One-glance verdict
Within fair range
$116.39 our estimate vs market $190.00
Wall Street consensus: $257.37 (121.1% higher than our fair-value estimate)
63% above our estimate
Fundamentals snapshot
DoorDash, Inc.
DASH · NMS · Consumer Cyclical · Internet Retail
Current price
$190.00
52-week range
$143.30 - $269.00
Market cap
$82.33B
Balance sheet
Healthy
362.50x Strong cushion
Net cash $2.04B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
1 Risk
3 rewards · 1 risks
- Reward Revenue grew 15.8% last year.
- Reward Returns 8.9% on equity, ahead of 20% of its peers.
- Reward Free cash flow was positive in 6/10 years.
- Risk Insider ownership is only 0.6% (peer median: 6.2%).
What this company does
DoorDash, Inc.
DoorDash is a company that helps people get food and other items delivered from local stores and restaurants through its apps. Most of their money comes from charging businesses and customers fees for using their delivery service and advertising on their platforms. This matters because it shows how they make money by connecting buyers and sellers, and the more people and businesses use their service, the more money DoorDash can potentially earn.
How the company got here
DoorDash started in 2013 as Palo Alto Delivery Inc., a small idea to connect local restaurants with people who wanted food delivered. The company officially became DoorDash, Inc. in 2015 and has since grown into a major player in the food delivery world. It expanded its services beyond just food, aiming to be a go-to platform for various local commerce needs. This growth was fueled by the increasing demand for convenience and the rise of the gig economy, allowing them to build a large network of restaurants and delivery drivers.
What it actually does
At its core, DoorDash operates a digital marketplace that acts as a middleman. It connects consumers who want to buy goods with local businesses that sell them, and also with delivery drivers (called 'dashers') who bring those goods to the consumer. Think of it like a digital town square where you can order from your favorite restaurant, get groceries, or even pick up prescriptions, all brought to your door by a dasher. The company makes money by charging fees to both the merchants and the consumers for using its platform and delivery services.
DoorDash Marketplace
This is the main engine of DoorDash, where consumers can order food from a vast array of local restaurants. Merchants pay DoorDash a commission for each order placed through the platform, which helps them reach more customers and handle deliveries. Consumers pay for their food, a delivery fee, and sometimes a service fee, with the option to subscribe to DashPass for reduced fees. This segment represents the largest portion of DoorDash's business, driving the majority of its revenue through food delivery orders.
Wolt Marketplace
DoorDash acquired Wolt, a European food delivery company, expanding its reach internationally. Wolt Marketplace operates similarly to the main DoorDash platform but focuses on markets primarily in Europe and other global regions. It connects local restaurants and grocery stores with consumers, facilitating orders and deliveries. This segment is crucial for DoorDash's global expansion strategy, bringing its marketplace model to new customers and merchants outside of its traditional U.S. base.
Deliveroo Marketplace
While DoorDash has a significant stake in Deliveroo, it's important to note that Deliveroo operates as a separate publicly traded company, though DoorDash's investment allows for collaboration and potential future integration. Deliveroo functions as a food delivery platform in various international markets, connecting consumers with restaurants. This partnership allows DoorDash to gain exposure to and potentially influence operations in regions where Deliveroo is a strong local competitor or partner.
Advertising
Beyond just facilitating deliveries, DoorDash offers advertising services to merchants on its platform. Businesses can pay to have their restaurants or products featured more prominently within the DoorDash app, increasing their visibility to consumers. This is a growing area for DoorDash, as it leverages its large user base to provide a valuable marketing channel for its merchant partners, adding another revenue stream beyond delivery fees.
