Analysis of Solvency Ratios
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
DoorDash, Inc., solvency ratios
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
The financial data reveals an overall trend of decreasing leverage and improving coverage ratios over the periods observed.
- Debt Ratios
- Measures of debt relative to equity, capital, and assets consistently decline when considering operating lease liabilities.
- For example, the debt to equity ratio including operating lease liability decreased from 0.13 in 2020 to 0.07 in 2024, indicating a reduction in reliance on debt financing relative to shareholders' equity.
- Similarly, debt to capital decreased from 0.12 in 2020 to 0.06 in 2024, and debt to assets fell from 0.10 to 0.04 in the same period, suggesting an overall strengthening of the company’s balance sheet by reducing leverage.
- Financial Leverage
- The financial leverage ratio shows an increasing trend over time, rising from 1.35 in 2020 to 1.65 in 2024.
- This increase implies that the company has been utilizing more debt relative to equity for its asset base, despite the declining ratios when including operating lease liabilities.
- Coverage Ratios
- Interest coverage ratios are negative and deteriorated sharply, moving from -13.31 in 2020 to an extremely negative -698.5 in 2022, with no data for 2023 and 2024.
- This suggests challenges in covering interest expenses through operating earnings during the earlier years, with worsening conditions up to 2022.
- Fixed charge coverage improved notably in later years after being negative from 2020 through 2022, increasing from -5.36 in 2020 to a positive 2.51 by 2024.
- This improvement indicates enhancements in the company’s ability to meet fixed financing obligations, reflecting strengthened operational cash flow or reduced charges.
In summary, the company shows a trend of lowering its debt burden relative to capital and assets, despite a slight increase in financial leverage. The coverage ratios, particularly fixed charge coverage, demonstrate significant recovery in the ability to cover fixed costs, which may indicate improving financial stability in recent years. However, the negative interest coverage ratios in earlier years highlight past difficulties in managing interest expenses.
Debt Ratios
Coverage Ratios
Debt to Equity
DoorDash, Inc., debt to equity calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Convertible notes | —) | —) | —) | —) | 364) | |
| Total debt | —) | —) | —) | —) | 364) | |
| Stockholders’ equity | 7,803) | 6,806) | 6,754) | 4,667) | 4,700) | |
| Solvency Ratio | ||||||
| Debt to equity1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.08 | |
| Benchmarks | ||||||
| Debt to Equity, Competitors2 | ||||||
| Airbnb Inc. | 0.24 | 0.24 | 0.36 | 0.42 | 0.63 | |
| Booking Holdings Inc. | — | — | 4.51 | 1.77 | 2.46 | |
| Chipotle Mexican Grill Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| McDonald’s Corp. | — | — | — | — | — | |
| Starbucks Corp. | — | — | — | — | — | |
| Debt to Equity, Sector | ||||||
| Consumer Services | 16.16 | 28.03 | 24.19 | 7.90 | — | |
| Debt to Equity, Industry | ||||||
| Consumer Discretionary | 1.10 | 1.34 | 1.51 | 1.50 | 2.32 | |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 0 ÷ 7,803 = 0.00
2 Click competitor name to see calculations.
The financial data reveals noteworthy developments in equity and debt metrics over the five-year timeframe ending in 2024.
- Stockholders’ Equity
- Stockholders’ equity showed a positive and steady growth trajectory, increasing from US$4,700 million in 2020 to US$7,803 million in 2024. This represents a significant enhancement in the company's net worth, reflecting retained earnings accumulation, capital raises, or asset revaluation contributing to an overall strengthening of the equity base.
- Total Debt
- The total debt figure is only available for 2020, recorded at US$364 million. Absence of debt data for subsequent years prevents a conclusive trend analysis on the company’s leverage level or its debt management strategy beyond 2020.
- Debt to Equity Ratio
- The debt to equity ratio is reported solely for 2020 at 0.08, indicating a conservative leverage position at that point in time, with relatively low debt compared to equity. Lack of data in the following years inhibits evaluation of changes in financial risk or capital structure shifts over the subsequent periods.
Overall, the data depicts a company with expanding equity base and initially low leverage. However, incomplete debt and ratio data for later years limit thorough insights into credit risk or capitalization dynamics beyond the first reporting period.
