Delivery Hero SE (DHER) fair value: what the stock is really worth
As of Oct 22, 2026: fair value (intrinsic value) of Delivery Hero SE stock €12.59, price €37.45, upside -66.4%, quality 38 out of 100. Rating: strongly overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 22, 2026.
How to read this chart
60‑month range €15.28 – €132.10 · fair‑value band €7.39 – €17.79 · the €37.45 price screens above the €12.59 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 22, 2026.
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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.
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Delivery Hero SE was founded in 2011 and is headquartered in Berlin, Germany.
Stock analysis
Delivery Hero SE (DHER) currently trades at €37.45, while our model-based Fair Value estimate is €12.59, 66.4% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of €12.59 per share, and 0 of the 3 models we run sit above the €37.45 price.
Bear case: the Dividend Discount group reads lowest at €2.27, and 3 of the 3 models stay below the price. Data coverage for this calculation is medium.
Scenario range: €7.39 (bear) to €17.79 (bull), the price of €37.45 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 38/100 (below-average quality), in the Consumer Cyclical sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Delivery Hero SE reported revenue of €14.1B in FY2025 versus €5.9B in FY2021, a compound +24.5%/yr. Reported net income was −€783M in FY2025.
Key figures
Market cap €11.4B Large · P/S ratio 0.74 · EPS (TTM) €−2.56 · Dividend yield 0.5% · Net margin −5.2% · Return on equity −37.8% · Return on assets (EBIT) −6.7% · Operating margin −2.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 14 out of 100 (low confidence).
What moves the price
The share trades about 5% below its 52-week high and 145% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 10% fair-value upside, at −66%, DHER screens richer than that median.
Fair Value models
Bear€7.39Fair Value €12.59Bull€17.79
Price €37.45 · Upside -66.4%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.44/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+14.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+17.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+41.6%
Start year 2020 (pandemic). Over 10 years: +55.9% a year
Revenue growth 12 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+62.4%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−26.1% (2020) → 0.6% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
News mood ⓘNews mood, the average tone of recent news (100 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: Delivery Hero operates a wide network of local delivery platforms with quick commerce focus, yet its business quality suffers from weak profitability and no durable moat.
Main risk: Priority shifts during the Uber integration process could weaken Delivery Hero's emphasis on local delivery platforms and vendor tools, hitting its core operations.
Delivery Hero's boards have recommended accepting Uber's takeover offer while the co-founder CEO stays to lead through the process. The company operates local delivery platforms across dozens of markets with a focus on quick commerce and vendor tools. Our models currently see it as overvalued. Will the integration unlock broader mobility synergies or shift priorities away from the existing local strengths?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Internet Retail · 98 stocks
Beats the industry median on 2/10 measures
Overall it trails its industry peers.
Valuation
Quality Score38 · Bottom 25%
Fair Value upside−66.5% · Bottom 25%
Profitability
Return on assets−7.4% · Bottom 25%
Net margin (12 months)−5.2% · Bottom 25%
Operating margin (12 months)−2.1% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)12.7% · Above median
Dividend yield (12 months)0.5% · Bottom 25%
Balance sheet
Debt / equity2.46× · Highest 25%
Valuation Multiplesvs Internet Retail median · lower = cheaper
P/B6.97× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (12 months)0.77× · Cheaper than median
EV/EBITDA92.6× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 50
FUTURE (revenue growth)64· sector 57
PAST (return on equity)0· sector 21
HEALTH (low debt)0· sector 92
DIVIDEND (yield)10· sector 42
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Delivery Hero SE Fair Value". https://www.fairvalue-calculator.com/stock/DHER
Frequently asked questions
Is Delivery Hero SE (DHER) overvalued or undervalued?
As of Oct 22, 2026, our model estimates a fair value of €12.59 versus a price of €37.45, about −66% upside (overvalued).
What is the fair value of DHER?
Our model-based fair value for Delivery Hero SE is €12.59 (as of Oct 22, 2026), built from audited fundamentals. The current price: €37.45.
What is the quality score of DHER?
Delivery Hero SE has a Quality Score of 38/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Delivery Hero SE (DHER)?
Our model-based price target is the fair value of €12.59 (as of Oct 22, 2026) from 3 valuation models. Cautious scenario €7.39, optimistic scenario €17.79. It is a calculation from audited fundamentals, not an analyst target.
What is the Delivery Hero SE stock forecast for 2026?
