Common Stock Valuation Ratios (Price Multiples)
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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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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Current Valuation Ratios
DoorDash, Inc., current price multiples
| DoorDash, Inc. | Airbnb Inc. | Booking Holdings Inc. | Chipotle Mexican Grill Inc. | McDonald’s Corp. | Starbucks Corp. | Consumer Services | Consumer Discretionary | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||||||
| Current share price (P) | |||||||||||
| No. shares of common stock outstanding | |||||||||||
| Growth rate (g) | |||||||||||
| Earnings per share (EPS) | |||||||||||
| Next year expected EPS | |||||||||||
| Operating profit per share | |||||||||||
| Sales per share | |||||||||||
| Book value per share (BVPS) | |||||||||||
| Valuation Ratios (Price Multiples) | |||||||||||
| Price to earnings (P/E) | |||||||||||
| Price to next year expected earnings | |||||||||||
| Price to operating profit (P/OP) | |||||||||||
| Price to sales (P/S) | |||||||||||
| Price to book value (P/BV) | |||||||||||
Based on: 10-K (reporting date: 2025-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
DoorDash, Inc., historical price multiples
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Price to earnings (P/E) | ||||||
| Price to operating profit (P/OP) | ||||||
| Price to sales (P/S) | ||||||
| Price to book value (P/BV) |
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 valuation ratios exhibit significant fluctuations over the observed period. Initial values are followed by substantial shifts, particularly evident in the later years. A clear pattern of increasing availability of ratio information emerges, with earlier periods lacking complete figures.
- Price to Earnings (P/E)
- The Price to Earnings ratio is not available for 2021, 2022, or 2023. It registers at a very high value of 728.78 in 2024, decreasing substantially to 80.56 in 2025. This dramatic shift suggests a significant change in earnings relative to market price during this period.
- Price to Operating Profit (P/OP)
- The Price to Operating Profit ratio is unavailable for the first three years. It appears in 2025 at 104.18, indicating the market values the company at over one hundred times its operating profit. This is a high multiple, potentially reflecting growth expectations or intangible assets.
- Price to Sales (P/S)
- The Price to Sales ratio begins at 7.30 in 2021, declines to 3.23 in 2022, and then increases to 5.40 in 2023. It rises again to 8.36 in 2024 before decreasing to 5.49 in 2025. This indicates a volatile relationship between market capitalization and revenue, with fluctuations occurring annually.
- Price to Book Value (P/BV)
- The Price to Book Value ratio starts at 7.65 in 2021, decreases to 3.15 in 2022, and then rises to 6.85 in 2023. It peaks at 11.49 in 2024 before declining to 7.51 in 2025. This suggests changing investor perceptions of the company’s net asset value relative to its market price.
Overall, the ratios demonstrate considerable variability, particularly in the later years as more information becomes available. The substantial changes in P/E and P/OP ratios between 2024 and 2025 are particularly noteworthy and warrant further investigation.
Price to Earnings (P/E)
DoorDash, Inc., historical P/E 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$) | ||||||
| Net income (loss) attributable to DoorDash, Inc. common stockholders (in millions) | ||||||
| Earnings per share (EPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/E ratio4 | ||||||
| Benchmarks | ||||||
| P/E Ratio, Competitors5 | ||||||
| Airbnb Inc. | ||||||
| Booking Holdings Inc. | ||||||
| Chipotle Mexican Grill Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
| P/E Ratio, Sector | ||||||
| Consumer Services | ||||||
| P/E Ratio, 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.
2 2025 Calculation
EPS = Net income (loss) attributable to DoorDash, Inc. common stockholders ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of DoorDash, Inc. Annual Report.
4 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The price to earnings (P/E) ratio exhibits a significant trajectory over the observed period. Initially unavailable for 2021 and 2022, the ratio emerges in 2023 and undergoes substantial fluctuation before stabilizing. The share price demonstrates volatility, decreasing from 2021 to 2022 before increasing in subsequent years, though with a decline from 2024 to 2025. Earnings per share (EPS) transitions from negative values in the earlier years to positive figures in 2024 and 2025, directly influencing the P/E ratio’s behavior.
