olivLaw · US equity research
Doximity, Inc. DOCS
Services-Computer Programming Services · SIC 7371 · Vertical: Services-Computer Programming Services (SIC 7371)
Doximity is the leading digital platform for U.S. medical professionals, with a network that covers most U.S. physicians and AI tools built for clinical practice. Its revenue grew 13% in fiscal 2026, while growth slowed in the first fiscal quarter of 2027 as AI investments raise costs. Revenue reached 644.9 million USD in fiscal 2026.
At the close of 04 Nov 2026, Doximity, Inc. (DOCS) stock was 34.67 USD (+6.35% on the day), with market capitalisation 6.2 bn USD, P/E 40.9 on diluted EPS of 0.85 USD over the last 12 months, beta 1.10, 52-week range 18.01–63.99 USD. Latest reported quarter (Q1 2027): revenue of 156.6 m USD (+7.3% YoY), net income of 24.3 m USD (−54.4% YoY), diluted EPS 0.13 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 68.8
- strong (55–70)
- Bollinger (20, 2)
- 29.27 – 35.32
- in the upper half of the band · %B 0.89 · band width 18.7%
- SMA 50 / 200
- 28.79 / 25.43
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.49 / 1.59
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +21.3% | −1.1% | +22.4 pp | — |
| 3 months | +60.3% | −0.5% | +60.7 pp | — |
| 6 months | +35.0% | +4.4% | +30.6 pp | — |
| Year to date | −21.7% | +12.3% | −34.0 pp | — |
| 1 year | −47.3% | +13.5% | −60.9 pp | −42.9% |
| 3 years | +58.2% | +76.4% | −18.2 pp | −43.3% |
| 5 years | −48.9% | +63.7% | −112.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q1 2027 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 136.8 m | 168.6 m | 138.3 m | 145.9 m | 168.5 m | 185.1 m | 145.4 m | 156.6 m |
| Cost of revenue | 13.7 m | 14.2 m | 14.5 m | 15.8 m | 16.4 m | 18.7 m | 19.4 m | 23.7 m |
| Gross profit | 123.2 m | 154.4 m | 123.8 m | 130.1 m | 152.1 m | 166.4 m | 126.0 m | 132.9 m |
| Research & development | 23.2 m | 22.4 m | 24.8 m | 26.8 m | 30.2 m | 34.6 m | 39.1 m | 38.5 m |
| Operating income | 53.1 m | 79.9 m | 48.7 m | 54.5 m | 63.7 m | 71.9 m | 24.8 m | 33.6 m |
| Depreciation & amortisation | 2.6 m ≈ | 2.7 m ≈ | 2.8 m | 2.8 m | 3.5 m ≈ | 4.0 m ≈ | 4.1 m | 4.3 m |
| Pre-tax income | 62.2 m | 89.8 m | 58.4 m | 64.1 m | 72.9 m | 80.8 m | 32.1 m | 40.4 m |
| Income tax | 18.0 m | 14.6 m | -4.1 m | 10.8 m | 10.9 m | 19.2 m | 13.0 m | 16.0 m |
| Net income | 44.2 m | 75.2 m | 62.5 m | 53.3 m | 62.1 m | 61.6 m | 19.1 m | 24.3 m |
| Diluted EPS | 0.22 | 0.37 | 0.31 ≈ | 0.27 | 0.31 | 0.31 | 0.10 ≈ | 0.13 |
| Operating cash flow | 68.3 m ≈ | 65.2 m ≈ | 98.5 m | 62.1 m | 93.9 m ≈ | 60.9 m ≈ | 109.5 m | 42.0 m |
| Capex | 0 ≈ | 0 ≈ | 0 | 0 | — | — | — | 62.0 k |
| Share repurchases | 23.0 m ≈ | 19.3 m ≈ | 26.8 m | 122.4 m | 21.9 m ≈ | 196.9 m ≈ | 90.5 m | 91.6 m |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 29 percentile of its own 21-quarter history (min 23.6, median 52.4, max 158.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|
