DoorDash, Inc. (NASDAQ:DASH)

Goodwill

The goodwill value remained stable at 316 million USD in 2020 and 2021, followed by a significant increase to 2,370 million USD in 2022. It continued to increase slightly in 2023 to 2,432 million USD, then decreased marginally to 2,315 million USD in 2024.

Existing Technology

The value of existing technology remained stable at 71 million USD in 2020 and 2021, and rose sharply to 236 million USD in 2022. It continued a modest increase to 241 million USD in 2023, before slightly declining to 232 million USD in 2024.

Merchant Relationships

Merchant relationships experienced a similar pattern, holding steady at 45 million USD in 2020 and 2021, then escalating significantly to 294 million USD in 2022. This was followed by minor growth to 302 million USD in 2023, and a slight decrease to 286 million USD in 2024.

Courier Relationships

Courier relationships were valued minimally at 1 million USD in 2020 and 2021, then jumped to 12 million USD in 2022 and remained flat in 2023. There is no reported value for 2024.

Customer Relationships

Customer relationships held steady at 9 million USD during 2020 and 2021, then increased sharply to 119 million USD in 2022. The value rose slightly to 123 million USD in 2023, followed by a small decline to 116 million USD in 2024.

Trade Name and Trademarks

The value of trade names and trademarks was consistent at 6 million USD in 2020 and 2021 before surging to 277 million USD in 2022. It further rose to 286 million USD in 2023 and decreased slightly to 269 million USD in 2024.

Assembled Workforce in Asset Acquisition

This category contains no values until 2024, where it appeared at 10 million USD, indicating either a new valuation or acquisition recorded in that year.

Intangible Assets, Gross

Gross intangible assets rose significantly from 132 million USD in 2020 and 2021 to 938 million USD in 2022. This upward trajectory continued moderately with 964 million USD in 2023, then decreased slightly to 913 million USD in 2024.

Accumulated Amortization

Accumulated amortization showed a steady increase in absolute value (negative amounts reflecting amortization expense): from -58 million USD in 2020, -71 million USD in 2021, to -173 million USD in 2022, then nearly doubled to -305 million USD in 2023, and further increased to -403 million USD in 2024.

Intangible Assets, Net

The net intangible assets (gross intangible assets less accumulated amortization) initially decreased slightly from 74 million USD in 2020 to 61 million USD in 2021, jumped significantly to 765 million USD in 2022, then decreased to 659 million USD in 2023 and further declined to 510 million USD in 2024.

Goodwill and Intangible Assets, Net

Combining goodwill and net intangible assets shows a large increase from 390 million USD in 2020 to 3,135 million USD in 2022. This figure remained relatively stable in 2023 at 3,091 million USD but then declined to 2,825 million USD in 2024.

The financial data indicates a general upward trend in both total assets and stockholders’ equity over the observed five-year period.

Total Assets

Reported total assets increased steadily from US$6,353 million at the end of 2020 to US$12,845 million by the end of 2024, more than doubling during this timeframe. The growth shows significant acceleration between 2021 and 2022, followed by continued but more moderate increases in subsequent years.

Adjusted total assets, which exclude goodwill, also rose consistently from US$6,037 million in 2020 to US$10,530 million in 2024. Although this adjusted base is lower than the reported figures, the trend mirrors that of the reported data, reflecting ongoing asset growth excluding goodwill effects. The gap between reported and adjusted assets widened gradually, suggesting an increasing contribution of goodwill or other excluded factors over time.

Stockholders’ Equity

Reported stockholders’ equity demonstrated a relatively flat to slightly increasing trend from US$4,700 million in 2020 to US$7,803 million in 2024. There was a slight decrease from 2020 to 2021, followed by a substantial jump in 2022, after which the equity stabilized and experienced moderate growth.

Adjusted stockholders’ equity presents a slightly different pattern, showing a decline from US$4,384 million in 2020 to approximately US$4,351 million in 2021, remaining relatively flat through 2023, and then increasing to US$5,488 million in 2024. This lag in growth compared to reported equity may indicate the impact of goodwill adjustments, which affect the reported figures but are excluded in adjusted equity.

Overall, the data reflects asset expansion and improving equity levels, albeit with variability influenced by goodwill-related adjustments. The divergence between reported and adjusted metrics highlights the importance of considering goodwill's role when evaluating the company’s financial position. The growth trajectory suggests ongoing investment and capital accumulation, which may support operational scaling or strategic initiatives.

