This paper presents the analysis of a parallel formulation of depth-first search. At the heart of this parallel formulation is a dynamic work-distribution scheme that divides the work between different processors. The effectiveness of the parallel formulation is strongly influenced by the work-distribution scheme and the target architecture. We introduce the concept of isoefficiency function to characterize the effectiveness of different architectures and work-distribution schemes. Many researchers considered the ring architecture to be quite suitable for parallel depth-first search. Our analytical and experimental results show that hypercube and shared-memory schemes are significantly better. The analysis of previously known work-distribution schemes motivated the design of substantially improved schemes for ring and shared-memory architectures. In particular, we present a work-distribution algorithm which guarantees close to optimal performance on a shared-memory/C-network-with-message-combining architecture (e.g. RP3). Much of the analysis presented in this paper is applicable to other parallel algorithms in which work is dynamically shared between different processors (e.g., parallel divide-and-conquer algorithms). The concept of isoefficiency is useful in characterizing the scalability of a variety of parallel algorithms.