Doximity (DOCS)
Market Price (11/12/2026): $33.22 | Market Cap: $5.9 BilSector: Health Care | Industry: Health Care Technology
Doximity (DOCS)
Market Price (11/12/2026): $33.22Market Cap: $5.9 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 -12% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 26% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 46%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 45% 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 -48%, 3Y Excs Rtn is -16% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 34x, P/EPrice/Earnings or Price/(Net Income) is 42x Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 22% Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 55% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.0% 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 -12% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 26% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 46%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 45% |
| 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 -48%, 3Y Excs Rtn is -16% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 34x, P/EPrice/Earnings or Price/(Net Income) is 42x |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 22% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 55% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.0% |
| Key risksDOCS key risks include [1] a heavy dependence on pharmaceutical ad revenue, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Nov 4: up 6.3% in one day (S&P 500 up 1.7%)
The stock gained without company news. The market also rose, with headlines suggesting a "Blue Wave" painted the market green.
Up 92.5% from its May 14 low to Nov 4, down 4.2% since (S&P 500 up 2.8%)
The stock surged significantly, primarily due to investor excitement about AI after its fiscal 2027 first quarter results. The largest daily gain occurred on August 7, 2026, driven by an AI narrative despite earnings missing estimates.
Nov 6: down 2.0% the day after its Nov 5 earnings report (S&P 500 up 0.3%)
The stock declined after its fiscal 2027 second quarter financial results, which showed significant year-over-year drops in net income and diluted EPS. This occurred despite reporting revenue and earnings per share that beat analyst estimates.
Nov 4: up 6.3% in one day (S&P 500 up 1.7%)
The stock gained without company news. The market also rose, with headlines suggesting a "Blue Wave" painted the market green.
Up 92.5% from its May 14 low to Nov 4, down 4.2% since (S&P 500 up 2.8%)
The stock surged significantly, primarily due to investor excitement about AI after its fiscal 2027 first quarter results. The largest daily gain occurred on August 7, 2026, driven by an AI narrative despite earnings missing estimates.
Nov 6: down 2.0% the day after its Nov 5 earnings report (S&P 500 up 0.3%)
The stock declined after its fiscal 2027 second quarter financial results, which showed significant year-over-year drops in net income and diluted EPS. This occurred despite reporting revenue and earnings per share that beat analyst estimates.
Show less
Stock Movement Drivers
Fundamental Drivers
The 58.9% change in DOCS stock from 7/31/2026 to 11/11/2026 was primarily driven by a 115.4% change in the company's P/E Multiple.| (LTM values as of) | 7312026 | 11112026 | Change |
|---|---|---|---|
| Stock Price ($) | 20.91 | 33.22 | 58.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 645 | 662 | 2.6% |
| Net Income Margin (%) | 30.4% | 21.1% | -30.5% |
| P/E Multiple | 19.7 | 42.5 | 115.4% |
