Doximity Inc (DOCS) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Doximity Inc stock $35.76, price $32.51, upside +10.0%, quality 90 out of 100. Rating: fairly valued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range $18.01 – $102.02 · fair‑value band $21.92 – $46.49 · the $32.51 price screens below the $35.76 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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Doximity, Inc. operates a digital platform for medical professionals in the United States.
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Its Doximity platform includes a personalized newsfeed that presents clinical and professional content to members, which offers medical articles, clinical trials or research results in an easy-to-consume video format, professional updates and accomplishments of their peers and colleagues, clinical discussions, Op-Med articles for publication, and sponsored content from pharmaceutical manufacturers and health systems.
The company also offers workflow tools, including Ask, a HIPAA-compliant AI assistant, to access and apply evidence-based medical information within clinical workflows; Scribe, a HIPAA-compliant, AI-powered clinical documentation tool; Telehealth tools for hospitals and health systems; and AMiON, an on-call scheduling tool.
The company primarily serves physicians, nurse practitioners, physician assistants, medical students, pharmaceutical manufacturers, and healthcare systems. The company was formerly known as 3MD Communications, Inc. and changed its name to Doximity, Inc. in June 2010.
Doximity, Inc. was incorporated in 2010 and is headquartered in San Francisco, California.
Stock analysis
Doximity Inc (DOCS) currently trades at $32.51, while our model-based Fair Value estimate is $35.76, so the stock looks roughly fairly valued today (gap 9.1%).
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Valuation
Bull case: the DCF Models group reads highest at a median of $32.45 per share, and 6 of the 24 models we run sit above the $32.51 price.
Bear case: the Asset-Based group reads lowest at $3.88, and 18 of the 24 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $21.92 (bear) to $46.49 (bull), the price of $32.51 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 90/100 (high quality), in the Healthcare sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Doximity Inc reported revenue of $645M in FY2026 versus $344M in FY2022, a compound +17.0%/yr. Reported net income was $196M in FY2026, compounding +6.1%/yr from FY2022.
Key figures
Market cap $6.5B Mid · P/E ratio 45.2 · P/S ratio 9.78 · EPS (TTM) $0.7200 · Net margin 21.1% · Return on equity 13.8% · Return on assets (EBIT) 15.0% (5-year average) · Operating margin 25.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 76 out of 100 (medium confidence).
What moves the price
The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat.
The share trades about 48% below its 52-week high and 81% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −51% fair-value upside, at 10%, DOCS screens cheaper than that median.
Fair Value models
Bear$21.92Fair Value $35.76Bull$46.49
Price $32.51 · Upside +10.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2026 figures (about 7 months old). Earnings retained since then ($0.4399 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, 4 officers or directors sold shares worth $879,819 and none bought.
SaleKira Scherer WamplerDirector9× since Dec 1, 2025: 25,000 shares, avg. $31.12$778,080Nov 2, 202610b5-1 plan
SaleSiddharth SitaramChief Accounting Officer9× since Feb 10, 2026: 19,973 shares, avg. $25.01$499,518Oct 14, 202610b5-1 plan
SaleWatkin Phoebe L. YangDirector1,290 shares at $26.71$34,456Sep 30, 202610b5-1 plan
SaleTimothy S CabralDirector2× since Nov 21, 2025: 17,500 shares, avg. $45.33$793,325Aug 7, 202610b5-1 plan
Plus 24 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+13.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+15.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+25.5%
Start year 2021 (pandemic)
Revenue growth 7 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+33.4%
’19
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+31.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+31.0%
Dividend (yield on the price)0.0%
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.26% → 33%
Growth Forecast
A lot of optimism in the price
The price assumes less growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+9.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+5.6%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +6.9% a year for the price and +3.1% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (95 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: High margins and a clean balance sheet point to moderate moat potential while thin evidence and softer demand in the core advertising business limit proof of durable strength.
Main risk: OpenEvidence's free-to-physicians, ad-supported model for clinical search and scribe could divert pharmaceutical marketing spend away from Doximity's platform, pressuring ad prices and engagement-based revenue in the core advertising business.
Doximity is building clinical AI tools with built-in verification like DoseCheck to catch dosing errors before they reach physicians. At the same time its core advertising business faces softer demand and competition from newer formats. Our models see the shares as undervalued. Will the AI features create enough additional engagement and revenue to offset higher spending and the ongoing slowdown in traditional ads?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Health Information Services · 117 stocks
Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score90 · Top 25%
Fair Value upside+10.0% · Above median
Profitability
Return on equity (12 months)13.8% · Top 25%
Return on assets17.5% · Top 25%
Net margin (12 months)21.1% · Top 25%
Operating margin (12 months)25.2% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)3.6% · Below median
Valuation Multiplesvs Health Information Services median · lower = cheaper
P/E (12 months)45.2× · Priciest 25%
P/B6.81× · Priciest 25%
P/S (12 months)9.78× · Priciest 25%
Price / free cash flow (fiscal year)20.4× · Cheaper than median
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Doximity Inc Fair Value". https://www.fairvalue-calculator.com/stock/DOCS
Frequently asked questions
Is Doximity Inc (DOCS) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of $35.76 versus a price of $32.51, about +10% upside (fairly valued).
What is the fair value of DOCS?
Our model-based fair value for Doximity Inc is $35.76 (as of Nov 7, 2026), built from audited fundamentals. The current price: $32.51.
What is the quality score of DOCS?
