Stock Analysis on Net

DoorDash, Inc. (NASDAQ:DASH)

$24.99

Common Stock Valuation Ratios (Price Multiples)
Quarterly Data

Microsoft Excel

Historical Valuation Ratios (Summary)

DoorDash, Inc., historical price multiples (quarterly data)

Microsoft Excel
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 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 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-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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).


Price to Earnings (P/E) Ratio
The Price to Earnings ratio data is only available for the last two quarters, showing very high values of 728.78 and 221.23 respectively. These exceptionally high numbers indicate that earnings relative to the stock price are very low or possibly negative in earlier periods, reflecting either limited profitability or high market expectations about future growth.
Price to Operating Profit (P/OP) Ratio
This ratio is available only for the most recent quarter ending March 31, 2025, at 421.34, which similarly suggests that operating profits are minimal compared to the market valuation, implying either low profitability at the operating level or significant growth expectations priced into the stock.
Price to Sales (P/S) Ratio
The Price to Sales ratio is observable from the quarter ending March 31, 2022, through March 31, 2025. Initially, the ratio trends downward from 7.3 to a low of 3.23 by December 31, 2022, indicating a decrease in market valuation relative to sales. Subsequently, the ratio fluctuates, peaking at 8.36 in the quarter ending December 31, 2024, before declining to 6.67 by March 31, 2025. This fluctuation suggests varying market sentiment about the company’s sales growth potential over time, with periods of optimism reflected in rising multiples followed by moderation.
Price to Book Value (P/BV) Ratio
The Price to Book Value ratio shows a general declining trend from 10.09 on March 31, 2021, to a low of 2.93 on September 30, 2022. This decline suggests either an increase in book value or a decrease in market valuation, possibly reflecting changing investor perceptions about asset values or profitability. Post this low point, the ratio exhibits a rebound, reaching 11.49 on December 31, 2024, before slightly declining to 8.94 by March 31, 2025. The rising P/BV ratio toward the end of the period indicates renewed investor confidence or expectations of improved future performance relative to the company’s net assets.

Price to Earnings (P/E)

DoorDash, Inc., historical P/E calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 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.

Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).

1 Data adjusted for splits and stock dividends.

2 Q1 2025 Calculation
EPS = (Net income (loss) attributable to DoorDash, Inc. common stockholdersQ1 2025 + Net income (loss) attributable to DoorDash, Inc. common stockholdersQ4 2024 + Net income (loss) attributable to DoorDash, Inc. common stockholdersQ3 2024 + Net income (loss) attributable to DoorDash, Inc. common stockholdersQ2 2024) ÷ No. shares of common stock outstanding
= ( + + + ) ÷ =

3 Closing price as at the filing date of DoorDash, Inc. Quarterly or Annual Report.

4 Q1 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =

5 Click competitor name to see calculations.


Share Price Trend
The share price experienced significant volatility throughout the reported periods. Initially, it increased notably from $141.07 in March 2021 to a peak of $214.24 in September 2021, followed by a sharp decline to $51.57 by September 2022. Afterwards, the price demonstrated a recovery trend, rising to $115.48 by December 2023, and then showing further strength with a peak at $213.38 in December 2024 before slightly dropping to $176.99 in March 2025. This pattern suggests periods of market uncertainty and recovery phases, with late 2024 representing a strong price performance.
Earnings Per Share (EPS) Trend
The EPS figures reveal a progression from negative earnings to positive territory over time. From December 2021 to March 2023, EPS declined from -$1.34 to a trough of -$3.5, indicating deteriorating profitability in this interval. From June 2023 onwards, EPS improved steadily, moving from -$3.22 to a positive $0.8 by March 2025. This improvement implies a gradual turnaround in earnings performance and profitability enhancement.
Price-to-Earnings (P/E) Ratio Trend
The P/E ratio data is only available for the final two periods, showing elevated values of 728.78 in December 2024 and 221.23 in March 2025. Such high P/E ratios typically reflect investor expectations of future earnings growth, although these values are unusually high and could also indicate overvaluation relative to current earnings. The decrease from late 2024 to early 2025 suggests some moderation in valuation despite ongoing optimism.
Overall Insights
There is a clear correlation between improving EPS figures and the rising share price in the periods following mid-2023, reflecting enhanced investor confidence linked to better profitability. The early period of share price decline corresponds to worsening EPS, which highlights financial performance challenges during that time. The extreme P/E ratios in the most recent quarters underscore high market expectations for future earnings growth or a significant shift in company valuation dynamics.

Price to Operating Profit (P/OP)

DoorDash, Inc., historical P/OP calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 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.

Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).

1 Data adjusted for splits and stock dividends.

2 Q1 2025 Calculation
Operating profit per share = (Income (loss) from operationsQ1 2025 + Income (loss) from operationsQ4 2024 + Income (loss) from operationsQ3 2024 + Income (loss) from operationsQ2 2024) ÷ No. shares of common stock outstanding
= ( + + + ) ÷ =

3 Closing price as at the filing date of DoorDash, Inc. Quarterly or Annual Report.

4 Q1 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =

5 Click competitor name to see calculations.


The financial data indicates significant fluctuations in the share price over the observed quarters, with notable volatility and periods of both decline and recovery. Initially, the share price rose sharply from $141.07 in the first quarter of 2021 to a peak of $214.24 by the third quarter of the same year. This was followed by a substantial decline reaching a low of $51.57 in the third quarter of 2022. Subsequently, the price showed a gradual upward trend, recovering to $176.99 by the first quarter of 2025.

