DoorDash, Inc. Class A Common Stock (DASH)

Working capital 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
Total current assets	US$ in thousands	7,386,000	5,597,000	4,720,000	4,565,000	5,517,000
Total current liabilities	US$ in thousands	4,438,000	3,410,000	2,544,000	1,760,000	1,402,000
Working capital turnover		3.64	3.95	3.03	1.74	0.70

December 31, 2024 calculation

Working capital turnover = Revenue ÷ (Total current assets – Total current liabilities)
= $10,722,000K ÷ ($7,386,000K – $4,438,000K)
= 3.64

The working capital turnover ratio for DoorDash, Inc. Class A Common Stock exhibits a notable upward trend over the period from December 31, 2020, to December 31, 2024. Starting at a ratio of 0.70 in 2020, the ratio increased substantially to 1.74 in 2021, more than doubling within a year. This significant rise indicates an improved efficiency in how the company utilizes its working capital to generate sales.

In the subsequent years, the ratio continued its upward trajectory, reaching 3.03 in 2022 and further advancing to 3.95 in 2023. The increase during these years reflects ongoing enhancements in operational efficiency and capital utilization, suggesting the company is becoming more effective in converting its working capital into revenue.

In 2024, the ratio slightly decreased to 3.64. Despite this minor decline, the overall trend from 2020 to 2024 remains positive, with the ratio remaining considerably higher than the initial baseline. This persistent increase over multiple periods indicates a strong improvement in the company's operational leverage concerning its working capital, potentially driven by better management of receivables, payables, or inventory, or increased sales relative to working capital.

Overall, the data suggests that DoorDash has progressively enhanced its ability to generate sales efficiency from its working capital resources over the analyzed period, with the most pronounced growth occurring between 2020 and 2023. The slight decline in 2024 does not significantly detract from the overarching positive trend but may warrant further analysis to understand underlying factors.