Thematic Exposure -- 8/10

DoorDash is the #1 US restaurant delivery platform with ~57-67% share in an effective DASH/Uber Eats duopoly (combined ~90%+). >50% share in its primary, most-monetized segment. Price-setter on take rate and ad units. Theme is local commerce / convenience delivery growing ~15-20%+. Oligopoly gate PASS decisively. Held from 9-10 because international (Wolt/Deliveroo) is more competitive and the theme's long-run growth may moderate. Weight: 35%

US Restaurant Delivery -- #1 in Duopoly (~57-67%)

Dominant #1 in Effective Duopoly With Uber Eats

DoorDash holds ~57-67% of US restaurant delivery -- a dominant #1 in an effective duopoly with Uber Eats (~25-30%). Combined ~90%+ of the market. Grubhub/other players are shrinking. Network effects (driver density, restaurant selection, consumer habit) create a self-reinforcing moat. Price-setter on take rate and advertising units.

US Share

~57-67%

Duopoly with Uber Eats

~90%+

Combined share

Oligopoly Gate

PASS

Decisive

Pricing Power

Yes

Price-setter on take rate

Local Commerce / Convenience Expansion

Beyond Restaurant Delivery Into Grocery, Convenience, Retail, Pharmacy

Expanding beyond restaurant delivery into grocery, convenience, alcohol, retail, and pharmacy. DashPass membership creates recurring engagement. Deliveroo acquisition (closed Q4'25) added European scale. The convenience delivery theme grows ~15-20%+.

International -- More Competitive

Wolt + Deliveroo Face Stronger Local Competition

International (Wolt + Deliveroo) is more competitive than the US. Multiple strong players (Just Eat Takeaway, Delivery Hero, Uber Eats international). DoorDash is building scale via acquisition but is not the dominant #1 internationally.

Oligopoly Gate

PASS. ~57-67% US restaurant delivery. Effective duopoly with Uber Eats at ~90%+ combined.

Data sourced from Daloopa (company_id: 25487), company filings, and industry research.