DoorDash, Inc. Class A Common Stock (DASH)

Quick 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	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
Receivables	US$ in thousands	782,000	865,000	622,000	585,000	546,000	533,000	417,000	383,000	382,000	400,000	325,000	346,000	321,000	349,000	286,000	245,000	282,000	291,000	182,000
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
Quick ratio		1.44	1.40	1.36	1.35	1.35	1.35	1.42	1.41	1.43	1.54	1.87	2.14	2.23	2.33	3.32	3.93	4.35	3.67	2.15

March 31, 2025 calculation

Quick ratio = (Cash + Short-term investments + Receivables) ÷ Total current liabilities
= ($4,500,000K + $1,317,000K + $782,000K) ÷ $4,577,000K
= 1.44

The quick ratio of DoorDash, Inc. Class A Common Stock exhibits notable fluctuations over the analyzed period from September 30, 2020, to March 31, 2025. Initially, the ratio was elevated at 2.15 in September 2020, indicating a strong liquidity position and the company’s substantial ability to cover short-term liabilities with its most liquid assets. This ratio increased significantly to 3.67 by December 31, 2020, and reached a peak of 4.35 in the first quarter of 2021, reflecting an even more robust liquidity profile during this period.

Subsequently, the ratio experienced a gradual decline over the following quarters, decreasing to 3.93 in June 2021 and down to 3.32 by September 2021. The downward trend persisted into late 2021 and 2022, with ratios reducing to 2.33 in December 2021 and further declining to 2.14 by June 2022, and then reaching 1.87 in September 2022. This steady decrease suggests a diminishing liquidity cushion, though the ratio remained comfortably above 1.5 during this period.

The trend continued into 2023 and 2024, with ratios stabilizing around 1.4 to 1.5, such as 1.43 in March 2023 and 1.35 in December 2023, indicating a more conservative liquidity stance but still maintaining adequate short-term liquidity relative to current liabilities. The ratios from mid to late 2024 remained relatively stable around 1.35 to 1.40, with a slight upward movement to 1.44 by March 2025.

Overall, the observed decline from the high levels seen in late 2020 and early 2021 suggests a transition from a period of high liquidity to a more moderate and stable liquidity position in recent years. Despite this downward trend, the quick ratio consistently exceeds 1, demonstrating that DoorDash, Inc. is generally able to meet its short-term obligations with its quick assets throughout the period.