Upside case
Bull case
$62-62.6%
The bull case prices DASH at 24x on FY1 earnings, assuming continued execution and no meaningful deceleration in the core business.
Analysis OverviewBuyUpdated May 1, 2026
DoorDash, Inc. (DASH) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Buy
Covering
38
analysts
29 bullish · 0 bearish · 38 covering DASH
Strong Buy
1
Buy
28
Hold
9
Sell
0
Strong Sell
0
Consensus Target
$253
+52.5% vs today
Scenario Range
— – $62
Model bear to bull value window
Coverage
38
Published analyst ratings
Valuation Context
65.2x
Forward P/E · Market cap $71.6B
DASH price targets
Three scenarios for where DASH stock could go
Current
~$166
Confidence
45 / 100
Updated
May 1, 2026
Where we are now
Current · $166
Base
$314
Bull
$62
Market caseClosest to today
Base case
$314+89.1%
At 123x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
—
The bear case reflects a scenario where earnings shortfalls or multiple compression combine to materially reduce the stock from its current level.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
DoorDash, Inc.
DASH · NASDAQCommunication ServicesInternet Content & InformationDecember year-end
DoorDash operates a three-sided marketplace connecting restaurants, delivery drivers, and consumers for on-demand food delivery. It generates revenue primarily from commissions on orders — typically 15-30% from restaurants — plus delivery and service fees from customers, and subscription fees from its DashPass membership program. Its competitive advantage lies in its dense logistics network and scale, which creates a powerful network effect where more restaurants attract more customers, which in turn attracts more delivery drivers.
Market Cap
$71.6B
Revenue TTM
$12.6B
Net Income TTM
$863M
Net Margin
6.8%
DASH Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
42%Exceptional
12 quarters tracked
Revenue Beat Rate
83%Exceptional
vs consensus estimates
Avg EPS Surprise
-28.0%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Last 4 Quarters
EPS beats: 2 of 4Q2 2025
EPS
$0.44/$0.39
Revenue
$3.0B/$3.1B
Q3 2025
EPS
$0.65/$0.44
Revenue
$3.3B/$3.2B
Q4 2025
EPS
$0.55/$0.68
Revenue
$3.4B/$3.4B
Q1 2026
EPS
$0.48/$0.59
Revenue
$4.0B/$4.0B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q2 2025 | $0.44/$0.39 | +12.4% | $3.0B/$3.1B | -2.1% |
| Q3 2025 | $0.65/$0.44 | +48.3% | $3.3B/$3.2B | +3.9% |
| Q4 2025 | $0.55/$0.68 | -19.5% | $3.4B/$3.4B | +2.7% |
| Q1 2026 | $0.48/$0.59 | -18.6% | $4.0B/$4.0B | -1.0% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$17.1B
+35.5% YoY
FY2
$20.6B
+20.0% YoY
EPS Outlook
FY1
$2.59
+32.7% YoY
FY2
$4.03
+55.4% YoY
Trailing FCF (TTM)$2.0B
FCF Margin: 15.8%
Next Earnings
May 6, 2026
Expected EPS
$0.41
Expected Revenue
$4.2B
DASH beat EPS estimates in 2 of 4 tracked quarters. Mixed delivery makes the upcoming report a key data point for re-rating.
DASH Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $13.7B
Product Mix
Latest annual revenue by segment or product family
Reportable Segment
100.0%
+27.9% YoY
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
UNITED STATES
83.5%
+21.9% YoY
Tap, hover, or focus a slice to inspect segment detail.
Reportable Segment is the largest disclosed segment at 100.0% of FY 2025 revenue, up 27.9% YoY.
UNITED STATES is the largest reported region at 83.5%, up 21.9% YoY.
DASH Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Overvalued
Fair value est. $147 — implies -16.3% from today's price.
