# 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.

## Reported holder observations

- [Henry Ellenbogen](https://gigainvestors.com/DCP): 4,154,183 DASH shares; USD 766,571,000 reported position value; 7.46% of portfolio; reduce; quarter 2026 Q2.
- [Thomas Russo](https://gigainvestors.com/GR): 1,186,104 DASH shares; USD 218,872,000 reported position value; 2.45% of portfolio; add; quarter 2026 Q2.
- [Stuart McLaughlin](https://gigainvestors.com/TFP): 300,246 DASH shares; USD 55,404,000 reported position value; 4.94% of portfolio; new; quarter 2026 Q2.
- [Chase Coleman](https://gigainvestors.com/TGM): 25,337 DASH shares; USD 4,675,000 reported position value; 0.02% of portfolio; hold; quarter 2026 Q2.

# DASH — DoorDash Inc.

Held by 4 investors · USD 1,045,522,000 total · 2026 Q2 · reported price USD 184.53 (split-adjusted).
Page: https://gigainvestors.com/s/DASH

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Henry Ellenbogen (https://gigainvestors.com/DCP) | USD 766,571,000 | 7.5% | reduce -2.85% |
| Thomas Russo (https://gigainvestors.com/GR) | USD 218,872,000 | 2.5% | add +18.47% |
| Stuart McLaughlin (https://gigainvestors.com/TFP) | USD 55,404,000 | 4.9% | new |
| Chase Coleman (https://gigainvestors.com/TGM) | USD 4,675,000 | <0.1% | hold |

## Total held by quarter

- 2020 Q4: USD 637,165,196 · 3 holders · USD 142.75
- 2021 Q1: USD 1,723,138,942 · 3 holders · USD 131.13
- 2021 Q2: USD 3,359,321,513 · 3 holders · USD 178.33
- 2021 Q3: USD 3,811,946,418 · 2 holders · USD 205.98
- 2021 Q4: USD 2,962,470,177 · 2 holders · USD 148.90
- 2022 Q1: USD 1,494,706,769 · 2 holders · USD 117.19
- 2022 Q2: USD 196,278,319 · 1 holder · USD 64.17
- 2022 Q3: USD 180,831,084 · 1 holder · USD 49.45
- 2022 Q4: USD 0 · 0 holders
- 2023 Q1: USD 0 · 0 holders
- 2023 Q2: USD 206,360,747 · 1 holder · USD 76.42
- 2023 Q3: USD 523,980,994 · 2 holders · USD 79.47
- 2023 Q4: USD 594,181,851 · 3 holders · USD 98.89
- 2024 Q1: USD 342,462,402 · 2 holders · USD 137.72
- 2024 Q2: USD 919,008,467 · 3 holders · USD 108.78
- 2024 Q3: USD 927,828,497 · 3 holders · USD 142.73
- 2024 Q4: USD 1,349,228,180 · 4 holders · USD 167.75
- 2025 Q1: USD 1,073,657,508 · 4 holders · USD 182.77
- 2025 Q2: USD 497,641,330 · 3 holders · USD 246.51
- 2025 Q3: USD 713,526,907 · 3 holders · USD 271.99
- 2025 Q4: USD 1,599,951,400 · 4 holders · USD 226.48
- 2026 Q1: USD 796,175,827 · 3 holders · USD 150.15
- 2026 Q2: USD 1,045,522,000 · 4 holders · USD 184.53