Total Asset Turnover

The reported total asset turnover exhibited an overall upward trend from 0.45 in 2020 to 0.83 in 2024, with a slight decrease from 0.72 in 2021 to 0.67 in 2022, followed by continuous improvement thereafter. The adjusted total asset turnover, which accounts for goodwill, increased more markedly from 0.48 in 2020 to a peak of 1.03 in 2023 before a marginal decrease to 1.02 in 2024, indicating enhanced utilization of assets when adjusted for intangible components.

Financial Leverage

Reported financial leverage gradually increased over the five-year period, rising from 1.35 in 2020 to 1.65 in 2024, showing growing reliance on debt or other liabilities relative to equity. The adjusted financial leverage amplified this trend more distinctly, starting at 1.38 in 2020 and increasing to 1.92 by 2023, maintaining that level into 2024, suggesting a higher degree of leverage when goodwill is removed from the equation.

Return on Equity (ROE)

Reported ROE remained negative from 2020 to 2023, with a notable decline to -20.21% in 2022, before improving to a slightly positive 1.58% in 2024. The adjusted ROE followed a parallel but more pronounced pattern, reaching a deeper trough of -31.14% in 2022 and recovering to 2.24% by 2024. This indicates that both measures experienced significant challenges in profitability during the mid-period, with a recovery phase emerging in the most recent year.

Return on Assets (ROA)

Reported ROA also showed negative values throughout most of the period, dropping sharply from -7.26% in 2020 to -13.94% in 2022 before improving significantly to 0.96% in 2024. The adjusted ROA mirrored this trajectory but reflected larger negative values, decreasing to -18.4% in 2022 and then recovering to 1.17% in 2024. The data indicates initial difficulties in generating returns from assets, followed by a transition toward positive profitability.

Overall Insights

Over the five-year period, operational efficiency as measured by asset turnover improved steadily, particularly when adjusting for goodwill, suggesting better asset use or growth in core operational capacities. Financial leverage increased progressively, potentially increasing financial risk but also indicating strategic use of debt. Profitability metrics (ROE and ROA) showed significant volatility with notable negative performance in earlier years, peaking in 2022, yet demonstrated a strong recovery trend by 2024, moving into positive returns. The goodwill adjustment consistently presented more conservative profitability and leverage measures, highlighting the effects of intangible assets on financial ratios.

The analysis of the reported and goodwill adjusted financial data over the five-year period reveals distinct trends in the company’s asset base and asset efficiency.

Total Assets

The reported total assets have exhibited a continuous upward trajectory, increasing from US$6,353 million at the end of 2020 to US$12,845 million by the end of 2024. This represents a doubling of asset size over the period. Similarly, the adjusted total assets, which exclude goodwill, also increased steadily from US$6,037 million in 2020 to US$10,530 million in 2024. However, the growth rate in adjusted assets is comparatively lower, indicating material goodwill and intangible asset components impacting the reported totals.

Total Asset Turnover Ratios

The reported total asset turnover ratio improved significantly from 0.45 in 2020 to 0.83 in 2024. This suggests rising efficiency in utilizing the asset base to generate revenues, nearly doubling the turnover rate over five years. The adjusted total asset turnover shows an even stronger positive trend, growing from 0.48 in 2020 to a peak of 1.03 in 2023, before slightly decreasing to 1.02 in 2024. The higher turnover ratios based on adjusted assets indicate that, excluding goodwill, the operational asset base is being utilized with increasing effectiveness.

Implications

The steady growth in total assets reflects investment and expansion activities, while the improving asset turnover ratios suggest better asset use to create revenue. The increase in adjusted asset turnover is particularly notable, suggesting management’s success in enhancing operational efficiency independent of intangible assets. The slight dip in adjusted turnover in the latest period may warrant monitoring but remains at a strong level overall.

The analysis of the financial data over the five-year period reveals several notable trends and shifts in both reported and goodwill adjusted figures.

Total Assets

Reported total assets increased steadily from US$6,353 million in 2020 to US$12,845 million in 2024, demonstrating a growth of approximately 102% over the period. Adjusted total assets, which exclude goodwill, also rose consistently from US$6,037 million to US$10,530 million, marking a significant increase of about 74%. The difference between reported and adjusted totals widened over time, indicating an increasing impact of goodwill on the asset base.

Stockholders’ Equity

Reported stockholders’ equity showed moderate growth, rising from US$4,700 million in 2020 to US$7,803 million in 2024, which corresponds to a growth of roughly 66%. However, adjusted stockholders’ equity displayed minimal change initially, remaining close to the 2020 value (~US$4,384 million) through 2022 and 2023 before increasing markedly to US$5,488 million in 2024. This suggests that while reported equity growth was more pronounced, the underlying equity excluding goodwill components was relatively flat until the final year.

