Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
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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- Cash Flow Statement
- Common-Size Income Statement
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Return on Equity (ROE) since 2020
- Price to Operating Profit (P/OP) since 2020
- Price to Sales (P/S) since 2020
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Historical Valuation Ratios (Summary)
DoorDash, Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
The valuation metrics indicate a significant transition in the financial profile of the entity, moving from a period characterized by a lack of positive earnings to a phase of rapid multiple compression. The emergence of profitability ratios in late 2024 and early 2025 marks a fundamental shift in the valuation basis from purely revenue and book value to actual earnings and operating performance.
- Profitability Multiples (P/E and P/OP)
- The Price to Earnings (P/E) ratio first appears in December 2024 at an extreme high of 728.78, followed by a consistent and sharp decline to a low of 79.04 by December 2025. A subsequent increase to 106.79 is noted by June 2026. This trajectory is mirrored by the Price to Operating Profit (P/OP) ratio, which entered the record in March 2025 at 421.34 and compressed to 101.79 by December 2025, before rising to 126.14 in June 2026. The rapid decrease in these ratios suggests that net income and operating profits grew at a rate significantly faster than the share price during 2025, leading to a normalization of the valuation multiples.
- Revenue Valuation (P/S)
- The Price to Sales (P/S) ratio exhibited considerable volatility throughout the period. After maintaining a range between 3.23 and 5.72 from 2022 through early 2024, the ratio expanded to a peak of 9.27 in June 2025. This peak was followed by a steady contraction, reaching a period low of 4.97 in March 2026, before ending at 5.65 in June 2026. This pattern indicates a surge in market optimism regarding revenue growth in mid-2025, followed by a valuation correction.
- Asset Valuation (P/BV)
- The Price to Book Value (P/BV) ratio demonstrates a long-term upward trend from its initial low of 2.93 in September 2022, reaching a maximum of 12.36 in June 2025. Similar to the revenue multiple, the P/BV ratio experienced a correction, falling to 7.18 by March 2026 before rebounding to 9.05 in June 2026. The overall increase in P/BV over the multi-year period reflects a growing market premium attributed to the company's equity relative to its historical book value.
Price to Earnings (P/E)
DoorDash, Inc., historical P/E calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
EPS
= (Net income (loss) attributable to DoorDash, Inc. common stockholdersQ2 2026
+ Net income (loss) attributable to DoorDash, Inc. common stockholdersQ1 2026
+ Net income (loss) attributable to DoorDash, Inc. common stockholdersQ4 2025
+ Net income (loss) attributable to DoorDash, Inc. common stockholdersQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of DoorDash, Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The financial trajectory from March 2022 through June 2026 is characterized by a transition from persistent net losses to consistent profitability, accompanied by significant volatility in equity valuation.
- Earnings per Share (EPS) Trends
- A prolonged period of negative earnings persisted from March 2022 until September 2024, with losses peaking at -3.50 USD in March 2023. A pivotal reversal occurred in December 2024, marking the transition to positive earnings. Subsequent quarters showed steady growth in EPS, reaching a peak of 2.15 USD in December 2025 before a slight contraction to 1.94 USD by June 2026.
- Share Price Movement
- The share price exhibited an overall upward trajectory despite intermittent volatility. From an initial value of 72.11 USD in March 2022, the price reached a peak of 258.08 USD in June 2025, before concluding the period at 207.27 USD in June 2026.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio remained unavailable during the loss-making phase due to negative earnings. Upon the achievement of profitability in December 2024, the ratio appeared at an elevated 728.78. This valuation experienced a significant compression through March 2026, declining to 79.04 as earnings growth outpaced the increase in share price. In the final quarter ending June 2026, the ratio expanded to 106.79, reflecting a combination of an increasing share price and a marginal decline in EPS.
Price to Operating Profit (P/OP)
DoorDash, Inc., historical P/OP calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Operating profit per share
= (Income (loss) from operationsQ2 2026
+ Income (loss) from operationsQ1 2026
+ Income (loss) from operationsQ4 2025
+ Income (loss) from operationsQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of DoorDash, Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The financial trajectory is characterized by a significant transition from operating losses to consistent profitability, which subsequently enabled the calculation of the Price to Operating Profit (P/OP) ratio. Operating profit per share experienced a period of decline through the end of 2022, reaching a low of -2.89 in March 2023, before entering a steady phase of recovery. This trend culminated in the attainment of positive operating profit in the first quarter of 2025, establishing a foundation for valuation based on operating earnings.
