DoorDash, Inc. Class A Common Stock (DASH)

Total 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
Total assets	US$ in thousands	13,572,000	12,845,000	12,277,000	11,837,000	11,450,000	10,839,000	10,013,000	9,601,000	9,646,000	9,789,000	9,552,000	9,928,000	6,822,000	6,809,000	6,358,000	6,182,000	5,902,000	6,353,000	2,874,000
Total asset turnover		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	0.72	0.72	0.67	0.61	0.45	0.77

March 31, 2025 calculation

Total asset turnover = Revenue (ttm) ÷ Total assets
= $11,241,000K ÷ $13,572,000K
= 0.83

The total asset turnover ratio of DoorDash, Inc. Class A Common Stock exhibited notable fluctuations from September 30, 2020, through March 31, 2025. Initially, the ratio stood at 0.77 in September 2020, reflecting the company's efficiency in generating revenue relative to its assets during its early growth phase. Subsequently, the ratio declined to 0.45 by the end of 2020, indicating a reduced utilization of assets to generate sales in that period, potentially due to increased investments in infrastructure or operational expansion not immediately translating into revenue.

Between March 2021 and December 2021, the ratio showed an upward trend, reaching 0.72, suggesting improved asset utilization as the company perhaps optimized operations or benefited from increased market penetration. This upward movement continued into early 2022, reaching 0.77 in March 2022; however, a decline was observed later that year, with the ratio dipping to 0.57 in June 2022 before recovering somewhat to 0.63 in September 2022 and 0.67 by the end of 2022.

The subsequent period from early 2023 onward demonstrated a consistent upward trajectory in the ratio. Specifically, the ratio increased from 0.74 in March 2023 to 0.80 in June 2023, and further to 0.81 in September 2023. For the remainder of 2023 and into early 2024, the ratio stabilized around 0.83, maintaining this level through March 2025.

Overall, the pattern suggests that DoorDash has improved or maintained its efficiency in using assets to generate revenue over the analyzed period, with the ratio trending upward toward the 0.80–0.83 range in the recent years. This progression indicates a strengthening in asset utilization, possibly due to operational efficiencies, strategic asset management, or growth in revenues without commensurate increases in asset base.