DoorDash, Inc. (NASDAQ:DASH)

The financial data reveals several key trends related to leverage and coverage ratios over a multi-year period. The analysis focuses on the evolution of debt-related ratios and financial leverage, as well as the limited information on interest coverage.

Debt Ratios

The reported debt to equity ratio, available only for the latest period, is moderately low at 0.3, indicating a conservative level of leverage relative to shareholders’ equity. When including operating lease liabilities, this ratio shows a gradual increase from 0.06 in early 2021, peaking around 0.08 through late 2022 and early 2023, followed by a slight decline and stabilization around 0.06-0.07 until mid-2025. A notable jump to 0.36 occurs in the final period, suggesting increased leverage or lease obligations recently.

Debt to capital ratios, both excluding and including operating lease liabilities, mirror the debt to equity pattern. The inclusive measure started near 0.05-0.08 in early years, remained fairly constant at approximately 0.06-0.07 for most periods, before rising significantly to 0.23 and 0.27, respectively, in the last reported quarter. This indicates a proportionate increase in debt relative to total capital structure near the end of the timeline.

Debt to assets ratios also demonstrate a similar trend, with the inclusive ratio staying relatively flat at around 0.04-0.06 for the majority of the analyzed periods. The final period shows an increase to 0.16 (excluding leases) and 0.19 (including leases), reinforcing the conclusion of elevated debt levels or increased liabilities in the most recent quarter.

Financial Leverage

The financial leverage ratio exhibits a steady upward trajectory, starting at 1.3 in early 2021 and rising consistently over time to reach 1.9 by mid-2025. This gradual increase indicates a growing reliance on financial obligations compared to equity, potentially reflecting strategic financing decisions or changes in asset base and equity levels.

Interest Coverage

Interest coverage ratios are reported only for late 2021 and early 2022. These ratios are negative and decreasing sharply from -32.07 to -1285, signifying that earnings before interest and taxes were significantly insufficient to cover interest expenses during that period. The lack of data for subsequent periods prevents further analysis, but such negative values generally reflect distress or substantial operational losses impacting the company’s ability to service debt at that time.

In summary, the company maintained relatively low debt levels in relation to equity, capital, and assets for most of the analyzed timeframe, with ratios stable and conservative. However, a marked increase in leverage and debt ratios in the final period suggests a shift toward higher indebtedness or lease commitments. Financial leverage has climbed steadily, denoting increased exposure to debt financing. The severely negative interest coverage during a specific past interval points to operational challenges in covering financing costs at that time, though no recent interest coverage data is available for comparison.

The financial data reveals limited information on total debt and debt to equity ratio, with notable details primarily regarding stockholders’ equity.

Stockholders’ Equity

The stockholders’ equity shows a general uptrend over the observed periods.

Starting at 4,555 million US dollars in the first quarter of 2021, equity steadily increases with minor fluctuations through 2023 and 2024.

Between March and June 2022, there is a significant jump from 4,652 to 7,410 million US dollars, marking a substantial increase in equity.

After this peak, equity decreases slightly but stabilizes in the range of approximately 6,500 to 7,800 million US dollars in 2022 and 2023 quarters.

From early 2024 onward, the equity continues to increase consistently, reaching 8,923 million US dollars by June 2025, indicating strong growth in this period.

Total Debt

Data for total debt is not recorded in the earlier periods but shows a value of 2,721 million US dollars only in June 2025.

This isolated figure prevents analysis of trends but suggests the presence of moderate debt relative to equity by mid-2025.

Debt to Equity Ratio

The debt to equity ratio is recorded as 0.3 only in June 2025, indicating that total debt represents 30% of stockholders' equity.

This ratio implies a relatively low leverage position at this date, consistent with the equity growth previously observed.

In summary, the data primarily highlights a steady and notable increase in stockholders’ equity over the analyzed timeframe, suggesting strengthening capital base. Debt information is limited but as of the latest date indicates moderate leverage, which may point to a conservative financial structure or recent debt acquisition. The overall picture suggests improving financial strength and potential for growth in capitalization.

Total debt (including operating lease liability)

Over the observed periods, total debt generally increased from US$259 million in March 2021 to a peak of US$547 million in March 2024. This was followed by a slight decline and stabilization around the US$530 million to US$540 million range through late 2024 and early 2025. A significant jump to US$3,251 million was recorded in June 2025, indicating a substantial increase in debt obligations in the most recent period.

Stockholders’ equity

Stockholders’ equity showed an overall upward trajectory. Starting at US$4,555 million in March 2021, equity rose steadily, with some fluctuations, reaching US$8,923 million by June 2025. Notable increases occurred between March 2022 and June 2022, suggesting possible capital raises or retained earnings growth. Despite minor declines in some quarters, the long-term trend reflects growth in equity value.

