Economic Value Added (EVA)
EVA is registered trademark of Stern Stewart.
Economic value added or economic profit is the difference between revenues and costs,where costs include not only expenses, but also cost of capital.
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Economic Profit
Uber Technologies Inc., economic profit calculation
US$ in millions
| 12 months ended: | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|---|
| Net operating profit after taxes (NOPAT)1 | ||||||
| Cost of capital2 | ||||||
| Invested capital3 | ||||||
| Economic profit4 | ||||||
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 NOPAT. See details »
2 Cost of capital. See details »
3 Invested capital. See details »
4 2024 Calculation
Economic profit = NOPAT – Cost of capital × Invested capital
= – × =
The financial data reveals notable fluctuations in key performance metrics over the five-year period under consideration. The analysis highlights changes in profitability, cost efficiency, capital allocation, and economic value generation.
- Net Operating Profit After Taxes (NOPAT)
- The NOPAT values demonstrate significant volatility. Initially, there is a substantial negative figure in 2020 at -6617 million USD, improving sharply to -819 million USD in 2021. However, this trend reverses in 2022, with a deterioration to -9117 million USD. In the subsequent years, 2023 and 2024, there is a marked recovery to positive values of 2401 million USD and 3752 million USD respectively, indicating a turnaround in operational profitability.
- Cost of Capital
- The cost of capital exhibits slight fluctuations throughout the period, starting at 17.55% in 2020 and marginally declining to 16.68% in 2021, before rising again to a peak of 17.84% in 2023 and settling slightly lower at 17.8% in 2024. This relatively stable yet elevated cost of capital suggests a consistently high hurdle for investment returns.
- Invested Capital
- Invested capital decreases steadily from 21038 million USD in 2020 to 14934 million USD in 2024. This reduction suggests a contraction in the capital base or more efficient capital utilization over time, potentially reflecting divestitures, asset sales, or strategic downsizing of capital commitments.
- Economic Profit
- The economic profit metric shows significant fluctuations, beginning with a large negative value of -10309 million USD in 2020. This negative economic profit diminishes substantially to -3500 million USD in 2021 but worsens again to -11863 million USD in 2022, reflecting substantial destruction of shareholder value in those years. Notably, in 2023, economic profit approaches break-even at -393 million USD and turns positive at 1093 million USD by 2024, indicating creation of economic value and improved financial performance relative to the cost of capital.
In summary, the data reveals a period of substantial financial stress characterized by negative NOPAT and economic profit in the early years, followed by a progressive recovery phase in 2023 and 2024. The continuous decrease in invested capital combined with eventual positive NOPAT and economic profit implies improved operational efficiency and value generation. Nevertheless, the persistently high cost of capital throughout the period underscores the importance of maintaining robust returns relative to capital costs for sustained economic profitability.
Net Operating Profit after Taxes (NOPAT)
Uber Technologies Inc., NOPAT calculation
US$ in millions
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 Elimination of deferred tax expense. See details »
2 Addition of increase (decrease) in allowance for doubtful accounts.
3 Addition of increase (decrease) in restructuring and related charges accrual.
4 Addition of increase (decrease) in equity equivalents to net income (loss) attributable to Uber Technologies, Inc..
5 2024 Calculation
Interest expense on capitalized operating leases = Operating lease liability × Discount rate
= × =
6 2024 Calculation
Tax benefit of interest expense = Adjusted interest expense × Statutory income tax rate
= × 21.00% =
7 Addition of after taxes interest expense to net income (loss) attributable to Uber Technologies, Inc..
8 2024 Calculation
Tax expense (benefit) of investment income = Investment income, before tax × Statutory income tax rate
= × 21.00% =
9 Elimination of after taxes investment income.
The financial data reveals significant fluctuations in the profitability of the company over the observed five-year period. The net income attributable to the company shows a notable trend from substantial losses to considerable profitability.
