Recent News
On February 24, 2026 DoorDash extended a pause of delivery operations in New York City amid a severe blizzard under its Severe Weather Protocol to prioritize Dasher safety. On February 23, 2026 the company temporarily suspended services in Connecticut during the same nor’easter, citing hazardous conditions and coordination with local authorities.
Technical Analysis
Directional indicators show a bullish shift: DI+ registered a dip-and-reverse signal, which signals DI+ increasing, while DI- produced a peak-and-reverse, signaling DI- decreasing; ADX at 35.42 indicates this directional change carries a strong trend strength and suggests increasing conviction in the new direction.
Momentum reads bearish. MACD sits negative at -11.36 and sits below its signal (-10.38), with a peak-and-reversal in the MACD trend; that combination signals declining momentum and continued selling pressure in the near term.
Price sits below major averages and near the lower Bollinger band: last close $164.38 versus the 20-day average $174.87 and the 50-/200-day averages $206.80 and $229.33 respectively, while the 12-day EMA trends downward. These relationships imply the market values recent downside more than longer-term averages and that any recovery needs to overcome multiple moving-average resistances.
MRO reads negative at -33.56 with a dip-and-reverse trend, indicating the current price sits below model target and therefore carries potential upward corrective pressure; this conflicts with MACD’s bearish momentum and points toward a technical environment where counter-trend bounces remain plausible but not yet confirmed.
RSI at 36.93 with a peak-and-reversal indicates exhausted short-term strength without reaching oversold territory; combined with elevated 42-day beta (1.73), expect heightened volatility and short windows for directional conviction over the next several weeks.
Fundamental Analysis
Revenue and growth: total revenue $3,446,000,000 with YoY revenue growth 70.69% but QoQ revenue declined 40.65%, reflecting a strong annual expansion paired with recent seasonality or timing effects that compressed quarter-to-quarter activity. The company reports marketplace expansion and membership growth alongside these figures.
Profitability: operating (EBIT) $259,000,000 and operating margin 7.52%, up 51.44% QoQ and 90.09% YoY. The operating margin at 7.52% sits below the industry peer mean of 12.99% and below the industry peer median of 9.06%, though it improved substantially versus recent periods.
Cash flow and capital structure: free cash flow $723,000,000 and free-cash-flow yield 0.66%, with free-cash-flow growth positive but notably volatile on a YoY basis. Cash and short-term investments total $4,243,000,000 and current ratio equals 2.04, providing liquidity headroom while total debt stands at $3,257,000,000 and debt-to-equity 0.34; interest coverage about 1.72x, indicating limited but present capacity to service interest given current earnings.
Earnings and per-share metrics: reported EPS $0.48 versus estimate $0.58, an EPS surprise of -17.24%. Trailing PE equals 465.88 and forward PE near 557.32, while price-to-sales 32.04 and price-to-book 11.63 reflect an expensive multiples profile relative to typical sector medians. Forward EPS sits near $1.96 but multiples imply the market bids a high premium for future execution.
Operational efficiency: gross margin 51.05% with modest YoY improvement (3.70%), asset turnover 0.197 (declining QoQ and YoY), and receivables turnover near 3.97. Return on equity 2.57% and return on assets 1.40% remain low relative to the multiple compression embedded in market pricing.
