At a glance
Doximity Inc is worth $6.10B, about 35 times its fiscal 2026 earnings. Revenue grew 13.1% to $644.9M in fiscal 2026, with 30.4% kept as profit; over 5 years it has grown 25.5% a year. It pays no dividend; it spent $920.7M buying back its shares over FY2022–FY2026. The stock returned −48.5% over the past year with dividends reinvested and −13.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 56.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 28 months after the low.
The business in plain English
Doximity runs a professional network and set of work tools for U.S. doctors and other clinicians. As of March 31, 2026, it had more than 3 million registered members. They included more than 85% of U.S. physicians, two-thirds of U.S. nurse practitioners and physician assistants, and about 90% of graduating U.S. medical students. Members get a verified profile, a personalized medical newsfeed, career tools and AI-powered helpers. These include Dialer for phone and video visits, Scribe, which listens during patient visits and drafts notes, and Ask, which answers clinical questions.
Doctors use Doximity free. The money comes from organizations that want to reach or equip them. Paying customers are mainly pharmaceutical manufacturers and health systems. Marketing Solutions put sponsored content in front of chosen groups of medical professionals. Hiring Solutions help health systems and recruiting firms find and hire clinicians, and include a staffing firm, Curative Talent. Workflow Solutions cover telehealth, on-call scheduling, digital fax and AI tools. Ask is also offered to hospitals and health systems as an enterprise product.
In the fiscal year ended March 31, 2026, revenue was $644.9 million, up 13.1%. Gross margin, the share of sales left after the direct cost of providing the service, was 89.1%. The company says revenue is relatively concentrated among a small number of key customers.
Price history
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DOCS -48.5% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q1 FY2027 (ended Jun 30, 2026), revenue was $156.6M, up 7.3% from a year earlier, and net income was $24.3M (-54.4%).
- For fiscal 2026, revenue was $644.9M (+13.1% year over year; +25.5% a year from FY2021 to FY2026) with a 30.4% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +25.5% good |
|---|---|
| Operating margin | 33.3% good |
| Free cash flow margin | 50.6% good |
| Return on equity (FY2026) | 20.6% good |
| Return on assets (FY2026) | 17.4% good |
| Cash and investments | $273.6M (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $206.9M | $50.2M | $82.7M |
| FY2022 | $343.5M | $154.8M | $124.7M |
| FY2023 | $419.1M | $112.8M | $177.9M |
| FY2024 | $475.4M | $147.6M | $183.9M |
| FY2025 | $570.4M | $223.2M | $273.3M |
| FY2026 | $644.9M | $196.1M | $326.5M |
Valuation snapshot
| Market value | $6.10B |
|---|---|
| P/E ratio | 34.9 |
| Dividend yield | None |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| DOCS price data to Oct 28, 2026 | -22.7% | -48.5% | +18.1% | -13.1% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -22.6% |
| 2025 | -17.1% |
| 2024 | +90.4% |
| 2023 | -16.4% |
| 2022 | -33.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 47.9% over that stretch · deepest drop along the way 56.5%, back to its old high 27.9 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 10 sales ($755K), 10 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 7, 2026 | Timothy S Cabral Director | sell (plan) | $293K |
| Oct 14, 2026 | Siddharth Sitaram Chief Accounting Officer | sell (plan) | $80K |
| Oct 1, 2026 | Kira Scherer Wampler Director | sell (plan) | $58K |
| Sep 15, 2026 | Siddharth Sitaram Chief Accounting Officer | sell (plan) | $54K |
| Sep 1, 2026 | Kira Scherer Wampler Director | sell (plan) | $53K |
Who owns it
Large shareholders (13G filings)
| Tangney Jeffrey | 29.9% | Mar 31, 2026 |
| Vanguard Capital Management | 5.07% | Mar 31, 2026 |
| WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC | 4.9% | Dec 31, 2024 |
| Clearbridge Investments, LLC | 4.3% | Sep 30, 2024 |
| Emergence Capital Partners II, L.P. | 4.1% | Dec 31, 2024 |
| Durable Capital Partners LP | 2.3% | Dec 31, 2024 |
| FMR LLC | 1.6% | Dec 31, 2025 |
ETFs with the most weight in DOCS
| HEAL Global X HealthTech ETF | 4.38% |
| EKG First Trust Nasdaq Lux Digital Health Solutions ETF | 3.27% |
| COWG Pacer US Large Cap Cash Cows Growth Leaders ETF | 3.01% |
| LGHT Langar Global HealthTech ETF | 2.73% |
| FXH First Trust Health Care AlphaDEX Fund | 2.25% |
| FCUS Pinnacle Focused Opportunities ETF | 1.92% |
| JSMD Janus Henderson Small/Mid Cap Growth Alpha ETF | 1.82% |
| FPX First Trust US Equity Opportunities ETF | 1.29% |
What could go wrong
- Revenue depends on a few key customers. Doximity's paying customers are mainly drugmakers and health systems, and revenue is relatively concentrated among a small number of key customers. Losing one or more pharmaceutical brands could slow growth or shrink revenue.
