NYSE · Technology

Uber Technologies, Inc.

UBER · Software - Application

$73.91

▼ -1.22 (-1.62%)

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Mr. Market is currently offering Uber Technologies, Inc. at $73.91.

The business passes only 2 of 7 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 39.8%

Operating Margin 10.7%

Net Income Margin 19.3%

Fin. Health C

Years to Pay Off Debt 1.2 yrs

Working Capital vs Long-Term Debt -$8.8B

Working Capital $1.7B

Valuation F

Margin of Safety 0.0%

Price-to-Book 5.57x

Cash Flow A

Free Cash Flow $9.8B

CapEx % of Net Income 3.3%

Owner Earnings $11.1B

2/7

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $152.1B

Enterprise Value $160.3B

P/E (TTM) 15.62

Dividend Yield N/A

Exchange NYSE

Key Margins

Gross Profit 39.8%

Operating Margin 10.7%

Net Margin 19.3%

Company Info

Sector Technology

Industry Software - Application

Employees 34000

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Uber Technologies, Inc. at $73.91.

The business passes only 2 of 7 of Graham's defensive criteria — well below his required standard.

At $73.91, the stock trades at a 97% premium to its Graham Number of $37.59. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About Uber Technologies, Inc.

Uber Technologies, Inc. develops and operates proprietary technology applications in the United States, Canada, Latin America, Europe, the Middle East, Africa, and the Asia Pacific. The company operates through three segments: Mobility, Delivery, and Freight. The Mobility segment connects consumers with a range of transportation modalities, such as ridesharing, carsharing, micromobility, rentals, public transit, taxis, and other modalities; and offers riders in a variety of vehicle types, as well as financial partnerships products and advertising services. The Delivery segment allows consumers to search for and discover restaurants to grocery, alcohol, convenience, and other retailers, as well as order a meal or other items, and either pick-up at the restaurant or have it delivered; and provides Uber direct, a white-label delivery-as-a-service for retailers and restaurants, as well as advertising services. The Freight segment manages transportation and logistics networks, which connects shippers and carriers in digital marketplace, including carriers upfronts, pricing, and shipment booking; and offers on-demand platform to automate logistics end-to-end transactions for small-and medium-sized businesses to global enterprises. The company was formerly known as Ubercab, Inc. and changed its name to Uber Technologies, Inc. in February 2011. Uber Technologies, Inc. was founded in 2009 and is headquartered in San Francisco, California.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	39.8% ▲	39.4%	39.8%	38.3%	N/A
Operating Margin %	10.7% ▲	6.4%	3.0%	-5.7%	N/A
Net Income %	19.3% ▼	22.4%	5.1%	-28.7%	N/A
Diluted EPS	4.73 ▲	4.56	0.87	-4.65	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$61.8B	$51.2B	$38.7B	$32.1B	N/A
Total Debt	$12.1B ↑	$11.1B	$11.2B	$11.1B	N/A
Working Capital	$1.7B ▲	$769M	$1.8B	$396M	N/A
Years to Pay Debt	1.20	1.13	5.95	-1.22	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$9.8B ▲	$6.9B	$3.4B	$390M	N/A
Owner Earnings	$11.1B	$10.8B	$2.9B	-$7.9B	N/A
CapEx % of Net Income	3.3%	2.5%	11.8%	N/A	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-1,680	253,050	143,336	-136,211
