undamentalytics Newsletter
Sign in

DoorDash key statistics and ratios

In fiscal 2025, DoorDash had return on equity of 10.5%, an operating margin of 5.3%, debt equal to 27.2% of equity and a current ratio of 1.41. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Operating margin−72.2%−69.6%−15.1%−9.2%−17.1%−6.7%−0.4%5.3%5.3%
Net margin−70.1%−75.4%−16.0%−9.6%−20.7%−6.5%1.1%6.8%6.2%
Free-cash-flow margin−59.1%−61.6%5.1%11.5%2.9%18.0%18.9%15.8%15.8%
Return on equity——−25.5%−10.0%−23.9%−8.2%1.7%10.5%10.2%
Return on assets—−38.5%−11.4%−7.1%−16.4%−5.4%1.0%5.8%5.3%
Asset turnover—0.510.710.740.790.840.910.840.85
Current ratio—2.613.942.591.861.641.661.411.46
Debt to equity——7.7%0.0%0.0%0.0%0.0%27.2%25.5%
Interest cover (operating income ÷ interest)n/m—n/mn/mn/m————
Effective tax rate——————25.0%0.7%4.0%
R&D as % of revenue17.5%12.1%11.1%8.8%12.6%11.6%10.9%10.4%10.8%
Capital spending as % of revenue4.5%8.8%3.7%2.6%2.7%1.4%1.0%1.9%1.5%
Free cash flow ÷ net income——————>999%232.5%253.2%
Dividends and buybacks ÷ free cash flow——0.0%0.0%209.4%48.4%11.0%0.0%39.0%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

6 of 6 checks passed · September 30, 2026
What it owns · $20.6bn
Short-term assets $9.4bnLonger-term assets $11.2bn
What it owes, and who funded it · $20.6bn
Short-term liabilities $6.4bnLonger-term liabilities $3.5bnShareholders' equity $10.7bn
  • Short-term assets cover short-term liabilities $9.4bn of assets due within a year against $6.4bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $9.4bn short-term assets against $3.5bn of longer-dated liabilities.
  • More cash than debt $5.1bn of cash against $2.7bn of debt.
  • Debt below 40% of shareholders' equity Debt is 25% of equity.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt $3.0bn of operating cash flow against $2.7bn of debt.
  • Operating profit covers interest at least five times over No material interest expense reported.

From DoorDash's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

40 /100

Weak moat

How hard DoorDash's competitive advantage looks for rivals to wear away, judged from 6 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -5.3% of total assets over 6 years.

  • Durability 10 / 20

    Operating margin has been a median -6.5%; its worst year was -15.0%.

  • Cash conversion 17 / 20

    Free cash flow was positive in 6 of 6 years, at a median 14.5% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (45 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: ADT vs DASHDASH vs SCIDASH vs HRB

More: Specialized Consumer Services stocks compared, Consumer Discretionary sector, rankings of US companies

Figures from DoorDash's SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to DoorDash.