DOCS
Doximity, Inc.
DOCS's fundamentals are mixed: it turned 44% of its revenue into free cash flow, but its operating margin fell 13 points to 26%. At 47x earnings, it's trading in line with its usual 50x. Analysts expect earnings to hold roughly steady.
DOCS Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Unavailable | |
| Strong |
DOCS's profitability and balance sheet are currently healthy, and its revenue is stable. There isn't enough data to rate its cash flow.
DOCS PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 23x | $33.20 | — |
| Cheap | 35x | $24.67 | -26% |
| Current | 47x | $33.20 | — |
| Fair | 49x | $35.12 | +5.8% |
| Expensive | 63x | $45.04 | +36% |
Historical ranges are pointers, not guarantees.
DOCS's PE is in its fair range at 47x. On analysts' estimates for next year's earnings, today's price would be 23x, in its cheap range.
DOCS Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Stable | |
| Growth | |
| Weakening | |
| Moderate | |
| Moderate |
Analysts expect DOCS's revenue to grow, but its profitability to weaken.
DOCS Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.44 | +103% |
| Q3 2026 | $0.71 | -44% |
| Q2 2026 | $0.84 | -28% |
| Q1 2026 | $0.98 | -12% |
| Q4 2025 | $1.20 | +20% |
| Q3 2025 | $1.26 | +45% |
| Q2 2025 | $1.17 | +46% |
| Q1 2025 | $1.11 | +54% |
| Q4 2024 | $1.00 | +49% |
DOCS's earnings per share have fallen from their peak: $0.71 over the past year, against $1.26 in late 2025.
DOCS Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $174.5M | +3.6% |
| Q2 2026 | $156.6M | +7.3% |
| Q1 2026 | $145.4M | +5.1% |
| Q4 2025 | $185.1M | +9.8% |
| Q3 2025 | $168.5M | +23% |
| Q2 2025 | $145.9M | +15% |
| Q1 2025 | $138.3M | +17% |
| Q4 2024 | $168.6M | +25% |
DOCS's revenue has grown year over year every quarter since late 2020: $175M last quarter, up 3.6% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 25% | -13 points |
| Q2 2026 | 21% | -16 points |
| Q1 2026 | 17% | -18 points |
| Q4 2025 | 39% | -8.5 points |
| Q3 2025 | 38% | -1.1 points |
| Q2 2025 | 37% | +1 points |
| Q1 2025 | 35% | -0.3 points |
| Q4 2024 | 47% | +4.1 points |
DOCS's operating margin was 25% last quarter, down 13 points from the same quarter a year ago.
DOCS Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $93.3M | -0.7% |
| Q2 2026 | $41.9M | -32% |
| Q4 2025 | $60.9M | -6.6% |
| Q3 2025 | $93.9M | +37% |
| Q2 2025 | $62.1M | +51% |
| Q1 2025 | $98.5M | +54% |
| Q4 2024 | $65.2M | +30% |
| Q3 2024 | $68.3M | +432% |
DOCS's free cash flow has been positive every quarter for six years: $290M over the past year, down 1.4% from the year before.
DOCS Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1.8% | -3.4M shares |
| 1 year | -6.4% | -12.9M shares |
| 3 years | -10% | -21.2M shares |
| 5 years | -13% | -28.9M shares |
| Available history | +3.4% | +6.1M shares |
DOCS has 188M diluted shares, down 6.4% from a year ago, with $433M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $54.2M |
| Q2 2026 | $91.6M |
| Q1 2026 | $90.5M |
| Q4 2025 | $196.9M |
| Q3 2025 | $21.9M |
| Q2 2025 | $122.4M |
| Q1 2025 | $26.8M |
| Q4 2024 | $19.3M |
DOCS spent $433M buying back its own shares over the past year, up 128% from the year before.
DOCS Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -1.1x | Net Cash |
| Q2 2026 | -1.3x | Net Cash |
| Q1 2026 | -1.0x | Net Cash |
| Q4 2025 | -0.3x | Net Cash |
| Q3 2025 | -0.7x | Net Cash |
| Q2 2025 | -0.6x | Net Cash |
| Q1 2025 | -0.9x | Net Cash |
| Q4 2024 | -0.7x | Net Cash |
DOCS has more cash than debt.
DOCS Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 64.2 | Neutral |
| Stochastic | 69.8 | Neutral |
DOCS's weekly RSI is 64 (neutral) and its Stochastic is 70 (neutral).
DOCS PE vs Healthcare Sector
| Metric | DOCS | Sector median | Relative |
|---|---|---|---|
| PE | 47x | 26x | 81% above |
| PE % | 45 | 37 | 8 pts above |
DOCS is trading at 47x earnings, a 81% premium to the Healthcare sector's median of 26x.
DOCS Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $31.0 | 7.3% above |
| 20 week MA | $26.8 | 24% above |
| 50 week MA | $28.1 | 18% above |
| 100 week MA | $44.7 | 26% below |
| 200 week MA | $38.1 | 13% below |
DOCS has bounced recently, but its long-term trend is still down: it's above its 8-, 20- and 50-week averages, but 13% below its 200-week average.
DOCS Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2021 | $56.0 | $51.5 | -7.9% |
| 2022 | $51.5 | $34.2 | -34% |
| 2023 | $34.2 | $28.0 | -18% |
| 2024 | $28.0 | $57.8 | +106% |
| 2025 | $57.8 | $43.7 | -24% |
| 2026 YTD | $43.7 | $33.2 | -24% |
DOCS has finished lower in four of the last five years. It's down 24% so far in 2026.