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	6,995,000	4,180,000	2,219,000	-745,000
Total Unusual Items	-8,000	1,205,000	1,558,000	-7,169,000
Total Unusual Items Excluding Goodwill	-8,000	1,205,000	1,558,000	-7,169,000
Net Income From Continuing Operation Net Minority Interest	10,053,000	9,856,000	1,887,000	-9,141,000
Reconciled Depreciation	747,000	737,000	823,000	947,000
Reconciled Cost Of Revenue	31,310,000	26,625,000	22,457,000	19,659,000
EBITDA	6,987,000	5,385,000	3,777,000	-7,914,000
EBIT	6,240,000	4,648,000	2,954,000	-8,861,000
Net Interest Income	303,000	198,000	-149,000	-426,000
Interest Expense	440,000	523,000	633,000	565,000
Interest Income	743,000	721,000	484,000	139,000
Normalized Income	10,059,320	8,904,050	472,336	-2,108,211
Net Income From Continuing And Discontinued Operation	10,053,000	9,856,000	1,887,000	-9,141,000
Total Expenses	46,452,000	41,179,000	36,171,000	33,709,000
Total Operating Income As Reported	5,565,000	2,799,000	1,110,000	-1,832,000
Diluted Average Shares	2,119,689	2,150,508	2,091,782	1,974,928
Basic Average Shares	2,085,253	2,094,602	2,035,651	1,972,131
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	10,016,000	9,807,000	1,827,000	-9,182,000
Average Dilution Earnings	-37,000	-49,000	-60,000	-41,000
Net Income Common Stockholders	10,053,000	9,856,000	1,887,000	-9,141,000
Net Income	10,053,000	9,856,000	1,887,000	-9,141,000
Minority Interests	-40,000	11,000	-269,000	-3,000
Net Income Including Noncontrolling Interests	10,093,000	9,845,000	2,156,000	-9,138,000
Net Income Continuous Operations	10,093,000	9,845,000	2,156,000	-9,138,000
Earnings From Equity Interest Net Of Tax	-53,000	-38,000	48,000	107,000
Tax Provision	-4,346,000	-5,758,000	213,000	-181,000
Pretax Income	5,800,000	4,125,000	2,321,000	-9,426,000
Other Income Expense	-68,000	1,128,000	1,360,000	-7,168,000
Other Non Operating Income Expenses	-60,000	-77,000	-198,000	1,000
Special Income Charges	0	-236,000	204,000	-168,000
Gain On Sale Of Business	0	0	204,000	14,000
Write Off		0	0	182,000	0
Restructuring And Mergern Acquisition	0	236,000	0	0
Gain On Sale Of Security	-8,000	1,441,000	1,354,000	-7,001,000
Net Non Operating Interest Income Expense	303,000	198,000	-149,000	-426,000
Interest Expense Non Operating	440,000	523,000	633,000	565,000
Interest Income Non Operating	743,000	721,000	484,000	139,000
Operating Income	5,565,000	2,799,000	1,110,000	-1,832,000
Operating Expense	15,114,000	14,528,000	13,714,000	14,050,000
Other Operating Expenses	2,854,000	2,732,000	2,689,000	2,413,000
Depreciation Amortization Depletion Income Statement	719,000	711,000	823,000	947,000
Depreciation And Amortization In Income Statement	719,000	711,000	823,000	947,000
Research And Development	3,402,000	3,109,000	3,164,000	2,798,000
Selling General And Administration	8,139,000	7,976,000	7,038,000	7,892,000
Selling And Marketing Expense	4,898,000	4,337,000	4,356,000	4,756,000
General And Administrative Expense	3,241,000	3,639,000	2,682,000	3,136,000
Other Gand A	3,241,000	3,639,000	2,682,000	3,136,000
Gross Profit	20,679,000	17,327,000	14,824,000	12,218,000
Cost Of Revenue	31,338,000	26,651,000	22,457,000	19,659,000
Total Revenue	52,017,000	43,978,000	37,281,000	31,877,000
Operating Revenue	52,017,000	43,978,000	37,281,000	31,877,000

