Doximity, Inc. (DOCS): Business Model Canvas [Dec-2025 Updated]

You're looking to crack the code on how Doximity, Inc. actually makes its money, and honestly, mapping out their Business Model Canvas reveals a structurally efficient engine. Forget the jargon; this is about owning the verified digital town square for U.S. doctors, which lets them pull in $570.4 million in total revenue for fiscal year 2025 while maintaining a near-perfect 92% Non-GAAP Gross Margin. That kind of leverage, driven by sticky enterprise relationships and a network covering over 80% of U.S. physicians, is what separates the players from the pretenders in health tech. Dive into the nine building blocks below to see exactly how they connect their value proposition to those impressive revenue streams and what that means for the near term.

Doximity, Inc. (DOCS) - Canvas Business Model: Key Partnerships

You're looking at the partnerships that fuel Doximity, Inc.'s revenue engine as of late 2025. It's all about embedding deeper into the pharma marketing spend and the clinical workflow itself. Here's the breakdown on the key alliances and the numbers supporting them.

Advertising agencies serving smaller pharma clients

The relationship with pharmaceutical clients drives the bulk of the top line. For the fiscal year ended March 31, 2025, Doximity, Inc. reported total revenue of $570.4 million, with subscription revenue hitting $543.8 million, which represented about 95.3% of the total. The top 20 clients, which are the largest pharma manufacturers, grew their spend with Doximity, Inc. by 23% in fiscal year 2025. The platform has a growing base of high-value customers; as of the second quarter of fiscal 2025, there were 103 customers contributing at least $500,000 each in trailing twelve-month subscription revenue. These top-tier customers accounted for 83% of total revenue in that quarter.

Strategic alliances for integrating AI answer engines

The acquisition of Pathway Medical Inc. is a prime example of a strategic alliance to bolster AI capabilities. The transaction closed for $26 million in cash plus up to $37 million in additional equity grants. This partnership is central to the Doximity GPT product, which now provides direct full text PDF access to over 2,000 medical journals. The AI-driven tools are seeing rapid adoption; in the second quarter of fiscal 2026, quarterly active prescribers using AI tools were up more than 50% from the prior quarter. The Doximity Scribe saw its number of quarterly active users nearly triple versus the first quarter of fiscal 2026. The Pathway AI model achieved a record high score of 96% on the U.S. medical licensing exam.

Healthcare systems for enterprise workflow tool adoption

Workflow tools are becoming a significant revenue driver, with 20% of Pharma sales in the second quarter of fiscal 2025 coming from these related modules. User engagement with these tools is high. In the second quarter of fiscal 2025, over 600,000 unique active prescribers used workflow tools, which include telehealth, fax, scheduling, and AI assistants. This follows a record of 590,000 unique active prescribers using these tools in the first quarter of fiscal 2025. The broader trend shows that workflow automation is seen as a substantial market edge by approximately 75% of businesses, with the global market projected to reach US$18.45 billion by 2025.

The platform's operational efficiency is reflected in its gross margin, which was a high 92% in the second quarter of fiscal 2025.

Technology partners for cloud infrastructure and security

The high gross margin indicates efficient infrastructure management, likely supported by key technology partners. For the full fiscal year 2025, the non-GAAP gross margin was 92%. The company finished fiscal year 2025 with $916 million in cash, cash equivalents, and marketable securities.

• Non-GAAP Gross Margin (FY 2025): 92%
• Cash, Cash Equivalents, and Marketable Securities (End of FY 2025): $916 million

Finance: draft 13-week cash view by Friday.

Doximity, Inc. (DOCS) - Canvas Business Model: Key Activities

Developing and enhancing AI-driven clinical workflow tools

• Quarterly active prescribers using AI tools grew more than 50% from the prior quarter (Q2 FY2026).
• More than 650,000 unique prescribers used workflow tools in Q2 FY2026.
• Quarterly active users for Doximity Scribe nearly tripled versus Q1 (Q2 FY2026).
• New Commercial Products (Point-of-care and formulary) grew over 100% in Q3 FY2025.
• Integrated program adoption represented over 40% of bookings in Q2 (FY2026).
• Doximity GPT provides direct full text PDF access to over 2,000 medical journals.

