DOORDASH, INC. vs PDD Holdings Inc., two Internet Retail stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
PDD Holdings earns 24% on equity and 16% on assets, roughly three times what DoorDash returns on the same base, 9% and 5%. The gap is structural, not stylistic: PDD's marketplace takes a cut of merchant sales and keeps 23% of revenue as net profit, while DoorDash dispatches drivers and keeps 6%, a lighter take from a heavier operation. Both run debt-free, so the difference is in what the model touches, not how it is financed. The market still pays up for the lower-return name, near 76 times earnings for DoorDash against 35 for PDD. Investors are buying DoorDash's expected climb and PDD's realized economics at a discount to it.
Comparison updated 2026-06-15.
| Metric | DASH | PDD |
|---|---|---|
| Price | $191.79 | $85.11 |
| Market cap | $84.8B | $504.7B |
| Sector | Internet Retail | Internet Retail |
| Stage | Growth | Growth |
| P/E | 90.9 | — |
| P/B | 8.32 | — |
| P/S | 5.76 | — |
| EV/EBITDA | 52.4 | — |
| Revenue growth | +30.8% | +45.5% |
| Operating margin | 3.7% | 21.6% |
| Net margin | 6.3% | 22.7% |
| Return on equity | 9.1% | 23.7% |
| Return on assets | 4.7% | 15.5% |
| Return on invested capital | 5.3% | 18.4% |
| FCF yield | 2.5% | — |
| Debt / equity | 0.27 | 0.00 |
| Current ratio | 1.43 | 2.43 |
| Altman Z (solvency) | 5.98 | 8.39 |
| Piotroski F (quality) | 8 / 9 | 5 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.