NASDAQ · Consumer Cyclical

DoorDash, Inc.

DASH · Internet Retail

$172.94

▼ -2.93 (-1.67%)

Data cached · refreshes every 10 min

Mr. Market is currently offering DoorDash, Inc. at $172.94.

The business passes only 1 of 6 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability C

Gross Profit Margin 50.9%

Operating Margin 5.3%

Net Income Margin 6.8%

Fin. Health C

Years to Pay Off Debt 3.5 yrs

Working Capital vs Long-Term Debt -$228M

Working Capital $2.5B

Valuation F

Margin of Safety 0.0%

Price-to-Book 7.09x

Cash Flow C

Free Cash Flow $1.8B

CapEx % of Net Income 64.7%

Owner Earnings $2.3B

1/6

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $75.4B

Enterprise Value $74.2B

P/E (TTM) 81.19

Dividend Yield N/A

Exchange NASDAQ

Key Margins

Gross Profit 50.9%

Operating Margin 5.3%

Net Margin 6.8%

Company Info

Sector Consumer Cyclical

Industry Internet Retail

Employees 31400

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering DoorDash, Inc. at $172.94.

The business passes only 1 of 6 of Graham's defensive criteria — well below his required standard.

At $172.94, the stock trades at a 406% premium to its Graham Number of $34.19. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About DoorDash, Inc.

DoorDash, Inc., together with its subsidiaries, operates a commerce platform that connects merchants, consumers, and dashers in the United States and internationally. The company operates DoorDash Marketplace, Wolt Marketplace, and Deliveroo Marketplace, which provide various services, such as customer acquisition, demand generation, order fulfillment, merchandising, payment processing, and customer support. It also offers consumer membership programs, DashPass, Wolt+, and Deliveroo Plus; advertising as a value-added service through its marketplaces; and white-label delivery fulfillment services, as well as services that help merchants establish online ordering, build branded mobile apps, manage reservations and in-store dining, manage consumer relationships, enable tableside order and pay, and improve customer support. The company was formerly known as Palo Alto Delivery Inc. and changed its name to DoorDash, Inc. in 2015. DoorDash, Inc. was founded in 2013 and is headquartered in San Francisco, California.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	50.9% ▲	48.3%	46.9%	45.5%	N/A
Operating Margin %	5.3% ▲	-0.4%	-6.7%	-15.7%	N/A
Net Income %	6.8% ▲	1.1%	-6.5%	-20.7%	N/A
Diluted EPS	N/A •	0.30	-1.42	-3.68	-1.39

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$19.7B	$12.8B	$10.8B	$9.8B	N/A
Total Debt	$3.3B ↑	$536M	$522M	$511M	N/A
Working Capital	$2.5B ▼	$2.9B	$2.2B	$2.2B	N/A
Years to Pay Debt	3.52	4.36	-0.94	-0.37	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$1.8B ▲	$1.8B	$1.3B	$21M	N/A
Owner Earnings	$2.3B	$1.0B	$275M	-$650M	N/A
CapEx % of Net Income	64.7%	268.3%	N/A	N/A	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-15	0	-420	-2,039
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	1,474,000	523,000	-66,000	-571,000
Total Unusual Items	-2,000	0	-2,000	-92,000
Total Unusual Items Excluding Goodwill	-2,000	0	-2,000	-92,000
Net Income From Continuing Operation Net Minority Interest	935,000	123,000	-558,000	-1,365,000
Reconciled Depreciation	747,000	561,000	509,000	369,000
Reconciled Cost Of Revenue	6,738,000	5,542,000	4,589,000	3,588,000
EBITDA	1,472,000	523,000	-68,000	-663,000
EBIT	725,000	-38,000	-577,000	-1,032,000
Net Interest Income	211,000	199,000	152,000	30,000
Interest Expense				2,000	14,000
Interest Income	211,000	199,000	152,000	30,000
Normalized Income	936,985	123,000	-556,420	-1,275,039
Net Income From Continuing And Discontinued Operation	935,000	123,000	-558,000	-1,365,000
Total Expenses	12,992,000	10,760,000	9,212,000	7,615,000
Total Operating Income As Reported	723,000	-38,000	-579,000	-1,124,000
Diluted Average Shares		411,551	392,948	371,413	336,847
Basic Average Shares		411,551	392,948	371,413	336,847
Diluted EPS		0	0	0	0
Basic EPS		0	0	0	0
Diluted NI Availto Com Stockholders	935,000	123,000	-558,000	-1,365,000
Net Income Common Stockholders	935,000	123,000	-558,000	-1,365,000
Net Income	935,000	123,000	-558,000	-1,365,000
Minority Interests	3,000	6,000	7,000	3,000
Net Income Including Noncontrolling Interests	932,000	117,000	-565,000	-1,368,000
Net Income Continuous Operations	932,000	117,000	-565,000	-1,368,000
Tax Provision	7,000	39,000	31,000	-31,000
Pretax Income	939,000	156,000	-534,000	-1,399,000
Other Income Expense	3,000	-5,000	-109,000	-397,000
Other Non Operating Income Expenses	5,000	-5,000	-107,000	-305,000
Special Income Charges	-2,000	0	-2,000	-92,000
Restructuring And Mergern Acquisition	2,000	0	2,000	92,000
Net Non Operating Interest Income Expense	211,000	199,000	152,000	30,000
Total Other Finance Cost			-152,000	-30,000	11,000
Interest Expense Non Operating				2,000	14,000
Interest Income Non Operating	211,000	199,000	152,000	30,000
Operating Income	725,000	-38,000	-577,000	-1,032,000
Operating Expense	6,254,000	5,218,000	4,623,000	4,027,000
Depreciation Amortization Depletion Income Statement	747,000	561,000	509,000	369,000
Depreciation And Amortization In Income Statement	747,000	561,000	509,000	369,000
Research And Development	1,431,000	1,168,000	1,003,000	829,000
Selling General And Administration	4,076,000	3,489,000	3,111,000	2,829,000
Selling And Marketing Expense	2,476,000	2,037,000	1,876,000	1,682,000
General And Administrative Expense	1,600,000	1,452,000	1,235,000	1,147,000
Other Gand A	1,600,000	1,452,000	1,235,000	1,147,000
Gross Profit	6,979,000	5,180,000	4,046,000	2,995,000
Cost Of Revenue	6,738,000	5,542,000	4,589,000	3,588,000
Total Revenue	13,717,000	10,722,000	8,635,000	6,583,000
Operating Revenue	13,717,000	10,722,000	8,635,000	6,583,000

