Lyft vs. DoorDash: Which Gig Economy Stock Offers a Better 2026 Growth Play?

The gig economy's two titans, Lyft and DoorDash, are navigating divergent paths as they enter 2026. While both companies have demonstrated resilience in a volatile market, their operational momentum and valuation metrics tell contrasting stories. For investors seeking a 2026 growth play, the choice hinges on which firm balances scalable growth with reasonable pricing.

Operational Momentum: Lyft's Acceleration vs. DoorDash's Strategic Rebalancing

Lyft's third-quarter 2025 results underscored its accelerating momentum. The company reported $4.78 billion in gross bookings, a 16% year-over-year increase, and $1.68 billion in revenue, up 11% from the prior year according to Q3 results. Active riders grew 18% to 28.7 million, while total rides surged 15% to 248.8 million according to Q3 results. These metrics reflect a maturing platform that is outpacing broader market trends. Goldman Sachs, citing these results and strategic partnerships with United Airlines, Chase, and DoorDash, raised its price target for LYFT to $26, maintaining a Buy rating according to analyst report. Analysts also highlighted Lyft's free cash flow potential and aggressive share repurchase program as tailwinds for 2026 according to analyst report.

DoorDash, meanwhile, faces a more complex calculus. Its Q3 2025 earnings report revealed 55 cents per share, below the 69 cents expected by analysts, though revenue of $3.45 billion exceeded forecasts according to earnings report. The company's focus on long-term positioning is evident in its plan to invest "several hundred million dollars" in 2026 for initiatives like its global tech platform and the Dot autonomous delivery robot according to earnings report. For the full year 2025, DoorDash's revenue reached $13.63 billion, with a 49% GAAP gross margin and 7.5% operating margin in Q3 according to financial analysis. However, its 21% year-over-year order growth must be weighed against the risk of overextending capital to fund innovation according to earnings report.

Valuation Attractiveness: Lyft's Discount vs. DoorDash's Premium

Lyft's valuation appears far more compelling. As of November 2025, the company trades at a forward P/E of 14.96 and an EV/EBITDA of 11.38, both well below its five-year average of 34.91 according to valuation analysis. Analysts project an 8.95% upside, with price targets ranging from $18 to $32, averaging $24.33 according to stock analysis. Goldman Sachs' $26 target implies a 16% upside, citing "robust growth and undervaluation" according to analyst commentary. These metrics suggest Lyft is priced for near-term execution rather than speculative future gains.

DoorDash, by contrast, trades at a trailing P/E of 98.75 and a forward P/E of 33.78, with EV/EBITDA multiples ranging from 70.31 to 125.3x according to valuation data. While these figures reflect optimism about its global expansion and tech investments, they also highlight a significant premium relative to peers. Analysts have set price targets between $279 and $300, but the stock's Fair Ratio of 46.8x suggests it is overvalued according to stock analysis. A -3.7% pre-tax profit margin further complicates the case for near-term profitability according to stock analysis.

Strategic Positioning and 2026 Outlook

Lyft's partnerships with United Airlines and Chase position it to capitalize on multimodal transportation and financial services, areas where DoorDash lacks a foothold according to analyst report. Zacks forecasts 14.6% revenue growth and 25.9% EPS growth for LYFT in 2026 according to growth forecast, aligning with its disciplined capital allocation strategy.

DoorDash's 2026 roadmap, including the acquisition of Deliveroo and the Dot robot, aims to enhance network effects and operational efficiency according to financial analysis. However, its Q4 2025 guidance-$28.9–29.5 billion in GOV and $710–810 million in Adjusted EBITDA-must be met without further diluting margins according to financial guidance. The company's high valuation hinges on successful execution of these ambitious bets.

Conclusion: Lyft as the Safer, More Attractive Bet

While both companies are poised for growth, Lyft's superior valuation metrics and accelerating operational performance make it the more compelling 2026 play. DoorDash's high multiples and reliance on speculative innovation carry greater risk, particularly in a market that may demand clearer profitability. For investors prioritizing capital efficiency and near-term upside, LYFT offers a more balanced risk-reward profile.