Doximity, Inc. DOCS
NYSEInternet platformsFinancials to Jun 30, 2026 · Updated Oct 6, 2026
Moat ranks
Balance sheet
| $M | Mar 31 | Jun 30 |
|---|---|---|
| Cash | 219.2 | 273.6 |
| Securities | 529.4 | 414.2 |
| Debt | 0.0 | 0.0 |
| Net cash | 748.6 | 687.8 |
| Equity | 950.8 | 916.1 |
- Debt / EBITDA
- 0.00×
- Debt / equity
- 0.00×
- Leases (6/30/26)
- $10M
- Diluted shares
- 191M
- Book value / share
- $4.79
- Price / book
- 5.6×
- Net cash / share
- $3.60
- Market cap
- $5.1B
- Enterprise value
- $4.4B
Per-share record
Key indicators
| Indicator | Latest | Vs year ago | Last 8 quarters |
|---|---|---|---|
| Revenue growth | 7.3% | -7.8 pts | |
| Operating margin | 21.5% | -15.9 pts | |
| FCF margin | 25.3% | -15.9 pts | |
| Capex / revenue | 1.5% | +0.2 pts | |
| Net revenue retention | 107.0% | -11.0 pts | |
| Large subscription customers | 127 | +7% | |
| Unique active workflow providers | – | +32% | |
| PeerCheck physician experts | ≥11,000 | – | – |
| U.S. physician member penetration · 3/31/26 | ≥85.0% | – | – |
Margins and growth from reported quarters; company KPIs as reported in results releases.
About DOCS
Doximity operates one segment built around a verified U.S. medical-professional network and subscription-based Marketing, Hiring and Workflow Solutions. More than 85% of U.S. physicians are members, giving the platform meaningful network density and a proprietary, member-refined profile and engagement dataset.
- Direct Network Effects
Doximity's physician network becomes more useful as more verified clinicians maintain profiles, connect, read clinical news, exchange referrals and use workflow tools.
- Data Network Effects
Verified member profiles, engagement data, clinical specialty context and customer campaign feedback can improve targeting, personalization, workflow relevance and AI product utility.
- Procurement Inertia
Subscription contracts, campaign modules, health-system relationships and proven clinician reach create renewal and expansion inertia, though customer budgets remain discretionary.
- Brand Trust
Doximity's physician-first positioning, verified professional identity and repeated KLAS recognition support trust with clinicians and health-system buyers.
- Sep 22, 2026
Doximity published the open-source Bedside Bench clinical AI benchmark with Fireworks, supporting medical AI quality testing without establishing a commercial moat.
- Aug 6, 2026
Doximity raised FY2027 revenue guidance to $671-$681 million but lowered adjusted EBITDA guidance to $309-$329 million as AI investment increased.
- Jun 30, 2026
The court temporarily stayed the OpenEvidence case for mediation, leaving potential AI access and damages remedies unresolved.
- Jun 11, 2026
The court approved the $31 million securities settlement, funded by insurance; derivative lawsuits remain unresolved.
- May 13, 2026
Doximity named Matt Sonefeldt CFO and Steve Zatz President, bringing financial and commercial experience to its AI investment program.
