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DOCS.NYSE
Doximity
Health Care · Health Care Technology

Doximity, Inc. operates as a digital platform for medical professionals in the United States.

HQ: United StatesListed: United States

Historical AI Opinions

Audit every published iPulse AI forecast batch and immutable historical research document for Doximity.

Doximity Inc (DOCS.NYSE) AI OPINIONS & ADVISOR ANALYSIS

Read and compare the 14 individual AI Advisor deep-dive reports, including their forecast paths, ratings, price targets, and reasoning.

Updated on 20 September 2026Deep analysis 20 September 2026

25 min readAudit All Past Forecasts

1. Investment Thesis — Base Case

The central tension is arithmetical, not narrative: a cash machine retiring roughly 8% of itself annually versus an attention franchise being rented out from under it for free. The base case resolves it in favour of arithmetic, but only modestly. Revenue grinds at mid-single digits as OpenEvidence caps , while AI spend crests and margin recovers toward the high forties. The physician graph holds because verified reach and brand safety are what pharma actually buys. Investors earn compounding ownership of a maturing franchise, not a growth re-rating.

  • FY2027 guidance of USD 671-681m revenue and USD 309-329m implies roughly 13.5x EV/.
  • A 6% free-cash-flow yield plus 8% share retirement compounds per-share value near 10% annually at a flat multiple.
  • Cross-check: USD 43 by 2031 requires about 16x on modestly higher earnings — no heroic re-rating.

Historical prices and published forecast

Historical prices and published forecastObserved prices and the selected advisor's published projection share a split-adjusted price basis. Prices after the forecast start are later observations, not information known at publication. Forecasts are uncertain. Values in USD.11.7734.657.4380.26103.09Sep 2021Mar 2024Sep 2026Mar 2029Sep 2031Forecast starts
  • Observed price
  • Published advisor forecast
Observed prices and the selected advisor's published projection share a split-adjusted price basis. Prices after the forecast start are later observations, not information known at publication. Forecasts are uncertain. Values in USD.
View chart values
Historical prices and published forecast — published chart values
SeriesDateValue (USD)
Observed price2021-09-1695.5
Observed price2021-10-0277.9
Observed price2021-10-1475.6
Observed price2021-10-2264.8
Observed price2021-11-1176.7
Observed price2021-11-2357.1
Observed price2021-12-0164.8
Observed price2021-12-1750.1
Observed price2021-12-2552.0
Observed price2022-01-0646.9
Observed price2022-01-1446.0
Observed price2022-01-2642.5
Observed price2022-02-0748.5
Observed price2022-02-2760.6
Observed price2022-03-0356.8
Observed price2022-03-1543.2
Observed price2022-04-0454.0
Observed price2022-04-1248.7
Observed price2022-04-2050.0
Observed price2022-05-1031.3
Observed price2022-05-1830.3
Observed price2022-06-0338.0
Observed price2022-06-1133.6
Observed price2022-06-2740.4
Observed price2022-07-0136.7
Observed price2022-07-2146.2
Observed price2022-08-0243.8
Observed price2022-08-1437.3
Observed price2022-08-1834.3
Observed price2022-09-0332.6
Observed price2022-09-1134.0
Observed price2022-09-2730.2
Observed price2022-10-0531.7
Observed price2022-10-2125.0
Observed price2022-11-0624.3
Observed price2022-11-1831.7
Observed price2022-11-2231.5
Observed price2022-12-0835.8
Observed price2022-12-1635.1
Observed price2023-01-0532.0
Observed price2023-01-0930.6
Observed price2023-01-2934.5
Observed price2023-02-0239.7
Observed price2023-02-1031.7
Observed price2023-03-0634.1
Observed price2023-03-1029.1
Observed price2023-03-3031.2
Observed price2023-04-1135.2
Observed price2023-04-2336.4
Observed price2023-05-0534.1
Observed price2023-05-1333.4
Observed price2023-05-2930.6
Observed price2023-06-0634.1
Observed price2023-06-1032.0
Observed price2023-06-2631.9
Observed price2023-07-1635.5
Observed price2023-07-2835.5
Observed price2023-08-0925.3
Observed price2023-08-1722.1
Observed price2023-09-0224.3
Observed price2023-09-0624.1
Observed price2023-09-2619.86
Observed price2023-09-3021.2
Observed price2023-10-1622.2
Observed price2023-11-0120.3
Observed price2023-11-1323.9
Observed price2023-11-1724.6
Observed price2023-11-2923.9
Observed price2023-12-1124.0
Observed price2023-12-3128.3
Observed price2024-01-0428.0
Observed price2024-01-2030.9
Observed price2024-02-0527.3
Observed price2024-02-1730.1
Observed price2024-02-2129.0
Observed price2024-03-1227.7
Observed price2024-03-2028.5
Observed price2024-04-0525.8
Observed price2024-04-0926.4
Observed price2024-04-2523.6
Observed price2024-05-1123.2
Observed price2024-05-1928.7
Observed price2024-06-0427.7
Observed price2024-06-1229.6
Observed price2024-06-2828.0
Observed price2024-07-1026.6
Observed price2024-07-2228.8
Observed price2024-08-0326.7
Observed price2024-08-0725.5
Observed price2024-08-2736.7
Observed price2024-09-0436.2
Observed price2024-09-2040.9
Observed price2024-09-2441.4
Observed price2024-10-0243.5
Observed price2024-10-1843.5
Observed price2024-10-2641.3
Observed price2024-11-1161.3
Observed price2024-11-2348.4
Observed price2024-12-1352.1
Observed price2024-12-2558.3
Observed price2025-01-0655.6
Observed price2025-01-1450.8
Observed price2025-01-2655.8
Observed price2025-02-0779.2
Observed price2025-02-1577.3
Observed price2025-03-0764.0
Observed price2025-03-2365.2
Observed price2025-03-3158.0
Observed price2025-04-0850.7
Observed price2025-04-2456.3
Observed price2025-05-1059.8
Observed price2025-05-1853.4
Observed price2025-05-2251.3
Observed price2025-06-0758.6
Observed price2025-06-1555.9
Observed price2025-07-0561.3
Observed price2025-07-0963.3
Observed price2025-07-2959.7
Observed price2025-08-0257.7
Observed price2025-08-2267.7
Observed price2025-08-2667.1
Observed price2025-09-1572.5
Observed price2025-09-2774.6
Observed price2025-10-0170.6
Observed price2025-10-2167.9
Observed price2025-11-0266.6
Observed price2025-11-0662.6
Observed price2025-11-1847.4
Observed price2025-12-0451.3
Observed price2025-12-1643.8
Observed price2026-01-0545.7
Observed price2026-01-1341.4
Observed price2026-01-1741.2
Observed price2026-02-0627.7
Observed price2026-02-1027.2
Observed price2026-02-2224.4
Observed price2026-03-0625.3
Observed price2026-03-2624.3
Observed price2026-04-1121.6
Observed price2026-04-1924.5
Observed price2026-04-2323.2
Observed price2026-05-0926.1
Observed price2026-05-1719.38
Observed price2026-06-0221.5
Observed price2026-06-2220.1
Observed price2026-06-2620.9
Observed price2026-07-0422.4
Observed price2026-07-2420.4
Observed price2026-08-0121.2
Observed price2026-08-1326.6
Observed price2026-08-2926.7
Observed price2026-09-1024.7
Observed price2026-09-2126.8
Observed price2026-09-2426.0
Observed price2026-09-2526.4
Published advisor forecast2026-09-1826.1
Published advisor forecast2026-12-1825.3
Published advisor forecast2027-03-1826.8
Published advisor forecast2027-06-1826.3
Published advisor forecast2027-09-1828.2
Published advisor forecast2027-12-1829.6
Published advisor forecast2028-03-1830.7
Published advisor forecast2028-06-1829.5
Published advisor forecast2028-09-1831.3
Published advisor forecast2028-12-1832.5
Published advisor forecast2029-03-1833.5
Published advisor forecast2029-06-1834.5
Published advisor forecast2029-09-1835.9
Published advisor forecast2029-12-1837.0
Published advisor forecast2030-03-1837.7
Published advisor forecast2030-06-1836.6
Published advisor forecast2030-09-1838.4
Published advisor forecast2030-12-1839.6
Published advisor forecast2031-03-1840.4
Published advisor forecast2031-06-1841.6
Published advisor forecast2031-09-1842.8

