DoorDash, Inc. Class A Common Stock (DASH)

Fixed asset turnover

		Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Revenue	US$ in thousands	10,722,000	8,635,000	6,583,000	4,888,000	2,886,000
Property, plant and equipment	US$ in thousands	—	—	1,073,000	738,000	413,000
Fixed asset turnover		—	—	6.14	6.62	6.99

December 31, 2024 calculation

Fixed asset turnover = Revenue ÷ Property, plant and equipment
= $10,722,000K ÷ $—K
= —

The fixed asset turnover ratio for DoorDash, Inc. Class A Common Stock demonstrates a gradual decline over the specified period from December 31, 2020 to December 31, 2022. Specifically, the ratio decreased from 6.99 in 2020 to 6.62 in 2021, indicating a slight reduction in the efficiency with which the company utilizes its fixed assets to generate revenue. This downward trend continued into 2022, with the ratio declining further to 6.14. The absence of data for December 31, 2023, and December 31, 2024, precludes analysis beyond 2022; however, based on the observed pattern, the company has experienced a consistent decrease in fixed asset turnover during this three-year period.

This reduction suggests that either the company's revenue growth has slowed relative to its fixed asset base or its fixed assets have increased at a faster rate than revenue. Such a trend may reflect recent strategic shifts, investments in infrastructure, or operational changes impacting asset efficiency. It is noteworthy that the ratio remains above 6, indicating a relatively high level of asset utilization, but the declining trajectory warrants further review to assess whether this trend is temporary or indicative of a broader change in operational efficiency.