| Shares Outstanding (Mil) | 185 | 179 | 3.5% |
| Cumulative Contribution | 58.9% |
Market Drivers
7/31/2026 to 11/11/2026| Return | Correlation | |
|---|---|---|
| DOCS | 58.9% | |
| Market (SPY) | 1.7% | 30.2% |
| Sector (XLV) | 16.2% | 18.6% |
Fundamental Drivers
The 35.9% change in DOCS stock from 4/30/2026 to 11/11/2026 was primarily driven by a 122.0% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 11112026 | Change |
|---|---|---|---|
| Stock Price ($) | 24.44 | 33.22 | 35.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 638 | 662 | 3.7% |
| Net Income Margin (%) | 37.5% | 21.1% | -43.7% |
| P/E Multiple | 19.1 | 42.5 | 122.0% |
| Shares Outstanding (Mil) | 187 | 179 | 4.9% |
| Cumulative Contribution | 35.9% |
Market Drivers
4/30/2026 to 11/11/2026| Return | Correlation | |
|---|---|---|
| DOCS | 35.9% | |
| Market (SPY) | 6.0% | 13.7% |
| Sector (XLV) | 30.0% | 14.1% |
Fundamental Drivers
The -49.7% change in DOCS stock from 10/31/2025 to 11/11/2026 was primarily driven by a -47.0% change in the company's Net Income Margin (%).| (LTM values as of) | 10312025 | 11112026 | Change |
|---|---|---|---|
| Stock Price ($) | 66.00 | 33.22 | -49.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 590 | 662 | 12.2% |
| Net Income Margin (%) | 39.9% | 21.1% | -47.0% |
| P/E Multiple | 52.8 | 42.5 | -19.5% |
| Shares Outstanding (Mil) | 188 | 179 | 5.2% |
| Cumulative Contribution | -49.7% |
Market Drivers
10/31/2025 to 11/11/2026| Return | Correlation | |
|---|---|---|
| DOCS | -49.7% | |
| Market (SPY) | 12.3% | 13.3% |
| Sector (XLV) | 32.7% | 9.8% |
Fundamental Drivers
The 62.6% change in DOCS stock from 10/31/2023 to 11/11/2026 was primarily driven by a 51.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312023 | 11112026 | Change |
|---|---|---|---|
| Stock Price ($) | 20.43 | 33.22 | 62.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 437 | 662 | 51.4% |
| Net Income Margin (%) | 27.2% | 21.1% | -22.4% |
| P/E Multiple | 33.4 | 42.5 | 27.0% |
| Shares Outstanding (Mil) | 195 | 179 | 8.9% |
| Cumulative Contribution | 62.6% |
Market Drivers
10/31/2023 to 11/11/2026| Return | Correlation | |
|---|---|---|
| DOCS | 62.6% | |
| Market (SPY) | 87.9% | 26.9% |
| Sector (XLV) | 58.9% | 15.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| DOCS Return | -5% | -33% | -16% | 90% | -17% | -25% | -37% |
| Peers Return | 0% | -42% | -10% | -41% | -14% | 75% | -53% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 100% |
Monthly Win Rates [3] | |||||||
| DOCS Win Rate | 43% | 25% | 50% | 67% | 42% | 55% | |
| Peers Win Rate | 53% | 35% | 43% | 35% | 38% | 58% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 36% | |
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 11/11/2026 (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.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| 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.
AI Analysis | Feedback
LinkedIn for Doctors
Bloomberg Terminal for Doctors
AI Analysis | Feedback
- 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.
AI Analysis | Feedback
Doximity (DOCS) primarily sells its services to other companies. Its major customers fall into the following categories:
- Pharmaceutical companies
- Health systems
AI Analysis | Feedback
Amazon (AMZN)
AI Analysis | Feedback
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.
AI Analysis | Feedback
AI Analysis | Feedback
AI Analysis | Feedback
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.
AI Analysis | Feedback
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.
AI Analysis | Feedback
