DoorDash, Inc.
Consumer Discretionary · Internet & Direct Marketing Retail
Structural: ~65% US food-delivery share (vs $UBER Eats and Grubhub); DashPass subscription >18M members anchors order frequency; new verticals (grocery, retail, alcohol, convenience) expand TAM beyond restaurants; Wolt extends footprint to ~30 international markets; ads business scaling toward high-margin take-rate uplift.
- Category leader with widening US share and improving unit economics
- Subscription + ads layering ~mid-teens take rate on rising GOV
- New verticals (grocery/retail) compound order frequency per cohort
- Wolt provides international optionality without US capital drag
- Free cash flow generative; balance sheet net cash supports buybacks
- Gig-worker classification risk (CA Prop 22 replays, EU PWD)
- Restaurant commissions politically sensitive; fee caps recur in cities
- $UBER Eats + $GRUB consolidation could pressure US take rates
- Grocery delivery economics structurally thinner than restaurant
- Consumer discretionary exposure if recession compresses order frequency
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