DoorDash (DASH)
NASDAQ:DASH
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DoorDash
(NASDAQ:DASH)
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Rating:66Neutral
Price Target:
$169.00
▲(8.02% Upside)
Action:ReiteratedDate:02/19/26
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 free cash flow generation
Consistent, large FCF in 2025 (FCF ~$2.17B, ~89% of net income) demonstrates that earnings are backed by cash. This creates durable funding for growth, M&A, replatforming and autonomy investments while reducing near-term financing dependence and improving financial resilience over the next 2–6 months.
Negative Factors
Notable debt increase in 2025
The sharp rise in debt materially increases leverage versus prior years, reducing financial flexibility. Higher interest and principal obligations limit optionality for opportunistic investments or cushioning against demand shocks, making near-term execution and cash generation more critical to sustain strategic plans.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong free cash flow generation
Consistent, large FCF in 2025 (FCF ~$2.17B, ~89% of net income) demonstrates that earnings are backed by cash. This creates durable funding for growth, M&A, replatforming and autonomy investments while reducing near-term financing dependence and improving financial resilience over the next 2–6 months.
Read all positive factors
DoorDash (DASH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$67.97B
Dividend YieldN/A
Average Volume (3M)4.63M
Price to Earnings (P/E)103.4
Beta (1Y)1.48
Revenue Growth24.46%
EPS GrowthN/A
CountryUS
Employees31,400
SectorConsumer Cyclical
Sector Strength84
IndustryInternet Content & Information
Share Statistics
EPS (TTM)0.48
Shares Outstanding409,966,860
10 Day Avg. Volume4,804,181
30 Day Avg. Volume4,625,439
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 Cap0.99
Enterprise Value/Revenue4.91
Enterprise Value/Gross Profit9.65
Enterprise Value/Ebitda43.84
Forecast
1Y Price Target
$253.12Price Target Upside61.79% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering27
EPS Forecast (FY)2.63
Revenue Forecast (FY)$17.85B
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 m...
How the Company Makes Money
DoorDash primarily makes money by charging fees tied to transactions facilitated on its platform and by selling subscription and advertising products. Key revenue streams include: (1) Merchant revenue: DoorDash charges merchants commissions and ot...
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 Earnings Call Summary
Earnings Call Date:Feb 18, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The call emphasized multiple strategic growth vectors (Deliveroo integration, rapid expansion of new verticals, DashPass momentum, accelerating Ads and autonomy pilots) and reiterated unchanged full-year EBITDA expectations with ROO contributing ~$200M. Management acknowledged near-term costs and phasing headwinds — notably 2026 investment load, Q1 ROO phasing, winter-storm impacts (~$20M) and temporary redundancy from running multiple tech stacks — but presented concrete paths to margin improvement (unit economics turning positive in new verticals, contribution positivity in international ex-ROO in H2, and long-term efficiency gains from replatforming). Overall, the positives — broad user engagement, accelerating non-restaurant adoption (30% of MAUs), ad monetization gains (Symbiosis doubled advertisers and tripled spend), and tangible progress on autonomy and tech consolidation — materially outweigh the short-term execution and investment headwinds.Positive Updates
Deliveroo Acquisition Off to a Strong Start
Deliveroo integration is accelerating: Deliveroo is growing faster post-close at the same profit contribution expected pre-acquisition, gaining share in its largest markets, and total orders accelerated in the December quarter.
Negative Updates
Near-Term Incremental Investment and Expense Load
2026 includes elevated investments across the global tech stack, autonomy and merchant services. Running multiple tech stacks in parallel creates redundant spend concentrated in 2026 with some residual spend into 2027 (management said the bulk is in 2026 and the remainder is smaller).
Read all updates
Q4-2025 Updates
Positive
Negative
Deliveroo Acquisition Off to a Strong Start
Deliveroo integration is accelerating: Deliveroo is growing faster post-close at the same profit contribution expected pre-acquisition, gaining share in its largest markets, and total orders accelerated in the December quarter.
