DoorDash, Inc. (NASDAQ:DASH) 

The analysis of the financial ratios over the five-year period reveals several notable trends in operational efficiency, liquidity, capital structure, and profitability.

Total Asset Turnover

The reported total asset turnover ratio increased from 0.45 in 2020 to 0.72 in 2021, indicating improved efficiency in using assets to generate revenue. Although there was a slight decline to 0.67 in 2022, the ratio rebounded to 0.8 in 2023 and further to 0.83 in 2024. The adjusted figures mirror this pattern closely, suggesting consistent improvement in asset utilization over time.

Current Ratio

The current ratio declined steadily from a high of 3.94 in 2020 to 2.59 in 2021, then further to 1.86 in 2022, and continued a downward trend to 1.64 in 2023, stabilizing around 1.66 in 2024. This pattern indicates a reduction in short-term liquidity over the period, moving closer to levels that imply tighter working capital management. The adjusted values reflect the same trend without significant deviation.

Debt to Equity and Debt to Capital

Adjusted debt to equity remained relatively stable, decreasing slightly from 0.13 in 2020 to 0.07 in 2024, suggesting a marginal reduction in reliance on debt financing relative to equity. Similarly, adjusted debt to capital ratios decreased from 0.12 to 0.06 over the period, supporting the observation of a modest deleveraging trend.

Financial Leverage

Reported financial leverage increased from 1.35 in 2020 to 1.46 in 2021, hovered around 1.45 in 2022, then rose to 1.59 in 2023 and 1.65 in 2024. Adjusted ratios display a similar pattern. This increasing leverage, despite slightly declining debt ratios, may reflect growth in equity base and total assets, implying greater use of borrowed funds relative to equity over time.

Profitability Indicators

The net profit margin showed significant volatility, starting at negative 15.97% in 2020 and improving to negative 9.57% in 2021. It then deteriorated sharply to negative 20.74% in 2022 before recovering to negative 6.46% in 2023, and turned slightly positive at 1.15% in 2024. Adjusted margins reveal a similar pattern but remained negative at -0.53% in 2024. Return on equity (ROE) followed a comparable trend, with losses peaking in 2022 and an eventual improvement to positive territory in 2024 for reported figures, though adjusted ROE remained slightly negative. Return on assets (ROA) also mirrored this trajectory, improving from negative values in 2020 to almost break-even or slightly negative by 2024 according to adjusted metrics.

Overall, the entity has improved its operational efficiency as evidenced by growing asset turnover ratios and has marginally deleveraged in terms of debt financing relative to equity and capital. However, liquidity has tightened considerably. Profitability remains challenged but shows signs of recovery in the most recent period, with net profit margin and returns turning positive on a reported basis, albeit adjusted figures suggest profitability is still fragile. The increasing financial leverage suggests a more aggressive capital structure strategy despite modest reductions in debt proportions.

Revenue Growth

Revenue has demonstrated a consistent upward trajectory over the period analyzed, increasing from $2,886 million in 2020 to $10,722 million in 2024. This represents a nearly fourfold increase, indicating strong expansion and potentially successful market penetration or increased customer demand.

Total Assets

Total assets have also increased steadily, from $6,353 million in 2020 to $12,845 million in 2024. This growth reflects ongoing investment in resources, infrastructure, or acquisitions, more than doubling over the five-year period.

Reported Total Asset Turnover

The reported total asset turnover ratio fluctuated during the period but showed an overall positive trend. Starting at 0.45 in 2020, it peaked at 0.72 in 2021, dipped slightly to 0.67 in 2022, then increased to 0.80 in 2023 and further to 0.83 in 2024. This indicates improving efficiency in the use of assets to generate revenue, especially notable in the last two years.

Adjusted Total Assets and Turnover

Adjusted total assets closely mirrored the reported total assets, increasing from $6,366 million in 2020 to $12,867 million in 2024. The adjusted total asset turnover showed a similar pattern to the reported figure, starting at 0.45 in 2020, peaking at 0.71 in 2021, dipping at 0.67 in 2022, then improving to 0.80 and 0.83 in 2023 and 2024 respectively. This parallel trend reinforces the observation of enhanced asset utilization over time.

Overall Insights

The data reveals robust growth in revenue alongside sustained increases in asset base, accompanied by improving asset turnover ratios in recent years. This suggests a strengthening operational efficiency and effective scaling strategies. The slight decline in turnover during 2022 may warrant further investigation, but the recovery and improvement afterward indicate positive management responses or market conditions enhancing asset productivity.

