A Business at a Glance
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OUR BUSINESS Our mission is to grow and empower local economies. We aim to do this by providing services that reduce friction in local commerce and help merchants better connect with consumers in their communities. Our primary offerings include the DoorDash Marketplace, the Wolt Marketplace, and the Deliveroo Marketplace (our "Marketplaces"), and our Commerce Platform. Our Marketplaces operate in over 40 countries, including the United States, and account for the vast majority of our revenue today. Our Marketplaces serve three primary constituents: merchants, consumers, and Dashers1. Our Marketplaces provide an integrated suite of services that help merchants establish an online presence, connect with consumers in their communities, and solve mission-critical challenges, such as customer acquisition, demand generation, order fulfillment, merchandising, payment processing, and customer support.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 13.7B | 13.7B | 10.7B | 8.6B | 6.6B | 4.9B |
| Net Income | 935M | 935M | 123M | -558M | -1.4B | -468M |
| EPS | $2.13 | $2.13 | $0.29 | $-1.42 | $-3.68 | $-1.39 |
| Free Cash Flow | 2.2B | 2.2B | 2.0B | 1.6B | 191M | 563M |
| ROIC | 8.0% | 14.0% | 1.6% | -8.2% | -20.2% | -10.0% |
| Gross Margin | 50.9% | 50.9% | 48.3% | 46.9% | 45.5% | 52.2% |
| Debt/Equity | 0.33 | 0.33 | 0.07 | 0.08 | 0.08 | 0.09 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 723M | 723M | -38M | -579M | -1.1B | -452M |
| Operating Margin | 5.3% | 5.3% | -0.4% | -6.7% | -17.1% | -9.2% |
| ROE | 9.3% | 10.5% | 1.6% | -8.2% | -20.2% | -10.0% |
| Shares Outstanding | 439M | 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 | 13.7B |
| Gross Margin | 21.6% | 40.9% | 52.6% | 52.2% | 45.5% | 46.9% | 48.3% | 50.9% | 50.9% |
| R&D | 51M | 107M | 321M | 430M | 829M | 1.0B | 1.2B | 1.4B | 1.4B |
| SG&A | 78M | 245M | 556M | 797M | 1.1B | 1.2B | 1.5B | 1.6B | 1.6B |
| EBIT | -210M | -616M | -436M | -452M | -1.1B | -579M | -38M | 723M | 723M |
| Op. Margin | -72.2% | -69.6% | -15.1% | -9.2% | -17.1% | -6.7% | -0.4% | 5.3% | 5.3% |
| Net Income | -207M | -668M | -461M | -468M | -1.4B | -558M | 123M | 935M | 935M |
| Net Margin | -71.1% | -75.5% | -16.0% | -9.6% | -20.7% | -6.5% | 1.1% | 6.8% | 6.8% |
| Non-Recurring | 0 | 0 | 0 | 0 | 92M | 2.0M | 0 | 2.0M | 2.0M |
| Returns on Capital | |||||||||
| ROIC | N/A | -35.6% | -9.1% | -10.0% | -20.2% | -8.2% | 1.6% | 14.0% | 8.0% |
| ROE | N/A | 61.7% | -9.8% | -10.0% | -20.2% | -8.2% | 1.6% | 10.5% | 9.3% |
| ROA | N/A | -38.6% | -7.3% | -6.9% | -13.9% | -5.1% | 1.0% | 5.8% | 4.8% |
| 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 | 633M |
| CapEx | 13M | 78M | 106M | 129M | 176M | 123M | 104M | 257M | 257M |
| Maint. CapEx | 9.0M | 32M | 120M | 156M | 369M | 509M | 561M | 747M | 747M |
| Growth CapEx | 4.0M | 46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 9.0M | 32M | 120M | 156M | 369M | 509M | 561M | 747M | 747M |
| CapEx/OCF | N/A | N/A | 42.1% | 18.6% | 48.0% | 7.4% | 4.9% | 10.6% | 10.6% |
| 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 | 0 |
| Buyback Yield | 0.0% | N/A | N/A | N/A | 2.3% | 1.9% | 0.3% | N/A | 0.0% |
