Doximity, Inc. DOCS

Health CareSoftware & IT ServicesUnited States of America

Last close 32.76 USD on Nov 1, 2026, −26.0% year to date

Quant rating

Quant rating A Rank 58 of 565 in Health Care

Growth B 214 of 565
Valuation B 173 of 565
Quality A 5 of 565
Revisions C 274 of 565
Momentum B 165 of 565

Wall Street consensus Hold (2.64)Average target 30.28 USD −7.6%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 5.8B
Enterprise value: 5.2B
52-week range: 17.16 – 67.08
3-year range: 17.16 – 83.14
Dividend yield: –
Beta (5 years): 1.32
Shares outstanding: 178M
Next earnings: Nov 5, 2026

About the company

Doximity, Inc. operates as a digital platform for United States medical professionals. The Company provides an online platform which enables physicians and other healthcare professionals to collaborate with colleagues, stay up to date with the medical news and research, manage their careers and on-call schedules, streamline documentation and administrative paperwork, and conduct virtual patient visits. The Company's customers primarily include pharmaceutical companies and health systems that connect with healthcare professionals through the Company's digital Marketing, Hiring, and Workflow Solutions. Its marketing solutions provide customers to share content on the network. Its hiring solutions enable customers to identify, connect with, and hire from the network of both active and passive potential medical professional candidates. Its Workflow solutions allow customers to initiate voice and video calls with patients and manage on-call scheduling.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	645	570	475	419	344	–
Revenue growth	13.1%	20.0%	13.5%	22.0%	66.0%	25.5%
EPS (basic, normalized)	1.52	1.42	0.95	0.73	0.82	–
EPS growth	7.0%	49.5%	30.1%	−11.0%	–	–
Gross margin	89.1%	90.2%	89.3%	87.2%	88.4%	88.9%
Net margin	30.4%	39.1%	31.0%	26.9%	38.8%	33.3%
ROE	19.3%	22.5%	15.8%	12.2%	30.1%	20.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	688
Current ratio	6.08x
Long-term debt (mil)	0
Net debt (mil)	−688
Total equity (mil)	916
Net debt / equity	−0.75x
Net debt / EBITDA	−1.92x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	645	+13.1%	8.0x	358	+16.1%	14.4x	1.52	+7.0%	21.6x
2027	678	+5.1%	7.6x	321	−10.4%	16.1x	1.35	−10.9%	24.2x
2028	723	+6.7%	7.1x	354	+10.3%	14.6x	1.56	+15.0%	21.0x
2029	783	+8.3%	6.6x	399	+12.8%	12.9x	1.82	+16.9%	18.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	678	+0.1%	+1.1%	−2.9%	1.35	+0.1%	−5.5%	−14.7%
2028	723	+0.2%	+1.7%	−5.0%	1.56	+0.5%	−2.3%	−12.9%
2029	783	+0.2%	+2.5%	−3.1%	1.82	+1.4%	−0.3%	−5.7%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	118	127	137	169	138	146	169	185	145	157
Sales mean (mil)	116	120	127	153	134	140	158	182	144	152
Surprise	+1.4%	+5.6%	+7.6%	+10.3%	+3.4%	+4.6%	+6.9%	+1.6%	+0.9%	+3.2%
EPS reported	0.25	0.28	0.30	0.45	0.38	0.36	0.45	0.46	0.26	0.29
EPS mean	0.20	0.22	0.25	0.34	0.27	0.30	0.38	0.45	0.28	0.30
Surprise	+26.8%	+26.1%	+18.2%	+33.2%	+39.4%	+19.6%	+18.7%	+3.2%	−8.2%	−4.8%

Peer comparison Software & IT Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
DOCS Doximity, Inc.	5.8B	−1.92x	30.4%	6.43x	24.2x	21.0x	16.1x	14.6x
META Meta Platforms, Inc.	1.60T	0.01x	37.1%	5.77x	21.3x	18.2x	11.4x	8.9x
ZM Zoom Communications, Inc.	27.9B	−3.45x	39.0%	2.47x	15.5x	15.0x	9.4x	9.0x
HNGE Hinge Health, Inc.	9.2B	−3.15x	−72.1%	26.63x	47.6x	37.4x	34.8x	26.7x
HQY HealthEquity, Inc.	8.5B	1.19x	16.4%	4.27x	21.7x	18.6x	14.4x	12.9x
WAY Waystar Holding Corp.	5.4B	2.76x	10.2%	1.35x	16.8x	14.9x	12.3x	11.1x
Mean		−0.76x	10.2%	7.82x	24.5x	20.9x	16.4x	13.8x
Median		−0.96x	23.4%	5.02x	21.5x	18.4x	13.3x	12.0x

