Doximity Inc logo

Doximity Inc(DOCS)

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ADVISORIES YOU CAN VERIFY
QUALITY SIGNAL RECENCY
1-STAR RATING
Consider higher Upturn Star rating
BUY for 33 days
PROFIT SINCE LAST BUY
+0.92% ▲
LAST CLOSE
$26.35
09/25/2026
(24-hour delay)

Advisory History & Simulated Performance *

*as per simulation (see disclosures)
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Upturn Advisory & Investor View for DOCS

09/25/2026: DOCS (1-star) has a low Upturn Star Rating. Not recommended to BUY.

Doximity is a digital platform and professional network designed specifically for US physicians, providing communication, telehealth, and workflow tools. The company benefits from high user trust and a sticky, high-margin software model that supports its primary pharmaceutical marketing business. Its main growth story centers on increasing platform utility through AI productivity tools and expanding enterprise subscription services to health systems. Key risks include heavy reliance on pharmaceutical advertising budgets and potential competition from larger tech platforms. The company is best suited for growth-oriented investors looking for exposure to digital healthcare, though investors should monitor advertising budget trends and regulatory developments carefully.

How to Read the Upturn Advisory

The Upturn Star Rating and the current BUY, SELL, or PASS advisory are generated by Upturn’s AI advisory engine based on proprietary signal analysis, price behavior, advisory history, and historical signal performance.

Company fundamentals, valuation, risks, and news provide supporting context about the business.

Investor Fit

Investor styleFitWhy
Growth investorStrong fit while signal remains positiveDoximity offers a scalable software model targeting high-value professional markets.
Momentum investorMixed fitThe stock often follows broader tech and health-tech sentiment trends.
Value investorWeak fitValuation multiples often command a growth premium consistent with tech software firms.
Dividend investorWeak fitThe company does not pay a dividend, focusing entirely on growth reinvestment.
Low-risk investorWeak fitThe stock exhibits volatility typical of mid-cap growth and software technology equities.

Risk Profile

Risk factorLevelWhy it matters
Price volatilityMedium / highTechnology-focused stocks often experience significant price swings based on macro sentiment.
Valuation riskMediumInvestors pay a premium for growth, which can contract if revenue acceleration slows.
Competition risk (advertising and AI)MediumIncreasing competition from both established players and new AI-driven health startups could pressure margins.
Business qualityStrongThe company benefits from a high-margin, sticky, and network-effect-driven business model.
Dividend incomeLow / noneInvestors cannot rely on the stock for consistent income generation.
Execution riskMediumThe company must successfully innovate to maintain its relevance in an evolving digital healthcare landscape.

Price Behavior

Steep Decline
PRICE PATH

Steep Decline

The stock price has dropped sharply with strong downward pressure.

Extreme Price Shocks
PRICE STABILITY

Extreme Price Shocks

The stock has experienced exceptionally large and disruptive price movements during the period.

Analysis of Past Performance

Type Stock
Historic Profit 8.49%
Avg. Invested days 42
Today’s Advisory Consider higher Upturn Star rating
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Upturn Advisory Performance Upturn Advisory Performance icon 4.0
Stock Returns Performance Upturn Returns Performance icon 2.0
Upturn Profits based on simulation icon Profits based on simulation
Upturn last close icon Last Close 09/25/2026

Upturn Scorecard

Upturn Star Rating

★★★★★
DOCS receives a 4-star rating, supported by strong unit economics, solid company fundamentals, and solid analyst coverage. The rating is constrained by weak price momentum.

Company Fundamentals

★★★★★
DOCS has solid overall fundamentals (4 stars), with solid financial health, solid growth momentum, and solid ownership. In FY2026 versus FY2025, strong cash generation (FCF margin 49.2%) and solid revenue growth (+13.1%) are partially offset by negative earnings growth (-12.2%), modest insider ownership of 2.86%.

Financial Health Rating

★★★★★
DOCS's financial health is supported by strong liquidity, including working-capital and asset support (WC/assets 70.2%). Operating efficiency is solid (4 stars), which helps explain the 4-star overall score.

Growth Momentum Score

★★★★★
Free-cash-flow growth is DOCS's strongest growth driver at +19.0% FY2026 versus FY2025 (solid, 4 stars). By comparison, revenue growth (+13.1%, solid) is also solid, while earnings growth (-12.2%, negative) holds the profile back, so recent growth is not broad-based across the business.

Ownership

★★★★★
Institutional ownership is 102.9% and approximately 97.1% of outstanding shares are publicly tradable, supporting liquidity and institutional participation. Insider ownership of 2.86% provides only moderate management-shareholder alignment.

Top 5 Institutional Investors

BlackRock Inc 8.00%
Vanguard Portfolio Management, LLC 3.59%
D. E. Shaw & Co LP 3.32%
Vanguard Capital Management, LLC 3.23%
ClearBridge Advisors, LLC 2.79%

Unit Economics (Per $1K Revenue)

★★★★★
DOCS generates approximately $891 of gross profit, $333 of operating income, and $492 of free cash flow for every $1,000 of revenue. Based on FY2026 results. Strong margins, cash conversion, and capital efficiency support the rating.

Economic Dimensions

★★★★★
Effective Tax Rate: 21.58%

Quantitative Style Profile

★★★★★
DOCS has a high-quality, liquid profile. Weak momentum is the primary drawback, while valuation that is moderately attractive rather than deeply discounted.

