Recent News
On February 25, 2026 DoorDash announced exits from four country markets to refocus resources; earlier in January the company temporarily paused deliveries in Nashville during extreme weather on January 24, 2026. Management announced short-term driver relief measures — $5–$15 weekly payments and 10% fuel cash-back through April 26, 2026 — while a February 15, 2026 legal bulletin highlighted emerging regulatory and litigation risk monitoring. Reports in March described DoorDash initiatives to collect delivery-task data to train AI and robotics systems.
Technical Analysis
ADX at 18.03 signals no established trend; lack of trend strength tempers conviction for directional breakouts and aligns with valuation-driven consolidation expectations.
DI+ shows a dip-and-reversal while DI- trends lower, a configuration that reads as bullish directional pressure feeding into a short-term uptick in momentum toward the valuation level.
MACD sits at -3.95 with the MACD line above the signal line (-5.74) and a rising MACD trend; that cross-above confirms bullish momentum development despite a negative absolute MACD value.
MRO at -23.11 and rising indicates price below target with measurable upside potential; the negative oscillator suggests mean-reversion toward valuation-implied levels if momentum continues to recover.
RSI near 41.7 and rising shows improving buying interest from a weak base, consistent with a recovery attempt rather than an overbought extension.
Price sits above the 20-day average ($154.18) and the 12-day EMA ($157.18) while below the 50-day ($168.22) and well below the 200-day average ($221.17); that layered placement implies short-term support around the 20-day band with resistance into the 50-day region and longer-term overhead at the 200-day average.
Bands and super-trend placement show price trading between the 1x and 2x upper Bollinger bands (upper1x ≈ $159.59, upper2x ≈ $164.99) and near the super-trend upper at $164.29, suggesting compressed movement with the potential for a pullback or a run toward the upper band if momentum strengthens.
Fundamental Analysis
Revenue totaled $3,955,000,000 with YoY revenue growth of 139.36% and QoQ growth of 199.43%; those top-line gains reflect rapid expansion and consolidation of acquired operations but require margin conversion to justify current multiples.
Gross margin reached 51.08%, supporting strong unit economics at the revenue line. Operating (EBIT) margin stands at 3.72%, down -50.55% QoQ and down -8.72% YoY, below the industry peer mean of 11.09% and the industry peer median of 9.28% while remaining within the industry peer range. The steep QoQ margin decline indicates elevated near-term investments or integration costs offsetting revenue expansion.
Net income for the period recorded $213,000,000 and operating cash flow totaled $421,000,000; free cash flow equaled $254,000,000, producing a free-cash-flow yield of 0.28% — below the industry peer mean of approximately 0.93% and median of 1.25% (industry peer range provided). Cash and short-term investments provided liquidity of $5,506,000,000 and a cash ratio near 0.90, preserving operational flexibility through integration and market exits.
EPS printed $0.48 versus an estimate of $0.58, a miss of 17.24%, which explains investor recalibration of near-term profit expectations. Forward EPS implies a forward P/E of 117.56x; the trailing P/E exceeds 436x, and price-to-sales sits at 23.01x. Book value per share registers at $23.10 while the price-to-book ratio at 9.07x sits above the industry peer mean (4.66x) and median (2.77x), signaling a significant valuation premium.
Leverage measures: total debt $3,290,000,000 produces debt-to-EBITDA near 7.95x and debt-to-equity of 0.33. Interest coverage sits just under 1.0, indicating earnings barely cover interest expense on current levels and leaving sensitivity to profit compression. Returns remain modest: ROE 2.12% and ROA 1.13% despite positive revenue scale.