Technical analysis

1M+25.0%
3M+52.8%
1Y−50.7%
3Y+57.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Doximity, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	645	570	475	419	344	207
Cost of revenue	70.3	55.9	50.7	53.5	39.8	31.2
Gross profit	575	515	425	366	304	176
Selling, general & administrative expenses	227	191	170	160	128	78.5
Research & development	131	93.0	82.0	80.2	62.4	43.9
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	1.6	2.3	7.9	0	–	–
Other operating expenses	0.4	0.7	1.0	0.7	0	0
Operating income	215	228	164	125	114	53.3
Net interest income (expense)	35.9	36.0	21.3	8.2	–	0.3
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−0.8	−0.2	0.1	−0.1	0.5	4.2
Net income before taxes	250	264	185	133	114	57.8
Provision for taxes	54.0	40.4	37.6	20.3	−40.8	7.6
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	196	223	148	113	155	50.2
Extraordinary items	–	–	–	–	–	–
Net income	196	223	148	113	155	50.2
EBIT, normalized	221	230	172	125	114	53.3
EBITDA, normalized	236	241	182	135	119	57.0
Basic EPS, normalized	1.52	1.42	0.95	0.73	0.82	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Doximity, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	749	916	763	841	798	143
Receivables	152	136	107	112	81.1	50.3
Total inventory	–	–	–	–	–	–
Prepaid expenses	43.4	37.1	42.6	17.3	19.4	10.7
Other current assets	0	0	0	5.1	5.5	5.9
Total current assets	944	1,089	913	975	904	209
Property, plant & equipment	25.2	22.5	24.6	25.1	9.6	8.9
Goodwill	85.0	67.9	67.9	67.9	18.9	18.9
Intangibles	35.3	23.1	27.3	31.8	7.9	9.6
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	33.9	62.1	46.5	36.6	50.8	4.9
Total assets	1,124	1,264	1,079	1,137	991	252
Liabilities
Accounts payable	4.0	1.4	2.3	1.3	0.5	1.5
Payable/accrued	–	–	–	–	–	–
Accrued expenses	24.1	27.8	25.9	21.7	25.9	17.3
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	127	127	119	117	84.9	83.3
Total current liabilities	155	156	147	140	111	102
Long-term debt	0	0	0	0	0	0
Minority interest	–	–	–	–	–	–
Other liabilities	17.9	25.4	30.7	31.3	1.5	1.5
Total liabilities	173	182	178	171	113	104
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.2	0.2	0.2	0.2	0.2	0.1
Additional paid-in capital	1,002	894	824	762	703	30.4
Retained earnings (accumulated deficit)	−51.1	187	80.0	218	191	36.3
Treasury stock	–	–	–	–	–	–
Other equity	0	1.3	−2.7	−14.1	−15.3	81.4
Total equity	951	1,083	901	966	879	148
Total liabilities & shareholders' equity	1,124	1,264	1,079	1,137	991	252

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Doximity, Inc., fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	196	223	148	113	155	50.2
Depreciation, depletion & amortization	14.4	10.7	10.3	10.3	5.0	3.7
Deferred taxes	32.1	−11.6	−8.6	13.2	−41.2	5.0
Non-cash items	130	75.1	59.0	64.3	47.9	14.0
Changes in working capital	−45.7	−24.1	−24.1	−21.0	−39.9	10.1
Cash from operations	326	273	184	180	127	83.0
Investing activities
Capital expenditures	−9.0	−6.5	−5.8	−6.2	−5.7	−4.6
Other investing cash flows	156	−22.8	37.0	−53.7	−635	−65.8
Cash from investing	147	−29.3	31.2	−59.9	−641	−70.4
Financing activities
Financing cash flow items	−46.1	−34.1	−12.1	−3.8	−4.8	−1.5
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−418	−97.0	−264	−70.6	565	6.9
Cash from financing	−464	−131	−277	−74.5	560	5.4
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	9.6	113	−61.2	45.2	46.4	18.0
Free cash flow	317	267	178	173	121	78.4

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.