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 | 14.0% | 42.5x | -37.0% | 39.4% | -56.7% | — |
| VEEV | Veeva Systems | 15.7% | 48.8x | 1.9% | 84.6% | -2.6% | +54pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 6 | 23.7% | 107.0% | 103.1% | CAH 516% · MCK 396% · COR 193% |
| Health Care Services | 20 | 31.7% | 27.6% | 12.4% | HIMS 170% · RDNT 147% · DGX 92% |
| Managed Health Care | 8 | 65.8% | -1.7% | 0.8% | OSCR 157% · HQY 49% · ELV 7% |
| Health Care Facilities | 26 | 24.0% | 20.4% | -5.7% | THC 269% · NHC 227% · EHC 193% |
| Health Care Equipment | 50 | 4.3% | 19.7% | -11.9% | GKOS 382% · UFPT 363% · TMDX 241% |
| Pharmaceuticals | 60 | -13.9% | 19.0% | -38.7% | LQDA 968% · XERS 694% · KNSA 623% |
| Health Care Supplies | 11 | 24.5% | 17.4% | -38.7% | LNTH 239% · HAE 104% · MMSI 30% |
| Life Sciences Tools & Services | 109 | -9.4% | -4.9% | -75.0% | AXGN 361% · MEDP 201% · NTRA 183% |
| Biotechnology | 364 | -25.0% | -29.2% | -80.8% | ELVN 1284% · TRVI 1156% · DNTH 1102% |
| Health Care Technology ← | 22 | -19.9% | -45.0% | -82.6% | VEEV -3% · DOCS -57% |
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 35.55 |
| Mkt Cap | 3.8 |
| Rev LTM | 2,963 |
| Op Inc LTM | 189 |
| FCF LTM | 312 |
| FCF 3Y Avg | 248 |
| CFO LTM | 333 |
| CFO 3Y Avg | 291 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.7% |
| Rev Chg 3Y Avg | 1.9% |
| Rev Chg Q | 5.8% |
| QoQ Delta Rev Chg LTM | 1.4% |
| Op Inc Chg LTM | 27.7% |
| Op Inc Chg 3Y Avg | 25.0% |
| Op Mgn LTM | 9.8% |
| Op Mgn 3Y Avg | 9.0% |
| QoQ Delta Op Mgn LTM | 0.8% |
| CFO/Rev LTM | 13.3% |
| CFO/Rev 3Y Avg | 14.3% |
| FCF/Rev LTM | 10.6% |
| FCF/Rev 3Y Avg | 10.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 3.8 |
| P/S | 1.8 |
| P/Op Inc | 13.2 |
| P/EBIT | 13.4 |
| P/E | 23.1 |
| P/CFO | 11.3 |
| Total Yield | 2.2% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 4.7% |
| D/E | 0.2 |
| Net D/E | -0.0 |
Price Behavior
| Market Price | $33.22 | |
| Market Cap ($ Bil) | 5.9 | |
| First Trading Date | 06/24/2021 | |
| Distance from 52W High | -37.0% | |
| 50 Days | 200 Days | |
| DMA Price | $29.47 | $25.25 |
| DMA Trend | up | down |
| Distance from DMA | 12.7% | 31.6% |
| 3M | 1YR | |
| Volatility | 45.4% | 63.4% |
| Downside Capture | 69.75 | 126.53 |
| Upside Capture | 195.75 | 55.64 |
| Correlation (S&P 500) | 38.3% | 13.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.27 | 1.55 | 2.10 | 0.52 | 0.52 | 1.08 |
| Up Beta | -7.80 | 0.12 | 1.11 | 0.30 | -0.30 | 0.83 |
| Down Beta | 1.69 | 1.42 | 0.18 | 0.12 | 0.47 | 1.15 |
| Up Capture | 315% | 290% | 487% | 88% | 19% | 147% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 12 | 23 | 33 | 64 | 113 | 382 |
| Down Capture | 46% | 77% | 128% | 30% | 117% | 105% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 10 | 20 | 30 | 61 | 136 | 361 |
[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 | -36.9% | 63.4% | -0.48 | - |
| Sector ETF (XLV) | 30.1% | 17.0% | 1.37 | 10.4% |
| Equity (SPY) | 12.5% | 13.7% | 0.60 | 14.0% |
| Gold (GLD) | -3.5% | 28.8% | -0.13 | 1.6% |
| Commodities (DBC) | 33.0% | 21.3% | 1.24 | -10.6% |
| Real Estate (VNQ) | 11.7% | 14.2% | 0.53 | 12.9% |
| Bitcoin (BTCUSD) | -30.9% | 43.5% | -0.73 | 7.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with DOCS | |
|---|---|---|---|---|
| DOCS | -14.7% | 65.6% | 0.01 | - |
| Sector ETF (XLV) | 8.6% | 15.4% | 0.36 | 21.5% |
| Equity (SPY) | 11.8% | 17.3% | 0.51 | 36.8% |
| Gold (GLD) | 17.1% | 19.2% | 0.72 | 3.4% |
| Commodities (DBC) | 7.9% | 19.6% | 0.29 | 2.6% |
| Real Estate (VNQ) | 1.3% | 18.9% | -0.04 | 28.8% |
