# Delivery Hero SE (DHER.XETRA)

Canonical: https://gigainvestors.com/s/DHER.XETRA

Analysis as of: 2026-10-16T07:35:25.685Z. Financial observations: FY2013–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 37.90 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 10

- Operating margin variation: 0.70×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.55×

- FY2017: -0.45×

- FY2018: -0.36×

- FY2019: -0.38×

- FY2020: -0.26×

- FY2021: -0.19×

- FY2022: -0.10×

- FY2023: -0.17×

- FY2024: -0.04×

- FY2025: 0.01×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 5.1pp below the typical margin (limit 4pp)

- ROIC, median of available years: -61.2%

- ROIC, second-lowest year: -181.6%

- Typical minus recent gross margin: 5.1 pp

- Typical gross margin (annual median): 26.5%

- Recent gross margin (lower of latest and 3-year median): 21.4%

- Years with nonpositive capital: 2

- Capital spending / revenue: 4.9%

- ROIC including acquisitions, ten-year median: -24.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -146.4%

- FY2017: -50.7%

- FY2018: -27.9%

- FY2019: -71.1%

- FY2020: -181.6%

- FY2021: -51.4%

- FY2022: -162.5%

- FY2023: -865.1%

- FY2024: -4.4%

- FY2025: 1.1%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR -7.2B

- Net income, five-year total: EUR -8.0B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.1 pp

- Working capital / revenue, change between three-year averages: -7.1 pp

- Working capital / revenue, final three-year average: 3.5%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: EUR -1.1B

- FY2022: EUR -2.8B

- FY2023: EUR -2.1B

- FY2024: EUR -603M

- FY2025: EUR -584M

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -50.7% vs -4.4%

- Per-share earnings: -1.60 to -3.04 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 5.7%

- Ordinary dilution, 5-year annual growth: 8.4%

- Market cap gain: EUR 1.1B

- Cumulative retained earnings: EUR -9.9B

- Diluted shares, 10-year annual growth: 5.7%

- Diluted shares, 5-year annual growth: 8.4%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value change: EUR -1.44

- Per-share value, starting three-year median: EUR -1.60

- Per-share value, ending three-year median: EUR -3.04

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 7.2B

- Cumulative net income, 10 years: EUR -11B

- ROIC, first three-year median: -50.7%

- ROIC, last three-year median: -4.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR -1.60

- FY2017: EUR -2.00

- FY2018: EUR -0.21

- FY2019: EUR -3.66

- FY2020: EUR -7.04

- FY2021: EUR -4.51

- FY2022: EUR -10.93

- FY2023: EUR -8.72

- FY2024: EUR -3.04

- FY2025: EUR -2.63

### accounting: pass

- Sloan accruals: -6.6%

- Receivables to sales index (DSRI): 0.84×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 3.15×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.6%

- FY2017: -6.6%

- FY2018: 6.3%

- FY2019: -12.2%

- FY2020: -15.1%

- FY2021: -1.5%

- FY2022: -17.8%

- FY2023: -21.7%

- FY2024: -11.9%

- FY2025: -6.6%

## Holders

## Price story

Down 68% since Nov 2021 · "Delivery Hero updates full-year outlook to reflect exchange rate headwinds" (finance.yahoo.com, Aug 2025) · sales +14.4%

Story as of 2026-10-16T10:00:04.830Z; price observation 2026-10-15.

- 2025-08-27: Delivery Hero updates full-year outlook to reflect exchange rate headwinds ([finance.yahoo.com](https://finance.yahoo.com/news/delivery-hero-lowers-full-adjusted-192220750.html))

### Sales · FY2024–2025

sales +14.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 290M 

- FY2017: EUR 544M 

- FY2018: EUR 665M 

- FY2019: EUR 1.2B 

- FY2020: EUR 2.5B 

- FY2021: EUR 5.9B 

- FY2022: EUR 8.6B 

- FY2023: EUR 9.9B 

- FY2024: EUR 12B 

- FY2025: EUR 14B 

### Gross margin · FY2025

gross margin 21.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 73.4% 

- FY2017: 63.6% 

- FY2018: 52.2% 

- FY2019: 25.1% 

- FY2020: 20.0% 

- FY2021: 21.5% 

- FY2022: 26.0% 

- FY2023: 29.9% 

- FY2024: 27.1% 

- FY2025: 21.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in internet retail; annual sales are EUR 14.1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:25.685Z); FY2025: revenue 14059600000; grossProfit 3011900000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DHER.XETRA: Delivery Hero SE provides online food ordering, quick commerce, and delivery services. The company also offers advertising services. It operates in approximately 70 countries across Asia, the Middle East, Africa, Europe, and Latin America. Delivery Hero SE was founded in 2011 and is headquartered in Berlin, Germany.