Debt to Equity (including Operating Lease Liability)
DoorDash, Inc., debt to equity (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Convertible notes | —) | —) | —) | —) | 364) | |
| Total debt | —) | —) | —) | —) | 364) | |
| Current operating lease liabilities | 68) | 68) | 55) | 26) | 15) | |
| Non-current operating lease liabilities | 468) | 454) | 456) | 373) | 238) | |
| Total debt (including operating lease liability) | 536) | 522) | 511) | 399) | 617) | |
| Stockholders’ equity | 7,803) | 6,806) | 6,754) | 4,667) | 4,700) | |
| Solvency Ratio | ||||||
| Debt to equity (including operating lease liability)1 | 0.07 | 0.08 | 0.08 | 0.09 | 0.13 | |
| Benchmarks | ||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | ||||||
| Airbnb Inc. | 0.27 | 0.28 | 0.42 | 0.51 | 0.80 | |
| Booking Holdings Inc. | — | — | 4.75 | 1.85 | 2.56 | |
| Chipotle Mexican Grill Inc. | 1.24 | 1.32 | 1.58 | 1.53 | 1.56 | |
| McDonald’s Corp. | — | — | — | — | — | |
| Starbucks Corp. | — | — | — | — | — | |
| Debt to Equity (including Operating Lease Liability), Sector | ||||||
| Consumer Services | 22.23 | 38.47 | 33.45 | 11.35 | — | |
| Debt to Equity (including Operating Lease Liability), Industry | ||||||
| Consumer Discretionary | 1.39 | 1.69 | 1.90 | 1.87 | 2.78 | |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity
= 536 ÷ 7,803 = 0.07
2 Click competitor name to see calculations.
The data reveals several notable trends in the company’s financial structure over the five-year period.
- Total Debt (Including Operating Lease Liability)
- The total debt decreased significantly from $617 million in 2020 to $399 million in 2021. However, it rose again in subsequent years, reaching $511 million in 2022, $522 million in 2023, and $536 million in 2024. Despite the increase after 2021, the debt level remains below the 2020 figure, showing some stabilization in recent years.
- Stockholders’ Equity
- Stockholders’ equity shows a steady upward trajectory throughout the period. Starting at $4,700 million in 2020, it slightly decreased to $4,667 million in 2021, then increased significantly to $6,754 million in 2022. This upward trend continued through 2023 and 2024, reaching $6,806 million and $7,803 million respectively. This growth indicates strengthening equity capital and an improving net asset base.
- Debt to Equity Ratio (Including Operating Lease Liability)
- The debt to equity ratio has consistently declined over the period. From 0.13 in 2020, it dropped sharply to 0.09 in 2021, then continued decreasing modestly to 0.08 in 2022 and 2023, and further to 0.07 in 2024. This downward trend suggests the company is reducing its financial leverage relative to equity, reflecting a stronger equity position relative to its debt obligations.
Overall, the company appears to be managing its liabilities prudently while steadily increasing its equity base. The decreasing debt to equity ratio is indicative of improved financial stability and potentially lower risk from a creditors’ perspective. Despite a modest rise in total debt after 2021, the relative level of debt compared to equity continues to decline, reinforcing a conservative capital structure approach.
Debt to Capital
DoorDash, Inc., debt to capital calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Convertible notes | —) | —) | —) | —) | 364) | |
| Total debt | —) | —) | —) | —) | 364) | |
| Stockholders’ equity | 7,803) | 6,806) | 6,754) | 4,667) | 4,700) | |
| Total capital | 7,803) | 6,806) | 6,754) | 4,667) | 5,064) | |
| Solvency Ratio | ||||||
| Debt to capital1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.07 | |
| Benchmarks | ||||||
| Debt to Capital, Competitors2 | ||||||
| Airbnb Inc. | 0.19 | 0.20 | 0.26 | 0.29 | 0.39 | |
| Booking Holdings Inc. | 1.32 | 1.24 | 0.82 | 0.64 | 0.71 | |
| Chipotle Mexican Grill Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| McDonald’s Corp. | 1.10 | 1.13 | 1.19 | 1.15 | 1.26 | |
| Starbucks Corp. | 1.92 | 2.08 | 2.41 | 1.57 | 1.96 | |
| Debt to Capital, Sector | ||||||
| Consumer Services | 0.94 | 0.97 | 0.96 | 0.89 | 1.02 | |
| Debt to Capital, Industry | ||||||
| Consumer Discretionary | 0.52 | 0.57 | 0.60 | 0.60 | 0.70 | |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= 0 ÷ 7,803 = 0.00
2 Click competitor name to see calculations.
The financial data reveals several key trends over the analyzed periods, focusing primarily on the company's capital structure and debt levels.