- P/E Ratio Trend
- The P/E ratio is not calculable for the years 2021 and 2022 due to negative earnings per share. In 2023, the ratio remains unavailable, suggesting continued negative earnings or a lack of reported figures. A remarkably high P/E ratio of 728.78 is recorded for 2024, coinciding with the first year of positive EPS. This indicates a substantial premium investors were willing to pay for each dollar of earnings. The ratio decreases significantly to 80.56 in 2025, suggesting a more moderate valuation as earnings continue to grow and the market perception adjusts.
- Share Price and EPS Relationship
- A decrease in share price is observed between 2021 and 2022, concurrent with a worsening of the EPS figure. The subsequent increase in share price from 2022 to 2024 aligns with the shift to positive EPS. However, the share price declines from 2024 to 2025, despite continued EPS growth, potentially indicating other market factors influencing valuation.
- Valuation Implications
- The progression of the P/E ratio suggests a transition from a growth-focused valuation (high P/E in 2024) to a more conventional valuation as the company demonstrates sustained profitability (lower P/E in 2025). The initial inability to calculate the P/E ratio highlights a period of unprofitability, while the subsequent high value reflects investor optimism regarding future earnings potential. The decrease in the P/E ratio in 2025 could indicate increasing investor confidence combined with a more realistic assessment of the company’s earnings capacity.
Price to Operating Profit (P/OP)
DoorDash, Inc., historical P/OP 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$) | ||||||
| Income (loss) from operations (in millions) | ||||||
| Operating profit per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/OP ratio4 | ||||||
| Benchmarks | ||||||
| P/OP Ratio, Competitors5 | ||||||
| Airbnb Inc. | ||||||
| Booking Holdings Inc. | ||||||
| Chipotle Mexican Grill Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
| P/OP Ratio, Sector | ||||||
| Consumer Services | ||||||
| P/OP Ratio, 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.
2 2025 Calculation
Operating profit per share = Income (loss) from operations ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of DoorDash, Inc. Annual Report.
4 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The price to operating profit (P/OP) ratio exhibits a notable progression over the observed period. Initially unavailable for the years 2021, 2022, and 2023, the ratio is calculated for 2024 and 2025, coinciding with changes in operating profit per share.
- Share Price
- The share price demonstrates volatility. It decreased from US$102.43 in 2021 to US$54.19 in 2022, then increased to US$115.48 in 2023, and further to US$213.38 in 2024 before declining to US$173.38 in 2025.
- Operating Profit Per Share
- Operating profit per share was negative for the years 2021 through 2023, registering at -US$1.30, -US$2.87, and -US$1.43 respectively. It remained negative, though significantly reduced, in 2024 at -US$0.09, before turning positive in 2025 at US$1.66. This shift from negative to positive operating profit is a key driver of the P/OP ratio change.
- P/OP Ratio
- The P/OP ratio is reported as 104.18 for 2025. The absence of a value for prior years is directly attributable to the negative operating profit per share during those periods; a negative operating profit renders the P/OP ratio undefined. The emergence of a positive P/OP ratio in 2025 reflects the transition to positive operating profit per share, indicating that investors are willing to pay 104.18 times the operating profit per share for the stock.
The progression suggests a potential turning point in the company’s profitability. The shift to positive operating profit and the resulting P/OP ratio indicate a change in investor sentiment and valuation metrics. Further monitoring of these trends is warranted to assess the sustainability of this improvement.
Price to Sales (P/S)
DoorDash, Inc., historical P/S calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Revenue (in millions) | ||||||
| Sales per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/S ratio4 | ||||||
| Benchmarks | ||||||
| P/S Ratio, Competitors5 | ||||||
| Airbnb Inc. | ||||||
| Booking Holdings Inc. | ||||||
| Chipotle Mexican Grill Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
| P/S Ratio, Sector | ||||||
| Consumer Services | ||||||
| P/S Ratio, 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.
2 2025 Calculation
Sales per share = Revenue ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of DoorDash, Inc. Annual Report.
