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DoorDash, Inc.(DASH)

F

Financial data as of Dec 31, 2025Declining · Consumer Discretionary

FCF Margin5.6%Free Cash Flow / Revenue
Cash Conversion260.0%Operating CF / Net Income
Free Cash Flow$1.8B
Revenue$13.7B
Net Cash$1.1BCash exceeds debt
Debt / FCF4.2xElevated debt burden
Current Ratio1.41Adequate short-term liquidity
YoY FCF Growth-114.8%4 of 5 quarters positive

How This Grade Was Calculated

Base grade from FCF margin, adjusted by financial health factors

BaseD
→
-1Significant YoY FCF decline (-114.8%)
→
-0.5Highly volatile FCF (consistency: 0.91)
→
+0.5Strong revenue growth (37.7% YoY) offsets compressed FCF margin
→
FinalF

Analysis Summary

Strengths

  • Excellent cash conversion (260%)
  • Net cash position ($1.1B)
  • Strong revenue growth (37.7% YoY)

Concerns

  • Low FCF margin (5.6%)
  • Significant YoY FCF decline (-114.8%)
  • Highly volatile quarterly FCF
SBC-adjusted FCF used — $1.1B stock-based compensation (58% of reported FCF) subtracted

Financial Breakdown

Key financials compared side by side

Margin Composition

FCF Margin5.6%
Net Margin6.8%
Operating CF Margin17.7%
CapEx Ratio4.4%

Balance Sheet Health

Debt, liquidity, and leverage snapshot

Net Cash$1.1BCash exceeds debt
Debt / FCF4.2xElevated debt burden
Current Ratio1.41Adequate liquidity
Debt / Equity0.33Low leverage

Quarterly FCF Trend

-114.8% YoYDeclining (-114.8%)

Free cash flow per quarter

Sector Comparison — Consumer Discretionary

FCF Margin ranked against sector peers

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Detailed Metrics

Company NameDoorDash, Inc.
SectorConsumer Discretionary
Free Cash Flow$1.8B
Revenue$13.7B
Net Income$935.0M
Operating Cash Flow$2.4B
Capital Expenditure$605.0M
FCF Margin5.6%
Cash Conversion Rate260.0%
Net Margin6.8%
Total Debt$3.3B
Total Cash$4.4B
Net Cash$1.1B
Current Ratio1.41
Debt / Equity0.33
Debt / FCF4.2x
YoY FCF Growth-114.8%
Positive Quarters4 of 5
Trend DirectionDeclining
Report DateDec 31, 2025
GradeF
Data SourceYahoo Finance

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Travel and fast food print 30%+ FCF margins. Auto and retail burn cash. Same sector, different planets.

Mar 27, 2026
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