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DoorDash

DASH
63
Internet Content & Information · Communication Services
Price
$223.49
+1.13 (+0.51%)
Market Cap
$97.38B
Exchange
NASDAQ
Winston Score
63
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Aug 23, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Mixed
Growth
Strong
Cash Flow
Exceptional
Stability
Exceptional
Valuation
Good
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Share count rising — dilution

+30.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 336.8M (2021) → 439.7M (2025)

Winston Score History

The full picture

DoorDash is a food delivery company that connects hungry customers with local restaurants through a smartphone app. When someone orders a burger or pizza, DoorDash sends a driver (called a "Dasher") to pick it up and bring it to their door. It is the largest food delivery platform in the United States by market share, serving millions of consumers, restaurants, and independent delivery workers.

DoorDash makes money by charging restaurants a commission on each order and collecting delivery fees and tips from customers. It also sells a subscription called DashPass, which gives members free delivery for a monthly fee. The company operates mainly in the US but has expanded into Canada, Australia, Japan, and parts of Europe through its Wolt acquisition. Its large network of restaurants and drivers makes it hard for new competitors to catch up, but the business faces ongoing pressure from thin margins, intense competition from Uber Eats, and the high cost of paying and retaining Dashers.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+35.6% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-31.3% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$1.4B/ year

↑ Rising (+23% vs prior year)

10.4% of revenue

In line with sector average (12%)

Investing heavily in future products and technology

Insider Activity

13.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$6.2B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

DoorDash grew revenue 36% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
52.7%
Healthy — 52.7% gross margin
Profit after running costs
Operating Margin
10.1%
Modest — 10.1% operating margin
Return on the money invested
ROCE
8.0%
Weak — 8.0% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+33.6%
Fast-growing sales (+33.6% YoY)
Profit growth
EPS YoY
+4.4%
Modest earnings growth (+4.4% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
408%
Turns 408% of profit into real cash
Spare cash per sale
FCF Margin
17.7%
Converts sales into free cash efficiently (17.7%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
0.27
Conservative — low debt load (0.27)
Covers its interest
Interest Cover
100.00x
—
Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
115.2x
Expensive — P/E 115.2

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+84.8
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (115.2 → 30.4)

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Dividends

Not applicable for this business.
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