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DoorDash
(NASDAQ:DASH)
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Rating:75Outperform
Price Target:
$233.00
▲(34.75% Upside)
Action:Reiterated
Date:08/06/26
The score is driven primarily by improving fundamentals—especially strong and growing free cash flow and a sustained move into profitability—reinforced by a positive earnings update and guidance supported by strengthening platform metrics (MAUs, subscriptions, grocery/international momentum). Technicals are supportive but somewhat stretched, while the biggest constraint is valuation (high P/E and no dividend yield), which raises downside risk if execution or margins disappoint.
Positive Factors
Free Cash Flow Strength
DoorDash’s TTM free cash flow of about $2.8B and rapid FCF growth indicate durable operating cash conversion. Strong cash generation funds strategic investments (fulfillment, autonomy, global tech), reduces reliance on external financing, and provides a buffer versus short-term margin volatility.
Negative Factors
Modest Operating Margins
Despite profitability inflection, operating and net margins remain modest for a scaled platform. Limited margin buffers increase sensitivity to rising Dasher costs, competitive pricing pressure, or slower revenue growth, constraining the company’s ability to fund large investments without compressing profits.
Read all positive and negative factors
Positive Factors
Negative Factors
Free Cash Flow Strength
DoorDash’s TTM free cash flow of about $2.8B and rapid FCF growth indicate durable operating cash conversion. Strong cash generation funds strategic investments (fulfillment, autonomy, global tech), reduces reliance on external financing, and provides a buffer versus short-term margin volatility.
Read all positive factors
DoorDash Key Performance Indicators (KPIs)
Any
Gross Order Volume
Represents the total value of all orders placed through DoorDash, indicating the scale of the platform and its ability to attract customers and merchants.
Represents the total value of all orders placed through DoorDash, indicating the scale of the platform and its ability to attract customers and merchants.
Data provided by:
The Fly
The FlyDoorDash (DASH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$90.94B
Dividend YieldN/A
Average Volume (3M)4.45M
Price to Earnings (P/E)109.3
Beta (1Y)1.63
Revenue Growth33.59%
EPS Growth4.61%
CountryUS
Employees31,400
SectorConsumer Cyclical
Sector Strength84
IndustryInternet Content & Information
Share Statistics
EPS (TTM)1.94
Shares Outstanding408,992,920
10 Day Avg. Volume3,449,792
30 Day Avg. Volume4,446,510
Financial Highlights & Ratios
PEG Ratio0.16
Price to Book (P/B)9.64
Price to Sales (P/S)7.05
P/FCF Ratio44.49
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$252.35Price Target Upside45.94% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering28
EPS Forecast (FY)2.61
Revenue Forecast (FY)$17.82B
DoorDash Business Overview & Revenue Model
Company Description
DoorDash, Inc. operates a comprehensive logistics platform globally and within the United States, linking merchants, consumers, and delivery personnel ('dashers'). Through its primary marketplaces, DoorDash and Wolt, the company provides essential...
How the Company Makes Money
DoorDash generates revenue primarily through fees and commissions tied to orders facilitated on its platform and through subscription programs. Key revenue streams include: (1) Merchant revenue: DoorDash charges merchants for access to its marketp...
DoorDash Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Positive
The call emphasized broad, multi-pronged operational progress: accelerating revenue drivers (grocery, DashPass, Deliveroo), improving unit economics, a material adjusted EBITDA beat, and promising early results from DashMart and autonomy tests. Risks discussed were primarily execution- and timing-related (autonomy scaling, fulfillment infrastructure, seasonality and fee changes). Overall, positive growth trends and improving profitability were the dominant messages, with manageable execution risks tied to large investments.Positive Updates
Grocery and New Verticals Momentum
Grocery is the fastest-growing part of the marketplace; basket sizes and frequency in new verticals are increasing, MAUs for non-restaurant categories are rising, DoorDash became order-volume share leader in Q4 and has extended that lead, and management expects new-verticals to be gross-profit positive in the second half of 2026.
Negative Updates
Operational Complexity and Timeline for Autonomy
Scaling autonomous delivery requires solving substantial operational problems (merchant loading, prep-time estimates, inventory, complex drop-offs) and management cautioned the path to broader expansion will take time and meticulous execution despite promising Phoenix results.
Read all updates
Q2-2026 Updates
Positive
Negative
Grocery and New Verticals Momentum
Grocery is the fastest-growing part of the marketplace; basket sizes and frequency in new verticals are increasing, MAUs for non-restaurant categories are rising, DoorDash became order-volume share leader in Q4 and has extended that lead, and management expects new-verticals to be gross-profit positive in the second half of 2026.
