DoorDash, Inc.
DASHdata completeness 88%8 fiscal years on fileData notes: no data for concept 'totalDebt'
DoorDash, Inc. earns about -6% on invested capital, below its ~9% cost of capital, but has diluted owners by 31% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $160.34 and $285.05 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $4.89B1 | $6.58B2 | $8.64B3 | $10.7B3 | $13.7B3 |
| Net income | −$468M4 | −$1.37B5 | −$558M6 | $123M6 | $935M6 |
| Operating cash flow | $692M7 | $367M8 | $1.67B9 | $2.13B9 | $2.43B9 |
| Capital expenditure | $129M10 | $176M11 | $123M12 | $104M12 | $257M12 |
| Free cash flow (derived) | $563M7 | $191M8 | $1.55B9 | $2.03B9 | $2.17B9 |
| Total debt | — | — | — | — | — |
| Cash & equivalents | $2.5B13 | $1.98B14 | $2.66B15 | $4.02B15 | $4.38B15 |
| Diluted shares | 336.8M | 371.4M | 392.9M | 430.2M | 439.7M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $228.19 of net worth that earned you $21.27 and generated $49.44 of cash last year.
It earned about -6% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is up 31% over 5 years — owners have been diluted. Worth asking what they got for it.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 2 estimate methods that apply put fair value between $160.34 and $285.05 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth20.0%
- fcfBase$2.03B
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth20.0%
- fcfBase$2.03B
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $75.86 |
| Base | 20.0% | $160.34 |
| Bull | 20.0% | $160.34 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2021-12-31 · accession 0001628280-24-005600 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-12-31 · accession 0001628280-25-005715 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K/A · period ending 2023-12-31 · accession 0001792789-26-000035 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2021-12-31 · accession 0001628280-24-005600 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0001628280-25-005715 (NetIncomeLoss)
- 10-K/A · period ending 2023-12-31 · accession 0001792789-26-000035 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0001628280-24-005600 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0001628280-25-005715 (NetCashProvidedByUsedInOperatingActivities)
- 10-K/A · period ending 2023-12-31 · accession 0001792789-26-000035 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0001628280-24-005600 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-12-31 · accession 0001628280-25-005715 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K/A · period ending 2023-12-31 · accession 0001792789-26-000035 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2021-12-31 · accession 0001628280-24-005600 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2022-12-31 · accession 0001628280-25-005715 (CashAndCashEquivalentsAtCarryingValue)
- 10-K/A · period ending 2023-12-31 · accession 0001792789-26-000035 (CashAndCashEquivalentsAtCarryingValue)