Ownership
Go deeper on DOCS
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- Read DOCS's earnings callsTranscripts and audio of results calls, with management's own words.16 tools
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On this page
Financial record
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM | Trend | Change 2020–26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Per share ($) | ||||||||||
| Revenue | 1.42 | 2.17 | 1.80 | 1.96 | 2.31 | 2.83 | 3.24 | 3.43 | +14.7%/yr | |
| Cash flow | 0.32 | 0.87 | 0.66 | 0.84 | 0.89 | 1.36 | 1.64 | 1.60 | +31.3%/yr | |
| Earnings | 0.36 | 0.53 | 0.81 | 0.53 | 0.72 | 1.11 | 0.98 | 0.87 | +18.0%/yr | |
| Free cash flow | 0.27 | 0.82 | 0.63 | 0.81 | 0.87 | 1.33 | 1.60 | 1.55 | +34.6%/yr | |
| Capex | 0.05 | 0.05 | 0.03 | 0.03 | 0.03 | 0.03 | 0.05 | 0.05 | -2.4%/yr | |
| Dividends | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | – | |
| Book value | 0.01 | 0.70 | 4.60 | 4.53 | 4.38 | 5.38 | 4.78 | 4.79 | +164.7%/yr | |
| Diluted shares (M) | 82 | 95 | 191 | 213 | 206 | 201 | 199 | 191 | +16.0%/yr | |
| Totals ($M) | ||||||||||
| Revenue | 116.4 | 206.9 | 343.5 | 419.1 | 475.4 | 570.4 | 644.9 | 655.6 | +33.0%/yr | |
| Operating income | 22.2 | 53.3 | 113.5 | 125.1 | 163.9 | 227.8 | 214.9 | 194.0 | +46.0%/yr | |
| Net income | 29.7 | 50.2 | 154.8 | 112.8 | 147.6 | 223.2 | 196.1 | 167.0 | +36.9%/yr | |
| Free cash flow | 22.0 | 78.4 | 120.9 | 173.4 | 178.3 | 266.7 | 317.5 | 297.0 | +56.1%/yr | |
| Buybacks | 0.0 | 2.0 | 2.7 | 85.3 | 280.7 | 120.3 | 431.7 | 400.9 | – | |
| Dividends | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | – | |
| Net cash | – | 142.5 | 798.1 | 841.0 | 762.9 | 915.7 | 748.6 | 687.8 | – | |
| Margins & returns (%) | ||||||||||
| Gross margin | 87.2 | 84.9 | 88.4 | 87.2 | 89.3 | 90.2 | 89.1 | 88.1 | +1.9 pts | |
| Operating margin | 19.0 | 25.8 | 33.0 | 29.9 | 34.5 | 39.9 | 33.3 | 29.6 | +14.3 pts | |
| Net margin | 25.5 | 24.3 | 45.1 | 26.9 | 31.0 | 39.1 | 30.4 | 25.5 | +4.9 pts | |
| FCF margin | 18.9 | 37.9 | 35.2 | 41.4 | 37.5 | 46.8 | 49.2 | 45.3 | +30.4 pts | |
| ROIC | – | – | 114.7 | 81.3 | 96.2 | 111.0 | 86.4 | 69.1 | – | |
| Return on equity | – | 75.2 | 17.6 | 11.7 | 16.4 | 20.6 | 20.6 | 18.2 | – | |
| R&D % of revenue | 27.9 | 21.2 | 18.1 | 19.1 | 17.2 | 16.3 | 20.3 | 21.7 | -7.6 pts | |
| Stock pay % of revenue | 2.0 | 3.5 | 9.2 | 11.4 | 10.7 | 12.7 | 18.9 | 20.8 | +16.8 pts | |
| Capex % of revenue | 3.6 | 2.2 | 1.7 | 1.5 | 1.2 | 1.1 | 1.4 | 1.4 | -2.3 pts | |
Change uses 2020 and 2026 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2020 base. Trend shows the fiscal years.
Moat
Moat scorecard
- Strength
- Confidence
- Structure
- Competitive
- Durability
- durable
- Trajectory
- widening
- Pricing power
- moderate
- Medical professional platform and healthcare customer solutions100.0%4 claims
Moat claims
- Applies to
- Medical professional platform and healthcare customer solutions
- Confidence
- Durability
- durable
- Trajectory
- wideningas of Aug 6, 2026
Doximity's physician network becomes more useful as more verified clinicians maintain profiles, connect, read clinical news, exchange referrals and use workflow tools.
Workflow unique active providers grew approximately 32% year over year in June 2026, extending network use beyond professional profiles; the filing does not measure direct referral effects.
- Unique active workflow providers–+32%
- U.S. physician member penetration≥85.0%
- Physician engagement can plateau once U.S. physician penetration is already high.
- Competing professional networks, medical publishers, EHRs and AI assistants can draw clinician attention away from Doximity.
- Privacy, security or content-trust failures could reduce clinician willingness to participate.
