DoorDash Inc - Ordinary Shares - Class A
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+ FollowMarket Cap$86.27B
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Earnings Call Q3 2026
October 29, 2026 - AI Summary
Instacart deal: strategic “end state” for grocery + why now
- DoorDash believes grocery delivery is still far below potential because customers pay a premium for imperfect delivery; the “vision” is perfect, affordable delivery via inventory/in-stock management.
- DashMart journey proof point: deliveries from owned DashMart inventory are near-perfect accuracy, while third-party store deliveries are only low-90% accuracy (material gap).
- Management frames timing as: core DoorDash is “firing on all cylinders” (record highs in top/bottom line; U.S. restaurants accelerating QoQ; new verticals and international growing), while major execution projects (e.g., single tech stack, integrations like Deliveroo) are already progressing—freeing bandwidth to “play offense” in grocery now.
DashMart + Instacart: how demand density and logistics economics improve
- DashMarts are described as a fixed-cost + inventory model where scale drives economics (higher throughput improves cost per delivery).
- Instacart is expected to add incremental density/unique demand to DoorDash’s last-mile network, enabling:
- Faster delivery and lower system costs (efficiency).
- Continued investment toward an end state that allows retailers to offer competitive pricing/selection and improve overall profitability for grocers and earning opportunities for shoppers.
- Leadership also described DashMart selection as a sequencing roadmap (not instant full catalog parity like Instacart’s “millions/tens of millions” SKUs), ultimately aiming for more store/catalog coverage by leveraging retailers’ existing shelf/real-estate while building back-of-house logistics capacity.
Synergies outlook (forecast): $500M+ annual net of investments by Year 3; heavy reinvestment early
- DoorDash reiterated a plan for a multi-year path to $500M or more in annual synergies (net of investments), with an explicit expectation that Year 1 invests >100% of total synergies.
- Where synergies are expected to come from:
- Growth synergies: cross-list merchants/categories; restaurant platform availability on Instacart; expanded ads (more reach -> better ROAS); cross-sell software/services (Instacart software to DoorDash’s grocers; DashMart fulfillment services).
- Efficiency synergies: Dasher/shopper density improving fulfillment economics; combined scale supporting lower costs in support/marketing and network utilization.
- Reinvestment philosophy: management emphasized reinvesting profit dollars back into product (they cite Deliveroo integration as a similar playbook).
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$136.78
31.1% downside
Current Fair Value
31.1% downsideOvervalued by 31.1% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $86.27 Billion |
|---|---|
| Enterprise Value | $85.70 Billion |
| Earnings per Share | $2.19 |
| Beta | 1.89 |
| Outstanding Shares | 434,409,000 |
Return
| Return on Equity | 10.70% |
|---|---|
| Return on Assets | 5.43% |
| Return on Invested Capital | 8.24% |
Valuation & Multiples
| P/E Ratio | 73.36 |
|---|---|
| PEG | 80.63 |
| Price to Sales | 5.09 |
| Price to Book Ratio | 9.03 |
| Enterprise Value to Revenue | 5.02 |
| Enterprise Value to EBIT | 77.56 |
| Enterprise Value to Net Income | 80 |
| Total Debt to Enterprise | 0.05 |
| Debt to Equity | 0.39 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 4, 2026
EPS Estimate
$0.81
Consensus analyst estimateRevenue Estimate
$4.56 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 17, 2027
EPS Estimate
$0.83
Consensus analyst estimateRevenue Estimate
$4.83 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.57, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.5747▲ 18.39% |
|---|---|
| Total Calls | 47,500▼ 99.58% |
| Total Puts | 27,300▼ 99.39% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.55%▼ 85.59% |
|---|---|
| Total Invested | $2.83B▼ 96.02% |
| Investors Holding | 354▼ 763.00% |
About DoorDash Inc
3,279 employees
DoorDash is a technology company that connects customers with their favorite local and national businesses in more than 4,000 cities and all 50 states across the United States, Canada, and Australia. Founded in 2013, DoorDash empowers me...