Delivery Hero SE (DE:DHER)
XETRA:DHER
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Delivery Hero SE
(XETRA:DHER)
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Rating:45Neutral
Price Target:
€16.00
▼(-5.99% Downside)
Action:ReiteratedDate:03/29/26
The score is held down primarily by weak financial quality (ongoing net losses, high leverage, and a sharp 2025 cash-flow setback) and a bearish technical setup (price below key moving averages with negative MACD). The earnings call provides a partial offset via strong GMV/revenue growth, improving EBITDA, and a solid cash position, but guidance headwinds and legal/cost risks keep the overall outlook cautious.
Positive Factors
GMV & Revenue Growth
Sustained GMV and revenue expansion indicates durable customer demand and marketplace scale. Higher order volumes strengthen network effects with merchants and riders, supporting long-term take-rate recovery and incremental monetization as platform reach and multi-vertical adoption grow.
Negative Factors
High Leverage
Elevated leverage (debt materially larger than equity) constrains financial flexibility and raises refinancing and interest-rate exposure. Persistent negative ROE and depleted equity limit capacity to absorb shocks and slow the pace of strategic investments until deleveraging is sustained.
Read all positive and negative factors
Positive Factors
Negative Factors
GMV & Revenue Growth
Sustained GMV and revenue expansion indicates durable customer demand and marketplace scale. Higher order volumes strengthen network effects with merchants and riders, supporting long-term take-rate recovery and incremental monetization as platform reach and multi-vertical adoption grow.
Read all positive factors
Delivery Hero SE (DHER) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€5.17B
Dividend YieldN/A
Average Volume (3M)636.06K
Price to Earnings (P/E)―
Beta (1Y)1.15
Revenue Growth23.23%
EPS Growth76.05%
CountryDE
Employees42,711
SectorConsumer Cyclical
Sector Strength84
IndustrySpecialty Retail
Share Statistics
EPS (TTM)-1.30
Shares Outstanding303,765,700
10 Day Avg. Volume565,607
30 Day Avg. Volume636,063
Financial Highlights & Ratios
PEG Ratio0.56
Price to Book (P/B)4.14
Price to Sales (P/S)0.48
P/FCF Ratio-26.07
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€28.68Price Target Upside68.51% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering12
EPS Forecast (FY)-0.24
Revenue Forecast (FY)€15.64B
Delivery Hero SE Business Overview & Revenue Model
Company Description
Delivery Hero SE offers online food ordering and delivery services. It operates approximately in 50 countries in Europe, the Middle East, North Africa, Asia, and the Americas. The company was founded in 2011 and is headquartered in Berlin, Germany....
How the Company Makes Money
Delivery Hero primarily generates revenue from its marketplace and delivery operations by charging partner restaurants and merchants commissions and service fees for orders placed through its platforms. A core revenue stream is merchant commission...
Delivery Hero SE Earnings Call Summary
Earnings Call Date:Aug 28, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Aug 27, 2026
Earnings Call Sentiment Neutral
The earnings call presented a mixed view with significant growth in GMV and revenue, as well as improvements in EBITDA and cash flow. However, these were balanced by challenges including FX headwinds affecting guidance, legal issues in Spain, and increased costs from own delivery expansion.Positive Updates
Strong GMV and Revenue Growth
GMV in Q2 increased by 11% year-over-year on a like-for-like basis, with revenue growth accelerating to 27% in the same period.
Negative Updates
FX Headwinds Impact Guidance
The company revised its adjusted EBITDA guidance to EUR 900 million to EUR 940 million due to stronger-than-expected currency headwinds, particularly from the U.S. dollar and Korean won.
Read all updates
Q2-2025 Updates
Positive
Negative
Strong GMV and Revenue Growth
GMV in Q2 increased by 11% year-over-year on a like-for-like basis, with revenue growth accelerating to 27% in the same period.
Read all positive updates
Company Guidance
During the Q2 2025 earnings call, Delivery Hero's leadership shared comprehensive guidance on their financial and operational performance. The company reported an 11% year-over-year GMV increase and a 27% rise in revenue, excluding hyperinflation FX effects. The adjusted EBITDA for the first half of 2025 expanded by 71% to EUR 411 million, with a margin improvement of 70 basis points. Despite FX headwinds, particularly from the U.S. dollar and Korean won, and costs associated with scaling own delivery in Korea, the company expects to reach the higher end of their GMV growth guidance of 8% to 10% for the full year. Free cash flow before extraordinary items improved significantly, approaching breakeven at minus EUR 8 million, with a robust liquidity position of EUR 2.8 billion. The company also highlighted successful integration efforts, including a 6.7% improvement in conversion rates post-Glovo integration and a 9.5% reduction in cost per order, underscoring their enhanced operational efficiencies.Delivery Hero SE Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
38
Negative
Cash Flow
33
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 14.06B | 12.29B | 9.94B | 8.58B | 5.86B |
| Gross Profit | 3.01B | 3.33B | 2.97B | 2.23B | 1.26B |
| EBITDA | 531.00M | 342.90M | -1.31B | -2.01B | -265.80M |
| Net Income | -782.90M | -882.40M | -2.30B | -2.98B | -1.10B |
Balance Sheet | |||||
| Total Assets | 10.54B | 12.75B | 10.49B | 12.86B | 12.70B |
| Cash, Cash Equivalents and Short-Term Investments | 2.11B | 3.81B | 1.66B | 2.42B | 2.45B |
| Total Debt | 4.63B | 5.67B | 5.64B | 5.72B | 4.54B |
| Total Liabilities | 8.75B | 10.04B | 8.84B | 9.07B | 7.21B |
| Stockholders Equity | 1.64B | 2.59B | 1.65B | 3.74B | 5.47B |
Cash Flow | |||||
| Free Cash Flow | -260.30M | 499.20M | -280.20M | -941.60M | -1.22B |
| Operating Cash Flow | -89.30M | 638.30M | -19.50M | -688.80M | -901.40M |
| Investing Cash Flow | -320.50M | -59.50M | -169.00M | -67.90M | -1.95B |
| Financing Cash Flow | -1.13B | 1.58B | -466.10M | 717.60M | 2.30B |
Delivery Hero SE Technical Analysis
Neutral
17.02
Price Trends
19.01
Negative
20.31
Negative
22.16
Negative
Market Momentum
-0.61
Negative
49.14
Neutral
71.11
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:DHER, the sentiment is Neutral. The current price of 17.02 is above the 20-day moving average (MA) of 16.27, below the 50-day MA of 19.01, and below the 200-day MA of 22.16, indicating a neutral trend. The MACD of -0.61 indicates Negative momentum. The RSI at 49.14 is Neutral, neither overbought nor oversold. The STOCH value of 71.11 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for DE:DHER.
Delivery Hero SE Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
64 Neutral | €5.71B | 30.68 | 7.72% | ― | 12.06% | 18.20% | |
62 Neutral | €280.90M | 7.43 | 42.70% | ― | -0.32% | ― | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
59 Neutral | €99.38M | -1.02 | -36.61% | ― | -11.28% | 54.27% | |
47 Neutral | €569.99M | -10.40 | -13.29% | ― | -8.97% | -66.04% | |
45 Neutral | €5.17B | -8.67 | -40.83% | ― | 23.23% | 76.05% |
* Consumer Cyclical Sector Average
DE:DHER
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.