Doximity, Inc. (DOCS) Stock Price & How to Invest

Doximity, Inc. (NYSE: DOCS) operates a verified online network for U.S. medical professionals, with membership the company says covers more than 85% of U.S. physicians. Doctors use it free: profiles and colleague search, a specialty-tailored newsfeed, secure messaging, a voice and video dialer, digital fax, the Amion on-call scheduling tool, telehealth visits, and a Clinical AI Suite that includes Ask (formerly DoxGPT), the Scribe ambient note taker and the PeerCheck reference feature. Revenue comes from the other side of the network: Marketing, Hiring and Workflow Solutions sold mainly to pharmaceutical manufacturers and health systems. The company was founded in 2010, is headquartered in San Francisco with roughly 880 employees, and closes its fiscal year on March 31, so figures labeled fiscal 2026 cover April 2025 through March 2026.

The financial profile is unusual for a company at this growth rate. Fiscal 2026 revenue was ~$645M, up ~13%, with adjusted EBITDA of ~$358M (a ~56% margin) and free cash flow of ~$317M. Growth then decelerated hard: the March 2026 quarter grew only ~5%, initial fiscal 2027 guidance of ~$664M to ~$676M implied low single digits, and the stock fell to a 52-week low near ~$17.15 in May 2026 from a ~$76.51 high the prior September. The June 2026 quarter (Q1 fiscal 2027) came in at ~$157M, up ~7% and above the ~$151M to ~$152M guide, and management raised the fiscal 2027 revenue range to ~$671M to ~$681M while cutting the adjusted EBITDA range to ~$309M to ~$329M to fund AI development. Shares closed ~32% higher on August 7, 2026, though the session opened near ~$39 and faded to ~$27.40, which is a fair picture of how contested the story is. The balance sheet carries ~$688M of cash and marketable securities against ~$10M of debt.

Revenue is concentrated: 127 customers were ~83% of trailing revenue, and most are pharmaceutical manufacturers whose promotional budgets move with drug launches, patent expirations and pricing policy. Net revenue retention of 107%, down from 118%, shows existing customers expanding far more slowly than they were a year ago. AI is a cost line before it is a revenue line here, with gross margin, adjusted EBITDA margin and stock compensation all moving the wrong way in the June 2026 quarter, and OpenEvidence, a free ad-supported clinical AI reference used by many of the same physicians, competes directly and has sued Doximity in federal court alleging unauthorized access to its platform (Doximity has filed counterclaims including false advertising and defamation). The securities class action that followed the fiscal 2024 guidance reset was settled for $31 million funded by insurance carriers, with final court approval on June 11, 2026 and the case terminated on June 23, 2026, but related shareholder derivative suits in California and Delaware remain pending. The stock has also been unstable in a way that is easy to underestimate: a ~$17.15 to ~$76.51 range over the past year, and an August 7, 2026 session that opened near ~$39 and closed near ~$27.40 on roughly six times normal volume.

18 analysts publish price targets on DOCS, averaging $24.89 against a $27.40 price as of August 2026, or -9.2%. The published targets run from $18.00 to $47.00, a wide spread, and the ratings split 9 buy, 11 hold, 1 sell. Over the last six months there have been 3 raises and 8 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full DOCS forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on Doximity, Inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Clinical AI moving from demo to daily use. Doximity reported more than 800,000 active prescribers on its workflow tools in the March 2026 quarter, and in the June 2026 quarter said workflow active prescribers grew more than 30% year over year while AI Search queries rose more than 25% quarter over quarter. The most optimistic published target, $47.00, assumes this works close to its best case.

The case against. Revenue is concentrated: 127 customers were ~83% of trailing revenue, and most are pharmaceutical manufacturers whose promotional budgets move with drug launches, patent expirations and pricing policy. The most pessimistic target, $18.00, is roughly what DOCS is worth if this bites instead.

Read the full bull and bear case on DOCS, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Doximity, Inc.'s investor relations page or your broker.

• Revenue (TTM through June 2026): ~$656M
• Revenue (fiscal 2026, year ended March 31, 2026): ~$645M, up ~13% year over year
• Revenue (Q1 fiscal 2027, quarter ended June 30, 2026): ~$157M, up ~7% year over year
• Fiscal 2027 revenue guidance: ~$671M to ~$681M
• Adjusted EBITDA: ~$358M in fiscal 2026 (~56% margin); fiscal 2027 guided to ~$309M to ~$329M
• Market cap and net cash: ~$4.9B market cap, ~$688M cash and marketable securities against ~$10M debt

At the ~$27.40 close on August 7, 2026, DOCS traded at roughly ~7.5x trailing revenue and about ~22x trailing GAAP earnings, with enterprise value near ~$4.25B, or roughly ~13x the midpoint of fiscal 2027 adjusted EBITDA guidance. Because the fiscal year ends March 31, the newest reported quarter is Q1 fiscal 2027 (the three months ended June 30, 2026) and the most recent full year is fiscal 2026 (April 2025 through March 2026). GAAP net income in that June quarter fell to ~$24.3M from ~$53.3M a year earlier on higher stock compensation and a larger tax provision, so trailing GAAP earnings are declining faster than revenue and the reported P/E is a weak comparison point right now.

Other names that sit close to DOCS: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get DOCS exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so DOCS sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where DOCS fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

DOCS is a high-margin advertising and workflow business with a large net cash position, now priced on how quickly clinical AI usage turns into pharmaceutical spending.

Whether DOCS is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is DOCS a buy or a sell?, and where the stock could go from here in the DOCS stock forecast.

For income investors, whether DOCS pays a dividend and how the payout looks is covered in does DOCS pay a dividend? And to weigh DOCS against a peer, read the full side-by-side comparisons: DOCS vs MSFT and DOCS vs VEEV.