Balance Sheet

	2025	2024	2023	2022	2021
Ordinary Shares Number	434,247	419,677	403,228	391,471
Share Issued	434,247	419,677	403,228	391,471
Total Debt	3,290,000	536,000	522,000	511,000
Tangible Book Value	2,254,000	4,978,000	3,715,000	3,619,000
Invested Capital	12,757,000	7,803,000	6,806,000	6,754,000
Working Capital	2,496,000	2,948,000	2,187,000	2,176,000
Net Tangible Assets	2,254,000	4,978,000	3,715,000	3,619,000
Capital Lease Obligations	566,000	536,000	522,000	511,000
Common Stock Equity	10,033,000	7,803,000	6,806,000	6,754,000
Total Capitalization	12,757,000	7,803,000	6,806,000	6,754,000
Total Equity Gross Minority Interest	10,046,000	7,810,000	6,813,000	6,768,000
Minority Interest	13,000	7,000	7,000	14,000
Stockholders Equity	10,033,000	7,803,000	6,806,000	6,754,000
Gains Losses Not Affecting Retained Earnings	261,000	-107,000	73,000	-33,000
Other Equity Adjustments	261,000	-107,000	73,000	-33,000
Retained Earnings	-4,320,000	-5,255,000	-5,154,000	-3,846,000
Additional Paid In Capital	14,092,000	13,165,000	11,887,000	10,633,000
Total Liabilities Net Minority Interest	9,613,000	5,035,000	4,026,000	3,021,000
Total Non Current Liabilities Net Minority Interest	3,466,000	597,000	616,000	477,000
Other Non Current Liabilities	281,000	129,000	162,000	21,000
Long Term Debt And Capital Lease Obligation	3,185,000	468,000	454,000	456,000
Long Term Capital Lease Obligation	461,000	468,000	454,000	456,000
Long Term Debt	2,724,000
Current Liabilities	6,147,000	4,438,000	3,410,000	2,544,000
Other Current Liabilities	757,000	383,000	347,000	386,000
Current Deferred Liabilities	547,000	396,000	308,000	251,000
Current Deferred Revenue	547,000	396,000	308,000	251,000
Current Debt And Capital Lease Obligation	105,000	68,000	68,000	55,000
Current Capital Lease Obligation	105,000	68,000	68,000	55,000
Current Provisions	1,377,000	1,209,000	833,000	455,000
Payables And Accrued Expenses	3,361,000	2,382,000	1,854,000	1,397,000
Current Accrued Expenses	672,000	588,000	443,000	344,000
Payables	2,689,000	1,794,000	1,411,000	1,053,000
Other Payable	1,703,000	1,136,000	950,000	702,000
Total Tax Payable	589,000	337,000	245,000	194,000
Accounts Payable	397,000	321,000	216,000	157,000
Total Assets	19,659,000	12,845,000	10,839,000	9,789,000
Total Non Current Assets	11,016,000	5,459,000	5,242,000	5,069,000
Other Non Current Assets	896,000	632,000	420,000	340,000
Investments And Advances	837,000	835,000	583,000	521,000
Investmentin Financial Assets	837,000	835,000	583,000	521,000
Available For Sale Securities	837,000	835,000	583,000	521,000
Goodwill And Other Intangible Assets	7,779,000	2,825,000	3,091,000	3,135,000
Other Intangible Assets	2,260,000	510,000	659,000	765,000
Goodwill	5,519,000	2,315,000	2,432,000	2,370,000
Net PPE	1,504,000	1,167,000	1,148,000	1,073,000
Accumulated Depreciation	-1,654,000	-1,196,000	-808,000	-468,000
Gross PPE	3,158,000	2,363,000	1,956,000	1,541,000
Leases	268,000	211,000	217,000	164,000
Construction In Progress	48,000	61,000	40,000	74,000
Other Properties	672,000	579,000	603,000	592,000
Machinery Furniture Equipment	2,170,000	1,512,000	1,096,000	711,000
Current Assets	8,643,000	7,386,000	5,597,000	4,720,000
Other Current Assets	397,000	253,000	146,000	358,000
Current Deferred Assets	79,000	64,000	51,000
Restricted Cash	860,000	626,000	461,000	441,000
Prepaid Assets	414,000	237,000	165,000		139,000
Receivables	1,387,000	865,000	696,000	400,000
Other Receivables	279,000	133,000	163,000
Accounts Receivable	1,108,000	732,000	533,000	400,000
Allowance For Doubtful Accounts Receivable	-45,000	-22,000	-17,000	-20,000
