DoorDash, Inc. (DASH)

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AI: Overvalued

Price checkAt $217.02, DoorDash's strong growth still leaves little room for disappointment.

The August 14 close implies roughly $94.0 billion of market value. The latest four quarters produced about $841 million of net income and $1.92 of diluted earnings per share, putting the price near 113 times earnings. Free cash flow—cash left after operations and capital spending—was approximately $2.60 billion, so investors pay about 36 times trailing cash flow. A more restrained 25-times valuation requires cash flow of $3.76 billion, roughly 45% higher. That demanding gap supports an Overvalued verdict.

Big pictureRapid growth and improving profits are real, but acquisitions cloud the underlying pace.

Revenue rose from $2.89 billion in 2020 to $13.72 billion in 2025, while operating results improved from a $436 million loss to a $723 million profit. The latest four quarters generated $15.89 billion of revenue. Second-quarter 2026 revenue grew 36% and orders grew 27%, although Deliveroo contributed materially; first-quarter growth was 33% as reported but 21% without Deliveroo. Operating cash flow remained positive even during 2022's loss. Still, delivery is discretionary, and higher food, fuel, or courier costs can weaken order growth and cash margins.

Business strengthLiquidity is strong, although debt, stock awards, and expensive buybacks reduce protection.

At June 30, DoorDash held $4.42 billion of cash, while current assets exceeded current liabilities by $2.26 billion. The company also had $2.75 billion of zero-interest convertible notes due in 2030, leaving meaningful financial flexibility but not a debt-free balance sheet. During the first half of 2026, it spent $1.05 billion repurchasing shares while recording $580 million of stock compensation. Stock compensation was $1.05 billion in 2025, or 7.7% of revenue. Buybacks can contain dilution, but purchases at a high valuation consume cash that otherwise cushions downside.

What could change the storyFaster organic cash growth could justify the price, while slowing demand would expose it.

The strongest bull case requires revenue excluding acquisitions to keep growing above 20%, Deliveroo to deliver management's expected contribution, and the shared global platform to lower duplicated development costs. Trailing free cash flow would need to exceed roughly $3.8 billion without stock compensation rising similarly. The bear case emerges if organic growth falls toward the mid-teens, labor rules raise courier costs, or higher customer fees reduce orders. At about 36 times cash flow, a decline to a still-generous 25–30 times would imply roughly 17%–31% downside before considering future growth.

$217.02 price considered

AI: News

Second-quarter growth beatOrders and revenue exceeded expectations, reinforcing growth confidence despite weaker earnings per share.

On August 5, DoorDash reported second-quarter revenue of $4.45 billion, up 36% and above the approximately $4.34 billion expected by analysts. Total orders increased 27% to 970 million, while marketplace order value rose 36% to $33.1 billion. Net income was $200 million, down from $285 million, and diluted earnings fell to $0.46 per share. Shares gained 2.6% after hours; the timing supports an earnings-related reaction, though subsequent trading can reflect other news.

Australian pay standardsNew courier protections may raise delivery costs and test whether customers accept higher fees.

Australia's Fair Work Commission proposed nationwide minimum standards on July 8 after DoorDash and Uber supported a draft framework. The plan included minimum engaged-time pay of at least A$31.30 per hour, greater pay transparency, and worker protections. Its direct financial effect remains uncertain because DoorDash does not disclose Australia's standalone profit. The material issue is precedent: DoorDash must either absorb higher courier costs, improve efficiency, or pass costs through to customers, which could weaken order volume. No reliable stock reaction can be isolated.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018
Revenue	$13.72B	$10.72B	$8.63B	$6.58B	$4.89B	$2.89B	$885.0M	$291.0M
Research & development	$1.43B	$1.17B	$1.00B	$829.0M	$430.0M	$321.0M	$107.0M	$51.0M
Operating income	$723.0M	−$38.0M	−$579.0M	−$1.12B	−$452.0M	−$436.0M	−$616.0M	−$210.0M
EBITDAderived	$1.47B	$523.0M	−$70.0M	−$755.0M	−$296.0M	−$316.0M	−$584.0M	−$201.0M
Net income	$935.0M	$123.0M	−$558.0M	−$1.36B	−$468.0M	−$461.0M	−$667.0M	−$204.0M
Basic EPSper diluted share	$2.19	$0.30	-$1.42	-$3.68	-$1.39	-$7.39	-$15.44	-$4.67
Diluted EPSper diluted share	$2.13	$0.29	-$1.42	-$3.68	-$1.39	-$7.39	-$15.44	-$4.67

Review source filings at SEC.gov ↗

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys13$100.28M disclosed value

Sells (SEC code S)925$1.21B disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 26, 2026Form 4 · 10b5-1	Brown Shona LDirector	SellClass A Common Stock	582	$177.06	$103.0K	31.2K
Jun 24, 2026Form 4 · 10b5-1	Fang AndyDirector	SellClass A Common Stock · indirect	5.0K	$180.00	$900.0K	0
Jun 10, 2026Form 4	Still AshleyDirector	SellClass A Common Stock · indirect	1.2K	$153.58	$178.8K	2.7K
Jun 2, 2026Form 4 · 10b5-1	Tang StanleyDirector	SellClass A Common Stock · indirect	200	$160.28	$32.1K	0
Jun 2, 2026Form 4 · 10b5-1	Tang StanleyDirector	SellClass A Common Stock · indirect	6.4K	$159.58	$1.02M	200

Review ownership filings at SEC.gov ↗

DoorDash, Inc. (DASH)

Financial charts

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Insider buys & sells