Is the business good?
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.
12%
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 7.6% · 12 months to Q2 2026
- Cash conversion
- 3.09×
Cash conversion · 2.54× a year ago · every dollar of reported profit arrived as cash, and more
- 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 from the cash flow statement.
Internet Retail
Ranks #15 of 18 by Smart Score