Common-Size Balance Sheet: Assets
Quarterly Data
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- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Dividend Discount Model (DDM)
- Net Profit Margin since 2020
- Return on Equity (ROE) since 2020
- Total Asset Turnover since 2020
- Price to Earnings (P/E) since 2020
- Price to Operating Profit (P/OP) since 2020
- Price to Sales (P/S) since 2020
- Analysis of Debt
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DoorDash, Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
The asset composition of the entity exhibits a significant structural shift from a highly liquid, cash-heavy position to one characterized by a higher proportion of non-current assets, primarily driven by inorganic growth and changes in cash management.
- Liquidity and Current Asset Trends
- Current assets represented a dominant portion of the balance sheet in early 2021 at 85.14%, but this proportion declined steadily to a low of 47.55% by March 2023. While there was a partial recovery to approximately 57% between December 2023 and March 2024, a subsequent downward trend is observed, ending at 43.59% by March 2026. This shift is largely attributed to the reduction of cash and cash equivalents, which fell from a peak of 67.89% in March 2021 to fluctuate between 18% and 33% in later periods.
- Short-term investments followed a similar trajectory of contraction, peaking at 21.58% in June 2021 before declining consistently to 4.86% by March 2026, indicating a reduction in the allocation of liquid reserves.
- Inorganic Growth and Non-Current Assets
- Non-current assets increased from 14.86% in March 2021 to a peak of 52.45% in March 2023. A critical inflection point occurred in June 2022, where goodwill surged from 5.11% to 23.32% and intangible assets rose from 1.08% to 8.15%. This pattern is indicative of significant acquisition activity during that period.
- Goodwill remained a primary component of the asset base throughout the analyzed period, exhibiting another increase to 28.07% by December 2025, further cementing the role of acquired assets in the total balance sheet composition.
- Fixed Assets and Operating Leases
- Property and equipment, net, remained relatively stable, generally oscillating between 4% and 7% of total assets, suggesting a consistent level of investment in physical infrastructure relative to total asset growth.
- Operating lease right-of-use assets showed a gradual decline, starting at 3.49% in March 2021 and decreasing to 2.22% by March 2026, indicating a diminishing relative reliance on leased assets.
- Cash Allocation Anomalies
- A notable volatility is observed in restricted cash during 2025. After remaining negligible for several years, restricted cash spiked to 22.70% of total assets in June 2025, coinciding with a sharp drop in cash and cash equivalents to 23.07%. This proportion returned to a baseline of 1.52% by December 2025, suggesting a temporary reallocation of funds for a specific contractual or regulatory requirement.