Delivery Hero SE

DHER.DE

Specialty Retail · Consumer Cyclical

Price

€36.83

+0.07 (+0.19%)

Market Cap

€11.19B

Exchange

Frankfurt Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

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: 245.9M (2021) → 298.6M (2025)

Winston Score History

The full picture

Delivery Hero SE is a German company that runs food delivery apps in dozens of countries. Customers open the app, pick a restaurant or grocery store, and a courier brings the order to their door. The company operates brands like Foodpanda, Talabat, and Pedidos Ya, serving millions of consumers across Europe, the Middle East, Asia, and Latin America.

Delivery Hero makes money by charging restaurants a commission on each order and collecting delivery fees from customers. It is one of the largest food delivery companies in the world by number of markets, operating in roughly 70 countries. However, the business has struggled to turn a consistent profit, and its thin operating margin of under 1% shows how expensive it is to run delivery networks at scale. The biggest challenge going forward is reaching sustainable profitability while competing against well-funded local rivals in markets where customers are sensitive to delivery fees and discounts.

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

+10.1% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-132.1% YoY

YoY Growth Rate

Earnings declining

R&D Spend

€447M/ year

↓ Declining (-7% vs prior year)

3.2% of revenue

Below sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

33.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~15 months

€2.5B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Adequate runway but may need to raise capital within 2 years

Growth context

Delivery Hero SE is growing revenue at 10% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

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

20.9%

Thin — 20.9% gross margin

Profit after running costs

Operating Margin

1.3%

Thin — 1.3% operating margin

Return on the money invested

ROCE

1.7%

Weak — 1.7% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+14.4%

Fast-growing sales (+14.4% 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

-1.2%

Burning cash (-1.2%)

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

2.55

Heavy debt load (2.55)

Covers its interest

Interest Cover

0.28x

Dangerous — barely covers interest (0.3x)

Interest coverage below 1. Their profits don't cover the interest bill.

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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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