- Total Capital
-
Total capital demonstrates a fluctuating but generally upward trend across the periods. It starts at 5,064 million US dollars at the end of 2020, experiences a decline to 4,667 million in 2021, and then shows a significant recovery and growth in the following years, reaching 6,754 million in 2022, 6,806 million in 2023, and further expanding to 7,803 million by the end of 2024. This pattern suggests an overall increase in the company's funding base, potentially reflecting increased equity, retained earnings, or additional borrowings.
- Total Debt
-
The total debt figure is only available for the year ending December 2020, reported at 364 million US dollars. There is no provided data for subsequent years, which limits the ability to analyze trends or changes in debt levels over the later periods. The absence of this data could imply either an omission or a reduction in reliance on debt financing, but this cannot be confirmed from the given information.
- Debt to Capital Ratio
-
The debt to capital ratio is presented solely for the year ending December 2020, at 0.07, indicating a low level of debt relative to total capital at that point. Subsequent years lack data, preventing analysis of changes in leverage or capital structure shifts over time. Given the rise in total capital and absence of updated debt figures, it remains unclear whether the company’s leverage has increased, decreased, or remained stable.
Overall, the data indicates a company that has increased its total capital substantially after a dip in 2021, but with insufficient information on debt levels and leverage trends after 2020. This limits the ability to form a complete picture of the company's financing strategy and risk profile in the more recent periods.
Debt to Capital (including Operating Lease Liability)
DoorDash, Inc., debt to capital (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Convertible notes | —) | —) | —) | —) | 364) | |
| Total debt | —) | —) | —) | —) | 364) | |
| Current operating lease liabilities | 68) | 68) | 55) | 26) | 15) | |
| Non-current operating lease liabilities | 468) | 454) | 456) | 373) | 238) | |
| Total debt (including operating lease liability) | 536) | 522) | 511) | 399) | 617) | |
| Stockholders’ equity | 7,803) | 6,806) | 6,754) | 4,667) | 4,700) | |
| Total capital (including operating lease liability) | 8,339) | 7,328) | 7,265) | 5,066) | 5,317) | |
| Solvency Ratio | ||||||
| Debt to capital (including operating lease liability)1 | 0.06 | 0.07 | 0.07 | 0.08 | 0.12 | |
| Benchmarks | ||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | ||||||
| Airbnb Inc. | 0.21 | 0.22 | 0.30 | 0.34 | 0.44 | |
| Booking Holdings Inc. | 1.30 | 1.22 | 0.83 | 0.65 | 0.72 | |
| Chipotle Mexican Grill Inc. | 0.55 | 0.57 | 0.61 | 0.61 | 0.61 | |
| McDonald’s Corp. | 1.08 | 1.10 | 1.14 | 1.10 | 1.18 | |
| Starbucks Corp. | 1.41 | 1.48 | 1.58 | 1.29 | 1.46 | |
| Debt to Capital (including Operating Lease Liability), Sector | ||||||
| Consumer Services | 0.96 | 0.97 | 0.97 | 0.92 | 1.01 | |
| Debt to Capital (including Operating Lease Liability), Industry | ||||||
| Consumer Discretionary | 0.58 | 0.63 | 0.65 | 0.65 | 0.74 | |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 536 ÷ 8,339 = 0.06
2 Click competitor name to see calculations.
The financial data reveals several notable trends in the company's debt and capital structure over the five-year period ending December 31, 2024.