Style Classification

Quality Focused

Quality TiltHigh VolatilitySmall / Mid Cap RiskShort Squeeze RiskHighly Liquid / Institution-Friendly

Key Highlights

Company Size Mid-Cap Stock
Market Capitalization 4.64B USD
Price to earnings Ratio 31
1Y Target Price 29.94
Price to earnings Ratio 31
1Y Target Price 29.94
Volume (30-day avg) 2.8M shares
Beta 1.25
52 Weeks Range 17.15 - 76.51
Updated Date 09/25/2026
52 Weeks Range 17.15 - 76.51
Updated Date 09/25/2026
Dividends yield (FY) -
Basic EPS (TTM) 0.84

How Company Makes Money

Business areaWhat it includesRetail investor read
Subscription ServicesFees from health systems for enterprise-grade telehealth and workflow products.Steady recurring revenue from hospitals and health systems.
Marketing SolutionsAdvertising revenue from pharmaceutical companies seeking to reach physicians.Primary driver of growth, dependent on pharmaceutical marketing budgets.

Analyzing Revenue: Products, Geography and Growth

Revenue by Products

Product revenue - Year on Year

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Valuation

Trailing PE 31
Forward PE 19.76
Enterprise Value 4.06B
Price to Sales(TTM) 7.08
Enterprise Value 4.06B
Price to Sales(TTM) 7.08
Enterprise Value to Revenue 6.19
Enterprise Value to EBITDA 19.33
Shares Outstanding 127.35M
Shares Floating 123.64M
Shares Outstanding 127.35M
Shares Floating 123.64M
Percent Insiders 2.86
Percent Institutions 102.95

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Financial Metrics

🧭 Investment Snapshot

Total Revenue (Scale)

Information icon Total money earned from selling products or services before any costs. It is needed to understand the scale of the business and its ability to generate income.

Net Income (Profit)

Information icon Final profit after all expenses, interest, and taxes are deducted. It is needed to determine the overall profitability available to shareholders.

Free Cash Flow (Cash Strength)

Information icon Cash remaining after operating activities and capital expenditures, showing cash available for growth. It is needed to evaluate the company’s ability to invest, pay dividends, or reduce debt.

📈 Growth & Strength

Operating Income (Core Profit)

Information icon Profit from core operations after deducting all operating expenses. It is needed to measure how efficiently the company runs its primary business activities.

EBITDA (Cash Earnings)

Information icon Earnings before interest, taxes, depreciation, and amortization, indicating operating cash potential. It is needed to compare operating performance across companies without accounting or financing differences.

Gross Profit (Unit Profitability)

Information icon Revenue minus cost of revenue, showing profit after direct production costs. It is needed to evaluate core business profitability before overhead expenses.

🛡️ Financial Safety

Cash (Liquidity Buffer)

Information icon Total cash and cash equivalents on hand. It is needed to evaluate immediate liquidity and financial flexibility.

Total Debt (Leverage Risk)

Information icon Total debt including both short-term and long-term components. It is needed to assess the company’s leverage and financial risk.

Net Working Capital (Short-Term Health)

Information icon Current assets minus current liabilities, indicating short-term liquidity strength. It is needed to assess whether the company can meet its short-term obligations.

🧱 Balance Sheet Strength

Stockholder Equity (Net Worth)

Information icon Total equity value held by shareholders. It is needed to understand the net worth of the company from the owners’ perspective.

Total Assets (Asset Base)

Information icon The full value of everything the company owns, including cash, inventory, equipment, and investments. It is needed to understand the resource base used to generate revenue.

Income Before Tax (Pre-Tax Earnings)

Information icon Income before provision for income taxes. It is needed to analyze profitability independent of tax structures.

⚙️ Cost & Drag Factors

Cost of Revenue (Production Cost)

Information icon Direct costs required to produce and deliver the products or services sold. It is needed to assess efficiency in production and service delivery.

Total Operating Expenses (Operating Cost)

Information icon Indirect costs of running the business such as salaries, marketing, and administration. It is needed to understand how much it costs to sustain ongoing business operations.

Income Tax Expense (Tax Drag)

Information icon Amount of taxes paid or payable to the government. It is needed to evaluate the impact of taxation on overall profitability.

About Doximity Inc

Exchange NYSE
Headquarters San Francisco, CA, United States
IPO Launch date 2021-06-24
Co-Founder, CEO & Chairperson Mr. Jeffrey A. Tangney
Sector Healthcare
Industry Health Information Services
Full time employees 880
Full time employees 880

Doximity, Inc. operates a digital platform for medical professionals in the United States. Its Doximity platform includes a personalized newsfeed that presents clinical and professional content to members, which offers medical articles, clinical trials or research results in an easy-to-consume video format, professional updates and accomplishments of their peers and colleagues, clinical discussions, Op-Med articles for publication, and sponsored content from pharmaceutical manufacturers and health systems. The company also offers workflow tools, including Ask, a HIPAA-compliant AI assistant, to access and apply evidence-based medical information within clinical workflows; Scribe, a HIPAA-compliant, AI-powered clinical documentation tool; Telehealth tools for hospitals and health systems; and AMiON, an on-call scheduling tool. The company primarily serves physicians, nurse practitioners, physician assistants, medical students, pharmaceutical manufacturers, and healthcare systems. The company was formerly known as 3MD Communications, Inc. and changed its name to Doximity, Inc. in June 2010. Doximity, Inc. was incorporated in 2010 and is headquartered in San Francisco, California.