Valuation summary: the current valuation, as determined by WMDST, classifies the stock as over-valued. Elevated PE, PS, and PB ratios alongside improving but still modest profitability metrics create a gap between market expectations priced into multiples and the company’s near-term earnings and cash-generation profile.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2026-02-18 |
| NEXT REPORT DATE: | 2026-05-20 |
| CASH FLOW | Begin Period Cash Flow | $ 6.7 B |
| Operating Cash Flow | $ 871.0 M | |
| Capital Expenditures | $ -148.00 M | |
| Change In Working Capital | $ 138.0 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 699.0 M | |
| End Period Cash Flow | $ 7.4 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 3.4 B | |
| Forward Revenue | $ 3.0 B | |
| COSTS | ||
| Cost Of Revenue | $ 1.7 B | |
| Depreciation | $ 169.0 M | |
| Depreciation and Amortization | $ 169.0 M | |
| Research and Development | $ 355.0 M | |
| Total Operating Expenses | $ 3.2 B | |
| PROFITABILITY | ||
| Gross Profit | $ 1.8 B | |
| EBITDA | $ 428.0 M | |
| EBIT | $ 259.0 M | |
| Operating Income | $ 259.0 M | |
| Interest Income | $ 71.0 M | |
| Interest Expense | — | |
| Net Interest Income | $ 71.0 M | |
| Income Before Tax | $ 248.0 M | |
| Tax Provision | $ 5.0 M | |
| Tax Rate | 2.016 % | |
| Net Income | $ 244.0 M | |
| Net Income From Continuing Operations | $ 243.0 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.58 | |
| EPS Actual | $ 0.48 | |
| EPS Difference | $ -0.10 | |
| EPS Surprise | -17.241 % | |
| Forward EPS | $ 1.96 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 18.0 B | |
| Intangible Assets | $ 4.4 B | |
| Net Tangible Assets | $ 5.0 B | |
| Total Current Assets | $ 10.5 B | |
| Cash and Short-Term Investments | $ 4.2 B | |
| Cash | $ 3.3 B | |
| Net Receivables | $ 894.0 M | |
| Inventory | — | |
| Long-Term Investments | $ 809.0 M | |
| LIABILITIES | ||
| Accounts Payable | $ 257.0 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 5.1 B | |
| Net Debt | — | |
| Total Debt | $ 3.3 B | |
| Total Liabilities | $ 8.5 B | |
| EQUITY | ||
| Total Equity | $ 9.5 B | |
| Retained Earnings | $ -4.53 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 22.03 | |
| Shares Outstanding | 430.907 M | |
| Revenue Per-Share | $ 8.00 | |
| VALUATION | Market Capitalization | $ 110.4 B |
| Enterprise Value | $ 109.4 B | |
| Enterprise Multiple | 255.673 | |
| Enterprise Multiple QoQ | -17.493 % | |
| Enterprise Multiple YoY | 19.955 % | |
| Enterprise Multiple IPRWA | DASH: 255.673 high: 197.208 median: 107.396 mean: 82.728 low: -103.623 |
|
| EV/R | 31.755 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.893 | |
| Asset To Liability | 2.123 | |
| Debt To Capital | 0.255 | |
| Debt To Assets | 0.181 | |
| Debt To Assets QoQ | -5.506 % | |
| Debt To Assets YoY | 1585.953 % | |
| Debt To Assets IPRWA | high: 1.279 mean: 0.208 DASH: 0.181 median: 0.118 low: 0.001 |
|
| Debt To Equity | 0.343 | |
| Debt To Equity QoQ | -5.852 % | |
| Debt To Equity YoY | 1866.858 % | |
| Debt To Equity IPRWA | high: 3.222 mean: 0.372 DASH: 0.343 median: 0.211 low: -2.764 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 11.629 | |
| Price To Book QoQ | 2.199 % | |
| Price To Book YoY | 54.277 % | |
| Price To Book IPRWA | high: 21.915 DASH: 11.629 mean: 4.969 median: 2.925 low: -15.951 |
|
| Price To Earnings (P/E) | 465.885 | |
| Price To Earnings QoQ | 33.069 % | |
| Price To Earnings YoY | 28.828 % | |
| Price To Earnings IPRWA | DASH: 465.885 high: 343.463 mean: 75.419 median: 8.875 low: -249.146 |
|
| PE/G Ratio | -30.282 | |
| Price To Sales (P/S) | 32.041 | |
| Price To Sales QoQ | 3.638 % | |
| Price To Sales YoY | 51.974 % | |
| Price To Sales IPRWA | DASH: 32.041 high: 19.918 mean: 12.498 median: 12.188 low: -0.674 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 557.322 | |
| Forward PE/G | -36.225 | |
| Forward P/S | 163.086 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 11.939 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.197 | |
| Asset Turnover Ratio QoQ | -8.286 % | |
