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DOCS

Doximity, Inc.

DOCS

Doximity, Inc. • NYSE
$51.44 ▲ 0.92% (+0.47)
Market Cap $9.66 B
52w High $85.21
52w Low $46.04
Dividend Yield 0%
P/E 41.15
Volume 563.96K
Outstanding Shares 187.77M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2026 $168.525M ▲ $88.419M ▲ $62.059M ▲ 36.825% ▲ $0.33 ▲ $78.108M ▲
Q1-2026 $145.913M ▲ $75.603M ▲ $53.32M ▼ 36.542% ▼ $0.28 ▼ $66.941M ▲
Q4-2025 $138.288M ▼ $75.141M ▲ $62.458M ▼ 45.165% ▲ $0.33 ▼ $51.509M ▼
Q3-2025 $168.603M ▲ $74.497M ▲ $75.196M ▲ 44.599% ▲ $0.4 ▲ $82.58M ▲
Q2-2025 $136.832M $70.014M $44.154M 32.269% $0.24 $58.059M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2026 $878.367M ▲ $1.257B ▲ $161.578M ▼ $1.096B ▲
Q1-2026 $840.973M ▼ $1.204B ▼ $178.852M ▼ $1.026B ▼
Q4-2025 $915.664M ▲ $1.264B ▲ $181.684M ▲ $1.083B ▲
Q3-2025 $844.94M ▲ $1.172B ▲ $141.037M ▼ $1.031B ▲
Q2-2025 $805.558M $1.119B $157.32M $961.196M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2026 $62.059M ▲ $93.944M ▲ $-31.711M ▼ $-30.245M ▲ $31.988M ▲ $93.944M ▲
Q1-2026 $53.32M ▼ $62.101M ▼ $2.679M ▲ $-137.133M ▼ $-72.353M ▼ $60.135M ▼
Q4-2025 $62.458M ▼ $98.487M ▲ $-24.473M ▲ $-29.67M ▼ $44.344M ▲ $96.98M ▲
Q3-2025 $75.196M ▲ $65.189M ▼ $-58.924M ▼ $-25.243M ▼ $-18.978M ▼ $63.418M ▼
Q2-2025 $44.154M $68.346M $24.158M $-19.698M $72.806M $66.803M

Revenue by Products

Product Q3-2025Q4-2025Q1-2026Q2-2026
Service Other
Service Other
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Subscription
Subscription
 $160.00M ▲$130.00M ▼$140.00M ▲$160.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Doximity shows a clear pattern of healthy growth. Revenue has climbed steadily each year, and the business is already highly profitable, which is unusual for a relatively young, software‑driven healthcare company. Gross margins are very strong, and operating profits have expanded as the company has scaled, suggesting good cost discipline. Net income has generally moved upward as well, with one year of unusually high profit that looks more like a one‑time bump than a new baseline. Overall, the income statement paints a picture of a company that has grown quickly, stayed lean, and converted that growth into real earnings rather than just top‑line expansion.

Balance Sheet

Balance Sheet The balance sheet looks solid and conservative. Total assets and shareholders’ equity have grown steadily, reflecting retained profits being reinvested into the business. Cash levels have risen over time, giving the company a meaningful liquidity cushion. Debt is minimal, especially compared with the size of the equity base, which reduces financial risk and interest burden. Overall, Doximity appears to be funding itself primarily through its own profits rather than heavy borrowing, which is generally a sign of financial resilience.

Cash Flow

Cash Flow Cash generation is a major strength. The company consistently produces more cash from its operations than it spends to maintain and grow the business. Free cash flow has been solid and has grown in line with earnings, showing that reported profits are backed by real cash, not just accounting results. Capital spending needs are modest, which is typical for a software and platform business. This light investment requirement allows a large share of cash from operations to remain available for future initiatives, acquisitions, or returning value to shareholders, depending on management’s choices.

Competitive Edge

Competitive Edge Doximity holds a powerful position in its niche: a highly engaged, mostly U.S. physician network that covers a large majority of doctors. This scale gives it a strong network effect—each additional clinician makes the platform more valuable for others, and for advertisers, health systems, and recruiters. Verified identities, deep integration into a physician’s daily workflow, and HIPAA‑compliant communication tools make it more than just a social network. These features, combined with brand trust in the medical community, create switching costs and make it difficult for competitors to replicate its position. The main risks are platform fatigue, potential changes in how pharma and hospitals allocate marketing budgets, and the possibility of larger tech or healthcare players targeting the same space.

Innovation and R&D

Innovation and R&D Innovation is tightly focused on making clinicians more efficient and embedding Doximity into everyday medical work. Tools like Dialer, telehealth video, secure messaging, and fax have already made the platform a practical utility rather than a “nice‑to‑have” app. The company is leaning heavily into artificial intelligence with products like Doximity GPT and Doximity Scribe, plus the acquisition of Pathway for clinical decision support. The vision is to become an AI “co‑pilot” for physicians, reducing documentation time and supporting clinical decisions. Key opportunities lie in deeper integration with electronic health records and broader enterprise solutions, but success will depend on execution, regulatory comfort around AI in healthcare, and physicians’ willingness to trust and adopt these tools at scale.

Summary

Overall, Doximity looks like a financially strong, growing platform business with a distinctive niche in U.S. healthcare. It combines steady revenue growth, high margins, and strong cash generation with a very light debt load, which collectively lowers financial risk. Strategically, its main strengths are its large, verified physician network and its integration into clinical workflows, reinforced by a growing suite of AI tools. The big questions going forward are how effectively it can deepen integration with hospital systems, monetize its AI capabilities, and defend its position against both specialized rivals and larger tech or healthcare platforms. The current profile is that of a profitable, cash‑rich healthcare technology company with a meaningful moat, but operating in a highly regulated, fast‑evolving environment where product relevance and trust must be continuously maintained.

NEWS

November 6, 2025 · 4:01 PM UTC

Doximity Announces Fiscal 2026 Second Quarter Financial Results

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October 24, 2025 · 7:40 AM UTC

Halper Sadeh LLC Encourages Doximity Inc. Shareholders to Contact the Firm to Discuss Their Rights

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October 16, 2025 · 4:01 PM UTC

Doximity to Release Fiscal 2026 Second Quarter Results on November 6, 2025

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October 1, 2025 · 5:30 PM UTC

Doximity, Inc. Long-Term Shareholder Announcement: Johnson Fistel Encourages Investors to Reach Out For More Information About Continuing Investigation

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