DoorDash, Inc. (DASH)
NEUTRALファンダメンタル
61
株価
$234.19
時価総額
$99.81B
パート1 · 企業の価値
概要
DoorDash runs a marketplace connecting local restaurants and stores, delivery workers it calls Dashers, and hungry customers. A customer opens the app, orders from a nearby merchant, and a Dasher picks up and delivers the order, all coordinated by DoorDash's software and logistics network. Beyond its own marketplace, DoorDash also delivers for merchants through their own apps and websites, a white-label service called Drive, and — following recent acquisitions — for restaurants and grocers outside the US through Wolt and Deliveroo.
収益の仕組み
DoorDash keeps a commission on each marketplace order plus fees charged to consumers, and collects membership fees from DashPass subscribers who get free delivery in exchange for a flat monthly charge. It also sells advertising space to merchants and consumer brands inside the app, a fast-growing, high-margin add-on. A smaller slice comes from Drive, where DoorDash is paid a per-order fee to deliver for merchants that generate their own orders rather than through DoorDash's marketplace.
競争優位性（moat）
ネットワーク効果 · 狭いMore consumers on the app make it worth more merchants' time to list, and more merchants attract more consumers, while a denser network of Dashers in a given city means faster delivery, which itself attracts more orders. That local density is genuinely hard to replicate market by market. It is not, however, a national monopoly: Uber Eats and others compete for the same three-sided network in most of the same cities.
需要を左右する要因
中程度の景気循環性Demand follows how much people are willing to pay for the convenience of delivery instead of cooking or picking up food themselves, a discretionary choice that people cut back on when money is tight, though usage has become habitual enough for many customers that it holds up better than pure luxury spending in a downturn. Expansion into groceries and international markets diversifies the base further.
主なリスク
- Dashers may be reclassified as employees — DoorDash treats Dashers as independent contractors, which keeps costs down. Lawsuits and regulatory changes challenging that classification have already produced a $100 million settlement, and further changes in the law could force it to restructure its workforce.
- Intense competition for the same three-sided network — Uber Eats, Grubhub and, in markets outside the US, an assortment of local players compete for the same restaurants, delivery workers and customers, which limits pricing power and forces continued spending on incentives and marketing to defend share.
- Profitability still rests on order growth — The commission and fee model produces thin margins per order; profitability depends on continuing to grow order volume and cross-sell advertising and membership fees faster than delivery and marketing costs rise.
- International expansion and currency exposure — Recent acquisitions of Wolt and Deliveroo extend the business into markets with different labor rules and currencies, mainly the euro, Canadian dollar, Israeli shekel and Australian dollar, adding integration and foreign-exchange risk.
強気材料
Buyers argue that DoorDash's density advantage in delivery logistics is hard for a new entrant to replicate city by city, that advertising and membership fees are higher-margin revenue layered on top of the original commission business, and that international expansion through Wolt and Deliveroo extends the same playbook into new markets.
弱気材料
Sellers worry that Uber Eats and local rivals compete for the same restaurants and delivery workers in most cities DoorDash operates in, that a change in how Dashers are classified could force a costly restructuring of the entire delivery workforce, and that order-level margins remain thin enough that growth has to keep outrunning costs.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
貸借対照表と流動性
売上高
$15.89B
直近12か月（2026/6/30まで）
純利益
$841M
直近12か月（2026/6/30まで）
フリーキャッシュフロー
$2.17B
自己資本合計
$10.03B
負債合計
$9.61B
流動比率
1.37
利払い倍率
-
負債/EBITDA
2.25
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$187.01
現在株価
$234.19
安全マージン
-25.2%
適正価値レンジ
$121.56 - $252.46
推定方法
バリュエーション指標
P/E レシオ
119.30
ROE
9.3%
P/B レシオ
-
P/FCF
-
粗利益率
-
ROIC
4.2%
収益性レーダー
Value Creation (Economic Moat)
ROIC
4.2%
WACC
14.2%
ROIC − WACC
-10.0 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
ファンダメンタル分析基準
合格（12）
- EPS shows upward trend
- Price CAGR 7.76%
- Debt/Equity ratio
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Debt/EBITDA
- Return on Tangible Assets
- ROE 8.5%
- Revenue Growth 5Y 36.6%
- Analyst Consensus 79% Buy
- Earnings Quality (OCF/NI) 3.37
不合格（8）
- ROIC 4.2%
- Operating Margin 4.5%
- Low reliance on intangibles
- DCF valuation (Unknown)
- Earnings Surprise avg -7.5%
- Share Dilution 3.5%
- Net Margin Trend 5.3% vs 6.6%
- Piotroski F-Score 4/9
データなし（7）
- Gross Margin NaN%
- P/FCF NaN
- P/B Ratio NaN
- Dividend Payout NaN%
- Interest Coverage
- Price below Graham Number
- PEG Ratio (need PE > 0 and growth > 0)
Piotroski F-スコア
まちまちのシグナル：一部の領域に注意が必要
利益の質
高品質：利益はキャッシュに裏付けられている
株式希薄化
新株を発行しており、所有権を希薄化している
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Mr. Tony Xu | Co-Founder, CEO & Chair | 40 |
| Mr. Prabir Adarkar | President & COO | 47 |
| Mr. Ravi Inukonda | Chief Financial Officer | 48 |
| Ms. Tia Sherringham | General Counsel & Secretary | 43 |
| Mr. Keith Yandell | Chief Business Officer | 45 |
| Mr. Andy Fang | Head of LaunchPad & Director | 32 |
| Mr. Stanley Tang | Head of DoorDash Labs & Director | 31 |
| Mr. Gordon Lee | Chief Accounting Officer | 46 |
| Mr. Andrew Rex Hargreaves C.F.A. | Vice President of Investor Relations | - |
| Ali Musa | Director of Corporate Communications | - |
監査リスク
8
取締役会リスク
10
報酬リスク
9
株主権利リスク
10
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for DASH, sourced from Markets Gazette.