Financial Leverage

The reported financial leverage ratio increased from 1.35 in 2020 to 1.65 by 2024, indicating a growing reliance on debt or liabilities relative to equity. The adjusted financial leverage ratio, which factors out goodwill, exhibited an even sharper increase from 1.38 to 1.92 over the same period. This divergence implies that excluding goodwill amplifies the perception of leverage, reflecting increased financial risk or debt usage in real terms.

General Insights

Overall, the data portrays a company expanding its asset base significantly year over year, both reported and adjusted, with an accelerating growth in goodwill or intangible assets. Equity growth, especially on an adjusted basis, lagged behind asset growth until the latest period, which may reflect retained earnings or capital injections only materializing recently. The rising financial leverage, more pronounced when adjusted for goodwill, signals increasing financial risk and dependence on external financing relative to equity. These trends suggest an aggressive growth strategy possibly financed through increased liabilities and intangible asset capitalization.

The data reveals several notable trends in the company's equity and return on equity (ROE) metrics over the period from the end of 2020 through 2024.

Stockholders’ Equity

Reported stockholders’ equity shows a general increasing trend, starting at US$4.7 billion in 2020, slightly decreasing to US$4.667 billion in 2021, then rising significantly to US$6.754 billion in 2022. This upward trend continues more moderately in 2023 and further into 2024, reaching US$7.803 billion by the end of that year.

Adjusted stockholders’ equity, which presumably excludes goodwill and other adjustments, remains relatively stable from 2020 to 2023, fluctuating narrowly between about US$4.35 billion and US$4.38 billion. A distinct increase is observed in 2024, where adjusted equity rises markedly to US$5.488 billion.

Return on Equity (ROE)

Reported ROE is consistently negative from 2020 through 2023, indicating the company was generating losses relative to its equity base during this period. The lowest point occurs in 2022 at -20.21%. However, there is a noticeable improvement afterward, with reported ROE increasing to -8.2% by the end of 2023 and turning positive at 1.58% in 2024.

Adjusted ROE follows a similar trajectory but demonstrates more severe negative values, particularly in 2022 when it reaches -31.14%. This suggests that excluding goodwill and other adjustments, the profitability relative to adjusted equity was more negatively impacted during this period. Consistent with reported ROE, the adjusted figure improves in 2023 and turns positive in 2024 with a value of 2.24%.

Overall, the analysis shows that while reported equity experienced significant growth mainly driven by increases in reported figures, adjusted equity remained stable until a considerable increase in 2024. The company faced persistent negative returns on both reported and adjusted equity through 2023, with substantial losses centered around 2022. However, by 2024, both profitability measures indicate a turnaround into positive territory, possibly reflecting improved operational performance or financial restructuring.

The analysis of the financial data over the observed five-year period reveals several notable trends in the company's asset base and return on assets (ROA), both in reported and goodwill-adjusted terms.

Total Assets

Reported total assets show a consistent upward trajectory, rising from US$6,353 million at the end of 2020 to US$12,845 million by the end of 2024. This represents an approximate doubling of reported assets over the five-year span.

Adjusted total assets, which account for goodwill removals, also increase steadily from US$6,037 million in 2020 to US$10,530 million in 2024. Although the adjusted figures are lower than reported amounts, reflecting the exclusion of goodwill, the growth trend remains robust, indicating genuine expansion in asset value beyond intangible assets.

Return on Assets (ROA)

Reported ROA exhibits negative values throughout most of the period, starting at -7.26% in 2020 and improving gradually to 0.96% in 2024. The most severe decline occurs in 2022, where ROA drops to -13.94%, indicating a significant reduction in profitability relative to asset size for that year. However, from 2023 onwards, there is a marked improvement, culminating in a slight positive ROA by 2024.

Adjusted ROA, which removes the effect of goodwill, follows a similar pattern but reveals consistently lower returns compared with reported ROA. The negative impact is more pronounced, with an especially sharp dip to -18.4% in 2022. Improvement is evident thereafter, but the ROA only turns modestly positive at 1.17% by 2024.

Insights

The steady asset growth suggests ongoing investment and expansion, with the company increasing its capital base significantly during the period. The disparity between reported and adjusted asset values underscores the material presence of goodwill on the balance sheet, which affects profitability metrics.

The ROA figures indicate initial challenges in efficiently generating income from assets, as reflected in negative returns during the earlier years. The sharp deterioration in 2022 might suggest operational difficulties or increased costs associated with the asset base at that time. However, the gradual recovery and eventual positive ROA signal improving operational efficiency or better asset utilization in the later years.

The adjustments for goodwill depict a more conservative profitability perspective, emphasizing the importance of considering intangible assets when assessing financial performance. The company’s progress into positive adjusted ROA territory by 2024 is a positive sign of financial health improvement.