Current Assets

Over the period from 2020 to 2024, current assets exhibit a fluctuating but generally upward trend. Starting at 5,517 million USD in 2020, they decreased to 4,565 million USD in 2021, followed by a slight increase in 2022 to 4,720 million USD. From 2022 onwards, there is a noticeable growth, climbing to 5,597 million USD in 2023 and reaching 7,386 million USD in 2024.

Current Liabilities

Current liabilities have consistently increased year over year from 1,402 million USD in 2020 to 4,438 million USD in 2024. The rise is steady and pronounced, with the largest jumps observed between 2021 and 2022, and continuing a similar upward path through to 2024.

Reported Current Ratio

The reported current ratio shows a clear declining trend from 3.94 in 2020 to 1.66 in 2024. This downward slope indicates that the proportion of current assets to current liabilities is decreasing, reflecting potentially tighter short-term liquidity over time. The ratio decreases sharply between 2020 and 2022 before stabilizing somewhat around 1.64 to 1.66 in the last two periods.

Adjusted Current Assets

Adjusted current assets follow a similar pattern to reported current assets, with values close but slightly higher each year. The trend mirrors the earlier described fluctuations—starting at 5,530 million USD in 2020, dipping in 2021, then experiencing incremental growth to 7,408 million USD in 2024.

Adjusted Current Ratio

The adjusted current ratio corresponds closely to the reported current ratio, decreasing from 3.94 in 2020 to 1.67 in 2024. The adjustment does not significantly alter the liquidity perspective but confirms the decline in short-term solvency over the analyzed years.

Insights

Overall, current assets have increased with some initial volatility, while current liabilities have risen steadily and sharply, leading to a diminishing current ratio and adjusted current ratio. This suggests increasing obligations relative to liquid resources, signaling a potential decline in short-term financial flexibility. The ratios near or above 1.6 in the most recent years indicate that although current assets still exceed current liabilities, the margin of safety has narrowed compared to earlier periods.

The financial data reveals several notable trends in capital structure and leverage over the analyzed periods.

Stockholders’ Equity

The stockholders’ equity showed a general upward trend, increasing from 4,700 million US dollars in 2020 to 7,803 million US dollars in 2024. Notably, the most significant growth occurred between 2021 and 2022, where equity rose from 4,667 million to 6,754 million US dollars. Growth continued, albeit at a slower pace, through 2024.

Total Debt and Adjusted Total Debt

Total debt was reported only in 2020, amounting to 364 million US dollars, with no subsequent data available for the following years. Adjusted total debt, however, was provided for each year from 2020 through 2024. It started at 617 million US dollars in 2020, declined markedly to 399 million in 2021, then increased moderately to 511 million in 2022 and remained relatively stable around the 520 million mark through 2024.

Debt to Equity Ratios

The reported debt to equity ratio was available solely for 2020, recorded at 0.08. The adjusted debt to equity ratio showed a decreasing trend over the years, starting at 0.13 in 2020 and declining steadily to 0.07 by 2024. This indicates a gradual reduction in leverage relative to equity.

Adjusted Stockholders’ Equity

Adjusted stockholders’ equity closely follows the trend of unadjusted equity figures, increasing from 4,716 million US dollars in 2020 to 7,836 million US dollars in 2024, suggesting consistent growth in the company's net capitalization base.

Overall, the data suggests a strengthening equity base with controlled and slightly declining leverage over the five-year span. The significant increase in equity, particularly from 2021 to 2022, aligns with stabilized debt levels after an initial reduction, resulting in improved financial stability as reflected in the lowered adjusted debt to equity ratio in later years.

The financial data reveals several notable trends related to the company's capital structure and debt levels over the period analyzed.

Total Capital

Total capital decreased from US$5,064 million in 2020 to US$4,667 million in 2021, indicating a contraction in the capital base during that year. However, from 2021 onward, total capital steadily increased, reaching US$6,754 million in 2022, and further growing to US$7,806 million by the end of 2024. This suggests a period of expansion and strengthening of the capital base from 2022 to 2024.

Adjusted Total Capital

Adjusted total capital follows a similar pattern to total capital. It declined between 2020 and 2021, moving from US$5,333 million to US$5,109 million. Subsequently, it demonstrated consistent growth from 2021 through 2024, rising to US$7,302 million in 2022 and reaching US$8,372 million in 2024. This indicates sustained growth in the company's adjusted capital resources over recent years.