| Revenue | 116.4 m | 206.9 m | 343.5 m | 419.1 m | 475.4 m | 570.4 m | 644.9 m |
| Revenue YoY | unavailable | +77.8% | +66.0% | +22.0% | +13.5% | +20.0% | +13.1% |
| Net income | 29.7 m | 50.2 m | 154.8 m | 112.8 m | 147.6 m | 223.2 m | 196.1 m |
| Net income YoY | unavailable | +68.8% | +208.3% | −27.1% | +30.8% | +51.2% | −12.2% |
| Diluted EPS | 0.13 | 0.23 | 0.70 | 0.53 | 0.72 | 1.11 | 0.98 |
| Diluted EPS YoY | unavailable | +76.9% | +204.3% | −24.3% | +35.8% | +54.2% | −11.7% |
| net % | 25.5% | 24.3% | 45.1% | 26.9% | 31.0% | 39.1% | 30.4% |
| Free cash flow | 25.9 m | 82.7 m | 124.7 m | 177.9 m | 183.9 m | 273.3 m | 326.5 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 219.2 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 950.8 m USD
- Total assets
- 1.1 bn USD
- Debt / equity
- unavailable
- Current ratio
- 6.09x
- ROE
- 19.3%
- ROA
- 16.4%
- FCF margin
- 50.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 206.9 m | 343.5 m | 419.1 m | 475.4 m | 570.4 m | 644.9 m | SEC (XBRL)· 19 May 2026verified |
| Cost of revenue | 31.2 m | 39.8 m | 53.5 m | 50.7 m | 55.9 m | 70.3 m | SEC (XBRL)· 19 May 2026verified |
| Gross profit | 175.7 m | 303.8 m | 365.6 m | 424.8 m | 514.5 m | 574.5 m | SEC (XBRL)· 19 May 2026verified |
| Research & development | 43.9 m | 62.4 m | 80.2 m | 82.0 m | 93.0 m | 130.7 m | SEC (XBRL)· 19 May 2026verified |
| Operating income | 53.3 m | 113.5 m | 125.1 m | 163.9 m | 227.8 m | 214.9 m | SEC (XBRL)· 19 May 2026verified |
| Depreciation & amortisation | 3.7 m | 5.0 m | 10.3 m | 10.3 m | 10.7 m | 14.4 m | SEC (XBRL)· 19 May 2026verified |
| EBITDA | 57.0 m ≈ | 118.6 m ≈ | 135.4 m ≈ | 174.1 m ≈ | 238.5 m ≈ | 229.3 m ≈ | SEC (XBRL)· 19 May 2026derived |
| Pre-tax income | 57.8 m | 114.0 m | 133.2 m | 185.2 m | 263.6 m | 250.0 m | SEC (XBRL)· 19 May 2026verified |
| Income tax | 7.6 m | -40.8 m | 20.3 m | 37.6 m | 40.4 m | 54.0 m | SEC (XBRL)· 19 May 2026verified |
| Net income | 50.2 m | 154.8 m | 112.8 m | 147.6 m | 223.2 m | 196.1 m | SEC (XBRL)· 19 May 2026verified |
| Diluted EPS | 0.23 | 0.70 | 0.53 | 0.72 | 1.11 | 0.98 | SEC (XBRL)· 19 May 2026verified |
| Weighted average diluted shares | 95.1 m | 191.0 m | 213.4 m | 205.7 m | 201.2 m | 199.0 m | SEC (XBRL)· 19 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 66.4 m | 112.8 m | 158.0 m | 96.8 m | 209.6 m | 219.2 m | SEC (XBRL)· 19 May 2026verified |
| Receivables | 50.3 m | 81.1 m | 107.0 m | 101.3 m | 128.4 m | 144.8 m | SEC (XBRL)· 19 May 2026verified |
| Current assets | 209.4 m | 904.1 m | 975.5 m | 912.9 m | 1.1 bn | 944.3 m | SEC (XBRL)· 19 May 2026verified |
| Property, plant & equipment, net | 7.6 m | 8.5 m | 11.3 m | 12.3 m | 13.7 m | 18.1 m | SEC (XBRL)· 19 May 2026verified |
