DoorDash, Inc.

NasdaqGS-DASH

Trailing Valuation

Trailing Valuation	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20
Stock Price	221.5	167.8	98.9	48.8	148.9	142.8
Total Shares Outstanding	431	419.7	403.2	391.5	346.5	318.5
Market Cap	95,444.6	70,400.8	39,875.2	19,111.6	51,595.6	45,466.3
Total Enterprise Value (TEV)	94,471.6	65,602.8	36,326.2	16,115.6	48,237.6	41,224.3
Buyback Yield	-0%	0.3%	1.9%	2%	0.3%	-7.2%
Debt Paydown Yield	—	—	—	—	0.6%	-0.7%
Shareholder Yield	-0%	0.3%	1.9%	2%	0.9%	-8%
P/S	7.6	6.6	4.6	2.9	10.6	15.8
P/Gross Profit	15	13.6	9.9	6.4	20.2	30
P/E	112.4	578.4	-69.6	-13.3	-107.1	-19.3
Earnings Yield	0.9%	0.2%	-1.4%	-7.5%	-0.9%	-5.2%
P/OCF	37.8	33	23.8	52.1	74.6	180.4
P/FCF	41.6	34.7	25.7	100.1	91.6	311.4
FCF Yield	2.4%	2.9%	3.9%	1%	1.1%	0.3%
P/B	10.1	9	5.9	2.8	11.1	9.7
EV/Sales	7.5	6.1	4.2	2.4	9.9	14.3
EV/Gross Profit	14.8	12.7	9	5.4	18.9	27.2
EV/EBITDA	71.9	125.4	-518.9	-21.3	-163	-130.5
EV/EBIT	136.3	-1,726.4	-62.7	-14.3	-106.7	-94.6
EV/OCF	37.4	30.8	21.7	43.9	69.7	163.6
EV/FCF	41.2	32.3	23.4	84.4	85.7	282.4

Margins

Margins	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20
Gross Profit Margin	50.5%	48.3%	46.9%	45.5%	52.2%	52.6%
Operating Margin	5.5%	-0.4%	-6.7%	-17.1%	-9.2%	-15.1%
EBITDA Margin	10.4%	4.9%	-0.8%	-11.5%	-6.1%	-10.9%
Net Profit Margin	6.8%	1.1%	-6.5%	-20.8%	-9.6%	-16%
Effective Tax Rate	3.9%	25%	-5.8%	2.2%	-1.1%	-0.7%
Pre-Tax Profit Margin	7.1%	1.5%	-6.2%	-21.3%	-9.5%	-15.9%
Free Cash Flow Margin	18.1%	18.9%	18%	2.9%	11.5%	5.1%
OCF / Sales	20%	19.9%	19.4%	5.6%	14.2%	8.7%
OCF / Net Income	294.6%	1,822.2%	-296.1%	-26.8%	-147.9%	-54.7%
FCF / OCF	90.7%	95.1%	92.6%	52%	81.4%	57.9%
FCF / Net Income	267.2%	1,733.3%	-274.3%	-14%	-120.3%	-31.7%
FCF / EBITDA	174.5%	387.8%	-2,214.3%	-25.3%	-190.2%	-46.2%

Capital Efficiency

Capital Efficiency	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20
Return on Invested Capital	7.7%	-0.5%	-11.7%	-29.7%	-26.2%	-44.6%
Return on Assets	4.3%	-0.2%	-5.9%	-13.2%	-6.9%	-10.9%
Return on Equity	9.9%	1.6%	-8.3%	-23.9%	-10%	-15.7%
Return on Total Capital	20.4%	-5.3%	-116.2%	-237.9%	-89.9%	-28.6%
Return on Capital Employed	5.4%	-0.5%	-7.9%	-18.3%	-9%	-13.8%
Return on Tangible Assets	6.3%	1.3%	-7.8%	-20.9%	-7.6%	-12.7%
Receivables Turnover	15.5	17	18.5	17.6	15.3	16.5
Days Sales Outstanding	23.5	21.5	19.7	20.8	23.9	22.1
Payables Turnover	21.6	20.6	24.6	22.6	19.4	27.4
Days Payables Outstanding	16.9	17.7	14.8	16.2	18.8	13.3
Cash Conversion Cycle	6.6	3.8	4.9	4.6	5.1	8.7
Asset Turnover	0.8	0.9	0.8	0.8	0.7	0.7
Fixed Asset Turnover	10	9.3	7.8	7.3	8.5	8.5
Operating Cycle	23.5	21.5	19.7	20.8	23.9	22.1
CapEx to OCF	0.1	0	0.1	0.5	0.2	0.4
CapEx to Revenue	0	0	0	0	0	0
CapEx to Depreciation	0.4	0.2	0.2	0.5	0.8	0.9

Financial Health

Financial Health	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20
Total Debt	3,257	536	522	511	399	617
Net Debt	-986	-4,805	-3,556	-3,010	-3,358	-4,242
Current Ratio	2	1.7	1.6	1.9	2.6	3.9
Quick Ratio	1	1.4	1.4	1.5	2.3	3.7
Cash Ratio	0.8	1.2	1.2	1.4	2.1	3.5
Debt Ratio	0.2	0	0	0.1	0.1	0.1
Assets to Equity	1.9	1.6	1.6	1.4	1.5	1.4
Cash Flow to Debt Ratio	0.8	4	3.2	0.7	1.7	0.4
Long-term Debt to Assets	0.2	0	0	0	0.1	0
Intangibles to Total Assets	0.2	0.2	0.3	0.3	0.1	0.1
Net Current Asset Value	2,017	2,344	1,564	1,685	2,423	3,864
Goodwill / Assets	0.2	0.2	0.2	0.2	0	0
Debt / Equity	0.3	0.1	0.1	0.1	0.1	0.1
Total Debt / Capitalization	1	1	1	1	1	1
Long Term Debt / Capitalization	1	0.9	0.9	0.9	0.9	0.4
Long-Term Debt / Equity	0.3	0.1	0.1	0.1	0.1	0.1
Net Debt / EBITDA	-0.8	-9.2	50.8	4	11.3	13.4
EBIT / Interest Expense	—	—	—	—	—	-13.6
EBITDA / Interest Expense	—	—	—	—	—	-9.9
(EBITDA - Capex) / Interest Expense	—	—	—	—	—	-13.2

Per Share	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20
Revenue per Share	29.1	24.9	22	17.7	14.5	46.3
Basic EPS	2	0.3	-1.4	-3.7	-1.4	-7.4
Diluted EPS	2	0.3	-1.4	-3.7	-1.4	-7.4
Book Value per Share	21.9	18.1	17.3	18.2	13.9	75.3
Tangible Book Value per Share	11.6	11.6	9.5	9.7	12.7	69.1
Cash per Share	9.8	12.4	10.4	9.5	11.2	77.9
Operating Cash Flow per Share	5.8	5	4.3	1	2.1	4
Free Cash Flow per Share	5.3	4.7	3.9	0.5	1.7	2.3
CapEx per Share	0.5	0.2	0.3	0.5	0.4	1.7
Weighted Avg. Shares Outstanding	423	411.6	392.9	371.4	336.8	62.4
Weighted Avg. Shares Outstanding Diluted	433.8	430.2	392.9	371.4	336.8	62.4

Common Size

Common Size	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20
R&D to Revenue	10.4%	10.9%	11.6%	12.6%	8.8%	11.1%
SG&A to Revenue	29.7%	32.5%	36%	43%	49.4%	52.4%
Stock-based Comp to Revenue	8.3%	10.2%	12.6%	13.5%	9.9%	11.2%