DoorDash (DASH) AI Stock Analysis

• Market Cap: $74.73B
• Dividend Yield: N/A
• Average Volume (3M): 4.51M
• Price to Earnings (P/E): 82.9
• Beta (1Y): 1.45
• Revenue Growth: 24.46%
• EPS Growth: N/A
• Country: US
• Employees: 23,700
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Internet Content & Information
• EPS (TTM): 0.48
• Shares Outstanding: 406,334,630
• 10 Day Avg. Volume: 6,214,652
• 30 Day Avg. Volume: 4,508,816
• PEG Ratio: 0.16
• Price to Book (P/B): 9.64
• Price to Sales (P/S): 7.05
• P/FCF Ratio: 44.49
• Enterprise Value/Market Cap: 0.99
• Enterprise Value/Revenue: 5.83
• Enterprise Value/Gross Profit: 11.54
• Enterprise Value/Ebitda: 56.43
• 1Y Price Target: $263.28
• Price Target Upside: 49.43% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 30
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 66 Neutral
• Price Target: $187.00 ▲(6.14% Upside)

Score is driven primarily by improving financial performance and strong cash generation, reinforced by generally constructive earnings-call guidance and strategic momentum. Offsetting these positives are weak technicals (clear downtrend) and a demanding valuation (high P/E), which raise the bar for continued execution.

Positive Factors

Strong cash generation

Consistent, sizable operating and free cash flow provides durable internal funding for growth, tech replatforming, autonomy pilots, and M&A without relying solely on external capital. Strong cash conversion supports sustainability of operations and cushions execution risk over coming quarters.

Diversified, expanding revenue mix

Growing non-restaurant orders, recurring DashPass subscribers, and accelerating ad monetization reduce dependence on restaurant delivery. This structural diversification increases high-margin revenue exposure and raises resilience, supporting steady top-line growth and margin improvement over the medium term.

Tech consolidation & autonomy build durable moat

Consolidating tech stacks should materially improve developer velocity and lower duplicate operating costs long-term, while autonomy pilots and AV deliveries can reduce last‑mile cost per order and extend reach. Both initiatives strengthen operational moat if executed successfully.

Negative Factors

Notable debt increase in 2025

A sharp increase in debt reduces financial flexibility and raises fixed obligations. If growth or margins slow, higher leverage could strain cash allocation choices, limit optionality for opportunistic investments, or increase refinancing risk over the next several quarters.

Profitability still relatively thin

Despite clear progress, mid-single-digit net margins leave limited buffers against competitive pressure or elevated investment loads. Sustained margin expansion is required to fund long-term initiatives; otherwise profitability could be sensitive to cost or demand shocks.

Elevated 2026 investment load and short-term inefficiency

Concentrated replatform and autonomy investments create a multi-quarter drag on margins and cash flow. Execution delays or higher-than-expected costs would defer expected efficiency gains and increase the risk that anticipated unit‑economic improvements materialize later than planned.

DoorDash Business Overview & Revenue Model

Company Description

DoorDash, Inc. operates a logistics platform that connects merchants, consumers, and dashers in the United States and internationally. It operates DoorDash and Wolt marketplaces, which provides an array of services that enable merchants to solve mission-critical challenges, such as customer acquisition, delivery, insights and analytics, merchandising, payment processing, and customer support; DashPass and Wolt+, a membership products; and offers DoorDash Drive and Wolt Drive, a white-label delivery fulfillment services; DoorDash Storefront that enables merchants to offer consumers on-demand access to e-commerce; and Bbot, which offers merchants digital ordering and payment solutions for in-store and online channels. The company was formerly known as Palo Alto Delivery Inc. and changed its name to DoorDash, Inc. in 2015. DoorDash, Inc. was incorporated in 2013 and is headquartered in San Francisco, California.

How the Company Makes Money

DoorDash generates revenue through multiple streams, primarily from delivery fees, service fees, and commissions charged to restaurants. When a customer places an order, DoorDash typically charges a delivery fee, which varies based on distance and the size of the order. Additionally, the company imposes a service fee that helps cover operational costs. Restaurants partnering with DoorDash pay a commission on each order fulfilled through the platform, which can range from 15% to 30% depending on various factors, including promotional agreements and the services used. DoorDash also offers subscription services, such as DashPass, which provides customers with free delivery on eligible orders for a monthly fee. Partnerships with major restaurant chains and grocery retailers further enhance revenue, as does the expansion into new markets and the introduction of innovative services like DashMart, which delivers convenience store items. Overall, DoorDash's diversified revenue model and strategic partnerships are key contributors to its earnings.

DoorDash Financial Statement Overview

Summary

Financials show a clear profitability inflection (2024 profit, much stronger 2025 net income) alongside standout operating cash flow and free cash flow. Gross margin is stable-to-improving and contribution profit is accelerating, supporting improving unit economics. Main risks are still-thin net margins and a sharp 2025 debt increase that reduces flexibility if growth or margins soften.

Income Statement

DoorDash shows a clear profitability inflection: net income improved from sizable losses in 2021–2023 to a profit in 2024 ($123M) and a much stronger 2025 ($935M), with net margin rising to ~6.8%. Revenue growth remains solid (2025: ~8.6%) and gross margin has been stable-to-improving (~50.9% in 2025). The key weakness is that profitability is still relatively thin versus revenue scale (net margin still mid-single digits) and 2024 operating profit was near breakeven, highlighting that earnings power is still building.