Balance Sheet

	2025	2024	2023	2022	2021
Ordinary Shares Number	2,067,905	2,107,953	2,071,144	2,005,486
Share Issued	2,067,905	2,107,953	2,071,144	2,005,486
Net Debt	3,416,000	3,604,000	4,804,000	5,057,000
Total Debt	12,080,000	11,126,000	11,224,000	11,139,000
Tangible Book Value	17,062,000	12,367,000	1,673,000	-2,797,000
Invested Capital	37,562,000	31,055,000	20,733,000	16,605,000
Working Capital	1,673,000	769,000	1,843,000	396,000
Net Tangible Assets	17,062,000	12,367,000	1,673,000	-2,797,000
Capital Lease Obligations	1,559,000	1,629,000	1,740,000	1,874,000
Common Stock Equity	27,041,000	21,558,000	11,249,000	7,340,000
Total Capitalization	37,562,000	29,905,000	20,708,000	16,605,000
Total Equity Gross Minority Interest	28,083,000	22,476,000	12,682,000	8,504,000
Minority Interest	1,042,000	918,000	1,433,000	1,164,000
Stockholders Equity	27,041,000	21,558,000	11,249,000	7,340,000
Gains Losses Not Affecting Retained Earnings	-432,000	-517,000	-421,000	-443,000
Other Equity Adjustments	-432,000	-517,000	-421,000	-443,000
Retained Earnings	-10,628,000	-20,726,000	-30,594,000	-32,767,000
Additional Paid In Capital	38,101,000	42,801,000	42,264,000	40,550,000
Total Liabilities Net Minority Interest	33,719,000	28,768,000	26,017,000	23,605,000
Total Non Current Liabilities Net Minority Interest	21,399,000	17,292,000	16,563,000	14,752,000
Other Non Current Liabilities	381,000	440,000	589,000	759,000
Preferred Securities Outside Stock Equity					204,000
Non Current Deferred Liabilities	31,000	9,000	56,000	27,000
Non Current Deferred Taxes Liabilities	31,000	9,000	56,000	27,000
Long Term Debt And Capital Lease Obligation	11,911,000	9,801,000	11,009,000	10,938,000
Long Term Capital Lease Obligation	1,390,000	1,454,000	1,550,000	1,673,000
Long Term Debt	10,521,000	8,347,000	9,459,000	9,265,000
Long Term Provisions	9,076,000	7,042,000	4,909,000	3,028,000
Current Liabilities	12,320,000	11,476,000	9,454,000	8,853,000
Other Current Liabilities	2,263,000	2,185,000	1,938,000	2,003,000
Current Debt And Capital Lease Obligation	169,000	1,325,000	215,000	201,000
Current Capital Lease Obligation	169,000	175,000	190,000	201,000
Current Debt		1,150,000	25,000
Other Current Borrowings		1,150,000	25,000
Pensionand Other Post Retirement Benefit Plans Current	777,000	649,000	710,000	587,000
Current Provisions	3,387,000	2,754,000	2,077,000	1,692,000
Payables And Accrued Expenses	5,724,000	4,563,000	4,514,000	4,370,000
Current Accrued Expenses	1,626,000	1,421,000	1,996,000	1,593,000
Payables	4,098,000	3,142,000	2,518,000	2,777,000
Total Tax Payable	3,085,000	2,284,000	1,728,000	2,049,000
Income Tax Payable	1,033,000	751,000	684,000	476,000
Accounts Payable	1,013,000	858,000	790,000	728,000
Total Assets	61,802,000	51,244,000	38,699,000	32,109,000
Total Non Current Assets	47,809,000	38,999,000	27,402,000	22,860,000
Other Non Current Assets	14,403,000	11,765,000	7,888,000	3,921,000
Non Current Deferred Assets	10,951,000	6,171,000	170,000
Non Current Deferred Taxes Assets	10,951,000	6,171,000	170,000
Non Current Note Receivables	119,000	144,000	126,000	110,000
Investments And Advances	9,346,000	8,618,000	6,328,000	5,161,000
Investmentin Financial Assets	9,059,000	8,316,000	5,975,000	4,291,000
Held To Maturity Securities				1,726,000	3,821,000
Available For Sale Securities	9,059,000	8,316,000	5,975,000	4,291,000
Long Term Equity Investment	287,000	302,000	353,000	870,000
Goodwill And Other Intangible Assets	9,979,000	9,191,000	9,576,000	10,137,000
Other Intangible Assets	1,048,000	1,125,000	1,425,000	1,874,000
Goodwill	8,931,000	8,066,000	8,151,000	8,263,000
Net PPE	3,011,000	3,110,000	3,314,000	3,531,000
Accumulated Depreciation	-1,850,000	-1,598,000	-1,401,000	-1,285,000
Gross PPE	4,861,000	4,708,000	4,715,000	4,816,000
Leases	773,000	670,000	658,000	609,000
Construction In Progress	220,000	218,000	203,000	219,000
Other Properties	1,114,000	1,158,000	1,241,000	1,449,000
Machinery Furniture Equipment	1,949,000	1,858,000	1,809,000	1,735,000
Buildings And Improvements	740,000	739,000	739,000	739,000
Land And Improvements	65,000	65,000	65,000	65,000
Current Assets	13,993,000	12,245,000	11,297,000	9,249,000
Other Current Assets	1,494,000	975,000	564,000	459,000
Restricted Cash	631,000	545,000	805,000	680,000
Prepaid Assets	408,000	415,000	400,000	310,000
Receivables	3,827,000	3,333,000	4,121,000	3,489,000
Other Receivables		482,000	717,000	710,000	553,000
