.8%
HPP	Hudson Pacific Properties	4.7	452.7%	-51.0%
WVE	WAVE Life Sciences	2.9	139.2%	43.7%
TE	T1 Energy	1.1	106.7%	400.0%
VERA	Vera Therapeutics	3.4	82.1%	26.7%
OMER	Omeros	0.9	66.2%	59.0%
RKLB	Rocket Lab	36.4	65.8%	177.4%
PL	Planet Labs PBC	5.9	65.0%	379.2%
AAOI	Applied Optoelectronics	2.4	63.5%	0.8%
LUNR	Intuitive Machines	1.8	62.4%	-16.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-45.5%
JANX	Janux Therapeutics	0.9	-59.0%	-73.4%
FRMI	Fermi	5.3	-46.0%	-76.6%
LENZ	LENZ Therapeutics	0.5	-43.5%	-41.6%
GOGO	Gogo	0.6	-35.3%	-43.0%
HPK	HighPeak Energy	0.5	-33.9%	-70.4%
PACB	Pacific Biosciences of California	0.5	-32.7%	-3.3%
LDI	loanDepot	0.4	-29.6%	3.9%
ORIC	ORIC Pharmaceuticals	0.6	-29.0%	2.2%
LW	Lamb Weston	5.9	-28.6%	-35.3%

Peer Comparisons for Doximity

Peers to compare with:

Financials

	DOCS	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Doximity	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Price	43.69	23.26	24.49	305.09	78.16	273.40	60.92
Mkt Cap	8.2	21.9	32.6	284.9	309.2	4,074.4	158.8
Rev LTM	621	55,295	34,296	65,402	57,696	408,625	56,496
Op Inc LTM	247	3,624	1,644	11,544	12,991	130,214	7,584
FCF LTM	312	2,800	627	11,854	12,733	96,184	7,327
FCF 3Y Avg	230	2,978	1,400	11,753	13,879	100,503	7,366
CFO LTM	320	3,697	2,919	13,483	13,744	108,565	8,590
CFO 3Y Avg	236	3,672	3,896	13,498	14,736	111,559	8,697

Growth & Margins

	DOCS	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Doximity	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Rev Chg LTM	20.2%	3.2%	13.8%	4.5%	8.9%	6.0%	7.4%
Rev Chg 3Y Avg	17.4%	-3.9%	6.5%	2.6%	3.7%	1.8%	3.2%
Rev Chg Q	23.2%	4.2%	14.4%	9.1%	7.5%	9.6%	9.4%
QoQ Delta Rev Chg LTM	5.4%	1.1%	3.7%	2.1%	1.8%	2.1%	2.1%
Op Mgn LTM	39.7%	6.6%	4.8%	17.7%	22.5%	31.9%	20.1%
Op Mgn 3Y Avg	36.9%	7.4%	7.2%	16.4%	24.2%	30.8%	20.3%
QoQ Delta Op Mgn LTM	-0.7%	-0.2%	-1.4%	0.6%	0.4%	0.1%	-0.1%
CFO/Rev LTM	51.5%	6.7%	8.5%	20.6%	23.8%	26.6%	22.2%
CFO/Rev 3Y Avg	43.9%	6.8%	12.7%	21.4%	26.1%	28.4%	23.8%
FCF/Rev LTM	50.2%	5.1%	1.8%	18.1%	22.1%	23.5%	20.1%
FCF/Rev 3Y Avg	42.7%	5.5%	4.6%	18.6%	24.6%	25.6%	21.6%

Valuation

	DOCS	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Doximity	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Cap	8.2	21.9	32.6	284.9	309.2	4,074.4	158.8
P/S	13.2	0.4	1.0	4.4	5.4	10.0	4.9
P/EBIT	33.2	6.8	19.9	25.1	22.5	31.3	23.8
P/E	32.4	8.6	572.7	36.0	29.9	41.0	34.2
P/CFO	25.6	5.9	11.2	21.1	22.5	37.5	21.8
Total Yield	3.1%	14.1%	2.3%	5.0%	5.4%	2.8%	4.0%
Dividend Yield	0.0%	2.5%	2.1%	2.2%	2.1%	0.4%	2.1%
FCF Yield 3Y Avg	3.0%	10.6%	5.5%	6.4%	6.0%	3.1%	5.7%
D/E	0.0	0.5	0.7	0.2	0.1	0.0	0.2
Net D/E	-0.1	0.3	0.6	0.2	0.0	0.0	0.1