- 5/7/2026POSITIVEDoorDash’s results and outlook were mixed. The stock is soaring anyway.
DoorDash Inc. reported mixed financial results and guidance, failing to significantly exceed analyst expectations. Despite this, the company's stock experienced a substantial rally in premarket trading on Thursday. This divergence suggests that market sentiment may be driven by factors beyond immediate earnings, potentially including future growth prospects, strategic initiatives, or broader market trends that outweigh the current financial figures for investors. The stock's upward movement indicates a positive reception from the market, implying that investors are looking past the mixed report.
- 4/21/2026NEUTRALDoorDash to offer stablecoin payments to users via Tempo blockchain
DoorDash is integrating stablecoin payment infrastructure through the Tempo blockchain, alongside other major companies like Stripe and Paradigm. This move allows users to potentially make payments using stablecoins, offering a new digital payment avenue. While the partnership is broad, the direct financial impact on DoorDash's core business remains to be seen. Investors will monitor user adoption and any associated transaction volume changes. The integration signifies a step towards broader cryptocurrency adoption in e-commerce, but its immediate effect on DoorDash's stock price is speculative.
- 2/25/2026POSITIVEWhat's Going On With DoorDash Stock Wednesday?
DoorDash Inc. (NYSE: DASH) has announced a significant strategic realignment of its international operations, a move designed to better integrate with prevailing market trends. This proactive adjustment signals the company's commitment to optimizing its global footprint and enhancing efficiency in competitive delivery markets. Investors will likely view this strategic pivot as a positive step towards sustainable growth and improved profitability, especially as DoorDash seeks to solidify its position against rivals. The focus on aligning with market dynamics suggests a data-driven approach to expansion, potentially leading to stronger financial performance in the long term.
- 2/24/2026POSITIVEOptions Corner: DoorDash Just Received A Surprising Boost From Ark Invest's Cathie Wood
Cathie Wood, a prominent figure at Ark Invest, has shown surprising confidence in DoorDash Inc., despite the stock's recent struggles. This 'contrarian' bet suggests that Ark Invest sees significant growth potential or undervaluation in the food delivery giant. Wood's investment could act as a catalyst, drawing attention from other investors to DASH stock and potentially sparking a rally. Investors should closely monitor Ark's positions and DoorDash's performance, as an endorsement from such an influential name can often precede a shift in market sentiment.
- 2/24/2026POSITIVECathie Wood Is Buying DoorDash Stock After Identifying AI As Most 'Disruptive' Innovation In History: ARK Also Snaps Up AMD and Alphabet
ARK Invest, the fund led by prominent investor Cathie Wood, has increased its position in DoorDash by purchasing shares worth $5.4 million. This move is part of a clear investment strategy focused on Artificial Intelligence, which Wood has described as the most 'disruptive' innovation in history. The DoorDash acquisition occurred alongside other significant tech investments, including $6.8 million in AMD and $6 million in Alphabet, highlighting a consistent investment thesis. For investors, the purchase by such an influential, future-oriented fund is a strong vote of confidence. It suggests that DoorDash is well-positioned to leverage AI to optimize its logistics and operations, offering long-term growth potential that has captured the attention of one of Wall Street's most-watched names.
- 2/20/2026POSITIVEDoorDash Delivers Despite the Dip: Here's What Sparked the Rally
Despite DoorDash missing revenue and earnings estimates for Q4 2025, the company's shares surged. This unexpected behavior suggests other factors, not detailed in the headline, may have driven the rally, indicating potential investor interest despite initially negative financial results.
via Markets Gazette