Business Description
Doximity, Inc. operates a cloud-based digital platform and professional network tailored specifically for medical professionals in the United States. The company provides a suite of tools that enable physicians to collaborate with peers, conduct telehealth visits, manage patient care, and stay updated on medical news. It primarily generates revenue by offering marketing, hiring, and workflow solutions to pharmaceutical manufacturers, health systems, and medical recruiting firms.
Financial Statements
In thousands, USD
| FY 2026 | FY 2025 | FY 2024 | FY 2023 | |
|---|---|---|---|---|
| Total Revenues | 644,863 | 570,399 | 475,422 | 419,052 |
| Cost of Sales | 70,326 | 55,874 | 50,669 | 53,490 |
| Gross Profit | 574,537 | 514,525 | 424,753 | 365,562 |
| Selling, General & Administrative Expenses | 228,915 | 191,383 | 170,956 | 160,268 |
| Research & Development Expenses | 130,702 | 93,038 | 81,983 | 80,186 |
| Other Operating Expenses | — | 2,304 | 7,936 | — |
| Operating Profit | 214,920 | 227,800 | 163,878 | 125,108 |
| Non-Operating Income | 35,085 | 35,774 | 21,324 | 8,048 |
| Total Non-Operating Income | 35,085 | 35,774 | 21,324 | 8,048 |
| Income Before Provision for Income Taxes | 250,005 | 263,574 | 185,202 | 133,156 |
| Provision for Income Taxes | 53,954 | 40,389 | 37,620 | 20,338 |
| Consolidated Net Income | 196,051 | 223,185 | 147,582 | 112,818 |
| Net Income Attributable to Common Shareholders | 196,051 | 223,185 | 147,582 | 112,818 |
| Basic EPS | 1.05 | 1.19 | 0.78 | 0.58 |
| Diluted EPS | 0.98 | 1.11 | 0.72 | 0.53 |
| Basic Weighted Average Shares Outstanding | 187,014 | 186,841 | 190,172 | 193,176 |
| Diluted Weighted Average Shares Outstanding | 199,048 | 201,208 | 205,734 | 213,425 |
| Shares Outstanding | 183,060 | 188,875 | 186,562 | 193,941 |
| FY 2026 | FY 2025 | FY 2024 | FY 2023 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 219,178 | 209,614 | 96,785 | 158,027 |
| Short-Term Investments | 529,423 | 706,050 | 666,115 | 682,972 |
| Total Cash and Cash Equivalents | 748,601 | 915,664 | 762,900 | 840,999 |
| Accounts Receivable | 144,783 | 128,354 | 101,332 | 107,047 |
| Total Trade Receivables | 144,783 | 128,354 | 101,332 | 107,047 |
| Other Current Assets | 50,880 | 44,602 | 48,709 | 27,407 |
| Total Current Assets | 944,264 | 1,088,620 | 912,941 | 975,453 |
| Net Property, Plant & Equipment | 25,220 | 22,542 | 24,650 | 25,098 |
| Net Intangible Assets | 35,325 | 23,072 | 27,317 | 31,836 |
| Goodwill | 84,973 | 67,940 | 67,940 | 67,940 |
| Other Long-Term Assets | 33,905 | 62,135 | 46,526 | 36,561 |
| Total Assets | 1,123,687 | 1,264,309 | 1,079,374 | 1,136,888 |
| Accounts Payable | 4,009 | 1,356 | 2,253 | 1,272 |
| Accrued Expenses | 42,804 | 38,405 | 43,703 | 31,245 |
| Current Portion of Leases | 2,110 | 2,211 | 2,149 | 1,752 |
| Unearned Revenue | 106,050 | 114,285 | 99,145 | 105,238 |
| Total Current Liabilities | 154,973 | 156,257 | 147,250 | 139,507 |
| Leases | 8,075 | 10,185 | 12,397 | 13,885 |
| Other Long-Term Liabilities | 9,802 | 15,242 | 18,330 | 17,380 |
