Can MCD Build More Growth From Its $20B Delivery Platform?

McDonald's has built a substantial delivery platform generating over $20 billion in annual systemwide sales across 100 markets. The company targets 30% of delivery sales through its app by 2027 and is consolidating digital infrastructure with one app, loyalty program, and pricing engine serving 220 million users. However, MCD stock has underperformed the industry over the past year and trades at a premium valuation multiple.