- Net Income (Loss)
- Initially, the company experienced very large net losses, with the loss amounting to -6,768 million US dollars in 2020. This negative result significantly narrowed in 2021, with losses reducing to -496 million US dollars. However, 2022 saw a dramatic reversal with net losses deepening again to -9,141 million US dollars, indicating potential challenges or one-off expenses during that year. Subsequently, there was a marked recovery in 2023, with the net income turning positive to 1,887 million US dollars. This positive trend continued and further improved in 2024, reaching a net income of 9,856 million US dollars, signaling a strong turnaround and improvement in profitability.
- Net Operating Profit After Taxes (NOPAT)
- The trend in NOPAT mirrors that of net income with persistent losses in the initial years followed by improvements. In 2020, NOPAT was negative at -6,617 million US dollars, narrowing to -819 million US dollars in 2021. In 2022, this metric worsened sharply to a loss of -9,117 million US dollars, closely paralleling the net income loss for the year. From 2023 onward, NOPAT turned positive, registering 2,401 million US dollars in 2023 and increasing to 3,752 million US dollars in 2024. This shift indicates enhanced operational efficiency and effective tax management contributing to overall profitability in the latter years.
Overall, the data illustrates a company overcoming significant financial difficulties between 2020 and 2022, with a pronounced recovery beginning in 2023 and accelerating in 2024. This improvement in financial performance suggests effective strategic adjustments, cost management, or increased revenue generation that have reversed previous losses into substantial gains. The parallel movement of net income and NOPAT indicates consistent operational performance improvements alongside tax-related factors.
Cash Operating Taxes
Uber Technologies Inc., cash operating taxes calculation
US$ in millions
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
The provision for income taxes experienced significant fluctuations over the observed period. Initially, the provision was a negative value of -192 million US dollars at the end of 2020, indicating a tax benefit. This trend continued and amplified in 2021, reaching a benefit peak of -492 million US dollars. However, the following year saw a reduction in the tax benefit to -181 million US dollars, followed by a notable reversal in 2023 where the provision turned positive to 213 million US dollars, indicating a tax expense. In 2024, the provision saw an extraordinary shift to a substantial tax benefit amounting to -5758 million US dollars.
Cash operating taxes showed a generally increasing trend from 2020 through 2022, rising from 184 million US dollars to 375 million US dollars. In 2023, cash operating taxes decreased to 242 million US dollars and remained relatively stable in 2024 with a slight increase to 250 million US dollars.
- Provision for (benefit from) income taxes
- Exhibits significant volatility with large swings between tax benefits and expenses. The values indicate a trend of fluctuating tax positions, possibly influenced by changes in earnings, tax regulations, or accounting treatments. The abrupt change in 2024 to a large tax benefit suggests the occurrence of unusual or one-time tax events.
- Cash operating taxes
- Show a moderate upward trend initially, peaking in 2022 before declining in subsequent years. The reduction in cash operating taxes despite the volatility in the provision for income taxes suggests differences between accounting for tax expenses and actual tax payments.
Invested Capital
Uber Technologies Inc., invested capital calculation (financing approach)
US$ in millions
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 Addition of capitalized operating leases.
2 Elimination of deferred taxes from assets and liabilities. See details »
3 Addition of allowance for doubtful accounts receivable.
4 Addition of restructuring and related charges accrual.
5 Addition of equity equivalents to total Uber Technologies, Inc. stockholders’ equity.
6 Removal of accumulated other comprehensive income.
7 Subtraction of construction in progress.
8 Subtraction of marketable securities.
- Total reported debt & leases
- The total reported debt and leases have exhibited a gradual increase from 9,603 million USD in 2020 to a peak of 11,702 million USD in 2023, followed by a slight reduction to 11,436 million USD in 2024. This trend indicates a relatively stable but elevated leverage position with a modest decrease in the most recent period.
