A Business at a Glance
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DoorDash, Inc.
DASH
$75.9B
Mkt Cap
$172.91
+1.85%
DoorDash, Inc. (DASH) has a current P/E ratio of 81.2.
DoorDash, Inc. (DASH) has a 5-year average return on invested capital (ROIC) of -5.2%. This is below average and may indicate limited pricing power.
DoorDash, Inc. (DASH) has a market capitalization of $76.5B. It is classified as a large-cap stock.
DoorDash, Inc. (DASH) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 0.21%.
DoorDash, Inc. (DASH) operates in the Services-Business Services, Nec industry, within the Industrials sector.
DoorDash, Inc. (DASH) reported annual revenue of $13.7 billion in its most recent fiscal year, based on SEC EDGAR filings.
DoorDash, Inc. (DASH) has a net profit margin of 6.8%. This is a modest margin.
DoorDash operates three primary marketplaces—DoorDash, Wolt, and Deliveroo—across over 40 countries, serving merchants, consumers, and independent contractors (Dashers) through an integrated platform that reduces friction in local commerce. The company earns revenue primarily through transaction-based fees charged to merchants for services including customer acquisition, demand generation, order fulfillment, merchandising, payment processing, and customer support, supplemented by advertising services and consumer membership programs (DashPass, Wolt+, and Deliveroo Plus) that reduce transactional friction while generating recurring revenue. Beyond its core marketplaces, DoorDash offers a Commerce Platform with white-label delivery fulfillment services (Drive) and merchant enablement tools such as online ordering, branded mobile apps, reservation management, and customer relationship management, allowing merchants to build omnichannel businesses. The company competes on merchant demand generation and service quality, consumer selection and affordability, and Dasher accessibility and earnings potential, facing intense competition from global delivery platforms, merchant-owned delivery systems, and traditional offline ordering channels. As of December 2025, the marketplaces served over 56 million monthly active users with over 35 million paid membership subscribers, while over 9 million people dashed in 2025, earning a total of over $20 billion; Dashers are predominantly independent contractors who choose when, where, and how frequently to work, with the company paying them based on task completion, time, distance, and desirability.
【Margin expansion with selective investment】 Management expects 2026 EBITDA margins to be slightly higher compared to 2025 (excluding Deliveroo), with Deliveroo contributing approximately $200 million of EBITDA, and anticipates second-half EBITDA dollars and margins to exceed first-half results. The company is investing in its global technology platform and new verticals, which are expected to achieve gross profit positivity in the second half of 2026, while international operations excluding Deliveroo are projected to reach contribution profit positivity in the second half. Operating expenses are expected to remain disciplined at approximately 2% of gross order value, and management remains confident in demand strength across the platform while continuing to reinvest in product improvements and feature velocity to meet rising consumer expectations.
| Metric | Target | Period |
|---|---|---|
| EBITDA | ~$200 million | FY2026 |
| Operating Expense as % of GOV | ~2% | FY2026 |
EBITDA (FY2026): “Roo to produce roughly about $200 million of EBITDA”
