DoorDash, Inc., current enterprise value calculation

Current share price (P)	$159.98
No. shares of common stock outstanding	434,426,352
US$ in millions
Common equity (market value)¹	69,500)
Total equity	69,500)
Add: Convertible notes, net (per books)	2,724)
Total equity and debt	72,224)
Less: Cash and cash equivalents	4,378)
Less: Restricted cash	273)
Less: Short-term investments	1,128)
Enterprise value (EV)	66,445)

Based on: 10-K (reporting date: 2025-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 159.98 × 434,426,352

DoorDash, Inc., EV calculation

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Share price^1, 2	$173.38	$213.38	$115.48	$54.19	$102.43
No. shares of common stock outstanding¹	434,426,352	420,096,084	404,004,211	392,075,689	348,411,427
US$ in millions
Common equity (market value)³	75,321)	89,640)	46,654)	21,247)	35,688)
Total equity	75,321)	89,640)	46,654)	21,247)	35,688)
Add: Convertible notes, net (book value)	2,724)	—)	—)	—)	—)
Total equity and debt	78,045)	89,640)	46,654)	21,247)	35,688)
Less: Cash and cash equivalents	4,378)	4,019)	2,656)	1,977)	2,504)
Less: Restricted cash	273)	190)	105)	—)	—)
Less: Short-term investments	1,128)	1,322)	1,422)	1,544)	1,253)
Enterprise value (EV)	72,266)	84,109)	42,471)	17,726)	31,931)

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).

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of DoorDash, Inc. Annual Report.

³ 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 173.38 × 434,426,352

The information presents a fluctuating pattern in enterprise value alongside related equity metrics over a five-year period. A significant decrease in enterprise value is initially observed, followed by a period of growth and then a subsequent decline.

Enterprise Value Trend: Enterprise value decreased from US$31.931 billion in 2021 to US$17.726 billion in 2022, representing a substantial contraction. A recovery is then evident, with enterprise value increasing to US$42.471 billion in 2023 and further to US$84.109 billion in 2024. However, this growth appears to have peaked, as enterprise value decreased to US$72.266 billion in 2025.
Equity Value and Enterprise Value Relationship: Common equity (market value) and total equity exhibit identical values throughout the period, suggesting no significant differences between book value and market capitalization. The enterprise value consistently tracks closely with total equity, indicating that debt plays a relatively limited role in the overall valuation. The difference between total equity and enterprise value suggests the presence of minority interests or other non-equity claims, though these appear to be relatively stable.
Total Equity and Debt: Total equity and debt remained relatively consistent between 2021 and 2023, at approximately US$46.654 billion. A notable increase is observed in 2024, reaching US$89.640 billion, before decreasing slightly to US$78.045 billion in 2025. This suggests a period of increased leverage or equity issuance followed by a partial reversal.

The observed fluctuations in enterprise value warrant further investigation to understand the underlying drivers, such as changes in market sentiment, operational performance, or capital structure decisions. The peak in 2024, followed by a decline in 2025, suggests potential shifts in investor expectations or company performance during those periods.

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DoorDash, Inc. (NASDAQ:DASH)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)