- Total stockholders’ equity
- Stockholders’ equity showed significant fluctuations over the observed periods. It increased from 12,266 million USD in 2020 to 14,458 million USD in 2021, then sharply declined to 7,340 million USD in 2022. Subsequently, equity rebounded to 11,249 million USD in 2023 and surged strongly to 21,558 million USD in 2024. This volatility might reflect periods of significant capital restructuring, losses, or valuation adjustments followed by recovery and strengthening of the equity base.
- Invested capital
- Invested capital displayed a downward trend from 21,038 million USD in 2020 to 14,934 million USD in 2024. While there were minor fluctuations between 2021 and 2023, the overall trajectory indicates a reduction in the resources actively employed by the company over the five-year span.
Cost of Capital
Uber Technologies Inc., cost of capital calculations
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | ÷ | = | × | = | |||||||||
| Long-term debt and finance leases liabilities3 | ÷ | = | × | × (1 – 21.00%) | = | ||||||||
| Operating lease liability4 | ÷ | = | × | × (1 – 21.00%) | = | ||||||||
| Total: | |||||||||||||
Based on: 10-K (reporting date: 2024-12-31).
1 US$ in millions
2 Equity. See details »
3 Long-term debt and finance leases liabilities. See details »
4 Operating lease liability. See details »
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | ÷ | = | × | = | |||||||||
| Long-term debt and finance leases liabilities3 | ÷ | = | × | × (1 – 21.00%) | = | ||||||||
| Operating lease liability4 | ÷ | = | × | × (1 – 21.00%) | = | ||||||||
| Total: | |||||||||||||
Based on: 10-K (reporting date: 2023-12-31).
1 US$ in millions
2 Equity. See details »
3 Long-term debt and finance leases liabilities. See details »
4 Operating lease liability. See details »
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | ÷ | = | × | = | |||||||||
| Long-term debt and finance leases liabilities3 | ÷ | = | × | × (1 – 21.00%) | = | ||||||||
| Operating lease liability4 | ÷ | = | × | × (1 – 21.00%) | = | ||||||||
| Total: | |||||||||||||
Based on: 10-K (reporting date: 2022-12-31).
1 US$ in millions
2 Equity. See details »
3 Long-term debt and finance leases liabilities. See details »
4 Operating lease liability. See details »
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | ÷ | = | × | = | |||||||||
| Long-term debt and finance leases liabilities3 | ÷ | = | × | × (1 – 21.00%) | = | ||||||||
| Operating lease liability4 | ÷ | = | × | × (1 – 21.00%) | = | ||||||||
| Total: | |||||||||||||
Based on: 10-K (reporting date: 2021-12-31).
1 US$ in millions
2 Equity. See details »
3 Long-term debt and finance leases liabilities. See details »
4 Operating lease liability. See details »
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | ÷ | = | × | = | |||||||||
| Long-term debt and finance leases liabilities3 | ÷ | = | × | × (1 – 21.00%) | = | ||||||||
| Operating lease liability4 | ÷ | = | × | × (1 – 21.00%) | = | ||||||||
| Total: | |||||||||||||
Based on: 10-K (reporting date: 2020-12-31).
1 US$ in millions
2 Equity. See details »
3 Long-term debt and finance leases liabilities. See details »
4 Operating lease liability. See details »
Economic Spread Ratio
Uber Technologies Inc., economic spread ratio calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Economic profit1 | ||||||
| Invested capital2 | ||||||
| Performance Ratio | ||||||
| Economic spread ratio3 | ||||||
| Benchmarks | ||||||
| Economic Spread Ratio, Competitors4 | ||||||
| FedEx Corp. | ||||||
| Union Pacific Corp. | ||||||
| United Airlines Holdings Inc. | ||||||
| United Parcel Service Inc. | ||||||
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 Economic profit. See details »
2 Invested capital. See details »
3 2024 Calculation
Economic spread ratio = 100 × Economic profit ÷ Invested capital
= 100 × ÷ =
4 Click competitor name to see calculations.
The financial data reveals significant fluctuations in economic profit over the analyzed periods. Initially, the economic profit was deeply negative at -$10,309 million in 2020, reflecting substantial losses. This negative trend improved noticeably in 2021 to -$3,500 million but deteriorated sharply again in 2022 to -$11,863 million. In the subsequent years, the company demonstrated a marked turnaround with economic profit improving to -$393 million in 2023 and turning positive at $1,093 million by the end of 2024.