Total Debt and Adjusted Total Debt

The data for total debt is only available for 2020, where it stood at US$364 million. Adjusted total debt was higher than total debt in 2020 at US$617 million, declined significantly to US$399 million in 2021, and then rose again in subsequent years to US$511 million in 2022, US$522 million in 2023, and US$536 million in 2024. This gradual upward trend since 2021 suggests a moderate increase in overall debt levels after an initial reduction.

Debt to Capital Ratios

The reported debt to capital ratio was 0.07 in 2020, with no further data available. The adjusted debt to capital ratio declined from 0.12 in 2020 to 0.08 in 2021, reflecting a reduction in leverage. From 2021 onwards, this ratio continued a gradual, steady decrease to 0.07 in 2022 and 2023, reaching 0.06 by 2024. This decline indicates an improvement in the company’s leverage position, with debt comprising a smaller proportion of total capital over time.

Overall, the company experienced a notable decrease in capital base initially, followed by a period of significant capital growth. Debt levels, especially adjusted debt, saw an initial reduction and then a moderate increase. The leverage ratios improved consistently, suggesting a strengthening balance sheet with reduced reliance on debt relative to capital.

Total Assets

Total assets have exhibited a consistent upward trend over the analyzed periods, increasing from US$6,353 million in 2020 to US$12,845 million in 2024. This reflects a significant growth in the asset base, nearly doubling over the five-year span. The incremental increases suggest ongoing investment in asset accumulation or acquisition.

Stockholders’ Equity

Stockholders’ equity showed a slight decline from US$4,700 million in 2020 to US$4,667 million in 2021, followed by a substantial increase to US$6,754 million in 2022. From 2022 onward, equity continued to grow steadily, reaching US$7,803 million by 2024. This indicates an overall strengthening of the company’s net worth with a notable recovery and growth phase after 2021.

Reported Financial Leverage

The reported financial leverage ratio increased progressively from 1.35 in 2020 to 1.65 in 2024. This upward trend indicates that the company has been gradually enhancing its use of debt relative to equity, implying a higher financial risk profile or a strategic decision to leverage financing to fund growth.

Adjusted Total Assets

Adjusted total assets closely mirror the trend in total assets, starting at US$6,366 million in 2020 and rising to US$12,867 million in 2024. The adjustments made do not materially affect the overall asset growth pattern, reinforcing the consistency of asset expansion during the period.

Adjusted Stockholders’ Equity

Adjusted stockholders’ equity follows a pattern similar to reported equity, with a minor initial dip from US$4,716 million in 2020 to US$4,710 million in 2021, then a marked increase to US$6,791 million in 2022. The upward trajectory continues thereafter, reaching US$7,836 million in 2024. This consistency suggests that adjustments applied do not significantly distort the equity growth trend.

Adjusted Financial Leverage

The adjusted financial leverage ratio moves in parallel with the reported ratio, increasing from 1.35 in 2020 to 1.64 in 2024. The close alignment indicates that the adjustments have minimal impact on the leverage metric, confirming the company’s progressively elevated reliance on debt financing over the years.

The financial data reveals several notable trends in the company's performance over the five-year period ending in 2024. The revenue shows consistent growth each year, increasing from $2,886 million in 2020 to $10,722 million by 2024. This indicates a strong upward trajectory in the company's sales and market presence.

Despite the rising revenue, the net income attributable to common stockholders has fluctuated substantially. The company incurred significant net losses from 2020 through 2023, with the largest loss recorded in 2022 at -$1,365 million. However, there is a marked improvement in 2024, where net income turns positive to $123 million. This positive change suggests a potential turnaround in profitability.

The reported net profit margin follows a similar pattern. Negative margins are observed from 2020 through 2023, reaching the lowest point of -20.74% in 2022. By 2024, the net profit margin improves to a positive 1.15%, reflecting the shift towards profitability alongside revenue growth.

Adjusted net income, which includes redeemable non-controlling interests, mirrors the trends seen in net income. Losses deepen notably in 2022 to -$1,453 million but show improvement afterward, narrowing to -$57 million by 2024. The adjusted net profit margin also shows consistent improvement, climbing from -15.59% in 2020 to -0.53% in 2024, nearing break-even.

Revenue

Demonstrates strong, steady growth year over year.

Net Income (Loss) Attributable to Common Stockholders

Experienced large losses through 2023, with a significant decrease in losses in 2023 and a shift to profit in 2024.

Reported Net Profit Margin

Negative throughout most of the period but improving steadily to positive territory in 2024.

Adjusted Net Income

Reflects a similar pattern to net income, with large losses peaking in 2022 and improvement afterwards, leading to a substantially smaller loss by 2024.