| Asset Turnover Ratio YoY | -12.062 % | |
| Asset Turnover Ratio IPRWA | high: 1.225 mean: 0.21 DASH: 0.197 median: 0.161 low: -0.18 |
|
| Receivables Turnover | 3.975 | |
| Receivables Turnover Ratio QoQ | -1.845 % | |
| Receivables Turnover Ratio YoY | -11.357 % | |
| Receivables Turnover Ratio IPRWA | high: 56.385 mean: 4.67 DASH: 3.975 median: 2.884 low: 0.901 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 22.958 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 5.962 | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 180.649 DASH: 5.962 mean: -28.674 median: -56.832 low: -456.122 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.643 | |
| CapEx To Revenue | -0.043 | |
| CapEx To Depreciation | -0.876 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 12.2 B | |
| Net Invested Capital | $ 12.2 B | |
| Invested Capital | $ 12.2 B | |
| Net Tangible Assets | $ 5.0 B | |
| Net Working Capital | $ 5.4 B | |
| LIQUIDITY | ||
| Cash Ratio | 0.827 | |
| Current Ratio | 2.045 | |
| Current Ratio QoQ | -1.371 % | |
| Current Ratio YoY | 23.826 % | |
| Current Ratio IPRWA | high: 4.047 DASH: 2.045 median: 1.3 mean: 1.264 low: 0.178 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 7.61 | |
| Cost Of Debt | 4.547 % | |
| Interest Coverage Ratio | 1.715 | |
| Interest Coverage Ratio QoQ | 58.896 % | |
| Interest Coverage Ratio YoY | 142.056 % | |
| Interest Coverage Ratio IPRWA | high: 58.505 mean: 26.797 median: 10.242 DASH: 1.715 low: -27.501 |
|
| Operating Cash Flow Ratio | 0.053 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 16.996 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 6.024 % | |
| Revenue Growth | 4.933 % | |
| Revenue Growth QoQ | -40.645 % | |
| Revenue Growth YoY | 70.692 % | |
| Revenue Growth IPRWA | high: 33.577 % mean: 4.996 % DASH: 4.933 % median: -0.022 % low: -44.818 % |
|
| Earnings Growth | -15.385 % | |
| Earnings Growth QoQ | -132.235 % | |
| Earnings Growth YoY | -95.055 % | |
| Earnings Growth IPRWA | high: 282.778 % DASH: -15.385 % mean: -25.688 % median: -70.441 % low: -250.0 % |
|
| MARGINS | ||
| Gross Margin | 51.045 % | |
| Gross Margin QoQ | 0.498 % | |
| Gross Margin YoY | 3.699 % | |
| Gross Margin IPRWA | high: 91.478 % DASH: 51.045 % mean: 42.86 % median: 39.151 % low: 7.503 % |
|
| EBIT Margin | 7.516 % | |
| EBIT Margin QoQ | 51.441 % | |
| EBIT Margin YoY | 90.086 % | |
| EBIT Margin IPRWA | high: 41.852 % mean: 12.989 % median: 9.057 % DASH: 7.516 % low: -75.837 % |
|
| Return On Sales (ROS) | 7.516 % | |
| Return On Sales QoQ | 51.441 % | |
| Return On Sales YoY | 90.086 % | |
| Return On Sales IPRWA | high: 43.739 % DASH: 7.516 % mean: 6.508 % median: 1.748 % low: -50.686 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 723.0 M | |
| Free Cash Flow Yield | 0.655 % | |
| Free Cash Flow Yield QoQ | 87.143 % | |
| Free Cash Flow Yield YoY | -15.81 % | |
| Free Cash Flow Yield IPRWA | high: 9.45 % DASH: 0.655 % median: 0.334 % mean: 0.133 % low: -33.811 % |
|
| Free Cash Growth | 103.662 % | |
| Free Cash Growth QoQ | -468.406 % | |
| Free Cash Growth YoY | -6779.253 % | |
| Free Cash Growth IPRWA | high: 303.385 % DASH: 103.662 % mean: -19.821 % median: -51.146 % low: -273.469 % |
|
| Free Cash To Net Income | 2.963 | |
| Cash Flow Margin | 7.864 % | |
| Cash Flow To Earnings | 1.111 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 1.397 % | |
| Return On Assets QoQ | -25.214 % | |
| Return On Assets YoY | 3.943 % | |
| Return On Assets IPRWA | high: 9.247 % mean: 1.964 % DASH: 1.397 % median: 0.824 % low: -18.856 % |
|
| Return On Capital Employed (ROCE) | 2.017 % | |
| Return On Equity (ROE) | 0.026 | |
| Return On Equity QoQ | -19.537 % | |
| Return On Equity YoY | 20.093 % | |
| Return On Equity IPRWA | high: 0.31 mean: 0.029 DASH: 0.026 median: 0.02 low: -0.58 |
|
| DuPont ROE | 2.65 % | |
| Return On Invested Capital (ROIC) | 2.077 % | |
| Return On Invested Capital QoQ | 87.794 % | |
| Return On Invested Capital YoY | -218.754 % | |
| Return On Invested Capital IPRWA | high: 24.354 % mean: 3.829 % DASH: 2.077 % median: 1.545 % low: -29.346 % |
|