Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
DoorDash, Inc., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
The financial ratios reveal several trends concerning asset utilization and turnover over the observed quarterly periods.
- Net Fixed Asset Turnover
- This ratio shows a moderate increase over the timeline, beginning at 11.58 and initially declining slightly to 10.31, but then steadily rising to a peak near 13.85 before a slight decrease toward the end period at 12.95. This pattern indicates improving efficiency in generating sales from fixed assets, especially in the latter periods, suggesting better utilization or increased sales volume relative to fixed assets.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- This adjusted ratio starts lower at 6.51 but follows a consistent upward trajectory, rising steadily to 9.21 by the last quarter. The inclusion of right-of-use assets reflects a growing efficiency in utilizing leased assets alongside owned assets. The rising trend indicates enhanced operational management of leased asset resources over time.
- Total Asset Turnover
- The total asset turnover ratio shows variability but overall an increasing pattern, starting at 0.77, dipping to a low of 0.57, then climbing back to 0.83 before a slight decline to 0.70 in the last two quarters. This demonstrates fluctuating yet improving efficiency in generating revenue from all assets, with some recent weakness potentially signaling either higher asset base growth or a plateau in revenue generation efficiency.
- Equity Turnover
- This ratio steadily increases from 1.13 to a peak of 1.37, before slightly stabilizing around 1.33 toward the end of the period. This suggests improving effectiveness in utilizing shareholders’ equity to generate sales, highlighting stronger return generation relative to equity invested.
Overall, the company exhibits enhanced efficiency in converting both fixed and total assets into sales, with particular improvements noted in the management of leased assets. The upward trends in equity turnover indicate growing returns on equity, which may reflect effective capital investment decisions. Minor decreases in some ratios toward the latest quarters suggest potential areas for monitoring, but the general trajectory is positive with improved asset utilization and operational performance.
Net Fixed Asset Turnover
DoorDash, Inc., net fixed asset turnover calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||
| Revenue | 3,446) | 3,284) | 3,032) | 2,873) | 2,706) | 2,630) | 2,513) | 2,303) | 2,164) | 2,133) | 2,035) | 1,818) | 1,701) | 1,608) | 1,456) | |||||
| Property and equipment, net | 976) | 906) | 846) | 778) | 733) | 701) | 705) | 712) | 690) | 677) | 656) | 637) | 588) | 529) | 455) | |||||
| Long-term Activity Ratio | ||||||||||||||||||||
| Net fixed asset turnover1 | 12.95 | 13.13 | 13.29 | 13.78 | 13.85 | 13.71 | 12.93 | 12.13 | 11.81 | 11.35 | 10.92 | 10.33 | 10.31 | 10.66 | 11.58 | |||||
| Benchmarks | ||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||
| Airbnb Inc. | 97.89 | 87.73 | 81.39 | 75.52 | 65.30 | 61.79 | 59.89 | 61.98 | 65.31 | 68.85 | 71.38 | 69.41 | 67.78 | 62.54 | 46.34 | |||||
| Booking Holdings Inc. | 31.87 | 29.51 | 28.11 | 28.53 | 26.14 | 25.60 | 27.33 | 27.25 | 28.14 | 26.42 | 26.00 | 25.55 | 18.23 | 17.07 | 14.82 | |||||
| Chipotle Mexican Grill Inc. | 4.54 | 4.62 | 4.71 | 4.73 | 4.73 | 4.71 | 4.63 | 4.55 | 4.56 | 4.59 | 4.53 | 4.43 | 4.50 | 4.49 | 4.40 | |||||
| McDonald’s Corp. | 0.96 | 0.96 | 1.00 | 1.02 | 1.01 | 1.04 | 1.04 | 1.02 | 1.05 | 1.00 | 0.98 | 0.98 | 1.02 | 1.01 | 0.97 | |||||
| Starbucks Corp. | 4.13 | 4.12 | 4.16 | 4.17 | 4.51 | 4.67 | 4.82 | 4.87 | 4.96 | 4.99 | 4.91 | 4.92 | 4.99 | 4.85 | 4.75 | |||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q3 2025 Calculation
Net fixed asset turnover
= (RevenueQ3 2025
+ RevenueQ2 2025
+ RevenueQ1 2025
+ RevenueQ4 2024)
÷ Property and equipment, net
= (3,446 + 3,284 + 3,032 + 2,873)
÷ 976 = 12.95
2 Click competitor name to see calculations.
The financial data reveals a consistent upward trend in revenue over the observed periods, indicating sustained growth. Starting from 1,456 million US dollars in the first quarter of 2022, revenue has increased steadily each quarter, reaching 3,446 million US dollars by the third quarter of 2025. This reflects a more than twofold increase in revenue over the timeframe.
