Doordash, Inc. DASH

Consumer DiscretionarySoftware & IT ServicesUnited States of America

Last close 178.99 USD on Nov 1, 2026, −21.0% year to date

Quant rating

Quant rating C Rank 211 of 344 in Consumer Discretionary

Growth A 5 of 344
Valuation D 245 of 344
Quality D 305 of 344
Revisions B 123 of 344
Momentum C 192 of 344

Wall Street consensus Buy (1.93)Average target 253.81 USD +41.8%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 77.6B
Enterprise value: 74.9B
52-week range: 143.30 – 260.51
3-year range: 75.90 – 281.74
Dividend yield: –
Beta (5 years): 1.98
Shares outstanding: 433M
Next earnings: Feb 14, 2027

About the company

Doordash, Inc. is engaged in providing services that reduce friction in local commerce and help merchants better connect with consumers in their communities. The Company's primary offerings include the DoorDash Marketplace, the Wolt Marketplace, and the Deliveroo Marketplace (together, the Marketplaces), and its Commerce Platform. Its Marketplaces operate in over 40 countries and 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. The Company also offers advertising as a value-added service through its Marketplaces to help merchants and consumer packaged goods companies increase consumer engagement. It also has offsite advertising capabilities. Its Marketplaces also include consumer membership programs, DashPass, Wolt+, and Deliveroo Plus.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	13,717	10,722	8,635	6,583	4,888	–
Revenue growth	27.9%	24.2%	31.2%	34.7%	69.4%	36.6%
EPS (basic, normalized)	2.13	0.29	−1.42	−3.68	−1.39	–
EPS growth	634.5%	–	–	–	–	–
Gross margin	50.9%	48.3%	46.9%	45.5%	52.2%	48.7%
Net margin	6.8%	1.1%	−6.5%	−20.7%	−9.6%	−5.8%
ROE	10.5%	1.7%	−8.2%	−23.9%	−10.0%	−6.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	5,982
Current ratio	1.37x
Long-term debt (mil)	2,727
Net debt (mil)	−2,609
Total equity (mil)	10,717
Net debt / equity	−0.24x
Net debt / EBITDA	−0.94x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	13,717	+27.9%	5.5x	2,779	+46.8%	27.0x	2.13	+634.5%	84.0x
2026	17,916	+30.6%	4.2x	3,726	+34.1%	20.1x	2.76	+29.5%	64.9x
2027	21,680	+21.0%	3.5x	4,818	+29.3%	15.6x	4.58	+66.2%	39.0x
2028	25,741	+18.7%	2.9x	6,226	+29.2%	12.0x	6.87	+49.9%	26.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	17,916	+0.5%	+1.8%	0.0%	2.76	+6.0%	+9.1%	+5.7%
2027	21,680	+0.8%	+2.1%	+1.1%	4.58	+1.3%	+0.7%	+0.9%
2028	25,741	+0.9%	+2.1%	+1.8%	6.87	−0.3%	−4.0%	+1.9%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	2,513	2,630	2,706	2,873	3,032	3,284	3,446	3,955	4,036	4,454
Sales mean (mil)	2,453	2,541	2,660	2,841	3,094	3,162	3,358	3,993	4,143	4,336
Surprise	+2.5%	+3.5%	+1.7%	+1.1%	−2.0%	+3.8%	+2.6%	−0.9%	−2.6%	+2.7%
EPS reported	−0.06	−0.18	0.38	0.33	0.44	0.65	0.55	0.48	0.42	0.46
EPS mean	−0.04	−0.09	0.22	0.33	0.39	0.44	0.69	0.59	0.36	0.46
Surprise	−40.1%	−99.4%	+76.2%	+0.1%	+13.0%	+47.7%	−20.4%	−18.1%	+15.2%	+0.8%

Peer comparison Software & IT Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
DASH Doordash, Inc.	77.6B	−0.94x	6.8%	7.82x	64.9x	39.0x	20.1x	15.6x
GOOGL Alphabet Inc.	3.43T	−0.67x	32.8%	5.08x	14.1x	18.6x	14.3x	10.9x
META Meta Platforms, Inc.	1.60T	0.01x	37.1%	5.77x	21.3x	18.2x	11.4x	8.9x
NFLX Netflix, Inc.	254.9B	0.49x	24.3%	8.70x	17.3x	16.5x	15.3x	13.3x
SHOP Shopify Inc.	202.6B	−2.48x	10.7%	16.01x	83.1x	64.3x	70.8x	53.4x
UBER Uber Technologies, Inc.	133.3B	0.96x	19.3%	4.87x	19.8x	14.4x	12.7x	10.3x
Mean		−0.44x	21.8%	8.04x	36.7x	28.5x	24.1x	18.7x
Median		−0.33x	21.8%	6.79x	20.5x	18.4x	14.8x	12.1x

