# Aurora Innovation (AUR.US)

Canonical: https://gigainvestors.com/s/AUR

Analysis as of: 2026-10-16T07:26:40.884Z. Financial observations: FY2019–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $5.40 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 8 years

- Years with declining revenue: 3

- Years with a net loss: 8

- Operating margin variation: 1.11×

Chart: Operating margin; fiscal year observations.

- FY2019: -5.79×

- FY2021: -8.91×

- FY2022: -27.24×

- FY2025: -300.33×

- LTM to Jun 2026: -194.00×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -80.3%

- ROIC, second-lowest year: -123.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 40.3%

- ROIC including acquisitions, ten-year median: -93.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: -123.2%

- FY2020: -99.5%

- FY2021: -75.5%

- FY2022: -178.6%

- FY2023: -72.7%

- FY2024: -80.3%

- FY2025: -69.7%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$4.8B

- Net income, five-year total: -$4.8B

- Return on incremental invested capital: 0.0%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$755M

- FY2022: -$1.7B

- FY2023: -$790M

- FY2024: -$761M

- FY2025: -$816M

### management: fail

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -99.5% vs -72.7%

- Per-share earnings: -0.79 to -0.46 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 46.7%

- Diluted shares, 5-year annual growth: 46.7%

- Per-share value change: $0.33

- Per-share value, starting three-year median: -$0.79

- Per-share value, ending three-year median: -$0.46

- Buyback history: 0 years

- Debt-funded buybacks: Yes

- ROIC, first three-year median: -99.5%

- ROIC, last three-year median: -72.7%

Chart: Earnings per share; fiscal year observations.

- FY2019: -$0.37

- FY2020: -$0.79

- FY2021: -$1.22

- FY2022: -$1.51

- FY2023: -$0.60

- FY2024: -$0.46

- FY2025: -$0.44

### accounting: pass

- Sloan accruals: -10.0%

- Restructuring years, last five: 1

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.29×

Chart: Sloan accruals; fiscal year observations.

- FY2019: 0.1%

- FY2020: -3.6%

- FY2021: -5.2%

- FY2022: -60.7%

- FY2023: -8.9%

- FY2024: -6.4%

- FY2025: -10.0%

## Holders

- [Henry Ellenbogen](https://gigainvestors.com/DCP): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Dan Davidowitz](https://gigainvestors.com/pcm): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Daniel Loeb](https://gigainvestors.com/tp): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 59% since Nov 2021 · "Aurora Innovation (AUR) Falls to 52-Week Low Over Net Loss" (finance.yahoo.com, Nov 2025) · sales +66.7%

Story as of 2026-10-16T09:58:20.829Z; price observation 2026-10-15.

- 2026-04-30: Leading Carrier Selects Aurora to Scale Autonomous Fleet to 500 Trucks ([finance.yahoo.com](https://finance.yahoo.com/sectors/technology/articles/leading-carrier-selects-aurora-scale-130000503.html))

- 2026-05-06: Aurora lands McLane deal to run driverless truck routes in Texas ([finance.yahoo.com](https://finance.yahoo.com/sectors/technology/articles/aurora-lands-mclane-deal-run-145655506.html))

### Sales · FY2025–2026

sales +66.7%; source https://www.sec.gov/Archives/edgar/data/1828108/000182810826000016/aur-20251231.htm; observed 2026-02-11.

- FY2019: $20M 

- FY2020: $0 

- FY2021: $82M 

- FY2022: $68M 

- FY2023: $0 

- FY2024: $0 

- FY2025: $3.0M 

- FY2026: $5.0M 

### Gross margin · FY2019

gross margin 99.2%; source https://www.sec.gov/Archives/edgar/data/1828108/000182810826000016/aur-20251231.htm; observed 2026-02-11.

- FY2019: 99.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in auto parts; annual sales are USD 3 million.

- Source: https://www.sec.gov/Archives/edgar/data/1828108/000182810826000016/aur-20251231.htm (filed 2026-02-11); FY2025: revenue 3000000; grossProfit -14000000; margin = grossProfit / revenue.

### Why customers stay

It lost 80.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); 7-year return on capital observations [[2019,-1.2318743389332272],[2020,-0.9946576568771839],[2021,-0.7548888888888889],[2022,-1.7864224664224664],[2023,-0.7272877618522602],[2024,-0.8032858990944373],[2025,-0.6971498530852106]]; median -0.8032858990944373. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 7 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); Dividend observations: [[2019,0],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price is 3310.2 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); Closing price 5.4 USD; reporting-to-trading FX 1; FY2025 annual sales per share 0.0016313213703099511; price multiple 3310.2000000000003. FY2025 cash earnings/share -0.4437194127243067. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2021-05: $9.79 per share

