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Factual Summary
Doximity reported fiscal Q1 2027 (quarter ended 2026-06-30) results after market close on 2026-08-06, posting revenue of 156.6M USD (+7% year-over-year), above both the company's guidance range and the market estimate of 151.7M USD. GAAP net income was 24.3M USD (EPS 0.13 USD), down from 53.3M USD (EPS 0.27 USD) in the prior-year period. On the same day, the company raised its FY2027 full-year revenue guidance range to 671–681M USD and lowered its adjusted EBITDA guidance range to 309–329M USD.
Price-Change Context Note
The 2026-08-07 stock price increase came after revenue exceeded both the company's guidance range and market estimates, the full-year revenue guidance range was raised, and AI-related metrics were disclosed alongside these results — including AI contracts with 165 health systems and a 10x year-over-year increase in AI Scribe users. This contrasts with the -25% stock decline that followed the initial FY2027 revenue guidance announcement on 2026-05-14, which missed market expectations. However, the exact 2026-08-07 regular-session closing price, percentage change, and volume figures were reported differently across media outlets (e.g., $27.4/+32.62% vs. $29.50/+43% vs. $32.80/+59%).
Q1 FY2027 Earnings Snapshot
| Q1 FY2027 (ended 2026-06-30) | Prior-year period (Q1 FY2026) | |
|---|---|---|
| Revenue | 156.6M USD | 145.9M USD |
| GAAP Net Income | 24.3M USD | 53.3M USD |
| Diluted EPS | 0.13 USD | 0.27 USD |
| Free Cash Flow | 39.6M USD | 60.1M USD |
Source: 8-K Exhibit 99.1 (SEC accession no. 0001516513-26-000038), filed 2026-08-06 (A)
In its 2026-08-06 announcement, the company raised its FY2027 full-year revenue guidance range from 664–676M to 671–681M USD, and lowered its adjusted EBITDA guidance range from 323–335M to 309–329M USD (company guidance figures, A).
5-Year Financial Trend
| Fiscal Year | Revenue | Operating Margin | Net Margin | ROE |
|---|---|---|---|---|
| FY2022 | 343.5M | 33.05% | 45.06% | 17.62% |
| FY2023 | 419.1M | 29.85% | 26.92% | 11.68% |
| FY2024 | 475.4M | 34.47% | 31.04% | 16.37% |
| FY2025 | 570.4M | 39.94% | 39.13% | 20.62% |
| FY2026 | 644.9M | 33.32% | 30.40% | 20.62% |
Revenue increased for five consecutive fiscal years (CAGR of approximately +17.04%, FY2022→FY2026). FY2026 operating margin (33.32%) declined from FY2025 (39.94%), and total equity contracted from 1,082.6M USD in FY2025 to 950.8M USD in FY2026 (10-K, A).
Business Composition
FY2026 subscription revenue was 608.41M USD, approximately 94% of total revenue (644.86M USD) (10-K, A). Detailed revenue breakdowns by pharma, health systems, and hiring (Curative) are not available.
As of the 2026-08-06 announcement, the company had 165 health system AI clients, and AI Scribe users increased 10x year-over-year as of July 2026 (company announcement, A).
Valuation (Factual Multiples)
| Company | Market Cap (web snapshot) | Trailing P/E |
|---|---|---|
| Doximity(DOCS) | approx. 4.93B (2026-08-07, A) | 25.13x (2026-08-07, A) |
| Veeva Systems(VEEV) | 36.63B (web snapshot, C) | 35.10–36.72x (web snapshot, C) |
| HealthStream(HSTM) | 0.84B (web snapshot, C) | 43.14x (web snapshot, C) |
Peer figures are web-research snapshots with differing reference dates; Doximity's own calculated figures (reference date 2026-08-07) are used as the authoritative values.
Competitive Landscape
Doximity operates a physician-only network with the majority of U.S. physicians as members, providing digital marketing and targeting services for pharmaceutical companies. Veeva Systems and IQVIA are strong in pharma companies' internal systems (CRM, content management), while Doximity is strong in physician touchpoints (network, targeting); they compete for different line items within pharma marketing budgets (AAII/umbrex research, C).