| Bitcoin (BTCUSD) | 3.1% | 51.5% | 0.24 | 20.2% |
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 | -4.6% | 68.8% | 0.15 | - |
| Sector ETF (XLV) | 12.8% | 16.8% | 0.63 | 18.8% |
| Equity (SPY) | 15.5% | 18.0% | 0.73 | 34.3% |
| Gold (GLD) | 11.5% | 16.6% | 0.57 | 4.6% |
| Commodities (DBC) | 7.4% | 18.2% | 0.33 | 3.4% |
| Real Estate (VNQ) | 6.1% | 20.7% | 0.25 | 26.2% |
| Bitcoin (BTCUSD) | 58.6% | 66.3% | 0.99 | 19.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 11/10/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/5/2026 | -2.0% | ||
| 8/6/2026 | 32.6% | 28.7% | 27.5% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 11 | 10 |
| # Negative | 11 | 10 | 11 |
| Median Positive | 32.6% | 20.1% | 21.4% |
| Median Negative | -10.2% | -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 |
| 11/5/2026 | -2.0% | ||
| 8/6/2026 | 32.6% | 28.7% | 27.5% |
| 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 | 10 |
| # Negative | 11 | 10 | 11 |
| Median Positive | 32.6% | 20.1% | 21.4% |
| Median Negative | -10.2% | -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 |
|---|---|---|
| 09/30/2026 | 11/05/2026 | 10-Q |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/05/2026 | 10-Q |
| 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 11/6/2026Latest: Q2 2027 Earnings Reported 11/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2027 Revenue | Reported | 195.00 Mil | 195.50 Mil | 196.00 Mil | 14.7% | Higher New | Guidance: 170.50 Mil for Q2 2027 | |
| Q3 2027 Adjusted EBITDA | Reported | 102.50 Mil | 103.00 Mil | 103.50 Mil | 27.2% | Higher New | Guidance: 81.00 Mil for Q2 2027 | |
| 2027 Revenue | Reported | 678.00 Mil | 680.50 Mil | 683.00 Mil | 0.7% | Raised | Guidance: 676.00 Mil for 2027 | |
| 2027 Adjusted EBITDA | Reported | 317.00 Mil | 321.00 Mil | 325.00 Mil | 0.6% | Raised | Guidance: 319.00 Mil for 2027 | |
Prior: Q1 2027 Earnings Reported 8/6/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2027 Revenue | Reported | 170.00 Mil | 170.50 Mil | 171.00 Mil | 12.5% | Higher New | Guidance: 151.50 Mil for Q1 2027 | |
| Q2 2027 Adjusted EBITDA | Reported | 80.50 Mil | 81.00 Mil | 81.50 Mil | 17.4% | Higher New | Guidance: 69.00 Mil for Q1 2027 | |
| 2027 Revenue | Reported | 671.00 Mil | 676.00 Mil | 681.00 Mil | 0.9% | Raised | Guidance: 670.00 Mil for 2027 | |
| 2027 Adjusted EBITDA | Reported | 309.00 Mil | 319.00 Mil | 329.00 Mil | -3.0% | Lowered | Guidance: 329.00 Mil for 2027 | |
Q4 2026 Earnings Reported 5/13/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2027 Revenue | Reported | 151.00 Mil | 151.50 Mil | 152.00 Mil | 5.6% | Higher New | Actual: 143.50 Mil for Q4 2026 | |
| Q1 2027 Adjusted EBITDA | Reported | 68.50 Mil | 69.00 Mil | 69.50 Mil | 7.8% | Higher New | Actual: 64.00 Mil for Q4 2026 | |
| 2027 Revenue | Reported | 664.00 Mil | 670.00 Mil | 676.00 Mil | 4.2% | Higher New | Actual: 643.00 Mil for 2026 | |
| 2027 Adjusted EBITDA | Reported | 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 | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Revenue | Reported | 143.00 Mil | 143.50 Mil | 144.00 Mil | -20.5% | Lower New | Actual: 180.50 Mil for Q3 2026 | |
| Q4 2026 Adjusted EBITDA | Reported | 63.50 Mil | 64.00 Mil | 64.50 Mil | -38.2% | Lower New | Actual: 103.50 Mil for Q3 2026 | |
| 2026 Revenue | Reported | 642.50 Mil | 643.00 Mil | 643.50 Mil | 0 | Affirmed | Guidance: 643.00 Mil for 2026 | |
| 2026 Adjusted EBITDA | Reported | 355.50 Mil | 356.00 Mil | 356.50 Mil | 0.6% | Raised | Guidance: 354.00 Mil for 2026 | |
