2020 Beta Liquidation Value 
Equidam
JULY 3, 2025
When DoorDash went public in December 2020, investors valued the company at $72 billion despite generating just $2.9 billion in Gross Merchandise Value (GMV). billion in revenue. The valuation multiple seemed astronomical until you considered DoorDash’s $24.7
Musings on Markets
FEBRUARY 27, 2023
While accountants, CFOs and bankers are fond of the book value measure, almost everything in corporate finance revolves around market value weights, including the debt to equity ratios we use to adjust betas and costs of equity and the debt to capital ratios used in computing the cost of capital.
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