| Total Long-Term Liabilities | 17,877 | 25,427 | 30,727 | 31,265 |
| Total Liabilities | 172,850 | 181,684 | 177,977 | 170,772 |
| Common Stock | 183 | 189 | 187 | 194 |
| Additional Paid-in Capital | 1,001,688 | 894,225 | 823,885 | 762,150 |
| Accumulated Other Comprehensive Income | 28 | 1,323 | (2,664) | (14,083) |
| Retained Earnings | (51,062) | 186,888 | 79,989 | 217,855 |
| Total Common Shareholders' Equity | 950,837 | 1,082,625 | 901,397 | 966,116 |
| Total Shareholders' Equity | 950,837 | 1,082,625 | 901,397 | 966,116 |
| Total Liabilities and Shareholders' Equity | 1,123,687 | 1,264,309 | 1,079,374 | 1,136,888 |
| FY 2026 | FY 2025 | FY 2024 | FY 2023 | |
|---|---|---|---|---|
| Net Income | 196,051 | 223,185 | 147,582 | 112,818 |
| Depreciation & Amortization | 14,383 | 10,659 | 10,265 | 10,283 |
| Share-Based Compensation Expense | 121,627 | 72,386 | 51,076 | 47,834 |
| Other Adjustments | 40,096 | (8,868) | (303) | 29,700 |
| Changes in Trade Receivables | (16,879) | (27,206) | 3,993 | (26,242) |
| Changes in Accrued Expenses | 4,268 | (663) | 8,332 | (195) |
| Changes in Unearned Revenue | (8,115) | 15,210 | (6,080) | 17,527 |
| Changes in Other Operating Activities | (24,973) | (11,438) | (30,769) | (12,123) |
| Cash from Operating Activities | 326,458 | 273,265 | 184,096 | 179,602 |
| Capital Expenditure | — | — | (147) | (1,701) |
| Purchases of Intangible Assets | (8,963) | (6,525) | (5,654) | (4,483) |
| Purchases of Investments | (389,159) | (675,557) | (472,867) | (190,560) |
| Proceeds from Sale of Investments | 571,820 | 652,784 | 509,854 | 190,321 |
| Payments for Business Acquisitions | (26,528) | — | — | (53,500) |
| Cash from Investing Activities | 147,170 | (29,298) | 31,186 | (59,923) |
| Issuance of Common Shares | 13,676 | 23,301 | 16,338 | 14,685 |
| Repurchases of Common Shares | (472,491) | (147,478) | (287,472) | (89,146) |
| Net Issuance / (Repurchases) of Common Shares | (458,815) | (124,177) | (271,134) | (74,461) |
| Other Financing Activities | (5,249) | (6,961) | (5,390) | — |
| Cash from Financing Activities | (464,064) | (131,138) | (276,524) | (74,461) |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | 9,564 | 112,829 | (61,242) | 45,218 |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $4.27B |
| P/E | 23.78x |
| P/S | 6.61x |
| EV/EBITDA | 15.38x |
| Return on Equity | 19.3% |
| Return on Invested Capital | 80.9% |
| Current Ratio | 6.09x |
| Free Cash Flow Margin | 50.6% |
Margins
Gross margin
89.1%
Operating margin
33.3%
Net margin
30.4%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q1 2027 | $157M | +7.3% | 21.5% | $34M |
| Q4 2026 | $145M | +5.1% | 17.1% | $25M |
| Q3 2026 | $185M | +9.8% | 38.9% | $72M |
| Q2 2026 | $169M | +23.2% | 37.8% | $64M |
| Q1 2026 | $146M | — | 37.4% | $55M |
| Q4 2025 | $138M | — | 35.2% | $49M |
| Q3 2025 | $169M | — | 47.4% | $80M |
| Q2 2025 | $137M | — | 38.8% | $53M |
More on Doximity, Inc.
Figures compiled from public company filings.
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