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Friday 6 November 2026
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Doximity, Inc.
DOCS Healthcare Health Information Services
Doximity, Inc.’s revenue for fiscal 2026 (year ended March 2026) was $644.9 million, up 13.1% from fiscal 2025.
- Revenue
- +3.57%
- EPS
- −42.4%
- Free cash flow
- +1.87%
Quarter to September 2026, against a year earlier
31.93
1.25
−3.77%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to March
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM Sep ’26 | Trend | 10 yrs | 2027e | 2028e | 2029e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | 86 | 116 | 207 | 344 | 419 | 475 | 570 | 645 | 662 | +33.4% | 901 | 961 | 1,045 | +17.5% | |
| Gross margin, % | — | — | 87.29 | 87.20 | 84.92 | 88.42 | 87.24 | 89.34 | 90.20 | 89.09 | 86.83 | +1.8 pt | ||||||
| EBT | — | — | 8 | 24 | 58 | 114 | 133 | 185 | 264 | 250 | 204 | +63.7% | ||||||
| EBT margin, % | — | — | 9.25 | 20.20 | 27.92 | 33.18 | 31.78 | 38.96 | 46.21 | 38.77 | 30.78 | +29.5 pt | ||||||
| Net income | — | 0 | 8 | 30 | 50 | 155 | 113 | 148 | 223 | 196 | 140 | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | 1.33 | 1.74 | 2.78 | 2.10 | 2.17 | 2.50 | 3.05 | 3.45 | 3.70 | +14.5% | |||||
| Earnings | — | — | 0.12 | 0.16 | 0.29 | 0.82 | 0.58 | 0.78 | 1.19 | 1.05 | 0.75 | +36.0% | ||||||
| Cash flow | — | — | 0.24 | 0.39 | 1.12 | 0.77 | 0.93 | 0.97 | 1.46 | 1.75 | 1.71 | +32.9% | ||||||
| Capex | — | — | (0.02) | (0.06) | (0.06) | (0.03) | (0.03) | (0.03) | (0.03) | (0.05) | 0.00 | +14.6% | ||||||
| Free cash flow | — | — | 0.22 | 0.33 | 1.05 | 0.74 | 0.90 | 0.94 | 1.43 | 1.70 | 1.71 | +33.9% | ||||||
| Book value | — | — | 0.00 | 1.24 | 1.99 | 5.37 | 5.00 | 4.74 | 5.79 | 5.08 | 5.20 | n/m | ||||||
| Shares, m | — | — | 64 | 67 | 74 | 163 | 193 | 190 | 187 | 187 | 184 | +16.5% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | 78.47 | 78.47 | 78.47 | 67.91 | 54.88 | 33.43 | 48.76 | 22.40 | 44.37 | 57.9 | |||||
| P/S | — | — | 19.04 | 19.04 | 19.04 | 24.79 | 14.93 | 10.56 | 19.01 | 6.76 | 8.99 | 16.6 | ||||||
| P/B | — | — | 59.03 | 59.03 | 59.03 | 9.69 | 6.47 | 5.57 | 10.01 | 4.58 | 6.40 | 26.7 | ||||||
| EV/Sales | — | — | 18.36 | 18.36 | 18.36 | 22.46 | 12.92 | 8.96 | 17.40 | 5.60 | 7.91 | 15.3 | ||||||
| EV/FCF | — | — | 48.46 | 48.46 | 48.46 | 63.85 | 31.22 | 23.89 | 37.22 | 11.36 | 17.66 | 39.1 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | 15 | 26 | 83 | 127 | 180 | 184 | 273 | 326 | 306 | +54.8% | |||||
| Capex | — | — | (1) | (4) | (5) | (6) | (6) | (6) | (7) | (9) | (9) | +33.4% | ||||||
| Free cash flow | — | — | 14 | 22 | 78 | 121 | 173 | 178 | 267 | 317 | 306 | +56.0% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | 67 | 107 | 793 | 836 | 766 | 932 | 789 | 777 | +50.7% | |||||
| Net debt | — | — | — | (86) | (143) | (798) | (841) | (763) | (916) | (749) | (713) | +43.3% | ||||||
| Shareholders’ equity | — | — | — | 83 | 148 | 879 | 966 | 901 | 1,083 | 951 | 928 | +50.3% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | 0.00 | 15.59 | 11.04 | 21.44 | 10.60 | 13.32 | 19.05 | 16.42 | 11.90 | +16.4 pt | |||||
| ROIC | — | — | 0.00 | 0.00 | 587.87 | 88.17 | 62.50 | 73.95 | 85.27 | 66.42 | 50.61 | +66.4 pt | ||||||
| ROE | — | — | 0.00 | 31.91 | 63.51 | 28.19 | 12.23 | 15.81 | 22.50 | 19.28 | 13.81 | +19.3 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | 713 | 887 | 977 | 827 | 830 | 880 | — | +4.3% | |||||
| Revenue/emp, $m | — | — | 0.00 | 0.00 | 0.29 | 0.39 | 0.43 | 0.57 | 0.69 | 0.73 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Mar 2026 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2026
| Subscription | 608 | 94.35% |
|---|---|---|
| Other | 36 | 5.65% |
| Gross margin | 89.09% | |
| Operating margin | 33.33% | |
| Pre-tax margin | 38.77% |
Doximity, Inc. vs peers in Health Information Services (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| BTSG BrightSpring Health Services, Inc. | $13.1B | 33.0× | 41.2× | +26.37% (above 0%: growing) | +77.78% (above 0%: growing) | +97.70% (above 0%: growing) | 12.31% | 3.81% | Compare |
