DoorDash

Moat components and weights: Network effects (40% weight, score 85). DoorDash’s three-sided marketplace benefits from density at the zip-code level and national brand recognition. 2025 scale reached 3.17 billion orders, $102.0 billion GOV, and over 56 million MAUs, reinforcing selection, shorter ETAs, and unit-cost efficiencies.

Switching costs (20% weight, score 60). Consumers and merchants can multi-home, but DashPass/Wolt+/Deliveroo Plus membership, loyalty features, and merchant integrations increase friction to switch. Memberships exceeded 35 million at year-end 2025. Cost advantages (20% weight, score 72).

Route density, dispatching algorithms, and insurance scale pressed GAAP gross profit to $6.69 billion and contribution profit to $4.84 billion in 2025, while net revenue margin held at 13.4% of GOV. Efficient scale (10% weight, score 70).

Local market density and relationships with top chains create deterrents for smaller entrants; DoorDash led U.S. meal delivery share around 60–67% exiting 2024–2025 according to Earnest Analytics and Second Measure. Intangible assets (10% weight, score 65). Brand, data, and logistics IP (including autonomy platform) matter, though not exclusionary.

Overall, multiple moats exist, with durability tied to sustaining density and monetization without triggering excessive churn under regulatory change.