Operating Expense as % of GOV (FY2026): “I would expect from a near-term model perspective for OpEx to roughly be in the 2% range that I've talked about before”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 14.7B | 13.7B | 10.7B | 8.6B | 6.6B | 4.9B |
| Net Income | 926M | 935M | 123M | -558M | -1.4B | -468M |
| EPS | $2.11 | $2.13 | $0.29 | $-1.42 | $-3.68 | $-1.39 |
| Free Cash Flow | 2.2B | 2.2B | 2.0B | 1.6B | 191M | 563M |
| ROIC | 9.6% | 14.0% | 1.7% | -8.2% | -23.9% | -9.6% |
| Gross Margin | - | 50.9% | 48.3% | 46.9% | 45.5% | 52.2% |
| Debt/Equity | 0.27 | 0.33 | 0.07 | 0.08 | 0.08 | 0.09 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 719M | 723M | -38M | -579M | -1.1B | -452M |
| Operating Margin | 4.9% | 5.3% | -0.4% | -6.7% | -17.1% | -9.2% |
| ROE | 9.1% | 10.5% | 1.7% | -8.2% | -23.9% | -10.0% |
| Shares Outstanding | 442M | 439M | 424M | 393M | 371M | 337M |
| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||
| Revenue | 291M | 885M | 2.9B | 4.9B | 6.6B | 8.6B | 10.7B | 13.7B | 14.7B |
| Gross Margin | 21.6% | 40.9% | 52.6% | 52.2% | 45.5% | 46.9% | 48.3% | 50.9% | N/A |
| R&D | 51M | 107M | 321M | 430M | 829M | 1.0B | 1.2B | 1.4B | 1.5B |
| SG&A | 78M | 245M | 556M | 797M | 1.1B | 1.2B | 1.5B | 1.6B | 1.7B |
| EBIT | -210M | -616M | -436M | -452M | -1.1B | -579M | -38M | 723M | 719M |
| Op. Margin | -72.2% | -69.6% | -15.1% | -9.2% | -17.1% | -6.7% | -0.4% | 5.3% | 4.9% |
| Net Income | -207M | -668M | -461M | -468M | -1.4B | -558M | 123M | 935M | 926M |
| Net Margin | -71.1% | -75.5% | -16.0% | -9.6% | -20.7% | -6.5% | 1.1% | 6.8% | 6.3% |
| Non-Recurring | 0 | 0 | 0 | 0 | 92M | 2.0M | 0 | 2.0M | 49M |
| Returns on Capital | |||||||||
| ROIC | N/A | -35.6% | -23.2% | -9.6% | -23.9% | -8.2% | 1.7% | 14.0% | 9.6% |
| ROE | 65.3% | 88.0% | -25.5% | -10.0% | -23.9% | -8.2% | 1.7% | 10.5% | 9.1% |
| ROA | N/A | -38.6% | -11.4% | -7.1% | -16.4% | -5.4% | 1.0% | 5.8% | 4.7% |
| Cash Flow | |||||||||
| Op. Cash Flow | -159M | -467M | 252M | 692M | 367M | 1.7B | 2.1B | 2.4B | 2.4B |
| Free Cash Flow | -172M | -545M | 146M | 563M | 191M | 1.6B | 2.0B | 2.2B | 2.2B |
| Owner Earnings | -192M | -517M | -190M | 50M | -891M | 76M | 472M | 633M | 479M |
| CapEx | 13M | 78M | 106M | 129M | 176M | 123M | 104M | 257M | 240M |
| Maint. CapEx | 9.0M | 32M | 120M | 156M | 369M | 509M | 561M | 747M | 864M |
| Growth CapEx | 4.0M | 46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 9.0M | 32M | 120M | 156M | 369M | 509M | 561M | 747M | 864M |
| CapEx/OCF | N/A | N/A | 42.1% | 18.6% | 48.0% | 7.4% | 4.9% | 10.6% | 10.0% |
| Capital Allocation | |||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 60M | 0 | 0 | 0 | 400M | 750M | 224M | 0 | 162M |
| Buyback Yield | 0.0% | N/A | N/A | N/A | 2.3% | 1.9% | 0.3% | N/A | 0.2% |
| Stock-Based Comp | 24M | 18M | 322M | 486M | 889M | 1.1B | 1.1B | 1.1B | 1.0B |
| Debt Repayment | 0 | 0 | 0 | 333M | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||
| Net Debt | N/A | -581M | -3.9B | -3.4B | -3.0B | -3.6B | -4.8B | -2.2B | -2.8B |
| Cash & Equiv. | 215M | 257M | 4.3B | 2.5B | 2.0B | 2.7B | 4.0B | 4.4B | 5.5B |
| Long-Term Debt | N/A | 0 | 364M | 0 | N/A | N/A | 0 | 2.7B | 2.7B |
| Debt/Equity | -0.11 | -0.17 | 0.21 | 0.09 | 0.08 | 0.08 | 0.07 | 0.33 | 0.27 |
| Interest Coverage | -210.0 | N/A | -13.6 | -32.3 | -562.0 | N/A | N/A | N/A | N/A |
| Equity | -436M | -1.1B | 4.7B | 4.7B | 6.8B | 6.8B | 7.8B | 10.0B | 10.2B |
| Total Assets | 0 | 1.7B | 6.4B | 6.8B | 9.8B | 10.8B | 12.8B | 19.7B | 19.7B |
| Total Liabilities | 48M | 550M | 1.7B | 2.1B | 3.0B | 4.0B | 5.0B | 9.6B | 9.5B |
| Intangibles | N/A | 103M | 74M | 61M | 765M | 659M | 510M | 2.3B | 2.1B |
