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:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Price to FCFE (P/FCFE)
- Price to Operating Profit (P/OP) since 2020
- Price to Book Value (P/BV) since 2020
- Price to Sales (P/S) since 2020
- Analysis of Revenues
- Analysis of Debt
- Aggregate Accruals
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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 sales (P/S) | |||||||||||
| Price to book value (P/BV) | |||||||||||
Based on: 10-K (reporting date: 2024-12-31).
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, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| 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: 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).
The financial data reflects notable fluctuations in key valuation ratios over the five-year period, revealing changes in market perception and company performance.
- Price to Earnings (P/E) Ratio
- The P/E ratio is only available for the year ending December 31, 2024, with a very high value of 728.78. This unusually elevated ratio suggests that the market may have high growth expectations for the company or that earnings are currently minimal or negative, causing the ratio to spike.
- Price to Operating Profit (P/OP) Ratio
- No data is provided across all years, which limits the ability to analyze operating profit valuation trends.
- Price to Sales (P/S) Ratio
- The P/S ratio declined sharply from 16.87 in 2020 to 3.23 in 2022, indicating a significant reduction in the price investors were willing to pay per unit of sales. This could reflect slowing revenue growth or changes in market sentiment. However, from 2022 onwards, the ratio rebounded to 5.4 in 2023 and further to 8.36 in 2024, suggesting improving investor confidence or sales performance stability.
- Price to Book Value (P/BV) Ratio
- A similar pattern is observed in the P/BV ratio. It decreased from 10.36 in 2020 to a low of 3.15 in 2022, indicating a diminished market valuation relative to the company's net asset value. Subsequently, the ratio rose again to 6.85 in 2023 and reached 11.49 by 2024, surpassing the initial value in 2020. This trend may imply an enhanced market perception of the company's intrinsic value or improved asset returns during the latter period.
Overall, the data illustrates a period of valuation trough around 2022, followed by a recovery in market valuation ratios through 2024. The spike in the P/E ratio in 2024, contrasted with the rising P/S and P/BV ratios, suggests either an anticipated increase in profitability or potential volatility in earnings during this time frame.
Price to Earnings (P/E)
DoorDash, Inc., historical P/E calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| 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: 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 2024 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 2024 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The data indicates significant fluctuations in the financial performance and market valuation over the observed periods.
- Share Price Trends
- The share price exhibited a downward trend from US$151.48 at the end of 2020 to US$54.19 by the end of 2022, marking a substantial decline. However, this trend reversed with a notable recovery to US$115.48 in 2023, followed by a strong surge reaching US$213.38 in 2024, indicating increased investor confidence or improved market conditions.
- Earnings Per Share (EPS)
- The EPS values were negative from 2020 through 2023, signaling consistent losses. Specifically, EPS worsened from -US$1.43 in 2020 to -US$3.48 in 2022, before improving to -US$1.38 in 2023. By 2024, EPS turned positive at US$0.29, reflecting a transition from losses to profitability. This positive turnaround in 2024 might be a critical factor behind the increased share price.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio is only reported for 2024, at an extremely high level of 728.78. This elevated ratio suggests that the share price is very high relative to earnings, possibly due to market speculation or investors anticipating strong future growth. The absence of earlier P/E ratios likely results from negative EPS values, making the calculation undefined or not meaningful for those years.
Overall, the financial data reveals a period of initial decline and losses, followed by a substantial recovery and an emergence into profitability in the latest year. The market appears to have responded positively, as evidenced by increased share prices and a high valuation multiple. Careful monitoring of future earnings and share price movements will be necessary to assess the sustainability of this positive trend.
Price to Operating Profit (P/OP)
DoorDash, Inc., historical P/OP calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| 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: 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 2024 Calculation
Operating profit per share = Loss from operations ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of DoorDash, Inc. Annual Report.
4 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals several notable trends over the five-year period ending December 31, 2024. The share price experienced a significant decline from 2020 through 2022, followed by a substantial recovery in 2023 and an even stronger performance in 2024.
- Share Price
- The share price began at $151.48 in 2020 and fell sharply to $102.43 in 2021, with a further decrease to $54.19 in 2022. However, this downward trend reversed in 2023, with the price rising to $115.48, and the upward momentum continued in 2024, reaching $213.38. This pattern suggests a period of declining investor confidence or external challenges up to 2022, followed by recovery and growth in the subsequent years.