Adjusted Net Profit Margin

Consistently negative but trending upward, approaching break-even at the end of the period.

Overall, the company has demonstrated strong revenue growth with initial profitability challenges. The marked improvement in the latter years, especially the transition to positive net income and profit margins in 2024, indicates enhanced operational efficiency or improved cost control mechanisms contributing to a more sustainable financial position.

The financial data exhibits several notable trends over the five-year period analyzed. The net income (loss) attributable to common stockholders displays substantial fluctuations, with a consistent negative performance from 2020 through 2023, reaching the highest loss in 2022. A positive shift is observed in 2024, where net income turns positive to 123 million US dollars, indicating a potential turnaround in profitability.

Stockholders’ equity shows a generally increasing trend. Beginning at 4,700 million US dollars in 2020, it experiences a slight dip in 2021, followed by a significant increase in 2022. The upward trajectory continues through 2024, culminating in 7,803 million US dollars, which suggests strengthening of the company’s equity base.

The reported Return on Equity (ROE) mirrors the net income trend with negative values maintained from 2020 to 2023. The lowest ROE is observed in 2022 at -20.21%, indicating diminished efficiency in generating profits from equity during that period. Improvements emerge thereafter, with ROE improving to -8.2% in 2023 and surpassing the break-even point to a positive 1.58% in 2024, aligning with the recovery in net income.

Adjusted figures for net income and stockholders’ equity follow similar patterns to the reported values, albeit with some variation in magnitude. Adjusted net income remains negative throughout but experiences its largest loss in 2022 before improving markedly in the last two years. Adjusted stockholders’ equity steadily increases from 4,716 million US dollars in 2020 to 7,836 million in 2024, reflecting consistent growth in the company’s adjusted equity position.

Adjusted ROE also remains negative until 2024, with the worst performance in 2022 at -21.4%. It improves thereafter, reaching -6.78% in 2023 and approaching neutral at -0.73% in 2024, though still slightly below zero. This indicates the adjusted profitability metrics lag slightly behind the reported figures but follow the same directional trend.

Overall, the data highlights:

- A period of significant losses peaking in 2022, followed by a recovery into profitability in 2024.

- Continuous growth in stockholders’ equity over the period, signaling increased capital strength.

- Improvement in both reported and adjusted ROE beginning in 2023, suggesting enhanced effectiveness in generating returns from equity.

- The 2024 positive net income and ROE values may point to successful operational or strategic changes yielding financial turnaround.

Net Income (Loss) Attributable to Common Stockholders

The net income (loss) values exhibit significant volatility over the presented periods. There is a consistent loss from 2020 through 2023, with the largest loss occurring in 2022 at -1,365 million USD. Following this peak loss, the figure improves markedly in 2023 and turns positive in 2024, reporting net income of 123 million USD. This trend indicates an overall trajectory from substantial losses toward profitability by the end of the period.

Total Assets

Total assets show a steady upward trend throughout the time frame. Starting at 6,353 million USD in 2020, assets increase each year, reaching 12,845 million USD in 2024. The growth suggests expansion and accumulation of resources, nearly doubling total assets over the five-year period.

Reported Return on Assets (ROA)

The reported ROA follows a pattern consistent with the net income trend but remains negative except in the final year. It starts at -7.26% in 2020, becomes more negative in 2022 at -13.94%, then recovers to -5.15% in 2023 and finally turns positive at 0.96% in 2024. This progression reflects improving efficiency in asset utilization to generate profit over time.

Adjusted Net Income (Loss) Including Redeemable Non-controlling Interests

The adjusted net income, which accounts for redeemable non-controlling interests, parallels the net income trend but shows slightly less negative values in the earlier years. Losses increase to a peak of -1,453 million USD in 2022, followed by reductions in losses in 2023 and 2024 to -463 million USD and -57 million USD, respectively, indicating a narrowing loss margin and movement toward breakeven.

Adjusted Total Assets

Adjusted total assets similarly trend upward, closely following the reported total assets from 6,366 million USD in 2020 to 12,867 million USD in 2024. This trend confirms the asset growth observed under adjusted accounting measures and suggests consistent asset base expansion.

Adjusted Return on Assets (ROA)

The adjusted ROA remains negative over most of the period, starting at -7.07% in 2020 and declining to its lowest point at -14.81% in 2022. Subsequent improvements are observed, with adjusted ROA moving to -4.26% in 2023 and -0.44% in 2024. Despite still being negative in 2024, this indicates a meaningful recovery in the company's asset-driven profitability when incorporating adjustments.