WMDST values the stock as over-valued. The valuation premium reflects market expectations for outsized profit conversion and successful integration of recent acquisitions; current margin trajectory, low free-cash-flow yield, and an EPS miss reduce near-term support for that premium.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-18 |
| NEXT REPORT DATE: | 2026-05-20 |
| CASH FLOW | Begin Period Cash Flow | $ 7.4 B |
| Operating Cash Flow | $ 421.0 M | |
| Capital Expenditures | $ -167.00 M | |
| Change In Working Capital | $ -321.00 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -2.72 B | |
| End Period Cash Flow | $ 4.7 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 4.0 B | |
| Forward Revenue | $ 3.8 B | |
| COSTS | ||
| Cost Of Revenue | $ 1.9 B | |
| Depreciation | $ 57.0 M | |
| Depreciation and Amortization | $ 267.0 M | |
| Research and Development | $ 419.0 M | |
| Total Operating Expenses | $ 3.8 B | |
| PROFITABILITY | ||
| Gross Profit | $ 2.0 B | |
| EBITDA | $ 414.0 M | |
| EBIT | $ 147.0 M | |
| Operating Income | $ 147.0 M | |
| Interest Income | $ 42.0 M | |
| Interest Expense | — | |
| Net Interest Income | $ 42.0 M | |
| Income Before Tax | $ 222.0 M | |
| Tax Provision | $ 9.0 M | |
| Tax Rate | 4.054 % | |
| Net Income | $ 213.0 M | |
| Net Income From Continuing Operations | $ 213.0 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.58 | |
| EPS Actual | $ 0.48 | |
| EPS Difference | $ -0.10 | |
| EPS Surprise | -17.241 % | |
| Forward EPS | $ 1.90 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 19.7 B | |
| Intangible Assets | $ 7.8 B | |
| Net Tangible Assets | $ 2.3 B | |
| Total Current Assets | $ 8.6 B | |
| Cash and Short-Term Investments | $ 5.5 B | |
| Cash | $ 4.4 B | |
| Net Receivables | $ 1.1 B | |
| Inventory | — | |
| Long-Term Investments | $ 896.0 M | |
| LIABILITIES | ||
| Accounts Payable | $ 397.0 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 6.1 B | |
| Net Debt | — | |
| Total Debt | $ 3.3 B | |
| Total Liabilities | $ 9.6 B | |
| EQUITY | ||
| Total Equity | $ 10.0 B | |
| Retained Earnings | $ -4.32 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 23.10 | |
| Shares Outstanding | 434.247 M | |
| Revenue Per-Share | $ 9.11 | |
| VALUATION | Market Capitalization | $ 91.0 B |
| Enterprise Value | $ 88.8 B | |
| Enterprise Multiple | 214.487 | |
| Enterprise Multiple QoQ | -16.109 % | |
| Enterprise Multiple YoY | -19.162 % | |
| Enterprise Multiple IPRWA | high: 218.425 DASH: 214.487 median: 102.75 mean: 79.281 low: -170.05 |
|
| EV/R | 22.452 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.959 | |
| Asset To Liability | 2.045 | |
| Debt To Capital | 0.247 | |
| Debt To Assets | 0.167 | |
| Debt To Assets QoQ | -7.664 % | |
| Debt To Assets YoY | 301.03 % | |
| Debt To Assets IPRWA | high: 1.249 mean: 0.185 DASH: 0.167 median: 0.14 low: 0.007 |
|
| Debt To Equity | 0.328 | |
| Debt To Equity QoQ | -4.402 % | |
| Debt To Equity YoY | 377.391 % | |
| Debt To Equity IPRWA | high: 4.996 DASH: 0.328 median: 0.253 mean: 0.251 low: -5.764 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 9.071 | |
| Price To Book QoQ | -21.991 % | |
| Price To Book YoY | -3.379 % | |
| Price To Book IPRWA | high: 31.383 DASH: 9.071 mean: 4.657 median: 2.768 low: -14.242 |
|
| Price To Earnings (P/E) | 436.644 | |
| Price To Earnings QoQ | -6.276 % | |
| Price To Earnings YoY | -17.455 % | |
| Price To Earnings IPRWA | DASH: 436.644 high: 224.995 mean: 68.323 median: 3.178 low: -221.643 |
|
| PE/G Ratio | -34.308 | |
| Price To Sales (P/S) | 23.012 | |
| Price To Sales QoQ | -28.179 % | |
| Price To Sales YoY | -9.754 % | |
| Price To Sales IPRWA | high: 24.98 DASH: 23.012 mean: 11.153 median: 10.103 low: 0.013 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 117.557 | |
| Forward PE/G | -9.237 | |
| Forward P/S | 23.057 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -2.928 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.21 | |
| Asset Turnover Ratio QoQ | 6.506 % | |
| Asset Turnover Ratio YoY | -8.097 % | |