Insider Activity
Updated 11/9/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Cabral, Timothy S | Direct | Sell | 11092026 | 35.00 | 10,721 | 375,235 | 282,940 | Form | |
| 2 | Wampler, Kira Scherer | Direct | Sell | 11042026 | 32.89 | 2,000 | 65,780 | 918,387 | Form | |
| 3 | Sitaram, Siddharth | Chief Accounting Officer | Direct | Sell | 10162026 | 30.68 | 2,613 | 80,167 | 3,111,934 | Form |
| 4 | Wampler, Kira Scherer | Direct | Sell | 10052026 | 28.91 | 2,000 | 57,820 | 807,254 | Form | |
| 5 | Yang, Watkin Phoebe L | Direct | Sell | 10022026 | 26.71 | 1,290 | 34,456 | 660,912 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Cabral, Timothy S | Direct | Sell | 11092026 | 35.00 | 10,721 | 375,235 | 282,940 | Form | |
| 2 | Wampler, Kira Scherer | Direct | Sell | 11042026 | 32.89 | 2,000 | 65,780 | 918,387 | Form | |
| 3 | Sitaram, Siddharth | Chief Accounting Officer | Direct | Sell | 10162026 | 30.68 | 2,613 | 80,167 | 3,111,934 | Form |
| 4 | Wampler, Kira Scherer | Direct | Sell | 10052026 | 28.91 | 2,000 | 57,820 | 807,254 | Form | |
| 5 | Yang, Watkin Phoebe L | Direct | Sell | 10022026 | 26.71 | 1,290 | 34,456 | 660,912 | Form | |
| 6 | Sitaram, Siddharth | Chief Accounting Officer | Direct | Sell | 9162026 | 26.02 | 2,077 | 54,044 | 2,499,091 | Form |
| 7 | Wampler, Kira Scherer | Direct | Sell | 9032026 | 26.33 | 2,000 | 52,660 | 735,213 | Form | |
| 8 | Wampler, Kira Scherer | Direct | Sell | 8272026 | 24.95 | 2,000 | 49,900 | 494,983 | Form | |
| 9 | Sitaram, Siddharth | Chief Accounting Officer | Direct | Sell | 8172026 | 24.94 | 1,770 | 44,144 | 2,419,280 | Form |
| 10 | Cabral, Timothy S | Direct | Sell | 8112026 | 39.11 | 7,500 | 293,325 | 125,973 | Form | |
| 11 | Sitaram, Siddharth | Chief Accounting Officer | Direct | Sell | 7202026 | 22.02 | 1,732 | 38,139 | 2,064,903 | Form |
| 12 | Sitaram, Siddharth | Interim PAO | Direct | Sell | 6102026 | 20.41 | 2,444 | 49,882 | 1,851,309 | Form |
| 13 | Sitaram, Siddharth | Interim PFO and PAO | Direct | Sell | 5132026 | 25.77 | 2,309 | 59,503 | 2,303,735 | Form |
| 14 | Wampler, Kira Scherer | Direct | Sell | 5082026 | 26.06 | 9,000 | 234,540 | 517,004 | Form | |
| 15 | Sitaram, Siddharth | Interim PFO and PAO | Direct | Sell | 4142026 | 21.09 | 2,427 | 51,185 | 1,828,608 | Form |
| 16 | Sitaram, Siddharth | Interim PFO and PAO | Direct | Sell | 3122026 | 25.37 | 2,319 | 58,833 | 2,134,429 | Form |
| 17 | Sitaram, Siddharth | Interim PFO and PAO | Direct | Sell | 3122026 | 27.88 | 2,282 | 63,622 | 2,270,854 | Form |
| 18 | Wampler, Kira Scherer | Direct | Sell | 3052026 | 26.00 | 2,000 | 52,000 | 515,814 | Form | |
| 19 | Wampler, Kira Scherer | Direct | Sell | 2042026 | 37.33 | 2,000 | 74,660 | 740,590 | Form | |
| 20 | Wampler, Kira Scherer | Direct | Sell | 1062026 | 44.65 | 2,000 | 89,300 | 885,811 | Form | |
| 21 | Wampler, Kira Scherer | Direct | Sell | 12032025 | 50.71 | 2,000 | 101,420 | 1,006,036 | Form | |
| 22 | Cabral, Timothy S | Direct | Sell | 11242025 | 50.00 | 10,000 | 500,000 | 161,050 | Form | |
| 23 | Wampler, Kira Scherer | Direct | Sell | 11052025 | 66.44 | 2,000 | 132,880 | 1,318,103 | Form |
Investor Activity (13F)
Updated Nov 12, 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 as Doximity's strategic pivot to AI is showing strong early results. Accelerating user engagement, with active providers up 34% year-over-year, is a powerful leading indicator. The new AI Search product is already an 8-figure bookings success with 16 of the top 20 pharma companies signed on, providing a clear path to re-accelerate revenue growth.
