Analysis of Long-term (Investment) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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- Income Statement
- Balance Sheet: Assets
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Net Profit Margin since 2020
- Operating Profit Margin since 2020
- Current Ratio since 2020
- Price to Earnings (P/E) since 2020
- Price to Book Value (P/BV) since 2020
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Long-term Activity Ratios (Summary)
DoorDash, Inc., long-term (investment) activity ratios
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Net fixed asset turnover | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset) | ||||||
| Total asset turnover | ||||||
| Equity turnover |
Based on: 10-K (reporting date: 2025-12-31), 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).
An analysis of long-term activity ratios reveals fluctuating performance across the observed period. Generally, the company demonstrates a capacity to generate revenue from its assets and equity, though efficiency varies year to year. Several ratios exhibit improvements between 2021 and 2024, followed by a slight regression in the most recent year, 2025.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio initially decreased from 12.16 in 2021 to 10.33 in 2022, before recovering to 12.13 in 2023. This ratio continued to improve, reaching 13.78 in 2024, indicating increased efficiency in generating revenue from fixed assets. However, a slight decline to 12.86 is observed in 2025. This suggests a potential stabilization or minor decrease in the efficiency of fixed asset utilization.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- Including operating leases and right-of-use assets, the net fixed asset turnover ratio follows a similar pattern to the standard calculation. It decreased from 6.62 in 2021 to 6.14 in 2022, then increased to 7.52 in 2023 and 9.19 in 2024. A marginal decrease to 9.12 is noted in 2025. The inclusion of these lease assets results in a lower turnover ratio, reflecting the larger asset base considered, but the trend of improving efficiency is still apparent through 2024.
- Total Asset Turnover
- The total asset turnover ratio demonstrates a modest improvement from 0.72 in 2021 to 0.83 in 2024. This indicates a growing ability to generate sales from all assets. However, the ratio decreased to 0.70 in 2025, suggesting a potential slowdown in asset utilization efficiency. The overall trend remains relatively stable, with fluctuations within a narrow range.
- Equity Turnover
- The equity turnover ratio shows a consistent upward trend from 1.05 in 2021 to 1.37 in 2024, indicating an increasing ability to generate revenue from shareholder equity. This ratio remains constant at 1.37 in 2025, suggesting a stabilization of revenue generation relative to equity investment. This is the strongest and most consistent positive trend observed across the analyzed ratios.
In summary, the company generally improved its asset and equity utilization efficiency between 2021 and 2024. The slight declines observed in most ratios in 2025 warrant further investigation to determine if they represent a temporary fluctuation or the beginning of a more significant trend.
Net Fixed Asset Turnover
DoorDash, Inc., net fixed asset turnover calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | ||||||
| Property and equipment, net | ||||||
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover1 | ||||||
| Benchmarks | ||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||
| Airbnb Inc. | ||||||
| Booking Holdings Inc. | ||||||
| Chipotle Mexican Grill Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
| Net Fixed Asset Turnover, Sector | ||||||
| Consumer Services | ||||||
| Net Fixed Asset Turnover, Industry | ||||||
| Consumer Discretionary | ||||||
Based on: 10-K (reporting date: 2025-12-31), 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).
1 2025 Calculation
Net fixed asset turnover = Revenue ÷ Property and equipment, net
= ÷ =
2 Click competitor name to see calculations.
The net fixed asset turnover ratio exhibits fluctuations over the five-year period. Revenue demonstrates a consistent upward trajectory, while property and equipment, net, also increases, though at a slower pace. The interplay between these two items shapes the observed trends in the net fixed asset turnover ratio.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio decreased from 12.16 in 2021 to 10.33 in 2022, indicating a less efficient utilization of fixed assets to generate revenue. However, the ratio rebounded to 12.13 in 2023, returning to levels similar to those observed in 2021. A further increase to 13.78 was noted in 2024, suggesting improved efficiency in asset utilization. The ratio experienced a slight decline in 2025, settling at 12.86.
