Enterprise Value to EBITDA (EV/EBITDA)
Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
DoorDash, Inc., EBITDA calculation
US$ in millions
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
The financial data reveals notable fluctuations in profitability and operational performance over the five-year period. Initially, the company experienced consistent net losses from 2020 through 2023, with the most significant loss occurring in 2022. The net loss attributable to common stockholders peaked at -1365 million US dollars in 2022 before narrowing to -558 million in 2023. A positive net income of 123 million US dollars is observed in 2024, indicating a turnaround from prior losses.
- Net income (loss) attributable to common stockholders
- Consistently negative from 2020 to 2023, with a sharp deepening loss in 2022, followed by a recovery trend and eventual profitability in 2024.
- Earnings before tax (EBT)
- The EBT figures mirror the net income trend, displaying substantial losses through 2022, then improvement in 2023, and turning positive in 2024.
- Earnings before interest and tax (EBIT)
- Similar to EBT, EBIT shows large negative values peaking in 2022, improvement in 2023, and positive results in 2024. This suggests operational losses were significant but began to resolve by 2024.
- Earnings before interest, tax, depreciation and amortization (EBITDA)
- EBITDA trends indicate a less severe loss compared to EBIT, suggesting that depreciation and amortization expenses contribute substantially to the negative EBIT figures. The loss peaks in 2022, then dramatically improves by 2023, finally achieving positive EBITDA in 2024, which indicates improving core operational profitability.
Overall, the data shows a company transitioning from significant operating and net losses to profitability within the observed timeframe. The steep losses in 2022 highlight a challenging year, followed by a recovery phase. The positive EBITDA and net income in 2024 suggest enhanced operational efficiency and financial health by the end of the period. The progression from heavy losses toward profitability points to effective cost management, revenue growth, or other positive operational changes occurring from 2023 onward.
Enterprise Value to EBITDA Ratio, Current
DoorDash, Inc., current EV/EBITDA calculation, comparison to benchmarks
| Selected Financial Data (US$ in millions) | |
| Enterprise value (EV) | 97,731) |
| Earnings before interest, tax, depreciation and amortization (EBITDA) | 717) |
| Valuation Ratio | |
| EV/EBITDA | 136.31 |
| Benchmarks | |
| EV/EBITDA, Competitors1 | |
| Airbnb Inc. | 23.42 |
| Booking Holdings Inc. | 20.08 |
| Chipotle Mexican Grill Inc. | 25.54 |
| McDonald’s Corp. | 17.90 |
| Starbucks Corp. | 16.64 |
| EV/EBITDA, Sector | |
| Consumer Services | 21.51 |
| EV/EBITDA, Industry | |
| Consumer Discretionary | 47.02 |
Based on: 10-K (reporting date: 2024-12-31).
1 Click competitor name to see calculations.
If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.
Enterprise Value to EBITDA Ratio, Historical
DoorDash, Inc., historical EV/EBITDA calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Enterprise value (EV)1 | 84,109) | 42,471) | 17,726) | 31,931) | 44,200) | |
| Earnings before interest, tax, depreciation and amortization (EBITDA)2 | 717) | (25) | (1,028) | (293) | (306) | |
| Valuation Ratio | ||||||
| EV/EBITDA3 | 117.31 | — | — | — | — | |
| Benchmarks | ||||||
| EV/EBITDA, Competitors4 | ||||||
| Airbnb Inc. | 23.48 | 40.65 | 36.61 | 338.63 | — | |
| Booking Holdings Inc. | 17.99 | 19.60 | 19.20 | 45.39 | 73.17 | |
| Chipotle Mexican Grill Inc. | 32.63 | 36.37 | 29.62 | 40.00 | 79.87 | |
| McDonald’s Corp. | 18.72 | 18.04 | 20.87 | 17.49 | 21.03 | |
| Starbucks Corp. | 17.33 | 17.75 | 19.88 | 18.77 | 38.99 | |
| EV/EBITDA, Sector | ||||||
| Consumer Services | 21.52 | 22.30 | 23.77 | 27.18 | 65.84 | |
| EV/EBITDA, Industry | ||||||
| Consumer Discretionary | 20.91 | 18.33 | 20.01 | 21.51 | 29.73 | |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
3 2024 Calculation
EV/EBITDA = EV ÷ EBITDA
= 84,109 ÷ 717 = 117.31
4 Click competitor name to see calculations.
The financial data reveals several notable trends over the period from December 31, 2020, to December 31, 2024.
- Enterprise Value (EV)
- The enterprise value exhibits a fluctuating pattern with significant movements across the years. Initially, it decreased sharply from 44,200 million USD in 2020 to 17,726 million USD in 2022. This represents a substantial decline over the two-year span. However, starting in 2023, the EV shows a strong recovery, nearly doubling from 17,726 million USD to 42,471 million USD, and then doubling again to reach 84,109 million USD in 2024. This marked rebound suggests improved market perception or underlying value drivers in the latter years.
- Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA)
- EBITDA figures consistently indicate negative performance in the initial years, with losses recorded throughout 2020 to 2022. Specifically, EBITDA loss deepened significantly in 2022, reaching -1028 million USD. However, from 2022 to 2023, there is a notable improvement, with EBITDA loss substantially reducing to -25 million USD. This positive momentum continues into 2024, resulting in a positive EBITDA of 717 million USD. The transition from negative to positive EBITDA reflects an operational turnaround and enhanced profitability potential.
- EV/EBITDA Ratio
- The reported EV/EBITDA ratio for 2024 stands at 117.31. Given the EBITDA for that year is positive, this high multiple may indicate elevated market expectations for future growth or valuation premium relative to current earnings. The absence of ratio data for previous years restricts comparison, but the elevated level in 2024 suggests a valuation potentially driven by growth optimism.