DoorDash, Inc. Class A Common Stock (DASH)

Cash ratio

		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
Cash and cash equivalents	US$ in thousands	4,500,000	4,019,000	3,664,000	3,430,000	3,124,000	2,656,000	2,344,000	1,904,000	1,833,000	1,977,000	2,320,000	2,727,000	2,243,000	2,504,000	2,861,000	3,334,000	4,007,000	4,345,000	1,096,000
Short-term investments	US$ in thousands	1,317,000	1,322,000	1,300,000	1,424,000	1,366,000	1,422,000	1,477,000	1,552,000	1,573,000	1,544,000	1,492,000	1,272,000	1,353,000	1,253,000	1,299,000	1,334,000	467,000	514,000	515,000
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
Cash ratio		1.27	1.20	1.21	1.21	1.20	1.20	1.28	1.27	1.28	1.38	1.72	1.97	2.04	2.13	3.11	3.73	4.09	3.47	1.93

March 31, 2025 calculation

Cash ratio = (Cash and cash equivalents + Short-term investments) ÷ Total current liabilities
= ($4,500,000K + $1,317,000K) ÷ $4,577,000K
= 1.27

The cash ratio of DoorDash, Inc. Class A Common Stock has demonstrated notable fluctuations over the analyzed period from September 30, 2020, through March 31, 2025. Initially, in September 2020, the cash ratio was high at 1.93, indicating that the company's cash and cash equivalents were nearly double its current liabilities, reflecting a strong liquidity position. This ratio peaked at 4.09 by March 2021, suggesting an even more conservative liquidity stance during that quarter, possibly due to maintaining substantial cash reserves relative to current liabilities.

Following this peak, the cash ratio experienced a gradual decline, reaching 3.73 by June 2021 and subsequently stabilizing at lower levels. For the remainder of 2021 and through 2022, the ratio steadily decreased, falling to 2.13 by the end of 2021 and then into the 1.72–1.97 range throughout 2022. This downward trend indicates a diminishing buffer of cash relative to current liabilities, which may reflect increased operational activity, investments, or utilization of cash reserves.

From the start of 2023 onward, the ratio continued its gradual decline, reaching approximately 1.20 by the end of 2023 and remaining relatively stable around 1.20 to 1.27 through mid-2024. The slight fluctuations in this range suggest a consistent liquidity stance where cash and cash equivalents remain slightly above current liabilities, providing a modest cushion for short-term obligations.

Overall, the data illustrates a tendency toward decreased liquidity coverage over time, from a peak of over four times current liabilities in early 2021 down to around 1.20—indicating a more conservative, yet potentially less flexible liquidity position in recent periods. The relatively stable ratio from late 2023 through mid-2024 reflects maintenance of this moderate liquidity level, allowing for ongoing operational needs while utilizing cash reserves to support business growth and investments.