# DoorDash, Class A Common Stock (DASH.US)

Canonical: https://gigainvestors.com/s/DASH

Analysis as of: 2026-10-16T07:27:55.196Z. Financial observations: FY2019–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $193.05 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 8 years

- Years with declining revenue: 0

- Years with a net loss: 5

- Operating margin variation: 1.71×

Chart: Operating margin; fiscal year observations.

- FY2019: -0.70×

- FY2020: -0.15×

- FY2021: -0.09×

- FY2022: -0.17×

- FY2023: -0.07×

- FY2024: -0.00×

- FY2025: 0.05×

- LTM to Jun 2026: 0.06×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -55.9%

- ROIC, second-lowest year: -165.0%

- Typical minus recent gross margin: 0.0 pp

- Typical gross margin (annual median): 48.3%

- Recent gross margin (lower of latest and 3-year median): 48.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.8%

- ROIC including acquisitions, ten-year median: -33.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: -165.0%

- FY2020: -242.6%

- FY2021: -36.0%

- FY2022: -64.6%

- FY2023: -55.9%

- FY2024: -4.2%

- FY2025: 31.3%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$404M

- Net income, five-year total: -$1.3B

- Return on incremental invested capital: 1297.4%

- Working capital / revenue, annual change: -0.3 pp

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$468M

- FY2022: -$1.3B

- FY2023: -$373M

- FY2024: $354M

- FY2025: $1.4B

### management: pass

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -165.0% vs -4.2%

- Per-share earnings: -1.52 to 0.29 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 7.7%

- Diluted shares, 5-year annual growth: 7.7%

- Per-share value change: $1.81

- Per-share value, starting three-year median: -$1.52

- Per-share value, ending three-year median: $0.29

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 1.5%

- Buyback history: 3 years

- Debt-funded buybacks: Yes

- ROIC, first three-year median: -165.0%

- ROIC, last three-year median: -4.2%

Chart: Earnings per share; fiscal year observations.

- FY2019: -$2.85

- FY2020: -$1.52

- FY2021: -$1.39

- FY2022: -$3.68

- FY2023: -$1.42

- FY2024: $0.29

- FY2025: $2.13

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -7.6%

- Receivables to sales index (DSRI): 1.25×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 43.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.60×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.78×

Chart: Sloan accruals; fiscal year observations.

- FY2019: -11.5%

- FY2020: -11.2%

- FY2021: -17.0%

- FY2022: -17.7%

- FY2023: -20.6%

- FY2024: -15.6%

- FY2025: -7.6%

## Holders

- [Henry Ellenbogen](https://gigainvestors.com/DCP): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Thomas Russo](https://gigainvestors.com/GR): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Stuart McLaughlin](https://gigainvestors.com/TFP): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Chase Coleman](https://gigainvestors.com/TGM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 29% since Sep 2025 · "DoorDash (DASH) Powers Through Growth With Costs Rising Too" (finance.yahoo.com, Aug 2026) · sales +15.8%

Story as of 2026-10-16T09:58:36.853Z; price observation 2026-10-15.

- 2025-06-30: DoorDash to See Earnings Boost From Anticipated Ramp in Ad Revenue, Oppenheimer Says ([finance.yahoo.com](https://finance.yahoo.com/news/doordash-see-earnings-boost-anticipated-184236530.html))

- 2025-11-05: DoorDash slides on earnings miss and higher spending plans ([finance.yahoo.com](https://finance.yahoo.com/news/doordash-slides-earnings-miss-higher-220132901.html))

- 2026-02-25: DoorDash exits 4 markets, including Japan, to focus on growth elsewhere ([finance.yahoo.com](https://finance.yahoo.com/news/doordash-exits-4-markets-including-172815648.html))

- 2026-04-27: DoorDash Announces Significant Grocery Expansion in Canada with Empire Company Limited ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/doordash-announces-significant-grocery-expansion-130000780.html))

- 2026-08-06: DoorDash Q2 2026 earnings: revenue up 36%, outlook raised ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/doordash-q2-2026-earnings-revenue-132628820.html))

- 2026-09-15: DoorDash Stock Falls as It Buys Grubhub Campus Dining ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/doordash-stock-falls-buys-grubhub-152235388.html))

### Sales · FY2025–2026

sales +15.8%; source https://www.sec.gov/Archives/edgar/data/1792789/000179278926000013/dash-20251231.htm; observed 2026-02-18.

- FY2019: $885M 

- FY2020: $2.9B 

- FY2021: $4.9B 

- FY2022: $6.6B 

- FY2023: $8.6B 

- FY2024: $11B 

- FY2025: $14B 

- FY2026: $16B 

### Gross margin · FY2025

gross margin 50.9%; source https://www.sec.gov/Archives/edgar/data/1792789/000179278926000013/dash-20251231.htm; observed 2026-02-18.

