Key Stats for Doximity Stock
- Past-Week Performance: +3.3%
- 52-Week Range: $23.5 to $76.5
- Current Price: $25.5
What Happened?
What was once a $101 stock now trades at $25.49, but Doximity (DOCS), the dominant digital network for U.S. physicians, just proved its core business remains intact with $185.1 million in Q3 revenue, a 10% beat above the high end of guidance.
Last month, Doximity reported Q3 adjusted EBITDA of $111.4 million at a 60% margin, 7% above guidance, while simultaneously authorizing a new $500 million share repurchase program with no expiration date.
The deeper engine is AI adoption: 300,000 physicians used Doximity’s DocsGPT clinical reference tool in a single quarter after the August 2025 Pathway AI acquisition, while 100 top U.S. health systems cleared privacy committees and purchased access for 180,000 clinicians.
Jeff Tangney, Co-Founder and CEO, stated on the Q3 2026 earnings call that “in our first full quarter since acquiring Pathway AI in August, we’ve already become one of the most used AI tools by physicians,” a claim backed by 10,000 peer-reviewed expert validators Doximity calls PeerCheck, outpacing the largest incumbent publisher’s 7,000 reviewers.
With January 2026 pharma bookings hitting the highest growth rate since Doximity’s IPO, a commercial AI product targeting the $55 billion healthcare paid search market expected in market later in 2026, and a $500 million buyback supporting the stock near 52-week lows, the setup for a re-rating is building on multiple fronts simultaneously.
Wall Street’s Take on DOCS Stock
The Q3 beat and $500 million buyback authorization land at a moment when DOCS trades 67% below its 52-week high, making the capital return program far more accretive than it would have been a year ago.
TIKR estimates show Doximity growing revenue from $640 million in FY2026 to $990 million by FY2030, with EBITDA margins holding in the 53% to 56% range throughout, a durability that the current stock price does not reflect.
Regardless, twelve analysts carry Buy ratings, five carry Outperform ratings, and five hold Holds, with a mean price target of $39.95 against a current price of $25.49, implying 56.7% upside as Wall Street bets the pharma budget timing headwind is temporary, not structural.
Analyst targets range from a low of $25 to a high of $56, with the bear case effectively pricing in permanent pharma spend disruption and the bull case reflecting full AI commercialization capturing a share of the $55 billion healthcare paid search market.
What Does the Valuation Model Say?
TIKR’s mid-case model prices DOCS at $36.30 by March 2030, implying a 42.4% total return and a 9.1% annualized IRR, built on an 8.5% revenue CAGR and a 45.6% net income margin assumption.
The market is treating MFN-driven pharma budget delays as a demand destruction signal, but January 2026 pharma bookings hit the highest growth rate since Doximity’s IPO.
Doximity’s PeerCheck network, now 10,000 physician expert reviewers deep, gives the AI platform a trust moat that no competitor has yet replicated at scale, directly underpinning the model’s margin durability assumption.
Also, Tangney confirmed on the February 5 earnings call that no AI revenue is included in current guidance, meaning every commercial AI dollar this year arrives as pure upside against the model’s base case.
The key risk is pharma budget paralysis extending beyond Q4, which would pressure the FY2026 full-year revenue guidance of $642.5 to $643.5 million and erode confidence in the double-digit exit growth rate management is targeting.
Watch Q4 FY2026 earnings in May for the first concrete signal on whether delayed pharma bookings converted and whether the commercial AI product has reached market, the two inputs that validate or break the TIKR mid-case.
Should You Invest in Doximity, Inc.?
The only way to really know is to look at the numbers yourself. TIKR gives you free access to the same institutional-quality financial data that professional analysts use to answer exactly that question.
Pull up DOCS stock and you’ll see years of historical financials, what Wall Street analysts expect for revenue and earnings in the quarters ahead, how valuation multiples have moved over time, and whether price targets are trending up or down.
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