- 2021-06: $9.89 per share

- 2021-07: $9.91 per share

- 2021-08: $9.85 per share

- 2021-09: $9.93 per share

- 2021-10: $10.05 per share

- 2021-11: $13.12 per share

- 2021-12: $11.26 per share

- 2022-01: $4.93 per share

- 2022-02: $5.72 per share

- 2022-03: $5.59 per share

- 2022-04: $4.26 per share

- 2022-05: $3.16 per share

- 2022-06: $1.91 per share

- 2022-07: $2.54 per share

- 2022-08: $2.14 per share

- 2022-09: $2.21 per share

- 2022-10: $2.06 per share

- 2022-11: $1.26 per share

- 2022-12: $1.21 per share

- 2023-01: $1.82 per share

- 2023-02: $1.56 per share

- 2023-03: $1.39 per share

- 2023-04: $1.43 per share

- 2023-05: $1.41 per share

- 2023-06: $2.94 per share

- 2023-07: $3.28 per share

- 2023-08: $3.17 per share

- 2023-09: $2.35 per share

- 2023-10: $1.75 per share

- 2023-11: $2.19 per share

- 2023-12: $4.37 per share

- 2024-01: $2.99 per share

- 2024-02: $2.54 per share

- 2024-03: $2.82 per share

- 2024-04: $2.78 per share

- 2024-05: $2.39 per share

- 2024-06: $2.77 per share

- 2024-07: $4.00 per share

- 2024-08: $4.67 per share

- 2024-09: $5.92 per share

- 2024-10: $5.20 per share

- 2024-11: $6.47 per share

- 2024-12: $6.30 per share

- 2025-01: $6.80 per share

- 2025-02: $7.27 per share

- 2025-03: $6.73 per share

- 2025-04: $7.24 per share

- 2025-05: $6.06 per share

- 2025-06: $5.24 per share

- 2025-07: $5.81 per share

- 2025-08: $5.63 per share

- 2025-09: $5.39 per share

- 2025-10: $5.24 per share

- 2025-11: $4.19 per share

- 2025-12: $3.84 per share

- 2026-01: $4.20 per share

- 2026-02: $4.68 per share

- 2026-03: $4.12 per share

- 2026-04: $5.88 per share

- 2026-05: $7.34 per share

- 2026-06: $6.82 per share

- 2026-07: $6.45 per share

- 2026-08: $5.63 per share

- 2026-09: $5.54 per share

- 2026-10: $5.40 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1828108/000182810826000016/aur-20251231.htm); period 2025-12-31, filed 2026-02-11.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Henry Ellenbogen](https://gigainvestors.com/DCP): 10,889,415 AUR shares; USD 74,266,000 reported position value; 0.72% of portfolio; add; quarter 2026 Q2.
- [Dan Davidowitz](https://gigainvestors.com/pcm): 32,520 AUR shares; USD 222,000 reported position value; 0% of portfolio; new; quarter 2026 Q2.
- [Daniel Loeb](https://gigainvestors.com/tp): 1,032,463 AUR shares; USD 7,041,000 reported position value; 0.15% of portfolio; hold; quarter 2026 Q2.

# AUR — Aurora Innovation Inc.

Held by 3 investors · USD 81,529,000 total · 2026 Q2 · reported price USD 6.82 (split-adjusted).
Page: https://gigainvestors.com/s/AUR

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Henry Ellenbogen (https://gigainvestors.com/DCP) | USD 74,266,000 | 0.7% | add +632.78% |
| Daniel Loeb (https://gigainvestors.com/tp) | USD 7,041,000 | 0.2% | hold |
| Dan Davidowitz (https://gigainvestors.com/pcm) | USD 222,000 | 0.0% | new |

## Total held by quarter

- 2021 Q2: USD 98,900,000 · 2 holders · USD 9.89
- 2021 Q3: USD 50,933,183 · 1 holder · USD 6.66
- 2021 Q4: USD 6,535,491 · 1 holder · USD 6.33
- 2022 Q1: USD 5,771,468 · 1 holder · USD 5.59
- 2022 Q2: USD 1,972,004 · 1 holder · USD 1.91
- 2022 Q3: USD 2,281,743 · 1 holder · USD 2.21
- 2022 Q4: USD 1,249,280 · 1 holder · USD 1.21
- 2023 Q1: USD 1,435,124 · 1 holder · USD 1.39
- 2023 Q2: USD 3,035,441 · 1 holder · USD 2.94
- 2023 Q3: USD 15,936,360 · 2 holders · USD 2.35
- 2023 Q4: USD 91,784,757 · 2 holders · USD 4.37
- 2024 Q1: USD 59,229,523 · 2 holders · USD 2.82
- 2024 Q2: USD 40,548,648 · 2 holders · USD 2.77
- 2024 Q3: USD 75,794,607 · 2 holders · USD 5.92
- 2024 Q4: USD 86,874,594 · 2 holders · USD 6.30
- 2025 Q1: USD 107,215,799 · 2 holders · USD 6.72
- 2025 Q2: USD 112,328,313 · 2 holders · USD 5.24
- 2025 Q3: USD 67,195,523 · 3 holders · USD 5.39
- 2025 Q4: USD 29,956,024 · 2 holders · USD 3.84
- 2026 Q1: USD 10,376,216 · 2 holders · USD 4.12
- 2026 Q2: USD 81,529,000 · 3 holders · USD 6.82