Accounts Receivable	3,827,000	3,333,000	3,404,000	2,779,000
Allowance For Doubtful Accounts Receivable	-91,000	-95,000	-91,000	-80,000
Gross Accounts Receivable	3,918,000	3,428,000	3,495,000	2,859,000
Cash Cash Equivalents And Short Term Investments	7,633,000	6,977,000	5,407,000	4,311,000
Other Short Term Investments	528,000	1,084,000	727,000	103,000
Cash And Cash Equivalents	7,105,000	5,893,000	4,680,000	4,208,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	9,763,000	6,895,000	3,362,000	390,000
Repurchase Of Capital Stock	-6,523,000	-1,252,000	0	0
Repayment Of Debt	-2,507,000	-4,158,000	-2,846,000	-264,000
Issuance Of Debt	3,359,000	3,972,000	2,824,000	0
Issuance Of Capital Stock		0	0	255,000	675,000
Capital Expenditure	-336,000	-242,000	-223,000	-252,000
Interest Paid Supplemental Data	386,000	475,000	629,000	513,000
Income Tax Paid Supplemental Data	345,000	324,000	234,000	175,000
End Cash Position	9,647,000	8,610,000	7,004,000	6,677,000
Other Cash Adjustment Outside Changein Cash			0	0	349,000
Beginning Cash Position	8,610,000	7,004,000	6,677,000	7,805,000
Effect Of Exchange Rate Changes	215,000	-267,000	63,000	-148,000
Changes In Cash	822,000	1,873,000	264,000	-980,000
Financing Cash Flow	-5,713,000	-2,087,000	-95,000	15,000
Cash Flow From Continuing Financing Activities	-5,713,000	-2,087,000	-95,000	15,000
Net Other Financing Charges	-225,000	-805,000	-203,000	-68,000
Proceeds From Stock Option Exercised	183,000	156,000	130,000	92,000
Net Preferred Stock Issuance					675,000
Preferred Stock Issuance					675,000
Net Common Stock Issuance	-6,523,000	-1,252,000	0	255,000
Common Stock Payments	-6,523,000	-1,252,000	0	0
Common Stock Issuance		0	0	255,000	675,000
Net Issuance Payments Of Debt	852,000	-186,000	-22,000	-264,000
Net Long Term Debt Issuance	852,000	-186,000	-22,000	-264,000
Long Term Debt Payments	-2,507,000	-4,158,000	-2,846,000	-264,000
Long Term Debt Issuance	3,359,000	3,972,000	2,824,000	0
Investing Cash Flow	-3,564,000	-3,177,000	-3,226,000	-1,637,000
Cash Flow From Continuing Investing Activities	-3,564,000	-3,177,000	-3,226,000	-1,637,000
Net Other Investing Changes	-336,000	-102,000	33,000	-6,000
Net Investment Purchase And Sale	-2,077,000	-2,850,000	-3,757,000	-1,346,000
Sale Of Investment	20,046,000	10,204,000	5,069,000	376,000
Purchase Of Investment	-22,123,000	-13,054,000	-8,826,000	-1,722,000
Net Business Purchase And Sale	-815,000	17,000	721,000	-33,000
Sale Of Business	0	17,000	721,000	26,000
Purchase Of Business	-815,000	0	0	-59,000
Net PPE Purchase And Sale	-336,000	-242,000	-223,000	-252,000
Purchase Of PPE	-336,000	-242,000	-223,000	-252,000
Operating Cash Flow	10,099,000	7,137,000	3,585,000	642,000
Cash Flow From Continuing Operating Activities	10,099,000	7,137,000	3,585,000	642,000
Change In Working Capital	2,227,000	2,374,000	165,000	335,000
Change In Other Working Capital			2,015,000	736,000	1,376,000
Change In Other Current Liabilities	-209,000	-221,000	-180,000	-215,000
Change In Other Current Assets	177,000	196,000	191,000	193,000
Change In Payables And Accrued Expense	3,753,000	3,235,000	2,374,000	1,095,000
Change In Accrued Expense	3,627,000	3,149,000	2,310,000	1,228,000
Change In Payable	126,000	86,000	64,000	-133,000
Change In Account Payable	126,000	86,000	64,000	-133,000
Change In Prepaid Assets	-1,028,000	-694,000	-1,462,000	-196,000
Change In Receivables	-466,000	-142,000	-758,000	-542,000
Changes In Account Receivables	-466,000	-142,000	-758,000	-542,000
Other Non Cash Items	8,000	-64,000	-48,000	-7,000
Stock Based Compensation	1,826,000	1,796,000	1,935,000	1,793,000
Unrealized Gain Loss On Investment Securities	97,000	-1,832,000	-1,610,000	7,045,000
Asset Impairment Charge		61,000	178,000	324,000	225,000
Deferred Tax	-4,779,000	-6,027,000	26,000	-441,000
Deferred Income Tax	-4,779,000	-6,027,000	26,000	-441,000
Depreciation Amortization Depletion	747,000	737,000	823,000	947,000
Depreciation And Amortization	747,000	737,000	823,000	947,000
Operating Gains Losses	-120,000	308,000	138,000	-216,000
Earnings Losses From Equity Investments		38,000	-48,000	-107,000	37,000
Gain Loss On Investment Securities			74,000	-191,000	-413,000
Net Foreign Currency Exchange Gain Loss	-120,000	308,000	138,000	96,000
Gain Loss On Sale Of Business		0	-204,000	-14,000	-1,684,000
Net Income From Continuing Operations	10,093,000	9,845,000	2,156,000	-9,138,000