| Asset Turnover Ratio IPRWA | high: 1.018 mean: 0.218 DASH: 0.21 median: 0.151 low: 0.107 |
|
| Receivables Turnover | 3.951 | |
| Receivables Turnover Ratio QoQ | -0.593 % | |
| Receivables Turnover Ratio YoY | -6.897 % | |
| Receivables Turnover Ratio IPRWA | high: 55.301 mean: 3.953 DASH: 3.951 median: 3.311 low: 0.82 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 23.095 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 5.408 | |
| Cash Conversion Cycle Days QoQ | -9.293 % | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 152.367 DASH: 5.408 mean: -40.35 median: -48.654 low: -234.398 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 1.585 | |
| CapEx To Revenue | -0.042 | |
| CapEx To Depreciation | -2.93 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 12.8 B | |
| Net Invested Capital | $ 12.8 B | |
| Invested Capital | $ 12.8 B | |
| Net Tangible Assets | $ 2.3 B | |
| Net Working Capital | $ 2.5 B | |
| LIQUIDITY | ||
| Cash Ratio | 0.896 | |
| Current Ratio | 1.406 | |
| Current Ratio QoQ | -31.232 % | |
| Current Ratio YoY | -15.515 % | |
| Current Ratio IPRWA | high: 4.311 DASH: 1.406 median: 1.331 mean: 1.233 low: 0.114 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 7.947 | |
| Cost Of Debt | 4.426 % | |
| Interest Coverage Ratio | 0.974 | |
| Interest Coverage Ratio QoQ | -43.243 % | |
| Interest Coverage Ratio YoY | 25.642 % | |
| Interest Coverage Ratio IPRWA | high: 50.5 mean: 22.923 median: 10.337 DASH: 0.974 low: -23.347 |
|
| Operating Cash Flow Ratio | 0.066 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 17.687 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 9.393 % | |
| Revenue Growth | 14.771 % | |
| Revenue Growth QoQ | 199.432 % | |
| Revenue Growth YoY | 139.362 % | |
| Revenue Growth IPRWA | high: 34.542 % median: 14.951 % DASH: 14.771 % mean: 14.626 % low: -40.64 % |
|
| Earnings Growth | -12.727 % | |
| Earnings Growth QoQ | -17.277 % | |
| Earnings Growth YoY | -3.276 % | |
| Earnings Growth IPRWA | high: 309.709 % mean: 54.902 % median: 33.333 % DASH: -12.727 % low: -450.0 % |
|
| MARGINS | ||
| Gross Margin | 51.075 % | |
| Gross Margin QoQ | 0.059 % | |
| Gross Margin YoY | 3.336 % | |
| Gross Margin IPRWA | high: 90.408 % DASH: 51.075 % mean: 44.379 % median: 40.482 % low: 14.291 % |
|
| EBIT Margin | 3.717 % | |
| EBIT Margin QoQ | -50.546 % | |
| EBIT Margin YoY | -8.718 % | |
| EBIT Margin IPRWA | high: 33.265 % mean: 11.088 % median: 9.279 % DASH: 3.717 % low: -40.164 % |
|
| Return On Sales (ROS) | 3.717 % | |
| Return On Sales QoQ | -50.546 % | |
| Return On Sales YoY | -8.718 % | |
| Return On Sales IPRWA | high: 31.974 % mean: 9.892 % median: 7.078 % DASH: 3.717 % low: -34.176 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 254.0 M | |
| Free Cash Flow Yield | 0.279 % | |
| Free Cash Flow Yield QoQ | -57.405 % | |
| Free Cash Flow Yield YoY | -51.309 % | |
| Free Cash Flow Yield IPRWA | high: 16.188 % median: 1.252 % mean: 0.933 % DASH: 0.279 % low: -14.31 % |
|
| Free Cash Growth | -64.869 % | |
| Free Cash Growth QoQ | -162.577 % | |
| Free Cash Growth YoY | 1100.167 % | |
| Free Cash Growth IPRWA | high: 563.352 % median: 256.788 % mean: 220.579 % DASH: -64.869 % low: -396.502 % |
|
| Free Cash To Net Income | 1.192 | |
| Cash Flow Margin | 10.265 % | |
| Cash Flow To Earnings | 1.906 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 1.132 % | |
| Return On Assets QoQ | -18.969 % | |
| Return On Assets YoY | 0.801 % | |
| Return On Assets IPRWA | high: 8.14 % mean: 1.859 % DASH: 1.132 % median: 0.871 % low: -11.211 % |
|
| Return On Capital Employed (ROCE) | 1.088 % | |
| Return On Equity (ROE) | 0.021 | |
| Return On Equity QoQ | -17.393 % | |
| Return On Equity YoY | 17.488 % | |
| Return On Equity IPRWA | high: 0.249 mean: 0.027 DASH: 0.021 median: 0.016 low: -0.831 |
|
| DuPont ROE | 2.182 % | |
| Return On Invested Capital (ROIC) | 1.106 % | |
| Return On Invested Capital QoQ | -46.75 % | |
| Return On Invested Capital YoY | -157.514 % | |
| Return On Invested Capital IPRWA | high: 13.791 % mean: 2.932 % median: 1.31 % DASH: 1.106 % low: -45.037 % |
|