
DoorDash, Inc.

DASH (DoorDash, Inc.) trades at 3.6x EV/Revenue — attractively valued for a delivery company with strong gross margins (51%) and rapid growth (+30% YoY). The business is approaching profitability at 12% EBIT margins. Forward PE of 59x.
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DoorDash operates the leading on-demand logistics platform in the United States, connecting consumers with local restaurants, grocery stores, and retailers through its delivery marketplace. The company makes money by taking a commission from merchants, charging delivery fees to consumers, and generating advertising revenue from brands wanting visibility on its platform. Beyond restaurants, DoorDash is expanding into grocery/retail delivery and building what it calls an "operating system for local commerce."
DoorDash is experiencing broad-based acceleration with the U.S. restaurant business growing faster in 2025 than 2024 despite operating at larger scale. The company projects 30.2% revenue growth in 2026, driven by expanding beyond restaurants into grocery/retail (fastest-growing third-party platform in this category), international expansion, and a rapidly growing advertising business that tripled advertiser spend following the Symbiosis acquisition.
The company has achieved strong gross margins of 50.9% and is demonstrating clear operating leverage, with Dasher costs declining as a percentage of gross order value. New verticals and international businesses (excluding Deliveroo) are both expected to reach contribution profit positive in the second half of 2026, while the core U.S. restaurant business continues to expand margins year-over-year.
DoorDash maintains the #1 position in the U.S. food delivery market with significant scale advantages in logistics and merchant relationships. The company is building a deeper moat through its comprehensive local commerce platform that includes software, warehousing, delivery infrastructure, and an emerging autonomous delivery platform with DoorDash Dot robots across multiple markets.
Q4 2025 results showed strong execution across all business segments, with the U.S. restaurant business posting accelerating growth and record monthly active users. However, the most recent earnings showed a slight revenue miss (-1.0%) and EPS miss, though this followed three consecutive quarters of revenue beats, suggesting some near-term volatility in an otherwise strong growth trajectory.
Analysts are projecting continued strong growth with 2027 revenue estimates of $21.4B and significant EPS expansion from $2.65 in 2026 to $4.54 in 2027. The Street appears optimistic about the company's multiple growth vectors and path to margin expansion, though there's likely debate around the technology replatforming investment and international scaling timeline.
DoorDash is successfully expanding beyond its restaurant delivery core into a comprehensive local commerce platform, with multiple high-growth verticals approaching profitability while maintaining accelerating growth in its dominant U.S. restaurant business.
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| '25E | '26E | '27E | '28E | |
|---|---|---|---|---|
| Revenue | $13.7B | $17.9B | $21.4B | $25.3B |
| Growth | — | +30% | +20% | +18% |
| EBITDA | — | $1.9B | $2.8B | $3.7B |
| Growth | — | +44% | +36% | |
| FCF | $2.2B | $1.8B | $3.0B | $4.6B |
| Margin | 16% | 10% |
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| 14% |
| 18% |
| EPS (PF) | $2.13 | $2.65 | $4.54 | $6.80 |
| Growth | — | +24% | +72% | +50% |
| PF Op Inc | — | $2.3B | $3.4B | $4.7B |