Debt to equity (including operating lease liability)

The debt-to-equity ratio remained low and relatively stable across most quarters, fluctuating between 0.06 and 0.09 from March 2021 through March 2025. This indicates a conservative leverage position during this period. However, a sharp increase to 0.36 in June 2025 corresponds with the significant rise in total debt, suggesting a marked change in the company’s capital structure, with the firm taking on substantially more debt relative to its equity.

The financial data exhibits a pattern of capital growth with intermittent debt reporting over the observed period. Notably, total capital shows a consistent upward trend from March 31, 2021, where it stood at approximately $4,555 million, to March 31, 2025, reaching $11,644 million. This indicates a significant increase in the company's capital base, reflecting potential expansions, equity infusions, or earnings retention over time.

Total debt figures are largely missing throughout the earlier periods, with a single reported value of $2,721 million at the end of June 30, 2025. The absence of earlier debt data limits the ability to analyze debt trends comprehensively; however, the reported debt at this endpoint suggests a presence of leveraging at that time.

The debt to capital ratio is provided only at the end of June 30, 2025, at 0.23, signifying that approximately 23% of the company's capital structure consists of debt at that point. This level of leverage appears moderate, indicating a balanced approach towards debt financing relative to the overall capital.

Total Capital

Exhibits a steady increase from $4,555 million in March 2021 to $11,644 million in March 2025, suggesting ongoing capital growth by around 156% over four years.

Total Debt

Reported only once at $2,721 million in June 2025, preventing a trend analysis but indicating leverage presence at that point.

Debt to Capital Ratio

Available solely for June 2025 at 0.23, reflecting moderate leverage in the capital structure.

The observed data implies a robust capitalization trajectory with the potential introduction or reporting of debt in later periods. The moderate debt to capital ratio may indicate cautious leverage management relative to the total capital base. Further data on debt in previous periods would be necessary to better assess leverage trends and their impact on financial stability and risk.

The analysis of the quarterly financial data reveals several notable trends in the company's indebtedness and capital structure over the examined period.

Total Debt (including operating lease liability)

This metric shows a generally upward trend from March 31, 2021, to June 30, 2025, rising from $259 million to a significantly higher figure of $3,251 million by the final quarter. There is a consistent gradual increase with minor fluctuations through most quarters. Notably, the final quarter shows an abrupt and substantial increase, indicating a sharp rise in the company’s total debt levels.

Total Capital (including operating lease liability)

Total capital also exhibits a general growth trend starting from $4,814 million in March 2021 to $12,174 million by June 2025. The growth is not strictly linear but generally steady with some periods of leveling off or slight decline, particularly around mid-2022 to early 2023. The increase after early 2023 resumes steadily and accelerates towards the end of the timeline, indicating ongoing investment or equity increases alongside the rise in debt.

Debt to Capital Ratio (including operating lease liability)

The ratio begins relatively low at 0.05 and gradually increases to a range between 0.06 and 0.08 for most of the timeframe, suggesting that debt constitutes a small, stable proportion of total capital. However, in the last period, the ratio spikes sharply to 0.27, signaling a significant shift in the company’s capital structure where debt suddenly comprises a substantially larger share of capital.

Overall, the company appears to be expanding its capital base steadily while maintaining a low to moderate leverage ratio throughout most of the period. The sudden and marked increase in both total debt and the debt-to-capital ratio in the final quarter warrants further investigation to assess the nature of this change and its implications for financial risk and capital management strategies.

The financial data over the periods presented reveals significant trends in the company's asset base and leverage position. The total assets show a consistent upward trajectory from March 31, 2021, through June 30, 2025. Starting at US$5,902 million, total assets increase steadily, reaching US$16,950 million by the end of the period covered. This growth suggests continued expansion and accumulation of resources over time.

Regarding total debt, data is only available for the last period, June 30, 2025, amounting to US$2,721 million. Despite the limited availability of debt figures in prior quarters, the presence of this debt level at the endpoint alongside the corresponding total assets allows for an assessment of leverage.

The debt-to-assets ratio, calculated from the available data for June 30, 2025, is 0.16. This indicates that 16% of the company’s assets are financed through debt, suggesting a moderate use of leverage. This relatively low ratio implies a conservative capital structure, which could support financial stability and flexibility.

Total Assets Growth

Consistent increase over the periods, reflecting sustained asset accumulation from US$5,902 million to US$16,950 million.

Total Debt Level

Data available only for the last reported period, showing a significant debt load of US$2,721 million.

Debt to Assets Ratio

A moderate level of 0.16 at the latest point, indicative of conservative leverage usage relative to the asset base.

In summary, the company demonstrates considerable asset growth over the analyzed timeframe, coupled with a currently moderate use of debt financing. The data suggests a strengthening asset position with a manageable level of financial leverage as of the most recent quarter reported.

The financial data reveals several notable trends related to the company's debt levels, asset base, and leverage ratios over the indicated periods.

