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DoorDash, Inc. DASH

Three-pass checkedFresh as companies report

DoorDash grew revenue 36% last quarter and its profit fell 30%, and the market cap is $103B against $2.13 of trailing earnings per share.

The setup turns on whether the earnings ever catch the story: the growth is real and accelerating with acquisitions, while the GAAP line just went backward under deal amortization and stock pay, at a price that needs both to work.

DASH · price with moving averages

Daily · 6MWeekly · 3Y
$55$113$171$229$287 Sep '23Apr '24Nov '24Jun '25Jan '26Aug '26 BID
EMAs82140

Source: market data.

The business

DoorDash runs the largest US food-delivery marketplace and is turning it into a local-commerce network: restaurants first, now groceries, retail, and, through this year's Deliveroo acquisition, Europe. Customers order, Dashers deliver, merchants pay a take rate that ran 13.5% of order value last quarter. The moat is a three-sided scale flywheel, more customers bring more Dashers bring faster delivery, deepened by the DashPass subscription, whose members now place about three quarters of US grocery and retail orders. It is a moat that must be re-earned in every city against Uber Eats and Instacart.

Inside the complete Back of Napkin

  1. 01The business
  2. 02The numbers
  3. 03Management
  4. 04How it fails or surprises you
  5. 05The shape of the payoff
  6. 06Closing thoughts
  7. 07Methodology

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