Premium to Fair Value
16.3%
above fair value
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
DASH
78.0x
vs
S&P 500
25.1x
+211% premium
vs Communication Services Trailing P/E
DASH
78.0x
vs
Communication Services
15.0x
+422% premium
vs DASH 5Y Avg P/E
Today
78.0x
vs
5Y Average
106.3x
27% discount
Forward PE
65.2x
S&P 500
19.1x
+242%
Communication Services
13.0x
+401%
5Y Avg
—
—
Trailing PE
78.0x
S&P 500
25.1x
+211%
Communication Services
15.0x
+422%
5Y Avg
106.3x
-27%
PEG Ratio
—
S&P 500
1.72x
—
Communication Services
0.74x
—
5Y Avg
—
—
EV/EBITDA
48.0x
S&P 500
15.2x
+215%
Communication Services
8.4x
+470%
5Y Avg
67.0x
-28%
Price/FCF
32.9x
S&P 500
21.1x
+56%
Communication Services
11.8x
+180%
5Y Avg
56.2x
-41%
Price/Sales
5.2x
S&P 500
3.1x
+67%
Communication Services
1.0x
+434%
5Y Avg
6.3x
-17%
Dividend Yield
—
S&P 500
1.87%
—
Communication Services
3.45%
—
5Y Avg
—
—
| Metric | DASH | S&P 500 | Communication Services | 5Y Avg DASH |
|---|---|---|---|---|
| Forward PE | 65.2x | 19.1x+242% | 13.0x+401% | — |
| Trailing PE | 78.0x | 25.1x+211% | 15.0x+422% | 106.3x-27% |
| PEG Ratio | — | 1.72x | 0.74x | — |
| EV/EBITDA | 48.0x | 15.2x+215% | 8.4x+470% | 67.0x-28% |
| Price/FCF | 32.9x | 21.1x+56% | 11.8x+180% | 56.2x-41% |
| Price/Sales | 5.2x | 3.1x+67% | 1.0x+434% | 6.3x-17% |
| Dividend Yield | — | 1.87% | 3.45% | — |
DASH trades above S&P 500 benchmarks on 5 of 5 measured multiples — commands a broad premium across most valuation dimensions.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolDASH Financial Health
Verdict
Strong
DASH generates $2.0B in free cash flow at a 15.8% margin.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$12.6B
Revenue Growth
TTM vs prior year
+24.5%
Gross Margin
Gross profit as a share of revenue
50.5%
Operating Margin
Operating income divided by revenue
5.5%
Net Margin
Net income divided by revenue
6.8%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$1.95
Free Cash Flow (TTM)
Cash generation after capex
$2.0B
FCF Margin
FCF as share of revenue — the primary cash quality signal
15.8%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
8.2%
ROA
Return on assets, trailing twelve months
4.8%
Cash & Equivalents
Liquid assets on the balance sheet
$4.4B
Net Cash
Cash exceeds total debt — no net leverage
$1.1B
Debt Serviceability
Net debt as a multiple of annual free cash flow
Net cash ✓
ROE
Return on equity, trailing twelve months
9.1%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
0.0%
Dividend
—
Buyback
0.0%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$0
Dividend / Share
Annualized trailing dividend per share
—
Payout Ratio
Share of earnings distributed as dividends
—
Shares Outstanding
Current diluted share count
440M
All figures from the trailing twelve months. ROIC uses invested capital (equity + net debt).
Open full ratios pageDASH Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 11, 2026
High Risk
Worker Classification
DoorDash classifies its drivers as independent contractors. A shift to employee status would trigger significant wage, benefits, and tax obligations, potentially adding hundreds of millions in annual costs.
High Risk
Debt Servicing Risk
The company’s interest coverage ratio is currently zero, indicating it cannot cover interest expenses from operating income. Rising interest rates or a decline in earnings could force debt restructuring or default.
Medium
Profitability & Margin Pressure
While DoorDash has achieved profitability, continued investment in growth initiatives and rising labor costs threaten to erode margins. Sustained margin compression could limit future free cash flow.
Medium
Competitive Market Share Erosion
DoorDash faces intense price competition from Uber Eats and Grubhub. Aggressive pricing and promotional tactics by rivals could reduce DoorDash’s market share and revenue growth.
Medium
Regulatory & Compliance Costs
Ongoing scrutiny over tipping practices, commission caps, and worker classification can lead to increased regulatory fees and legal expenses. New regulations could impose additional operational burdens.
Medium
Cybersecurity & Data Breaches
Multiple data breaches have exposed customer and partner contact information, highlighting systemic vulnerabilities. A major breach could trigger regulatory fines and damage consumer trust.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why DASH Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 11, 2026
Robust Financial Growth
DoorDash has posted significant year-over-year increases in gross profit and total orders, driving strong revenue expansion. The company’s financial momentum underpins its capacity to fund further growth initiatives.