- Operating Profit per Share Trend
- A consistent recovery in operating efficiency is observed starting in mid-2023. The operating profit per share improved from -2.70 in June 2023 to a positive 0.42 by March 31, 2025. Following this inflection point, profitability accelerated, stabilizing between 1.61 and 1.66 per share through the first half of 2026.
- Share Price Volatility and Growth
- The share price exhibited substantial volatility throughout the analyzed period, fluctuating from a low of 51.57 in September 2022 to a peak of 258.08 in June 2025. Despite these oscillations, an overall upward trend is evident, with the price ending at 207.27 in June 2026, representing a significant increase from the initial 72.11 recorded in March 2022.
- Price to Operating Profit (P/OP) Ratio Analysis
- The P/OP ratio became applicable only after the shift to positive operating profit in March 2025. At its inception, the ratio was exceptionally high at 421.34, reflecting a small profit base relative to a high share price. A sharp compression of this ratio followed, dropping to 101.79 by March 31, 2026. This contraction indicates that operating profit grew at a significantly faster rate than the share price during this window, suggesting a normalization of the valuation as the company scaled its profitability. A slight increase to 126.14 was noted in the final quarter, coinciding with a rise in the share price while operating profit per share remained relatively flat.
Price to Sales (P/S)
DoorDash, Inc., historical P/S calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Sales per share
= (RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of DoorDash, Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals a divergence between steady operational growth and volatile market valuation over the analyzed period. While revenue generation per share exhibited a consistent upward trajectory, the market's valuation of that revenue fluctuated significantly.
- Sales per Share Performance
- A consistent and linear increase in sales per share is observed, rising from 15.00 US$ in March 2022 to 36.67 US$ by June 2026. This represents a steady expansion of the top-line performance on a per-share basis throughout the entire duration of the reporting period.
- Share Price Volatility
- The share price experienced substantial variance, reaching a low of 51.57 US$ in September 2022 and peaking at 258.08 US$ in June 2025. The lack of correlation between share price movements and the linear growth of sales indicates that equity valuation was driven primarily by external market sentiment and speculative factors rather than fundamental sales growth alone.
- Price-to-Sales (P/S) Ratio Trends
- The P/S ratio fluctuated between a minimum of 3.23 in December 2022 and a maximum of 9.27 in June 2025. Valuation remained relatively compressed between 3.23 and 5.72 throughout 2022 and 2023. A period of significant valuation expansion occurred throughout 2024, with the ratio peaking in mid-2025. This peak coincided with the highest share price recorded, confirming that the valuation spike was driven by price appreciation. Following this peak, the ratio underwent a correction, returning to 5.65 by June 2026, despite the significantly higher sales per share compared to the start of the period.
Price to Book Value (P/BV)
DoorDash, Inc., historical P/BV calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of DoorDash, Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The Price to Book Value (P/BV) ratio exhibits significant volatility and a general upward trajectory between March 2022 and June 2026. While the book value per share remained relatively stable with a gradual long-term increase, the P/BV ratio was primarily driven by substantial fluctuations in the market share price, reflecting shifting investor sentiment and valuation premiums.
- Book Value per Share (BVPS) Trends
- The BVPS demonstrates a consistent long-term growth pattern, rising from 13.24 US$ in March 2022 to 22.90 US$ by June 2026. Aside from a brief peak in June 2022, the growth has been incremental and steady, particularly from 2023 onward, indicating a strengthening of the company's net asset position over the analyzed period.
- P/BV Ratio Volatility and Peaks
- The P/BV ratio experienced a notable decline in 2022, reaching a period low of 2.93 in September 2022. This was followed by a sharp expansion phase starting in late 2023, where the ratio surged from 6.85 in December 2023 to a peak of 12.36 in June 2025. This peak represents the highest market premium relative to book value within the dataset.
- Correlation Between Share Price and Valuation
- A strong positive correlation is observed between the share price and the P/BV ratio. The surge in the ratio during 2024 and 2025 directly aligns with the share price climbing from 127.46 US$ in March 2024 to 258.08 US$ in June 2025. The subsequent contraction of the P/BV ratio to 9.05 by June 2026 is attributed to the moderate decline in share price toward the end of the period, despite the continued growth in underlying book value.
- Valuation Regime Shift
- The data indicates a transition in valuation regimes. Between March 2022 and December 2022, the P/BV ratio remained largely below 5.44. However, from March 2024 through June 2026, the ratio established a new, higher baseline, consistently remaining above 6.22, suggesting that the market began attributing a significantly higher premium to the company's assets than in the previous cycle.