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Operates a digital professional network for US physicians, offering telehealth tools, hiring and pharma marketing services.
Operates a digital professional network for US physicians, offering telehealth tools, hiring and pharma marketing services.
Doctors use the network free, and pharmaceutical companies pay annual contracts to reach them with ads and educational content, so income depends on drugmakers' marketing budgets and on how many physicians visit. Health systems also pay to recruit. Free tools such as telehealth keep physicians returning.
Moat: narrow (network effects, data, installed base). Large share of US physicians on the network gives strong network effects and pharma advertiser demand.
Headquarters: San Francisco, California, United States · Founded: 2011 · Employees: 880
Size Doximity (DOCS) is a United States Information Technology company (Packaged Software) with a market value of $5.79B, the 1086th largest of 3,117 United States companies the cockpit tracks. Shares closed at $32.51 on 6 Nov 2026.
Performance Over six months the shares gained 24.9%, against +8.7% for the median peer and -1.1% for the United States market (cap-weighted) — 7th highest of 20 in its peer set.
Growth Revenue grew 11.2% over the last twelve months (peer median +10.9%); the operating margin is 30.6% (peer median 14.7%).
Valuation It trades at 23.3× forward earnings against a peer median of 15.8× (6th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 16% a year for seven years (Req g). Recent delivered growth is +26%, so the hurdle is -9 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 55.2 points above its cost of capital (11.3% WACC).
Short interest Short interest is 7.1% of the free float (15 Oct 2026).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $656M | $645M | $570M | $475M | $419M |
| Revenue growth | — | +13% | +20% | +13% | — |
| Gross profit | $573M | $575M | $515M | $425M | $366M |
| EBITDA | $221M | $236M | $241M | $183M | $138M |
| Net income | $167M | $196M | $223M | $148M | $113M |
| Free cash flow | $297M | $318M | $267M | $178M | $178M |
| Capital expenditure | $9.38M | $8.96M | $6.53M | $5.80M | $6.18M |
| Total debt | $9.67M | $10.2M | $12.4M | $14.5M | $15.6M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Doximity DOCS | $5.79B | +25% | +11% | 31% | 23.3× | 16.3% |
| Veeva Systems VEEV | $49.2B | +83% | +16% | 30% | 31.4× | 24.8% |
| Iqvia IQV | $44.8B | +52% | +9% | 14% | 19.7× | 17.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | DOCS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +10.7% | +3.9% | 6th highest of 21 |
| 6-month return | +24.9% | +8.7% | 7th highest of 20 |
| Distance from 52-week high | -50.8% | -30.4% | 4th lowest of 21 |
| Revenue growth (TTM) | +11.2% | +10.9% | 11th highest of 21 |
| Operating margin | 30.6% | 14.7% | 3rd highest of 21 |
| Forward P/E | 23.3× | 15.8× | 6th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 16.3% | 7.2% | 4th most demanding of 19 |
| Growth delivered (Del g) | +25.5% | +15.3% | 4th highest of 19 |
| Hurdle (Req g minus delivered) | -9.2 pp | -6.1 pp | 9th least demanding of 19 |
| ROIC minus cost of capital | +55.2 pp | +2.1 pp | highest of 18 |
| EV / EBITDA | 23.2× | 12.6× | most expensive of 11 |
| Net debt / EBITDA | -3.1× | 0.8× | 2nd least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Doximity DOCS | United States | $5.79B | +25% | +11% | 31% | 23.3× | 16.3% | +25.5% |
| Klaviyo KVYO | United States | $5.90B | +36% | +29% | -2% | 19.7× | 7.0% | +37.7% |
| Varonis Systems VRNS | United States | $5.63B | +71% | +18% | -25% | 138.0× | 23.0% | +16.3% |
| Shanghai Baosight Software 600845.SS | China | $5.97B | -24% | +11% | 10% | 30.3× | 6.9% | +1.4% |
| Giant Network 002558.SZ | China | $5.61B | -35% | +105% | 48% | 10.0× | -2.1% | +17.9% |
| Octave Intelligence OCTV | United States | $5.60B | n/a | +1% | 20% | 14.7× | 17.0% | +1.3% |
| NIQ Global Intelligence NIQ | United States | $6.02B | +5% | +9% | 8% | 17.1× | 10.9% | +14.6% |
| Hundsun Technologies 600570.SS | China | $6.05B | -20% | -5% | 9% | 30.1× | 34.8% | +7.0% |
| ACI Worldwide ACIW | United States | $6.06B | +32% | +7% | 19% | 22.9× | 11.8% | +6.3% |
| Bilibili 9626.HK | Hong Kong | $6.06B | -36% | +11% | 4% | 14.2× | 7.3% | +19.5% |
| Dolby Laboratories DLB | United States | $6.07B | +11% | +1% | 19% | 14.3× | 10.0% | +3.0% |
| Open Text OTEX.TO | Canada | $6.07B | +9% | +1% | 23% | 6.4× | -6.2% | +10.8% |
| RingCentral RNG | United States | $6.09B | +58% | +5% | 9% | 13.3× | 15.2% | +16.3% |
| Kingnet Network 002517.SZ | China | $5.47B | -4% | +62% | 29% | 13.7× | 6.3% | +28.1% |
| Waystar WAY | United States | $5.45B | +33% | +21% | 24% | 15.8× | 7.5% | +16.0% |
| Trend Micro 4704.T | Japan | $5.39B | +18% | +7% | 18% | 27.4× | -4.1% | +9.7% |
| Topicus.com TOI.V | Canada | $6.25B | +9% | +28% | 15% | 21.3× | 0.7% | +26.5% |
| SenseTime 0020.HK | Hong Kong | $6.25B | -44% | +31% | -51% | n/a | n/a | n/a |
| Navan NAVN | United States | $6.25B | +36% | +35% | -25% | 76.3× | n/a | n/a |
| International Games System 3293.TWO | Taiwan | $6.27B | 0% | +15% | 59% | 14.4× | -4.0% | +21.2% |
| 37 Interactive Entertainment Network Technology 002555.SZ | China | $5.29B | -24% | -10% | 14% | 14.2× | 5.0% | +2.1% |