Technical analysis

1M+0.3%
3M−8.5%
1Y−31.5%
3Y+153.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Doordash, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	13,717	10,722	8,635	6,583	4,888	2,886
Cost of revenue	6,738	5,542	4,589	3,588	2,338	1,368
Gross profit	6,979	5,180	4,046	2,995	2,550	1,518
Selling, general & administrative expenses	4,065	3,406	3,111	2,829	2,416	1,513
Research & development	1,431	1,168	1,003	829	430	321
Depreciation/amortization	747	561	509	369	156	120
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	13.0	83.0	2.0	92.0	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	723	−38.0	−579	−1,124	−452	−436
Net interest income (expense)	211	199	152	30.0	−11.0	−25.0
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	5.0	−5.0	−107	−305	0	3.0
Net income before taxes	939	156	−534	−1,399	−463	−458
Provision for taxes	7.0	39.0	31.0	−31.0	5.0	3.0
Minority interest	3.0	6.0	7.0	3.0	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	935	123	−558	−1,365	−468	−461
Extraordinary items	–	–	–	–	–	–
Net income	935	123	−558	−1,365	−468	−461
EBIT, normalized	976	232	−413	−888	−364	−436
EBITDA, normalized	1,723	793	96.0	−519	−208	−316
Basic EPS, normalized	2.13	0.29	−1.42	−3.68	−1.39	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Doordash, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	5,506	5,341	4,078	3,521	3,757	4,859
Receivables	1,387	865	533	400	349	291
Total inventory	–	–	–	–	–	–
Prepaid expenses	493	301	525	358	139	221
Other current assets	1,257	879	461	441	320	146
Total current assets	8,643	7,386	5,597	4,720	4,565	5,517
Property, plant & equipment	1,504	1,167	1,148	1,073	738	413
Goodwill	5,519	2,315	2,432	2,370	316	316
Intangibles	2,260	510	659	765	61.0	74.0
Long-term investments	837	835	583	397	650	–
Note receivable	–	–	–	–	–	–
Other long-term assets	896	632	420	464	479	33.0
Total assets	19,659	12,845	10,839	9,789	6,809	6,353
Liabilities
Accounts payable	397	321	216	157	161	80.0
Payable/accrued	–	–	–	–	–	–
Accrued expenses	4,183	3,178	2,539	1,750	1,186	844
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	0	364
Other current liabilities	1,567	939	655	637	413	114
Total current liabilities	6,147	4,438	3,410	2,544	1,760	1,402
Long-term debt	2,724	0	0	0	0	0
Minority interest	13.0	7.0	7.0	14.0	–	–
Other liabilities	742	597	616	477	382	251
Total liabilities	9,626	5,042	4,033	3,035	2,142	1,653
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0	0	0	0	0	0
Additional paid-in capital	14,092	13,165	11,887	10,633	6,752	6,313
Retained earnings (accumulated deficit)	−4,320	−5,255	−5,154	−3,846	−2,081	−1,613
Treasury stock	–	–	–	–	–	–
Other equity	261	−107	73.0	−33.0	−4.0	0
Total equity	10,033	7,803	6,806	6,754	4,667	4,700
Total liabilities & shareholders' equity	19,659	12,845	10,839	9,789	6,809	6,353

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Doordash, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	932	117	−565	−1,368	−468	−461
Depreciation, depletion & amortization	747	561	509	369	156	120
Deferred taxes	–	–	–	–	–	–
Non-cash items	1,277	1,318	1,312	1,293	561	387
Changes in working capital	−525	136	417	73.0	443	206
Cash from operations	2,431	2,132	1,673	367	692	252
Investing activities
Capital expenditures	−605	−330	−324	−346	−237	−159
Other investing cash flows	−3,786	−114	−18.0	46.0	−1,810	−33.0
Cash from investing	−4,391	−444	−342	−300	−2,047	−192
Financing activities
Financing cash flow items	−30.0	6.0	−8.0	14.0	−182	−13.0
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	2,390	−210	−744	−389	−301	4,009
Cash from financing	2,360	−204	−752	−375	−483	3,996
Foreign exchange effects	60.0	−35.0	5.0	−10.0	−1.0	2.0
Net change in cash	460	1,449	584	−318	−1,839	4,058
Free cash flow	1,826	1,802	1,349	21.0	455	93.0

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.