| Goodwill | 18.9 m | 18.9 m | 67.9 m | 67.9 m | 67.9 m | 85.0 m | SEC (XBRL)· 19 May 2026verified |
| Intangibles (excl. goodwill) | 9.6 m | 7.9 m | 31.8 m | 27.3 m | 23.1 m | 35.3 m | SEC (XBRL)· 19 May 2026verified |
| Total assets | 251.7 m | 991.4 m | 1.1 bn | 1.1 bn | 1.3 bn | 1.1 bn | SEC (XBRL)· 19 May 2026verified |
| Accounts payable | 1.5 m | 463.0 k | 1.3 m | 2.3 m | 1.4 m | 4.0 m | SEC (XBRL)· 19 May 2026verified |
| Current liabilities | 102.0 m | 111.3 m | 139.5 m | 147.3 m | 156.3 m | 155.0 m | SEC (XBRL)· 19 May 2026verified |
| Total liabilities | 103.5 m | 112.8 m | 170.8 m | 178.0 m | 181.7 m | 172.9 m | SEC (XBRL)· 19 May 2026verified |
| Equity | 66.7 m † | 878.6 m † | 966.1 m † | 901.4 m † | 1.1 bn † | 950.8 m † | SEC (XBRL)· 19 May 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 83.0 m | 126.6 m | 179.6 m | 184.1 m | 273.3 m | 326.5 m | SEC (XBRL)· 19 May 2026verified |
| Capex | 245.0 k | 1.9 m | 1.7 m | 147.0 k | 0 | 0 | SEC (XBRL)· 19 May 2026verified |
| Free cash flow | 82.7 m ≈ | 124.7 m ≈ | 177.9 m ≈ | 183.9 m ≈ | 273.3 m ≈ | 326.5 m ≈ | SEC (XBRL)· 19 May 2026derived |
| Investing cash flow | -70.4 m | -640.6 m | -59.9 m | 31.2 m | -29.3 m | 147.2 m | SEC (XBRL)· 19 May 2026verified |
| Financing cash flow | 5.4 m | 560.4 m | -74.5 m | -276.5 m | -131.1 m | -464.1 m | SEC (XBRL)· 19 May 2026verified |
| Share repurchases | 2.0 m | 2.7 m | 85.3 m | 280.7 m | 120.3 m | 431.7 m | SEC (XBRL)· 19 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 6.2 bn USD
Key indicators
Coverage and freshness
Score by group
77% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 88.1% | 100 (on a fixed band) | 14% |
| EBIT margin · Quality | 29.6% | 94 (vs peers) | 11% |
| FCF margin · Quality | 46.7% | 100 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | 15.5% | 62 (on a fixed band) | 22% |
| Revenue growth (YoY) · Growth | 13.1% | 71 (vs peers) | 11% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 6.1x | 100 (on a fixed band) | 8% |
| EV/Sales · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 4.9% | 98 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 6.4% | 100 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/2 factors with a value
- Growth65/100 · 2/2 factors with a value
- Quality98/100 · 3/3 factors with a value
- Returns100/100 · 1/1 factors with a value
- Valuation· partial98/100 · 1/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Doximity, Inc. (DOCS). Latest full fiscal year: 2026; data up to 2026-06-30.
Figures computed from the financial statements: revenue 644.9 m USD in 2026; YoY growth 13.1%; net margin 25.5%; ROE 17.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Gross margin: 88.1%
- EBIT margin: 29.6%
- FCF margin: 46.7%
- Revenue growth (YoY): 13.1%
- Current ratio: 6.1x
- FCF yield: 4.9%
- Shareholder yield (distributions): 6.4%
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/Sales.
