DoorDash, Inc. (NASDAQ:DASH)

Debt to Equity (Including Operating Lease Liability)

The ratio began at 0.06 in the first quarter of 2021, gradually increasing to 0.09 by the end of 2021. Subsequently, it decreased to 0.07-0.08 range throughout 2022 and 2023, and showed a slight downward trend, ending at 0.06 in the first quarter of 2025. Overall, this indicates a modest increase in leverage during 2021, followed by stabilization and mild deleveraging through 2024 and early 2025.

Debt to Capital (Including Operating Lease Liability)

This ratio moved from 0.05 in early 2021 to a peak of 0.08 by the end of 2021, matching the trend in debt to equity. The ratio then settled mostly between 0.06 and 0.07 over the subsequent years, gradually declining to 0.06 by early 2025. This reflects a temporary rise in debt relative to total capital in 2021, with a steady, moderate reduction thereafter.

Debt to Assets (Including Operating Lease Liability)

Starting at 0.04 in the first quarter of 2021, the ratio increased to 0.06 by the last quarter of 2021. In the following periods, it consistently remained at 0.05 before decreasing slightly to 0.04 again towards early 2025. This shows a short-term growth in reliance on debt financing relative to assets, followed by stabilization and a mild reduction over time.

Financial Leverage

The financial leverage ratio demonstrated an upward trend throughout the period. It started at 1.30 in early 2021 and rose steadily to around 1.47 by the end of 2021. After a brief dip to 1.34 mid-2022, the metric consistently increased to a peak of 1.65 in mid to late 2024, before a slight decline to 1.62 in early 2025. This gradual increase indicates a rising proportion of assets financed by shareholders' equity and potentially increased use of debt or other liabilities, reflecting higher risk or growth financing activity.

Interest Coverage

Available data from September 2021 to December 2022 reveals significant negative interest coverage ratios, beginning at -32.07 and worsening dramatically to as low as -1285. This suggests that the company's earnings before interest and taxes were insufficient to cover interest expenses by a large margin during this interval. No data is available for subsequent quarters to determine if this trend improved.

The financial data reveals consistent growth in stockholders' equity over the observed periods. Starting at US$4,555 million in March 2021, equity values increased substantially, reaching US$8,389 million by March 2025. This represents a significant upward trend, indicating strengthened financial stability and potentially improved retained earnings or capital inflows over the four-year timeframe.

The equity values demonstrated moderate volatility during the earlier periods, particularly between March 2022 and December 2022, where equity peaked at US$7,410 million in June 2022 and then slightly declined to US$6,754 million by December 2022. After this phase, a steady increase resumed, suggesting recovery or growth in the company's net assets.

There is no available quantitative data on total debt or the debt to equity ratio, making it difficult to assess leverage and the overall capital structure balance. The absence of total debt figures limits analysis concerning risk associated with financial obligations or company reliance on debt funding.

Key observations:

• Stockholders’ equity shows a clear upward trend, doubling approximately over the four-year span.

• The mid-2022 to late-2022 period shows minor fluctuations in equity before resuming growth.

• Lack of total debt and debt to equity ratio data restrict comprehensive leverage assessment.

• The data suggests improving financial strength from an equity perspective, but debt exposure remains undetermined.

The analysis of the financial data over the observed quarters reveals several notable trends in the company's capital structure and leverage position.

Total Debt (Including Operating Lease Liability)

The total debt exhibited a general upward trajectory from the first quarter of 2021 through the end of 2022, increasing from $259 million to a peak around $511 million by December 31, 2022. Subsequently, the debt level showed relative stability with minor fluctuations, ranging between approximately $492 million and $547 million in the quarters of 2023 and 2024. By March 31, 2025, total debt slightly decreased to $527 million. This suggests a period of increased borrowing followed by stabilization without significant deleveraging.

Stockholders’ Equity

Stockholders’ equity demonstrated consistent growth across the entire timeframe. Starting at $4,555 million in the first quarter of 2021, equity rose noticeably to $7,410 million by June 30, 2022, indicating a significant increase possibly due to equity issuance or retained earnings accumulation. After a slight decline to $6,518 million by March 31, 2023, the equity regained upward momentum. By the first quarter of 2025, equity reached $8,389 million, the highest observed level, pointing to overall strengthening of the company’s net asset base.

Debt to Equity Ratio (Including Operating Lease Liability)

The debt to equity ratio started low at 0.06 in March 2021 and increased gradually to approximately 0.09 by March 31, 2022, reflecting the rise in total debt relative to equity. Post June 2022, the ratio stabilized mostly between 0.07 and 0.08, suggesting that the company maintained a balanced leverage position through the remaining periods. Towards March 31, 2025, this ratio again declined slightly to 0.06, indicative of improved equity strength relative to debt or controlled debt levels.

Overall, the data indicates that the company increased debt initially in parallel with a strong growth in equity, resulting in a controlled and low leverage ratio that remained stable over time. This pattern implies prudent management of capital resources and suggests a solid financial position with relatively low reliance on debt financing compared to equity.

