Latest Ratios: P/E Ratio 90.1x · EV/EBITDA 56.5x · ROE 10.5%. (2018–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $83.7B | $99.6B | $72.2B | $38.9B | $18.1B | $50.2B | $8.9B | — | — |
| Enterprise Value | $83.0B | $99.0B | $68.7B | $36.7B | $16.7B | $48.1B | $5.2B | — | — |
| P/E Ratio → | 90.15 | 106.33 | 578.45 | — | — | — | — | — | — |
| P/S Ratio | 6.10 | 7.26 | 6.73 | 4.50 | 2.75 | 10.26 | 3.09 | — | — |
| P/B Ratio | 8.40 | 9.91 | 9.24 | 5.70 | 2.68 | 10.75 | 1.89 | — | — |
| P/FCF | 38.48 | 45.81 | 40.05 | 28.81 | 863.45 | 110.23 | 95.77 | — | — |
| P/OCF | 34.41 | 40.96 | 33.85 | 23.23 | 49.41 | 72.48 | 35.34 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 7.21 | 6.41 | 4.25 | 2.53 | 9.83 | 1.79 | — | — |
| EV / EBITDA | 56.49 | 67.32 | 131.34 | — | — | — | — | — | — |
| EV / EBIT | 114.85 | 105.05 | — | — | — | — | — | — | — |
| EV / FCF | — | 45.52 | 38.12 | 27.22 | 793.64 | 105.61 | 55.68 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 50.9% | 50.9% | 48.3% | 46.9% | 45.5% | 52.2% | 52.6% | 40.9% | 21.6% |
| Operating Margin | 5.3% | 5.3% | -0.4% | -6.7% | -17.1% | -9.2% | -15.1% | -69.6% | -72.2% |
| Net Profit Margin | 6.8% | 6.8% | 1.1% | -6.5% | -20.7% | -9.6% | -16.0% | -75.4% | -70.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.5% | 10.5% | 1.7% | -8.2% | -23.9% | -10.0% | -15.7% | -77.1% | -37.2% |
| ROA | 5.8% | 5.8% | 1.0% | -5.4% | -16.4% | -7.1% | -11.4% | -55.2% | -29.9% |
| ROIC | 7.9% | 7.9% | -0.6% | -8.7% | -21.4% | -19.2% | -31.4% | -64.0% | — |
| ROCE | 6.6% | 6.6% | -0.5% | -7.9% | -18.3% | -9.0% | -13.8% | -64.1% | -36.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.37 | 0.37 | 0.07 | 0.08 | 0.08 | 0.09 | 0.13 | 0.16 | — |
| Debt / EBITDA | 2.55 | 2.55 | 1.02 | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.06 | -0.45 | -0.31 | -0.22 | -0.45 | -0.79 | -0.06 | -0.39 |
| Net Debt / EBITDA | -0.43 | -0.43 | -6.66 | — | — | — | — | — | — |
| Debt / FCF | — | -0.29 | -1.93 | -1.58 | -69.81 | -4.63 | -40.09 | — | — |
| Interest Coverage | — | — | — | — | -516.00 | -32.29 | -13.31 | — | -203.00 |
Net cash position: cash ($4.4B) exceeds total debt ($3.8B)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.41 | 1.41 | 1.66 | 1.64 | 1.86 | 2.59 | 3.94 | 2.61 | 5.17 |
| Quick Ratio | 1.41 | 1.41 | 1.66 | 1.64 | 1.86 | 2.59 | 3.94 | 2.61 | 5.17 |
| Cash Ratio | 0.90 | 0.90 | 1.20 | 1.20 | 1.38 | 2.13 | 3.47 | 2.00 | 4.27 |
| Asset Turnover | — | 0.70 | 0.83 | 0.80 | 0.67 | 0.72 | 0.45 | 0.51 | 0.43 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 29.48 | 29.45 | 29.42 | 22.18 | 26.06 | 36.80 | 23.92 | 23.83 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.1% | 0.9% | 0.2% | — | — | — | — | — | — |
| FCF Yield | 2.6% | 2.2% | 2.5% | 3.5% | 0.1% | 0.9% | 1.0% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.3% | 1.9% | 2.2% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.3% | 1.9% | 2.2% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $440M | $430M | $393M | $371M | $337M | $62M | $43M | $44M |
Regulatory Labor Classification Risk
Based on current market data, DoorDash trades at a forward P/E of 72.32, a multiple that suggests investors are pricing in significant long-term margin expansion and sustained top-line growth that far exceeds the valuation multiples observed in more mature logistics or traditional courier service peers.
The current valuation appears to hinge on the market's belief that the company will successfully transition from a high-growth marketplace to a high-margin logistics utility. Investors should monitor whether this premium is justified by actual earnings delivery, as the current multiple leaves little room for error regarding regulatory or competitive headwinds.
As reported in recent financial statements, DoorDash's ROIC has improved from negative territory in 2024 to 1.2% in 2026Q1, indicating that the company is finally beginning to generate positive returns on its massive historical investments in market share and logistics infrastructure.
The shift toward positive ROIC suggests that the company's core marketplace is reaching a level of maturity where incremental capital is no longer being consumed by pure acquisition costs. However, the current return levels remain well below the cost of capital, implying that the company must continue to optimize its logistics density to drive meaningful value creation.
According to quarterly data, the company maintains a consistent asset turnover ratio of approximately 0.21, reflecting a business model that relies on third-party labor and technology rather than heavy physical asset ownership to facilitate its expansive last-mile delivery operations across suburban US markets.
The efficiency of the platform is largely dictated by the ability to batch orders, which directly impacts the cost of revenue and overall working capital requirements. Investors should watch for improvements in these turnover metrics as a key indicator that the company is successfully scaling its logistics network without proportional increases in overhead.
Based on recent balance sheet filings, DoorDash's debt-to-EBITDA ratio has fluctuated, reaching 7.83 in 2026Q1, a level that appears manageable given the company's substantial cash reserves but warrants caution as the firm continues to utilize debt to fund strategic acquisitions and corporate operations.
While the company is not over-leveraged by traditional standards, the reliance on debt to support growth and stock-based compensation offsets is a trend that requires careful monitoring. The lack of a clear interest coverage ratio in the data suggests that the company's debt service capacity is still evolving alongside its transition to consistent GAAP profitability.
The most commonly misapplied metric for DoorDash is GAAP net income, which frequently obscures the company's true economic performance due to the heavy impact of non-cash stock-based compensation and the accounting treatment of consumer incentives that are often netted against revenue.
Analysts should instead prioritize free cash flow and adjusted EBITDA to better understand the underlying cash-generating capacity of the platform. Relying on GAAP earnings may lead to an inaccurate assessment of the company's profitability, as it fails to account for the significant dilution and operational costs inherent in the current business model.
Includes 30+ ratios · 8 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying DASH stock.
DoorDash, Inc.'s current P/E ratio is 90.1x. The historical average is 106.3x.
DoorDash, Inc.'s current EV/EBITDA is 56.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 67.3x.
DoorDash, Inc.'s return on equity (ROE) is 10.5%. The historical average is -20.0%.
Based on historical data, DoorDash, Inc. is trading at a P/E of 90.1x. Compare with industry peers and growth rates for a complete picture.
DoorDash, Inc. has 50.9% gross margin and 5.3% operating margin.
DoorDash, Inc.'s Debt/EBITDA ratio is 2.6x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.