DoorDash, Inc. Class A Common Stock (DASH)

Working capital 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 current assets	US$ in thousands	7,853,000	7,386,000	6,760,000	6,559,000	6,130,000	5,597,000	5,142,000	4,605,000	4,587,000	4,720,000	4,690,000	4,833,000	4,418,000	4,565,000	4,707,000	5,179,000	5,025,000	5,517,000	1,990,000
Total current liabilities	US$ in thousands	4,577,000	4,438,000	4,094,000	4,028,000	3,743,000	3,410,000	2,986,000	2,726,000	2,651,000	2,544,000	2,216,000	2,026,000	1,760,000	1,760,000	1,339,000	1,251,000	1,094,000	1,402,000	834,000
Working capital turnover		3.43	3.64	3.81	3.80	3.82	3.95	3.78	4.09	3.70	3.03	2.45	2.01	1.98	1.74	1.35	1.06	0.92	0.70	1.92

March 31, 2025 calculation

Working capital turnover = Revenue (ttm) ÷ (Total current assets – Total current liabilities)
= $11,241,000K ÷ ($7,853,000K – $4,577,000K)
= 3.43

The working capital turnover ratio of DoorDash, Inc. Class A Common Stock demonstrates a trend of increasing efficiency in utilizing working capital to generate revenue over the analyzed period. Starting at a ratio of 1.92 as of September 30, 2020, there was a significant decline to 0.70 by December 31, 2020, indicating a period of reduced efficiency, potentially due to operational adjustments or market conditions during that timeframe. Subsequently, the ratio generally exhibited an upward trajectory, reaching 1.35 by September 30, 2021, and continuing to improve thereafter.

From the first quarter of 2022 onward, the ratio crossed the 2.0 threshold, reaching 2.01 by June 30, 2022, and further climbing to a peak of 4.09 as of June 30, 2023. This upward trend indicates a marked enhancement in how effectively the company leverages its working capital to generate revenue, reflecting increased operational efficiency, better working capital management, or both.

Following the peak in mid-2023, the ratio experienced a slight decline to 3.78 by September 30, 2023, then stabilized around 3.64 to 3.82 through the end of 2024 and into the first quarter of 2025. This moderation suggests a period of operational consolidation or adjustments in working capital strategies, maintaining a relatively high efficiency level compared to earlier periods.

Overall, the data portray a company that significantly improved its working capital utilization efficiency from the initial downturn in late 2020, sustaining higher levels into mid-2023, before experiencing a slight stabilization or correction in subsequent quarters. This pattern reflects positively on the company's operational management and its ability to generate revenues efficiently relative to its working capital base over the analyzed timeframe.