Invested capital shows a decreasing trend throughout the period. Starting at $21,038 million in 2020, it decreased to $16,078 million in 2021 and remained relatively stable around $16,340 million in 2022. Further declines are observed in 2023 and 2024, reaching $15,670 million and $14,934 million respectively. This reduction in invested capital may indicate asset disposals, efficiency improvements, or restructuring efforts aimed at optimizing capital allocation.
The economic spread ratio, which represents the economic profit relative to invested capital, follows a pattern consistent with the fluctuations in economic profit. The ratio was substantially negative in 2020 at -49%, reflecting poor returns on invested capital. It improved to -21.77% in 2021 but worsened significantly in 2022 to -72.6%, mirroring the sharp decline in economic profit. In 2023, the ratio approached breakeven at -2.51%, and in 2024, it turned positive at 7.32%, indicating that returns on invested capital became favorable and economic value was created.
Overall, the data suggests that the company faced considerable operational and financial challenges through 2022 but managed to execute a recovery strategy that improved profitability and capital efficiency significantly in the last two years of the period.
Economic Profit Margin
Uber Technologies Inc., economic profit margin calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Economic profit1 | ||||||
| Revenue | ||||||
| Performance Ratio | ||||||
| Economic profit margin2 | ||||||
| Benchmarks | ||||||
| Economic Profit Margin, Competitors3 | ||||||
| FedEx Corp. | ||||||
| Union Pacific Corp. | ||||||
| United Airlines Holdings Inc. | ||||||
| United Parcel Service Inc. | ||||||
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 Economic profit. See details »
2 2024 Calculation
Economic profit margin = 100 × Economic profit ÷ Revenue
= 100 × ÷ =
3 Click competitor name to see calculations.
- Revenue Trends
- The revenue displayed a consistent upward trajectory over the analyzed periods, increasing from 11,139 million USD in 2020 to 43,978 million USD in 2024. This represents a strong growth rate, more than quadrupling over five years. The increase in revenue suggests an expanding market presence or enhanced sales capacity.
- Economic Profit Patterns
- Economic profit showed significant fluctuations during the period. Starting from a substantial loss of 10,309 million USD in 2020, the loss decreased notably to 3,500 million USD in 2021, indicating some improvement in operational efficiency or cost management. However, in 2022, economic profit reverted to a larger negative figure of 11,863 million USD, reflecting challenges in sustaining profitability. Subsequently, in 2023, the loss narrowed sharply to 393 million USD, and by 2024, the company achieved a positive economic profit of 1,093 million USD. This progression signals a transition from persistent losses to profitability over the longer term.
- Economic Profit Margin Insights
- The economic profit margin mirrored the economic profit values, starting with a deeply negative margin of -92.55% in 2020. There was a marked improvement in 2021, with the margin increasing to -20.05%, though still reflecting unprofitability. The margin deteriorated again in 2022 to -37.22%, aligning with the increase in economic losses. Toward the end of the period, the margin improved significantly, reaching nearly breakeven at -1.06% in 2023 and turning positive to 2.49% in 2024. The positive margin in 2024 indicates that the company's profitability is improving relative to its revenue base.
- Summary
- Overall, the data depicts a strong revenue growth trend supported by gradual improvements in economic profit and economic profit margin after initial volatility. The company experienced substantial economic losses early in the period, which lessened over time and ultimately resulted in positive economic profit and margin by the final reported year. This pattern suggests enhanced operational efficiency, cost control, or strategic initiatives contributing to improved financial performance.