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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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Price to FCFE (P/FCFE)
- Price to Operating Profit (P/OP) since 2020
- Price to Book Value (P/BV) since 2020
- Price to Sales (P/S) since 2020
- Analysis of Revenues
- Analysis of Debt
- Aggregate Accruals
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Long-term Activity Ratios (Summary)
DoorDash, Inc., long-term (investment) activity ratios
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| 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: 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 analysis of the annual financial ratios reveals several notable trends in asset utilization and equity efficiency over the five-year period.
- Net Fixed Asset Turnover
- This ratio exhibited a decline from 13.74 in 2020 to a low of 10.33 in 2022, indicating reduced efficiency in generating revenue from net fixed assets during this period. Subsequently, there was a rebound with the ratio increasing to 13.78 by 2024, surpassing the initial value recorded in 2020. This suggests an improvement in fixed asset productivity after 2022.
- Net Fixed Asset Turnover (including operating lease, right-of-use asset)
- Considering operating leases and right-of-use assets, the turnover ratio showed a consistent downward trend from 6.99 in 2020 to 6.14 in 2022. However, the ratio improved significantly to 9.19 by 2024. This recovery indicates enhanced utilization of both owned and leased fixed assets in the latter years, reflecting potentially better operational management of leased resources.
- Total Asset Turnover
- This ratio increased from 0.45 in 2020 to 0.72 in 2021, suggesting more efficient use of total assets to generate revenue. Despite a slight decrease to 0.67 in 2022, the ratio continued improving thereafter, reaching 0.83 in 2024. The overall trend indicates gradual and sustained enhancement in total asset efficiency over the period.
- Equity Turnover
- The equity turnover ratio rose markedly from 0.61 in 2020 to 1.05 in 2021, continuing to increase to 1.37 by 2024 with only a minor dip to 0.97 in 2022. This pattern implies improved effectiveness in utilizing shareholders' equity to support revenue generation, reflecting better capital management and higher operational leverage over the years.
In summary, the data illustrates a temporary decline in asset and equity efficiency around 2022, followed by a recovery and improvement through to 2024. The uptrend in turnover ratios post-2022 suggests positive operational adjustments and more effective utilization of fixed assets, overall assets, and equity capital.
Net Fixed Asset Turnover
DoorDash, Inc., net fixed asset turnover 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) | ||||||
| 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: 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
Net fixed asset turnover = Revenue ÷ Property and equipment, net
= ÷ =
2 Click competitor name to see calculations.
- Revenue
- The revenue demonstrates a consistent and significant upward trajectory over the five-year period. Starting from $2,886 million in 2020, it expanded markedly to $4,888 million in 2021, followed by further increases reaching $6,583 million in 2022, $8,635 million in 2023, and ultimately $10,722 million in 2024. This indicates robust growth in the company's top-line performance, with an accelerating increase in revenue year over year.
- Property and Equipment, Net
- The net value of property and equipment shows a steady increase throughout the period. It grew from $210 million at the end of 2020 to $402 million in 2021, then to $637 million in 2022, $712 million in 2023, and $778 million in 2024. The data reflects ongoing investments in fixed assets, which may support the expansion of operational capacity aligned with revenue growth.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio, which measures revenue generated per dollar of net fixed assets, exhibits a declining trend initially, dropping from 13.74 in 2020 to 12.16 in 2021 and further to 10.33 in 2022. However, it rebounds subsequently, increasing to 12.13 in 2023 and reaching 13.78 in 2024. This pattern suggests that while the company initially invested heavily in fixed assets relative to revenue growth, efficiency in utilizing these assets improved during the latter years, ultimately surpassing the starting efficiency level.
- Overall Insights
- The company shows strong revenue growth, supported by increased investment in property and equipment. Although asset utilization efficiency declined momentarily during the phase of significant asset expansion, it improved in the most recent years, indicating a successful integration of new assets into productive use. The financial trends reflect strategic growth efforts with improving operational efficiency over time.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
DoorDash, Inc., net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ 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: 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
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.