- The initial decrease in 2022 coincided with a substantial increase in net property and equipment, suggesting that investments in fixed assets had not yet translated into proportional revenue gains. The subsequent increases in the ratio in 2023 and 2024 suggest that the company successfully leveraged its fixed assets to drive revenue growth. The slight decrease in 2025 may indicate a leveling off of efficiency gains or a renewed period of investment in fixed assets.
Overall, the net fixed asset turnover ratio demonstrates a generally positive trend, particularly when considering the period from 2022 to 2024. While fluctuations are present, the company appears to be effectively managing its fixed assets to generate revenue, with a slight moderation in efficiency observed in the most recent year.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
DoorDash, Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | ||||||
| Property and equipment, net | ||||||
| Operating lease right-of-use assets | ||||||
| Property and equipment, net (including operating lease, right-of-use asset) | ||||||
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | ||||||
| Benchmarks | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||
| Airbnb Inc. | ||||||
| Booking Holdings Inc. | ||||||
| Chipotle Mexican Grill Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | ||||||
| Consumer Services | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | ||||||
| Consumer Discretionary | ||||||
Based on: 10-K (reporting date: 2025-12-31), 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).
1 2025 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Revenue ÷ Property and equipment, net (including operating lease, right-of-use asset)
= ÷ =
2 Click competitor name to see calculations.
The analysis reveals a generally positive trend in net fixed asset turnover, alongside consistent revenue growth and increasing net fixed assets. Revenue demonstrated a consistent year-over-year increase throughout the observed period, rising from US$4,888 million in 2021 to US$13,717 million in 2025. Simultaneously, the value of property and equipment, net of accumulated depreciation and including operating lease right-of-use assets, also increased, though at a slower pace, moving from US$738 million in 2021 to US$1,504 million in 2025.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio experienced fluctuations between 2021 and 2025. Initially, the ratio decreased from 6.62 in 2021 to 6.14 in 2022, suggesting a less efficient utilization of fixed assets in generating revenue during that period. However, a subsequent increase was observed, with the ratio reaching 7.52 in 2023 and further climbing to 9.19 in 2024. While the ratio experienced a slight decrease to 9.12 in 2025, it remained significantly higher than the levels recorded in 2021 and 2022. This indicates an improved ability to generate sales from its fixed asset base in the later years of the period.
The increasing trend in net fixed asset turnover, particularly from 2023 onwards, suggests that the company is becoming more effective at utilizing its fixed assets to generate revenue. This could be attributed to factors such as increased operational efficiency, improved asset management, or a shift in business strategy. The relatively stable increase in fixed assets, coupled with substantial revenue growth, supports the conclusion that the company is scaling its operations effectively.
Despite the slight dip in the ratio from 2024 to 2025, the overall trend remains positive. Continued monitoring of this ratio will be important to assess whether the company can sustain this improved efficiency as it continues to grow.
Total Asset Turnover
DoorDash, Inc., total asset turnover calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | ||||||
| Total assets | ||||||
| Long-term Activity Ratio | ||||||
| Total asset turnover1 | ||||||
| Benchmarks | ||||||
| Total Asset Turnover, Competitors2 | ||||||
| Airbnb Inc. | ||||||
| Booking Holdings Inc. | ||||||
| Chipotle Mexican Grill Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
| Total Asset Turnover, Sector | ||||||
| Consumer Services | ||||||
| Total Asset Turnover, Industry | ||||||
| Consumer Discretionary | ||||||
Based on: 10-K (reporting date: 2025-12-31), 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).
1 2025 Calculation
Total asset turnover = Revenue ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
The total asset turnover ratio exhibits fluctuations over the five-year period. Initially, a slight decrease is observed, followed by improvement, and then a final decline. This suggests a changing relationship between revenue generation and asset utilization.
