# Doximity, Inc. (DOCS)

> Source: Nexqual · https://nexqual.com/DOCS · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Doximity, Inc. (DOCS), nexqual.com/DOCS" · informational, not investment advice.

**Price:** USD 33.68 (+0.30% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 33.58 · day 33.37–34.15 · 52w 17.15–71.37 · market cap $6.00B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $656M, net income $167M (25.5% margin) (SEC filings).
- 1 of 80 tracked superinvestors hold DOCS (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 13 Form 4 filings, $1.1M; 0 not under a Rule 10b5-1 plan ($0K); 1 by opportunistic insiders (0 outside 10b5-1 plans), 4 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.52 on a 1–5 scale) (21 analysts), mean target USD 31.11 (range 18–47).
- Total return with dividends: 1Y -49.2% vs S&P 500 +14.9%; 5Y -48.0% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 0.35, revenue estimate $170M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $344M | $419M | $475M | $570M | $645M | $656M |
| Gross profit | $304M | $366M | $425M | $515M | $575M | — |
| Operating income | $114M | $125M | $164M | $228M | $215M | $194M |
| Net income | $155M | $113M | $148M | $223M | $196M | $167M |
| EPS (diluted) | $0.70 | $0.53 | $0.72 | $1.11 | $0.98 | — |
| Free cash flow | $125M | $178M | $184M | $273M | $326M | — |
| Gross margin | 88.4% | 87.2% | 89.3% | 90.2% | 89.1% | — |
| Operating margin | 33.0% | 29.9% | 34.5% | 39.9% | 33.3% | 29.6% |
| Net margin | 45.1% | 26.9% | 31.0% | 39.1% | 30.4% | 25.5% |
| Revenue growth | +66.0% | +22.0% | +13.5% | +20.0% | +13.1% | — |
| Cash + short-term investments | $708M | $809M | $763M | $916M | $749M | — |
Fiscal years end Mar. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)

P/E at fiscal year-ends: Mar 2026 23.7x, Mar 2025 52.3x, Mar 2024 37.5x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold DOCS. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Terry Smith | Fundsmith | 0.10% | $13.5M | Reduced -5.6% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
13 of 13 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-14 | Sitaram Siddharth | Chief Accounting Officer | 2,613 | $80K | 2.5% | Yes (adopted February 27, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-10-01 | Wampler Kira Scherer | Director | 2,000 | $58K | 6.7% | Yes (adopted May 26, 2026) | Routine (sold in Nov each year 2023–2025; this trade is outside those months) |
| 2026-09-30 | Yang Watkin Phoebe L. | Director | 1,290 | $34K | 5% | Yes (adopted May 22, 2026) | Too little history (no open-market trades in 2023) |
| 2026-09-15 | Sitaram Siddharth | Chief Accounting Officer | 2,077 | $54K | 2.1% | Yes (adopted February 27, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-09-01 | Wampler Kira Scherer | Director | 2,000 | $53K | 6.7% | Yes (adopted May 26, 2026) | Routine (sold in Nov each year 2023–2025; this trade is outside those months) |
| 2026-08-25 | Wampler Kira Scherer | Director | 2,000 | $50K | 9.2% | Yes (adopted May 26, 2026) | Routine (sold in Nov each year 2023–2025; this trade is outside those months) |
| 2026-08-13 | Sitaram Siddharth | Chief Accounting Officer | 1,770 | $44K | 1.9% | Yes (adopted February 27, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-08-07 | Cabral Timothy S | Director | 7,500 | $293K | 70% | Yes (adopted February 19, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-15 | Sitaram Siddharth | Chief Accounting Officer | 1,732 | $38K | 1.8% | Yes (adopted February 27, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-08 | Sitaram Siddharth | Interim PAO | 2,444 | $50K | 2.6% | Yes (adopted August 28, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-05-11 | Sitaram Siddharth | Interim PFO and PAO | 2,309 | $60K | 2.5% | Yes (adopted August 28, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-05-07 | Wampler Kira Scherer | Director | 9,000 | $235K | 31.2% | Yes (adopted November 12, 2024) | Routine (sold in Nov each year 2023–2025; this trade is outside those months) |
| 2026-04-10 | Sitaram Siddharth | Interim PFO and PAO | 2,427 | $51K | 2.7% | Yes (adopted August 28, 2025) | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.52 on a 1–5 scale), 21 analysts; mean target USD 31.11 (low 18, high 47).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-29 | Evercore ISI Group | Target lowered | In-Line | $40 → $35 |
| 2026-09-08 | Freedom Capital Markets | Downgrade | Buy → Hold | $24 → $27 |
| 2026-08-21 | Barclays | Target raised | Equal-Weight | $20 → $27 |
| 2026-08-13 | Truist Securities | Target raised | Hold | $19 → $24 |
| 2026-08-10 | Wells Fargo | Downgrade | Equal-Weight → Underweight | $18 |
| 2026-08-07 | JP Morgan | Target raised | Neutral | $26 → $31 |
| 2026-08-07 | Piper Sandler | Target raised | Overweight | $42 → $47 |
| 2026-08-07 | Evercore ISI Group | Target raised | In-Line | $22 → $40 |
| 2026-06-29 | B of A Securities | Downgrade | Buy → Underperform | $38 → $20 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -49.2% | -48.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -49.3% | -12.2% |
| Volatility (annualized) | 64.5% | 61.6% |
| Max drawdown | -73.7% (Oct 2025→May 2026) | -76.1% (Feb 2025→May 2026) |

