DOCS·Clinician professional network and pharma point-of-care digital marketing — with a free clinical-AI suite (Scribe ambient documentation, Ask evidence retrieval, PeerCheck) as the engagement layer

Doximity

ConvictionStrong

Two-sided, advertising-funded, subscription-billed. The clinician side is free: verified US physicians, NPs, PAs, CRNAs, pharmacists and medical students get the profile, newsfeed, Dialer telehealth, AMiON on-call scheduling, digital fax, Scribe and Ask at no charge. The paying side is enterprise subscriptions across three lines the company names in its 10-K — Marketing Solutions (pharmaceutical manufacturers and health systems buying access to clinician attention), Hiring Solutions (health systems and recruiting firms, including the Curative Talent staffing business) and Workflow Solutions. Contracts are billed in advance and recognised ratably; a material share is transacted indirectly through pharma marketing agencies. The clinical AI is therefore a retention and engagement asset priced at zero, not a product line with its own price — which is precisely why the board holds the name.

Revenue

$644.9M for FY2026fiscal year ended 31 March 2026), +13% year over year against FY2025's $570.4M (canon CF-DOCS-06; primary, Doximity FY2026 results release). Exact statement figure $644,858K. Substantially all revenue is derived in the United States; no country outside the US accounted for more than 10% of total revenue in any of FY2024–FY2026 (10-K).

Rev growth

+13%in FY2026, and decelerating on a visible ladder: $475.4M (FY2024) → $570.4M (FY2025, +20.0%) → $644.9M (FY2026, +13.1%) → a guided $664–676M for FY2027, which is +3% to +5% (canon CF-DOCS-13; company guidance issued 14 May 2026). The fourth quarter of FY2026 was already running at the guided rate rather than the annual one: Q4 revenue of $145.4M was +5% year over year. Net revenue retention tells the same story from the customer side — 114% (FY2024) → 119% (FY2025) → 109% (FY2026), per the 10-K's own key-metrics table. The comparison to a Street number around $697M is secondary (consensus), not an issuer figure.

Gross margin

89.1% GAAP for FY2026 — gross profit of $574,537K on $644.9M of revenuefiscal-year GAAP basis (canon CF-DOCS-07; the highest verified margin on the QAI board). The non-GAAP measure the company leads with moved FY2025 92.1% → FY2026 91.1%, a fiscal-YEAR move and not a quarterly one, which management attributes to increased AI compute costs (canon CF-DOCS-08 — the labels are mandatory). The quarterly path is where the pressure is legible and it is not in the canon: GAAP gross margin was 86.7% in Q4 FY2026 against 89.5% in the year-ago quarter (non-GAAP 89.3% against 91.4%), computed from the Q4/FY2026 release's own reconciliation table. Cost of revenue grew 25.9% in FY2026 ($55.9M → $70.3M) against 13.1% revenue growth, and the 10-K states in terms that cost of revenue includes 'generative AI platform usage and inference costs'. The board's stated falsifier is two consecutive quarters below 85% while growth stays under 5%; Q4 FY2026 printed 170bp above that line.

Op margin

33.3% GAAP for FY2026 — income from operations $214,920K on $644,858K of revenuecanon CF-DOCS-10; primary). That is DOWN from $227,800K in FY2025 on higher revenue, because operating expense grew 25.4% against 13.1% revenue growth. Non-GAAP operating income was $349,940K, a 54.3% margin, and adjusted EBITDA was $357,816K, a 55.5% margin against FY2025's 55.0%. The GAAP-to-non-GAAP gap is almost entirely stock-based compensation: $121,627K in FY2026 (18.9% of revenue) against $72,386K (12.7%) in FY2025, with R&D-line SBC alone rising from $19.4M to $46.2M.

Capex intensity

~1.4% of revenue — $8,963K of capitalised internal-use software plus purchased intangibles against $644,858K of revenuederived from the FY2026 cash-flow statement). There is no owned data-centre or hardware fleet; inference and hosting are consumed as cloud opex inside cost of revenue, so the compute build shows up in gross margin rather than in capex. Property and equipment, net was $18.1M at 31 March 2026 on a $1.12B balance sheet. This is one of the least capital-intensive businesses in the health-AI universe, and it is the mechanical reason free cash flow converts at 97% of operating cash flow.

Market cap

$3.76B at the 31 July 2026 close — 179.75M shares outstanding × $20.91an identity that recomputes to $3.759B (canon CF-DOCS-02 / PB-013, aggregator-sourced from stockanalysis.com and independently confirmed in the board's price audit). For scale against a stale internal anchor: the 10-K reports the aggregate market value of stock held by non-affiliates at $9.86 billion on 30 September 2025, based on a $73.15 Class A close. The share count itself is falling by buyback — 183,059,646 shares were outstanding at 31 March 2026 (132,163,035 Class A plus 50,896,611 Class B, per the 10-K) against 179.75M four months later. The board carries no mark after the 31 July 2026 close.

Across the boards

The thesis on this name

opportunityStrong

State of AI for Healthcare

Full context

position · longStrong

State of AI for Healthcare

Full context

book · long

State of AI for Healthcare

Full context

The read

Where our coverage leans

Coverage leans bearish

Members only

Full financial intelligence for Doximity

Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
Signals, trends & valuation range

See plans

Not financial advice — analyst work product for a qualified professional.

Doximity

ConvictionStrong

Revenue

Rev growth

Gross margin

Op margin

Capex intensity

Market cap

Across the boards

The thesis on this name

opportunityStrong

State of AI for Healthcare

Full context

position · longStrong

State of AI for Healthcare

Full context

book · long

State of AI for Healthcare

Full context

The read

Where our coverage leans

Coverage leans bearish

Members only

Full financial intelligence for Doximity

Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
Signals, trends & valuation range

See plans

Not financial advice — analyst work product for a qualified professional.