The financial data for the periods spanning from March 31, 2021, to March 31, 2025, reveals several noteworthy trends and patterns related to total capital. Despite the absence of data on total debt and debt to capital ratio, the available figures provide insight into the company's capital structure dynamics over time.

Total Capital (US$ in millions)

The total capital demonstrates an overall upward trend, increasing from 4,555 million US dollars as of March 31, 2021, to 8,389 million US dollars by March 31, 2025. This represents a significant growth of approximately 84.4% over the four-year period.

The growth trajectory, however, is uneven:

• During 2021, total capital slightly increased from 4,555 million to 4,667 million US dollars by the end of the year.
• In early 2022, there was a noticeable jump to 7,410 million US dollars by June 30, 2022, marking a substantial capital infusion or revaluation.
• Following this, total capital modestly decreased to 6,754 million US dollars by December 31, 2022, indicating some degree of capital reduction or adjustment.
• From 2023 onward, total capital generally rises with periodic fluctuations, with values of 6,518 million in March 2023, 6,559 million in September 2023, and a steady increase through subsequent periods reaching 8,389 million by March 31, 2025.

These fluctuations might indicate capital restructuring activities, possible fluctuations in equity or retained earnings, or effects of financing activities that impacted the company's capital base seasonally or opportunistically.

Total Debt and Debt to Capital Ratio

No data was provided for total debt and debt to capital ratio across the observed periods. As such, it is not possible to assess trends related to the company’s leverage or the proportion of debt financing relative to its total capital.

In summary, the data reflects a strong growth trend in total capital over the analyzed periods with occasional volatility suggesting strategic financial management. The absence of debt-related data limits the ability to comprehensively evaluate leverage and risk profile. Further information would be necessary to fully understand capital structure implications and related financial health metrics.

The analysis of the financial leverage and capital structure over the displayed periods reveals several noteworthy trends.

Total Debt (Including Operating Lease Liability)

The total debt exhibits a general increasing trend from $259 million in March 2021, reaching a peak around the end of 2022 with values above $510 million. Following this peak, the debt level shows minor fluctuations but remains relatively stable in the range of approximately $520 to $540 million through March 2025. This suggests a measured and controlled approach to debt accumulation after an initial period of growth.

Total Capital (Including Operating Lease Liability)

Total capital shows steady expansion over the entire timeframe, beginning around $4,814 million in March 2021 and rising consistently to $8,916 million by March 2025. Notably, the capital base experiences a significant increase in mid-2022, jumping from approximately $5,000 million to nearly $7,900 million, before stabilizing and continuing its growth at a moderate pace. This pattern points to an infusion of capital or asset growth event around mid-2022, followed by sustained capital accumulation.

Debt to Capital Ratio (Including Operating Lease Liability)

The debt to capital ratio starts low at around 0.05 in early 2021 and rises modestly to approximately 0.08 by the end of 2021. Subsequently, the ratio stabilizes within a narrow band of 0.06 to 0.07 through March 2025, indicating that the growth in debt is generally proportional to the growth in total capital. This stable leverage ratio suggests a disciplined balance between debt and equity financing, maintaining relatively low financial risk in terms of debt burden.

In summary, the entity has expanded its capital base significantly while maintaining a controlled and relatively low level of debt, leading to a stable debt-to-capital ratio. The sharp increase in capital during mid-2022 marks a pivotal moment that supports ongoing growth. The financial leverage remains conservative throughout the periods, reflecting prudent financial management and a balanced approach to funding operations and expansion.

The available quarterly financial data for the period from March 31, 2021, through March 31, 2025, presents figures exclusively for total assets, with total debt and debt to assets ratio missing throughout. An analysis of the total assets over this period reveals notable trends and patterns in the company's asset base.

Total Assets

The total assets have shown a consistent upward trajectory throughout the timeline. Starting at approximately 5.9 billion US dollars in March 2021, the assets increased progressively each quarter, reaching approximately 6.8 billion by December 2021. Despite some fluctuations around mid-2022, the general growth trend continued steadily beyond this period.

From mid-2022 onwards, total assets increased from about 9.9 billion US dollars in June 2022 to 13.6 billion US dollars by March 2025. This growth reflects a more than doubling of total assets over four years, indicating substantial expansion or accumulation of resources.

The upward trend appears relatively smooth with small quarter-to-quarter variations, which suggest consistent investments or asset acquisitions without significant contractions or impairments noted in the data.

Due to the absence of data for total debt and the debt to assets ratio, no conclusions can be drawn regarding leverage, solvency, or the composition of the capital structure during this period. The missing data limits the comprehensive assessment of financial risk and capital management strategies.

In summary, the information available highlights a strong growth in total assets over the successive quarters, suggesting an expanding asset base that may support the company's operational or strategic objectives. The analysis remains partial without the corresponding debt figures or leverage metrics.