| Stock-Based Comp | 24M | 18M | 322M | 486M | 889M | 1.1B | 1.1B | 1.1B | 1.1B |
| Debt Repayment | 0 | 0 | 0 | 333M | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||
| Net Debt | N/A | -581M | -3.5B | -3.4B | -3.0B | -3.6B | -4.8B | -2.2B | -1.1B |
| Cash & Equiv. | 215M | 257M | 4.3B | 2.5B | 2.0B | 2.7B | 4.0B | 4.4B | 4.4B |
| Long-Term Debt | N/A | 0 | 364M | N/A | N/A | N/A | 0 | 2.7B | 2.7B |
| Debt/Equity | -0.11 | -0.17 | 0.29 | 0.09 | 0.08 | 0.08 | 0.07 | 0.33 | 0.33 |
| 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 | 10.0B |
| 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 | 9.6B |
| Intangibles | N/A | 103M | 74M | 61M | 765M | 659M | 510M | 2.3B | 2.3B |
| 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 | 2.5B |
| 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 | 6.1B |
| Per Share Data | |||||||||
| EPS | -4.67 | -15.44 | -7.39 | -1.39 | -3.68 | -1.42 | 0.29 | 2.13 | 2.13 |
| Owner EPS | -4.33 | -1.61 | -0.55 | 0.15 | -2.40 | 0.19 | 1.11 | 1.44 | 1.44 |
| Book Value | -9.84 | -3.37 | 13.49 | 13.86 | 18.21 | 17.32 | 18.40 | 22.86 | 22.86 |
| Cash Flow/Share | -3.59 | -1.45 | 0.72 | 2.06 | 0.99 | 4.26 | 5.03 | 5.54 | 3.83 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 44.3M | 321.5M | 348.4M | 336.7M | 370.9M | 393.0M | 424.1M | 439.0M | 439.0M |
| Valuation | |||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | 583.9 | 109.8 | 74.9 |
| P/FCF | N/A | N/A | 352.9 | 91.8 | 91.0 | 25.4 | 35.4 | 47.2 | 32.2 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 138.2 | 95.4 |
| Price/Book | N/A | N/A | 11.0 | 11.1 | 2.6 | 5.8 | 9.2 | 10.2 | 7.0 |
| Price/Sales | N/A | N/A | 19.8 | 12.0 | 4.4 | 3.3 | 5.2 | 7.0 | 5.1 |
| FCF Yield | N/A | N/A | 0.3% | 1.1% | 1.1% | 3.9% | 2.8% | 2.1% | 3.1% |
| Market Cap | 0 | N/A | 51.5B | 51.7B | 17.4B | 39.4B | 71.8B | 102.7B | 70.1B |
| Avg. Price | 0.00 | N/A | 163.82 | 173.66 | 77.79 | 73.11 | 130.72 | 218.62 | 159.61 |
| Year-End Price | 0.00 | N/A | 147.89 | 153.56 | 46.85 | 100.21 | 169.34 | 233.95 | 159.61 |
DoorDash, Inc. passes 3 of 9 quality checks, indicating weak fundamentals.
DoorDash, Inc. trades at 74.9x trailing earnings, compared to its 15-year median P/E of 15.0x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 30.1x vs a median of 47.2x. The company's 5-year average gross margin is 48.7%. At current prices, the estimated annualized return to fair value is +45.8%.
DoorDash, Inc. (DASH) has a current P/E ratio of 74.9, compared to its historical median P/E of 15.0. The stock is currently considered Expensive based on its historical valuation range.
DoorDash, Inc. (DASH) has a 5-year average return on invested capital (ROIC) of -4.6%. This is below average and may indicate limited pricing power.
DoorDash, Inc. (DASH) has a market capitalization of $70.1B. It is classified as a large-cap stock.
DoorDash, Inc. (DASH) does not currently pay a regular dividend.
Based on historical P/E analysis, DoorDash, Inc. (DASH) appears expensive. The current P/E of 74.9 is 400% above its historical median of 15.0.
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, 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.