Returns

	DOCS	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Doximity	HP	Hewlett .	Internat.	Cisco Sy.	Apple
1M Rtn	-15.1%	-3.6%	12.7%	-1.1%	1.6%	-2.0%	-1.5%
3M Rtn	-41.3%	-11.9%	2.7%	7.9%	17.0%	7.1%	4.9%
6M Rtn	-28.5%	-4.0%	34.5%	6.6%	15.2%	36.3%	10.9%
12M Rtn	-24.4%	-27.0%	16.2%	40.5%	34.5%	7.5%	11.8%
3Y Rtn	29.0%	-3.7%	67.3%	141.3%	79.6%	114.1%	73.5%
1M Excs Rtn	-16.9%	-5.6%	12.9%	-2.2%	-0.0%	-3.7%	-3.0%
3M Excs Rtn	-45.6%	-16.2%	-1.7%	3.6%	12.7%	2.8%	0.6%
6M Excs Rtn	-40.7%	-16.3%	22.3%	-5.7%	3.0%	24.0%	-1.3%
12M Excs Rtn	-40.9%	-42.9%	-0.7%	25.0%	19.9%	-8.4%	-4.6%
3Y Excs Rtn	-56.3%	-83.5%	-11.2%	59.6%	-1.2%	28.4%	-6.2%

Comparison Analyses

	Title
0	How Does Doximity Stock Stack Up Against Its Peers?
1	Doximity vs. CACI International: With Return Forecast Of 44%, Doximity Is A Better Bet
2	Doximity vs. Light & Wonder: With Return Forecast Of 49%, Doximity Is A Better Bet

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

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Financials

Annual
Quarterly

$ Mil \| FY: 3/31	LTM	2025	2024	2023	2022	2021	2020
Period End	9/30/2025	3/31/2025	3/31/2024	3/31/2023	3/31/2022	3/31/2021	3/31/2020
Filing Date	11/6/2025	5/20/2025	5/23/2024	5/26/2023	5/27/2022	6/15/2021	5/27/2022
Key Financials
Total Revenue	621	570	475	419	344	207	116
EBITDA	259	241	182	135	119	57	23
Operating Income	247	230	172	125	114	53	22
Net Income	253	223	148	113	155	50	30
EPS	1.34	1.19	0.78	0.58	0.82	0.12	0.07
Growth Rates
Total Revenue Growth	20.2%	20.0%	13.5%	22.0%	66.0%	77.8%	35.8%
EBITDA Growth	21.9%	32.2%	34.5%	14.2%	108.0%	147.2%	208.7%
Operating Income Growth	22.2%	33.9%	37.3%	10.2%	113.0%	140.5%	220.2%
Net Income Growth	45.3%	51.2%	30.8%	-27.1%	208.3%	68.8%	279.6%
Margins
EBITDA Margin	41.6%	42.2%	38.3%	32.3%	34.5%	27.6%	19.8%
Operating Income Margin	39.7%	40.3%	36.1%	29.9%	33.0%	25.8%	19.0%
Net Income Margin	40.7%	39.1%	31.0%	26.9%	45.1%	24.3%	25.5%
Cash & Debt
Total Cash	878	916	763	841	798	143	86
Total Debt	11	12	15	16	1	1	2
Net Debt / (Cash)	-867	-903	-748	-825	-797	-141	-84
Cash Flows
Net Cash from Operations	320	273	184	180	127	83	26
Free Cash from Operations	312	267	178	173	121	78	22
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	190	120	281	85	3	2	-0