- Operating Profit Per Share
- Operating profit per share remained negative throughout the entire period, indicating ongoing operating losses. The loss per share was $-1.36 in 2020 and slightly improved to $-1.30 in 2021. However, it worsened considerably in 2022 to $-2.87, indicating deteriorating operating performance. Improvements were seen in 2023, with the loss reducing to $-1.43, and further progress occurred in 2024, reaching a much smaller loss of $-0.09 per share. Although the company has not yet reached operating profitability, the trajectory points to a narrowing of operating losses in the most recent years.
- P/OP Ratio
- The price-to-operating profit ratio data is not provided, preventing direct assessment of valuation relative to operating earnings. However, given the sustained operating losses, a meaningful P/OP ratio likely does not exist or would be negative/inapplicable.
In summary, while the company struggled with significant operating losses throughout the period, improvements in operating profit per share became evident after 2022. This improvement was accompanied by a rebound and strong growth in share price in 2023 and 2024, which may reflect growing market optimism about the company’s future profitability prospects or other positive fundamental changes not captured in operating profit figures alone.
Price to Sales (P/S)
DoorDash, Inc., historical P/S calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| 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: 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 2024 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 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price experienced a significant decline from US$151.48 at the end of 2020 to a low of US$54.19 at the end of 2022. Following this decline, the share price showed a strong recovery in the subsequent years, rising to US$115.48 at the end of 2023 and further increasing to US$213.38 by the end of 2024. This indicates a marked fluctuation in market valuation with a rebound surpassing the initial peak.
- Sales Per Share Evolution
- Sales per share demonstrated a consistent upward trend over the entire period. Starting at US$8.98 in 2020, the figure increased steadily each year, reaching US$14.03 in 2021, US$16.79 in 2022, US$21.37 in 2023, and ultimately US$25.52 in 2024. This consistent growth signals improving operational performance and revenue generation on a per-share basis.
- Price-to-Sales (P/S) Ratio Movement
- The P/S ratio decreased sharply from 16.87 in 2020 to 3.23 in 2022, reflecting either a decline in share price relative to sales or an improvement in sales outpacing share price declines. Post-2022, the ratio increased again, reaching 5.4 in 2023 and 8.36 in 2024. This suggests a restoration of market valuation multiples or increased investor optimism, although the ratio in 2024 remained below the initial 2020 level.
- Overall Insights
- The data illustrates a period of volatility in market valuation juxtaposed with steady growth in sales per share. The initial steep drop in share price and P/S ratio may reflect market skepticism or external pressures during 2021-2022. However, the subsequent recovery in share price, alongside continued growth in sales per share, indicates a positive shift in market sentiment and possibly improved business fundamentals in later years.
Price to Book Value (P/BV)
DoorDash, Inc., historical P/BV calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| 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: 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 2024 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of DoorDash, Inc. Annual Report.
4 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The data shows notable fluctuations in the share price over the analyzed periods, with a significant decline from 151.48 US$ in 2020 to a low of 54.19 US$ in 2022, followed by a recovery to 115.48 US$ in 2023 and a substantial increase reaching 213.38 US$ by the end of 2024. This trend indicates a period of considerable volatility, with the share price almost quadrupling from the trough in 2022 to 2024.
The book value per share (BVPS) exhibits a more stable trajectory, initially declining from 14.62 US$ in 2020 to 13.4 US$ in 2021, then increasing to 17.23 US$ in 2022. After a slight dip in 2023 to 16.85 US$, the BVPS rises again to 18.57 US$ in 2024. This suggests moderate growth in the company's net asset value per share over the five-year period, with minor fluctuations.
The price-to-book value ratio (P/BV) shows a pronounced correlation with share price movements and inversely with the book value per share changes. The ratio decreases significantly from 10.36 in 2020 to 3.15 in 2022, reflecting either a market undervaluation or a relative increase in book value during that year. Subsequently, the P/BV ratio climbs markedly to 6.85 in 2023 and reaches 11.49 in 2024, surpassing initial levels. This indicates that the market valuation relative to book value became considerably more optimistic or perhaps speculative in the latter years.
Overall, the variations in these financial metrics suggest a period of initial market correction or underperformance followed by a recovery and strong market confidence toward the end of the period. The book value's relative steadiness alongside volatile share prices implies that changes in market sentiment significantly influenced valuation multiples rather than drastic shifts in underlying equity value.