# Uber Technologies (UBER.US)

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

Analysis as of: 2026-10-16T07:32:38.936Z. Financial observations: FY2015–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: $71.27 per share; close as of 2026-10-15.

Estimated value: low $21.22 per share, central $23.86 per share, high $27.37 per share. Buy at or below the central value $23.86 per share. Valuation as of 2026-10-16T07:32:38.936Z; scenarios are not confidence intervals.

Expected annual return: 5.1% at the stated quote. About 5.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 5

- Operating margin variation: 1.44×

Chart: Operating margin; fiscal year observations.

- FY2017: -0.51×

- FY2018: -0.29×

- FY2019: -0.66×

- FY2020: -0.44×

- FY2021: -0.22×

- FY2022: -0.06×

- FY2023: 0.03×

- FY2024: 0.06×

- FY2025: 0.11×

- LTM to Jun 2026: 0.12×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

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

- ROIC, median of available years: -10.6%

- ROIC, second-lowest year: -40.6%

- Typical minus recent gross margin: 1.3 pp

- Typical gross margin (annual median): 41.0%

- Recent gross margin (lower of latest and 3-year median): 39.8%

- Years with nonpositive capital: 1

- Capital spending / revenue: 1.2%

- ROIC including acquisitions, ten-year median: 0.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 0.0%

- FY2018: -21.2%

- FY2019: -65.5%

- FY2020: -40.6%

- FY2021: -22.0%

- FY2022: -24.9%

- FY2023: 11.6%

- FY2024: 16.1%

- FY2025: 24.7%

- LTM to Jun 2026: 25.3%

### economics: pass

- Owner earnings / net income, 5-yr: 1.22×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $15B

- Net income, five-year total: $12B

- Working capital / revenue, annual change: -1.0 pp

- Working capital / revenue, change between three-year averages: -9.3 pp

- Working capital / revenue, final three-year average: 7.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: -0.22×

- FY2022: 0.92×

- FY2023: 1.28×

- FY2024: 1.05×

- FY2025: 1.04×

### management: pass

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: -21.2% vs 16.1%

- Per-share earnings: -0.90 to 4.58 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 3.9%

- Diluted shares, 5-year annual growth: 3.9%

- Per-share value change: $5.48

- Per-share value, starting three-year median: -$0.90

- Per-share value, ending three-year median: $4.58

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 1.7%

- Buyback history: 3 years

- Debt-funded buybacks: Yes

- Cumulative net income, 10 years: -$6.5B

- ROIC, first three-year median: -21.2%

- ROIC, last three-year median: 16.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$0.90

- FY2017: -$2.40

- FY2018: $0.59

- FY2019: -$6.79

- FY2020: -$3.85

- FY2021: -$0.26

- FY2022: -$4.63

- FY2023: $0.90

- FY2024: $4.58

- FY2025: $4.74

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -0.1%

- Receivables to sales index (DSRI): 0.85×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 18.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.00×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.37×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 16.2%

- FY2017: -17.0%

- FY2018: 10.6%

- FY2019: -13.1%

- FY2020: -12.1%

- FY2021: -0.1%

- FY2022: -30.5%

- FY2023: -4.4%

- FY2024: 5.3%

- FY2025: -0.1%

## Holders

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

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

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

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

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

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

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

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

- [William Von Mueffling](https://gigainvestors.com/cc): 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.

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

## Price story

Down 27% since Sep 2025 · "Uber forecasts profit below estimates as cheaper rides boost trips but hurt margins" (finance.yahoo.com, Feb 2026) · sales +6.2%

Story as of 2026-10-16T09:59:44.988Z; price observation 2026-10-15.

Price needs cash profits to grow 15.5% a year for ten years

- 2025-04-24: Uber gains on deal with VW for autonomous vehicles ([finance.yahoo.com](https://finance.yahoo.com/news/uber-gains-deal-vw-autonomous-172606963.html))

- 2025-08-06: Uber beats on Q2 revenue, gross bookings; launches $20B stock buyback ([finance.yahoo.com](https://finance.yahoo.com/news/uber-beats-on-q2-revenue-gross-bookings-launches-20b-stock-buyback-123822834.html))

- 2025-11-11: Uber (UBER) Is Down 5.6% After Mixed Q3 Results and Autonomous Vehicle Partnership Announcements ([finance.yahoo.com](https://finance.yahoo.com/news/uber-uber-down-5-6-001927733.html))

