DoorDash vs. Shopify: Which E-Commerce Stock Has an Edge Now?

DoorDash DASH and Shopify SHOP are major players in the e-commerce space. While DASH dominates food delivery with its restaurant partnerships and expanding grocery delivery services, Shopify is growing its presence in the e-commerce domain by offering user-friendly tools and an extensive app marketplace.

Per the Mordor Intelligence report, the e-commerce market size is estimated to be $31.22 trillion in 2025. It is expected to reach $73.47 trillion by 2030, with a compound annual growth rate of 18.67% during the period from 2025 to 2030. Both DoorDash and Shopify are expected to benefit from this rapid growth pace.

DoorDash or Shopify — Which of these e-commerce stocks has the greater upside potential? Let’s find out.

The Case for DASH Stock

DoorDash is benefiting from the growing consumer demand for e-commerce and local delivery services, which has led to a significant uptick in its e-commerce growth.

The company is consistently investing in expanding its partner base to provide express grocery delivery for consumers, a new offering that further solidifies its position among other on-demand delivery platforms. Its focus on local commerce also positions it as a key player in the broader on-demand delivery ecosystem. This has boosted DoorDash’s total orders and marketplace GOV. 

In the third quarter of 2025, total orders increased 21% year over year to 776 million. Marketplace GOV increased 25% year over year to $25 billion, reflecting strong demand across platforms. 

One of the major contributors to DoorDash’s e-commerce growth is its expansion into new verticals, such as grocery, convenience, alcohol, and retail. The company has been adding top grocers like Kroger and local grocery stores to its platform, solidifying its position as a leader in order volume and customer acquisition in the grocery delivery space.

As DASH keeps improving and investing in its platform, Marketplace GOV will remain a key growth driver of its financial performance. For the fourth quarter of 2025, DoorDash expects Marketplace GOV to be between $28.9 billion and $29.5 billion.

The Case for SHOP Stock

Shopify is benefiting from robust growth in its merchant base. Merchant solutions revenues in the third quarter were $2.15 billion and accounted for 75.4% of Shopify’s total revenues. New merchant-friendly tools like Shop Minis, Shop Cash, and Sign in with Shop, along with Shop Pay solutions, are helping SHOP win merchants regularly.

The company is leveraging AI to transform commerce. Its AI-driven tool Sidekick is an AI-powered assistant that helps merchants operate smarter by automating tasks, analyzing data, and improving efficiency.  

In the third quarter of 2025, Sidekick has been adopted by more than 750,000 shops and has had nearly 100 million conversations with merchants. Shopify has also developed tools like Catalog, Universal Cart, and Checkout Kit to make shopping seamless across merchant stores.

Shopify is also increasingly attracting large enterprise brands, including Estee Lauder, Michael Kors, David’s Bridal, and e.l.f. cosmetics. These brands are choosing Shopify for its scalability, unified commerce solutions, and ability to handle complex operations. This has strengthened SHOP’s position in the e-commerce space.

Price Performance and Valuation of DASH and SHOP

In the trailing six-month period, DASH shares have gained 1.7%, underperforming SHOP’s shares, which have risen 54.2%. Shopify is benefiting from strong growth in its merchant base and growing enterprise customer base.

Despite DASH’s expanding portfolio and partner base, extensive competition in its largest segment and local food delivery logistics posed a risk. The market is highly fragmented, and the company is constantly struggling for market share with other local food delivery logistics platforms.

DASH and SHOP Stock Performance

DASH and SHOP shares are currently overvalued, as suggested by a Value Score of F.

In terms of forward 12-month Price/Sales, DASH shares are trading at 5.68X, lower than SHOP’s 15.87X.

DASH and SHOP Valuation

How Do Earnings Estimates Compare for DASH & SHOP?

The Zacks Consensus Estimate for DASH’s 2025 earnings is pegged at $2.22 per share, which has declined 1.76% over the past 30 days. This indicates a 665.52% increase year over year.

DoorDash, Inc. Price and Consensus

DoorDash, Inc. price-consensus-chart | DoorDash, Inc. Quote

The Zacks Consensus Estimate for SHOP’s 2025 earnings is pegged at $1.45 per share, which remained unchanged over the past 30 days. This indicates a 11.54% increase year over year.

Shopify Inc. Price and Consensus

Shopify Inc. price-consensus-chart | Shopify Inc. Quote

Conclusion

While both DoorDash and Shopify stand to benefit from the booming e-commerce market, Shopify appears to have the stronger upside due to its diversified merchant ecosystem and growing enterprise adoption. Based on these factors, Shopify expects revenues for the fourth quarter of 2025 to grow at a mid-to-high twenties percentage rate on a year-over-year basis. 

DoorDash’s strong order growth, expanding partnerships, and portfolio have been noteworthy. However, intense competition, along with a fragmented market, could pressure margins.

DoorDash and Shopify carry a Zacks Rank #3 (Hold) each at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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