Read all positive updates
Company Guidance
The company reiterated that it expects its new-vertical business (including grocery) to be gross‑profit positive in the second half of 2026, and that it intends to land inside the Q3 guidance range while noting Q3 take‑rate should be roughly flat with Q2 and Q4 take‑rate will be slightly lower due to seasonally higher Dasher costs; Q2 adjusted EBITDA materially beat guidance. Management highlighted operational metrics that support this guidance — MAUs at all‑time highs, DashPass paid‑subscriber growth among the strongest in years (they added more paid subscribers in the past year than in the prior two), Wolt+ had a record paid‑subscriber quarter, basket sizes and order frequency are rising, and merchant tools now serve over 150,000 businesses (up ~40% year‑over‑year). They said Deliveroo’s volume, MAU and unit economics are accelerating and on track to meet previously disclosed profitability targets, the unified global tech stack should deliver additional benefits early next year, and DoorDash Dot has reached meaningful scale in Phoenix testing with cautious, permit‑driven expansion plans.DoorDash Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
72
Positive
Cash Flow
86
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 15.89B | 13.72B | 10.72B | 8.63B | 6.58B | 4.89B |
| Gross Profit | 8.17B | 6.98B | 5.18B | 4.05B | 3.00B | 2.55B |
| EBITDA | 1.87B | 1.69B | 717.00M | -68.00M | -663.00M | -293.00M |
| Net Income | 840.00M | 935.00M | 123.00M | -558.00M | -1.36B | -468.00M |
Balance Sheet | ||||||
| Total Assets | 19.56B | 19.66B | 12.85B | 10.84B | 9.79B | 6.81B |
| Cash, Cash Equivalents and Short-Term Investments | 5.35B | 5.51B | 5.34B | 4.08B | 3.52B | 3.76B |
| Total Debt | 3.31B | 3.29B | 536.00M | 522.00M | 511.00M | 399.00M |
| Total Liabilities | 9.63B | 9.61B | 5.04B | 4.03B | 3.02B | 2.14B |
| Stockholders Equity | 9.92B | 10.03B | 7.80B | 6.81B | 6.75B | 4.67B |
Cash Flow | ||||||
| Free Cash Flow | 2.40B | 2.17B | 1.80B | 1.35B | 21.00M | 455.00M |
| Operating Cash Flow | 2.83B | 2.43B | 2.13B | 1.67B | 367.00M | 692.00M |
| Investing Cash Flow | -3.58B | -4.39B | -444.00M | -342.00M | -300.00M | -2.05B |
| Financing Cash Flow | -1.09B | 2.36B | -204.00M | -752.00M | -375.00M | -483.00M |
DoorDash Technical Analysis
Positive
172.91
Price Trends
181.77
Positive
172.30
Positive
189.09
Positive
Market Momentum
8.48
Negative
65.36
Neutral
71.70
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DASH, the sentiment is Positive. The current price of 172.91 is below the 20-day moving average (MA) of 194.34, below the 50-day MA of 181.77, and below the 200-day MA of 189.09, indicating a bullish trend. The MACD of 8.48 indicates Negative momentum. The RSI at 65.36 is Neutral, neither overbought nor oversold. The STOCH value of 71.70 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for DASH.
DoorDash Risk Analysis
DoorDash disclosed 69 risk factors in its most recent earnings report. DoorDash reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
DoorDash Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $11.70B | 25.99 | 17.63% | ― | 12.61% | 2.28% | |
76 Outperform | $1.33B | 11.64 | 18.61% | ― | 1.50% | -6.82% | |
76 Outperform | $6.53B | 2.47 | 115.83% | ― | 10.81% | 3147.75% | |
75 Outperform | $90.94B | 109.28 | 8.47% | ― | 33.59% | 4.61% | |
75 Outperform | $159.38B | 16.96 | 35.73% | ― | 16.68% | -23.01% | |
66 Neutral | $1.04B | -32.05 | -7.27% | ― | 9.79% | 53.33% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% |
* Consumer Cyclical Sector Average
DASH
DoorDash
212.00
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-16.60%
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UBER
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NXDR
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2.66
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40.00%
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4.28
9.49%
DoorDash Corporate Events
Business Operations and StrategyFinancial Disclosures
DoorDash Reports Strong Q2 Growth and Membership Gains
Positive
Aug 5, 2026
On August 5, 2026, DoorDash released its financial results for the quarter ended June 30, 2026, highlighting robust growth across its core marketplace and membership businesses. Total orders rose 27% year over year to 970 million, marketplace gros...
Executive/Board ChangesRegulatory Filings and ComplianceShareholder Meetings
DoorDash shareholders endorse directors and executive compensation
Positive
Jun 12, 2026
DoorDash held its 2026 annual meeting of stockholders on June 10, 2026, where shareholders elected four Class III directors—Shona L. Brown, Milan Kovac, Alfred Lin and Stanley Tang—to serve until the 2029 annual meeting, reinforcing co...
Business Operations and StrategyFinancial Disclosures
DoorDash Posts Strong Q1 Growth Amid Platform Integration
Positive
May 6, 2026
On May 6, 2026, DoorDash reported first-quarter 2026 results showing robust growth in its core marketplace metrics, with total orders rising 27% year over year to 933 million, marketplace gross order value climbing 37% to $31.6 billion, and revenu...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.