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Arphra AIPlain-English read on DoorDash, Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +52.17% | +45.50% | +46.86% | +48.31% | +50.88% | +49.41% | +47.94% | +48.59% | +48.55% |
| Operating margin | -9.25% | -17.07% | -6.71% | -0.35% | +5.27% | -0.59% | -0.61% | -0.58% | -0.61% |
| EBITDA margin | -6.06% | -10.07% | -0.79% | +4.88% | +12.31% | +5.54% | +5.59% | +5.53% | +5.56% |
| EBIT margin | -9.25% | -15.68% | -6.68% | -0.35% | +6.87% | -0.06% | -0.06% | -0.06% | -0.05% |
| Pre-tax margin | -9.47% | -21.25% | -6.18% | +1.45% | +6.85% | +0.68% | +0.69% | +0.68% | +0.68% |
| Net margin | -9.57% | -20.74% | -6.46% | +1.15% | +6.82% | +0.51% | +0.49% | +0.50% | +0.51% |
| Cost structure | |||||||||
| Cost of revenue / sales | +47.83% | +54.50% | +53.14% | +51.69% | +49.12% | +50.72% | +50.59% | +49.90% | +50.36% |
| R&D intensity | +8.80% | +12.59% | +11.62% | +10.89% | +10.43% | +10.92% | +11.11% | +11.25% | +11.25% |
| SG&A intensity | +49.43% | +42.97% | +36.03% | +32.54% | +29.71% | +32.16% | +33.41% | +32.96% | +31.85% |
| Effective tax rate | — | — | — | +25.00% | +0.43% | +12.89% | +12.72% | +12.86% | +13.29% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | -10.03% | -20.17% | -8.19% | +1.57% | +9.31% | +0.67% | +0.66% | +0.65% | +0.69% |
| Return on assets (ROA) | -6.87% | -13.94% | -5.15% | +0.96% | +4.76% | +0.38% | +0.37% | +0.40% | +0.39% |
| Return on capital (ROC) | -8.92% | -15.44% | -7.89% | -0.46% | +5.24% | -0.67% | -0.69% | -0.65% | -0.71% |
| Return on invested capital (ROIC) | -6.69% | -11.58% | -5.92% | -0.34% | +6.78% | -0.50% | -0.52% | -0.49% | -0.53% |
| Asset turnover | +71.79% | +67.25% | +79.67% | +83.47% | +69.77% | +75.83% | +75.77% | +79.57% | +77.54% |
| DuPont · ROE decomposition | |||||||||
| Net margin | -9.57% | -20.74% | -6.46% | +1.15% | +6.82% | +0.51% | +0.49% | +0.50% | +0.51% |
| Asset turnover (× revenue / assets) | +71.79% | +67.25% | +79.67% | +83.47% | +69.77% | +75.83% | +75.77% | +79.57% | +77.54% |
| Equity multiplier (× assets / equity) | +145.90% | +144.64% | +159.09% | +164.47% | +195.69% | +175.14% | +175.73% | +165.51% | +175.99% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.72 | 0.67 | 0.80 | 0.83 | 0.70 | 0.76 | 0.76 | 0.80 | 0.78 |
| Fixed-asset turnover | 6.62 | 6.14 | 7.52 | 9.19 | 9.12 | — | — | — | — |
| Inventory turnover | — | — | — | — | — | — | — | — | — |
| Receivables turnover | 14.01 | 16.46 | 12.41 | 12.40 | 12.38 | — | — | — | — |
| Payables turnover | 14.52 | 22.85 | 21.25 | 17.26 | 16.97 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 26.06 | 22.18 | 29.42 | 29.45 | 29.48 | — | — | — | — |
| Days inventory outstanding (DIO) | — | — | — | — | — | — | — | — | — |
| Days payables outstanding (DPO) | 25.13 | 15.97 | 17.18 | 21.14 | 21.51 | — | — | — | — |
| Cash conversion cycle | 0.93 | 6.21 | 12.24 | 8.31 | 7.98 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | -1.48 | -0.27 | -3.00 | 17.33 | 2.60 | 38.65 | 37.87 | 39.11 | 36.62 |
| FCF / Net income | -0.97 | -0.02 | -2.42 | 14.65 | 2.33 | 31.32 | 33.41 | 33.06 | 31.62 |
| FCF margin | +9.31% | +0.32% | +15.62% | +16.81% | +15.85% | +15.82% | +16.44% | +16.42% | +16.08% |
| OCF margin | +14.16% | +5.57% | +19.37% | +19.88% | +17.72% | +19.53% | +18.64% | +19.42% | +18.63% |
| CapEx / Revenue | +4.85% | +5.26% | +3.75% | +3.08% | +1.87% | +2.83% | +2.89% | +2.83% | +2.89% |
