Enterprise Value to FCFF (EV/FCFF)
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DoorDash, Inc. pages available for free this week:
- Income Statement
- Balance Sheet: Assets
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Net Profit Margin since 2020
- Operating Profit Margin since 2020
- Current Ratio since 2020
- Price to Earnings (P/E) since 2020
- Price to Book Value (P/BV) since 2020
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Free Cash Flow to The Firm (FCFF)
DoorDash, Inc., FCFF calculation
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 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).
The financial information reveals a fluctuating pattern in both net cash provided by operating activities and free cash flow to the firm (FCFF) over the five-year period. A significant increase in FCFF is observed from 2022 to 2023, followed by more moderate growth in subsequent years.
- Net Cash from Operations
- Net cash provided by operating activities decreased substantially from US$692 million in 2021 to US$367 million in 2022. However, a strong recovery is evident, with values increasing to US$1,673 million in 2023, US$2,132 million in 2024, and further to US$2,431 million in 2025. This indicates improving operational cash generation over the latter part of the period.
- Free Cash Flow to the Firm (FCFF)
- FCFF experienced a dramatic decline from US$488 million in 2021 to US$21 million in 2022. A substantial rebound occurred in 2023, reaching US$1,349 million. The growth rate slowed in 2024, with FCFF reaching US$1,802 million, and continued at a similar pace in 2025, reaching US$1,826 million. The relatively stable FCFF values in 2024 and 2025 suggest a maturing of cash flow generation after the initial recovery.
The correlation between net cash from operations and FCFF is strong, as changes in operating cash flow are largely reflected in FCFF. The period between 2022 and 2023 demonstrates a particularly notable recovery in both metrics. While growth continues in the later years, the rate of increase moderates, suggesting a stabilization of cash flow performance.
Interest Paid, Net of Tax
DoorDash, Inc., interest paid, net of tax calculation
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 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).
2 2025 Calculation
Cash paid for interest, tax = Cash paid for interest × EITR
= × =
The information presents a limited view of interest expense and the effective income tax rate over a five-year period. A significant fluctuation in the effective income tax rate is observed, while cash paid for interest, net of tax, is only available for the year 2021.
- Effective Income Tax Rate (EITR)
- The effective income tax rate experienced substantial volatility. It began at 21.00% in 2021, decreased dramatically to 2.00% in 2022, returned to 21.00% in 2023, increased to 25.00% in 2024, and then decreased sharply to 1.00% in 2025. This suggests considerable changes in taxable income, tax credits, or applicable tax laws over the period. The low rates in 2022 and 2025 warrant further investigation to understand the underlying drivers.
- Cash Paid for Interest, Net of Tax
- Cash paid for interest, net of tax, was reported as US$33 million in 2021. No information is available for this metric in subsequent years, preventing any trend analysis. The absence of this information limits the ability to assess the company’s interest expense burden over time.
The combination of fluctuating tax rates and the lack of consistent interest expense information makes it difficult to draw definitive conclusions. Further investigation into the factors influencing the effective income tax rate and the availability of complete interest expense figures are recommended for a more comprehensive financial assessment.
Enterprise Value to FCFF Ratio, Current
DoorDash, Inc., current EV/FCFF calculation, comparison to benchmarks
| Selected Financial Data (US$ 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: 2025-12-31).
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, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| 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: 2025-12-31), 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).
3 2025 Calculation
EV/FCFF = EV ÷ FCFF
= ÷ =
4 Click competitor name to see calculations.
The Enterprise Value to Free Cash Flow to the Firm (EV/FCFF) ratio exhibits significant fluctuations over the observed period. Initially high, the ratio demonstrates substantial volatility before stabilizing in later years. Enterprise Value itself shows an initial decrease followed by a marked increase, while Free Cash Flow to the Firm (FCFF) experiences a dramatic low point before recovering and demonstrating consistent growth.
- EV/FCFF Ratio Trend
- In 2021, the EV/FCFF ratio stood at 65.41. This value increased substantially to 844.08 in 2022, indicating a significant decrease in FCFF relative to Enterprise Value. A considerable decline followed in 2023, with the ratio falling to 31.48. The ratio then increased to 46.68 in 2024, before decreasing slightly to 39.58 in 2025. This suggests a period of high valuation relative to cash flow, followed by improvement, and then stabilization.
- Enterprise Value (EV) Trend
- Enterprise Value decreased from US$31,931 million in 2021 to US$17,726 million in 2022. A substantial recovery occurred in 2023, with EV rising to US$42,471 million. Further growth was observed in 2024, reaching US$84,109 million, before a decrease to US$72,266 million in 2025. This pattern suggests periods of market re-evaluation and subsequent growth, followed by a recent moderation.
- Free Cash Flow to the Firm (FCFF) Trend
- FCFF was US$488 million in 2021, but experienced a sharp decline to US$21 million in 2022. A significant recovery began in 2023, with FCFF increasing to US$1,349 million. Continued growth was observed in 2024 and 2025, reaching US$1,802 million and US$1,826 million respectively. This indicates a substantial improvement in cash flow generation following a period of weakness.
The interplay between Enterprise Value and FCFF suggests a complex valuation dynamic. The initial high EV/FCFF ratio in 2021 was exacerbated by the dramatic drop in FCFF in 2022. The subsequent recovery in FCFF, coupled with increases in Enterprise Value, led to a more moderate and stabilizing EV/FCFF ratio in the later years of the period.