Stock

Delivery Hero SE

DELHY

Specialty Retail · Consumer Cyclical

Price

$4.18

-0.02 (-0.38%)

Market Cap

$12.70B

Exchange

Other OTC

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Sep 9, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

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Share count rising — dilution

+21.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 2.46B (2021) → 2.99B (2025)

§Winston Score History

The full picture

Delivery Hero is a global online food and grocery delivery platform. It connects restaurants and stores with customers who order meals and everyday items through its apps. The company operates some of the leading delivery brands across Asia, the Middle East, and Europe, including Foodpanda and Talabat.

Delivery Hero makes money by charging restaurants commissions on orders and collecting delivery fees from customers. It also earns from advertising placed by restaurants on its platforms. The company serves over 70 countries, making it one of the largest delivery platforms in the world by geographic reach. Despite its scale, Delivery Hero has struggled to reach consistent profitability, with operating margins near breakeven. Its key challenge is turning its massive order volume into sustainable profits while competing against well-funded local and global rivals in a price-sensitive industry.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+14.9% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+0.0% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

€430M/ year

3.2% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

93.2%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

€3.1B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Delivery Hero SE is a rare growth stock that's already generating positive cash flow while growing at 15%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

18.5%

Thin — 18.5% gross margin

Profit after running costs

Operating Margin

-2.1%

Losing money on operations — -2.1%

Return on the money invested

ROCE

-1.1%

Weak — -1.1% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+12.2%

Fast-growing sales (+12.2% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-0.6%

Burning cash (-0.6%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

4.04

Heavy debt load (4.04)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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