Doximity (DOCS)

NYSEHealth CareMedical - Healthcare Information ServicesSnapshot 2026-10-23

$33.39-0.86%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 24, 2026

What could strengthen or challenge Doximity’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

+0.2%

+10% or more+5%0%−5%−10% or less

1.55 → 1.56 EPS · FY ending Mar 31, 2028 · 10 analysts

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

Change in the same fiscal period’s mean EPS estimate from Sep 24, 2026 to Oct 24, 2026: (new ÷ prior − 1). Contributor count changed from 10 to 10; this is not the number of analysts revising. Source: FMP consensus snapshots. The ±10% axis is a display range.

Measure / period	Management expectations	Analyst expectations
Quarter ending 2026-12-30
Revenue	—	195.14M
EPS	—	0.414
Annual ending 2027-03-31
Revenue	—	677.61M
EPS	—	1.347
Annual ending 2028-03-31
Revenue	—	722.99M
EPS	—	1.558

Management figures unavailable.

What the Thesis Depends On

Three published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Effective management of CFO transition	The company manages CFO transition and announced a share buyback to boost value.	Improving	CFO transition causes material financial or operational disruption	Qualitative: CFO transition completed (May 2026); Q2/Q1 revenue beats; no reporting disruption CFO transition completed May 2026. Q2 and Q1 2027 revenue beats confirm no operational or financial reporting disruption. Context reviewed through Oct 23, 2026Last status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Maintain revenue growth near guidance of $670M in fiscal 2027	A primary condition in Doximity's published investment case. The stated target is ~$670M revenue.	Intact	revenue falls below $640M in FY27	Revenue: $156.618M FY2027-Q1; GAAP. Published target: ~$670M revenue. Target period is not explicitly aligned with this observation. Source published Aug 6, 2026156,618,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2027-Q1 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: ea6cf95d-9dc4-4ea5-aecc-1ae8102a06a5. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Implement share buyback program as announced	The company manages CFO transition and announced a share buyback to boost value.	Intact	Share buyback program is cancelled or materially reduced	Buyback active vs target: active Capital allocation event logged on 2026-04-17 indicates a share buyback was announced via Form 8-K. Context reviewed through Oct 23, 2026Last status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2028 · fiscal year ending 2028-03-31 · fmp