What management is betting on now
DoorDash's management is focused on expanding beyond just restaurant food delivery into a broader local commerce platform. They are investing in growing their grocery and convenience store delivery options, as well as exploring new categories like pharmacy items. The company is also prioritizing international growth, particularly through its acquisition of Wolt, to diversify its revenue streams and capture a larger global market share. Additionally, DoorDash is working to enhance its advertising business and membership programs like DashPass to increase customer loyalty and merchant value.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$499.00M
FY2024 Q4
$486.00M
FY2025 Q1
$561.00M
FY2025 Q2
$438.00M
FY2025 Q3
$808.00M
FY2025 Q4
$367.00M
FY2026 Q1
$537.00M
FY2026 Q2
$883.00M
Revenue
$4.45B
Net income
$200.00M
Diluted EPS
0.46
Operating cash flow
$944.00M
Free cash flow
$883.00M
Fetching…
Sources
Revenue
$4.04B
Net income
$184.00M
Diluted EPS
0.42
Operating cash flow
$594.00M
Free cash flow
$537.00M
Fetching…
Sources
Revenue
$3.96B
Net income
$213.00M
Diluted EPS
0.49
Operating cash flow
$421.00M
Free cash flow
$367.00M
Fetching…
Sources
Revenue
$3.45B
Net income
$244.00M
Diluted EPS
0.55
Operating cash flow
$871.00M
Free cash flow
$808.00M
Fetching…
Sources
Revenue
$3.28B
Net income
$285.00M
Diluted EPS
0.65
Operating cash flow
$504.00M
Free cash flow
$438.00M
Fetching…
Sources
Revenue
$3.03B
Net income
$193.00M
Diluted EPS
0.44
Operating cash flow
$635.00M
Free cash flow
$561.00M
Fetching…
Sources
Revenue
$2.87B
Net income
$141.00M
Diluted EPS
0.35
Operating cash flow
$518.00M
Free cash flow
$486.00M
Fetching…
Sources
Revenue
$2.71B
Net income
$162.00M
Diluted EPS
0.38
Operating cash flow
$531.00M
Free cash flow
$499.00M
Fetching…
Sources
Is it cheap or expensive?
Fair value $116.39 vs current price $190.00
Wall Street consensus is the average analyst price target: $257.37 (121.1% higher than our fair-value estimate).
Our most-likely fair value is $116.39 a share — about 38.7% away from today's price of $190.00, so the stock currently looks fairly priced.
Is it drowning in debt?
Healthy
Net cash $2.0B - more cash than debt. Interest coverage 362.5x.
Net debt
$-2.04B
Interest coverage
362.50x
DoorDash, Inc.'s profit covers its interest bill about 362.5 times over. which is stronger than every peer shown here and 1 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
DASH
BASELINE
DoorDash, Inc.
Total debt $3.30B Interest coverage 362.50x This is the baseline the peer rows are being compared against.
Total debt $14.73B Interest coverage 12.65x -97% vs DASH Carries about 28.7x less debt cushion than DASH.
Total debt $34.00M Interest coverage 8.74x -98% vs DASH Carries about 41.5x less debt cushion than DASH.
Total debt $1.29B Interest coverage -9.08x -100% vs DASH This peer has almost no interest-payment cushion compared with DASH.
Total debt $2.03B Interest coverage 3.13x -99% vs DASH Carries about 115.9x less debt cushion than DASH.
What you should know
The case for and against DASH
3 Rewards
1 Risk
Rewards
-
Revenue grew 15.8% last year.
-
Returns 8.9% on equity, ahead of 20% of its peers.
-
Free cash flow was positive in 6/10 years.
Risks
-
Insider ownership is only 0.6% (peer median: 6.2%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
100.00x
Forward P/E
23.03x
P/B
8.30x
P/S
5.18x
EV/EBITDA
55.66x
PEG ratio
0.86x
Profitability
How much profit each dollar creates
Gross margin
52.2%
Operating margin
3.9%
Net margin
5.3%
ROE
8.9%
ROA
3.0%
Health
Liquidity and balance-sheet strength
Debt / equity
0.33x
Current ratio
1.37x
Quick ratio
1.08x
Total debt
$3.30B
Total cash
$5.35B
Growth
How the business has been compounding
Revenue TTM
$15.89B
Revenue 5Y CAGR
29.4%
EPS TTM
1.90
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$2.83B
Free CF TTM
$2.17B
FCF margin
13.7%
Dividend
Shareholder payout
Yield
0.0%
Payout ratio
0.0%
Last ex-div date
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