- Revenue
- The revenue demonstrates a consistent and substantial upward trend over the five-year period. Starting at $2,886 million in 2020, revenue increased to $4,888 million in 2021, marking a significant growth. This positive momentum continued with further increments reaching $6,583 million in 2022, $8,635 million in 2023, and finally $10,722 million in 2024. The pattern indicates strong business expansion and market penetration over the analysis horizon.
- Property and equipment, net (including operating lease, right-of-use asset)
- This asset category shows a steady increase in net value year over year. From $413 million at the end of 2020, the value rose to $738 million in 2021, then reached $1,073 million in 2022. Growth continued at a slower pace with recorded values of $1,148 million in 2023 and $1,167 million in 2024. While the initial years exhibit rapid asset accumulation, the latter years suggest a tapering in asset growth possibly due to strategic asset management or improved asset utilization.
- Net fixed asset turnover (including operating lease, right-of-use asset)
- The net fixed asset turnover ratio experienced initial decline from 6.99 in 2020 to 6.62 in 2021, further dropping to 6.14 in 2022. This decline suggests that, despite increasing fixed assets, efficiency in generating revenue from these assets was reduced during this period. However, from 2022 onwards, a notable improvement is observed, with ratio values increasing to 7.52 in 2023 and further to 9.19 in 2024. This rebound indicates enhanced efficiency in leveraging fixed assets to generate revenue, reflecting potentially better operational performance or asset optimization strategies.
Total Asset Turnover
DoorDash, Inc., total asset turnover calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| 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: 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
Total asset turnover = Revenue ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
- Revenue
- There has been a consistent and substantial increase in revenue over the period analyzed. Starting from $2,886 million in 2020, revenue grew to $4,888 million in 2021, followed by $6,583 million in 2022. The upward trend continued with revenues reaching $8,635 million in 2023 and $10,722 million in 2024. This demonstrates strong growth momentum and expanding operations.
- Total assets
- Total assets also showed an increasing trend throughout the years, rising from $6,353 million in 2020 to $6,809 million in 2021. A more pronounced increase occurred in 2022, with assets growing to $9,789 million. This upward trajectory persisted through 2023 and 2024, with total assets reaching $10,839 million and $12,845 million respectively, indicating ongoing investment and asset accumulation.
- Total asset turnover
- The total asset turnover ratio, which measures the efficiency of asset usage to generate revenue, improved from 0.45 in 2020 to 0.72 in 2021. A slight decline occurred in 2022, bringing the ratio down to 0.67. However, efficiency increased again in subsequent years, with turnover ratios of 0.80 in 2023 and 0.83 in 2024. This pattern suggests improved asset utilization over time, particularly in the later periods.
Equity Turnover
DoorDash, Inc., equity turnover calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| 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: 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
Equity turnover = Revenue ÷ Stockholders’ equity
= ÷ =
2 Click competitor name to see calculations.
The financial data reveals a consistent upward trend in revenue over the examined five-year period. Revenue increased markedly from $2,886 million in 2020 to $10,722 million in 2024, indicating significant top-line growth.
Stockholders’ equity exhibited a more fluctuating pattern. Initially, it slightly decreased from $4,700 million in 2020 to $4,667 million in 2021. This was followed by an appreciable rise to $6,754 million in 2022. Subsequent years showed modest increases, reaching $7,806 million by the end of 2024. Overall, equity grew by approximately 66% from 2020 to 2024.
The equity turnover ratio, reflecting revenue generated per unit of equity, displayed variable but generally increasing dynamics. Starting at 0.61 in 2020, it peaked at 1.05 in 2021, then dipped slightly to 0.97 in 2022. From 2022 onwards, the ratio climbed steadily to 1.37 in 2024. This upward movement suggests improving efficiency in utilizing equity to generate revenue over the latter years.
- Revenue Trend
- Substantial and continuous growth, approximately a 271% increase over five years.
- Stockholders’ Equity Trend
- Moderate fluctuations with an overall upward trajectory, gaining around 66% over the period.
- Equity Turnover Trend
- Initial increase, a slight dip, followed by steady improvement, indicating enhanced equity efficiency.