Uber Technologies Inc. (NYSE:UBER)

Net Fixed Asset Turnover

The net fixed asset turnover ratio shows a clear upward trend from the first observable data point at March 31, 2021, where it was 6.14. This ratio steadily increased each quarter, reaching 23.38 by March 31, 2025. This growth indicates improving efficiency in using fixed assets to generate revenue over the analyzed periods.

Net Fixed Asset Turnover Including Operating Lease, Right-of-Use Asset

This adjusted measure also demonstrates a significant and consistent increase. Starting at 3.61 in March 31, 2021, it rose to 14.62 by March 31, 2025. The trajectory mirrors the net fixed asset turnover ratio, suggesting enhanced asset utilization when including leased assets, reflecting the company's operational adaptation to leasing impacts over time.

Total Asset Turnover

The total asset turnover ratio presents initial growth from 0.33 in March 31, 2021, peaking at 1.04 in March 31, 2023. However, subsequent values reveal a slight decline and stabilization around the 0.86 to 0.97 range from late 2023 through early 2025. This pattern reflects initial improvements in asset utilization efficiency followed by a plateau, indicating challenges in maintaining momentum in turning over all assets.

Equity Turnover

The equity turnover ratio shows a pronounced increase, particularly between March 31, 2021, when it was 1.21, and June 30, 2022, when it surged to 4.65. After peaking in late 2022 and early 2023 (approximately 4.5), the ratio gradually decreased to around 2 by early 2025. This suggests a phase of high utilization of equity in generating sales followed by a moderation, possibly reflecting changes in equity base size or revenue growth rates.

The financial data reveals several notable trends over the observed periods.

Revenue

Revenue demonstrates a consistent upward trajectory from March 31, 2020, through the first quarter of 2025, with only minor fluctuations. Initial values start at $3,248 million in early 2020, dip in the second quarter of 2020 likely due to external factors, then steadily increase each quarter, reaching a peak of $11,959 million by the end of 2024. A slight decrease is observable in the first quarter of 2025, declining to $11,533 million. Overall, this indicates significant growth in the company's top line over the period, more than tripling its revenue from the start to near the end of the timeframe.

Property and Equipment, Net

The net value of property and equipment maintains relative stability across the periods, ranging from a low of $1,757 million in early 2021 to a high of $2,142 million in early 2023. Minor fluctuations occur but no dramatic increases or decreases are seen, suggesting limited expansion or contraction in fixed assets. The value shows a slight decreasing trend from 2023 onward, descending steadily to $1,941 million in the first quarter of 2025. This pattern may reflect careful asset management or depreciation patterns balancing limited new asset investments.

Net Fixed Asset Turnover Ratio

This ratio shows a pronounced and steady increase across the periods from its initial recording in late 2020 at 6.14 times to 23.38 times by the first quarter of 2025. Such a trend indicates improved efficiency in using net fixed assets to generate revenue. The sizeable increase implies that revenue growth is substantially outpacing investments in property and equipment, enhancing asset utilization over time.

In summary, the data suggests strong revenue growth accompanied by stable investment in fixed assets. The marked increase in net fixed asset turnover confirms improving operational efficiency, indicating that the company has effectively leveraged its fixed resources to sustain and accelerate revenue expansion. The slight revenue dip and moderate asset value reduction in early 2025 may warrant further observation to determine if these represent short-term anomalies or emerging shifts in business conditions.

Revenue Trends

The revenue exhibited notable fluctuations initially, decreasing from 3,248 million USD in March 2020 to a low point of 1,913 million USD in June 2020, likely reflecting significant external factors impacting the business. Subsequently, there was a steady and consistent increase in revenue across most quarters, rising from 2,813 million USD in September 2020 to a peak of 11,959 million USD in December 2024. In the most recent quarter ending March 2025, there is a slight decline to 11,533 million USD, which could suggest a softening in demand or other operational challenges.

Property and Equipment (Net)

The net value of property and equipment showed a gradual downward trend over the observed periods. Starting at 3,440 million USD in March 2020, there was a slow but steady decline to 3,103 million USD in March 2025. This decrease may reflect ongoing depreciation, asset disposals, or limited capital expenditure relative to asset retirement and obsolescence. The figures remained relatively stable with minor fluctuations but did not show any significant investments or asset growth to offset depreciation.

Net Fixed Asset Turnover Ratio

The net fixed asset turnover ratio demonstrated a strong and consistent upward trend, indicating improving efficiency in utilizing fixed assets to generate revenue. Starting from 3.61 in September 2020, the ratio climbed steadily each quarter, reaching 14.62 by March 2025. This increase suggests that the company has been increasingly effective in leveraging its fixed asset base to produce revenue, reflecting operational improvements or favorable market conditions. The significant rise in turnover ratio despite a declining asset base underlines enhanced asset productivity.

