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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- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Dividend Discount Model (DDM)
- Net Profit Margin since 2020
- Return on Equity (ROE) since 2020
- Total Asset Turnover since 2020
- Price to Earnings (P/E) since 2020
- Price to Operating Profit (P/OP) since 2020
- Price to Sales (P/S) since 2020
- Analysis of Debt
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Historical Valuation Ratios (Summary)
DoorDash, Inc., historical price multiples (quarterly data)
Based on: 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 transition from a period of missing profitability data to a phase of substantial earnings growth and multiple compression. While early valuation was driven primarily by sales and book value, the later appearance of earnings-based ratios suggests a shift toward fundamental profitability.
- Price to Earnings (P/E) Ratio
- Earnings-based valuation was not applicable until the quarter ending December 31, 2024, where the ratio debuted at 728.78. Subsequently, a sharp and consistent downward trend is observed, with the ratio falling to 79.04 by March 31, 2026. This rapid compression suggests significant growth in net income relative to the share price.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio first appeared on March 31, 2025, at 421.34. Similar to the P/E ratio, it experienced a steady decline throughout the remaining periods, reaching 101.79 by March 31, 2026. This pattern reinforces the observation of expanding operating margins and increased operational efficiency.
- Price to Sales (P/S) Ratio
- The P/S ratio exhibited significant volatility between March 31, 2022, and March 31, 2026. An initial low of 3.23 in December 2022 was followed by a general upward trajectory, peaking at 9.27 on June 30, 2025. However, the ratio corrected sharply in the final three quarters, ending at 4.97, suggesting a normalization of the price relative to revenue growth.
- Price to Book Value (P/BV) Ratio
- A general increase in the P/BV ratio is evident over the analyzed period, moving from a low of 2.93 in September 2022 to a peak of 12.36 in June 2025. This indicates a period of increasing market premium over the company's accounting equity. Toward the end of the period, the ratio declined to 7.18 by March 31, 2026, aligning with the correction observed in the P/S ratio.
In summary, the data reflects a company that moved from an absence of positive earnings to a state of profitability characterized by rapidly declining valuation multiples. The peak in P/S and P/BV ratios during mid-2025, followed by a subsequent decline, suggests a transition from speculative pricing toward a valuation more closely aligned with realized financial performance.
Price to Earnings (P/E)
DoorDash, Inc., historical P/E calculation (quarterly data)
| 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: 2026-03-31), 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 Q1 2026 Calculation
EPS
= (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
+ Net income (loss) attributable to DoorDash, Inc. common stockholdersQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of DoorDash, Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The analyzed period is characterized by a significant transition from operational losses to consistent profitability, resulting in a marked shift in valuation metrics.
- Earnings per Share (EPS) Trajectory
- EPS exhibited a period of deepening losses throughout 2022, reaching a low of -3.48 in December 2022. A steady recovery trend began in 2023, leading to a pivot into positive territory in December 2024 with an EPS of 0.29. This upward momentum continued through March 2026, where EPS reached 2.13, indicating a substantial improvement in bottom-line performance.
- Share Price Movement
- The share price showed significant volatility, with a notable dip to 51.57 in September 2022 followed by a strong bullish trend. The price peaked at 258.08 in June 2025. A subsequent correction occurred toward the end of the period, with the price stabilizing at 167.97 by March 2026.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio remained undefined during the initial phases of the period due to negative earnings. Upon the achievement of profitability in December 2024, the ratio debuted at an elevated 728.78. A consistent and rapid compression of the P/E ratio followed, descending to 79.04 by March 2026. This downward trend indicates that earnings growth grew at a significantly faster rate than the share price during the 2025-2026 window, leading to a reduction in the valuation multiple.
Price to Operating Profit (P/OP)
DoorDash, Inc., historical P/OP calculation (quarterly data)
| 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: 2026-03-31), 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 Q1 2026 Calculation
Operating profit per share
= (Income (loss) from operationsQ1 2026
+ Income (loss) from operationsQ4 2025
+ Income (loss) from operationsQ3 2025
+ Income (loss) from operationsQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of DoorDash, Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The financial data indicates a significant transition in operational performance, moving from a period of consistent quarterly operating losses to sustained profitability. Between March 2022 and December 2024, the company experienced negative operating profit per share, which reached its lowest point of -2.89 US$ in March 2023. Following this trough, a steady recovery was observed, with losses narrowing until a pivot to positive operating profit was achieved in the first quarter of 2025.
- Operating Profitability Trend
- A clear trajectory of operational improvement is evident. Operating profit per share improved from -2.89 US$ in March 2023 to 0.42 US$ by March 2025. This upward momentum continued through March 2026, where the figure reached 1.65 US$, representing a substantial reversal of the previous deficit spending patterns.