Doximity Inc has a Quality Score of 90/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Doximity Inc (DOCS)?
Our model-based price target is the fair value of $35.76 (as of Nov 7, 2026) from 24 valuation models. Cautious scenario $21.92, optimistic scenario $46.49. It is a calculation from audited fundamentals, not an analyst target.
What is the Doximity Inc stock forecast for 2026?
Our models put fair value at $35.76, about +10% upside versus a price of $32.51 (fairly valued). Cautious scenario $21.92, optimistic scenario $46.49. The calculation is refreshed regularly with new filings.
What is the revenue of Doximity Inc (DOCS)?
Doximity Inc reported trailing-twelve-month revenue of about $662M (latest available figure, as of Nov 7, 2026).
What growth is priced into Doximity Inc (DOCS)?
For today's price to be fair in a discounted-cash-flow model, Doximity Inc would have to grow free cash flow by +9.4 % per year for five years (discount rate 10.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +25.5 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of DOCS use?
Our models discount Doximity Inc at 10.4 %: a base by market capitalisation (mid), damped by beta 1.29, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Doximity Inc that is +9.4 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.4 %) and the same formula as our fair value.
How much growth has Doximity Inc (DOCS) delivered so far?
Over the past 5 years revenue at Doximity Inc grew +25.5 % a year. The price currently implies free-cash-flow growth of +9.4 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Doximity Inc (DOCS) growing?
The median revenue growth in the sector is +6.2 % a year. That is the yardstick for the growth priced into Doximity Inc (+9.4 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Doximity Inc (DOCS)?
The free-cash-flow yield on the price is 4.91 %: that much free cash flow Doximity Inc produces per unit of market value. When it exceeds the discount rate of our models (10.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Doximity Inc (DOCS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Doximity Inc it is $35.76 per share (as of Nov 7, 2026), against a price of $32.51. It is the blended result of 24 valuation models in 7 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Doximity Inc stock overvalued or undervalued in 2026?
As of Nov 7, 2026, DOCS trades below its calculated fair value: price $32.51, fair value $35.76, a gap of about +10% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of DOCS?
No. The price is what the market pays today ($32.51); the fair value is what the company's own numbers justify ($35.76). For Doximity Inc the two are $3.25 per share apart. That gap is exactly why we show both numbers side by side.
How much is Doximity Inc worth?
The market values Doximity Inc at about $6.5B (market capitalisation, as of Nov 7, 2026). Per share that is $32.51; our models calculate a fair value of $35.76 per share.
What do the bullish and bearish scenarios say about DOCS?
Our models span a range for Doximity Inc: cautious scenario $21.92, base $35.76, optimistic $46.49 per share (as of Nov 7, 2026, price $32.51). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of DOCS?
Doximity Inc trades at a price-to-earnings ratio of 45.2 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $35.76 is built from several models across several years. Median P/E at fiscal year-end, 5 fiscal years (2022 to 2026), reported earnings, FY2024 ex one-offs: 52.3. Other multiples: PEG 0.6, P/B 6.8, P/S 9.8, EV/EBITDA 32.8.
What is the PEG ratio of DOCS?
The PEG ratio of Doximity Inc is 0.59 (P/E divided by earnings growth, as of Nov 7, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Doximity Inc (DOCS)?
Balance-sheet figures for Doximity Inc (as of Nov 7, 2026): return on equity 13.8%. They feed the Quality Score of 90/100, which measures business quality independently of the share price.
How far is DOCS from its 52-week high?
Doximity Inc trades at $32.51, about 48% below its 52-week high of $62.58 and 81% above the low of $18.01 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $35.76 is for.
Which stocks are comparable to Doximity Inc?
From the same area (Healthcare) we also value Veeva Systems Inc, Pro Medicus Limited, BrightSpring Health Services, Inc, Hinge Health, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Doximity Inc stock attractive at the current price?
The data as of Nov 7, 2026: price $32.51, calculated fair value $35.76 (+10%), Quality Score 90/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of DOCS calculated?
We run Doximity Inc through 24 models from 7 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of $35.76 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Doximity Inc currently trades 9% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Doximity Inc (DOCS)?
The closing price on Nov 6, 2026 was $32.51. Our model-based fair value is $35.76, about +10% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Doximity Inc right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range ($21.92 to $46.49) leaves room in how you read the outcome.
Key figures of Doximity Inc
How large is the market capitalisation of Doximity Inc (DOCS)?
The market capitalisation of Doximity Inc is $6.5B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Doximity Inc (DOCS)?
The price-to-sales ratio of Doximity Inc is 9.78 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Doximity Inc (DOCS)?
Earnings per share at Doximity Inc are $0.7200 (price ÷ EPS = P/E 45.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Doximity Inc (DOCS)?
The net margin of Doximity Inc is 21.1% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Doximity Inc (DOCS)?
The return on equity (ROE) of Doximity Inc is 13.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Doximity Inc (DOCS)?
On an EBIT basis the return on assets of Doximity Inc is 15.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Doximity Inc (DOCS)?
The operating margin of Doximity Inc is 25.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Doximity Inc (DOCS)?
Revenue at Doximity Inc is growing +3.6% versus a year earlier (3y avg +15.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Doximity Inc (DOCS)?
Earnings per share at Doximity Inc are growing −41.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Doximity Inc (DOCS) hold?
Doximity Inc holds more cash than debt, $209M net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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Some data
Nov 7, 2026