Latest Ratios: P/E Ratio 90.2x · EV/EBITDA 56.2x · 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 | $82.7B | $98.5B | $68.7B | $36.7B | $16.7B | $48.1B | $5.2B | — | — |
| P/E Ratio → | 90.24 | 106.33 | 578.45 | — | — | — | — | — | — |
| P/S Ratio | 6.11 | 7.26 | 6.73 | 4.50 | 2.75 | 10.26 | 3.09 | — | — |
| P/B Ratio | 8.41 | 9.91 | 9.24 | 5.70 | 2.68 | 10.75 | 1.89 | — | — |
| P/FCF | 38.52 | 45.81 | 40.05 | 28.81 | 863.45 | 110.23 | 95.77 | — | — |
| P/OCF | 34.45 | 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 | — | 7.18 | 6.41 | 4.25 | 2.53 | 9.83 | 1.79 | — | — |
| EV / EBITDA | 56.23 | 67.00 | 131.34 | — | — | — | — | — | — |
| EV / EBIT | 114.33 | 104.56 | 440.32 | — | — | — | — | — | — |
| EV / FCF | — | 45.30 | 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 | 8.2% | 8.2% | -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 | 0.33 | 0.33 | 0.07 | 0.08 | 0.08 | 0.09 | 0.13 | 0.16 | — |
| Debt / EBITDA | 2.24 | 2.24 | 1.02 | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.11 | -0.45 | -0.31 | -0.22 | -0.45 | -0.79 | -0.06 | -0.39 |
| Net Debt / EBITDA | -0.74 | -0.74 | -6.66 | — | — | — | — | — | — |
| Debt / FCF | — | -0.50 | -1.93 | -1.58 | -69.81 | -4.63 | -40.09 | — | — |
| Interest Coverage | — | — | — | — | -516.00 | -32.07 | -13.31 | — | -203.00 |
Net cash position: cash ($4.4B) exceeds total debt ($3.3B)
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 | — | 36.91 | 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 |
Includes 30+ ratios · 8 years · Updated daily
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Quick answers to the most common questions about buying DASH stock.
DoorDash, Inc.'s current P/E ratio is 90.2x. The historical average is 106.3x.
DoorDash, Inc.'s current EV/EBITDA is 56.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 67.0x.
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 90.2x. 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 2.2x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Regulatory and labor cost pressures
Metrics are mathematically derived from official filings.
Margin Expansion Nears Structural Ceiling
Gross margin improved to 52.7% in 2026Q2 from 47.3% in 2024Q2, a 540 basis point gain. According to recent financial statements, this reflects logistics efficiency gains, though further expansion may be limited by labor costs.
Operating margin swung from -7.6% in 2024Q2 to 10.1% in 2026Q2, demonstrating significant operating leverage as revenue scales. However, the cost of revenue, primarily Dasher compensation, still consumes roughly 47% of revenue, suggesting that margin gains could stall without autonomous delivery or higher-margin advertising revenue. The net margin of 4.5% in 2026Q2 is below operating margin, indicating non-operating income, likely interest income, is boosting bottom-line results.
Return on Capital Inflecting Upward
ROIC improved to 3.8% in 2026Q2 from -3.5% in 2024Q2, a notable turnaround. As reported in quarterly filings, this reflects margin expansion and asset efficiency, though returns remain modest relative to peers like Uber's 13.8%.
ROE and ROA have also turned positive, with ROE at 2.0% in 2026Q2 versus -2.2% in 2024Q2. The improvement is driven by margin recovery rather than asset turnover, which has remained stable around 0.2x. The capital-light model is evident, but the absolute returns are still low, suggesting the company is in early stages of compounding. Investors should monitor whether ROIC can sustain above its cost of capital as growth normalizes.
Working Capital Efficiency Shows Platform Leverage
DSO rose to 26 days in 2026Q2 from 20 days in 2024Q2, while DPO fell to 12 days from 14 days. Based on reported figures, the cash conversion cycle remains negative, indicating DoorDash collects from customers before paying Dashers.
The negative CCC is a structural advantage of the marketplace model, as DoorDash holds customer funds briefly before disbursing to merchants and Dashers. The increase in DSO may reflect a shift toward larger enterprise clients or new verticals like grocery, which could have longer payment terms. The stable asset turnover of 0.2x suggests the balance sheet is growing with revenue, but the efficiency gains are coming from margin expansion rather than asset utilization.
Leverage Rises on Acquisition Debt
Debt-to-equity jumped to 0.33 in 2026Q2 from 0.06 in 2025Q1, following the Wolt acquisition. As per the latest balance sheet, D/EBITDA stands at 4.43, up from 1.72, indicating increased leverage but still manageable.
The debt increase funded the Wolt acquisition, which added goodwill and intangibles. Interest coverage is not reported, but the company's cash position of $4.4B and strong FCF generation suggest debt service is comfortable. However, the D/EBITDA of 4.43 is elevated relative to historical levels, and investors should monitor whether the acquisition delivers the expected synergies to justify the leverage. The current ratio has declined to 1.37, but liquidity remains adequate.
Liquidity Buffer Remains Robust
Current ratio fell to 1.37 in 2026Q2 from 2.07 in 2025Q2, yet cash stands at $4.4B. According to recent filings, the quick ratio equals the current ratio, indicating no inventory dependence, a positive for a service platform.
The decline in the current ratio is partly due to the debt-funded acquisition, but the absolute cash balance provides a cushion against short-term obligations. The absence of inventory means the quick ratio is identical, and the company's negative cash conversion cycle further supports liquidity. Under a severe demand shock, the cash pile and low fixed costs would likely sustain operations, though regulatory changes could increase liabilities.
P/E Misleads on Platform Economics
The P/E of 101.5 is often cited, but it obscures the impact of stock-based compensation and non-operating income. As reported in financial statements, SBC is a significant non-cash expense, and net income includes interest income, distorting true earnings power.
A more appropriate metric is EV/EBITDA, which at 63.4x still appears rich, but forward EV/EBITDA of 15.8x suggests the market expects substantial EBITDA growth. Alternatively, P/FCF of 43.3x may better reflect cash generation, as FCF margin is 22.5% and OCF consistently exceeds net income. Investors should adjust for SBC and non-operating items to assess the underlying profitability of the delivery business.