- Total Asset Turnover Trend
- The ratio decreased from 0.72 in 2021 to 0.67 in 2022, indicating a less efficient use of assets to generate revenue. However, the ratio then increased to 0.80 in 2023 and further to 0.83 in 2024, suggesting improved asset utilization during those years. A subsequent decrease to 0.70 in 2025 indicates a return to lower efficiency.
Revenue consistently increased throughout the period, rising from US$4,888 million to US$13,717 million. However, total assets also increased, albeit at a varying rate. The initial decline in the turnover ratio coincided with a more rapid increase in total assets compared to revenue growth in 2022. The subsequent improvements in the ratio in 2023 and 2024 occurred as revenue growth outpaced asset growth. The final decline in 2025 occurred despite continued revenue growth, suggesting a significant increase in total assets that year.
- Asset Growth vs. Revenue Growth
- The relationship between revenue and asset growth appears to be a key driver of the observed fluctuations. Periods of relatively slower asset growth compared to revenue growth correlate with higher turnover ratios, while periods of faster asset growth relative to revenue growth correlate with lower ratios.
The decrease in the total asset turnover ratio in the most recent year, 2025, warrants further investigation. While revenue continues to grow, the substantial increase in total assets suggests potential inefficiencies in asset management or investments in assets that have not yet translated into proportional revenue gains.
Equity Turnover
DoorDash, Inc., equity turnover calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Revenue | ||||||
| Stockholders’ equity | ||||||
| Long-term Activity Ratio | ||||||
| Equity turnover1 | ||||||
| Benchmarks | ||||||
| Equity Turnover, Competitors2 | ||||||
| Airbnb Inc. | ||||||
| Booking Holdings Inc. | ||||||
| Chipotle Mexican Grill Inc. | ||||||
| McDonald’s Corp. | ||||||
| Starbucks Corp. | ||||||
| Equity Turnover, Sector | ||||||
| Consumer Services | ||||||
| Equity Turnover, Industry | ||||||
| Consumer Discretionary | ||||||
Based on: 10-K (reporting date: 2025-12-31), 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).
1 2025 Calculation
Equity turnover = Revenue ÷ Stockholders’ equity
= ÷ =
2 Click competitor name to see calculations.
The analysis reveals evolving patterns in the relationship between revenue and stockholders’ equity over a five-year period. Revenue demonstrates consistent growth, while stockholders’ equity exhibits a more variable trajectory. This interplay is reflected in the equity turnover ratio, which indicates how efficiently the company is generating revenue from its equity base.
- Revenue
- Revenue increased steadily from US$4,888 million in 2021 to US$13,717 million in 2025. This represents a substantial cumulative increase, indicating strong top-line growth throughout the period. The rate of growth appears to be accelerating, with larger absolute increases observed in later years.
- Stockholders’ Equity
- Stockholders’ equity increased from US$4,667 million in 2021 to US$6,754 million in 2022, then experienced a modest increase to US$6,806 million in 2023. A more significant increase is observed in 2024, reaching US$7,803 million, and continues to US$10,033 million in 2025. The growth in equity is not as consistent as revenue growth, suggesting factors beyond profitability, such as retained earnings and potentially new equity issuances, are influencing its value.
- Equity Turnover
- The equity turnover ratio decreased slightly from 1.05 in 2021 to 0.97 in 2022, indicating a marginally less efficient use of equity to generate revenue. However, the ratio then increased to 1.27 in 2023 and remained relatively stable at 1.37 in both 2024 and 2025. This upward trend suggests an improved ability to generate revenue relative to the amount of equity invested. The stabilization in the most recent two years indicates a consistent level of efficiency in utilizing equity.
In summary, while revenue consistently increased, the growth in stockholders’ equity was less uniform. The equity turnover ratio reflects this dynamic, initially decreasing before improving and stabilizing at a higher level. This suggests the company is becoming more effective at leveraging its equity base to generate sales.