Enterprise Value to FCFF (EV/FCFF)
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DoorDash, Inc. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Price to FCFE (P/FCFE)
- Price to Operating Profit (P/OP) since 2020
- Price to Book Value (P/BV) since 2020
- Price to Sales (P/S) since 2020
- Analysis of Revenues
- Analysis of Debt
- Aggregate Accruals
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Free Cash Flow to The Firm (FCFF)
DoorDash, Inc., FCFF 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 analysis of the annual financial data reveals significant fluctuations and an overall upward trend in key cash flow metrics over the observed period.
- Net cash provided by operating activities
- This item shows a marked increase from US$252 million in 2020 to US$692 million in 2021, indicating strengthened operating cash generation during this period. However, there is a sharp decline to US$367 million in 2022, suggesting some challenges or increased cash outflows during that year. The trend reverses strongly in 2023, with the net cash provided by operating activities reaching US$1,673 million, nearly a fivefold increase compared to 2022. The upward momentum continues into 2024, with a further increase to US$2,132 million, highlighting significant improvement in operational efficiency or growth in core business activities.
- Free cash flow to the firm (FCFF)
- Free cash flow to the firm exhibits a similar overall positive trajectory with some volatility. It rises substantially from US$93 million in 2020 to US$488 million in 2021, indicating enhanced ability to generate cash after capital expenditures. A steep drop to US$21 million in 2022 points to either elevated capital spending or decreased cash generation that year. The subsequent recovery is pronounced, with FCFF climbing to US$1,349 million in 2023 and further increasing to US$1,802 million in 2024. This suggests improved financial health and increased free cash available to stakeholders.
Overall, although there is considerable variability in both operating cash flow and free cash flow in the early years, the data shows a strong positive shift from 2022 onwards. This improvement could be attributed to enhanced operational performance, cost management, or favorable business developments that have increased liquidity and free cash generation.
Interest Paid, Net of Tax
DoorDash, Inc., interest paid, net of tax calculation
US$ 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).
2 2024 Calculation
Cash paid for interest, tax = Cash paid for interest × EITR
= × =
The analysis of the provided financial data reveals notable observations regarding the effective income tax rate (EITR) and cash paid for interest over the relevant periods.
- Effective Income Tax Rate (EITR) Trends
- The effective income tax rate remained stable at 21% for the years ending December 31, 2020 and 2021. There was a sharp decline to 2% in the year ending December 31, 2022, suggesting a significant reduction in tax expense relative to pre-tax income or possible utilization of tax credits or other tax benefits during that period. However, the EITR reverted to 21% in 2023 and increased further to 25% in 2024, indicating a normalization and even a rise above the initial levels, which could be due to changes in tax policy, adjustments in profitability, or reduced availability of tax advantages.
- Cash Paid for Interest, Net of Tax
- Cash outflows related to interest payments, net of tax effects, are sparsely reported with a single data point of US$33 million in 2021. No information is available for 2020, 2022, 2023, and 2024. This limited data restricts trend analysis; however, the recorded amount in 2021 suggests that the company had interest-bearing liabilities during that period, incurring cash interest payments that affected cash flows.
Overall, the notable fluctuation in the effective income tax rate highlights variability in tax expense management or tax environment influences, while limited data on interest payments prevent comprehensive assessment of financing cost trends.
Enterprise Value to FCFF Ratio, Current
DoorDash, Inc., current EV/FCFF calculation, comparison to benchmarks
| Selected Financial Data (US$ in millions) | |
| Enterprise value (EV) | |
| Free cash flow to the firm (FCFF) | |
| Valuation Ratio | |
| EV/FCFF | |
| Benchmarks | |
| EV/FCFF, Competitors1 | |
| Airbnb Inc. | |
| Booking Holdings Inc. | |
| Chipotle Mexican Grill Inc. | |
| McDonald’s Corp. | |
| Starbucks Corp. | |
| EV/FCFF, Sector | |
| Consumer Services | |
| EV/FCFF, Industry | |
| Consumer Discretionary | |
Based on: 10-K (reporting date: 2024-12-31).
1 Click competitor name to see calculations.
If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.
Enterprise Value to FCFF Ratio, Historical
DoorDash, Inc., historical EV/FCFF 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 | ||||||
| Free cash flow to the firm (FCFF)2 | ||||||
| Valuation Ratio | ||||||
| EV/FCFF3 | ||||||
| Benchmarks | ||||||
| EV/FCFF, Competitors4 | ||||||
| Airbnb Inc. | ||||||
| Booking Holdings Inc. | ||||||
| Chipotle Mexican Grill Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
| EV/FCFF, Sector | ||||||
| Consumer Services | ||||||
| EV/FCFF, Industry | ||||||
| Consumer Discretionary | ||||||
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/FCFF = EV ÷ FCFF
= ÷ =
4 Click competitor name to see calculations.
- Enterprise Value (EV)
- The enterprise value experienced significant fluctuations over the observed period. Starting at 44,200 million US dollars at the end of 2020, it decreased notably to 17,726 million US dollars by the end of 2022. This was followed by a sharp recovery, rising to 42,471 million US dollars at the end of 2023 and then almost doubling to 84,109 million US dollars by the end of 2024, indicating strong market revaluation or changes in capital structure.
- Free Cash Flow to the Firm (FCFF)
- Free cash flow to the firm demonstrated volatility but an overall positive growth trend. Starting from a modest 93 million US dollars in 2020, it surged to 488 million in 2021 before plummeting to 21 million in 2022. However, the following years saw substantial increases, reaching 1,349 million in 2023 and further rising to 1,802 million US dollars in 2024, reflecting improving operational cash generation.
- EV/FCFF Ratio
- The EV/FCFF ratio exhibited extreme variability across the period. In 2020, the ratio was exceptionally high at 475.27, indicating a very high valuation relative to free cash flow. It improved substantially in 2021 to 65.41 but then sharply deteriorated to 844.08 in 2022 due to the collapse in free cash flow. Subsequently, the ratio improved markedly to 31.48 in 2023 and slightly increased to 46.68 in 2024, suggesting a more normalized valuation relative to cash flows, though still elevated compared to earlier years.