Forensic Analysis · Professional & Commercial Services · as of Nov 8, 2026
DoorDash, Inc. (DASH)
A forensic read on DoorDash, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Grey Zone
Financial health
1.5
Distress distance
Clean
Earnings quality
4
Forensic signals
10.5%
ROE
27.9%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
DoorDash, Inc. earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 1.5, placing it in the Grey zone. 4 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+5.8%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +12% over the last 2 years to FY2025 (+5.8%/yr). The count is growing — 392.9M shares in FY2023, 439.7M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~5.8% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~11%.
stopped
FY2024→FY2025
Shareholder returns — halted.Capital returns have STOPPED — $224M of buybacks + dividends in FY2024, but ~$0 in FY2025. A halt usually means the company is conserving cash.
9.6%
FY2025
Return on invested capital.Return on invested capital is 9.6% in the latest fiscal year and rising across FY2023–FY2025 from -9.6%. After-tax operating profit was ($457M) in FY2023 and $651M in FY2025, with operating income at -6.7% of revenue in FY2023, -0.4% in FY2024 and 5.3% in FY2025. The capital base behind it grew +42% across FY2023–FY2025, from $4.8B to $6.8B, and the return did not fall doing it, so the dollars added over that window earned at least the -9.6% the older base was already earning. $2.1B of the $6.8B base at FY2025 is short-term investments and long-term marketable securities (30.5%) — securities held beside cash, which the base keeps because only cash is subtracted from it; they earn the balance sheet's yield, which is not in the operating profit above, so this rate understates what the operating capital earns.
8% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 8% of revenue and 58% of free cash flow in FY2025 — about $2.39 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 5.8% a year across FY2023–FY2025, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$13.72B
Revenue Growth YoY+27.9%
Revenue CAGR (2yr)+26.0%
Net Margin6.8%
Free Cash Flow$1.83B
Return on Equity10.5%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from DoorDash, Inc.'s actual 10-K/10-Q/8-K filings?