- Total Debt (including operating lease liability)
- The total debt decreased significantly from US$617 million in 2020 to US$399 million in 2021, indicating a reduction in leverage or repayment of obligations. However, from 2021 onwards, total debt exhibited an increasing trend, rising to US$511 million in 2022, then slightly climbing to US$522 million in 2023, and further reaching US$536 million in 2024. Despite the recent increases, the total debt level in 2024 remains below the 2020 figure.
- Total Capital (including operating lease liability)
- Total capital showed a downward movement from US$5,317 million in 2020 to US$5,066 million in 2021, reflecting a contraction in the overall capital base during this period. Thereafter, a substantial increase was observed in capital to US$7,265 million in 2022, remaining relatively stable at US$7,328 million in 2023, and further growing to US$8,339 million in 2024. This upward trajectory suggests notable capital expansion or asset growth over recent years.
- Debt to Capital Ratio (including operating lease liability)
- This ratio illustrates the proportion of debt within the total capital structure. It decreased steadily from 0.12 in 2020 to 0.08 in 2021, further declining to 0.07 in both 2022 and 2023, and finally reaching 0.06 in 2024. The consistent decline indicates a strengthening equity or capital base relative to debt and implies a lower financial leverage and potentially reduced risk associated with debt financing over time.
Overall, the data depict a clear trend of increased capital levels coupled with a reduction in leverage ratios. Although total debt rose in the latter years after an initial decline, the more pronounced growth in total capital has led to a consistent decrease in the debt-to-capital ratio, suggesting an increasingly conservative capital structure with reduced reliance on debt financing.
Debt to Assets
DoorDash, Inc., debt to assets calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Convertible notes | —) | —) | —) | —) | 364) | |
| Total debt | —) | —) | —) | —) | 364) | |
| Total assets | 12,845) | 10,839) | 9,789) | 6,809) | 6,353) | |
| Solvency Ratio | ||||||
| Debt to assets1 | 0.00 | 0.00 | 0.00 | 0.00 | 0.06 | |
| Benchmarks | ||||||
| Debt to Assets, Competitors2 | ||||||
| Airbnb Inc. | 0.10 | 0.10 | 0.12 | 0.14 | 0.17 | |
| Booking Holdings Inc. | 0.60 | 0.59 | 0.49 | 0.46 | 0.55 | |
| Chipotle Mexican Grill Inc. | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| McDonald’s Corp. | 0.73 | 0.73 | 0.74 | 0.66 | 0.71 | |
| Starbucks Corp. | 0.50 | 0.52 | 0.53 | 0.47 | 0.54 | |
| Debt to Assets, Sector | ||||||
| Consumer Services | 0.47 | 0.49 | 0.49 | 0.46 | 0.53 | |
| Debt to Assets, Industry | ||||||
| Consumer Discretionary | 0.32 | 0.34 | 0.35 | 0.36 | 0.41 | |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Debt to assets = Total debt ÷ Total assets
= 0 ÷ 12,845 = 0.00
2 Click competitor name to see calculations.
The financial data for the company over the reported periods reveals several key trends and insights related to asset growth and debt levels.
- Total Assets
- The total assets have shown a consistent upward trajectory throughout the periods. Starting from US$ 6,353 million at the end of 2020, the assets increased to US$ 6,809 million in 2021, then further climbed to US$ 9,789 million in 2022. This growth continued into 2023 with US$ 10,839 million and reached US$ 12,845 million by the end of 2024. Overall, the asset base nearly doubled over this four-year span, indicating expansion and potentially increased operational capacity or investments.
- Total Debt
- The total debt figure is only reported for the year ending 2020 at US$ 364 million, with no subsequent data provided for later periods. This lack of data prevents a direct year-on-year analysis of the company’s leverage beyond 2020.
- Debt to Assets Ratio
- The debt to assets ratio is reported only for 2020, at 0.06, reflecting a relatively low level of leverage compared to total assets. Given the absence of subsequent ratio data, it is not possible to assess trends in financial risk or leverage changes through the later periods.
In summary, the company’s asset growth is a clear and significant trend over the four years, nearly doubling the asset base. However, without updated debt and leverage information beyond 2020, it is difficult to assess the full context of the company’s financial structure or risk profile over time. The available data suggests a stable asset expansion with low leverage at the starting point of the period analyzed.
