DoorDash, Inc. Class A Common Stock (DASH)

Return on equity (ROE)

		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
Net income (ttm)	US$ in thousands	339,000	123,000	-172,000	-407,000	-420,000	-559,000	-1,047,000	-1,270,000	-1,363,000	-1,362,000	-875,000	-680,000	-519,000	-468,000	-625,000	-567,000	-442,000	-461,000	-283,000
Total stockholders’ equity	US$ in thousands	8,389,000	7,803,000	7,569,000	7,162,000	6,999,000	6,806,000	6,559,000	6,396,000	6,518,000	6,754,000	6,825,000	7,410,000	4,652,000	4,667,000	4,666,000	4,619,000	4,555,000	4,700,000	1,433,000
ROE		4.04%	1.58%	-2.27%	-5.68%	-6.00%	-8.21%	-15.96%	-19.86%	-20.91%	-20.17%	-12.82%	-9.18%	-11.16%	-10.03%	-13.39%	-12.28%	-9.70%	-9.81%	-19.75%

March 31, 2025 calculation

ROE = Net income (ttm) ÷ Total stockholders’ equity
= $339,000K ÷ $8,389,000K
= 4.04%

The return on equity (ROE) for DoorDash, Inc. Class A Common Stock exhibited a trajectory characterized by persistent negative values from September 2020 through September 2024, indicating ongoing challenges in generating profits relative to shareholders’ equity during this period. Starting at approximately -19.75% in September 2020, the ROE showed gradual improvement over time, with fluctuations that reflect some periods of marginal performance stabilization.

Throughout the first half of 2021, the ROE remained negative, hovering around -9.70% to -13.39%, suggesting continued difficulties in achieving profitability. Similarly, from late 2021 through mid-2022, the negative ROE persisted, although a slight decline in the magnitude of losses was observed, with values approaching -9.18% to -12.82%. This pattern indicates limited progress in improving operational returns within this period.

The most notable trend appears from late 2022 onward, where the ROE further deteriorated to as low as -20.17% in December 2022, emphasizing the company's continued struggle to generate positive equity returns amid ongoing losses. The negative trend persisted into early 2023, with ROE values around -20.91% in March 2023 and -19.86% in June 2023.

From September 2023 onwards, a significant turnaround emerged. The ROE improved progressively, reaching -15.96% in September 2023 and turning positive by the end of 2024 at 1.58%. This transition signifies a substantial shift toward profitability, with the company beginning to generate returns exceeding shareholders’ equity. By March 2025, the ROE further increased to 4.04%, highlighting a notable positive trend and suggesting effective operational or strategic improvements contributing to enhanced profitability metrics.

Overall, the historical ROE of DoorDash, Inc. indicates a prolonged period of negative returns, reflective of operational challenges typical for growth-oriented and disruptive technology companies in their scaling phases. The recent positive developments mark a significant improvement, signaling potential profitability and value creation for shareholders in the near term.