| CapEx / D&A | 1.52 | 0.94 | 0.64 | 0.59 | 0.34 | — | — | — | — |
| Stock-based comp / Revenue | +9.94% | +13.50% | +12.60% | +10.25% | +7.66% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | -1.39 | -3.68 | -1.42 | 0.29 | 2.13 | 2.56 | 4.47 | 7.00 | 10.43 |
| EPS · basic | -1.39 | -3.68 | -1.42 | 0.30 | 2.19 | 2.59 | 4.63 | 7.21 | 10.60 |
| Book value / share | 13.85 | 18.22 | 17.34 | 18.15 | 22.85 | 30.44 | 36.37 | 43.52 | 50.30 |
| Tangible BV / share | 12.74 | 9.78 | 9.47 | 11.59 | 5.16 | 30.44 | 36.37 | 43.52 | 50.30 |
| Sales / share | 14.51 | 17.72 | 21.97 | 24.92 | 31.20 | 40.42 | 48.44 | 57.31 | 68.64 |
| Operating CF / share | 2.05 | 0.99 | 4.26 | 4.96 | 5.53 | 7.89 | 9.03 | 11.13 | 12.79 |
| Free cash flow / share | 1.35 | 0.06 | 3.43 | 4.19 | 4.94 | 6.40 | 7.97 | 9.41 | 11.04 |
| Dividends / share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Payout ratio | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Retention ratio | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +34.68% | +31.17% | +24.17% | +27.93% | +28.60% | +20.48% | +18.48% | +19.65% | +25.52% |
| Gross profit · YoY | — | +17.45% | +35.09% | +28.03% | +34.73% | +24.89% | +16.89% | +20.07% | +19.57% | +24.40% |
| Profit | ||||||||||
| Operating income · YoY | — | -148.67% | +48.49% | +93.44% | +2002.63% | -114.34% | -24.30% | -13.03% | -25.42% | — |
| EBITDA · YoY | — | -123.99% | +89.74% | +869.12% | +222.94% | -42.11% | +21.58% | +17.04% | +20.35% | — |
| Net income · YoY | — | -191.67% | +59.12% | +122.04% | +660.16% | -90.47% | +17.37% | +19.56% | +22.53% | — |
| Operating | ||||||||||
| EBIT · YoY | — | -128.32% | +44.09% | +93.41% | +2578.95% | -101.04% | -25.07% | -17.32% | -15.22% | — |
| R&D · YoY | — | +92.79% | +20.99% | +16.45% | +22.52% | +34.58% | +22.61% | +19.97% | +19.66% | +29.44% |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | -164.86% | +61.41% | +120.42% | +634.48% | +20.39% | +74.45% | +56.38% | +49.06% | — |
| EPS · basic · YoY | — | -164.86% | +61.41% | +121.13% | +630.00% | +18.18% | +78.91% | +55.72% | +46.96% | — |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $399M | $511M | $522M | $536M | $3.75B | $2.3B | $2.71B | $3.19B | $3.83B |
| Net debt | -$2.11B | -$1.47B | -$2.13B | -$3.48B | -$627M | -$3.67B | -$4.4B | -$5.32B | -$5.96B |
| Net debt / EBITDA | 7.11 | 2.21 | 31.38 | -6.66 | -0.37 | -3.75 | -3.70 | -3.82 | -3.56 |
| Debt / equity | 0.09 | 0.08 | 0.08 | 0.07 | 0.37 | 0.17 | 0.17 | 0.17 | 0.17 |
| Debt / assets | +5.86% | +5.22% | +4.82% | +4.17% | +19.08% | +9.90% | +9.67% | +10.07% | +9.85% |
| Equity / assets | +68.54% | +69.14% | +62.86% | +60.80% | +51.10% | +57.10% | +56.90% | +60.42% | +56.82% |
| Coverage | |||||||||
| EBITDA / interest expense | -21.14 | -331.50 | — | — | — | — | — | — | — |
| Operating income / interest | -32.29 | -562.00 | — | — | — | — | — | — | — |
| Interest expense | $14M | $2M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Liquidity | |||||||||
| Current ratio | 2.59 | 1.86 | 1.64 | 1.66 | 1.41 | — | — | — | — |
| Quick ratio | 2.33 | 1.54 | 1.40 | 1.40 | 1.08 | — | — | — | — |
| Cash ratio | 1.42 | 0.78 | 0.78 | 0.91 | 0.71 | — | — | — | — |
| Working capital | $2.81B | $2.18B | $2.19B | $2.95B | $2.5B | — | — | — | — |
| Working capital / revenue | +57.39% | +33.05% | +25.33% | +27.49% | +18.20% | — | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).