Gross Accounts Receivable	1,153,000	754,000	550,000	420,000
Cash Cash Equivalents And Short Term Investments	5,506,000	5,341,000	4,078,000	3,521,000
Other Short Term Investments	1,128,000	1,322,000	1,422,000	1,544,000
Cash And Cash Equivalents	4,378,000	4,019,000	2,656,000	1,977,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	1,826,000	1,802,000	1,349,000	21,000
Repurchase Of Capital Stock	0	-224,000	-750,000	-400,000
Repayment Of Debt			0	0	-333,000
Issuance Of Debt	2,720,000	0	0	0
Capital Expenditure	-605,000	-330,000	-324,000	-346,000
Interest Paid Supplemental Data			0	0	42,000
Income Tax Paid Supplemental Data					4,000
End Cash Position	4,681,000	4,221,000	2,772,000	2,188,000
Beginning Cash Position	4,221,000	2,772,000	2,188,000	2,506,000
Effect Of Exchange Rate Changes	60,000	-35,000	5,000	-10,000
Changes In Cash	400,000	1,484,000	579,000	-308,000
Financing Cash Flow	2,360,000	-204,000	-752,000	-375,000
Cash Flow From Continuing Financing Activities	2,360,000	-204,000	-752,000	-375,000
Net Other Financing Charges	-710,000	6,000	-8,000	14,000
Proceeds From Stock Option Exercised	350,000	14,000	6,000	11,000
Net Common Stock Issuance	0	-224,000	-750,000	-400,000
Common Stock Payments	0	-224,000	-750,000	-400,000
Net Issuance Payments Of Debt	2,720,000	0	0	0
Net Long Term Debt Issuance	2,720,000	0	0	0
Long Term Debt Payments			0	0	-333,000
Long Term Debt Issuance	2,720,000	0	0	0
Investing Cash Flow	-4,391,000	-444,000	-342,000	-300,000
Cash Flow From Continuing Investing Activities	-4,391,000	-444,000	-342,000	-300,000
Net Other Investing Changes		-7,000	-2,000	-1,000	-1,000
Net Investment Purchase And Sale	365,000	-107,000	-16,000	-24,000
Sale Of Investment	1,812,000	1,844,000	1,947,000	1,939,000
Purchase Of Investment	-1,447,000	-1,951,000	-1,963,000	-1,963,000
Net Business Purchase And Sale	-4,151,000	0	0	71,000
Sale Of Business		0	0	71,000	0
Purchase Of Business	-4,151,000	0	0		0
Net PPE Purchase And Sale	-257,000	-104,000	-123,000	-176,000
Purchase Of PPE	-257,000	-104,000	-123,000	-176,000
Capital Expenditure Reported	-348,000	-226,000	-201,000	-170,000
Operating Cash Flow	2,431,000	2,132,000	1,673,000	367,000
Cash Flow From Continuing Operating Activities	2,431,000	2,132,000	1,673,000	367,000
Change In Working Capital	-400,000	252,000	530,000	148,000
Change In Other Working Capital	-113,000	-87,000	86,000	-86,000
Change In Other Current Liabilities	-72,000	-39,000	14,000	-29,000
Change In Other Current Assets	-240,000	-279,000	-96,000	-90,000
Change In Payables And Accrued Expense	631,000	1,025,000	772,000	551,000
Change In Accrued Expense	577,000	943,000	702,000	566,000
Change In Payable	54,000	82,000	70,000	-15,000
Change In Account Payable	54,000	82,000	70,000	-15,000
Change In Prepaid Assets	-247,000	-146,000	-105,000	-165,000
Change In Receivables	-359,000	-222,000	-141,000	-33,000
Changes In Account Receivables	-359,000	-222,000	-141,000	-33,000
Other Non Cash Items	-11,000	-87,000	-98,000	-57,000
Stock Based Compensation	1,051,000	1,099,000	1,088,000	889,000
Asset Impairment Charge	11,000	83,000	0	2,000
Depreciation Amortization Depletion	747,000	561,000	509,000	369,000
Depreciation And Amortization	747,000	561,000	509,000	369,000
Amortization Cash Flow	582,000	443,000	383,000	256,000
Amortization Of Intangibles	582,000	443,000	383,000	256,000
Depreciation	165,000	118,000	126,000	113,000
Operating Gains Losses	101,000	107,000	209,000	384,000
Gain Loss On Investment Securities	-17,000	4,000	101,000	303,000
Gain Loss On Sale Of PPE	118,000	103,000	108,000	81,000
Net Income From Continuing Operations	932,000	117,000	-565,000	-1,368,000

