DoorDash, a core food delivery platform listed on the U.S. stock market, is widely recognized as “America’s Meituan.” Founded in 2013, it focuses exclusively on food delivery and has deeply penetrated the U.S. market (accounting for 88% of its business). Today, it firmly holds the top position in the U.S. with a 67%-68% market share, far exceeding Uber Eats (23%) and Grubhub, making it the absolute industry leader.
The company has a decentralized ownership structure with no controlling shareholder. Founder Tony Xu controls nearly 50% of the voting rights through Class B shares and voting proxies, despite owning only about 20% of the actual equity. Its core revenue comes from the Marketplace segment, including commission fees from merchants (based on a percentage of order values), delivery fees from consumers, and a $9.9 monthly DashPass subscription. It also enhances its service ecosystem through DoorDash Drive (white-label delivery) and Starfront (point-of-sale systems). In recent years, it has expanded into on-demand retail, adding daily necessities, furniture, and other delivery categories.
Financially, DoorDash has delivered impressive growth: since 2019, its revenue has surged from $800 million to over $10 billion. It achieved a profitability inflection point in 2024, with continued profit improvement in 2025 and steady growth in adjusted EBITDA. As of Q3 2025, the company’s total assets stand at $17.9 billion with ample cash flow, but mergers and acquisitions have resulted in $3.5 billion in goodwill, requiring attention to potential impairment risks.
In terms of growth logic, DoorDash follows the typical U.S. corporate path of M&A-driven expansion. It has rapidly entered international markets by acquiring European platforms such as Wolt and Deliveroo, while on-demand retail serves as its second growth engine. Globally, it has formed a “divisional competition” pattern with Meituan—focusing on Europe, the U.S., and developing markets respectively—with no cross-border competition.
Valuation-wise, DoorDash currently has a PS ratio of 8x, significantly higher than Meituan’s 2x. Its stock price has tripled from the late-2022 low, partially pricing in future growth expectations.
Investment Recommendations:
Short-term: Adopt a wait-and-see approach. The current valuation is relatively high; investors should wait for the PS ratio to drop below 4x and the release of Q4 M&A integration data.
Long-term: Maintain focus. As a leader in the U.S. and European food delivery sector, it boasts solid brand barriers. M&A integration and on-demand retail are expected to drive sustained growth, making it suitable for long-term investors who prefer U.S. leading stocks and can tolerate valuation volatility.
Risk Factors: Valuation correction pressure, underwhelming M&A integration, slowing growth in the U.S. market, and intensified competition in international business. As a high-quality asset in the global food delivery sector, DoorDash is worth considering for allocation only when its valuation offers a sufficient margin of safety.
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