Versus the vertical median
Services-Computer Programming Services (SIC 7371) · same industry (4-digit SIC) · compared with 32 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| INFYInfosys Limited | 49.6 bn | 16.1 | 29.0% | 16.4% | +3.9% | −30% / −30% |
| ZSZscaler Inc | 36.6 bn | — | -2.9% | -1.9% | +25.4% | −11% / +14% |
| CTSHCognizant Technology Solutions Corporation | 29.4 bn | 12.0 | 17.4% | 11.8% | +7.0% | −15% / −7% |
| VRSNVerisign Inc | 28.5 bn | 33.6 | — | 49.1% | +6.4% | +26% / +50% |
| WITWipro Limited | 22.7 bn | 15.4 | 16.4% | 14.7% | −3.2% | −21% / −11% |
| EPAMEpam Systems, Inc. | 7.1 bn | 18.6 | 11.2% | 7.2% | +15.4% | −27% / −47% |
| DOCSDoximity, Inc. | 6.2 bn | 40.9 | 17.2% | 25.5% | +13.1% | −47% / +58% |
| DOXAmdocs Limited | 4.9 bn | 10.3 | 14.1% | 9.9% | +2.4% | −43% / −48% |
| RGTIRigetti Computing, Inc. | 3.7 bn | — | -43.8% | -1,787.4% | −34.3% | −56% / +958% |
| FORTYFormula Systems (1985) Ltd. | 1.8 bn | 23.4 | 12.2% | 2.9% | +5.2% | −20% / +96% |
| MGRTMega Fortune Co Ltd | 1.6 bn | 698.9 | 21.1% | 16.1% | +233.3% | +1,864% / unavailable |
| PERIPerion Network Ltd. | 446.8 m | — | -1.1% | -1.8% | −11.7% | +12% / −59% |
| MFImF International Limited | 367.8 m | 36.4 | 3.9% | 232.8% | +29.4% | −68% / unavailable |
| IAInnovative Solutions And Support, Inc. | 353.7 m | 18.8 | 28.5% | 20.5% | +78.6% | +103% / +167% |
| GDEVGDEV Inc. | 176.1 m | 2.6 | — | 17.1% | −3.9% | −44% / −57% |
| ATGLAlpha Technology Group Ltd | 146.5 m | — | -184.7% | -952.0% | −40.2% | −61% / −39% |
| MLGOMicroAlgo Inc. | 135.7 m | 1.2 | 7.6% | 30.2% | −20.3% | −61% / −100% |
| MWCMicware Co., Ltd. | 82.0 m | 8.1 | 20.0% | 7.3% | unavailable | unavailable / unavailable |
| PDCPerpetuals.com Ltd | 74.9 m | — | -75.8% | -1,069.9% | −47.0% | −61% / −13% |
| CINTCI&T Inc | 73.8 m | 10.3 | 13.8% | 8.3% | +11.5% | −31% / −40% |
| CYCUCycurion, Inc. | 65.1 m | — | -76.7% | -98.0% | −14.8% | −91% / unavailable |
| XTIAXti Aerospace, Inc. | 37.7 m | — | — | -89.6% | +602.4% | −40% / −100% |
| MNDOMind Cti Ltd | 18.3 m | 6.9 | 11.0% | 13.4% | −9.3% | −24% / −53% |
| CHGAChange Agents Corporation | 17.8 m | — | -606.9% | -643.1% | +6.2% | −97% / −99% |
| RDNWRideNow Group, Inc. | 11.7 m | — | — | -0.8% | −10.5% | +7% / −9% |
1- and 3-year price returns: for DOCS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 24.81 Total return -28% · Per year -28% | 43.67 Total return 26% · Per year 26% | 65.50 Total return 89% · Per year 89% |
| 3 years | 29.43 Total return -15% · Per year -5% | 57.75 Total return 67% · Per year 19% | 94.32 Total return 172% · Per year 40% |
| 5 years | 34.91 Total return 1% · Per year 0% | 76.38 Total return 120% · Per year 17% | 135.83 Total return 292% · Per year 31% |
- Exit P/E± 14.44
- Net margin± 10.11
- Annual revenue growth± 7.54
- Annual dilution± 0.85
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Doximity is the leading digital platform for U.S. medical professionals, with a network that covers most U.S. physicians and AI tools built for clinical practice. Its revenue grew 13% in fiscal 2026, while growth slowed in the first fiscal quarter of 2027 as AI investments raise costs 13. Revenue reached 644.9 million USD in fiscal 2026 1.