STOCK ARCHETYPE
Number of pharma and health system customers x Average revenue per customer (driven by number of brands/service lines and modules purchased). High gross margin subscription revenue from pharmaceutical clients, driven by the platform's unique access to a scaled, verified physician audience.
INVESTMENT THESIS
Evidence suggests a successful transition is underway, with leading indicators pointing to future revenue acceleration.
- Quarterly active providers using workflow tools grew 34% year-over-year.
- New AI Search product purchased by 16 of the top 20 pharma companies.
- AI Search is now an 8-figure bookings product.
- Company entered the $14 billion U.S. pharma paid search market.
- Over 190 health systems have purchased the company's AI suite.
PRIMARY RISK
Heavy investment in AI fails to offset a slowing legacy business, resulting in sustained margin compression and low single-digit growth as pharma clients opt for lower-cost alternatives.
- Net revenue retention rate declined to 103% from 118% a year prior.
- A lawsuit alleges market share loss to competitors with better pricing.
- Operating margin compressed to 26.3% from 39.7% a year ago.
- Full-year revenue guidance implies 6% growth at the midpoint.
| KPI | Status | Rationale |
|---|---|---|
| Quarterly Unique Active Providers using Workflow Tools | Grew 34% year-over-year in the quarter ended September 30, 2026 - Accelerating | User engagement growth has significantly accelerated, which management attributes to the adoption of its new AI tools. The CFO noted on the latest earnings call that this metric was in the single-digits a year ago and has now accelerated to 34%, validating the company's increased investment in AI. |
| Net Revenue Retention Rate | 103% for the trailing-twelve-months ended September 30, 2026 - Decelerating | The Net Revenue Retention rate, while still reflecting net expansion, has been decelerating. Management stated on the latest earnings call that this metric tends to follow overall revenue growth and that they view the current level as a trough. |
| Customers with >$500,000 TTM Revenue | 124 (TTM ended 9/30/2026) | Indicates the scale of the business and the value created for large customers. |
AI User Boom vs. Legacy Revenue Slowdown
BULL VIEW
The 34% surge in active AI users is a leading indicator that will translate into high-margin revenue from the new AI Search product, re-accelerating growth.
CORE TENSION
Can the 34% user growth and new AI Search bookings offset the decelerating 103% net revenue retention, which the market punished post-earnings?
PREVAILING SENTIMENT
The latest evidence favors the bulls. The rapid adoption of AI Search by 16 of the top 20 pharma companies shows a clear path to monetization for the user growth.
BEAR VIEW
The decelerating 103% net revenue retention rate is the true signal of a maturing business facing price competition, and new AI tools will not be enough to offset this.