- 2026-02-04: Uber forecasts profit below estimates as cheaper rides boost trips but hurt margins ([finance.yahoo.com](https://finance.yahoo.com/news/uber-forecasts-profit-below-estimates-115752814.html))

- 2026-08-17: Uber Rises on Zipline Drone Delivery Deal ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/uber-rises-zipline-drone-delivery-201725980.html))

- 2026-09-12: Uber Cuts 10% of its Workforce to Fund a $10 Billion Robotaxi Bet ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/uber-cuts-10-workforce-fund-004236520.html))

### Sales · FY2025–2026

sales +6.2%; source https://www.sec.gov/Archives/edgar/data/1543151/000154315126000015/uber-20251231.htm; observed 2026-02-13.

- FY2017: $7.9B 

- FY2018: $10B 

- FY2019: $13B 

- FY2020: $11B 

- FY2021: $17B 

- FY2022: $32B 

- FY2023: $37B 

- FY2024: $44B 

- FY2025: $52B 

- FY2026: $55B 

### Gross margin · FY2026

gross margin 42.3%; source https://www.sec.gov/Archives/edgar/data/1543151/000154315126000015/uber-20251231.htm; observed 2026-02-13.

- FY2017: 30.5% 

- FY2018: 54.1% 

- FY2019: 53.4% 

- FY2020: 53.7% 

- FY2021: 46.4% 

- FY2022: 38.3% 

- FY2023: 39.8% 

- FY2024: 39.4% 

- FY2025: 39.8% 

- FY2026: 42.3% 

## Owner memo

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

### How it makes money

Operates in software application; annual sales are USD 52 billion.

- Source: https://eodhd.com/api/fundamentals/UBER.US.json#2025-12-31 (filed 2026-02-13); FY2025: revenue 52017000000; grossProfit 20679000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); UBER.US: 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. Uber Technologies, Inc. has strategic partnership with Mews to embed ride booking, real-time tracking and integrated billing directly into the Mews platform. 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.

### Why customers stay

Margins ranged from 39.4% to 39.8% during 2023–25; it lost 10.6% on its capital.

- Source: https://eodhd.com/api/fundamentals/UBER.US.json#2023-12-31 (filed 2026-02-13); FY2023: grossProfit / revenue = 39.8%.

- Source: https://eodhd.com/api/fundamentals/UBER.US.json#2024-12-31 (filed 2026-02-13); FY2024: grossProfit / revenue = 39.4%.

- Source: https://eodhd.com/api/fundamentals/UBER.US.json#2025-12-31 (filed 2026-02-13); FY2025: grossProfit / revenue = 39.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); 10-year return on capital observations [[2017,0],[2018,-0.2122404573820493],[2019,-0.6547281141534902],[2020,-0.4063645017981807],[2021,-0.22045709294708493],[2022,-0.24940203343098397],[2023,0.11590160577646366],[2024,0.1608066184074457],[2025,0.24670833887485039],[2026,0.25338434373160684]]; median -0.10612022869102465. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid no dividends in 10 years; bought back USD 6.5 billion of shares.

- Source: https://eodhd.com/api/fundamentals/UBER.US.json#2018-12-31 (filed 2026-02-13); FY2018: growth capex 132000000; upkeep 426000000; owner earnings 997000000. Growth capex / owner earnings = 0.13239719157472418.

- Source: https://eodhd.com/api/fundamentals/UBER.US.json#2021-12-31 (filed 2026-02-13); FY2021: growth capex 0; upkeep 298000000; owner earnings 108000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/UBER.US.json#2023-12-31 (filed 2026-02-13); FY2023: growth capex 0; upkeep 223000000; owner earnings 2412139146.567718. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/UBER.US.json#2024-12-31 (filed 2026-02-13); FY2024: growth capex 0; upkeep 242000000; owner earnings 10351000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/UBER.US.json#2025-12-31 (filed 2026-02-13); FY2025: growth capex 0; upkeep 336000000; owner earnings 10464000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); Dividend observations: [[2016,0],[2017,0],[2018,0],[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.

- Source: https://eodhd.com/api/fundamentals/UBER.US.json#2025-12-31 (filed 2026-02-13); FY2025: cash repurchases 6523000000 USD.

### Are managers owners

Insiders own 0.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); UBER.US SharesStats.PercentInsiders = 0.21 percentage points; cache date 2026-10-16.

