Summary
The larger the scale, the lower the cost. We hope that DoorDash continues to expand its business ,so then lower total cost and expenses.
We reckon DoorDash is worth $12 billion, or $30 per share is a buying point.
Disclaimer: The content is for reference only and does not constitute investment advice.
Asset structure analysis
DoorDash ‘s total assets were $10.8 billion as of December 31,2023, an increase of 10%, compared with $9.8 billion as of December 31,2022.
DoorDash ‘s cash, and cash equivalents were $2.66 billion at December 31, 2023, consisting of 24.6% of total assets.
Short-term marketable securities were $1.4 billion at December 31, 2023, which accounted for 13% of total assets.
The amount of total current assets was $5.6 billion at December 31,2023, which made up 52% of total assets.
The amount of goodwill was $2.4 billion at December 31, 2023, accounting for 22% of total assets.
Liquidity and solvency
DoordDsh held cash, cash equivalents and marketable securities of 4 billion at December 31, 2023, while total liabilities were about $4 billion.
DoordDsh’ s balance sheet is rather good.
Profitability analysis
DoorDash ‘s revenues were $4.9 billion , $6.6 billion and $8.6 billion in 2021, 2022 and 2023.
DoorDash ‘s revenue for 2023 was up 30% year-on-year.
DoorDash ‘s revenue for 2022 was up 34% year-on-year.
DoorDash ‘s cost of revenue was $2.3 billion, $3.6 billion and $4.6 billion in 2021, 2022 and 2023.
Gross profit margin was 53%, 45% and 46% in 2021, 2022, 2023.
DoorDash ‘s operating loss was $0.45 billion, $1.1 billion and $5.8 billion in 2021, 2022 and 2023.
Why DoorDash has lost money in the past three years.
We believe that stock-based compensation is a main reason.
Stock-based compensation was $486 million, $89 9 million and $1.1 billion in 2021, 2022 and 2023.
The larger the scale, the lower the cost.
We hope that Doordash continues to expand its business ,so then lower total cost and expenses.
Cash flow analysis
Net cash provided by operating activities was $0.7 billion, 0.37 billion and $1.7 billion in 2021, 2022 and 2023.
Free cash flow was $455 million, $21 million and $1.35 billion in 2021, 2022 and 2023.
Repurchase of common stock were $0.4 billion and $0.75 billion in 2022 and 2023.
Introduction
DoorDash, Inc. is incorporated in Delaware with headquarters in San Francisco, California. We provide a local commerce platform that enables local businesses to address consumers’ expectations of ease and immediacy and thrive in today’s convenience economy.
We operate a local commerce platform that connects merchants, consumers, and Dashers. Our primary offerings are the DoorDash Marketplace and the Wolt Marketplace, which together operate in over 25 countries across the globe. Our Marketplaces provide a suite of services that enable merchants to establish an online presence, generate demand, seamlessly transact with consumers, and fulfill orders. As part of our Marketplaces, we also offer Pickup, which allows consumers to place advance orders, skip lines, and pick up their orders conveniently with no consumer fees, as well as DoorDash for Business, which provides merchants on our platform with large group orders and catering orders for businesses and events. The DoorDash Marketplace also includes DashPass and the Wolt Marketplace includes Wolt+. DashPass and Wolt+ are our membership products, which provide members with unlimited access to eligible merchants with zero delivery fees and reduced service fees on eligible orders.
In addition to our Marketplaces, we offer Platform Services, which primarily includes DoorDash Drive and Wolt Drive, which are white-label delivery fulfillment services that enable merchants that have generated consumer demand through their own channels to fulfill this demand using our platform. Platform Services also includes DoorDash Storefront, which enables merchants to create their own branded online ordering experience, providing them with a turnkey solution to offer consumers on-demand access to e-commerce without investing in in-house engineering or fulfillment capabilities, and Bbot, which offers merchants solutions for their in-store and online channels, including in-store digital ordering and payments.(from DoorDash’ s form 10k )