In the clinical AI space, Doximity Ask claims, per its own announcement, the lowest NOHARM benchmark error rate at 4.8%, but independent research (ClinicalAIReport) found that Vera Health, OpenEvidence, Glass Health, and UpToDate received higher ratings for clinical decision-support quality — indicating conflicting assessments exist (2026 survey, C).
Supply-Demand Trends
FINRA short interest increased more than 2x over six months, from approximately 8.6M shares in January 2026 to approximately 20.73M shares as of 2026-07-15 (MarketBeat processed data, C). Institutional ownership is reported inconsistently across sources, ranging from 72.78% (StockAnalysis) to 96.13% (TradingKey), so a single confirmed figure is not merged (not available).
Governance and Capital Structure
Tangney and BlackRock figures as of 2026-06-10; Vanguard Capital Management as of 2026-04-29 (DEF 14A filed 2026-07-15, SC 13G, A).
Doximity has a dual-class structure with Class A (1 vote) and Class B (10 votes) shares; CEO and co-founder Jeff Tangney and family trusts hold the majority of Class B shares, controlling 77.1% of total voting power (DEF 14A, filed 2026-07-15, A).
Macro Environment
| Factor | Reference-Date Value | Notes |
|---|---|---|
| U.S. Federal Funds Rate | Upper bound 3.75% / lower bound 3.50% | FOMC held rates steady on 2026-07-29, 5th consecutive hold (C) |
| U.S. 10-Year Treasury Yield | 4.65% | As of 2026-08-07; rose to as high as 4.74% in early August (C) |
| Philadelphia Semiconductor Index (SOX) | approx. 12,048.7 pts | As queried on 2026-08-08 (C) |
| Forward P/E (industry average) | 23.92x | DOCS reported as undervalued relative to this (C) |
In 2026, digital pharmaceutical advertising spend reached 26.2B USD, exceeding traditional channels (6.9B USD) for the first time, and over 60% of leaders in an industry survey indicated intent to expand physician-targeted campaigns (BofA survey cited, macro research, C).
Risk Factors
- Customer Concentration Per the FY2026 10-K, Customer B accounted for 11% of revenue (A).
- Pharma Budget Sensitivity There is a precedent of the stock falling -25% when the initial FY2027 revenue guidance range, announced 2026-05-14, missed market expectations (news research, C).
- Margin Pressure The FY2027 adjusted EBITDA guidance range was lowered from 323–335M to 309–329M USD (A).
- Competition Independent research has found competing clinical AI tools such as Vera Health rated higher than Doximity Ask (C).
- Governance Concentration The CEO controls 77.1% of total voting power, structurally limiting minority shareholders' checks on governance (DEF 14A, A).
- Executive Vacancy A permanent CFO vacancy persists, with the CAO serving in an interim capacity (since 2026-04-13, C).
- Volatility The trailing 12-month price range of 17.15–76.51 USD reflects high volatility (secondary source, C).
Recent News Timeline
| Date | Event |
|---|---|
| 2026-08-06 | Q1 FY2027 (quarter ended June) earnings release — revenue 156.6M USD (+7% YoY), full-year revenue guidance raised to 671–681M USD (A) |
| 2026-08-07 | Reference-date closing price 27.4 USD (+32.62%), volume 65,315,795 shares (A) |
| 2026-07-15 | Doximity Ask NOHARM benchmark results announced (based on company announcement, C) |
| 2026-06-10~11 | Final approval of securities class action settlement (31.0M USD cash settlement, class period 2021-06-24 to 2023-08-08) (A) |
| 2026-05-14 | Initial FY2027 revenue guidance range announced, missed market expectations, stock fell -25% (C) |
| 2026-05-13 | FY2026 annual results announced — revenue 644.9M USD (+13% YoY), Aledade and Photon partnerships announced (A) |
| 2026-04-13 | CFO Anna Bryson's resignation took effect; CAO assumed interim CFO role (A) |
| 2026-02-03 | CFO medical leave announced and new share repurchase program (500M USD) approved (A) |
Theme Relevance
Fact Highlights
Generated by FomoLog Agent · Data sources: KRX · NASDAQ · DART · SEC EDGAR