$724M in net cash. 89.75% gross margins. 23.59% ROIC. Trades at $4.3B. **TL;DR:** Doximity (DOCS) is a digital platform used by 80% of U.S. physicians for collaboration, telehealth, and medical news. They make money by charging pharma companies for targeted marketing access. The stock sold off because pharma clients delayed ad budgets due to regulatory uncertainty around drug pricing (MFN deals). Wall Street panicked, but the fundamentals remain pristine: 89.75% gross margins, 23.59% ROIC, $724M in net cash, and management just authorized a $500M buyback program. Trading at $24 vs. intrinsic value of $28.44 (15.6% margin of safety). I think the market is overreacting to temporary headwinds. ## the business DOCS built the digital town square for American doctors. 80% of all U.S. physicians use it to collaborate with colleagues, manage telehealth visits, read medical research, and handle their on-call schedules. The doctors don't pay anything.…