### What could break it

"We have incurred a significant amount of debt" (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/1543151/000154315126000015/uber-20251231.htm (filed 2026-02-13); We have incurred a significant amount of debt

### What the price says

The price assumes cash profits grow 15.5% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); Ten-year compound average after fade. Initial solved rate 0.2120174626159223. Price 71.27; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2019-05: $40.41 per share

- 2019-06: $46.38 per share

- 2019-07: $42.14 per share

- 2019-08: $32.57 per share

- 2019-09: $30.47 per share

- 2019-10: $31.50 per share

- 2019-11: $29.60 per share

- 2019-12: $29.74 per share

- 2020-01: $36.29 per share

- 2020-02: $33.87 per share

- 2020-03: $27.92 per share

- 2020-04: $30.27 per share

- 2020-05: $36.32 per share

- 2020-06: $31.08 per share

- 2020-07: $30.26 per share

- 2020-08: $33.63 per share

- 2020-09: $36.48 per share

- 2020-10: $33.41 per share

- 2020-11: $49.66 per share

- 2020-12: $51.00 per share

- 2021-01: $50.93 per share

- 2021-02: $51.75 per share

- 2021-03: $54.51 per share

- 2021-04: $54.77 per share

- 2021-05: $50.83 per share

- 2021-06: $50.12 per share

- 2021-07: $43.46 per share

- 2021-08: $39.14 per share

- 2021-09: $44.80 per share

- 2021-10: $43.82 per share

- 2021-11: $38.00 per share

- 2021-12: $41.93 per share

- 2022-01: $37.40 per share

- 2022-02: $36.03 per share

- 2022-03: $35.68 per share

- 2022-04: $31.48 per share

- 2022-05: $23.20 per share

- 2022-06: $20.46 per share

- 2022-07: $23.45 per share

- 2022-08: $28.76 per share

- 2022-09: $26.50 per share

- 2022-10: $26.57 per share

- 2022-11: $29.14 per share

- 2022-12: $24.73 per share

- 2023-01: $30.93 per share

- 2023-02: $33.26 per share

- 2023-03: $31.70 per share

- 2023-04: $31.05 per share

- 2023-05: $37.93 per share

- 2023-06: $43.17 per share

- 2023-07: $49.46 per share

- 2023-08: $47.23 per share

- 2023-09: $45.99 per share

- 2023-10: $43.28 per share

- 2023-11: $56.38 per share

- 2023-12: $61.57 per share

- 2024-01: $65.27 per share

- 2024-02: $79.50 per share

- 2024-03: $76.99 per share

- 2024-04: $66.27 per share

- 2024-05: $64.56 per share

- 2024-06: $72.68 per share

- 2024-07: $64.47 per share

- 2024-08: $73.13 per share

- 2024-09: $75.16 per share

- 2024-10: $72.05 per share

- 2024-11: $71.96 per share

- 2024-12: $60.32 per share

- 2025-01: $66.85 per share

- 2025-02: $76.01 per share

- 2025-03: $72.86 per share

- 2025-04: $81.01 per share

- 2025-05: $84.16 per share

- 2025-06: $93.30 per share

- 2025-07: $87.75 per share

- 2025-08: $93.75 per share

- 2025-09: $97.97 per share

- 2025-10: $96.50 per share

- 2025-11: $87.54 per share

- 2025-12: $81.71 per share

- 2026-01: $80.05 per share

- 2026-02: $75.42 per share

- 2026-03: $71.93 per share

- 2026-04: $74.61 per share

- 2026-05: $70.40 per share

- 2026-06: $72.16 per share

- 2026-07: $70.36 per share

- 2026-08: $75.65 per share

- 2026-09: $68.51 per share

- 2026-10: $71.32 per share

## Annual estimated value (USD per share)

- FY2024: low $4.47 per share, central $4.66 per share, high $4.92 per share

- FY2025: low $20.46 per share, central $22.86 per share, high $26.04 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

Prior published observations retained from 2026-10-15T06:38:24.311Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1543151/000154315126000015/uber-20251231.htm); period 2025-12-31, filed 2026-02-13.