- The free network must keep doctors engaged. Doctors use Doximity free, while drugmakers and health systems pay to reach them. If members leave, stop engaging, or let profiles go stale, the network loses value for paying customers.
- Revenue growth is slowing. Revenue grew 20% in fiscal 2025 and 13% in fiscal 2026, and the company warns its growth rate may decline. In the quarter ended June 30, 2026, revenue rose 7.3% from a year earlier.
- AI products could disappoint or bring liability. Doximity is building AI products such as Scribe and Ask. The company warns they may not deliver expected benefits and could create reputational, regulatory, legal and liability risks. It also depends on outside AI providers.
- Healthcare and drug-marketing rules are strict. Doximity's products touch heavily regulated areas, such as drug marketing to doctors. If it or its customers break healthcare laws, penalties or weaker demand could follow. Consolidation among healthcare companies could also hurt the business.
- Dual-class shares concentrate voting control. Doximity has two classes of stock with different voting power. This concentrates control with executives, including the CEO, and directors, limiting how much ordinary Class A shareholders can influence company decisions.
Recent events
- Shareholder vote results
- Quarterly results released
- Quarterly results released; Executive or board change
- Executive or board change; Investor presentation or announcement
- Quarterly results released; Executive or board change
- Other company announcement
- Quarterly results released
For income and retirement investors
Doximity pays no dividend, so there is no record of increases to track. Income investors would get no regular cash. Returns would come only from share-price changes, and drawing income would mean cashing in shares. The company returns cash through buybacks (repurchasing its own shares) instead. It spent $920.7 million on buybacks from fiscal 2022 through fiscal 2026, including $431.7 million in the year ended March 31, 2026. That was more than the year's $326.5 million of free cash flow (cash left after running and investing in the business).
The shares swing sharply. In the 2022 stock market slump they fell 56.5% between February 9 and October 12, 2022. They regained that peak only on February 7, 2025, about 28 months after the low. As of October 28, 2026, they were down 48.5% over one year. Their trading history doesn't cover the 2008 or 2020 crashes. Single stocks like this carry more risk than diversified funds.
Questions investors ask
How does Doximity make money?
Doximity makes money from organizations that want to reach or support medical professionals, not from the doctors, who join free. Its paying customers are mainly pharmaceutical manufacturers and health systems. They pay for three kinds of product. Marketing Solutions put sponsored content in front of chosen groups of clinicians. Hiring Solutions help them recruit staff. Workflow Solutions include telehealth, on-call scheduling, digital fax and AI tools. Revenue was $644.9 million in the fiscal year ended March 31, 2026.
Does Doximity pay a dividend?
No. Doximity does not pay a dividend and paid none from fiscal 2021 through fiscal 2026. It returns cash by repurchasing its own shares instead. It spent $920.7 million on buybacks from fiscal 2022 through fiscal 2026, including $431.7 million in the year ended March 31, 2026. Buybacks can reduce the number of shares and raise each remaining share's slice of profits, but they provide no regular cash. Investors wanting income from the stock would have to cash in shares.
Is Doximity profitable?
Yes. In the fiscal year ended March 31, 2026, Doximity earned $196.1 million of net income on $644.9 million of revenue. That is a net margin of 30.4%, or about 30 cents of profit per dollar of sales. Free cash flow (cash left after running and investing in the business) was $326.5 million. Profit still fell 12.2% from the prior year. In the quarter ended June 30, 2026, net income dropped 54.4% from a year earlier while revenue rose 7.3%.
How has Doximity stock performed?
Unevenly, with large swings. As of October 28, 2026, the shares were down 48.5% over one year and 22.7% in 2026 through that date. They were up 65% in total over three years but down 51% over five. The stock fell 33.1% in 2022 and 16.5% in 2023, rose 90.4% in 2024, then fell 17.1% in 2025. Its deepest peak-to-trough drop was 82.3%. Volatility, a measure of how widely the price moves, was 64.8% over the year to October 28, 2026.
What is Doximity's P/E ratio?
Doximity's price-to-earnings (P/E) ratio was about 34.9 as of October 28, 2026. The ratio divides the share price by a year of earnings per share. Here that was $0.98 for the fiscal year ended March 31, 2026, down from $1.11 a year earlier. The company's total market value was about $6.1 billion. A higher P/E often reflects expectations of growth, and Doximity's revenue growth slowed from 20% in fiscal 2025 to 13% in fiscal 2026.