DoorDash, Inc.
$171.51
−1.07 (−0.62%) · delayed · Nov 13, 2026
Five-year price
52w $143.30 to $239.00
- Market cap
- $75.4B
- Enterprise value
- $71.0B
- P/E
- 80.5×
- 514.5× on 3y avg EPS
- EV / EBIT
- 98.2×
- FCF yield
- 2.9%
- ROIC
- 12.7%
- Debt / equity
- —
- Piotroski F
- 5/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
33
- ○ROIC > 12% (5y avg)5y avg ROIC -6.8%
- ○ROE > 15% (5y avg)5y avg ROE -5.5%
- ○Stable operating marginsMargin volatility 7.6% (σ, 5y)
- ●Earnings convert to cashFCF / net income 941% (5y avg)
- ●Growing revenueRevenue CAGR 5y 36.6%
- ○Shrinking share countDiluted shares 604.7% over 5y
Value
0
- ○P/E below 15P/E 80.5
- ○EV/EBIT below 12EV/EBIT 98.2
- ○FCF yield above 6%FCF yield 2.9%
- ○Price below Graham NumberGraham Number $33.07
- ○P/B below 3P/B 7.5
Safety
33
- –Debt / equity below 0.5D/E n/a
- ●Debt payable in < 4 yrs of earningsNet debt $-4.4B
- –Interest coverage > 8xCoverage n/ax
- ○Current ratio > 1.5Current ratio 1.41
- ○Piotroski F-score ≥ 6F-score 5/9
Graham Defensive
17
- ●Adequate size (revenue > $2B)Revenue $13.7B
- ○Strong condition (current ratio ≥ 2)Current ratio 1.41
- ○Earnings stability (no loss, 10y)8 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- –Earnings growth ≥ 33% (10y, 3y avgs)n/a
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 514.5
- ○P/E × P/B ≤ 22.5Product 3867.3
Valuation lab
What do you have to believe?
At $171.51, the market is pricing in about 12.1% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt −$4.4B · 440M shares · 5y revenue CAGR 36.6%
Intrinsic value
$301.02
Price
$171.51
Margin of safety
43%
What the price implies
The market is paying for 12.1% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
70% of the value sits beyond year 10. That means the answer depends mostly on the long-run assumptions.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 291 | 885 | 2,886 | 4,888 | 6,583 | 8,635 | 10,722 | 13,717 |
| Gross profit | — | — | — | — | — | — | — | — |
| Operating income | (210) | (616) | (436) | (452) | (1,124) | (579) | (38) | 723 |
| Operating margin | -72.2% | -69.6% | -15.1% | -9.2% | -17.1% | -6.7% | -0.4% | 5.3% |
| Pre-tax income | (204) | (666) | (458) | (463) | (1,399) | (534) | 156 | 939 |
| Income tax | 0 | 1 | 3 | 5 | (31) | 31 | 39 | 7 |
| Net income | (204) | (667) | (461) | (468) | (1,365) | (558) | 123 | 935 |
| EPS (diluted) | -4.67 | -15.44 | -7.39 | -1.39 | -3.68 | -1.42 | 0.29 | 2.13 |
| Diluted shares | — | 43 | 62 | 337 | 371 | 393 | 430 | 440 |
Who owns it