- FY2019: 40.9% 

- FY2020: 52.6% 

- FY2021: 52.2% 

- FY2022: 45.5% 

- FY2023: 46.9% 

- FY2024: 48.3% 

- FY2025: 50.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in internet retail; annual sales are USD 13.7 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1792789/000179278926000013/dash-20251231.htm (filed 2026-02-18); FY2025: revenue 13717000000; grossProfit 6979000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 46.9% to 50.9% during 2023–25; it lost 55.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2023: grossProfit / revenue = 46.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2024: grossProfit / revenue = 48.3%.

- Source: https://www.sec.gov/Archives/edgar/data/1792789/000179278926000013/dash-20251231.htm (filed 2026-02-18); FY2025: grossProfit / revenue = 50.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); 7-year return on capital observations [[2019,-1.6496271186440679],[2020,-2.4256338028169013],[2021,-0.35959718026183285],[2022,-0.6462590975254731],[2023,-0.5591809290953546],[2024,-0.04172767203513909],[2025,0.31328116962381514]]; median -0.5591809290953546. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 7 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); FY2024: growth capex 0; upkeep 330000000; owner earnings 354000000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1792789/000179278926000013/dash-20251231.htm (filed 2026-02-18); FY2025: growth capex 0; upkeep 257000000; owner earnings 1425000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); Dividend observations: [[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DASH.US SharesStats.PercentInsiders = 0.588 percentage points; cache date 2026-10-16.

### What could break it

"We face certain risks associated with our pay models for Dashers." (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/1792789/000179278926000013/dash-20251231.htm (filed 2026-02-18); We face certain risks associated with our pay models for Dashers.

### What the price says

The price is 6.2 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-18); Closing price 193.05 USD; reporting-to-trading FX 1; FY2025 annual sales per share 31.197263501680744; price multiple 6.188042742582198. FY2025 cash earnings/share 3.240949222854492. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2020-12: $142.75 per share

- 2021-01: $193.27 per share

- 2021-02: $169.49 per share

- 2021-03: $131.13 per share

- 2021-04: $143.17 per share

- 2021-05: $150.28 per share

- 2021-06: $178.33 per share

- 2021-07: $174.29 per share

- 2021-08: $191.40 per share

- 2021-09: $205.98 per share

- 2021-10: $194.80 per share

- 2021-11: $178.77 per share

- 2021-12: $148.90 per share

- 2022-01: $113.49 per share

- 2022-02: $104.95 per share

- 2022-03: $117.19 per share

- 2022-04: $81.43 per share

- 2022-05: $76.91 per share

- 2022-06: $64.17 per share

- 2022-07: $69.75 per share

- 2022-08: $59.90 per share

- 2022-09: $49.45 per share

- 2022-10: $43.53 per share

- 2022-11: $58.25 per share

- 2022-12: $48.82 per share

- 2023-01: $57.92 per share

- 2023-02: $54.66 per share

- 2023-03: $63.56 per share

- 2023-04: $61.19 per share

- 2023-05: $65.29 per share

- 2023-06: $76.42 per share

- 2023-07: $90.79 per share

- 2023-08: $84.13 per share

- 2023-09: $79.47 per share

- 2023-10: $74.95 per share

- 2023-11: $93.98 per share

- 2023-12: $98.89 per share

- 2024-01: $104.20 per share

- 2024-02: $124.57 per share

- 2024-03: $137.72 per share

- 2024-04: $129.26 per share

- 2024-05: $110.11 per share

- 2024-06: $108.78 per share

- 2024-07: $110.72 per share

- 2024-08: $128.71 per share

- 2024-09: $142.73 per share

- 2024-10: $156.70 per share

- 2024-11: $180.48 per share

- 2024-12: $167.75 per share

- 2025-01: $188.83 per share

- 2025-02: $198.44 per share

- 2025-03: $182.77 per share

- 2025-04: $192.89 per share

- 2025-05: $208.65 per share

- 2025-06: $246.51 per share

- 2025-07: $250.25 per share

- 2025-08: $245.25 per share

- 2025-09: $271.99 per share

- 2025-10: $254.37 per share

- 2025-11: $198.37 per share

- 2025-12: $226.48 per share

- 2026-01: $204.62 per share

- 2026-02: $176.47 per share

- 2026-03: $150.15 per share

- 2026-04: $168.65 per share

- 2026-05: $159.29 per share

- 2026-06: $184.53 per share

- 2026-07: $196.16 per share

- 2026-08: $231.74 per share

- 2026-09: $183.55 per share

- 2026-10: $193.09 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1792789/000179278926000013/dash-20251231.htm); period 2025-12-31, filed 2026-02-18.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.