Debt to Assets (including Operating Lease Liability)
DoorDash, Inc., debt to assets (including operating lease liability) calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Convertible notes | —) | —) | —) | —) | 364) | |
| Total debt | —) | —) | —) | —) | 364) | |
| Current operating lease liabilities | 68) | 68) | 55) | 26) | 15) | |
| Non-current operating lease liabilities | 468) | 454) | 456) | 373) | 238) | |
| Total debt (including operating lease liability) | 536) | 522) | 511) | 399) | 617) | |
| Total assets | 12,845) | 10,839) | 9,789) | 6,809) | 6,353) | |
| Solvency Ratio | ||||||
| Debt to assets (including operating lease liability)1 | 0.04 | 0.05 | 0.05 | 0.06 | 0.10 | |
| Benchmarks | ||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | ||||||
| Airbnb Inc. | 0.11 | 0.11 | 0.15 | 0.18 | 0.22 | |
| Booking Holdings Inc. | 0.62 | 0.62 | 0.52 | 0.48 | 0.57 | |
| Chipotle Mexican Grill Inc. | 0.49 | 0.50 | 0.54 | 0.53 | 0.53 | |
| McDonald’s Corp. | 0.94 | 0.95 | 0.97 | 0.92 | 0.98 | |
| Starbucks Corp. | 0.82 | 0.83 | 0.84 | 0.75 | 0.84 | |
| Debt to Assets (including Operating Lease Liability), Sector | ||||||
| Consumer Services | 0.65 | 0.67 | 0.67 | 0.67 | 0.75 | |
| Debt to Assets (including Operating Lease Liability), Industry | ||||||
| Consumer Discretionary | 0.41 | 0.43 | 0.44 | 0.44 | 0.49 | |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 536 ÷ 12,845 = 0.04
2 Click competitor name to see calculations.
The financial data reveals several notable trends over the five-year period ending December 31, 2024.
- Total Debt (Including Operating Lease Liability)
- The total debt decreased sharply from $617 million in 2020 to $399 million in 2021. Following this reduction, there was a gradual increase in total debt each subsequent year, rising to $511 million in 2022, $522 million in 2023, and $536 million in 2024. Despite this upward trend after 2021, the debt levels remain below the 2020 amount.
- Total Assets
- Total assets grew consistently and significantly throughout the period. Starting at $6,353 million in 2020, assets increased to $6,809 million in 2021, then surged to $9,789 million in 2022. The upward trend continued with assets reaching $10,839 million in 2023 and $12,845 million in 2024. This reflects robust asset growth, particularly notable between 2021 and 2022.
- Debt to Assets Ratio (Including Operating Lease Liability)
- The debt to assets ratio exhibits a clear declining trend from 0.10 in 2020 to 0.06 in 2021, then further down to 0.05 in 2022 and 2023, and finally settling at 0.04 in 2024. This indicates an improving leverage position, as debt forms a smaller proportion of the asset base over time.
In summary, while total debt initially declined and then modestly increased, total assets have expanded significantly, resulting in a steadily decreasing debt to assets ratio. This suggests enhanced financial stability and reduced leverage risk over the analyzed period.
Financial Leverage
DoorDash, Inc., financial leverage calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Total assets | 12,845) | 10,839) | 9,789) | 6,809) | 6,353) | |
| Stockholders’ equity | 7,803) | 6,806) | 6,754) | 4,667) | 4,700) | |
| Solvency Ratio | ||||||
| Financial leverage1 | 1.65 | 1.59 | 1.45 | 1.46 | 1.35 | |
| Benchmarks | ||||||
| Financial Leverage, Competitors2 | ||||||
| Airbnb Inc. | 2.49 | 2.53 | 2.88 | 2.87 | 3.62 | |
| Booking Holdings Inc. | — | — | 9.12 | 3.83 | 4.47 | |
| Chipotle Mexican Grill Inc. | 2.52 | 2.63 | 2.93 | 2.90 | 2.96 | |
| McDonald’s Corp. | — | — | — | — | — | |
| Starbucks Corp. | — | — | — | — | — | |
| Financial Leverage, Sector | ||||||
| Consumer Services | 34.15 | 57.76 | 49.57 | 17.02 | — | |
| Financial Leverage, Industry | ||||||
| Consumer Discretionary | 3.44 | 3.95 | 4.32 | 4.22 | 5.62 | |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 12,845 ÷ 7,803 = 1.65
2 Click competitor name to see calculations.
The analysis of the annual financial data reveals several notable trends in the company’s financial position over the five-year period.