Maintaining and verifying the exclusive U.S. physician network

The core activity relies on maintaining the largest medical professional network in the nation.

Enterprise sales and account management for large clients

This activity drives the subscription-based revenue model, primarily from pharmaceutical companies, health systems, and recruiting firms.

Ensuring HIPAA-compliant platform security and privacy

• Personal health information is encrypted at rest using AES-256 encryption.
• Data is encrypted in transit using TLS 1.2.
• Doximity Scribe is HIPAA-compliant and processes voice data in real time without storing recordings.
• Physician information is protected with technologies including a Web Application Firewall and Bot Protection.

Doximity, Inc. (DOCS) - Canvas Business Model: Key Resources

You're looking at the core assets that power Doximity, Inc.'s business right now. These aren't just abstract concepts; they are hard numbers and established platforms that drive revenue and create competitive separation.

The foundation is the sheer scale of the verified user base. Doximity, Inc. maintains a verified network that includes more than 80% of U.S. physicians across all specialties and practice areas. This density is what makes the platform so valuable to its paying customers, primarily in pharmaceutical marketing and recruitment.

Next up is the proprietary technology layer, which is rapidly becoming the primary driver of engagement. This includes tools like Doximity GPT, an AI tool for administrative automation, and Doximity Scribe, a real-time clinical documentation tool. Doximity, Inc. recently bolstered this with the acquisition of Pathway Medical for up to $63 million, which includes $26 million in cash, to integrate its clinical reference AI. The AI suite and workflow modules already account for over 20% of Doximity, Inc.'s ad revenue. The platform supports over 1 million active newsfeed users.

The financial strength supporting these operations is significant. As of September 30, 2024, Doximity, Inc. held cash and cash equivalents along with marketable securities totaling approximately $805.6 million. This liquidity is critical for continued investment and strategic moves like the Pathway acquisition. The platform's high-margin nature is evident in the full fiscal year 2025 performance.

Here's a quick look at the financial scale supporting the infrastructure:

This infrastructure is inherently scalable because it is a digital platform. The high margins reflect the low marginal cost of adding another verified physician or serving another ad impression on the existing network. The platform's ability to generate substantial cash flow relative to revenue demonstrates this scalability.

The key tangible resources can be summarized like this:

• Verified U.S. physician network: Over 80% penetration.
• Cash & Securities (Q2 FY2025): $805.6 million.
• AI/Workflow Revenue Contribution: Over 20% of ad revenue.
• FY2025 Total Revenue: $570.4 million.
• FY2025 Operating Cash Flow: $273.3 million.

Finance: draft 13-week cash view by Friday.

Doximity, Inc. (DOCS) - Canvas Business Model: Value Propositions

For Clients: Measurable ROI on marketing spend to physicians

Doximity, Inc. delivers quantifiable returns for its advertising clients, primarily pharmaceutical companies and health systems. The company reports that the number of ROI studies shared with clients is up over 10 times what it was before the Client Portal's full rollout, giving clients immediate, transparent data. This transparency is key, as clients are moving toward AI-optimized, continuous budget commitments rather than large, annual lump sums. The top 20 customers, who measure their effectiveness best, saw their subscription revenue grow by 23% in fiscal year 2025. Furthermore, the Net Revenue Retention rate for these top 20 customers was 123% on a trailing twelve-month basis as of the fourth quarter of fiscal 2025. This strong retention is supported by the fact that 116 customers contributed at least $500,000 each in subscription-based revenue on a trailing twelve-month basis in Q4 FY2025, accounting for 84% of total revenue. Small-to-medium business bookings also saw roughly 100% year-over-year growth, driven by agency partners. The platform's growth rate is about two times the overall digital HCP (healthcare professional) market rate, which is estimated to be in the 5-7% range. The total revenue for fiscal year 2025 reached $570.4 million, up 20% year-over-year. The subscription revenue portion was $543.8 million for the same period.