- FilingDoximity, Inc. Form 10-K for fiscal year ended March 31, 2026May 19, 2026
- FilingDoximity, Inc. Form 10-K for fiscal year ended March 31, 2026May 19, 2026
- FilingDoximity, Inc. Form 10-K for fiscal year ended March 31, 2026May 19, 2026
- SourceDoximity fiscal 2027 first-quarter earnings releaseAug 6, 2026
- Applies to
- Medical professional platform and healthcare customer solutions
- Confidence
- Durability
- medium
- Trajectory
- stableas of Aug 6, 2026
Verified member profiles, engagement data, clinical specialty context and customer campaign feedback can improve targeting, personalization, workflow relevance and AI product utility.
The network supplies clinician context and physician feedback, but 107% net revenue retention and no published improvement in campaign returns leave the data advantage contested.
- Net revenue retention107.0%-11.0 pts
- PeerCheck physician experts≥11,000
- Privacy rules, HIPAA-sensitive workflows and state data laws can restrict data use.
- Hospitals, EHR vendors, claims-data providers and pharma agencies can use their own datasets for targeting.
- AI model improvements may reduce the value of proprietary workflow-specific data if competitors access comparable clinical sources.
- OpenEvidence litigation concerns alleged access to a competing AI platform; mediation and potential remedies create uncertainty over data access and product trust.
- FilingDoximity, Inc. Form 10-K for fiscal year ended March 31, 2026May 19, 2026
- FilingDoximity, Inc. Form 10-K for fiscal year ended March 31, 2026May 19, 2026
- FilingDoximity, Inc. Form 10-K for fiscal year ended March 31, 2026May 19, 2026
- Applies to
- Medical professional platform and healthcare customer solutions
- Confidence
- Durability
- medium
- Trajectory
- narrowingas of Aug 6, 2026
Subscription contracts, campaign modules, health-system relationships and proven clinician reach create renewal and expansion inertia, though customer budgets remain discretionary.
Net revenue retention fell to 107% from 118% a year earlier, so established customer relationships protect less expansion revenue than before.
- Net revenue retention107.0%-11.0 pts
- Large subscription customers127+7%
- Pharmaceutical policy uncertainty, tariffs or drug-pricing pressure can reduce HCP marketing budgets.
- Large customers and agencies can renegotiate contracts or shift dollars to alternative channels.
- Revenue concentration among large customers can make churn or budget cuts material.
- FilingDoximity, Inc. Form 10-K for fiscal year ended March 31, 2026May 19, 2026
- FilingDoximity, Inc. Form 10-Q for quarter ended June 30, 2026Aug 6, 2026
- FilingDoximity, Inc. Form 10-Q for quarter ended June 30, 2026Aug 6, 2026
- FilingDoximity, Inc. Form 10-Q for quarter ended June 30, 2026Aug 6, 2026
- Applies to
- Medical professional platform and healthcare customer solutions
- Confidence
- Durability
- medium
- Trajectory
- stableas of Feb 5, 2026
Doximity's physician-first positioning, verified professional identity and repeated KLAS recognition support trust with clinicians and health-system buyers.
Dialer won its fifth consecutive Best in KLAS telehealth award in February 2026; AI safety benchmarks support product quality but do not establish durable customer retention.
- Unique active workflow providers–+32%
- PeerCheck physician experts≥11,000
- Sponsored content, pharma marketing or AI mistakes could undermine physician trust.
- A data breach or misuse of clinician or patient-related information would damage the brand.
- Competitors with strong medical content brands can challenge clinician attention and trust.
- FilingDoximity, Inc. Form 10-K for fiscal year ended March 31, 2026May 19, 2026
- Source2025 Best in KLAS Awards - Software and ServicesFeb 5, 2025
- SourceDoximity Ranked #1 Best in KLAS Telehealth Video Platform for Fifth Consecutive YearFeb 5, 2026
Profile change log
- Oct 6, 2026 · analyst revision
The owner changed Doximity's industry to Internet platforms because its main business sells access to a physician network and digital workflows rather than delivering patient care.
- Oct 6, 2026 · business change
Doximity published the open-source Bedside Bench clinical AI benchmark with Fireworks, supporting medical AI quality testing without establishing a commercial moat.
- Oct 6, 2026 · business change
Doximity raised FY2027 revenue guidance to $671-$681 million but lowered adjusted EBITDA guidance to $309-$329 million as AI investment increased.
