DoorDash, Inc. Class A Common Stock (DASH)

Financial leverage 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 assets	US$ in thousands	13,572,000	12,845,000	12,277,000	11,837,000	11,450,000	10,839,000	10,013,000	9,601,000	9,646,000	9,789,000	9,552,000	9,928,000	6,822,000	6,809,000	6,358,000	6,182,000	5,902,000	6,353,000	2,874,000
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
Financial leverage ratio		1.62	1.65	1.62	1.65	1.64	1.59	1.53	1.50	1.48	1.45	1.40	1.34	1.47	1.46	1.36	1.34	1.30	1.35	2.01

March 31, 2025 calculation

Financial leverage ratio = Total assets ÷ Total stockholders’ equity
= $13,572,000K ÷ $8,389,000K
= 1.62

The financial leverage ratio of DoorDash, Inc. Class A Common Stock demonstrates a generally increasing trend over the analyzed period from September 30, 2020, to March 31, 2025. Beginning at a relatively high level of 2.01 in September 2020, the ratio exhibits a significant decline throughout the subsequent quarters, reaching approximately 1.30 by March 31, 2021. This initial decrease suggests efforts to reduce reliance on borrowed capital or a shift towards more equity financing during that period.

Following this decline, the leverage ratio stabilizes at around 1.34 to 1.48, with slight fluctuations, indicating a period of relative stability in financial structure. Notably, from March 2022 onwards, the ratio begins a gradual upward trajectory, reflecting increasing financial leverage. By September 30, 2023, the ratio reaches approximately 1.53, and it continues to ascend through the subsequent periods, peaking slightly above 1.65 in December 2024.

This incremental increase in the leverage ratio over time suggests that DoorDash has been gradually deploying more debt relative to equity, potentially for growth initiatives, acquisitions, or other capital expenditures. The sustained increase in leverage indicates a strategic decision to amplify financial leverage, possibly aiming to enhance return on equity but also elevating financial risk.

Overall, the trend highlights a transition from a period of decreasing leverage early in the analyzed timeframe to a phase of increasing leverage in recent years, with the ratio approaching levels indicative of moderate to high leverage. This pattern reflects the company's evolving capital structure and strategic financing choices over the recent period.