These metrics estimate what Uber Technologies, Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$37.59

Margin of Safety

Market Cap ÷ Company Value

1.34

P/B Ratio

5.57

Warren's Owner Earnings

$11.1B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

2/7 — Speculative Investor

✅ Adequate Size

$52.0B

vs > $1.5B revenue

❌ Strong Financial Condition

1.14x

vs Current Ratio > 2.0x

❌ Earnings Stability

1 loss years (4 yrs data)

vs No negative EPS years

❌ Dividend Record

No dividend

vs Uninterrupted dividends

✅ Earnings Growth

+443.7% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

15.6x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

5.57x P/B (P/E×P/B: 87.0)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-9.68

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$30.36

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	3.3%	2.5%	11.8%	N/A	N/A
Repurchase of Capital Stock	-$6.5B	-$1.3B	$0M	$0M	N/A
Free Cash Flow	$9.8B ▲	$6.9B ▲	$3.4B ▲	$390M •	N/A •
Warren's Owner Earnings	$11.1B	$10.8B	$2.9B	-$7.9B	N/A

Peers & Industry

No auto-detected peers for Software - Application. You can manually compare UBER against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.45%

Low — management has little skin in the game

Return on Equity (ROE)

37.2%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

16.3%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$6.5B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+8.6% YoY

Debt is roughly stable

Leadership Team

Dara Khosrowshahi

CEO & Director

Age 55

Pay: $4,476,540

0.045% of net income

Andrew Macdonald

President & COO

Age 40

Pay: $3,260,987

0.032% of net income

Garrett Camp

Co-Founder, Board Observer & Product Advisor

Age 45

Pay: $18,033

0.000% of net income

Balaji Krishnamurthy

Chief Financial Officer

Age 40

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	9.42%	192,499,602
Blackrock Inc.	7.58%	154,770,602
Capital Research Global Investors	5.55%	113,456,376
State Street Corporation	4.45%	90,908,749
Morgan Stanley	3.93%	80,196,924
Public Investment Fund	3.57%	72,840,541
Geode Capital Management, LLC	2.35%	47,936,203
FMR, LLC	1.55%	31,563,923

Risk Analysis

Beta (Market Risk)

1.16

Moderate volatility — moves slightly more than market

Short Interest

2.8% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.44x

Conservative balance sheet — low financial risk

Current Ratio