Read all positive updates
Company Guidance
Management reiterated that full‑year 2026 EBITDA guidance is unchanged from the last call, with 2026 EBITDA margin expected to be up slightly versus 2025 (ex‑ROO) and ROO (Deliveroo) forecast to produce about $200M of EBITDA for the year; they reiterated the usual seasonality with second‑half EBITDA higher than first half, but flagged Q1 headwinds including front‑loaded ROO spend (Q1 ROO EBITDA ~ $25M lower than Q4), roughly $20M of winter‑storm impact in January and normal Dasher seasonality (though Dasher costs as a % of GOV showed YoY leverage in Q4). Investment cadence remains similar to prior expectations with the majority of tech replatform spend in 2026 and a smaller carryover into 2027, three priority buckets (tech stack, autonomy, merchant services), OpEx targeted at roughly ~2% of GOV, and operational milestones that new verticals (retail/grocery) should be unit‑economic/gross‑profit positive in H2 and international ex‑ROO contribution‑profit positive in H2; management also noted ~30% of U.S. MAUs already order outside restaurants and DashPass additions were a record.DoorDash Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
71
Positive
Cash Flow
82
Very Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 13.72B | 10.72B | 8.63B | 6.58B | 4.89B |
| Gross Profit | 6.98B | 5.18B | 4.05B | 3.00B | 2.55B |
| EBITDA | 1.69B | 523.00M | -68.00M | -663.00M | -296.00M |
| Net Income | 935.00M | 123.00M | -558.00M | -1.36B | -468.00M |
Balance Sheet | |||||
| Total Assets | 19.66B | 12.85B | 10.84B | 9.79B | 6.81B |
| Cash, Cash Equivalents and Short-Term Investments | 5.51B | 5.34B | 4.08B | 3.52B | 3.76B |
| Total Debt | 3.75B | 536.00M | 522.00M | 511.00M | 399.00M |
| Total Liabilities | 9.61B | 5.04B | 4.03B | 3.02B | 2.14B |
| Stockholders Equity | 10.03B | 7.80B | 6.81B | 6.75B | 4.67B |
Cash Flow | |||||
| Free Cash Flow | 2.17B | 1.80B | 1.35B | 21.00M | 455.00M |
| Operating Cash Flow | 2.43B | 2.13B | 1.67B | 367.00M | 692.00M |
| Investing Cash Flow | -4.39B | -444.00M | -342.00M | -300.00M | -2.05B |
| Financing Cash Flow | 2.36B | -204.00M | -752.00M | -375.00M | -483.00M |
DoorDash Technical Analysis
Negative
156.45
Price Trends
175.19
Negative
195.46
Negative
223.66
Negative
Market Momentum
-7.40
Negative
42.76
Neutral
41.70
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 156.45 is below the 20-day moving average (MA) of 160.40, below the 50-day MA of 175.19, and below the 200-day MA of 223.66, indicating a bearish trend. The MACD of -7.40 indicates Negative momentum. The RSI at 42.76 is Neutral, neither overbought nor oversold. The STOCH value of 41.70 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | $147.86B | 16.95 | 40.31% | ― | 18.25% | 277.10% | |
72 Outperform | $9.33B | 26.30 | 14.36% | ― | 10.16% | 18.29% | |
71 Outperform | $1.50B | 13.22 | 19.96% | ― | 5.35% | 33.74% | |
66 Neutral | $67.97B | 103.44 | 10.15% | ― | 24.46% | ― | |
64 Neutral | $5.31B | 2.80 | 209.99% | ― | 14.90% | ― | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
51 Neutral | $546.69M | -14.97 | -12.56% | ― | 6.65% | 50.32% |
* Consumer Cyclical Sector Average
DASH
DoorDash
156.45
-9.85
-5.92%
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DoorDash Corporate Events
Business Operations and StrategyFinancial Disclosures
DoorDash Reports Strong Q4 2025 Growth and Profitability
Positive
Feb 18, 2026
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 ...
Business Operations and StrategyExecutive/Board Changes
DoorDash Adds AI-Focused Director to Strengthen Tech Strategy
Positive
Jan 20, 2026
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...
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.