2. Scenarios & Signals

Bull case

The bull case activates when Doximity proves the AI spend bought inventory, not merely parity. Monetized AI Search at point-of-care CPMs re-accelerates revenue to double digits just as enacted DTC restrictions push consumer budgets into the compliant professional channel. Margin recovery then compounds with a shrinking , and the terminal-decay discount the market applies today inverts into a . That combination — monetization plus regulatory reallocation — would justify a materially higher share price than the base path.

Bear case

The bear case activates when deceleration crosses into contraction. Free clinician tools from OpenEvidence and general-purpose labs capture the high-intent impression, pharma reallocates spend to the cheaper channel, and Doximity must defend by spending more on AI whose inference costs already sit in cost of revenue. compresses while revenue flattens, buybacks shrink as cash is preserved, and the market reprices from maturity to decay. At that point even a 6% cash yield fails to support the shares.

Current crowd narrative

The settled belief is that Doximity is a melting ice cube: a free, venture-subsidised rival captured the point-of-care moment, so 5% growth is the ceiling and margins only compress from here. Sell-side downgrades explicitly frame AI as the cheaper substitute [7]. Anchoring runs off the USD 76.51 high and the USD 17.15 low, leaving USD 26 treated as fair value for terminal stagnation.

Alpha-gap assessment

The crowd underestimates these shares. At roughly 13.5x guided FY2027 EV/, with USD 688m of cash and securities and an 8% net buyback yield, the price embeds approximately zero long-run growth and margin erosion. Two pieces of evidence are being ignored: the GAAP earnings collapse is a discretionary R&D and stock-compensation decision, not revenue impairment [4], and the DTC crackdown reallocates promotional budget toward compliant physician channels rather than shrinking it [21][24]. The offset, genuine and priced-in only partly, is terminal-value erosion.

Convergence catalyst

The early-November 2026 Q2 FY2027 print is the first test: guidance of USD 170-171m sets a low bar the company beat by USD 5m last quarter. The observable repricing signal is GAAP stabilizing above 85% while R&D growth decelerates below revenue growth.

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