These metrics estimate what DoorDash, Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$34.19

Margin of Safety

Market Cap ÷ Company Value

1.27

P/B Ratio

7.09

Warren's Owner Earnings

$2.3B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

1/6 — Speculative Investor

✅ Adequate Size

$13.7B

vs > $1.5B revenue

❌ Strong Financial Condition

1.41x

vs Current Ratio > 2.0x

❌ Earnings Stability

3 loss years (4 yrs data)

vs No negative EPS years

❌ Dividend Record

No dividend

vs Uninterrupted dividends

❌ Moderate P/E Ratio

81.2x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

7.09x P/B (P/E×P/B: 575.7)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-2.36

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$19.58

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	64.7%	268.3%	N/A	N/A	N/A
Repurchase of Capital Stock	$0M	-$224M	-$750M	-$400M	N/A
Free Cash Flow	$1.8B ▲	$1.8B ▲	$1.3B ▲	$21M •	N/A •
Warren's Owner Earnings	$2.3B	$1.0B	$275M	-$650M	N/A

Peers & Industry Comparison

Internet Retail — Auto-detected peers

Company	Price	Market Cap	P/E	Gross Margin	Net Margin	Revenue
DASH	$172.94	$75.4B	81.19	50.9%	6.8%	$13.7B
AMZN Amazon.com, Inc.	$271.26	$2,917.2B	32.4	50.6%	12.2%	$742.8B
BABA Alibaba Group Holding Limited	$134.05	$330.8B	23.6	40.8%	8.9%	$1,016.7B
JD JD.com, Inc.	$30.06	$41.1B	15.9	9.3%	1.5%	$1,309.1B
EBAY eBay Inc.	$109.02	$48.4B	25.2	71.8%	17.6%	$11.6B
ETSY Etsy, Inc.	$64.47	$6.1B	24.7	71.6%	9.8%	$2.9B

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.68%

Low — management has little skin in the game

Return on Equity (ROE)

9.3%

Adequate — returns are moderate

Return on Assets (ROA)

4.8%

Fair — average asset utilization

Debt Trend YoY

+513.8% YoY

Debt is growing — management is leveraging up

Leadership Team

Tony Xu

Co-Founder, CEO & Chair

Age 40

Pay: $431,864

0.046% of net income

Prabir Adarkar

President & COO

Age 47

Pay: $457,729

0.049% of net income

Ravi Inukonda

Chief Financial Officer

Age 48

Pay: $373,520

0.040% of net income

Andrew Rex Hargreaves

Vice President of Investor Relations

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	11.87%	43,426,479
Sc Us (ttgp), Ltd.	8.66%	31,686,624
Blackrock Inc.	7.60%	27,820,578
Morgan Stanley	4.79%	17,536,824
State Street Corporation	4.31%	15,761,072
Price (T.Rowe) Associates Inc	3.82%	13,958,114
JPMORGAN CHASE & CO	3.77%	13,784,604
Capital World Investors	2.81%	10,284,031

Risk Analysis

Beta (Market Risk)

1.87

High volatility — moves more than the market

Short Interest

3.0% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.33x

Conservative balance sheet — low financial risk

Current Ratio