Marketplace Valuation: Beyond GMV to Real Value Creation
Equidam
JULY 3, 2025
Yet by 2024, DoorDash’s share price had fallen more than 60% from its peak, revealing a fundamental truth about marketplace valuation: GMV alone tells only part of the story. The GMV Trap: Why Gross Numbers Mislead Gross Merchandise Value has become the go-to metric for marketplace valuations, and it’s easy to understand why.
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