| TEM Tempus AI, Inc. | $12.9B | — (loss-making) | — (loss-making) | +23.14% (above 0%: growing) | n/m | +95.67% (above 0%: growing) | 64.81% | (13.82%) | Compare |
| HNGE Hinge Health Inc. | $9.4B | 86.1× | 56.0× | +53.00% (above 0%: growing) | n/m | +441.14% (above 0%: growing) | 86.44% | 19.00% | Compare |
| HQY HealthEquity, Inc. | $8.6B | 36.9× | 34.8× | +7.64% (above 0%: growing) | +14.49% (above 0%: growing) | −3.44% (below 0%: shrinking) | 73.55% | 28.14% | Compare |
| DOCS Doximity, Inc. | $5.9B | 44.4× | 49.7× | +3.57% (above 0%: growing) | −42.42% (below 0%: shrinking) | +1.87% (above 0%: growing) | 85.48% | 25.16% | |
| WAY Waystar Holding Corp. | $5.6B | 40.9× | 31.9× | +21.21% (above 0%: growing) | −10.22% (below 0%: shrinking) | +23.36% (above 0%: growing) | 69.53% | 18.81% | Compare |
| HTFL Heartflow, Inc. | $4.5B | — (loss-making) | — (loss-making) | +47.57% (above 0%: growing) | n/m | +62.62% (above 0%: growing) | 83.00% | (27.93%) | Compare |
| PRVA Privia Health Group, Inc. | $3.1B | 88.3× | 83.4× | +13.19% (above 0%: growing) | +83.33% (above 0%: growing) | −44.35% (below 0%: shrinking) | 0.00% | 3.13% | Compare |
| SDGR Schrodinger, Inc. | $2.2B | — (loss-making) | — (loss-making) | +18.72% (above 0%: growing) | n/m | +21.64% (above 0%: growing) | 59.32% | (40.52%) | Compare |
| Median of peers | $7.1B | 40.9× | 41.2× | +22.18% | +46.14% | +42.99% | 67.17% | 3.47% |
From the latest earnings call
- CEO Jeff Tangney said quarterly active workflow prescribers grew 34% year over year, while more than 190 health systems used Doximity’s AI suite.
- CFO Matt Sonefeldt said AI Search had become an eight-figure bookings product and that improving AI cost efficiency helped profitability in Q2.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
71.51%
Held by the ten largest
33.29%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| BlackRock | 14.31m | 8.03% | +50.59k |
| Vanguard | 13.43m | 7.54% | +184.19k |
| D. E. Shaw | 5.92m | 3.32% | +3.02m |
| Two Sigma | 4.65m | 2.61% | +3.28m |
| State Street | 4.21m | 2.36% | +171.40k |
| Goldman Sachs | 4.09m | 2.29% | +2.32m |
| Geode Capital Management | 3.85m | 2.16% | −95.28k |
| Wellington Management | 3.14m | 1.76% | +621.46k |
| Deutsche Bank (DWS) | 2.89m | 1.62% | −29.24k |
| RENAISSANCE TECHNOLOGIES LLC | 2.85m | 1.60% | −206.10k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 15 July 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2026 | 19.59m | (34.13m) | 43.96 |
| 2025 | 17.23m | 84.83m | 109.49 |
| 2024 | 298.87k | (15.68m) | 50.77 |
| 2023 | 243.73k | (101.69m) | 61.09 |
| 2022 | 243.39k | 217.52m | 98.28 |
Ownership
Directors and executive officers, together
31.80%
Jeff Tangney
30.10%
Entities affiliated with Tangney Schweikert Family Trust
25.10%
Entities affiliated with BlackRock, Inc.
8.00%
Entities affiliated with Vanguard Capital Management
5.20%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Doximity, Inc. (DOCS) Latest News
6 Nov
5 Nov
29 Oct
20 Oct
13 Oct
5 Oct
22 Sep
11 Aug
DOCS metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Doximity runs a digital network and provides software for U.S. medical professionals. Doctors and other eligible clinicians can join free, connect with colleagues, read medical news, find career opportunities and use tools in their daily work. Doximity was founded in 2011, is headquartered in San Mateo and is led by chief executive Jeff Tangney.
Its tools include Dialer for voice and video patient visits, Scribe for generating clinical notes, and Ask for answering clinical questions and helping draft documents. Members can also use digital fax, secure messaging, prescribing and on-call scheduling tools. Doximity verifies members’ identities and credentials before giving them access to the network and, depending on their credentials, clinical tools.