DoorDash, Inc., current enterprise value calculation

Current share price (P)	$182.47
No. shares of common stock outstanding	430,998,519
US$ in millions
Common equity (market value)¹	78,644)
Total equity	78,644)
Add: Convertible notes (per books)	—)
Total equity and debt	78,644)
Less: Cash and cash equivalents	4,019)
Less: Restricted cash	190)
Less: Short-term marketable securities	1,322)
Enterprise value (EV)	73,113)

Based on: 10-K (reporting date: 2024-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 182.47 × 430,998,519

DoorDash, Inc., EV calculation

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Share price^1, 2	$213.38	$115.48	$54.19	$102.43	$151.48
No. shares of common stock outstanding¹	420,096,084	404,004,211	392,075,689	348,411,427	321,463,740
US$ in millions
Common equity (market value)³	89,640)	46,654)	21,247)	35,688)	48,695)
Total equity	89,640)	46,654)	21,247)	35,688)	48,695)
Add: Convertible notes (book value)	—)	—)	—)	—)	364)
Total equity and debt	89,640)	46,654)	21,247)	35,688)	49,059)
Less: Cash and cash equivalents	4,019)	2,656)	1,977)	2,504)	4,345)
Less: Restricted cash	190)	105)	—)	—)	—)
Less: Short-term marketable securities	1,322)	1,422)	1,544)	1,253)	514)
Enterprise value (EV)	84,109)	42,471)	17,726)	31,931)	44,200)

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).

¹ Data adjusted for splits and stock dividends.

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

³ 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 213.38 × 420,096,084

The financial data presents a clear evolution in the company's equity and enterprise value over the five-year span from 2020 to 2024. Key observations are as follows:

Equity Trends: Common equity, also reflected as total equity, experienced a significant decline between 2020 and 2022, dropping from $48,695 million to $21,247 million. This represents more than a 50% decrease over two years. However, from 2022 onwards, there was a marked recovery, with equity rising sharply to $46,654 million in 2023 and nearly doubling to $89,640 million in 2024. This rebound suggests a strong improvement in shareholder value or capital structure adjustments during the latter years.
Total Equity and Debt: Total equity and debt mirrored the movements seen in total equity exactly for all reported periods. This indicates either an absence of debt or that equity substantially comprises the total capital structure, with minimal or no reported liabilities influencing the combined value. This pattern suggests a relatively simple balance sheet structure across these years.
Enterprise Value (EV): Enterprise value followed a similar trajectory to equity. It declined from $44,200 million in 2020 to $17,726 million by 2022, indicating a significant contraction in the company’s overall valuation during this period. Subsequently, EV increased substantially, rising to $42,471 million in 2023 and nearly doubling to $84,109 million in 2024, closely tracking the improvement in equity. The parallel trends between EV and equity imply that market perceptions of the company’s operating value and capital structure strengthened considerably post-2022.

Overall, the data delineates a challenging phase through 2021-2022 with pronounced decreases in financial valuations, followed by a strong recovery phase in 2023-2024. The recovery reflects positive developments potentially related to operational performance, market conditions, or strategic financial restructuring, leading to enhanced market capitalization and enterprise value. The consistent alignment between total equity and total capital suggests stable leverage levels without significant debt introduction over this period.

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DoorDash, Inc. (NASDAQ:DASH)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)