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

- [David Tepper](https://gigainvestors.com/AM): 7,694,071 UBER shares; USD 555,204,000 reported position value; 7.43% of portfolio; add; quarter 2026 Q2.
- [Pat Dorsey](https://gigainvestors.com/DA): 1,761,941 UBER shares; USD 127,142,000 reported position value; 8.14% of portfolio; add; quarter 2026 Q2.
- [John Armitage](https://gigainvestors.com/EC): 2,319,648 UBER shares; USD 167,386,000 reported position value; 1.62% of portfolio; reduce; quarter 2026 Q2.
- [Steven Romick](https://gigainvestors.com/FPA): 976,544 UBER shares; USD 70,467,000 reported position value; 0.88% of portfolio; add; quarter 2026 Q2.
- [Terry Smith](https://gigainvestors.com/FS): 8,943,151 UBER shares; USD 645,338,000 reported position value; 4.73% of portfolio; new; quarter 2026 Q2.
- [Thomas Russo](https://gigainvestors.com/GR): 5,084,015 UBER shares; USD 366,863,000 reported position value; 4.11% of portfolio; reduce; quarter 2026 Q2.
- [Thomas Gayner](https://gigainvestors.com/MKL): 142,500 UBER shares; USD 10,283,000 reported position value; 0.08% of portfolio; hold; quarter 2026 Q2.
- [Chase Coleman](https://gigainvestors.com/TGM): 151,178 UBER shares; USD 10,909,000 reported position value; 0.05% of portfolio; hold; quarter 2026 Q2.
- [William Von Mueffling](https://gigainvestors.com/cc): 238,965 UBER shares; USD 17,244,000 reported position value; 2.59% of portfolio; reduce; quarter 2026 Q2.
- [Dan Davidowitz](https://gigainvestors.com/pcm): 570,063 UBER shares; USD 41,136,000 reported position value; 0.35% of portfolio; reduce; quarter 2026 Q2.
- [Bill Ackman](https://gigainvestors.com/psc): 34,326,200 UBER shares; USD 2,476,979,000 reported position value; 12.72% of portfolio; add; quarter 2026 Q2.

# UBER — Uber Technologies Inc.

Held by 1 investor · USD 11,236,000 total · 2026 Q3 · reported price USD 68.51 (split-adjusted).
Page: https://gigainvestors.com/s/UBER

## Holders (2026 Q3)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| David Katz (https://gigainvestors.com/MAVFX) | USD 11,236,000 | 0.9% | new |

## Total held by quarter

- 2019 Q2: USD 434,280,529 · 2 holders · USD 46.38
- 2019 Q3: USD 287,882,051 · 2 holders · USD 30.47
- 2019 Q4: USD 734,570,178 · 2 holders · USD 29.74
- 2020 Q1: USD 278,494,071 · 1 holder · USD 27.92
- 2020 Q2: USD 310,014,173 · 1 holder · USD 31.08
- 2020 Q3: USD 608,993,557 · 3 holders · USD 36.48
- 2020 Q4: USD 1,474,586,970 · 2 holders · USD 51.00
- 2021 Q1: USD 1,567,812,695 · 3 holders · USD 54.51
- 2021 Q2: USD 1,620,994,924 · 4 holders · USD 50.12
- 2021 Q3: USD 1,065,704,326 · 3 holders · USD 44.80
- 2021 Q4: USD 823,250,769 · 4 holders · USD 41.93
- 2022 Q1: USD 170,093,624 · 4 holders · USD 35.68
- 2022 Q2: USD 70,048,718 · 4 holders · USD 20.46
- 2022 Q3: USD 343,918,273 · 4 holders · USD 26.50
- 2022 Q4: USD 91,826,076 · 4 holders · USD 24.73
- 2023 Q1: USD 259,144,742 · 4 holders · USD 31.70
- 2023 Q2: USD 642,430,044 · 5 holders · USD 43.17
- 2023 Q3: USD 805,626,218 · 5 holders · USD 45.99
- 2023 Q4: USD 846,883,240 · 6 holders · USD 61.57
- 2024 Q1: USD 914,864,211 · 9 holders · USD 76.99
- 2024 Q2: USD 1,163,483,766 · 10 holders · USD 72.68
- 2024 Q3: USD 1,257,690,466 · 8 holders · USD 75.16
- 2024 Q4: USD 820,176,122 · 7 holders · USD 60.32
- 2025 Q1: USD 3,258,351,162 · 8 holders · USD 72.86
- 2025 Q2: USD 4,145,592,355 · 9 holders · USD 93.30
- 2025 Q3: USD 4,729,558,915 · 9 holders · USD 97.97
- 2025 Q4: USD 4,072,403,669 · 10 holders · USD 81.71
- 2026 Q1: USD 4,070,352,693 · 11 holders · USD 71.93
- 2026 Q2: USD 4,488,951,000 · 11 holders · USD 72.16
- 2026 Q3: USD 11,236,000 · 1 holder · USD 68.51