Price to FCFE (P/FCFE)
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- 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 Equity (FCFE)
DoorDash, Inc., FCFE 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).
Net cash provided by operating activities and free cash flow to equity (FCFE) both demonstrate significant fluctuations over the observed period. A notable improvement in both metrics is evident from 2022 onwards.
- 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 observed in subsequent years, 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 efficiency and cash generation capabilities.
- Free Cash Flow to Equity (FCFE)
- FCFE mirrors the trend in operating cash flow. It declined sharply from US$122 million in 2021 to US$21 million in 2022. A substantial increase is then recorded, reaching US$1,349 million in 2023, US$1,802 million in 2024, and culminating in US$3,866 million in 2025. This substantial growth suggests an increasing ability to generate cash available to equity holders.
- Relationship between Metrics
- The FCFE consistently represents a portion of the net cash from operating activities, though the proportion varies year to year. The significant increases in FCFE from 2022 to 2025 are directly correlated with the improvements in net cash from operating activities, suggesting that the company’s core business is becoming more profitable and efficient at converting revenue into cash.
- Overall Trend
- The period exhibits a clear shift from a weaker financial position in 2022 to a considerably stronger one by 2025. The accelerating growth in both operating cash flow and FCFE indicates a positive trajectory for the company’s financial health and its capacity to fund future growth initiatives or return capital to shareholders.
Price to FCFE Ratio, Current
DoorDash, Inc., current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Airbnb Inc. | |
| Booking Holdings Inc. | |
| Chipotle Mexican Grill Inc. | |
| McDonald’s Corp. | |
| Starbucks Corp. | |
| P/FCFE, Sector | |
| Consumer Services | |
| P/FCFE, Industry | |
| Consumer Discretionary | |
Based on: 10-K (reporting date: 2025-12-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
DoorDash, Inc., historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in millions)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| Airbnb Inc. | ||||||
| Booking Holdings Inc. | ||||||
| Chipotle Mexican Grill Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
| P/FCFE, Sector | ||||||
| Consumer Services | ||||||
| P/FCFE, 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).
1 Data adjusted for splits and stock dividends.
3 2025 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of DoorDash, Inc. Annual Report.
5 2025 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
The Price to Free Cash Flow to Equity (P/FCFE) ratio exhibits significant fluctuation over the observed period. Initially high, the ratio decreased substantially before stabilizing and trending downwards again. This movement correlates with changes in both share price and free cash flow to equity per share.
- Share Price
- The share price experienced a considerable decline from December 31, 2021, to December 31, 2022, falling from US$102.43 to US$54.19. A subsequent recovery occurred through December 31, 2024, reaching US$213.38, before decreasing to US$173.38 by December 31, 2025. This indicates periods of both investor optimism and pessimism.
- FCFE per Share
- Free cash flow to equity per share demonstrated a low value of US$0.35 in 2021, followed by a further decrease to US$0.05 in 2022. A substantial increase is then observed, rising to US$3.34 in 2023, US$4.29 in 2024, and continuing to US$8.90 in 2025. This suggests improving cash generation capabilities.
- P/FCFE Ratio
- The P/FCFE ratio began at a high of 292.52 in 2021. It peaked at 1,011.74 in 2022, driven by the significant decline in FCFE per share coupled with a decrease in share price. A dramatic reduction followed, with the ratio falling to 34.58 in 2023, and 49.74 in 2024. The ratio continued to decrease to 19.48 in 2025, coinciding with continued increases in FCFE per share and a slight decrease in share price. The initial high values suggest the market priced the equity at a substantial premium relative to its free cash flow, while the later values indicate a more reasonable valuation.
The inverse relationship between FCFE per share and the P/FCFE ratio is particularly noteworthy. As FCFE per share increased, the P/FCFE ratio decreased, indicating that the equity became relatively less expensive in relation to the cash flow it generates. The volatility of the P/FCFE ratio suggests a dynamic market perception of the company’s future cash flow generating potential.