4 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The price to sales ratio exhibited considerable fluctuation over the five-year period. Initial values decreased significantly before increasing and then decreasing again, suggesting volatility in market valuation relative to revenue generation per share.
- Price to Sales (P/S) Ratio - Overall Trend
- The P/S ratio began at 7.30 in 2021, decreased substantially to 3.23 in 2022, then increased to 5.40 in 2023. A further increase to 8.36 was observed in 2024, followed by a decline to 5.49 in 2025. This pattern indicates a period of decreasing valuation followed by recovery and subsequent moderation.
- Price to Sales (P/S) Ratio - 2021-2022
- A marked decrease in the P/S ratio occurred between 2021 and 2022, falling from 7.30 to 3.23. This decline coincided with a decrease in share price and a simultaneous increase in sales per share, suggesting the market re-evaluated the company’s valuation in relation to its growing revenue.
- Price to Sales (P/S) Ratio - 2022-2024
- From 2022 to 2024, the P/S ratio demonstrated an upward trend, rising from 3.23 to 8.36. This increase occurred alongside increases in both share price and sales per share, indicating growing investor confidence and a higher valuation assigned to each dollar of sales.
- Price to Sales (P/S) Ratio - 2024-2025
- The most recent period, from 2024 to 2025, saw a decrease in the P/S ratio from 8.36 to 5.49. This decrease occurred despite continued growth in sales per share, but was accompanied by a decline in share price, suggesting a potential shift in investor sentiment or broader market conditions impacting valuation.
The observed fluctuations in the P/S ratio suggest that the company’s valuation is sensitive to changes in both its share price and revenue generation. The ratio’s movement does not appear to be consistently correlated with sales per share alone, indicating other factors likely influence market perception.
Price to Book Value (P/BV)
DoorDash, Inc., historical P/BV 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$) | ||||||
| Stockholders’ equity (in millions) | ||||||
| Book value per share (BVPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/BV ratio4 | ||||||
| Benchmarks | ||||||
| P/BV Ratio, Competitors5 | ||||||
| Airbnb Inc. | ||||||
| Booking Holdings Inc. | ||||||
| Chipotle Mexican Grill Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
| P/BV Ratio, Sector | ||||||
| Consumer Services | ||||||
| P/BV Ratio, 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.
2 2025 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of DoorDash, Inc. Annual Report.
4 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The price to book value ratio exhibited considerable fluctuation over the five-year period. Initially, the ratio decreased significantly before recovering and then increasing substantially, followed by a moderate decline in the most recent year.
- Price to Book Value (P/BV) Trend
- The P/BV ratio began at 7.65 in 2021. A substantial decrease was observed in 2022, falling to 3.15. This represents a more than 50% decline. The ratio then began to recover in 2023, reaching 6.85, indicating increased investor confidence relative to book value. A significant increase occurred in 2024, with the P/BV ratio rising to 11.49, the highest value in the observed period. Finally, the ratio decreased to 7.51 in 2025, suggesting a moderation in valuation relative to book value.
The share price demonstrated a similar pattern of decline and recovery. The book value per share generally increased throughout the period, although the rate of increase varied. The interplay between share price fluctuations and the relatively steady increase in book value per share drove the observed changes in the P/BV ratio.
- Share Price and Book Value Per Share
- The share price decreased from US$102.43 in 2021 to US$54.19 in 2022, mirroring the decline in the P/BV ratio. It then increased substantially to US$115.48 in 2023 and further to US$213.38 in 2024, contributing to the peak in the P/BV ratio. A decrease to US$173.38 was noted in 2025. Book value per share increased from US$13.40 in 2021 to US$17.23 in 2022, then to US$16.85 in 2023, US$18.57 in 2024, and finally to US$23.09 in 2025, indicating consistent growth in net asset value per share.
The significant volatility in the P/BV ratio suggests that market sentiment and expectations regarding future growth prospects played a substantial role in the company’s valuation during this period. The ratio’s movement indicates a dynamic relationship between market perception and underlying asset value.