DoorDash, Inc. (DASH): A Bull Case Theory

We came across a bullish thesis on DoorDash, Inc. on Platform Aeronaut’s Substack by Thomas Reiner. In this article, we will summarize the bulls’ thesis on DASH. DoorDash, Inc.'s share was trading at $276.78 as of October 7th. DASH’s trailing and forward P/E were 148.40 and 62.89 respectively according to Yahoo Finance.

DoorDash has steadily evolved beyond its core U.S. restaurant delivery business into a multi-segment platform, expanding its total addressable market (TAM) from $302 billion at IPO to an estimated $676 billion today. The company continues to accelerate growth in gross transaction value (GTV) by deliberately broadening into grocery, retail, and logistics, while maintaining its leadership in restaurant delivery.

Grocery has reached a $7 billion run-rate, though average basket sizes remain smaller than competitors like Instacart, indicating room for scaling in higher-margin orders. DoorDash has also built a robust fulfillment and logistics network through Drive/Dispatch and DashMart Fulfillment Services, enabling retailers to extend same-day delivery and optimize last-mile operations, while piloting autonomous delivery with the DoorDash Dot robot to enhance speed and efficiency.

Marketing and commerce initiatives, powered by the acquisitions of Symbiosys and SevenRooms, now encompass in-app advertising, CRM, loyalty programs, and restaurant marketing automation, creating additional monetization streams. On the restaurant operations side, DoorDash is strategically assembling a comprehensive POS and management ecosystem, integrating reservations, QR order/pay, loyalty, and table management capabilities. This initiative, potentially branded as “Carte POS,” could allow DoorDash to capture deeper economic value per restaurant while streamlining delivery-related fees.

However, adoption faces hurdles as restaurant owners may hesitate to outsource their system-of-record to a platform that also competes for demand, raising concerns around data ownership, take-rate negotiation, and long-term dependency. Overall, DoorDash’s deliberate TAM expansion, fulfillment innovations, commerce monetization, and nascent POS push position the company for sustained growth, though execution will require careful navigation of adoption and merchant trust challenges.

Previously we covered a bullish thesis on DoorDash, Inc. (DASH) by Sabar Capital in May 2025, which highlighted the company’s dominant U.S. food delivery share, strong ecosystem flywheel, and expansion into groceries, retail, and international markets. The company's stock price has appreciated approximately by 35% since our coverage. The thesis still stands as DoorDash continues scaling its platform. Thomas Reiner shares a similar perspective but emphasizes TAM expansion, fulfillment innovations, and the nascent POS ecosystem.

DoorDash, Inc. is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 100 hedge fund portfolios held DASH at the end of the second quarter which was 81 in the previous quarter. While we acknowledge the potential of DASH as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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Disclosure: None.