For Clients: Access to a unique, highly-engaged professional audience

The value proposition rests on access to a highly concentrated and active medical audience. In the third quarter of fiscal 2025, more than 1 million unique active prescribers scrolled the Newsfeed to stay current on the latest news in their fields. The platform's clinical workflow tools also hit new highs in that same quarter, with over 610,000 unique active prescribers using them. This engagement underpins the platform's ability to deliver targeted marketing impressions. The platform's total revenue for the twelve months ending September 30, 2025, was $621.33 million, showing continued momentum post-fiscal year end.

For Members: AI tools to summarize complex patient documents

The platform offers AI tools designed to combat physician burnout and information overload, which 75% of surveyed physicians cited as a major issue. Doximity GPT, the generative AI tool, is HIPAA-compliant and integrated into the workflow. In the third quarter of fiscal 2025, AI tools saw the fastest growth, processing over 1.8 million prompts, which was up 60% over the prior quarter. Clinicians have completed over 1.5 million letter tasks using Doximity GPT, with one physician reporting the tool halved the time spent on prior authorization letters. The CEO noted that management is increasing investments in AI to build better member tools. These AI tools help chart lab values over time and summarize complex clinical findings from lengthy patient records.

For Members: Secure, HIPAA-compliant communication (Dialer, Fax)

Members use a suite of productivity tools within a single, easy-to-use app and website, all operating in a HIPAA-compliant environment. These critical productivity tools include voice and video dialer, secure messaging, and digital faxing. The platform allows members to send and receive HIPAA-compliant faxes, enabling them to electronically create, sign, edit, and customize documents without needing to print or re-scan. Over 610,000 unique active prescribers used the workflow tools, which encompass telehealth, fax, scheduling, and AI, in Q3 FY2025.

For Members: Career management and medical news aggregation

The Newsfeed serves as the primary mechanism for members to stay current on the latest medical news in their specialty. As noted, usage of this feed is high, with more than 1 million unique active prescribers scrolling it in Q3 FY2025. The platform's core mission is to help every physician be more productive and provide better care, which is supported by these aggregation and communication services. The company's GAAP net profit margin for fiscal year 2025 was a powerful 39.1% on total revenue of $570.4 million, reflecting the structural efficiency that supports continued investment in these member-facing features.

Doximity, Inc. (DOCS) - Canvas Business Model: Customer Relationships

You're looking at how Doximity, Inc. keeps its enterprise clients spending more each year, which is the engine behind their financial performance. The relationship strategy centers on deep integration, measurable results, and moving clients to stickier, bundled product suites.

The company deploys dedicated direct sales and customer success teams specifically for enterprise clients, focusing on those who need to measure their return on investment (ROI) most closely. This high-touch approach supports the shift toward multi-module, integrated subscription offerings, which are designed to be less transactional and more essential to the client's workflow.

The success of this strategy is clearly visible in the retention numbers. The trailing twelve-month net revenue retention rate for Fiscal Year 2025 was a strong 119%. For the most sophisticated customers, the top 20 clients, this metric was even higher at 123% for the same period. These top 20 clients were the fastest growing segment, increasing their spend by 23% in fiscal 2025.

The Client Portal is a key tool for maintaining this high retention, giving pharmaceutical clients real-time transparency into program effectiveness and ROI, which helps justify upsells. This transparency fuels greater interest in Doximity, Inc.'s AI-powered automation of marketing programs. For example, one reported ROI for Main Line Health was 57:1.

The move to integrated subscriptions is driving larger deal sizes and platform stickiness. New commercial products like Point-of-Care and Formulary saw sales growth of over 100% year-over-year in Q3 FY2025. Furthermore, the adoption of new AI tools is explosive, with quarterly active prescribers using them jumping over 50% quarter-over-quarter.

Here's a look at the cohort of high-value customers driving this recurring revenue:

The platform's utility as an essential workflow tool also deepens the relationship, moving beyond just marketing. Over 620,000 unique active prescribers used workflow tools, including telehealth and AI features, in Q4 of fiscal 2025.

You can see the tangible results of this relationship strategy in the growth of the high-value customer base:

• Client Portal adoption is expanding to the majority of Pharma brand clients.
• The company signed 10 agencies as Client Portal Partners last quarter.
• The focus is on bundling Marketing, Hiring, and Workflow Solutions.
• AI tools like Doximity GPT integrate with existing HIPAA-compliant texting and fax services.
• Over 150 U.S. health systems deployed Doximity Dialer Enterprise as a solution.

