3 models fit Doximity Inc. Class A Common Stock and they disagree: 1 of 3 land within 15% of the average.
Two or more of our models back this value.
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Valued as a growth company: Discounted cash flow, P/E comparison, and EV/EBITDA comparison.
ACCE opinionDoximity Inc. Class A Common Stock (DOCS)
Fair value (3 models)
$28.83
ACCE price target
$33.00
Rating
Overvalued
Horizon
12 months
Fair value published on 20 Oct 2026, 15:04 CEST; previously $47.73 since 16 Oct 2026, 00:00 CEST.
ACCE price target published on 10 Oct 2026, 00:00 CEST.
Price used: $33.39 at the close on 23 Oct 2026, 22:00 CEST.
Models: Discounted cash flow, P/E comparison, and EV/EBITDA comparison.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
15.8% above
-13.7% to fair value
ACCE score
57
out of 100
Analysts
38% buy
21 covering
P/E
39.6x
forward 19.8x
1-year return
-49.6%
Dividend yield
0.00%
Doximity Inc. Class A Common Stock in four questions
Plain answers, details below
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Overview
ACCE thesis
Doximity runs a free platform for U.S. physicians and other clinicians, built around a professional network, telehealth tools, and an AI-assisted clinical reference product, and it earns most of its revenue by selling pharmaceutical and biotech companies advertising and marketing access to that clinician base. The moat is the physician network itself: a large share of U.S. doctors use the platform, and its 88.1% gross margin reflects software-like economics on what is largely ad and data revenue. Near-term growth is the weak spot, with revenue rising 7.3% and the market therefore pricing the stock on operating leverage rather than top-line momentum. The shares trade at 19.8 times forward earnings against 35.8 times trailing, a gap that implies earnings are expected to expand sharply over the coming year, and a 21.5% operating margin with a 17.2% return on equity gives the business real profitability to support that. The score of 57 out of 100 and the absence of index membership suggest the market has not yet settled on whether slowing growth or margin expansion will dominate, so this is worth a deeper look mainly to test whether pharma ad budgets can re-accelerate revenue.
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
moderate
Earnings sharply down YoY
Earnings fell 51.9% year over year while revenue grew only 7.3%, so profit is compressing faster than sales. Trailing P/E of 39.2 leaves little room for further earnings declines.
moderate
Elevated short interest
Short interest stands at 9.0% of shares, a meaningful bearish position that can amplify volatility if results disappoint.
moderate
Valuation above model fair value
The stock trades 15.8% above the model fair value of $28.83, and sits 1.2% above the ACCE price target of $33.00, leaving limited margin of safety.
AI research notes
AI-assisted·How I use AIWritten Oct 20, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Free cash flow over the last twelve months reached $317M, showing the business turns sales into real cash.
Net margin of 25.5% and return on equity of 17.2% show a very profitable business with a strong return on its capital.
Debt is almost nonexistent at 0.01 times equity, and the share count fell 1.2% last year, so owners are not diluted.
Why it could disappoint
Revenue growth slowed to 7.3% year over year, far below the 25.5% average of the past five years.
The latest quarter missed earnings expectations by 12.5%, with earnings per share of 0.14 against 0.16 expected.
The share price of $33.39 sits 15.8% above the model fair value of $28.83, and analysts' mean target of $30.44 implies further downside.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 5, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
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Where DOCS's valuation models land
Price
$33.39
Model fair value
$28.83
Model range
$17.56 to $37.81
Fair value $28.83
Price $33.39
The price sits inside the model range.
Model
Fair value
Upside
Discounted cash flow
EV/EBITDA comparison
P/E comparison
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Quality
INVESTOR
Quality and conviction INVESTOR FEATURE
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+Conviction breakdown and growth / value / quality / momentum scores