Doximity, Inc. Class A (DOCS)

Doximity's stock has experienced significant fluctuations and a general decline over the past six months. The stock was down 27.07% over the past 30 days and 42.69% over the past 12 months as of February 5, 2026. The Q3 2026 earnings report showed revenue exceeding guidance, but conservative Q4 2026 revenue guidance and increased AI investments led to a stock drop. Sales growth slowed, and net income declined due to rising marketing expenses and AI infrastructure investments. Pharma client delays impacted bookings, though January bookings showed improvement. Several independent directors engaged in sell transactions of DOCS shares.

Doximity experiences some demand seasonality, with a sequential quarterly decline in revenue observed in the past. There is a typical budget flush dynamic in the quarter ending December. Management has indicated that a higher portion of clients' budgets not deployed upfront may become available for investment later in the year during the upsell season. The company's subscription-based services provide a predictable revenue stream.

Doximity, Inc. operates as a digital platform for medical professionals in the United States, aiming to enhance physician productivity and improve patient care. The platform offers curated medical news and research, telehealth tools like Doximity Dialer, case collaboration features, workflow tools for on-call scheduling and documentation, AI-powered products including Docs GPT, DocDefender for privacy, marketing solutions for pharmaceutical manufacturers, and digital recruiting capabilities.

Doximity, Inc. primarily operates within the United States, serving over 80% of physicians across all 50 states and every medical specialty, as well as over 50% of nurse practitioners and physician assistants. The company's headquarters are located in San Francisco, California.

Doximity has maintained a strong brand reputation within the medical community, particularly for its telehealth offerings. Doximity Dialer was named the #1 Telehealth Video Conferencing Platform in the 2026 Best in KLAS Report for the fifth consecutive year. The platform is utilized by over 85% of U.S. physicians, solidifying its market leadership.

Doximity, Inc. has a significant institutional ownership presence, with 868 institutional owners and shareholders holding approximately 80.1% of the company. Major institutional owners include BlackRock, Inc., Vanguard Group Inc., and Fmr Llc. Individual ownership accounts for approximately 37.35%, with Jeffrey Tangney, co-founder and CEO, holding a significant individual stake.