Balance Sheet

The balance sheet is generally healthy, supported by a sizable equity base (2025 equity: ~$10.0B) and moderate leverage (2025 debt-to-equity ~0.33). Returns are improving alongside profitability (2025 return on equity ~9.3% vs. low/negative in prior years). The main watch-out is the notable jump in total debt in 2025 (~$3.29B vs. roughly ~$0.5B previously), which reduces financial flexibility if operating performance were to soften.

Cash Flow

Cash generation is a standout: operating cash flow has scaled materially (2025: ~$2.43B) and free cash flow is strong (2025: ~$2.17B), with positive growth in 2025 (~9.1%). Free cash flow tracks earnings well (2025 free cash flow is ~89% of net income), suggesting earnings quality is supported by cash. A minor weakness is that cash conversion has not been consistently high across all years (notably weaker in 2022), though the recent trajectory is decisively positive.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	12.63B	13.72B	10.72B	8.63B	6.58B	4.89B
Gross Profit	6.38B	6.98B	5.18B	4.05B	3.00B	2.55B
EBITDA	1.30B	1.69B	523.00M	-68.00M	-663.00M	-296.00M
Net Income	863.00M	935.00M	123.00M	-558.00M	-1.36B	-468.00M
Balance Sheet
Total Assets	17.97B	19.66B	12.85B	10.84B	9.79B	6.81B
Cash, Cash Equivalents and Short-Term Investments	4.24B	5.51B	5.34B	4.08B	3.52B	3.76B
Total Debt	3.26B	3.29B	536.00M	522.00M	511.00M	399.00M
Total Liabilities	8.46B	9.61B	5.04B	4.03B	3.02B	2.14B
Stockholders Equity	9.49B	10.03B	7.80B	6.81B	6.75B	4.67B
Cash Flow
Free Cash Flow	1.99B	2.17B	1.80B	1.35B	21.00M	455.00M
Operating Cash Flow	2.53B	2.43B	2.13B	1.67B	367.00M	692.00M
Investing Cash Flow	-1.44B	-4.39B	-444.00M	-342.00M	-300.00M	-2.05B
Financing Cash Flow	2.39B	2.36B	-204.00M	-752.00M	-375.00M	-483.00M

DoorDash Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 176.19
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DASH, the sentiment is Negative. The current price of 176.19 is below the 20-day moving average (MA) of 190.16, below the 50-day MA of 210.21, and below the 200-day MA of 229.66, indicating a bearish trend. The MACD of -12.31 indicates Positive momentum. The RSI at 36.93 is Neutral, neither overbought nor oversold. The STOCH value of 35.88 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for DASH.

DoorDash Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
UBER	74 Outperform	$149.77B	15.45	41.37%	―	18.25%	277.10%
CART	72 Outperform	$9.53B	22.28	―	―	10.16%	18.29%
YELP	71 Outperform	$1.33B	9.52	20.02%	―	5.35%	33.74%
DASH	66 Neutral	$74.73B	82.89	10.11%	―	24.46%	―
LYFT	64 Neutral	$5.46B	1.96	140.78%	―	14.90%	―
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
NXDR	51 Neutral	$646.98M	-12.36	-14.07%	―	6.65%	50.32%

DoorDash Corporate Events

DoorDash Reports Strong Q4 2025 Growth and Profitability

DoorDash on February 18, 2026 reported strong growth for the fourth quarter and full year 2025, with Q4 total orders up 32% year over year to 903 million, marketplace gross order value rising 39% to $29.7 billion, and revenue climbing 38% to $4.0 billion, while GAAP net income grew 51% to $213 million and adjusted EBITDA increased 38% to $780 million. For 2025, management highlighted accelerated U.S. restaurant growth, record DashPass signups, rising engagement in grocery and retail, nearly $75 billion in sales generated for local merchants and over $20 billion in Dasher earnings across 40-plus countries, and strategic advances including acquisitions, international expansion, an autonomous delivery platform, and improving unit economics that position its grocery and retail operations to turn profitable in the second half of 2026.

The most recent analyst rating on (DASH) stock is a Buy with a $330.00 price target. To see the full list of analyst forecasts on DoorDash stock, see the DASH Stock Forecast page.

DoorDash Adds AI-Focused Director to Strengthen Tech Strategy

On January 16, 2026, DoorDash expanded its board of directors to eleven members and appointed Milan Kovac, a former senior engineering leader at Tesla and current director at robotics firm Boston Dynamics, as a Class III director and member of the Nominating and Corporate Governance Committee, with his term running until the 2026 annual meeting. Kovac’s deep background in AI, autonomy, and robotics—built through years overseeing Tesla’s Optimus humanoid robot program and Autopilot engineering—aligns with DoorDash’s ongoing investments in logistics technology and emerging delivery modalities, signaling a strategic push to strengthen its technology leadership and innovation capabilities in local commerce and last-mile delivery, while also modestly increasing outside director compensation to reflect the value placed on high-caliber board talent.

The most recent analyst rating on (DASH) stock is a Buy with a $275.00 price target. To see the full list of analyst forecasts on DoorDash stock, see the DASH Stock Forecast page.