Finance: draft 13-week cash view by Friday.

Doximity, Inc. (DOCS) - Canvas Business Model: Channels

The channels Doximity, Inc. uses to reach and deliver value to its customers-primarily pharmaceutical companies, health systems, and medical recruiting firms-are heavily weighted toward its proprietary digital ecosystem.

The direct digital platform, accessible via web and mobile app, is the core channel. This platform is the largest social network for U.S. medical professionals. For the fiscal year ended March 31, 2025, the company reported total revenue of $570.4 million, with subscription revenue making up 95.3% of that total at $543.8 million. The stickiness of this channel is evidenced by the Net Revenue Retention rate of 118% for the 12 months ending March 31, 2025.

The direct sales organization targets enterprise accounts, driving adoption of multi-module, integrated offerings. This strategy is proving highly effective with the largest clients; the top 20 clients grew revenue by 23% in fiscal 2025. The company ended the fourth quarter of fiscal 2025 with 116 customers contributing at least $500,000 each in trailing twelve-month subscription revenue, an increase of 17% year-over-year, and these large accounts represented 84% of total revenue.

The Client Portal serves as a critical channel for delivering customer-facing data and analytics, which reinforces the value proposition. Customers viewing this transparent ROI data have greater conviction, leading to earlier budget commitments and upsells throughout the year. This data-driven feedback loop supports the sales channel by demonstrating measurable return on investment.

Engagement through email and in-app notifications is integral to maintaining the platform's utility, which in turn drives the high retention rates seen in the subscription revenue. The success of the integrated programs, which bundle services like the newsfeed and workflow tools, shows strong overall channel adoption. For instance, integrated program adoption reached over 40% of bookings in Q2 of fiscal 2026, up from less than 5% a year prior.

Here's a quick look at the key customer metrics that flow through these channels:

The platform's direct digital delivery enables several core features that are critical to the value proposition:

• The Doximity Scribe, integrated into Dialer, is on the verge of handling over 300,000 calls a day.
• The platform provides access to content from internal and third-party sources, selected by algorithms and clinical editors based on member profile.
• Most medical professionals receive a pre-populated Doximity professional profile based on publicly available data.
• Workflow tools include Dialer for voice and video telehealth.

Finance: draft 13-week cash view by Friday.

Doximity, Inc. (DOCS) - Canvas Business Model: Customer Segments

You're mapping out Doximity, Inc. (DOCS) customer base as of late 2025. The platform's value is built on connecting a massive, verified network of U.S. medical professionals with paying clients seeking engagement, recruitment, or marketing reach.

The core of the Doximity, Inc. (DOCS) value proposition is its sheer scale within the U.S. medical community. They serve over 2 million U.S. medical professionals who use the platform for collaboration, career management, and workflow tools like Doximity GPT. This large, engaged user base is what makes the paying segments so valuable.

The paying customers fall into distinct groups, primarily focused on marketing, recruitment, and workflow solutions:

• Enterprise Clients: Pharmaceutical manufacturers and health systems use the platform for targeted marketing and engagement with verified clinicians.
• Recruitment Clients: Medical recruiting firms and health systems utilize the tools to find and hire clinicians.
• Key Clients: The highest-spending customers drive a significant portion of the subscription revenue.

The concentration of revenue among the largest clients is a key financial characteristic of this segment structure. For the fiscal year ended March 31, 2025, the top 20 customers grew net revenue retention at 123%.

Here is a breakdown of the key customer segment metrics as of late 2025, using the most recent available data points:

The platform's revenue is heavily subscription-based, with subscription revenue making up about 95.3% of the total revenue for fiscal year 2025. This predictability is a direct result of the sticky nature of the relationships with these defined customer segments.

Doximity, Inc. (DOCS) - Canvas Business Model: Cost Structure

You're looking at the cost side of Doximity, Inc. (DOCS) as of late 2025, and the numbers show a business built for high-margin software-like scaling. The cost structure is dominated by a few key areas that reflect its platform-centric, specialized approach.