Our models put fair value at €12.59, about −66% upside versus a price of €37.45 (overvalued). Cautious scenario €7.39, optimistic scenario €17.79. The calculation is refreshed regularly with new filings.
What is the revenue of Delivery Hero SE (DHER)?
Delivery Hero SE reported trailing-twelve-month revenue of about €14.9B (latest available figure, as of Oct 22, 2026).
Does Delivery Hero SE pay a dividend?
Delivery Hero SE currently shows a dividend yield of 0.49% relative to its recent price (as of Oct 22, 2026).
What is the intrinsic value of Delivery Hero SE (DHER)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Delivery Hero SE it is €12.59 per share (as of Oct 22, 2026), against a price of €37.45. It is the blended result of 3 valuation models (cash flow, earnings, asset, dividend).
Is Delivery Hero SE stock overvalued or undervalued in 2026?
As of Oct 22, 2026, DHER trades above its calculated fair value: price €37.45, fair value €12.59, a gap of about −66% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of DHER?
No. The price is what the market pays today (€37.45); the fair value is what the company's own numbers justify (€12.59). For Delivery Hero SE the two are €24.86 per share apart. That gap is exactly why we show both numbers side by side.
How much is Delivery Hero SE worth?
The market values Delivery Hero SE at about €11.4B (market capitalisation, as of Oct 22, 2026). Per share that is €37.45; our models calculate a fair value of €12.59 per share.
What do the bullish and bearish scenarios say about DHER?
Our models span a range for Delivery Hero SE: cautious scenario €7.39, base €12.59, optimistic €17.79 per share (as of Oct 22, 2026, price €37.45). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Delivery Hero SE (DHER)?
Balance-sheet figures for Delivery Hero SE (as of Oct 22, 2026): return on equity −37.8%, debt of 2.46 per unit of equity. They feed the Quality Score of 38/100, which measures business quality independently of the share price.
How far is DHER from its 52-week high?
Delivery Hero SE trades at €37.45, about 5% below its 52-week high of €39.35 and 145% above the low of €15.28 (as of Oct 22, 2026). Distance from the high says nothing about value: that is what the fair value of €12.59 is for.
Which stocks are comparable to Delivery Hero SE?
From the same area (Consumer Cyclical) we also value Amazon.com, Inc, Alibaba Group, MercadoLibre, Inc, Prosus N.V, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Delivery Hero SE stock attractive at the current price?
The data as of Oct 22, 2026: price €37.45, calculated fair value €12.59 (−66%), Quality Score 38/100, from 3 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of DHER calculated?
We run Delivery Hero SE through 3 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €12.59, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.6 % above its aggregate fair value. Delivery Hero SE itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Delivery Hero SE (DHER)?
The closing price on Oct 22, 2026 was €37.45. Our model-based fair value is €12.59, about −66% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Delivery Hero SE right now?
The price sits above even our optimistic bull case (€17.79). The favourable scenario is already priced in. Weak quality (38/100) and above fair value at the same time, the margin of safety is missing on both counts. A fairly wide model range (€7.39 to €17.79) leaves room in how you read the outcome.
Key figures of Delivery Hero SE
How large is the market capitalisation of Delivery Hero SE (DHER)?
The market capitalisation of Delivery Hero SE is €11.4B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Delivery Hero SE (DHER)?
The price-to-sales ratio of Delivery Hero SE is 0.74 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Delivery Hero SE (DHER)?
Earnings per share at Delivery Hero SE are €−2.56. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Delivery Hero SE (DHER)?
The dividend yield of Delivery Hero SE is 0.5%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Delivery Hero SE (DHER)?
The net margin of Delivery Hero SE is −5.2% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Delivery Hero SE (DHER)?
The return on equity (ROE) of Delivery Hero SE is −37.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Delivery Hero SE (DHER)?
On an EBIT basis the return on assets of Delivery Hero SE is −6.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Delivery Hero SE (DHER)?
The operating margin of Delivery Hero SE is −2.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Delivery Hero SE (DHER)?
Revenue at Delivery Hero SE is growing +12.7% versus a year earlier (3y avg +17.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Delivery Hero SE (DHER)?
Earnings per share at Delivery Hero SE are growing +380% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Delivery Hero SE (DHER) generate?
The free cash flow of Delivery Hero SE is −€260M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Delivery Hero SE (DHER) carry?
The net debt of Delivery Hero SE is €2.5B (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Oct 22, 2026