Consumer Discretionary · Specialized Consumer Services · US stock · price as of 16 Oct 2026
Key indicators
Price
$189.15
52-week range
$143.30 – $285.50
Market cap
$83.1B
P/E (trailing)
99.1×
EV / EBITDA
45.4×
Free-cash-flow yield
3.1%
Dividend yield
–
Revenue (last 12 months)
$15.9B
Revenue growth (3y a year)
27.7%
Operating margin
4.5%
Return on invested capital
14.0%
Net debt / EBITDA
–
Fair value
Blended fair value$73.56 range $67 – $81
Versus priceData under review+0% to fair value
Peer multiples
$40.09
Fundamentals-adjusted multiple
$70.96
10-year DCF (market-scaled)
$109.64
Earnings power value (floor, not blended)
n/m
Model uncertainty
Medium
X-Ray Score
46/ 100 · Medium confidence · ahead of 30% of sector peers
Valuation11
Growth92
Profitability37
Financial health55
Dividends–
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
DoorDash runs an online platform that connects consumers with local merchants, mainly restaurants, grocery stores and retailers, for delivery and pickup. Independent couriers known as Dashers carry the orders, and merchants use the company's tools for ordering, payments and marketing. The service is available in the United States and several other countries, and the company also offers a paid membership called DashPass.
The business earns revenue mainly from commissions charged to merchants, delivery fees paid by consumers, membership fees and advertising. Over the last twelve months revenue was $15.9 billion, and it has grown at 27.7% a year across the last three years. The operating margin is 4.5%, and the business earns a profit of 14% on the capital invested in it. The company does not pay a dividend.
StocksXray gives DoorDash, Inc. an X-Ray Score of 46 out of 100 (medium confidence), ahead of 30% of the S&P 500 stocks in its sector. Its strongest lens is growth (92) and its weakest is valuation (11).
Our fair value blend is $73.56 (range $66.79 to $81.08). At $189.15 the stock trades 157% above that blend, so the label is "Data under review" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
DoorDash, Inc. (DASH)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$148.90
$48.82
$98.89
$167.75
$226.48
$189.15
Market cap
$50.2B
$18.1B
$38.9B
$72.2B
$99.6B
$83.1B
P/E
–
–
–
578.4×
106.3×
99.1×
EV / revenue
9.5×
2.2×
4.0×
6.2×
6.9×
4.9×
EV / EBITDA
–
–
–
127.8×
64.0×
45.4×
Price / free cash flow
89.1×
94.9×
25.1×
35.6×
45.8×
32.0×
Free-cash-flow yield
1.1%
1.1%
4.0%
2.8%
2.2%
3.1%
Price / book
10.7×
2.7×
5.7×
9.2×
9.9×
8.4×
Dividend yield
–
–
–
–
–
–
Fundamentals checklist ● 6 Good · ● 2 Average · ● 5 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−10.2%Good
Free-cash-flow yield3.1%Bad
Risk models
Altman Z score1.3×Average
Piotroski F-Score6 of 9Average
Growth
Free-cash-flow growth (3y)124.9%Good
Revenue growth (3y)27.7%Good
Growth consistency100%Good
Balance sheet
Current ratio1.4×Good
Interest coverno interest costGood
Valuation
Fair value vs price0.4×Bad
EBIT / EV yield0.9%Bad
Profitability
Return on invested capital14.0%Bad
Operating margin4.5%Bad
XStocksXray
DoorDash, Inc. (DASH)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
4,888
6,583
8,635
10,722
13,717
15,891
Gross profit
–
–
–
–
–
–
Operating income
-452
-1,124
-579
-38
723
712
Net income
-468
-1,365
-558
123
935
841
Diluted EPS ($)
-1.39
-3.68
-1.42
0.29
2.13
1.91
Free cash flow
563
191
1,550
2,028
2,174
2,595
Gross margin
–
–
–
–
–
–
Operating margin
−9.2%
−17.1%
−6.7%
−0.4%
5.3%
4.5%
Net margin
−9.6%
−20.7%
−6.5%
1.1%
6.8%
5.3%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
6,809
9,789
10,839
12,845
19,659
19,561
Cash
2,504
1,977
2,656
4,019
4,378
4,424
Total debt
–
–
–
–
–
–
Equity
4,667
6,754
6,806
7,803
10,033
9,921
Dividend per share ($)
–
–
–
–
–
–
Revenue and net income US$ billions: navy revenue, teal net income
Margins blue gross, teal operating, brown net
Latest quarters
Mar 2025
Jun 2025
Sep 2025
Dec 2025
Mar 2026
Jun 2026
Revenue ($M)
3,032
3,284
3,446
3,955
4,036
4,454
Growth vs a year earlier
+20.7%
+24.9%
+27.3%
+37.7%
+33.1%
+35.6%
Net income ($M)
193
285
244
213
184
200
Diluted EPS ($)
0.44
0.65
0.55
–
0.42
0.46
XStocksXray
DoorDash, Inc. (DASH)
Peers in Specialized Consumer Services
Company
X-Ray
DASH · DoorDash, Inc.
46
Market Compass outlook for Consumer Discretionary: Neutral (53/100). It blends regime history, macro sensitivity, momentum and valuation.
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.