High-leverage, low COGS due to 92% Non-GAAP Gross Margin

The cost of sales (COGS) is structurally low, which is the engine behind the high gross margin. For the full fiscal year ending March 31, 2025, Doximity, Inc. reported a 92% Non-GAAP Gross Margin. This high margin means that for every dollar of revenue, only about 8 cents goes to the direct costs of delivering the service, like hosting and third-party software costs. This efficiency is a hallmark of a highly scalable digital platform.

The key cost components that drive the operating expenses, rather than COGS, are where the company directs its capital for growth and maintenance. Here's a look at the major expense categories for the fiscal year ended March 31, 2025:

Significant investment in Research and Development (AI/product)

You see the commitment to future value in the R&D line. For the twelve months ending September 30, 2025, Research and Development expenses totaled $0.104B. This spending is focused on embedding AI and workflow tools directly into the daily routines of medical professionals. This investment is about making the platform indispensable, which in turn drives customer spending higher, as evidenced by the trailing 12-month net revenue retention rate of 118%.

• R&D expenses for the twelve months ending September 30, 2025: $104 million.
• R&D expenses for Q2 FY2025 increased 16% year-over-year.
• Focus areas include Doximity AI Scribe and DoxGPT clinical reference tools.

Sales and marketing expenses for enterprise client acquisition

Sales and Marketing (S&M) is the second largest operating expense, reflecting the need to acquire and expand relationships with pharmaceutical companies and health systems. For the full fiscal year 2025, GAAP Sales and Marketing expense was $145,713 thousand. This spend includes personnel-related costs and sales incentive compensation tied to bookings.

Personnel costs for a small, high-output team (approx. 830 employees)

The company maintains a relatively lean headcount, which, combined with high margins, results in strong per-employee economics. As of March 31, 2025, Doximity, Inc. had 830 total employees. That small team supports a platform with over two million registered members, including more than 80% of U.S. physicians as of March 31, 2025.

Here are the employee-related metrics for that team size:

• Total Employees as of March 31, 2025: 830.
• Revenue per Employee (FY2025 estimate): $748,589.
• Profits per Employee (FY2025 estimate): $304,859.

Finance: draft 13-week cash view by Friday.

Doximity, Inc. (DOCS) - Canvas Business Model: Revenue Streams

You're looking at Doximity, Inc. (DOCS) and trying to map out exactly where the money is coming from as of late 2025. Honestly, the structure is heavily weighted toward recurring, high-margin subscriptions. For the fiscal year 2025, which ended March 31, 2025, Doximity, Inc. reported a total annual revenue of $570.4 million, which was a solid 20% increase year-over-year. That kind of growth in a tight market shows the platform is defintely sticky for its clients.

The vast majority of that top line comes from subscription-based services sold to pharmaceutical companies, health systems, and medical recruiting firms. To be fair, the company is running a very efficient operation; the non-GAAP gross margin for FY2025 was a staggering 92%. Here's a quick look at the primary financial components for the fiscal year ended March 31, 2025:

The shift in strategy toward more complex offerings is clearly paying off. Management noted that the fiscal 2025 results benefited from a strategic move to more integrated, multi-module AI-optimized programs. This change helped drive larger deal sizes and a greater share of annual programs launching earlier in the year, which contributed to revenue upside. Also, the hiring side of the business, powered by Doximity Talent Finder, is a key part of the Talent Solutions suite, which includes self-service recruiting tools and concierge solutions for permanent and locum tenens hires.

The subscription revenue stream is multifaceted, focusing on keeping pharmaceutical and health system clients engaged through several high-value channels. You should monitor the adoption rates of the newer, AI-driven offerings as they represent the future growth vector within this core revenue block. The key revenue streams underpinning the subscription model include:

• Subscription revenue from marketing solutions, totaling $543.8 million in FY2025.
• Revenue from hiring solutions via Talent Finder and full-service recruitment.
• Revenue derived from integrated, multi-module AI-optimized programs.
• Targeted digital advertising across the Doximity platform.

Finance: draft 13-week cash view by Friday.