Forensic Analysis · Professional & Commercial Services · as of Sep 25, 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.
C · Mixed — selective
Forensic grade
Safe
Financial health
9.3
Distress distance
Clean
Earnings quality
5
Forensic signals
99.4
P / E (ttm)
9.3%
ROE
$82.0B
Market cap
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 (red flags, auditor quality, say on pay, board independence, going concern, valuation). 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 C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 9.3, placing it in the Safe zone. 5 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+39.7%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +39.7% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by receivables up +51% against revenue +28%. A cash-flow measure on the same base disagrees: reported earnings ran behind operating cash by 32% of net operating assets, against an accruals ratio of 39.7%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
+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: 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.
7.1%
FY2025
Return on invested capital.Return on invested capital is 7.1% 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 +91% across FY2023–FY2025, from $4.8B to $9.1B, 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.
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 Equity9.3%
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?
Data from SEC EDGAR public filings · metrics as of Sep 25, 2026. Forensic signals flag probability, not certainty.
Doordash, Inc. (DASH) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
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, 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.