Doximity, Inc.DOCS
NYSE•Healthcare•Health Information Services
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.
Doximity, Inc. (DOCS) reported trailing twelve months revenue of $644.86M as of March 2026, a 13.1% increase year-over-year. Quarterly revenue reached $145.37M, reflecting continued top-line momentum.
Doximity, Inc. generated $196.05M in TTM net income, with quarterly EBITDA of $36.41M. The operating margin contracted from 35.2% to 17.1%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (17.1%) and net margin (13.1%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 45.2% a year ago, reflecting increased costs or interest expense.
DOCS trades at a P/E of 19.5x (in line with broad market averages) and a P/S of 5.9x. The price-to-book ratio of 4.0x reflects a moderate premium to book value.
The company generated $109.52M in free cash flow over the trailing twelve months, a 11.2% increase year-over-year, indicating cash generation ability. The balance sheet shows $1.12B in total assets with no in long-term debt against $950.84M in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 20 quarters of fundamental data
Operating margins are positive at ~36.1% on average, but show some variability — pricing power may be sensitive to market conditions.
Consistently high ROE averaging 20.9% suggests a durable competitive advantage and efficient capital allocation.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~30.6% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 20 quarters
Operating margins declined 16.9% — watch for continued compression, which may signal competitive or cost pressure.
FCF covers net income by 1.8x on average — earnings are well-supported by cash generation.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.