Doximity (DOCS) is a niche physician-targeted ad platform facing structural headwinds: 85-90% revenue from pharma ads with declining growth (13%→5%), expensive valuation (5.3x P/S on 5% growth vs. peers at 1.5-3.4x), margin compression from unmonetized AI investments, and inability to compete with Meta/Google's ad optimization. Author projects 20% further downside as multiples compress to peer levels.