### Why customers stay

Margins ranged from 21.4% to 29.9% during 2023–25; it lost 61.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:25.685Z); FY2023: grossProfit / revenue = 29.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:25.685Z); FY2024: grossProfit / revenue = 27.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:25.685Z); FY2025: grossProfit / revenue = 21.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:25.685Z); 10-year return on capital observations [[2016,-1.4636753623188405],[2017,-0.5067495420047108],[2018,-0.2786268787392383],[2019,-0.711],[2020,-1.8155646597791235],[2021,-0.5137768857468097],[2022,-1.6245286686103013],[2023,-8.651361533377395],[2024,-0.04361417484896546],[2025,0.010755933664267131]]; median -0.6123884428734048. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 2 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:25.685Z); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,0],[2020,0],[2021,0],[2022,0],[2023,3300000],[2024,0],[2025,54000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 43.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); DHER.XETRA SharesStats.PercentInsiders = 43.625 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.8 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:25.685Z); Closing price 37.9 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 47.14387506182361; price multiple 0.8039220354775385. FY2025 cash earnings/share -1.9591083987895148. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2017-06: EUR 27.80 per share

- 2017-07: EUR 27.70 per share

- 2017-08: EUR 30.10 per share

- 2017-09: EUR 33.50 per share

- 2017-10: EUR 36.64 per share

- 2017-11: EUR 38.90 per share

- 2017-12: EUR 33.00 per share

- 2018-01: EUR 34.56 per share

- 2018-02: EUR 36.00 per share

- 2018-03: EUR 39.30 per share

- 2018-04: EUR 39.60 per share

- 2018-05: EUR 39.32 per share

- 2018-06: EUR 45.58 per share

- 2018-07: EUR 48.58 per share

- 2018-08: EUR 47.46 per share

- 2018-09: EUR 41.42 per share

- 2018-10: EUR 35.64 per share

- 2018-11: EUR 32.14 per share

- 2018-12: EUR 32.50 per share

- 2019-01: EUR 32.20 per share

- 2019-02: EUR 34.08 per share

- 2019-03: EUR 32.20 per share

- 2019-04: EUR 41.09 per share

- 2019-05: EUR 38.55 per share

- 2019-06: EUR 39.89 per share

- 2019-07: EUR 43.58 per share

- 2019-08: EUR 45.96 per share

- 2019-09: EUR 40.76 per share

- 2019-10: EUR 42.03 per share

- 2019-11: EUR 48.00 per share

- 2019-12: EUR 70.56 per share

- 2020-01: EUR 69.62 per share

- 2020-02: EUR 68.00 per share

- 2020-03: EUR 67.96 per share

- 2020-04: EUR 77.00 per share

- 2020-05: EUR 86.18 per share

- 2020-06: EUR 90.96 per share

- 2020-07: EUR 97.76 per share

- 2020-08: EUR 90.02 per share

- 2020-09: EUR 98.12 per share

- 2020-10: EUR 98.78 per share

- 2020-11: EUR 101.25 per share

- 2020-12: EUR 127.00 per share

- 2021-01: EUR 125.50 per share

- 2021-02: EUR 105.70 per share

- 2021-03: EUR 110.50 per share

- 2021-04: EUR 132.05 per share

- 2021-05: EUR 112.50 per share

- 2021-06: EUR 111.40 per share

- 2021-07: EUR 126.20 per share

- 2021-08: EUR 122.60 per share

- 2021-09: EUR 110.45 per share

- 2021-10: EUR 107.55 per share

- 2021-11: EUR 117.70 per share

- 2021-12: EUR 98.00 per share

- 2022-01: EUR 67.92 per share

- 2022-02: EUR 47.81 per share

- 2022-03: EUR 39.86 per share

- 2022-04: EUR 33.84 per share

- 2022-05: EUR 35.74 per share

- 2022-06: EUR 35.77 per share

- 2022-07: EUR 46.91 per share

- 2022-08: EUR 41.50 per share

- 2022-09: EUR 37.94 per share

- 2022-10: EUR 33.35 per share

- 2022-11: EUR 40.97 per share

- 2022-12: EUR 44.78 per share

- 2023-01: EUR 55.22 per share

- 2023-02: EUR 38.19 per share

- 2023-03: EUR 31.37 per share

- 2023-04: EUR 36.13 per share

- 2023-05: EUR 35.00 per share

- 2023-06: EUR 40.41 per share

- 2023-07: EUR 41.27 per share

- 2023-08: EUR 33.73 per share

- 2023-09: EUR 27.17 per share

- 2023-10: EUR 23.97 per share

- 2023-11: EUR 29.11 per share

- 2023-12: EUR 25.01 per share

- 2024-01: EUR 21.30 per share

- 2024-02: EUR 21.37 per share

- 2024-03: EUR 26.52 per share

- 2024-04: EUR 26.40 per share

- 2024-05: EUR 27.91 per share

- 2024-06: EUR 22.15 per share

- 2024-07: EUR 20.61 per share

- 2024-08: EUR 28.49 per share

- 2024-09: EUR 36.22 per share

- 2024-10: EUR 38.91 per share

- 2024-11: EUR 38.74 per share

- 2024-12: EUR 27.12 per share

- 2025-01: EUR 24.97 per share

- 2025-02: EUR 28.02 per share

- 2025-03: EUR 21.97 per share

- 2025-04: EUR 24.79 per share

- 2025-05: EUR 24.38 per share

- 2025-06: EUR 22.97 per share

- 2025-07: EUR 26.29 per share

- 2025-08: EUR 22.68 per share

- 2025-09: EUR 24.41 per share

- 2025-10: EUR 22.00 per share

- 2025-11: EUR 20.10 per share

- 2025-12: EUR 22.72 per share

- 2026-01: EUR 23.60 per share

- 2026-02: EUR 19.66 per share

- 2026-03: EUR 15.45 per share

- 2026-04: EUR 20.49 per share

- 2026-05: EUR 36.98 per share

- 2026-06: EUR 36.00 per share

- 2026-07: EUR 37.44 per share

- 2026-08: EUR 36.73 per share

- 2026-09: EUR 36.25 per share

- 2026-10: EUR 36.97 per share

## Annual estimated value (EUR per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations