DASHDoorDash, Inc.

Services-Business Services, NEC

Revenue: $13.7B; 28% YoY
Operating margin: 5.3%; 1587% YoY
EBITDA: $1.5B; 181% YoY
Market cap: $78.9B
Employees: 31,400; $437K revenue each
Net debt / EBITDA: —
AI in 10-K: 2.2; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$316K median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
260% of net income
Cash flow under 80% of net income
Dilutive SBCNo
8% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
27% of assets
Over 40% of assets
Shareholder dissentNo
—
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$437K · 49th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.2 per 10K words · 59th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$78.9B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$224M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$4.9B	$6.6B	$8.6B	$10.7B	$13.7B	28%
Operating income	−$452M	−$1.1B	−$579M	−$38M	$723M	2003%
Net income	−$468M	−$1.4B	−$558M	$123M	$935M	660%
Operating cash flow	$692M	$367M	$1.7B	$2.1B	$2.4B	14%
Capex	$129M	$176M	$123M	$104M	$257M	147%
Stock-based comp	$486M	$889M	$1.1B	$1.1B	$1.1B	4.4%
Buybacks	$0	$400M	$750M	$224M	$0	100%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $100M · 13
Open-market sells, 12 mo: $324M · 339
Net: −$224M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$432K	$238M	159	258
FY2024	$319K	$314M	118	208
FY2023	$316K	$244M	69	152
FY2022	$300K	−$686M	34	97
FY2021	$300K	−$36M	104	135