- Total Assets
- Total assets show a consistent upward trend, increasing steadily each year from US$6,353 million in 2020 to US$12,845 million in 2024. This represents roughly a doubling of assets over the period, indicating significant growth and expansion in the company's asset base.
- Stockholders’ Equity
- Stockholders’ equity also rises overall, growing from US$4,700 million in 2020 to US$7,803 million in 2024. However, the growth is less consistent, with a slight decline observed from 2020 to 2021, followed by a notable increase in 2022 and more moderate increments thereafter. The increase in equity suggests that the company has been able to retain earnings or raise capital to strengthen its financial foundation.
- Financial Leverage
- The financial leverage ratio exhibits a gradual increase from 1.35 in 2020 to 1.65 in 2024. This indicates that the company has been progressively increasing its use of debt relative to equity. While leverage remains moderate, the upwards trend suggests a growing reliance on borrowed funds to finance asset growth, which might imply increased financial risk.
In summary, the data reflects a company that is expanding its asset base significantly while also increasing equity, though at a slower rate. The rising financial leverage points to a strategy of leveraging debt to support growth, highlighting the importance of monitoring debt management and capital structure moving forward.
Interest Coverage
DoorDash, Inc., interest coverage calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net income (loss) attributable to DoorDash, Inc. common stockholders | 123) | (558) | (1,365) | (468) | (461) | |
| Add: Net income attributable to noncontrolling interest | (6) | (7) | (3) | —) | —) | |
| Add: Income tax expense | 39) | 31) | (31) | 5) | 3) | |
| Add: Interest expense | —) | —) | 2) | 14) | 32) | |
| Earnings before interest and tax (EBIT) | 156) | (534) | (1,397) | (449) | (426) | |
| Solvency Ratio | ||||||
| Interest coverage1 | — | — | -698.50 | -32.07 | -13.31 | |
| Benchmarks | ||||||
| Interest Coverage, Competitors2 | ||||||
| Airbnb Inc. | 139.79 | 26.33 | 83.88 | 0.31 | -26.27 | |
| Booking Holdings Inc. | 6.63 | 7.11 | 11.03 | 5.39 | 2.59 | |
| Chipotle Mexican Grill Inc. | — | — | — | — | — | |
| McDonald’s Corp. | 7.87 | 8.73 | 7.48 | 8.70 | 6.04 | |
| Starbucks Corp. | 9.84 | 10.82 | 9.76 | 12.40 | 3.66 | |
| Interest Coverage, Sector | ||||||
| Consumer Services | 9.30 | 9.51 | 9.43 | 7.55 | 2.37 | |
| Interest Coverage, Industry | ||||||
| Consumer Discretionary | 15.00 | 12.23 | 9.30 | 13.23 | 7.73 | |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Interest coverage = EBIT ÷ Interest expense
= 156 ÷ 0 = —
2 Click competitor name to see calculations.
The financial data indicates significant volatility in earnings before interest and tax (EBIT) over the observed periods. Initially, EBIT showed negative values, starting at -426 million US dollars in 2020 and slightly declining to -449 million in 2021. A sharper decline occurred in 2022, with EBIT decreasing substantially to -1,397 million US dollars. However, an improvement trend is visible afterwards, with EBIT recovering to -534 million in 2023 and turning positive to 156 million in 2024, suggesting a turning point towards profitability.
Interest expense demonstrated a decreasing trend from 2020 to 2022, dropping from 32 million US dollars to 2 million US dollars, indicating a reduction in borrowing costs or debt levels. There are no available figures for interest expense beyond 2022, which limits further analysis in subsequent periods.
The interest coverage ratio, which reflects the company’s ability to meet interest obligations through earnings, displayed extreme negative values. Starting at -13.31 in 2020, it declined sharply to -32.07 in 2021 and dramatically to -698.5 in 2022. This reflects deteriorating capacity to cover interest expenses from EBIT during these years. The absence of data for 2023 and 2024 prevents assessment of whether recent EBIT improvements have enhanced interest coverage.