$ Mil \| FY: 3/31	2026Q2	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/6/2025	8/7/2025	5/20/2025	2/6/2025	11/7/2024	8/8/2024	5/23/2024	2/8/2024	11/9/2023	8/8/2023	5/26/2023	2/9/2023
Key Financials Quarterly
Total Revenue	169	146	138	169	137	127	118	135	114	108	111	115
Ebitda	67	57	52	83	58	49	44	61	44	32	36	41
Operating Income	64	55	49	80	55	46	42	59	42	30	33	38
Net Income	62	53	62	75	44	41	41	48	31	28	31	33
EPS	0.33	0.28	0.33	0.40	0.24	0.22	0.22	0.26	0.16	0.15	0.16	0.17
Key Financials TTM
Total Revenue TTM	621	590	570	550	517	494	475	468	448	437	419	402
Ebitda TTM	259	249	241	234	212	198	182	173	153	144	135	129
Operating Income TTM	247	239	230	223	202	188	172	163	143	133	125	120
Net Income TTM	253	235	223	201	174	161	148	138	123	119	113	119
Growth Rates Quarterly
Total Revenue Growth	23.2%	15.2%	17.1%	24.6%	20.4%	16.8%	6.4%	17.4%	11.2%	19.7%	18.5%	17.8%
EBITDA Growth	15.7%	17.9%	16.0%	35.2%	31.0%	50.6%	24.9%	48.6%	27.8%	34.2%	21.4%	10.6%
Operating Income Growth	14.9%	18.4%	16.3%	36.5%	32.9%	55.1%	27.4%	52.1%	30.0%	36.9%	17.6%	7.5%
Net Income Growth	40.6%	28.9%	53.8%	56.8%	44.3%	45.7%	32.4%	43.3%	16.4%	26.9%	-16.5%	-39.9%
Margins Quarterly
EBITDA Margin	39.8%	39.3%	37.2%	49.0%	42.4%	38.4%	37.6%	45.1%	39.0%	29.8%	32.0%	35.7%
Operating Income Margin	37.8%	37.4%	35.2%	47.4%	40.5%	36.4%	35.5%	43.3%	36.7%	27.4%	29.6%	33.4%
Net Income Margin	36.8%	36.5%	45.2%	44.6%	32.3%	32.7%	34.4%	35.4%	26.9%	26.2%	27.6%	29.0%
Cash & Debt
Total Cash	878	841	916	845	806	750	763	710	730	873	841	801
Total Debt	11	12	12	13	13	14	15	15	15	16	16	16
Net Debt / (Cash)	-867	-829	-903	-832	-792	-736	-748	-695	-715	-858	-825	-785
Cash Flows Quarterly
FCF from Operations	94	62	98	65	68	41	64	50	13	57	47	49
Cash Flows TTM
FCF from Operations TTM	320	294	273	239	224	168	184	167	165	192	180	180
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	22	122	27	19	23	51	18	77	164	22	15	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	306.4%	228.4%	-	558.5%	213.1%	137.6%	194.1%	164.3%	180.6%	-	-	-
Return on Invested Capital (ROIC) TTM
ROIC TTM	309.4%	257.5%	-	370.7%	210.1%	142.3%	187.4%	118.8%	162.4%	-	-	-

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022
Single Segment	475
Other		29	24	15
Subscription		390	319	192
Total	475	419	344	207

Price Behavior

Price Behavior

Market Price	$43.69
Market Cap ($ Bil)	8.2
First Trading Date	06/24/2021
Distance from 52W High	-47.5%
	50 Days	200 Days
DMA Price	$53.71	$59.51
DMA Trend	down	down
Distance from DMA	-18.6%	-26.6%
	3M	1YR
Volatility	50.5%	60.2%
Downside Capture	211.91	125.06
Upside Capture	-85.94	77.65
Correlation (SPY)	40.0%	40.3%

DOCS Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.22	1.87	1.76	1.68	1.24	1.34
Up Beta	2.81	2.59	2.51	2.48	1.24	1.06
Down Beta	1.67	2.85	3.06	2.16	1.54	1.35
Up Capture	-140%	-27%	-4%	91%	94%	345%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	7	17	31	69	135	382
Down Capture	192%	221%	167%	143%	109%	109%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	12	24	31	55	110	359

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

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Based On 5-Year Data

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Based On 10-Year Data

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Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	8,034,375
Short Interest: % Change Since 11302025	44.6%
Average Daily Volume	3,265,100
Days-to-Cover Short Interest	2.46
Basic Shares Quantity	187,705,000
Short % of Basic Shares	4.3%

Returns Analyses

	Title
0	How Low Can Doximity Stock Really Go?