SWOT
Strengths
- The physician network is among the largest in the country, and adoption by doctors is high, giving a proximity advantage 1.
- The company stayed profitable and reported significant adjusted EBITDA in fiscal 2026 1.
- Member interaction data combined with proprietary algorithms is, according to management, highly challenging for competitors to replicate 1.
Weaknesses
- Revenue is concentrated in a small number of large customers, and losing one could slow revenue growth 1.
- Net revenue retention fell in recent periods, which points to pressure on expanding subscriptions 12.
- Operating cash flow declined in the first quarter of fiscal 2027 compared with the prior year 3.
Opportunities
Risks
- Dependence on large customershigh
Large customers, especially pharmaceutical companies, make up a significant part of revenue, and many contracts are not long term 1.
- Slowing growthhigh
The company expects its revenue growth rate may decline, and its history is not a guarantee of future growth 1.
- AI investmentsmedium
AI investments may not deliver the expected benefits and could create operational, legal and reputational risks 1.
- Regulation and privacymedium
Handling member data is subject to privacy regulation, and breaches could affect user trust 1.
- Dual class share structurelow
Concentrated voting control with executives limits the influence of other shareholders over corporate decisions 1.
Investment thesis
What would need to be true (bull case)
What would break the thesis
- Slowing revenue growth and falling net revenue retention could signal saturation of the current subscription model 23.
- Dependence on a small number of pharmaceutical customers could leave revenue exposed to cuts in marketing budgets 1.
- Rising AI and staff costs could keep compressing margins if revenue does not grow fast enough 3.
What to watch
- Delivery of fiscal 2027 revenue and adjusted EBITDA guidancenext 10-K
- Trend in net revenue retention and the count of customers above 500,000 USDQ2 2027
- Recovery of operating cash flow after the first-quarter declineQ2 2027
- Adoption of AI tools and the number of active workflow providers2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Doximity describes its business as a physician-first platform offering members AI tools, a professional network, medical news, career management and telehealth at no cost to users 1. Its revenue model relies mainly on subscriptions paid by pharmaceutical companies, hospitals and health systems that buy marketing, hiring and workflow solutions 1. Customers with trailing 12-month revenue above 500,000 USD account for about 83% of revenue 12.
The share of registered members among U.S. physicians points to broad adoption, and tools such as Ask, Scribe and Dialer support the daily clinical workflow 1. The company says its members cover more than 85% of U.S. physicians across all specialties 3. Growth in the number of active users of workflow tools is a metric management tracks 2.
The company reported net income of 196.1 million USD in fiscal 2026 and adjusted EBITDA of 357.8 million USD 1. Its dual class share structure concentrates voting control with executives and affiliates 1.
Segments
Marketing Solutions
Marketing Solutions sell sponsored programs to pharmaceutical manufacturers and health systems, delivered through modules in the newsfeed, workflow tools and peer messages 1. Subscriptions are set per brand or service line and revenue is recognized over time 1.
Hiring Solutions
Hiring gives health systems and recruiting firms access to the physician network through job posts and direct messages, plus the Curative Talent staffing service billed hourly or by placement 1.
Workflow Solutions
Workflow Solutions include telehealth, on-call scheduling, digital fax and AI tools such as Ask, Scribe and Prescribe, sold mostly as subscriptions to health systems on noncancelable contracts recognized ratably 1.
Market context
The target market is U.S. physicians, roughly one million people, of whom the company has registered over three million members as network users 1. Demand from pharmaceutical companies depends on discretionary marketing budgets, which can shrink when macroeconomic uncertainty rises 1.
The market for digital physician tools also depends on AI adoption in clinical practice, and management says it cannot yet fully predict how economic and policy conditions will affect it 12.
Trends
- Slowing revenue growthheadwind
Revenue grew 7% in the first quarter of fiscal 2027, against 13% in the prior fiscal year, and growth could stay slower if the trend continues 231.
- Adoption of AI toolstailwind
The number of unique active providers using workflow tools rose about 32% year over year, suggesting wider adoption of clinical AI 2.
- Cost pressureheadwind
Sales, development and AI costs grew faster than revenue in the quarter ended June 30, 2026, which reduced profit margins 3.