Overall Analysis

The observed financial data reflect a company undergoing a recovery and growth phase in terms of revenue generation following an early period of downturn. The steady increase in revenue coupled with a declining asset base points towards improved operational efficiency, as confirmed by the increasing net fixed asset turnover ratio. The company appears to be managing its asset base prudently while expanding its revenue streams, though the slight revenue dip in the latest quarter warrants monitoring to assess if it signals a temporary adjustment or a developing trend.

The revenue exhibited notable fluctuations over the observed periods, beginning with a significant decline in mid-2020, followed by a steady and sustained growth trend. After reaching a low point in June 2020, revenue increased consistently through the end of 2024, peaking in December 2024 before slightly decreasing in the subsequent quarter. This pattern suggests a recovery phase followed by expansion, potentially reflecting market or operational improvements.

Total assets demonstrated a decline from early to late 2020, dropping from above 30 billion USD to just above 31 billion USD. From early 2021 onward, total assets generally increased with some minor fluctuations, culminating in a substantial rise to over 52 billion USD by the first quarter of 2025. This long-term upward trajectory indicates investment growth or asset accumulation across the period after an initial contraction.

The total asset turnover ratio, which measures revenue generated per unit of asset, was not available in the earliest periods but shows a clear rising trend starting in late 2020. It began at a low value around 0.33 and increased steadily, peaking around 1.04 in early 2023. Subsequently, a slight decline followed, stabilizing near 0.86 toward the end of the series. This trend points to improving efficiency in the utilization of assets to generate revenue until early 2023, after which efficiency moderated but remained relatively high compared to initial levels.

Revenue Trends

The initial notable decrease in revenue during the first half of 2020 aligns with external market stresses, followed by a sustained recovery and growth phase extending through to 2024. The peak in late 2024 suggests strong operational performance with minor volatility in the trailing period.

Total Assets Dynamics

An initial contraction in asset base through 2020 was reversed in 2021, with a steady increase through 2024, signaling asset expansion or acquisitions. The end of the timeline shows a significant accumulation of assets indicating robust capital investment or balance sheet growth.

Asset Turnover Efficiency

The improving asset turnover ratio from late 2020 through early 2023 reflects enhanced revenue generation capacity relative to asset size, signifying operational efficiency improvement. The slight decrease and subsequent stabilization suggest a maturation in asset utilization efficiency, still maintaining relatively high levels compared to the start of the period assessed.

The revenue demonstrates a general upward trend over the observed periods, with some volatility noted in the earlier quarters. Starting at $3,248 million in March 2020, revenue declines sharply to $1,913 million in June 2020, likely due to external or economic factors impacting the business. Subsequently, there is a recovery and steady increase, reaching a peak of $11,959 million in December 2024 before a slight decline to $11,533 million in March 2025. This trajectory indicates strong overall growth with seasonal or periodic fluctuations.

Total stockholders' equity for the entity shows considerable fluctuation across the timeline. Initially at $11,342 million in March 2020, it decreases to a low point of $6,247 million in September 2022, reflecting potential losses, dividends, share buybacks, or other equity-reducing events. Following this trough, equity rebounds substantially, surging to $21,975 million by March 2025. This upward movement suggests renewed investor confidence or capital inflows, which strengthens the company’s financial base.

The equity turnover ratio evolves significantly, starting from a lower range in 2020 and increasing sharply in subsequent years, peaking at 4.65 in December 2022. This heightened level implies increased revenue generation relative to equity, signaling improved operational efficiency and asset utilization during this period. Post peak, the ratio shows a gradual decline to around 2.04-2.07 by early 2025, indicating a moderation in the pace of revenue growth relative to the equity base expansion.

Overall, the data reveals a company experiencing initial setbacks likely tied to external disruptions, followed by robust recovery and growth in revenues and equity. The fluctuations in equity turnover suggest periods of operational adjustments and efficiency optimization. The strong equity growth in later periods supports sustainable business expansion and financial strengthening.

Revenue

Initial decline due to external pressures, followed by steady growth and reaching record highs before a minor slowdown.

Total Stockholders’ Equity

Marked by volatility with a significant low in late 2022, then substantial recovery and overall growth through 2025.

Equity Turnover

Increasing efficiency and utilization of equity up to late 2022, followed by a slight decline indicating normalizing operational pace.