Earnings Returns History

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	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
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%
2/8/2024	1.2%	7.4%	-1.9%
11/9/2023	16.2%	23.9%	17.2%
...
SUMMARY STATS
# Positive	9	9	8
# Negative	8	8	9
Median Positive	32.7%	20.1%	21.4%
Median Negative	-10.2%	-9.4%	-18.9%
Max Positive	38.7%	43.3%	91.4%
Max Negative	-22.8%	-30.9%	-28.1%

	Forward Returns
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%
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	9	9	8
# Negative	8	8	9
Median Positive	32.7%	20.1%	21.4%
Median Negative	-10.2%	-9.4%	-18.9%
Max Positive	38.7%	43.3%	91.4%
Max Negative	-22.8%	-30.9%	-28.1%

SEC Filings

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Report Date	Filing Date	Filing
9302025	11062025	10-Q 9/30/2025
6302025	8072025	10-Q 6/30/2025
3312025	5202025	10-K 3/31/2025
12312024	2062025	10-Q 12/31/2024
9302024	11072024	10-Q 9/30/2024
6302024	8082024	10-Q 6/30/2024
3312024	5232024	10-K 3/31/2024
12312023	2082024	10-Q 12/31/2023
9302023	11092023	10-Q 9/30/2023
6302023	8082023	10-Q 6/30/2023
3312023	5262023	10-K 3/31/2023
12312022	2092023	10-Q 12/31/2022
9302022	11102022	10-Q 9/30/2022
6302022	8052022	10-Q 6/30/2022
3312022	5272022	10-K 3/31/2022
12312021	2092022	10-Q 12/31/2021

Insider Activity

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Industry Resources

Health Care Resources

U.S. National Library of Medicine

Health Data Management

FDA Tracker

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Doximity (DOCS)

Market Price (12/29/2025): $43.75 | Market Cap: $8.2 BilSector: Health Care | Industry: Health Care Technology

Doximity (DOCS)

Market Price (12/29/2025): $43.75Market Cap: $8.2 BilSector: Health CareIndustry: Health Care Technology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

DOCS Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Doximity (DOCS)

Interactive Breakdown

Better Bets than Doximity (DOCS)

INDUSTRY: Health Care Technology

Higher Rev Chg 3Y Avg | Lower P/S (Values for DOCS: 17.4% | 13.2x)

Higher Rev Chg LTM (Value for DOCS: 20.2%)

Higher Rev Chg 3Y Avg (Value for DOCS: 17.4%)

Higher Total Yield (Value for DOCS: 3.1%)

SECTOR: Health Care

Higher Rev Chg 3Y Avg | Lower P/S (Values for DOCS: 17.4% | 13.2x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for DOCS: 17.4% | 33.2x)

Higher Rev Chg LTM (Value for DOCS: 20.2%)

Higher Rev Chg 3Y Avg (Value for DOCS: 17.4%)

Higher Op Mgn LTM (Value for DOCS: 39.7%)

Higher CFO/Rev LTM (Value for DOCS: 51.5%)

Higher FCF/Rev LTM (Value for DOCS: 50.2%)

Higher Total Yield (Value for DOCS: 3.1%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for DOCS: 17.4% | 13.2x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for DOCS: 17.4% | 33.2x)

Higher Rev Chg LTM (Value for DOCS: 20.2%)

Higher Rev Chg 3Y Avg (Value for DOCS: 17.4%)

Higher Op Mgn LTM (Value for DOCS: 39.7%)

Higher CFO/Rev LTM (Value for DOCS: 51.5%)

Higher FCF/Rev LTM (Value for DOCS: 50.2%)

Higher Total Yield (Value for DOCS: 3.1%)

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Market Price (12/29/2025): $43.75 | Market Cap: $8.2 Bil
Sector: Health Care | Industry: Health Care Technology

Market Price (12/29/2025): $43.75
Market Cap: $8.2 Bil
Sector: Health Care
Industry: Health Care Technology