## Peers (Health Information Services)
WAY (Waystar Holding Corp.) USD 28.98 +0.49% · HTFL (Heartflow, Inc.) USD 55.43 -0.70% · HQY (HealthEquity, Inc.) USD 100.97 +3.16% · HNGE (Hinge Health, Inc.) USD 109.93 -1.85% · TEM (Tempus AI, Inc.) USD 63.81 -5.83% · BTSG (BrightSpring Health Services, I) USD 60.86 -2.41%

## More
Full page: https://nexqual.com/DOCS · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in DOCS's own 10-K filed 2026-05-19 (https://www.sec.gov/Archives/edgar/data/1516513/000151651326000025/docs-20260331.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Alphabet (Google) (GOOGL) | "For example, we rely on Amazon Web Services for a substantial portion of our computing and storage capacity, and rely on Google for storage capacity and collaboration tools." |
| Supplier | Amazon (AMZN) | "For example, we rely on Amazon Web Services for a substantial portion of our computing and storage capacity, and rely on Google for storage capacity and collaboration tools." |
| Supplier | Apple (AAPL) | "We rely on third-party platforms, such as the Apple App Store and Google Play App Store, to distribute our platform and offerings." |
| Customer | Pathway Medical | "This includes our acquisitions of Curative Talent, AMiON, and Pathway Medical Inc. We plan to continue evaluating similar opportunities and execute on them if we find the right fit for our members, customers, and our com…" |
| Partner | News & World Report | "Patients can search for the right doctor or hospital for their needs through our collaboration with the Doctor Finder tool of U.S. News & World Report, which publicly displays summary physician profiles and hospital rank…" |
| Competitor | Meta Platforms (META) | "•Competing for members: We compete with large technology companies that have developed online networking and collaboration tools such as LinkedIn, Facebook, Google, and X, in addition to smaller, emerging companies." |
| Competitor | OpenAI | "We also compete with providers of scheduling solutions such as QGenda and a number of emerging AI solutions focusing on healthcare, including Abridge, OpenAI, and Anthropic." |
| Competitor | Anthropic | "We also compete with providers of scheduling solutions such as QGenda and a number of emerging AI solutions focusing on healthcare, including Abridge, OpenAI, and Anthropic." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Subscription | $146.3M | 93.4% | +6.1% |
| Other | $10.3M | 6.6% | +28.4% |
| Total revenue | $156.6M | 100% | — |

## Customer concentration

Period ended 2026-03-31: 11% of revenue from unnamed direct customers (10-K, filed 2026-05-19).

## Company outlook (8-K filed 2026-08-06)

- "Doximity is providing guidance for its fiscal second quarter ending September 30, 2026 as follows: • Revenue between $170 million and $171 million. • Adjusted EBITDA between $80.5 million and $81.5 million."
- "Doximity is updating guidance for its fiscal year ending March 31, 2027 as follows: • Revenue between $671 million and $681 million. • Adjusted EBITDA between $309 million and $329 million."

Analysts expect $170.3M for the current quarter, -0.1% vs the guidance midpoint $170.5M. Source: https://www.sec.gov/Archives/edgar/data/1516513/000151651326000038/doximity-2026630xex991.htm

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.35 | $0.37 | -6.2% | $170.3M | 18 |
| Next quarter (ends 2026-12-31) | $0.42 | $0.44 | -5.5% | $193.4M | 18 |
| Current fiscal year (ends 2027-03-31) | $1.35 | $1.43 | -5.6% | $675.6M | 18 |
| Next fiscal year (ends 2028-03-31) | $1.56 | $1.59 | -2.2% | $720.7M | 17 |