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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Uber Technologies Inc. pages available for free this week:
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Price to Operating Profit (P/OP) since 2019
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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 metrics indicate notable fluctuations over the analyzed periods. The Net Operating Profit After Taxes (NOPAT) reflects a significant recovery trend. Initially, the company experienced substantial negative NOPAT values in 2020 and 2022, with a sharp decline in 2022 reaching the lowest point. However, from 2023 onwards, the NOPAT turned positive and continued to increase appreciably through 2024, suggesting improved operational efficiency and profitability.
The cost of capital remained relatively stable throughout the period, fluctuating mildly within the range of approximately 16.7% to 17.9%. This consistency implies a stable risk profile and financing environment for the company.
Invested capital shows a declining trend. Starting at over 21 billion US dollars in 2020, the invested capital decreased steadily to below 15 billion US dollars by the end of 2024. This reduction might indicate divestment activities, asset disposals, or more efficient capital management strategies aimed at optimizing the capital base.
The economic profit mirrors the NOPAT trend but with even more pronounced negative values in 2020 and 2022. Economic profit reached a notable low point in 2022, followed by a strong rebound, turning positive in 2024. The improvement in economic profit signifies that the company began generating returns above its cost of capital in the latter periods, highlighting value creation after a prolonged phase of economic losses.
- Summary of Key Trends:
- - Substantial operational losses characterized the earlier years, with recovery commencing in 2023.
- - Cost of capital remained relatively stable, suggesting a steady external financing environment.
- - Invested capital declined consistently, potentially reflecting strategic capital management or asset optimization.
- - Economic profit improved markedly, indicating a shift from value erosion to value creation by 2024.
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.
- Economic Profit
- The economic profit showed significant fluctuations over the analyzed period. It initially stood at a substantial negative value of -10,321 million US dollars in 2020, improved markedly to -3,509 million US dollars in 2021, but then deteriorated sharply to -11,872 million US dollars in 2022. Following this, the metric exhibited a strong recovery with a minimal negative value of -403 million US dollars in 2023, culminating in a positive economic profit of 1,084 million US dollars in 2024. This pattern indicates volatility in the company’s ability to generate returns above its cost of capital, with a notable improvement in the most recent years.
- Invested Capital
- Invested capital demonstrated a declining trend throughout the period. The highest capital input was recorded in 2020 with 21,038 million US dollars, which decreased to 16,078 million US dollars in 2021. Subsequent years saw a slight increase in 2022 to 16,340 million US dollars, followed by a steady decrease to 15,670 million US dollars in 2023 and further down to 14,934 million US dollars in 2024. This reduction in invested capital suggests a contraction in the asset base or capital deployment over time.
- Economic Spread Ratio
- The economic spread ratio, indicating the return above the cost of invested capital expressed as a percentage, mirrored the fluctuations seen in economic profit. It was deeply negative at -49.06% in 2020, improved significantly to -21.82% in 2021, but then plunged to an even more negative -72.66% in 2022. The ratio rebounded sharply to near breakeven at -2.57% in 2023 and finally turned positive to 7.26% in 2024. This trend is indicative of the company moving from substantial economic losses toward generating positive economic value in the most recent year.
- Overall Assessment
- Across the observed period, the company experienced pronounced volatility in its economic profitability metrics, with severe losses in the earlier years and a strong recovery culminating in positive economic profit and spread by 2024. Concurrently, invested capital consistently decreased, which may have influenced the improving economic spread ratio by lowering the capital base against which returns are measured. This combination of declining invested capital and recovering economic profit suggests strategic adjustments aimed at enhancing capital efficiency and profitability over time.
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.
The financial data reveals several significant trends and insights across the analyzed period.
- Revenue Trends
- Revenue shows a strong and consistent upward trajectory over the five years. Starting at 11,139 million USD at the end of 2020, it rises markedly each year to reach 43,978 million USD by the end of 2024. This represents nearly a fourfold increase, indicating significant top-line growth.
- Economic Profit
- Economic profit demonstrates a volatile and unstable pattern. Initially, there is a substantial loss of 10,321 million USD in 2020, which improves significantly in 2021 to a loss of 3,509 million USD. However, this improvement is not sustained as economic profit worsens again in 2022, reaching a larger loss of 11,872 million USD. Subsequently, there is a remarkable recovery in 2023 and 2024, with the company moving close to break-even in 2023 at a loss of 403 million USD and achieving a positive economic profit of 1,084 million USD in 2024.
- Economic Profit Margin
- The economic profit margin reflects the trends seen in economic profit, displaying large negative margins early on and improving over time. From a very negative margin of -92.66% in 2020, the company reduces its losses to -20.1% in 2021, followed by a setback to -37.24% in 2022. A sharp recovery is evident in 2023, with the margin narrowing to -1.08%, and finally turning positive at 2.47% by the end of 2024. This progression suggests a gradual improvement in the company's ability to generate economic profit relative to its revenue.
Overall, the data indicates that while revenue grew substantially each year, economic profit experienced significant fluctuations before stabilizing and turning positive in the most recent year. The improving economic profit margin suggests enhanced operational efficiency or cost management, which is an encouraging sign of increasing financial health and value creation over the period analyzed.