DASH
DoorDash, Inc.
Next earnings Aug 4, 2026 (after close) · consensus $0.47 EPS, $4.42B rev
Last earnings +1.1% on 2026-05-06
$192.01
▲ +3.89%$192.01▼ -20.76%
over 1Y
L $146.60H $281.74
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+3.9%
1W+8.5%
1M+22.3%
3M+22.7%
YTD-12.6%
1Y-20.8%
Buy
Conviction
Horizon
Long (>12mo)
12-mo target
$•••
Street · 53 analysts
Buy
Category leader hitting a real profitability inflection — net income up 660%, strong FCF, net cash — but the 81x P/E leaves no room for error.
Revenue $13.7B · FY2025
The read
The fundamentals carry the rating, but the price is rich (~58% above our fair-value estimate) — a quality-at-a-price call. The case rests on the business, not the entry; patient buyers may wait for a pullback.
DoorDash is no longer a cash-burning growth story; FY2025 is the year the unit economics turned. Revenue grew 27.9% to $13.7B while operating income swung to $723M (from a sliver the prior year) and net income jumped 660% to $935M. The MD&A confirms the leverage is structural, not a one-off: Marketplace GOV rose 27% to $102B on 3.2B orders (+23%), and contribution profit as a % of GOV expanded for the third straight year (3.7% → 4.3% → 4.7%), with Adjusted EBITDA up to $2,779M. The five-year revenue/net-income history (-$468M → -$1.36B → -$558M → $123M → $935M) shows a clear, accelerating crossover into durable profitability while top-line growth stays above 20%.
The balance sheet supports the quality call. Liabilities/equity sits at 0.96x with $4.38B of cash, $10.0B of equity, and $2.43B of operating cash flow against only $257M of capex — roughly $2.2B of free cash flow, a high conversion rate for a platform still reinvesting ($1.43B R&D, +22.5%). This is a net-cash, self-funding compounder with widening margins, not a speculative grower. International optionality from the Wolt and Deliveroo marketplaces (now 40+ countries) adds a second leg of order growth.
Is DASH a buy? The one-page verdict, explained →
The options angle
model · matches our verdictBull call spread~90d expiry
- Long call 192 @ ~21.48 est
- Short call 210 @ ~14.42 est
debit $706max +$1,094max −$706BE 199.06
BUY verdict with defined risk: the short call finances part of the long one; max loss is the net debit.
Educational template, not a trade recommendation. Strikes and premiums are Black-Scholes model estimates from the last close and 30-day realized volatility — real chains, spreads and IV will differ. Options involve substantial risk.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $4.89B | $6.58B | $8.63B | $10.7B | $13.7B |
| Gross profit | — | — | — | — | — |
| Operating income | -$452M | -$1.12B | -$579M | -$38.0M | $723M |
| Net income | -$468M | -$1.36B | -$558M | $123M | $935M |
| Diluted EPS | -$1.39 | -$3.68 | -$1.42 | $0.29 | $2.13 |
| Net margin | -9.6% | -20.7% | -6.5% | 1.1% | 6.8% |
10-year statements — income, cash flow, balance sheet & CSV export →
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$79.3B
EV / EBITDA53.9
EV / Sales5.8
EV / FCF36.5
P / FCF38.5
PEG (trailing)0.14
Earnings yield1.1%
FCF yield2.6%
Quality & risk
ROIC (est.)5.7%
Free cash flow$2.17B
Total debt—
Net cash$4.38B
Altman Z-Score5.89 safe
Piotroski F-Score4/7
Capital returns
Buyback yield0.0%
Dividend yield (est.)—
Shareholder yield0.0%
Shares Δ YoY+3.8%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has been improving.
- 8-K Shareholder vote2026-06-12
Annual meeting vote results (5.07) + other event; routine governance, no financial impact
- 8-K Earnings results2026-05-06
Amendment to FY25 10-K (likely Part III/exhibits); no change to reported financials
- 10-Q Quarterly report2026-05-06
Amendment to FY25 10-K (likely Part III/exhibits); no change to reported financials
- 10-K/A Restated periodic report2026-05-06
Amendment to FY25 10-K (likely Part III/exhibits); no change to reported financials
- DEF 14A Proxy statement2026-04-20
Annual proxy; dual-class structure keeps voting power concentrated with co-founders
- 8-K Earnings results2026-02-18
FY25 10-K: rev $13.7B +28%, net income $935M, GOV $102B, Adj EBITDA $2.78B
- 10-K Annual report2026-02-18
FY25 10-K: rev $13.7B +28%, net income $935M, GOV $102B, Adj EBITDA $2.78B
- 8-K Officer / director change2026-01-20
Officer/director change (5.02); leadership transition, no direct financial impact
- 10-Q Quarterly report2025-11-06
Q3 2025 10-Q: sustained order growth and expanding margins
Recent filings
all on EDGAR ↗144Filing2026-07-02open ↗144Filing2026-07-01open ↗4Period ending 2026-06-262026-06-30open ↗144Filing2026-06-26open ↗4Period ending 2026-06-242026-06-26open ↗144Filing2026-06-24open ↗4Period ending 2026-06-222026-06-24open ↗4Period ending 2026-06-102026-06-12open ↗4Period ending 2026-06-102026-06-12open ↗4Period ending 2026-06-102026-06-12open ↗4Period ending 2026-06-102026-06-12open ↗4Period ending 2026-06-102026-06-12open ↗
Frequently asked
- Is DoorDash, Inc. (DASH) a buy?
- DASH currently carries a Buy rating with 3/5 conviction, derived from its latest SEC filings. Category leader hitting a real profitability inflection — net income up 660%, strong FCF, net cash — but the 81x P/E leaves no room for error.
- What is DASH's fair value?
- A Modified-Graham model based on DASH's SEC fundamentals estimates a fair value of about $80.94. It is an estimate from reported earnings, not a price target.
- Is DASH overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, DASH currently appears overvalued relative to its SEC-grounded earnings power.
- What is DoorDash, Inc.'s quality score?
- DASH scores 63.79510405939782/100 (grade C+) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001792789, latest 10-Q filed 2026-05-06) · EODHD · Proprietary analysis · as of 6/21/2026, 3:26:51 PM.
About this recommendation — produced by TENK/calls (tenkcalls.com), Luxembourg · not investment advice
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 21, 2026, 11:26 AM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.