| Timeline | Event & Metric To Watch |
|---|---|
November 16, 2026 | Class Action Lead Plaintiff Deadline Watch: A lead plaintiff deadline is set for the securities class action lawsuit filed against the company. |
2/3/2027 | Pharma Budget Uncertainty Watch: Commentary on the success of the Q3 upfront pharma selling season and its impact on full-year guidance. |
2/3/2027 | AI Monetization Ramp Disappoints Watch: Initial revenue contribution from AI Search and management's outlook for its ramp relative to significant ongoing AI investments. |
2/3/2027 | Peer Competitive Disclosures Watch: Peer commentary on market share gains, pricing power, or AI traction within the pharmaceutical marketing segment. |
2/3/2027 | Next Quarterly Earnings Report Watch: The company is scheduled to report its next quarterly earnings. |
2/3/2027 | Peer IQVIA Earnings Report Watch: Peer IQVIA (IQV) is scheduled to report its quarterly earnings. |
2/10/2027 | Peer American Well Earnings Report Watch: Peer American Well (AMWL) is scheduled to report its quarterly earnings. |
2/17/2027 | Peer AMN Healthcare Earnings Watch: Peer AMN Healthcare Services (AMN) is scheduled to report its quarterly earnings. |
2/23/2027 | Peer Teladoc Health Earnings Watch: Peer Teladoc Health (TDOC) is scheduled to report its quarterly earnings. |
3/2/2027 | Peer Veeva Systems Earnings Watch: Peer Veeva Systems (VEEV) is scheduled to report its quarterly earnings. |
| Date | Event | Stock Impact |
|---|---|---|
2026-11-05 | Q2 Earnings Beat, Guidance Raised Again Details: Q2 revenue was $175 million, up 4% YoY. The company raised its full-year 2027 revenue guidance to $678-$683 million and adjusted EBITDA guidance to $317-$325 million. | -6.2% $34.67 -> $32.51 |
2026-10-20 | Wolters Kluwer Partnership Announced Details: Doximity partnered with Wolters Kluwer to integrate the UpToDate clinical content directly within its AI tool, Doximity Ask. | +6.8% $31.45 -> $33.58 |
2026-09-26 | Securities Lawsuits Filed Details: Multiple law firms filed a securities fraud class action lawsuit on behalf of investors for the period between August 8, 2024, and May 13, 2026. | +0.6% $26.04 -> $26.20 |
2026-08-06 | Q1 Earnings Beat, Guidance Raised Details: The company reported Q1 revenue growth of 7% to $157 million, beating guidance. Full-year fiscal 2027 revenue guidance was raised to $671–$681 million. | +26.7% $21.63 -> $27.40 |
2026-05-13 | Weak Guidance, Stock Plunges Details: The company announced it missed reduced revenue guidance and projected significantly slower growth for fiscal 2027, causing a 23% stock decline. | -31.9% $26.45 -> $18.01 |
Position Sizing
4% - 6%
NORMAL POSITION
Sizing is volatility-based: DOCS trades at roughly 49% annualized realized (three-month) volatility versus about 14% for the S&P 500 (3.6x the market). A 4% - 6% position keeps a single-name swing of that size within a diversified portfolio's risk budget.
Diversification Alternatives
VEEV - Veeva Systems
Entrenched Pharma PlatformVeeva Systems offers deeper, structural entrenchment in pharmaceutical commercial operations and a much larger R&D budget, making it a more strategic, albeit slower-growing, partner for top-tier pharma.
IQV - a business partner
Diversified Healthcare Data Leadera business partner provides exposure to a much broader swath of the healthcare data and clinical research market, with revenue 26.2 times larger than Doximity's, offering scale and diversification.
Doximity is a highly profitable physician network leveraging its user base and trust to pivot into the larger, higher-stakes market of AI-driven clinical decision support and pharma search.
Doximity has established a dominant network of U.S. medical professionals, which it monetizes through high-margin subscriptions to pharma and health systems. While facing a soft pharma ad market, the company is in an "AI investment year," rapidly growing user engagement with new AI tools for clinical workflow and search. The key thesis is that this engagement will translate into a new revenue stream from pharma's multi-billion dollar paid search budgets, re-accelerating growth in FY2028 and beyond.
Sustained high growth in active AI users, successful conversion of AI Search bookings into recognized revenue, and stabilization or improvement in the pharma marketing budget environment.
Stagnating user engagement with AI tools, failure to monetize AI Search effectively, continued pharma budget pressures, or evidence of market share loss to competitors with different pricing models.
Short-term stock price volatility around earnings reports, which have been significant in the past year.
Repricing Catalyst
The successful monetization of the new AI Search product during the Q3 "upfront season" for pharma marketing budgets. Strong bookings and a clear ramp in AI-related revenue would validate the investment thesis and could lead to a re-rating of the stock.
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 |
Prefer one of these to Trefis? Tell us why.