DoorDash (DASH)

Consumer Discretionary · $77.7B market cap · SEC CIK 0001792789

Next reports on Feb 16, 2027, after the close, with analysts expecting $0.87 in earnings per share.

52-week range $143.30 to $239.00. 25% below its 52-week high and 24% above its low.

The case for DASH

• Revenue up 35.0% on the year.
• Generated $2.2B of free cash flow in FY2025, 16% of revenue.
• Has compounded revenue at 36.6% a year over five years.
• Barely leveraged. Debt is 0.25× equity.

The case against

• Expensive for its growth: 73.1× earnings, where 25%+ a year of growth would justify about 46×.
• Swings harder than the market (beta 2.04).
• The price trend is weak (31/100): −11.4% over a year, −13.8% over three months, 25% below its 52-week high.
• Trailed the S&P 500 by 24 points over the past year.
• Price/sales of 4.6× is higher than 85% of Consumer Discretionary companies.

What the score is made of

Each factor is half a curve over reported figures and half a rank among the other Consumer Discretionary companies (momentum is judged against fixed thresholds only), and the five are blended by weight. The score is where that blend places it in the S&P 500. It describes the last filing and the current price. It is not a forecast.

• Each factor except momentum is half fixed thresholds, half rank among the 48 Consumer Discretionary companies.

The financials

The financials, five years deep

Pulled from DoorDash's XBRL filings on SEC EDGAR. Italic rows are worked out from the others.

What DoorDash says it does

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 Dashers 1 . 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. We typically earn a fee from merchants…

Risk factors DASH lists in its 10-K

• We expect our results of operations to fluctuate on a quarterly and annual basis due to a number of factors, which may make it difficult to predict our future performance
• We have a history of net losses, we anticipate increasing expenses in the future, and we may not be able to consistently maintain or increase profitability in the future
• Our business may not continue to grow on pace with historical rates
• We face intense competition and if we are unable to compete effectively, our business, financial condition, and results of operations could be adversely affected
• If we fail to cost-effectively attract and retain Dashers or to increase the use of our platform by existing Dashers, our business, financial condition, and results of operations could be adversely affected
• Systems failures and resulting interruptions in the availability of our websites, mobile applications, technology infrastructure, or platform could adversely affect our business, financial condition, and results of operations
• If we are unable to make acquisitions and investments, or successfully integrate acquisitions into our business, our business, financial condition, and results of operations could be adversely affected
• Our international operations and any future international expansion will subject us to additional costs and risks and our plans may not be successful
• Our pricing methodologies are impacted by a number of factors, and we may not ultimately be successful in attracting and retaining merchants, consumers, and Dashers
• We face certain risks associated with our pay models for Dashers
• If we fail to manage our growth effectively, our brand, business, financial condition, and results of operations could be adversely affected
• If the on-demand local commerce category does not continue to grow, or grows slower than we expect, our business, financial condition, and results of operations could be adversely affected
• Our platform facilitates deliveries to consumers from non-partner merchants, and we face certain risks associated with these deliveries
• We face certain risks in connection with our self-operated convenience, grocery, and other retail businesses
• If we fail to maintain or improve the cost-effectiveness of our local commerce platform, our business, financial condition, and results of operations could be adversely affected
• Any failure to offer high-quality support may harm our relationships with merchants, consumers, and Dashers and could adversely affect our business, financial condition, and results of operations
• We experience significant seasonal fluctuations in our financial results, which could cause our Class A common stock price to fluctuate
• The impact of adverse economic conditions and other trends, including the resulting effects on consumer spending and merchant operations, may adversely affect our business, financial condition, and results of operations
• We are subject to risks related to fluctuations in foreign currency exchange rates
• Our company culture has contributed to our success and if we cannot maintain and evolve our culture as we grow, our business could be adversely affected
• We use artificial intelligence in our business, and challenges with properly managing its use could result in competitive harm, legal liability, and brand or reputational harm, and adversely affect our results of operations
• Our actual losses may exceed our insurance reserves, which could adversely affect our financial condition and results of operations
• We are subject to various claims, lawsuits, investigations, and proceedings, and face potential liability, expenses, and harm to our business as a result
• We have exposure to greater than anticipated income tax liabilities
• We have exposure to changing tax legislation and administrative practices, and to tax authorities successfully imposing additional non-income tax obligations or liabilities on us
• Our ability to use our net operating loss carryforwards and certain other tax attributes is subject to limitations
• We are subject to various U.S. and non-U.S. anti-corruption laws and other anti-bribery and anti-kickback laws and regulations
• We may be subject to various regulations relating to payment processing
• Our platform, services, and operations depend on a wide variety of third-party software and services and any interruption in services provided by these third parties could adversely affect our business and results of operations
• Internet search engines drive traffic to our platform and our new user growth could decline if we fail to appear prominently in search results
• Failure to adequately protect our intellectual property could adversely affect our business, financial condition, and results of operations
• Intellectual property infringement assertions by third parties could result in significant costs and adversely affect our business, financial condition, results of operations, and reputation
• Our platform contains third-party open source software components, and failure to comply with the terms of the underlying open source software licenses could restrict our ability to provide our platform
• The accounting method for the 2030 Notes could adversely affect our reported financial condition and results
• The convertible note hedge and warrant transactions may affect the value of the 2030 Notes and our Class A common stock
• We are subject to counterparty risk with respect to the convertible note hedge transactions, and the convertible note hedge transactions may not operate as planned
• We may require additional capital to support business growth, and this capital might not be available on acceptable terms, if at all
• Our revolving credit facility contains financial covenants and other restrictions on our actions that may limit our operational flexibility or otherwise adversely affect our results of operations
• The trading price of our Class A common stock may be volatile, and you could lose all or part of your investment
• The trading volume of the 2030 Notes and the conversion features of the 2030 Notes, if triggered, may impact the trading price of our Class A common stock
• Sale of substantial amounts of our Class A common stock, or the perception that such sales could occur, could depress the market price of our Class A common stock
• We do not expect to pay dividends in the foreseeable future

Filings

Other Consumer Discretionary companies