DoorDash, Inc. Class A Common Stock (DASH)

Fixed asset turnover

		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	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020
Revenue (ttm)	US$ in thousands	11,241,000	10,722,000	10,152,000	9,610,000	9,113,000	8,635,000	8,150,000	7,687,000	7,162,000	6,583,000	6,065,000	5,639,000	5,267,000	4,888,000	4,558,000	4,162,000	3,601,000	2,886,000	2,214,000
Property, plant and equipment	US$ in thousands	—	—	—	—	—	—	—	—	—	1,073,000	1,024,000	955,000	809,000	738,000	656,000	568,000	456,000	413,000	386,000
Fixed asset turnover		—	—	—	—	—	—	—	—	—	6.14	5.92	5.90	6.51	6.62	6.95	7.33	7.90	6.99	5.74

March 31, 2025 calculation

Fixed asset turnover = Revenue (ttm) ÷ Property, plant and equipment
= $11,241,000K ÷ $—K
= —

The fixed asset turnover ratio of DoorDash, Inc. Class A Common Stock has demonstrated variability over the period from September 2020 to December 2022, reflecting changes in how efficiently the company utilizes its fixed assets to generate revenue. Starting at a ratio of 5.74 as of September 2020, there was a marked increase by December 2020 to 6.99, indicating an improvement in asset utilization. This upward trend continued into March 2021, reaching 7.90, which suggests a peak in operational efficiency relative to fixed assets.

Subsequently, a slight decline from this peak was observed, with the ratio falling to 7.33 in June 2021 and further decreasing to 6.95 by September 2021. The ratio continued to decline gradually over the following quarters, with December 2021 recording 6.62 and March 2022 decreasing slightly to 6.51. This trend of moderate decline persisted into June 2022, with the ratio nearing 5.90, and remained relatively stable through September and December 2022 at approximately 5.92 and 6.14, respectively.

Overall, the data indicate that the firm experienced an initial phase of increased fixed asset efficiency in late 2020 and early 2021, followed by a period of stabilization with minor fluctuations. The decline in the fixed asset turnover ratio over time suggests either an increase in fixed asset base without a commensurate proportional increase in revenue or a strategic shift in asset utilization efficiency. The absence of data beyond December 2022 limits further analysis of subsequent trends, but the historical figures reflect a period of initial growth followed by stabilization.