DoorDash (DASH)
Consumer Discretionary · $83.3B market cap · SEC CIK 0001792789
fundamentals score out of 100
Next reports on Nov 3, 2026, after the close, with analysts expecting $0.87 in earnings per share.
The case for DASH
- Revenue up 33.6% 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 0.27× equity.
The case against
- Very expensive at 99.0× earnings. Years of growth are already in the price.
- Down 26.9% over the past year.
- Swings harder than the market (beta 1.96).
- Profitability is weak (37/100): return on equity 8%, net margin 5.3%, gross margin 51%, 233% of profit turned to cash.
- Price/sales of 5.2× is higher than 89% 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. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 18 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 86 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 37 |
| Momentumhow the price has behaved lately | 42 |
| Stabilityhow violently it moves, what it owes and what it pays you | 44 |
- Each factor except momentum is half fixed thresholds, half rank among the 48 Consumer Discretionary companies.
Key numbers
| Price / earnings | 99.0× |
|---|---|
| Price / book | 8.10× |
| Price / sales | 5.2× |
| Revenue growth (YoY) | +33.6% |
| EPS growth (YoY) | +8.3% |
| Gross margin | 51% |
| Operating margin | 4% |
| Net margin | 5% |
| Return on equity | 8% |
| Debt / equity | 0.27× |
| Current ratio | 1.37 |
| Dividend yield | none |
| Beta | 1.96 |
| 52-week range | $143.30 – $285.50 |
| Position in that range | 34% of the way up |
| 3-month return | +11.7% |
| 1-year return | -26.9% |
Five years of financials, as filed
Pulled from DoorDash's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $13.7B | $10.7B | $8.6B | $6.6B | $4.9B |
| Operating income | $723M | -$38.0M | -$579M | -$1.1B | -$452M |
| Net income | $935M | $123M | -$558M | -$1.4B | -$468M |
| Operating cash flow | $2.4B | $2.1B | $1.7B | $367M | $692M |
| Capital expenditure | $257M | $104M | $123M | $176M | $129M |
| Total assets | $19.7B | $12.8B | $10.8B | $9.8B | $6.8B |
| Total liabilities | $9.6B | $5.0B | $4.0B | $3.0B | $2.1B |
| Shareholder equity | $10.0B | $7.8B | $6.8B | $6.8B | $4.7B |
| Cash | $4.4B | $4.0B | $2.7B | $2.0B | $2.5B |
| Free cash flow | $2.2B | $2.0B | $1.6B | $191M | $563M |
| Operating margin | 5.3% | -0.4% | -6.7% | -17.1% | -9.2% |
| Net margin | 6.8% | 1.1% | -6.5% | -20.7% | -9.6% |
| Diluted shares | 440M | 430M | 393M | 371M | 337M |
Share count is up 30.5% over 4 years. Your slice has been diluted.
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
- Risks Related to Our Business and Operations
- 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