Concurrently, the net value of property and equipment has also increased over time but at a more moderate pace compared to revenue. Beginning at 455 million US dollars in the initial quarter, the net fixed assets grew to 976 million US dollars by the third quarter of 2025. This increase suggests ongoing investment in fixed assets, likely to support the company’s expanding operations.
- Net Fixed Asset Turnover Ratio
- The net fixed asset turnover ratio, which measures revenue generated per unit of net fixed assets, initially shows a declining trend from 11.58 to 10.31 between the first quarter of 2022 and the third quarter of 2022, indicating that asset growth outpaced revenue during this period.
- Subsequently, the ratio begins an upward trend, increasing from 10.33 at the end of 2022 to a peak of 13.85 in the third quarter of 2024. This improvement suggests increasing efficiency in utilizing fixed assets to generate revenue during this phase.
- After peaking, the ratio experiences a slight decline through the final quarters, ending at 12.95 in the third quarter of 2025. Despite this minor decrease, the ratio remains significantly higher than the initial level, reflecting improved productivity overall.
In summary, the company demonstrates strong revenue growth alongside steady investment in property and equipment. Moreover, the efficiency of asset utilization has improved markedly over the period, as evidenced by the rising net fixed asset turnover ratio after an initial dip. The slight decline in this ratio towards the end may warrant continued monitoring to ensure sustained operational efficiency.
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 (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||
| Revenue | 3,446) | 3,284) | 3,032) | 2,873) | 2,706) | 2,630) | 2,513) | 2,303) | 2,164) | 2,133) | 2,035) | 1,818) | 1,701) | 1,608) | 1,456) | |||||
| Property and equipment, net | 976) | 906) | 846) | 778) | 733) | 701) | 705) | 712) | 690) | 677) | 656) | 637) | 588) | 529) | 455) | |||||
| Operating lease right-of-use assets | 396) | 391) | 384) | 389) | 380) | 381) | 448) | 436) | 406) | 417) | 414) | 436) | 436) | 426) | 354) | |||||
| Property and equipment, net (including operating lease, right-of-use asset) | 1,372) | 1,297) | 1,230) | 1,167) | 1,113) | 1,082) | 1,153) | 1,148) | 1,096) | 1,094) | 1,070) | 1,073) | 1,024) | 955) | 809) | |||||
| Long-term Activity Ratio | ||||||||||||||||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 9.21 | 9.17 | 9.14 | 9.19 | 9.12 | 8.88 | 7.90 | 7.52 | 7.44 | 7.03 | 6.69 | 6.14 | 5.92 | 5.90 | 6.51 | |||||
| Benchmarks | ||||||||||||||||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||||||||||||||||
| Airbnb Inc. | 43.91 | 41.96 | 40.55 | 38.15 | 41.37 | 38.48 | 36.32 | 35.54 | 35.56 | 34.55 | 33.49 | 32.43 | 29.45 | 26.12 | 16.30 | |||||
| Booking Holdings Inc. | 18.31 | 17.37 | 17.06 | 17.07 | 15.55 | 14.81 | 14.99 | 14.35 | 14.99 | 14.43 | 13.76 | 13.01 | 12.51 | 11.24 | 9.40 | |||||
| Chipotle Mexican Grill Inc. | 1.69 | 1.73 | 1.76 | 1.77 | 1.75 | 1.77 | 1.74 | 1.72 | 1.69 | 1.70 | 1.69 | 1.64 | 1.62 | 1.62 | 1.59 | |||||
| Starbucks Corp. | 1.99 | 1.99 | 2.00 | 2.02 | 2.16 | 2.21 | 2.26 | 2.28 | 2.30 | 2.26 | 2.22 | 2.21 | 2.21 | 2.14 | 2.08 | |||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q3 2025 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (RevenueQ3 2025
+ RevenueQ2 2025
+ RevenueQ1 2025
+ RevenueQ4 2024)
÷ Property and equipment, net (including operating lease, right-of-use asset)
= (3,446 + 3,284 + 3,032 + 2,873)
÷ 1,372 = 9.21
2 Click competitor name to see calculations.
The financial data over the reported quarters reveal several notable trends regarding revenue, property and equipment, and asset utilization ratios.
- Revenue
- Revenue has demonstrated consistent growth across the periods, increasing from $1,456 million in March 2022 to a projected $3,446 million by September 2025. This represents a near doubling in revenue over the examined timeframe, indicating strong top-line expansion. Growth is steady on a quarterly basis, with no significant declines or abrupt spikes observed.