- Pharmaceutical marketing budgetsmixed
Cuts to discretionary pharmaceutical budgets could slow digital marketing spending if the macroeconomic environment worsens 1.
Competitive position
The company says it expects growing competition for its solutions, including from firms active in online professional networks, telehealth and healthcare AI productivity tools 1. The source texts do not name specific competitors.
Management points to the size of its network and the data gathered from member use as an advantage that would be hard for a new competitor to replicate 1.
- Online professional network firms
Companies named generically in the risk factors as current or future competitors in the online professional network space, not named in the source texts.
- Telehealth providers
Telehealth platforms that could compete with the company's Dialer and telehealth tools, unnamed in the source texts.
- Healthcare AI tool providers
Companies offering AI productivity tools for medicine, which the company lists as potential competitors, unnamed in the source texts.
- Clinical documentation platforms
Documentation and clinical note solutions comparable to Scribe, not identified in the source texts.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Show HN: Gauge – Open-Source CLI to recursively improve your docsHacker News · 04 Nov 2026 · EN
- STAT+: Five midterm winners and losers: MAHA mowed down, Dem docs scrub in, Medicare for All returnsSTAT News · 04 Nov 2026 · EN
- You can generate and edit Google Docs files directly in Gemini chats nowThe Verge · 29 Oct 2026 · EN
- Xhaka, Embolo return to Swiss squad after fake COVID docs affairAl Jazeera English · 28 Oct 2026 · EN
- Claude Now Works with Google Docs, Sheets, and SlidesHacker News · 22 Oct 2026 · EN
- Accused OpenAI spy had folder called “Saudi Gov Docs,” FBI saysArs Technica — AI · 19 Oct 2026 · EN
- It’s a dream week for tech docsThe Verge · 17 Oct 2026 · EN
- STAT+: Pharmalittle: We’re reading about concerns over a rare disease drug, pharma payments to docs, and moreSTAT News · 13 Oct 2026 · EN
- Show HN: The rarest tech books and docs you've probably never readHacker News · 09 Oct 2026 · EN
- The Wild West of polyglot docs sitesHacker News · 09 Oct 2026 · EN
- My static site was serving my internal docsHacker News · 07 Oct 2026 · EN
- Popular TikTok docs have big influence on Gen Z followers, new research findsPhys.org · 06 Oct 2026 · EN
- Former DHS Secretary Kristi Noem files for divorce, court docs showThe Hill · 29 Sept 2026 · EN
- Leaked IPO docs: Anthropic tempts investors with existential risk warningThe Register · 29 Sept 2026 · EN
- Introducing Forge: the open source pipeline for generating SDKs, CLIs, docs, and moreCloudflare Blog · 28 Sept 2026 · EN
- ChatGPT Voice gets agentic features with GPT 6 , can now create docs , draft emails and handle other tasksSurge — GDELT DOC · 24 Sept 2026 · RO
- Placeholder domain used in dev docs now serves ClickFix attacksBleepingComputer · 23 Sept 2026 · EN
- Judge orders Microsoft to spill internal docs and scour execs' comms in secondhand licensing caseThe Register · 17 Sept 2026 · EN
- Claude comes for Gemini with its own take on Docs and SlidesThe Verge · 16 Sept 2026 · EN
- Thomas Crooks trained with long rifle up to the day before he shot at Trump: docsThe Hill · 16 Sept 2026 · EN
SEC filings
- Current report02 Sept 2026Shareholder vote
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Proxy statement15 Jul 2026
- Annual report19 May 2026
- Current report13 May 2026Results of operations · Departure or appointment of officers · Financial statements and exhibits
- Current report17 Apr 2026Departure or appointment of officers · Regulation FD disclosure
- Quarterly report05 Feb 2026
- Current report05 Feb 2026Results of operations · Departure or appointment of officers · Financial statements and exhibits
- Current report30 Dec 2025Other events
Sources
- [1] Form 10-K, fiscal year ended 2026-03-31 · SEC / Doximity, Inc. · 19 May 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Doximity, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Doximity, Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.