DoorDash, Inc. (DASH) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-22.3%

$147.68

vs $189.95 price

Levered DCF

$136.50

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

5.59

Safe zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	103.42×	559.17×	-69.64×	-13.27×	-107.17×	-19.32×	-12.27×	-40.58×
P/B	9.64×	8.85×	5.71×	2.68×	10.75×	1.89×	6.92×	15.07×
P/S	7.05×	6.44×	4.5×	2.75×	10.26×	3.09×	9.25×	28.43×
EV / EBITDA	56.62×	91.43×	-540.07×	-25.14×	-164×	-16.92×	-12.79×	-41.54×
Gross margin	50.9%	48.3%	46.9%	45.5%	52.2%	52.6%	40.9%	21.6%
Operating margin	5.3%	-0.4%	-6.7%	-17.1%	-9.2%	-15.1%	-69.6%	-72.2%
Net margin	6.8%	1.1%	-6.5%	-20.7%	-9.6%	-16.0%	-75.4%	-70.1%
Current ratio	1.41×	1.66×	1.64×	1.86×	2.59×	3.94×	2.61×	5.17×
Debt / equity	0.33×	0.07×	0.08×	0.08×	0.09×	0.13×	0.16×	0×
Interest coverage	0×	0×	0×	-562×	-32.29×	-13.63×	0×	-210×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.3%	1.6%	-8.2%	-20.2%	-10.0%	-9.8%	-56.4%	-37.2%
Return on invested capital	5.3%	-0.3%	-7.7%	-15.1%	-8.9%	-8.2%	-45.1%	-36.6%
Return on assets	4.8%	1.0%	-5.1%	-13.9%	-6.9%	-7.3%	-38.5%	-29.9%
Free cash flow yield	2.2%	2.6%	3.5%	0.1%	0.9%	1.0%	-6.8%	-2.1%
Earnings yield	1.0%	0.2%	-1.4%	-7.5%	-0.9%	-5.2%	-8.1%	-2.5%
Enterprise value	$95.6B	$65.6B	$36.7B	$16.7B	$48.1B	$5.2B	$8.1B	$8.1B
Net debt / EBITDA	-0.64×	-4.86×	31.38×	2.21×	7.18×	12.18×	0.12×	1.11×
Cash conversion cycle (days)	15	8	12	6	1	15	10	-32