| Retained Earnings | N/A | -1.2B | -1.6B | -2.1B | -3.8B | -5.2B | -5.3B | -4.3B | -4.3B |
| Working Capital | -5.0M | 616M | 4.1B | 2.8B | 2.2B | 2.2B | 2.9B | 2.5B | 2.6B |
| Current Assets | 5.0M | 998M | 5.5B | 4.6B | 4.7B | 5.6B | 7.4B | 8.6B | 8.6B |
| Current Liabilities | 10M | 382M | 1.4B | 1.8B | 2.5B | 3.4B | 4.4B | 6.1B | 6.0B |
| Per Share Data | |||||||||
| EPS | -4.67 | -15.44 | -7.39 | -1.39 | -3.68 | -1.42 | 0.29 | 2.13 | 2.11 |
| Owner EPS | -4.33 | -11.95 | -3.05 | 0.15 | -2.40 | 0.19 | 1.11 | 1.44 | 1.08 |
| Book Value | -9.84 | -25.01 | 75.34 | 13.86 | 18.21 | 17.32 | 18.40 | 22.86 | 23.06 |
| Cash Flow/Share | -3.59 | -10.79 | 4.04 | 2.06 | 0.99 | 4.26 | 5.03 | 5.54 | 4.05 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 44.3M | 43.3M | 62.4M | 336.7M | 370.9M | 393.0M | 424.1M | 439.0M | 442.3M |
| Valuation | |||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | 583.9 | 109.8 | 82.0 |
| P/FCF | N/A | N/A | 63.2 | 91.8 | 91.0 | 25.4 | 35.4 | 47.2 | 35.6 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 138.2 | 102.5 |
| Price/Book | N/A | N/A | 11.0 | 11.1 | 2.6 | 5.8 | 9.2 | 10.2 | 7.5 |
| Price/Sales | N/A | N/A | 19.8 | 12.0 | 4.4 | 3.3 | 5.2 | 7.0 | 5.2 |
| FCF Yield | N/A | N/A | 0.3% | 1.1% | 1.1% | 3.9% | 2.8% | 2.1% | 2.8% |
| Market Cap | 0 | N/A | 51.5B | 51.7B | 17.4B | 39.4B | 71.8B | 102.7B | 76.5B |
| Avg. Price | 0.00 | N/A | 163.82 | 173.66 | 77.79 | 73.11 | 130.72 | 218.62 | 172.91 |
| Year-End Price | 0.00 | N/A | 147.89 | 153.56 | 46.85 | 100.21 | 169.34 | 233.95 | 172.91 |
DoorDash, Inc. passes 4 of 9 quality checks, suggesting mixed fundamentals.
On a free-cash-flow basis, the stock trades at 32.6x vs a median of 55.2x. The company's 5-year average gross margin is 48.7%. Total shareholder yield (buybacks) is 0.2%. At current prices, the estimated annualized return to fair value is +42.3%.
DoorDash, Inc. (DASH) generated $2.2 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
DoorDash, Inc. (DASH) has a debt-to-equity ratio of 0.33. This indicates a conservatively financed balance sheet.
DoorDash, Inc. (DASH) reported earnings per share (EPS) of $2.13 in its most recent fiscal year.
DoorDash, Inc. (DASH) has a return on equity (ROE) of 10.5%. This indicates moderate shareholder returns.
DoorDash, Inc. (DASH) has a 5-year average gross margin of 48.7%. This indicates decent pricing power.
The Ledger Terminal provides 8 years of financial data for DoorDash, Inc. (DASH), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
DoorDash, Inc. (DASH) has a book value per share of $22.86, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects 2026 EBITDA margins to be slightly higher compared to 2025 (excluding Deliveroo), with Deliveroo contributing approximately $200 million of EBITDA, and anticipates second-half EBITDA dollars and margins to exceed first-half results. The company is investing in its global technology platform and new verticals, which are expected to achieve gross profit positivity in the second half of 2026, while international operations excluding Deliveroo are projected to reach contribution profit positivity in the second half. Operating expenses are expected to remain disciplined at approximately 2% of gross order value, and management remains confident in demand strength across the platform while continuing to reinvest in product improvements and feature velocity to meet rising consumer expectations.
Based on recent SEC filings and earnings calls, DoorDash, Inc. (DASH) has provided the following forward guidance: EBITDA: ~$200 million (FY2026); Operating Expense as % of GOV: ~2% (FY2026).