Total Debt (including operating lease liability)

The total debt exhibits an initial gradual increase from $259 million at the end of Q1 2021 to a peak of $547 million in Q1 2024. This increase is relatively steady with minor fluctuations from quarter to quarter. However, a significant jump is observed in the final reported quarter, reaching $3,251 million in Q2 2025, representing a massive escalation in the company's debt obligations.

Total Assets

Total assets steadily increased throughout the reporting period, rising from $5,902 million in Q1 2021 to $13,572 million by Q1 2025. This growth trajectory is consistent with a broad expansion of the company's asset base, showing progressive accumulation without any notable declines. The asset growth appears continuous and robust, indicating ongoing capital investments or asset acquisitions.

Debt to Assets Ratio (including operating lease liability)

The leverage ratio started low at 0.04 in Q1 2021, climbed gradually to 0.06 by early 2022, and then stabilized around 0.05 through to late 2024. This suggests the company maintained a relatively conservative leverage position during this period despite incremental increases in both debt and assets. Notably, in Q2 2025 there is a sharp increase in the ratio to 0.19, coinciding with the surge in total debt, indicating a substantial rise in financial leverage that deviates from the prior stable pattern.

Overall, the data shows a pattern of steady asset growth accompanied by manageable increases in debt and leverage until a marked change occurs in the final quarter reported. The sudden escalation in debt and a corresponding sharp rise in the debt-to-assets ratio in Q2 2025 may imply major new financing activity, potentially to support strategic investments or restructuring, but also reflects a heightened risk profile in terms of indebtedness relative to assets.

The financial data reveals several key trends in the company’s asset base, equity position, and leverage over time.

Total Assets

The total assets showed a steady increase from March 31, 2021, at approximately $5.9 billion, reaching around $6.8 billion by the end of 2021. A notable jump occurred in the first half of 2022, with assets rising to nearly $9.9 billion by June 30, 2022. Following this peak, the asset base fluctuated slightly but maintained a generally upward trend, culminating in a significant increase to about $16.95 billion by June 30, 2025. This indicates substantial growth in the company’s asset base during the period under review.

Stockholders’ Equity

Stockholders’ equity remained relatively stable around $4.55 billion through the end of 2021, before experiencing a marked increase to approximately $7.4 billion in June 2022. Subsequently, equity levels showed some fluctuations but stayed within the $6.5 to $7.8 billion range through 2023 and 2024. The upward trend resumed towards the first half of 2025, with equity reaching nearly $8.9 billion by June 30, 2025. This pattern suggests a reinforcement of the company's capital base despite interim volatility.

Financial Leverage Ratio

The financial leverage ratio started at 1.3 in March 2021 and increased gradually to 1.46 by December 2021, reflecting a moderate rise in asset-to-equity financing. A decrease was observed mid-2022 to about 1.34, coinciding with the equity increase at that time, but this was followed by a consistent upward trend in leverage from the latter half of 2022 onward. By mid-2025, the leverage ratio reached a significantly higher level of 1.9, indicating an increased reliance on debt or other liabilities relative to equity in the company’s capital structure.

Overall, the data suggests a growing company expanding its asset base significantly while simultaneously increasing equity to support this growth. However, the steadily rising financial leverage indicates a greater use of external financing over time, which may warrant further analysis regarding risk and capital cost implications.

The earnings before interest and tax (EBIT) demonstrate a clear downward trend from the first quarter of 2021 through the fourth quarter of 2022, with negative values becoming increasingly large in magnitude. Initially, EBIT was negative but relatively stable around -97 to -101 million US dollars in early 2021. From March 2022 onward, the losses deepened significantly, reaching a peak negative value of -658 million US dollars in December 2022. Following this period, starting in the first quarter of 2024, EBIT turned positive and exhibited steady growth, rising from -18 million US dollars in the first quarter of 2024 to 271 million US dollars in the second quarter of 2025. This signals a potential turnaround in operational profitability after a prolonged period of losses.

Interest expense appears sporadically, consistently reported as 1 million US dollars in certain quarters, with a few exceptions early on such as 12 million in the first quarter of 2021 and 1 million in the second quarter of 2021. The overall level of interest expense is low relative to EBIT losses.

The interest coverage ratio, which measures the ability to meet interest obligations, is available only for the period from December 2021 through September 2023. During this timeframe, the ratio is deeply negative and worsening, declining from -32.07 in December 2021 to a minimum of -1285 in September 2023. The deeply negative and deteriorating interest coverage indicates that earnings are insufficient to cover interest expenses, reflecting financial strain. However, data for interest coverage is missing for the most recent quarters, which coincides with the periods of improving EBIT results, possibly suggesting a recovery in the ability to cover interest obligations.

In summary, the financial data reveal an extended period of operational losses and increasing financial stress through 2022 and 2023, followed by a notable recovery starting in early 2024 as EBIT moves into positive territory and grows steadily. Interest expenses remain relatively low but the coverage ratio’s extreme negative values in earlier periods highlight past challenges in meeting interest obligations. The current trend implies improved operational efficiency and profitability, potentially stabilizing the financial position going forward.