UBER · Financials
Annual reports: Yahoo + SEC 10-K, amounts in millions of USD. P/E — year-end price / EPS; — if the price history does not reach that year.
| 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 7,932 | 10,433 | 13,000 | 11,139 | 17,455 | 31,877 | 37,281 | 43,978 | 52,017 |
| Net income | -4,033 | 997 | -8,506 | -6,768 | -496 | -9,141 | 1,887 | 9,856 | 10,053 |
| Gross margin | — | — | — | — | — | 38.3% | 39.8% | 39.4% | 39.8% |
| Operating margin | -51.4% | -29.1% | -66.1% | -43.7% | -22.0% | -5.7% | 3.0% | 6.4% | 10.7% |
| Net margin | -50.8% | 9.6% | -65.4% | -60.8% | -2.8% | -28.7% | 5.1% | 22.4% | 19.3% |
| EPS | -9.46 | 0 | -6.81 | -3.86 | -0.29 | -4.65 | 0.87 | 4.56 | 4.73 |
| Free cash flow | -2,239 | -2,099 | -4,909 | -3,361 | -743 | 390 | 3,362 | 6,895 | 9,763 |
| Net debt | — | 490 | -5,139 | 1,940 | 5,008 | 6,828 | 5,817 | 4,149 | 4,447 |
| P/E | — | — | — | — | — | — | 70.8 | 13.2 | 17.3 |
Valuation by free cash flow (DCF)
A what-if tool for a 5–10 year investor, not an answer: change the assumptions and see what they do.
Value per share
96.14 USD
Upside to the estimate
+47.3%
Margin of safety 32.1%: investors often want 20–30% for forecast errors.
Growth priced in
+12.5%
Reverse DCF: FCF growth for 5 years that makes today’s price fair. Compare with what you believe.
| rate 10.3% | rate 11.3% | rate 12.3% | |
|---|---|---|---|
| Bear · growth 15.0% | 85.01 | 74.22 | 65.68 |
| Base · growth 20.0% | 110.63 | 96.14 | 84.7 |
| Bull · growth 25.0% | 143.23 | 123.97 | 108.8 |
FCF to shareholders 6,673 mln USD (operating cash flow − capex, after interest), shares 2,043 mln. Discounted at the shareholder rate, so debt is not subtracted again (assumes stable debt). 5 years of growth, 5 of slowdown, then perpetual growth. Sensitive to assumptions — see the table.