Doximity — Blitz Index 54 (C)
85% of US physicians are inside the network and gross margin is 89% — but growth fell to +7.3% and demerits (−11) take back what the moat earned.
Confidence: High · Category: platforms
Score breakdown
| Section | Score | Detail |
|---|---|---|
| A · Speed | 14 / 25 | Growth 20.0% → 13.1% → +7.3% (Q1 FY27) with FY27 guided +4–6% — the blitz phase is over; the second curve is usage, not yet revenue |
| B · Moat | 42 / 60 | The densest professional network in the index: 3M+ members, 85%+ of US physicians, 800K+ active prescribers |
| C · Creative destruction | 9 / 15 | Digitized the physician's day (Dialer, Scribe, AI) — about half of active prescribers now use its clinical AI tools |
| D · BlitzFailing | −11 | SBC at 18.9% of revenue, 83% of revenue from 125 customers, securities litigation — 4 points from the FLAG line |
Radar axes (0–100): Moat 70 · Speed 56 · Creative 60.
Watch item
Gates: G1 ✓ (borderline — core decelerating, second curve unquantified) · G2 ✓ (estimate). Bar ≈ $6.5B (FY2026 revenue × 10; ~$6.8B on FY2027E) vs a ~$5.0B market cap — headroom exists; growth is the question.
Strengths
- Network density is measured, not claimed: quarterly active providers 0.58M → 0.81M (+31%)
- Gross margin 89.1% and adjusted EBITDA margin 55.5% — an asset-light cash machine (FCF $317.5M)
- No debt, and $431.7M of buybacks executed into weakness in FY2026
- Clinical AI reached ~50% of active prescribers in Q4 FY26
Concerns
- Deceleration at every level: NRR 119% → 109%, FY27 guidance +4–6%
- Concentration: 125 customers at $500K+ are 83% of revenue — pharma marketing budgets are the exposure
- SBC jumped $72.4M → $121.6M while GAAP operating income fell — dilution is eating the margin story
- Segment and Dialer revenue are never disclosed — the second curve cannot be verified in dollars
Next earnings
Nov 5, 2026 · After close · Confirmed
Coverage
Doximity, Inc. · Q2 FY2027 due Nov 5, 2026 (AMC, confirmed) · Score 54 · Grade C
BlitzLab scores businesses against a scholar’s standard — not investment advice. No price targets, no buy/sell recommendations. Figures are from SEC filings (XBRL) as labeled in the source scorecard.