DASHDoorDash
Is the business good?
A genuinely good business: earnings fully cash-backed (4.1×) and margins widening.
Operating profit is fully backed by cash.
Profits are tracking sales roughly one-for-one, limited operating leverage either way.
A balanced mix of margins, efficiency, and leverage. ROE 9% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is DASH?
DoorDash earns 12% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 3.3 points above what the capital costs: growth creates value
- Operating margin
- 4.5%
Operating margin · Internet Retail median 6.0% · 12 months to Q2 2026
- Cash conversion
- 4.12×
Cash conversion · 4.16× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- +0.22%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | −15% |
| FY2021 | −9.3% |
| FY2022 | −17% |
| FY2023 | −6.7% |
| FY2024 | −0.35% |
| FY2025 | 5.3% |
Details›
- Gross margin12 months to Q2 2026
- 51%
- Operating margin12 months to Q2 2026
- 4.5%
- Net margin12 months to Q2 2026
- 5.3%
- Free cash flow margin
- 16%
- R&D as % of revenue
- 11%
- Revenue, trailing twelve months
- $15.9B
- Free cash flow, trailing twelve months
- $2.60B
- Net income, trailing twelve months
- $841M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 12%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Internet Retail
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