Overall, the data reveal a period of significant operational challenges culminating in substantial losses in 2022, followed by a partial recovery in 2023 and 2024. The declining interest expenses align with reduced financial leverage or improved debt management up to 2022. The recovery of EBIT into positive territory by 2024 may improve financial stability, but missing data on interest expense and coverage in later years restricts a conclusive evaluation of financing risk beyond 2022.
Fixed Charge Coverage
DoorDash, Inc., fixed charge coverage calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Net income (loss) attributable to DoorDash, Inc. common stockholders | 123) | (558) | (1,365) | (468) | (461) | |
| Add: Net income attributable to noncontrolling interest | (6) | (7) | (3) | —) | —) | |
| Add: Income tax expense | 39) | 31) | (31) | 5) | 3) | |
| Add: Interest expense | —) | —) | 2) | 14) | 32) | |
| Earnings before interest and tax (EBIT) | 156) | (534) | (1,397) | (449) | (426) | |
| Add: Operating lease costs | 103) | 108) | 81) | 52) | 40) | |
| Earnings before fixed charges and tax | 259) | (426) | (1,316) | (397) | (386) | |
| Interest expense | —) | —) | 2) | 14) | 32) | |
| Operating lease costs | 103) | 108) | 81) | 52) | 40) | |
| Fixed charges | 103) | 108) | 83) | 66) | 72) | |
| Solvency Ratio | ||||||
| Fixed charge coverage1 | 2.51 | -3.94 | -15.86 | -6.02 | -5.36 | |
| Benchmarks | ||||||
| Fixed Charge Coverage, Competitors2 | ||||||
| Airbnb Inc. | 44.26 | 15.91 | 20.69 | 0.42 | -16.81 | |
| Booking Holdings Inc. | 5.96 | 6.09 | 8.12 | 3.82 | 2.03 | |
| Chipotle Mexican Grill Inc. | 5.13 | 4.71 | 3.98 | 3.23 | 1.88 | |
| McDonald’s Corp. | 4.35 | 4.62 | 3.92 | 4.32 | 3.28 | |
| Starbucks Corp. | 3.17 | 3.51 | 3.08 | 3.61 | 1.58 | |
| Fixed Charge Coverage, Sector | ||||||
| Consumer Services | 4.74 | 4.61 | 4.03 | 3.55 | 1.51 | |
| Fixed Charge Coverage, Industry | ||||||
| Consumer Discretionary | 5.95 | 4.95 | 3.65 | 5.60 | 3.69 | |
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 2024 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 259 ÷ 103 = 2.51
2 Click competitor name to see calculations.
The financial data indicates notable fluctuations in earnings before fixed charges and tax over the five-year period. Initially, there were consistent negative earnings, worsening significantly in 2022 before improving considerably in 2023 and transitioning to positive territory by 2024. This positive shift suggests an operational turnaround or improved profitability before accounting for fixed charges.
Fixed charges have shown a gradual increase from 72 million US dollars in 2020 to a peak of 108 million US dollars in 2023, followed by a slight decrease to 103 million US dollars in 2024. The relatively stable but incrementally rising fixed charges indicate increased obligations, potentially related to interest expenses or lease commitments, that the company must cover regardless of operational performance.
The fixed charge coverage ratio, which measures the ability to meet fixed charges from earnings, mirrors the trends observed in earnings before fixed charges and tax. The ratio was significantly negative from 2020 through 2023, reaching the lowest point in 2022, which signals that earnings were insufficient to cover fixed charges and the company was under financial stress. However, in 2024, the ratio turns positive to 2.51, indicating an enhanced capability to cover fixed charges and implying a stronger financial position relative to previous years.
Overall, the data depicts a trajectory from financial strain, characterized by insufficient earnings to meet fixed obligations, toward a phase of recovery and improved financial health by the end of the observation period. The improvement in earnings before fixed charges and tax, coupled with a positive fixed charge coverage ratio in 2024, suggests a significant turnaround that could support further stability and growth if sustained.