- Property and Equipment, Net
- The net value of property and equipment, which includes operating lease right-of-use assets, also shows an upward trend, rising from $809 million in March 2022 to an estimated $1,372 million by September 2025. The growth, however, is more modest compared to revenue increases. Periodic fluctuations are present, such as a slight dip in June 2024, but the overall trajectory is upward, suggesting ongoing investment in fixed assets supporting operational capacity.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- The net fixed asset turnover ratio improves markedly from 6.51 in March 2022 to a forecasted 9.21 by September 2025. This ratio reflects increasing efficiency in utilizing fixed assets to generate revenue. The rise indicates that revenue is growing faster than property and equipment investment, implying enhanced asset productivity and potentially better operational leverage.
In summary, the data presents a scenario of robust revenue growth complemented by steady investment in property and equipment. The significant improvement in net fixed asset turnover ratio highlights an improving efficiency, suggesting that the company's asset base is being better leveraged to drive revenue growth over the examined periods.
Total Asset Turnover
DoorDash, Inc., total asset turnover calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||
| Revenue | 3,446) | 3,284) | 3,032) | 2,873) | 2,706) | 2,630) | 2,513) | 2,303) | 2,164) | 2,133) | 2,035) | 1,818) | 1,701) | 1,608) | 1,456) | |||||
| Total assets | 17,971) | 16,950) | 13,572) | 12,845) | 12,277) | 11,837) | 11,450) | 10,839) | 10,013) | 9,601) | 9,646) | 9,789) | 9,552) | 9,928) | 6,822) | |||||
| Long-term Activity Ratio | ||||||||||||||||||||
| Total asset turnover1 | 0.70 | 0.70 | 0.83 | 0.83 | 0.83 | 0.81 | 0.80 | 0.80 | 0.81 | 0.80 | 0.74 | 0.67 | 0.63 | 0.57 | 0.77 | |||||
| Benchmarks | ||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||
| Airbnb Inc. | 0.52 | 0.43 | 0.45 | 0.53 | 0.49 | 0.40 | 0.42 | 0.48 | 0.45 | 0.43 | 0.44 | 0.52 | 0.50 | 0.39 | 0.39 | |||||
| Booking Holdings Inc. | 0.91 | 0.82 | 0.89 | 0.86 | 0.82 | 0.78 | 0.79 | 0.88 | 0.80 | 0.73 | 0.72 | 0.67 | 0.73 | 0.60 | 0.56 | |||||
| Chipotle Mexican Grill Inc. | 1.27 | 1.25 | 1.27 | 1.23 | 1.22 | 1.20 | 1.21 | 1.23 | 1.21 | 1.23 | 1.27 | 1.25 | 1.23 | 1.24 | 1.21 | |||||
| McDonald’s Corp. | 0.43 | 0.44 | 0.46 | 0.47 | 0.46 | 0.48 | 0.48 | 0.45 | 0.48 | 0.48 | 0.45 | 0.46 | 0.48 | 0.48 | 0.47 | |||||
| Starbucks Corp. | 1.09 | 1.15 | 1.13 | 1.15 | 1.21 | 1.24 | 1.26 | 1.22 | 1.22 | 1.19 | 1.16 | 1.15 | 1.14 | 1.08 | 1.05 | |||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q3 2025 Calculation
Total asset turnover
= (RevenueQ3 2025
+ RevenueQ2 2025
+ RevenueQ1 2025
+ RevenueQ4 2024)
÷ Total assets
= (3,446 + 3,284 + 3,032 + 2,873)
÷ 17,971 = 0.70
2 Click competitor name to see calculations.
- Revenue Trends
- The revenue demonstrates a consistent upward trajectory over the observed quarters. Starting at $1,456 million in March 2022, it gradually increases each period, reaching $3,446 million by September 2025. This growth indicates a strong and stable expansion in sales or service volume without signs of decline or stagnation in any quarter.
- Total Assets Trends
- Total assets show significant growth with some fluctuations. From $6,822 million at the start of the period, the assets nearly double, reaching $17,971 million by September 2025. A few minor decreases are noted, particularly between June 2022 and March 2023, but the general pattern highlights an increasing asset base, suggesting investments in infrastructure, acquisitions, or other capital increases to support growth.