The operating profit per share figures, available from the fourth quarter of 2021 onward, depict a generally negative performance throughout most of the period. Losses deepened from -$1.3 in the fourth quarter of 2021 to a trough of -$2.89 in the first quarter of 2023. After this point, there is a clear trend of decreasing losses, moving closer to profitability, culminating in a positive operating profit per share of $0.42 by the first quarter of 2025.

The price to operating profit (P/OP) ratio is only reported for the last period, showing an extremely high value of 421.34. This suggests that the market valuation was very elevated relative to the company's operating profit on a per-share basis at that point, likely reflecting anticipated future growth or market confidence despite recent losses.

Overall, the data reflects a company experiencing significant challenge in achieving operating profitability during the early to middle quarters, with improving operational results in the later periods and a relatively volatile but generally recovering share price. The trend toward narrowing operating losses and eventual operating profit, accompanied by a recovering share price, may indicate improving operational efficiency and market sentiment over time.

Share Price Trends
Initial rise to a peak in Q3 2021, followed by a sharp decline to mid-2022, then a gradual recovery through Q1 2025.
Operating Profit per Share
Consistent losses from late 2021, peaking in early 2023, with continuous improvement leading to positive operating profit by early 2025.
Price to Operating Profit Ratio
Extremely high ratio in the last period, indicating high market valuation relative to operating profits.
Overall Insights
The company showed operational challenges initially but trends toward improving profitability and share price recovery suggest enhanced performance and investor confidence in the later periods.

Price to Sales (P/S)

DoorDash, Inc., historical P/S calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 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.

Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).

1 Data adjusted for splits and stock dividends.

2 Q1 2025 Calculation
Sales per share = (RevenueQ1 2025 + RevenueQ4 2024 + RevenueQ3 2024 + RevenueQ2 2024) ÷ No. shares of common stock outstanding
= ( + + + ) ÷ =

3 Closing price as at the filing date of DoorDash, Inc. Quarterly or Annual Report.

4 Q1 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =

5 Click competitor name to see calculations.


The data reveals several notable trends in the financial performance and market valuation over the analyzed quarters.

Share Price
The share price exhibited significant volatility throughout the period. It started at a high level, peaking near $214 in September 2021, before sharply declining to levels around $50-$70 in late 2022 and early 2023. From mid-2023 onward, the share price showed a strong recovery trend, reaching a new peak above $213 by December 2024, followed by a slight decrease to approximately $177 by March 2025.
Sales per Share
Sales per share data, available from March 2022, shows a steady, consistent increase each quarter. Starting at $14.03, sales per share rose gradually to $26.53 by March 2025, indicating continual revenue growth on a per-share basis without evident disruption.
Price-to-Sales (P/S) Ratio
The P/S ratio demonstrates pronounced fluctuations over time. Initially very high at 7.3 in March 2022, it declined markedly to a low of 3.23 in December 2022, suggesting the market price decreased faster than sales grew. Afterward, the ratio began to climb again, reaching highs above 8.3 by December 2024, indicating the market valuation expanded relative to sales before moderating slightly to 6.67 in early 2025.

Overall, the trends suggest that the company experienced an initial period of high market valuation followed by a correction phase where the share price decreased despite growing sales. Subsequently, market confidence appears to have strengthened, reflected in rising share prices and increasing P/S ratios, which outpaced the steady growth in sales per share.


Price to Book Value (P/BV)

DoorDash, Inc., historical P/BV calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 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.

Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).

1 Data adjusted for splits and stock dividends.

2 Q1 2025 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 Q1 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =

5 Click competitor name to see calculations.


The analysis of the data reveals notable fluctuations in the share price, book value per share (BVPS), and the price-to-book value (P/BV) ratio over the presented quarterly periods.

Share Price
The share price experienced a significant rise from $141.07 in March 2021 to a peak of $214.24 in September 2021, followed by a steep decline to $51.57 by September 2022. After this trough, the price gradually increased, reaching $213.38 in December 2024 before a slight decrease to $176.99 by March 2025. This pattern indicates considerable volatility, with an initial rapid growth phase, a pronounced correction, and a subsequent recovery.
Book Value per Share (BVPS)
The BVPS showed a general trend of stability and gradual growth. Starting at $13.98 in March 2021, it slightly declined to around $13.24 by March 2022, then rose steadily reaching $19.8 by March 2025. This suggests a consistently improving net asset base per share over the longer term, albeit with minor fluctuations in the earlier periods.
Price-to-Book Value (P/BV) Ratio
The P/BV ratio followed a volatile downward trend initially, dropping from a high of 15.75 in September 2021 to a low of 2.93 in September 2022, indicating the market valuation became more conservative relative to book value during that interval. Subsequently, the ratio increased again, reaching 11.49 by December 2024 before modestly decreasing to 8.94 in March 2025. This reflects changing market sentiment, initially reduced optimism or risk perception, followed by renewed investor confidence.

Overall, the data suggests that while the intrinsic book value of the company improved steadily, the market's valuation of the company’s shares was subject to significant swings, likely driven by external factors impacting investor sentiment. The share price and P/BV ratio demonstrate cyclical volatility, whereas the book value per share exhibits a stable growth trajectory.