DoorDash, Inc. Class A Common Stock (DASH)
Return on total capital
| 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings before interest and tax (EBIT) (ttm) | US$ in thousands | 222,000 | -38,000 | -244,000 | -459,000 | -469,000 | -577,000 | -1,146,000 | -1,341,000 | -1,401,000 | -1,399,000 | -893,000 | -691,000 | -519,000 | -449,000 | -598,000 | -530,000 | -399,000 | -426,000 | -259,000 |
| Long-term debt | US$ in thousands | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| 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 |
| Return on total capital | 2.65% | -0.49% | -3.22% | -6.41% | -6.70% | -8.48% | -17.47% | -20.97% | -21.49% | -20.71% | -13.08% | -9.33% | -11.16% | -9.62% | -12.82% | -11.47% | -8.76% | -9.06% | -18.07% |
March 31, 2025 calculation
Return on total capital = EBIT (ttm) ÷ (Long-term debt + Total stockholders’ equity)
= $222,000K ÷ ($—K + $8,389,000K)
= 2.65%
The analysis of DoorDash, Inc. Class A Common Stock’s return on total capital reveals a trajectory characterized by persistent negative returns over the observed period from September 2020 through March 2025. Starting with a return of -18.07% as of September 30, 2020, the metric demonstrated a general trend of improvement, although oscillating across several quarters.
Throughout 2021, the return showed signs of gradual recovery, with figures such as -9.06% at the end of December 2020 and -8.76% in March 2021. Despite intermittent fluctuations, the return remained negative, indicating ongoing challenges in generating positive efficiency from total capital employed. The year 2022 saw continued negative returns, although with slight improvements in some quarters, such as -9.33% at mid-2022 and a deeper decline to -20.71% at the end of 2022. During 2023, the negative return persisted but showed signs of stabilization, fluctuating around -21% in March and June, then slightly improving to -17.47% by September 2023.
From late 2023 into early 2024, the return trend shifted noticeably towards a less negative trajectory, with the figure moving from -8.48% at the end of 2023 to -6.70% in March 2024, and further to -6.41% in June 2024. This downward improvement continued into the third quarter of 2024, where the return was recorded at -3.22%, approaching break-even territory.
The most notable development occurred in late 2024 and early 2025, where the return on total capital transitioned into positive territory, reaching 2.65% as of March 2025. This turning point suggests that the company has substantially improved its capacity to generate profits relative to its total capital base, moving from chronic negative returns to a positive, profit-generating position.
In summary, the historical data indicates that DoorDash experienced extended periods of negative return on total capital, reflecting operational and strategic challenges during its growth phases. The recent trend toward positive returns signals a significant shift towards improved efficiency or profitability, marking a potentially advantageous turning point in the company’s financial performance.
Peer comparison
Mar 31, 2025