FY2028 EPS$1.56

$1.60 → $1.56 · observed estimates

FY2028 revenue$0.72B

$0.71B → $0.72B · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2028 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	$1.60	$712,962,396	9 / 12
2026-07-25	$1.59	$712,396,500	15 / 16
2026-07-26	$1.60	$712,954,421	9 / 12
2026-07-27	$1.59	$712,396,500	15 / 16
2026-07-28	$1.59	$712,396,500	15 / 16
2026-07-29	$1.60	$712,954,421	9 / 12
2026-07-30	$1.59	$712,396,500	15 / 16
2026-07-31	$1.59	$712,376,510	15 / 16
2026-08-01	$1.59	$711,996,935	9 / 12
2026-08-02	$1.59	$712,376,510	15 / 16
2026-08-03	$1.59	$711,996,935	9 / 12
2026-08-04	$1.59	$712,376,510	15 / 16
2026-08-05	$1.59	$712,376,510	15 / 16
2026-08-06	$1.59	$711,996,935	9 / 12
2026-08-07	$1.59	$711,996,935	9 / 12
2026-08-08	$1.59	$711,996,935	9 / 12
2026-08-09	$1.58	$716,044,850	14 / 14
2026-08-10	$1.59	$711,996,935	9 / 12
2026-08-11	$1.59	$711,996,935	9 / 12
2026-08-12	$1.56	$720,416,590	15 / 16
2026-08-13	$1.59	$711,996,935	9 / 12
2026-08-14	$1.59	$711,996,935	9 / 12
2026-08-15	$1.59	$711,996,935	9 / 12
2026-08-16	$1.59	$711,996,935	9 / 12
2026-08-17	$1.59	$711,996,935	9 / 12
2026-08-18	$1.59	$711,996,935	9 / 13
2026-08-19	$1.59	$711,996,935	9 / 13
2026-08-20	$1.56	$720,926,454	10 / 13
2026-08-21	$1.56	$720,926,454	10 / 13
2026-08-22	$1.55	$720,926,454	10 / 13
2026-08-23	$1.55	$720,926,454	10 / 13
2026-08-24	$1.55	$720,926,454	10 / 13
2026-08-25	$1.55	$720,926,454	10 / 13
2026-08-26	$1.55	$720,926,454	10 / 13
2026-08-27	$1.55	$720,926,454	10 / 13
2026-08-28	$1.55	$720,926,454	10 / 13
2026-08-29	$1.55	$720,926,454	10 / 13
2026-08-30	$1.55	$720,926,454	10 / 13
2026-08-31	$1.55	$720,926,454	10 / 13
2026-09-01	$1.55	$720,926,454	10 / 13
2026-09-02	$1.55	$720,926,454	10 / 13
2026-09-03	$1.55	$720,926,454	10 / 13
2026-09-04	$1.55	$720,926,454	10 / 13
2026-09-05	$1.55	$720,926,454	10 / 13
2026-09-06	$1.55	$720,926,454	10 / 13
2026-09-07	$1.55	$720,926,454	10 / 13
2026-09-08	$1.55	$720,926,454	10 / 13
2026-09-09	$1.55	$720,846,114	10 / 13
2026-09-10	$1.55	$720,846,114	10 / 14
2026-09-11	$1.55	$720,846,114	10 / 14
2026-09-12	$1.55	$720,846,114	10 / 14
2026-09-13	$1.55	$720,846,114	10 / 14
2026-09-14	$1.55	$720,846,114	10 / 14
2026-09-15	$1.55	$720,846,114	10 / 14
2026-09-16	$1.55	$720,846,114	10 / 14
2026-09-17	$1.55	$720,846,114	10 / 14
2026-09-18	$1.55	$720,846,114	10 / 14
2026-09-19	$1.55	$720,846,114	10 / 14
2026-09-20	$1.55	$720,846,114	10 / 14
2026-09-21	$1.55	$720,846,114	10 / 14
2026-09-22	$1.55	$720,846,114	10 / 14
2026-09-23	$1.55	$720,846,114	10 / 14
2026-09-24	$1.55	$720,846,114	10 / 14
2026-09-25	$1.55	$720,846,114	10 / 14
2026-09-26	$1.55	$720,846,114	10 / 14
2026-09-27	$1.55	$720,846,114	10 / 14
2026-09-28	$1.55	$720,846,114	10 / 14
2026-09-29	$1.55	$720,846,114	10 / 14
2026-09-30	$1.55	$720,846,114	10 / 14
2026-10-01	$1.56	$722,325,061	10 / 14
2026-10-02	$1.56	$722,325,061	10 / 14
2026-10-03	$1.56	$722,325,061	10 / 14
2026-10-04	$1.56	$722,325,061	10 / 14
2026-10-05	$1.56	$722,325,061	10 / 14
2026-10-06	$1.56	$722,325,061	10 / 14
2026-10-07	$1.56	$722,325,061	10 / 14
2026-10-08	$1.56	$722,325,061	10 / 14
2026-10-09	$1.56	$722,325,061	10 / 14
2026-10-10	$1.56	$722,325,061	10 / 14
2026-10-11	$1.56	$722,325,061	10 / 14
2026-10-12	$1.56	$722,325,061	10 / 14
2026-10-13	$1.56	$722,325,061	10 / 14
2026-10-14	$1.56	$722,325,061	10 / 14
2026-10-15	$1.56	$722,325,061	10 / 14
2026-10-16	$1.56	$722,325,061	10 / 14
2026-10-17	$1.56	$722,325,061	10 / 14
2026-10-18	$1.56	$722,993,482	10 / 14
2026-10-19	$1.56	$722,993,482	10 / 14
2026-10-20	$1.56	$722,993,382	10 / 14
2026-10-21	$1.56	$722,993,482	10 / 14
2026-10-22	$1.56	$722,993,482	10 / 14
2026-10-23	$1.56	$722,993,482	10 / 14
2026-10-24	$1.56	$722,993,482	10 / 14

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold	Sell*
2026-05-01	16	13	0
2026-06-01	10	13	1
2026-07-01	9	12	1
2026-08-01	9	11	2
2026-09-01	9	11	2
2026-10-01	8	11	2

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 8 Buy / Strong Buy · 11 Hold · 2 Sell / Strong Sell

0 upgrades0 downgrades1 maintains

Recent actions · Sep 25–Oct 24 · 1 recorded

Price-target changes

30 days

○ Previous · ● Latest · common dollar scale

Raymond JamesOct 16

$38.00New observation · no comparable prior

Evercore ISISep 29 · prior Aug 7

$40.00 → $35.00-12.5%

$0$22.00$44.00

0 raises · 1 cuts · 0 unchanged · 1 without a comparable prior

How this is measured

Sep 25, 2026–Oct 24, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Maintain revenue growth near guidance of $670M in fiscal 2027Revenue: $156.618M

Next proof point

Nov 5, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

1 of 3 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

2.0%Typical daily move · historical

Downside history

-73.7%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

Doximity outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

DOCS is a growth-oriented healthcare platform business, with a multi-year view tied to expanding its AI-enabled services and user activity. The thesis is intact, and recent financial performance remains strong relative to its industry, but execution risk is high.

What's priced into Doximity

Valuation is described as justified, with DOCS at a 1.14 premium to peers and expectations broadly aligned with the evidence. The expectations gap is modestly negative, so the snapshot does not point to a large gap between what the market assumes and current fundamentals.

What the fundamentals likely do

Near term, revenue growth and rising active prescribers support management’s AI-platform expansion priority, while recent earnings misses remain a concern. The CFO transition has been stable so far, and the company has continued repurchases under its authorized program. A guidance reversal after the recent raise would damage management credibility.

What Doximity hinges on

Over the next 1 to 3 years, the thesis depends on sustaining revenue growth through platform expansion and continued AI feature adoption. Near term, weaker jobs data could raise recession concerns for healthcare names, while strong results and guidance from sector peers could support the sector backdrop. The evidence does not establish how these scenarios will resolve.