- Oct 6, 2026 · business change
The court temporarily stayed the OpenEvidence case for mediation, leaving potential AI access and damages remedies unresolved.
- Oct 6, 2026 · business change
The court approved the $31 million securities settlement, funded by insurance; derivative lawsuits remain unresolved.
- Oct 6, 2026 · business change
Doximity partnered with Photon to enable prescribing within clinical workflows, increasing the usefulness of its physician tools.
- Oct 6, 2026 · business change
Doximity partnered with Aledade to integrate Ask and Scribe into its practice tools, expanding clinical AI distribution to independent physicians.
- Oct 6, 2026 · business change
Doximity named Matt Sonefeldt CFO and Steve Zatz President, bringing financial and commercial experience to its AI investment program.
- Oct 6, 2026 · business change
Doximity acquired Pathway for $36.3 million of acquisition-date consideration, adding clinical AI technology and its engineering team; further service-based awards increase compensation costs.
- Oct 6, 2026 · business change
Doximity reduced its workforce by approximately 10%, with $7.9 million of restructuring costs, to align spending with slower growth.
- Oct 6, 2026 · analyst revision
Four existing moat claims now have trajectories, a full investment debate and management evidence; customer renewal protection is narrowing as net revenue retention falls to 107%.
Industry & peers
Peer map
Hover a point for its values; click a peer to compare. Dashed lines: industry medians.
U.S. clinician engagement and workflow platforms
Digital platforms that connect U.S. medical professionals and sell clinician-targeted marketing, recruiting, telehealth, scheduling or clinical AI tools. Excludes drug sales, broad consumer advertising, medical devices and electronic health record systems sold as the core system of record.
- Doximity
- Medscape / WebMD
- OpenEvidence
- LinkedIn / Microsoft
- Zoom
- Teladoc Health
- American Well
- QGenda
- Abridge
| Stocks | Moat | Gross m. | Op. m. | |
|---|---|---|---|---|
| DOCS | 86 | 88.1% | 29.6% | |
| Industry median | 19 | 75 | 56.7% | 25.1% |
| Sector median | 55 | 76 | 61.5% | 17.0% |
| All stocks median | 398 | 76 | 52.9% | 19.6% |
Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.
Drivers & risks
- Physician staffing pressure and administrative workload create demand for recruiting, communication, scheduling and clinical AI tools.
- Drug launches and promotion to specialist prescribers support healthcare-professional marketing budgets; patent expiry can remove that demand.
- Verified clinician identity, relevant medical content and workflow use help platforms sell measurable clinician reach.
- AI adoption can expand daily use, while integration into hospital or practice workflows determines whether use produces paid contracts.
- Interest rates affect the yield on platform cash reserves more directly than borrowing costs for a debt-free operator; U.S.-focused demand limits direct currency sensitivity.
- Pharma pricing policy, tariffs, clinical approvals and hospital budget pressure can reduce marketing and technology spending even when patient demand stays strong.
- Medscape, OpenEvidence, EHR tools and large technology companies compete for clinician attention and customer budgets; clinicians can use several platforms.
- AI inference costs and competition can increase the cost of free tools before commercial revenue is established.
- Privacy, HIPAA compliance, sponsored-content trust and AI accuracy failures can damage adoption or restrict data use.
- Clinical AI access and intellectual-property disputes can impose damages, product restrictions or higher compliance costs.
Bulls & bears
Can Doximity turn rising clinical AI use into durable customer spending before compute costs, competition and share compensation consume the benefit?
Arguments
What to watch
- 1Quarterly unique active workflow providers
- 2Net revenue retention and customers above $500,000 of trailing subscription revenue
- 3Reported operating cash flow, cash capex and stock-based compensation
Next check: FY2027 Q2 results for September 30, 2026, plus any material OpenEvidence court or settlement decision; no confirmed earnings date found.
Sources: company filings and dated sources collected for Find My Moat; market cap as of Oct 5, 2026. Not investment advice.
Free to reuse, commercially too, with a credit link. See the data license.
Moat Score 86/100 by <a href="https://www.findmymoat.com/stocks/XNYS:DOCS">Find My Moat</a> (as of September 2026)Request update
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