Delivery Hero SE AI Stock Analysis
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Delivery Hero SE (DHER) AI Stock Analysis
Delivery Hero SE
(XETRA:DHER)
The score is primarily held back by weak financial quality: ongoing net losses, high leverage, and a sharp 2025 cash-flow reversal outweigh the improving operating trajectory. Technicals are neutral-to-weak in the near term despite being above longer-term averages, and valuation support is limited because the company is loss-making and has no dividend yield data.
Delivery Hero SE (DHER) vs. iShares MSCI Germany ETF (EWG)
- Market Cap
- EUR 11.35B
- Dividend Yield
- ―
- Average Volume (3M)
- 462.06K
- Price to Earnings (P/E)
- -14.2
- Beta (1Y)
- 1.13
- Revenue Growth
- 11.42%
- EPS Growth
- -34.78%
- Country
- Germany
- Employees
- 54,343
- Sector
- Consumer Cyclical
- Sector Strength
- 61
- Industry
- Specialty Retail
Delivery Hero SE Business Overview & Revenue Model
Company Description
Facilitating online meal procurement and delivery, Delivery Hero SE provides digital services across a vast international footprint. This expansive reach encompasses roughly 50 nations throughout Europe, the Middle East, North Africa, Asia, and the A...
How the Company Makes Money
Delivery Hero primarily makes money by monetizing transactions that take place on its platforms and by selling value-added services to merchants and customers. Its core revenue streams typically include: (1) Commissions and service fees from merchant...
Delivery Hero SE Earnings Call Summary
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.
Q2-2025 Updates
Positive Updates
Negative 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
Operating performance is improving (revenue scaled materially over 2020–2025 and operating profit turned slightly positive in 2025), but the overall financial profile remains weak due to persistent net losses, elevated leverage (debt-to-equity >2x and ~2.8x in 2025), and a major deterioration in cash generation (operating cash flow swung from strongly positive in 2024 to negative in 2025; free cash flow also turned more negative).
Income Statement
44NeutralBalance Sheet
38NegativeCash Flow
33Negative| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 14.93B | 14.06B | 12.29B | 9.94B | 8.58B | 5.86B |
| Gross Profit | 2.93B | 3.01B | 3.33B | 2.97B | 2.23B | 1.26B |
| EBITDA | 388.20M | 542.50M | 342.90M | -1.31B | -2.15B | -504.30M |
| Net Income | -779.00M | -782.90M | -882.40M | -2.30B | -2.98B | -1.10B |
Balance Sheet | ||||||
| Total Assets | 10.94B | 10.54B | 12.75B | 10.49B | 12.86B | 12.70B |
| Cash, Cash Equivalents and Short-Term Investments | 2.70B | 2.11B | 3.81B | 1.66B | 2.42B | 2.45B |
| Total Debt | 5.31B | 4.63B | 5.67B | 5.64B | 5.72B | 4.54B |
| Total Liabilities | 9.57B | 8.75B | 10.04B | 8.84B | 9.07B | 7.21B |
| Stockholders Equity | 1.22B | 1.64B | 2.59B | 1.65B | 3.74B | 5.47B |
Cash Flow | ||||||
| Free Cash Flow | -115.50M | -260.30M | 499.20M | -280.20M | -941.60M | -1.22B |
| Operating Cash Flow | 31.10M | -89.30M | 638.30M | -19.50M | -688.80M | -901.40M |
| Investing Cash Flow | -274.90M | -320.50M | -59.50M | -169.00M | -67.90M | -1.95B |
| Financing Cash Flow | 228.40M | -1.13B | 1.58B | -466.10M | 717.60M | 2.30B |
Delivery Hero SE Technical Analysis
Price Trends
Market Momentum
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:DHER, the sentiment is Negative. The current price of 36.65 is below the 20-day moving average (MA) of 37.22, below the 50-day MA of 36.91, and above the 200-day MA of 30.82, indicating a neutral trend. The MACD of -0.08 indicates Positive momentum. The RSI at 38.50 is Neutral, neither overbought nor oversold. The STOCH value of 37.17 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for DE:DHER.
Delivery Hero SE Peers Comparison
Overall Rating
DE:WEW68Neutral
DE:ZAL60Neutral
DE:GFG56Neutral
DE:HFG47Neutral- DE:DHER41Neutral
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| DE:WEW | 68Neutral | EUR 265.61M | 8.13 | 37.09% | ― | 10.82% | 1293.70% |
| Sector * | 61Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% |
| DE:ZAL | 60Neutral | EUR 6.99B | 120.48 | 2.32% | ― | 18.07% | -73.50% |
| DE:GFG | 56Neutral | EUR 106.23M | -4.06 | -17.93% | ― | -5.24% | 67.43% |
| DE:HFG | 47Neutral | EUR 416.40M | -16.59 | -3.94% | ― | -11.68% | 84.80% |
| DE:DHER | 41Neutral | EUR 11.35B | -14.15 | -54.44% | ― | 11.42% | -34.78% |
* Consumer Cyclical Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| DE:DHER | Delivery Hero | 36.65 | 19.96 | 119.59% | |
| DE:ZAL | Zalando SE | 28.47 | 6.30 | 28.42% | |
| DE:WEW | Westwing Group | 13.70 | 0.70 | 5.38% | |
| DE:HFG | HelloFresh | 3.00 | -2.74 | -47.73% | |
| DE:GFG | Global Fashion Group S.A. | 0.46 | 0.17 | 58.62% |
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.
Date of analysis: Aug 26, 2026