- Total Asset Turnover Trends
- The total asset turnover ratio reveals an initial decline from 0.77 in March 2022 to a low of 0.57 in June 2022, indicating reduced efficiency in utilizing assets to generate revenue during that quarter. However, from that point onward, the ratio improves steadily, peaking around 0.83 during 2024 and early 2025, signifying enhanced asset utilization. Toward the end of the period, it declines again to 0.7, which may suggest either rapid growth in assets not yet fully capitalized by revenue or a potential decrease in operational efficiency.
- Overall Analysis
- The company displays strong revenue growth paired with an expanding asset base, indicative of aggressive scaling efforts. The fluctuations in asset turnover denote periods of adjustment in asset utilization efficiency, with recent trends suggesting some pressure on efficiency despite continued growth in both revenue and assets. The combination of increasing revenues and growing assets, along with improving turnover ratios for much of the timeframe, suggests overall positive operational performance with some caution warranted regarding recent decreases in asset turnover.
Equity Turnover
DoorDash, Inc., equity turnover calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||
| Revenue | 3,446) | 3,284) | 3,032) | 2,873) | 2,706) | 2,630) | 2,513) | 2,303) | 2,164) | 2,133) | 2,035) | 1,818) | 1,701) | 1,608) | 1,456) | |||||
| Stockholders’ equity | 9,495) | 8,923) | 8,389) | 7,803) | 7,569) | 7,162) | 6,999) | 6,806) | 6,559) | 6,396) | 6,518) | 6,754) | 6,825) | 7,410) | 4,652) | |||||
| Long-term Activity Ratio | ||||||||||||||||||||
| Equity turnover1 | 1.33 | 1.33 | 1.34 | 1.37 | 1.34 | 1.34 | 1.30 | 1.27 | 1.24 | 1.20 | 1.10 | 0.97 | 0.89 | 0.76 | 1.13 | |||||
| Benchmarks | ||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||
| Airbnb Inc. | 1.39 | 1.49 | 1.42 | 1.32 | 1.28 | 1.31 | 1.30 | 1.21 | 1.05 | 1.80 | 1.65 | 1.51 | 1.45 | 1.41 | 1.40 | |||||
| Booking Holdings Inc. | — | — | — | — | — | — | — | — | — | — | 16.92 | 6.14 | 4.37 | 3.66 | 2.86 | |||||
| Chipotle Mexican Grill Inc. | 3.66 | 3.28 | 3.29 | 3.09 | 3.04 | 2.87 | 3.04 | 3.22 | 3.30 | 3.36 | 3.62 | 3.65 | 3.62 | 3.78 | 3.67 | |||||
| McDonald’s Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||
| Starbucks Corp. | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||||
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q3 2025 Calculation
Equity turnover
= (RevenueQ3 2025
+ RevenueQ2 2025
+ RevenueQ1 2025
+ RevenueQ4 2024)
÷ Stockholders’ equity
= (3,446 + 3,284 + 3,032 + 2,873)
÷ 9,495 = 1.33
2 Click competitor name to see calculations.
- Revenue
- The revenue exhibits a consistent upward trend over the observed periods, increasing from $1,456 million at the beginning of 2022 to $3,446 million by the third quarter of 2025. Growth appears steady, with quarterly increments generally ranging from approximately 50 to 150 million USD. This pattern indicates sustained top-line expansion, reflecting either increased sales volume, improved pricing strategies, or a combination of both.
- Stockholders’ Equity
- Stockholders’ equity shows more variability relative to revenue. Starting at $4,652 million in the first quarter of 2022, it rises sharply to $7,410 million by the second quarter of 2022, then declines somewhat through the end of that year, reaching $6,754 million. Subsequent quarters reveal a gradual and steady increase, culminating at $9,495 million by the third quarter of 2025. This suggests periods of equity issuance or retained earnings accumulation interspersed with some volatility or possible share repurchases, dividends, or losses affecting equity levels.
- Equity Turnover Ratio
- The equity turnover ratio, which measures how efficiently the company uses shareholders' equity to generate revenue, initially drops from 1.13 in March 2022 to a low of 0.76 by mid-2022. However, from that point forward, it trends upward consistently, reaching approximately 1.33 by mid-2025. This improvement indicates enhanced efficiency in utilizing equity capital to drive revenue growth over time, supporting an increasing return on equity basis despite equity growth.
- Overall Insights
- The company demonstrates robust revenue growth alongside increasing stockholders’ equity, suggesting a healthy expansion phase. The equity turnover ratio’s recovery and subsequent rise imply that the company is improving its efficiency in deploying equity for revenue generation after an initial dip. Although stockholders’ equity faced some fluctuation in 2022, the general upward trajectory in the following years contributes to a solid financial foundation supporting sustained operational growth.