- Share Price Volatility
- Equity valuation exhibited significant fluctuation over the analyzed period. After an initial decline in late 2022, the share price entered a period of growth, peaking at 258.08 US$ in June 2025. Subsequent quarters showed a correction, with the price stabilizing at 167.97 US$ by March 2026.
- Price to Operating Profit (P/OP) Compression
- The P/OP ratio became a calculable metric only upon the achievement of positive operating profit in March 2025. At the onset of profitability, the ratio was exceptionally high at 421.34, suggesting a high market premium relative to early earnings. However, a consistent downward trend in the P/OP ratio is observed over the following five quarters, falling to 101.79 by March 2026. This compression is attributed to the rapid growth in operating profit per share outstripping the changes in share price, leading to a more normalized valuation multiple.
Price to Sales (P/S)
DoorDash, Inc., historical P/S calculation (quarterly data)
| 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: 2026-03-31), 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 Q1 2026 Calculation
Sales per share
= (RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025
+ RevenueQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of DoorDash, Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of valuation metrics from March 2022 through March 2026 reveals a divergence between consistent fundamental revenue growth and high volatility in market valuation. While sales per share maintained a steady upward trajectory, the price-to-sales (P/S) ratio experienced significant fluctuations driven primarily by share price volatility.
- Sales per Share Growth
- A consistent and linear increase in sales per share is observed throughout the period. Starting at 15.00 US$ in March 2022, the figure grew to 33.79 US$ by March 2026. This represents a sustained improvement in revenue generation per share, indicating strong operational growth and scaling efficiency over the four-year window.
- Price-to-Sales (P/S) Ratio Dynamics
- The P/S ratio exhibited three distinct phases. From March 2022 to December 2023, the ratio remained relatively stable, fluctuating between a low of 3.23 and a high of 5.72. A period of rapid valuation expansion occurred throughout 2024, with the ratio climbing from 4.63 in June to a peak of 8.36 by December 2024. This expansion peaked further in June 2025 at 9.27, before entering a contraction phase that brought the ratio down to 4.97 by March 2026.
- Share Price Influence on Valuation
- The volatility of the P/S ratio was predominantly driven by share price movements rather than sales performance. For example, the peak P/S ratio of 9.27 in June 2025 coincided with a share price high of 258.08 US$. Conversely, the decline in the P/S ratio toward the end of the period was the result of share price depreciation to 167.97 US$, despite the fact that sales per share continued to reach record highs of 33.79 US$.
- Valuation Correction Trend
- A notable valuation correction is evident from mid-2025 to early 2026. The P/S ratio decreased from its peak of 9.27 to 4.97, suggesting a market readjustment where the share price declined more rapidly than the growth in sales per share could offset. This resulted in a more conservative valuation multiple by the end of the analyzed period compared to the peak of the 2024-2025 cycle.
Price to Book Value (P/BV)
DoorDash, Inc., historical P/BV calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| 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: 2026-03-31), 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 Q1 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 Q1 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The financial data exhibits a period of significant volatility in market valuation contrasted by a steady, incremental growth in the underlying book value per share. While the market price experienced sharp fluctuations, the asset base per share maintained a consistent upward trajectory over the majority of the analyzed period.
- Book Value per Share (BVPS) Trend
- A consistent growth pattern in BVPS is observed starting from March 31, 2023, at 16.77 US$, rising steadily to 23.41 US$ by March 31, 2026. This represents a sustained increase in the company's net asset value per share, indicating a strengthening of the balance sheet over time.
- Share Price Volatility
- The share price demonstrated substantial variance, characterized by an initial decline to 51.57 US$ in September 2022, followed by a prolonged bullish trend that peaked at 258.08 US$ in June 2025. A subsequent correction occurred through the end of the period, with the price settling at 167.97 US$ by March 31, 2026.
- Price to Book Value (P/BV) Analysis
- The P/BV ratio reflected the interplay between volatile market sentiment and steady asset growth. The ratio reached a cyclical low of 2.93 in September 2022, coinciding with the share price trough. A period of rapid valuation expansion followed, peaking at 12.36 in June 2025, which indicates a significant market premium placed on the company's assets during that timeframe.
- Valuation Normalization
- Following the peak in mid-2025, a downward adjustment in the P/BV ratio is evident, descending to 7.18 by March 31, 2026. This decline was driven by the reduction in share price despite the continued increase in BVPS, suggesting a normalization of the valuation multiple relative to the company's tangible book value.