DoorDash is really two businesses on one ticker: a dominant restaurant duopoly that prints cash, with a near-100%-margin ad engine bolted on top that lifts blended margins mechanically. The business is ownable and the moat is real, but at 41x FCF the price already assumes both the ad compounding and the grocery land-grab win. A soft Aug 4 print that re-rates toward the base case is the entry where the asymmetry finally points up.