The analysis of the quarterly financial data reveals several key trends in the company's financial position over the reported periods.

Total Debt (Including Operating Lease Liability)

The total debt exhibited an overall increasing trend from March 31, 2021, through December 31, 2022, rising from $259 million to a peak of $511 million. Subsequently, the debt level stabilized and fluctuated slightly around the $490 million to $540 million range from March 31, 2023, to March 31, 2025, indicating a controlled debt profile without significant escalation or reduction in the most recent quarters.

Total Assets

Total assets showed consistent growth throughout the entire period, increasing from $5,902 million at the end of the first quarter of 2021 to $13,572 million by the first quarter of 2025. This steady expansion reflects a nearly 130% increase over four years, which may imply successful asset acquisition or appreciation. Notably, there was a sharp rise in assets at June 30, 2022, which may reflect specific strategic investments or capital inflows during that time.

Debt to Assets Ratio (Including Operating Lease Liability)

The debt-to-assets ratio remained relatively low and stable across all quarters, fluctuating between 0.04 and 0.06. It peaked early in the timeline around 0.06 during 2021 and early 2022, then gently declined to around 0.04 by the end of the period. This trend indicates that despite increasing absolute debt and assets, the company's leverage relative to its asset base has decreased slightly, suggesting improved financial stability and a lower risk profile with respect to indebtedness.

Overall, the data reveals a period of asset growth accompanied by controlled and stable debt levels, resulting in a modestly improved leverage position. This pattern suggests a prudent approach to balance sheet management, with growth financed in a manner that maintains a low level of financial risk.

Total assets

The total assets demonstrated a consistent upward trend over the analyzed quarters. Starting from US$ 5,902 million in March 2021, the assets steadily increased to US$ 6,822 million by March 2022. A notable rise occurred in the following quarter, reaching US$ 9,928 million in June 2022. Although there was a slight decline in the subsequent quarters towards late 2022 and early 2023, the asset base resumed growth, culminating in a projection of US$ 13,572 million by March 2025. This suggests sustained investment and asset accumulation over the period.

Stockholders’ equity

Stockholders’ equity reflected moderate growth with some fluctuations across the quarters. It increased modestly from US$ 4,555 million in March 2021 to US$ 4,652 million in March 2022. A significant surge occurred in June 2022, reaching US$ 7,410 million, followed by a decline to around US$ 6,754 million in December 2022. Thereafter, equity showed a recovering trend with gradual increases projected through to US$ 8,389 million by March 2025. The fluctuations may indicate changes in retained earnings, issuance or repurchase of shares, or comprehensive income impacts.

Financial leverage

The financial leverage ratio generally trended upward during the period, indicating a rising proportion of total assets financed by liabilities relative to equity. It started at 1.3 in March 2021, rising steadily to 1.47 by March 2022. A temporary decrease to 1.34 occurred in June 2022, possibly linked with the surge in stockholders' equity at that point. Following this, the leverage ratio increased consistently, reaching approximately 1.62 by March 2025. The trend suggests a cautious increase in leverage, reflecting possibly higher debt usage or slower equity growth relative to assets.

The Earnings Before Interest and Tax (EBIT) demonstrates a fluctuating yet overall improving trend over the observed periods. Initially, EBIT values are negative starting at -97 million USD in March 2021, deepening to -152 million USD by December 2021, and further deteriorating to a significant low of -658 million USD by the end of 2022. However, from early 2023 onwards, the EBIT shows signs of gradual recovery, improving from -145 million USD in March 2023 to positive territory around 155 million USD by September 2024 and further increasing to 198 million USD by March 2025. This suggests a turnaround in operational profitability over time.

The pattern in interest expense is relatively stable and minimal, consistently around 1 million USD for most reported quarters, except for some missing data points. The limited and stable interest expense indicates low financial leverage or borrowing costs.

The interest coverage ratio, calculated as EBIT divided by interest expense, reveals extreme negative values in the periods where EBIT is negative. The ratios reach very high negative magnitudes such as -445.5 and even lower to -1285 in late 2022 and early 2023, indicating a significant inability to cover interest expenses during those periods. The absence of interest coverage ratio data in later quarters aligns with EBIT turning positive, where the ratio presumably improves but is not reported. The severe negative coverage ratios correspond with the deep EBIT losses during 2021 and 2022, reflecting financial stress.

Overall, the financial performance reveals an initial period of operating losses and poor interest coverage, progressing towards positive operating earnings and likely improved capacity to cover interest expenses by 2024 and 2025. This trend suggests operational recovery and an improving financial position in the company's quarterly results over the analyzed timeframe.

Earnings Before Interest and Tax (EBIT)

Initially negative and worsening until end of 2022, followed by a recovery turning positive in 2024-2025.

Interest Expense

Low and stable around 1 million USD, with some missing entries.

Interest Coverage Ratio

Highly negative during periods of EBIT losses, indicating inability to cover interest expenses; no data reported once EBIT turns positive.