U.S. Market Leadership
DoorDash commands a substantial share of the U.S. food‑delivery market and has successfully extended its reach into suburban areas, reinforcing its dominant position.
Diversification into Groceries & Retail
The firm is expanding beyond restaurant delivery into groceries, retail, and international markets, with the grocery vertical expected to deliver positive unit economics in the second half of 2026.
Logistics & Automation Investments
DoorDash is investing heavily in logistics integration and automation, partnering on autonomous delivery solutions to boost efficiency, protect margins, and support earnings growth.
Strategic Autonomous Partnerships
Acquisitions and investments in companies such as ALSO deepen DoorDash’s push into autonomous delivery, positioning the company to reshape last‑mile logistics and capture new value streams.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
DASH Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$166.14
52W Range Position
16%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$143.30
+15.9% from the low
52-Week High
$285.50
-41.8% from the high
1 Month
+7.14%
3 Month
-9.64%
YTD
-24.4%
1 Year
-19.1%
3Y CAGR
+38.2%
5Y CAGR
+5.3%
10Y CAGR
-1.3%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
DASH vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
65.2x
vs 23.6x median
+176% above peer median
Revenue Growth
+35.5%
vs +14.6% median
+144% above peer median
Net Margin
6.8%
vs 14.1% median
-52% below peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
DAS DASH DoorDash, Inc. | $71.6B | 65.2x | +35.5% | 6.8% | Buy | +52.5% |
UBE UBER Uber Technologies, Inc. | $151.6B | 21.7x | +15.4% | 19.3% | Buy | +43.8% |
LYF LYFT Lyft, Inc. | $5.6B | 23.6x | +14.6% | 45.0% | Hold | +36.3% |
CAR CART Instacart (Maplebear Inc.) | $11.6B | 18.2x | +14.8% | 14.1% | Buy | +13.6% |
AMZ AMZN Amazon.com, Inc. | $2.94T | 35.1x | +10.0% | 12.2% | Buy | +12.2% |
WMT WMT Walmart Inc. | $1.04T | 44.9x | +5.9% | 3.3% | Buy | +4.8% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
FAQ
7 questionsDASH Investor Questions
Common questions answered from live analyst data and company financials.
01Is DoorDash, Inc. (DASH) stock a buy or sell in 2026?
DoorDash, Inc. (DASH) is rated Buy by Wall Street analysts as of 2026. Of 38 analysts covering the stock, 29 rate it Buy or Strong Buy, 9 rate it Hold, and 0 rate it Sell or Strong Sell. The consensus 12-month price target is $253, implying +52.5% from the current price of $166.
02What is the DASH stock price target for 2026?
The Wall Street consensus price target for DASH is $253 based on 38 analyst estimates. The high-end target is $300 (+80.6% from today), and the low-end target is $200 (+20.4%). The base case model target is $314.
03Is DoorDash, Inc. (DASH) stock overvalued in 2026?
DASH trades at 65.2x times forward earnings. The stock trades at a notable premium to the broad market, which is typical for businesses with strong free cash flow and above-average growth expectations. Based on current multiples versus the peer group, the relative model signals overvalued. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for DoorDash, Inc. (DASH) stock in 2026?
The primary risks for DASH in 2026 are: (1) Worker Classification — DoorDash classifies its drivers as independent contractors. (2) Debt Servicing Risk — The company’s interest coverage ratio is currently zero, indicating it cannot cover interest expenses from operating income. (3) Profitability & Margin Pressure — While DoorDash has achieved profitability, continued investment in growth initiatives and rising labor costs threaten to erode margins. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is DoorDash, Inc.'s revenue and earnings forecast?
Analyst consensus estimates DASH will report consensus revenue of $17.1B (+35.5% year-over-year) and EPS of $2.59 (+32.7% year-over-year) for the upcoming fiscal year. The following year, analysts project $20.6B in revenue.
06When does DoorDash, Inc. (DASH) report its next earnings?
DoorDash, Inc. is expected to report its next earnings on approximately 2026-05-06. Consensus expects EPS of $0.41 and revenue of $4.2B. Over recent quarters, DASH has beaten EPS estimates 42% of the time.
07How much free cash flow does DoorDash, Inc. generate?
DoorDash, Inc. (DASH) generated $2.0B in free cash flow over the trailing twelve months — a free cash flow margin of 15.8%. DASH returns capital to shareholders through and share repurchases ($0 TTM).