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:
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Debt to Equity since 2019
- Price to Earnings (P/E) since 2019
- Price to Book Value (P/BV) since 2019
- Aggregate Accruals
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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
= – × =
- Net Operating Profit After Taxes (NOPAT)
- The company's NOPAT exhibited significant fluctuations over the analyzed period. It started with a substantial negative value of -6617 million USD at the end of 2020, improved sharply to -819 million USD in 2021, but then worsened drastically to -9117 million USD in 2022. Notably, there was a marked recovery in 2023 and 2024, with NOPAT turning positive at 2401 million USD and then increasing further to 3752 million USD. This indicates a turnaround from consistent losses to profitability in the most recent years.
- Cost of Capital
- The cost of capital remained relatively stable, fluctuating mildly around the high teens percentage range. It ranged from 16.73% to 17.89% during the period, showing a slight upward trend particularly in 2023. The marginal increase might reflect changes in market conditions or shifts in the company’s risk profile.
- Invested Capital
- Invested capital decreased steadily from 21038 million USD at the end of 2020 to 14934 million USD by the end of 2024. This reduction suggests a contraction in the company's capital base, potentially due to asset divestitures, operational efficiencies, or strategic reallocation of resources.
- Economic Profit
- Economic profit, which accounts for the cost of capital, showed negative values in the first four years, with the most severe loss occurring in 2022 at -11871 million USD. The negative economic profit indicates the company was not generating returns above its capital costs during this period. However, a significant improvement is evident in 2023 and 2024, as economic profit improved substantially to -402 million USD and then turned positive at 1085 million USD. This turnaround aligns with the improvements in NOPAT and suggests the company began creating value for shareholders in the last two years.
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 economic profit of the company has displayed significant volatility over the observed five-year period. Initially, the company experienced a substantial negative economic profit, reaching its lowest point in 2022. However, by 2023, economic profit improved markedly, turning positive in 2024, indicating a shift toward value creation.
Invested capital has gradually decreased over the same period, moving from a high in 2020 to a lower level by 2024. This reduction suggests either divestment, asset optimization, or operational restructuring aimed at utilizing capital more efficiently.
The economic spread ratio mirrors the patterns seen in economic profit. Starting with a notable negative spread in 2020, it improved progressively and shifted to a positive spread percentage by 2024. This trend reveals an enhancement in the returns generated on invested capital relative to the cost of that capital, ultimately contributing to the positive economic profit.
- Economic Profit
- Displayed a generally negative trend from 2020 through 2022, with the highest loss in 2022. Significant improvement occurred in 2023, resulting in positive economic profit by 2024.
- Invested Capital
- Consistently declined over the period, reflecting reduced capital employed in the business.
- Economic Spread Ratio
- Exhibited considerable fluctuations but transitioned from substantial negative values to a positive spread by 2024, indicating improved profitability relative to invested capital.
Overall, the financial indicators suggest a recovery phase beginning in 2023, with increased efficiency and profitability despite a contraction in the invested capital base. This could imply strategic measures focused on enhancing value creation and optimizing capital usage.
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 shows a consistent and substantial increase over the analyzed period. Starting from 11,139 million USD in 2020, it rose to 17,455 million USD in 2021, followed by a sharp increase to 31,877 million USD in 2022. This upward trajectory continued with revenue reaching 37,281 million USD in 2023 and further increasing to 43,978 million USD in 2024, indicating strong growth momentum in the company's top-line performance.
- Economic Profit Trends
- The economic profit exhibited considerable fluctuations with a general trend toward improvement. In 2020, the economic profit was significantly negative at -10,320 million USD. It improved notably in 2021 to -3,508 million USD but deteriorated again in 2022 to -11,871 million USD. The profit then improved drastically in 2023 to a marginal negative value of -402 million USD, followed by a positive economic profit of 1,085 million USD in 2024. This shift to positive economic profit in the final year reflects a positive change in value creation.
- Economic Profit Margin Trends
- The economic profit margin follows a similar pattern to the economic profit, representing the ratio of economic profit to revenue. It started at a deeply negative margin of -92.65% in 2020, improving substantially to -20.1% in 2021. The margin then worsened in 2022 to -37.24%, signaling a less efficient period despite increasing revenue. However, in 2023, the margin improved significantly to -1.08% and became positive at 2.47% in 2024. This positive margin indicates that the company not only increased revenue but also enhanced profitability relative to its economic capital.
- Overall Summary
- The financial data reveals a pattern of rapid revenue growth accompanied by volatile but improving economic profitability. The pronounced shift towards positive economic profit and margin in 2024 demonstrates a turning point where the company moves from value destruction toward value creation. Nonetheless, the historical fluctuations in economic profit suggest that the company has faced challenges in balancing revenue growth with cost efficiency and capital utilization throughout the period.