DoorDash, Inc. Class A Common Stock (DASH)

Current 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
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
Current ratio		1.72	1.66	1.65	1.63	1.64	1.64	1.72	1.69	1.73	1.86	2.12	2.39	2.51	2.59	3.52	4.14	4.59	3.94	2.39

March 31, 2025 calculation

Current ratio = Total current assets ÷ Total current liabilities
= $7,853,000K ÷ $4,577,000K
= 1.72

The current ratio of DoorDash, Inc. Class A Common Stock has exhibited a declining trend over the analyzed period from September 30, 2020, to March 31, 2025. Initially, in September 2020, the ratio stood at 2.39, indicating that the company had $2.39 in current assets for every dollar of current liabilities. This relatively high ratio suggests a comfortable liquidity position at that time.

Following this period, the current ratio increased significantly, reaching a peak of 4.59 in March 2021. This reflects an improved liquidity posture, likely due to a buildup of current assets or a reduction in current liabilities during this phase, providing the company with a substantial buffer to meet its short-term obligations.

Subsequently, from mid-2021 onward, the current ratio displayed a declining trajectory, falling to 3.52 by September 2021 and further decreasing through 2022 and into 2023. By December 2021, the ratio decreased to 2.59, and continued to slide to approximately 1.73 by March 2023. This downward trend indicates a gradual erosion of short-term liquidity coverage, possibly due to increased current liabilities, reduced current assets, or both.

The ratio stabilized somewhat between September 2022 and the second quarter of 2024, fluctuating narrowly around the 1.63 to 1.72 range. As of September 30, 2023, it stood at 1.72, and by December 31, 2023, it was marginally lower at 1.66, with slight fluctuations into 2024. This stabilization near a ratio of about 1.65 suggests that while liquidity remains sufficient to cover short-term obligations, the cushion has narrowed relative to earlier periods.

Overall, the long-term decline from the initial high ratios indicates a trend toward tighter liquidity positions. The current ratio nearing 1.6 in late 2024 and early 2025 suggests the company maintains just enough assets to meet its liabilities without a significant excess. Such a ratio warrants continued monitoring, as thinner liquidity margins could pose risks if liabilities increase or if asset composition changes unfavorably.