US · NYSE · UBER
Uber (UBER) stock analysis: valuation and financials
Consumer Discretionary · Business Services
$71.70 +0.3% Price as of Oct 13, 2026
Marketplace scale with 18.3% revenue growth, an 18.8% FCF margin and 0.98x net leverage trades at 15.3x earnings; regulation and autonomous vehicles are the swing factors, base case IRRs 23.6%.
- Market cap
- $146.5B
- P/E
- 15.3x
- EV/Sales
- 2.8x
- FCF yield
- 6.9%
- 52-week range
- $65.94 – $100.10
- Next earnings
- Nov 4, 2026
Research as of Oct 13, 2026
Business quality scorecard
- Growth57
- Profitability48
- Cash flow73
- Balance sheet58
- Capital allocation68
- Innovation36
- Valuation92
0–100, computed from reported financials; higher is better, and a higher valuation score means cheaper.
How it makes money
Riders, Eaters, Merchants and Shippers pay Uber fees on trips, deliveries and freight; Mobility is the profit engine, at 57.0% of FY2025 revenue with $7.9B Adjusted EBITDA versus $3.6B for Delivery.
Financials by year
| FY2021Jan–Dec 2021 | FY2022Jan–Dec 2022 | FY2023Jan–Dec 2023 | FY2024Jan–Dec 2024 | FY2025Jan–Dec 2025 | |
|---|---|---|---|---|---|
| Revenue | $17.5B | $31.9B | $37.3B | $44.0B | $52.0B |
| Revenue growth | +56.7% | +82.6% | +17.0% | +18.0% | +18.3% |
| Operating margin | -22.0% | -5.7% | 3.0% | 6.4% | 10.7% |
| Net income | -$496.0M | -$9.1B | $1.9B | $9.9B | $10.1B |
| Free cash flow | -$743.0M | $390.0M | $3.4B | $6.9B | $9.8B |
| FCF margin | -4.3% | 1.2% | 9.0% | 15.7% | 18.8% |
Amounts in USD · What is free cash flow?
Margins Operating margin 10.7% FY2025 vs 6.4% FY2024, 12.1% TTM and 13.3% in Q2 FY2026 (from 11.5%). Gross margin is not disclosed as a line; the main reason margins moved is fixed-cost leverage plus the UK model change reclassifying driver payments out of cost of revenue.
- Cash flow HealthyTTM operating cash flow $10.4B exceeds net income $9.6B; cash conversion 95.5% and TTM free cash flow $10.1B, an 18.3% FCF margin, against capex of just $308M (0.6% of revenue).
- Debt LowTotal debt $12.7B TTM against $4.87B cash and $0.52B short-term investments: net debt $7.3B, or 0.98x EBITDA of $7.4B.
Balance sheet Leverage · Low
- Cash & short-term investments
- $5.4B
- Total debt
- $12.7B
- Net debt
- $7.3B
- Net debt / EBITDA
- 1.0x
- Interest coverage
- 14.5x
- Current ratio
- 0.8x
As of Jun 30, 2026 · Amounts in USD · How to read a balance sheet
Management and track record
- Management StrongExecution: revenue grew from $11.1B (FY2020) to $52.0B (FY2025), a 36.1% five-year CAGR; ROIC moved from -29.5% to 18.6% and FCF margin reached 18.8%.
- Credibility HighQ2 FY2026 Adjusted EBITDA $2.8B landed at the top of the $2.70B-$2.80B guide and non-GAAP EPS $0.81 sat mid-range of $0.78-$0.82; GAAP operating income $1.89B, +30% YoY.
Valuation range
Implied value per share · Price when researched: $71.70
Each scenario assumes five years of revenue growth, an FCF margin and an exit multiple, discounted to today. The assumptions and sensitivities are in the full report.
The full report also covers
- Revenue, growth and outlook of each segment
- Moat and main competitors
- Key risks
- Capital allocation: where the free cash flow went
- What management promised, and what they delivered
- Scenario assumptions and sensitivities
- A source for every claim
- Ask AI about this company
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