Common Stock Valuation Ratios (Price Multiples)
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
Current Valuation Ratios
Uber Technologies Inc., current price multiples
| Uber Technologies Inc. | FedEx Corp. | Union Pacific Corp. | United Airlines Holdings Inc. | United Parcel Service Inc. | Transportation | Industrials | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||||||
| Current share price (P) | $72.97 | |||||||||
| No. shares of common stock outstanding | 2,058,115,983 | |||||||||
| Growth rate (g) | 8.47% | |||||||||
| Earnings per share (EPS) | $4.88 | |||||||||
| Next year expected EPS | $5.30 | |||||||||
| Operating profit per share | $2.70 | |||||||||
| Sales per share | $25.27 | |||||||||
| Book value per share (BVPS) | $13.14 | |||||||||
| Valuation Ratios (Price Multiples) | ||||||||||
| Price to earnings (P/E) | 14.94 | 20.29 | 20.29 | 8.35 | 14.92 | 16.19 | 28.53 | |||
| Price to next year expected earnings | 13.77 | 18.21 | 16.33 | 7.53 | 13.01 | 13.92 | 25.96 | |||
| Price-earnings-growth (PEG) | 1.76 | 1.78 | 0.84 | 0.77 | 1.02 | 0.99 | 2.88 | |||
| Price to operating profit (P/OP) | 26.99 | 15.92 | 14.71 | 5.94 | 10.57 | 14.73 | 22.91 | |||
| Price to sales (P/S) | 2.89 | 0.94 | 5.91 | 0.47 | 0.94 | 1.57 | 2.72 | |||
| Price to book value (P/BV) | 5.55 | 2.96 | 7.84 | 1.83 | 5.12 | 4.65 | 7.83 | |||
Based on: 10-K (reporting date: 2025-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
Uber Technologies Inc., historical price multiples
Based on: 10-K (reporting date: 2025-12-31), 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).
The valuation ratios exhibit considerable fluctuation over the observed period. Initially, several ratios are unavailable for 2021 and 2022, suggesting the company may have been unprofitable or undergoing significant changes during those years. A clear trend towards decreasing valuation multiples emerges from 2023 through 2025, indicating a potential shift in investor sentiment or improved financial performance.
- Price to Earnings (P/E)
- The Price to Earnings ratio is not available for 2021 and 2022. It appears in 2023 at a high value of 89.56, then declines substantially to 16.83 in 2024 and further to 14.33 in 2025. This significant decrease suggests a considerable improvement in earnings relative to the stock price, or a decrease in investor willingness to pay a premium for each dollar of earnings.
- Price to Operating Profit (P/OP)
- Similar to the P/E ratio, the Price to Operating Profit ratio is absent for 2021 and 2022. In 2023, it registers at 152.26, representing a very high valuation relative to operating profit. This ratio then decreases markedly to 59.27 in 2024 and continues to decline to 25.88 in 2025. The trend mirrors that of the P/E ratio, indicating improving profitability or changing market perception of the company’s operational efficiency.
- Price to Sales (P/S)
- The Price to Sales ratio begins at 3.90 in 2021, decreases to 2.16 in 2022, and then increases to 4.53 in 2023. It subsequently declines to 3.77 in 2024 and further to 2.77 in 2025. While exhibiting some volatility, the ratio demonstrates an overall downward trend from 2021 to 2025, suggesting the stock price is becoming more aligned with revenue generation.
- Price to Book Value (P/BV)
- The Price to Book Value ratio shows a consistent increase from 4.71 in 2021 to a peak of 15.02 in 2023. Following this, the ratio decreases to 7.70 in 2024 and continues to decline to 5.33 in 2025. This pattern suggests that the market initially placed a higher premium on the company’s net asset value, but this premium diminished in the later years of the period.
Collectively, the ratios suggest a period of high valuation followed by a convergence towards lower multiples. This could be attributed to factors such as increased profitability, improved market confidence, or a broader market correction. The consistent decline in price multiples from 2023 to 2025 warrants further investigation to determine the underlying drivers of this trend.
Price to Earnings (P/E)
Uber Technologies Inc., historical P/E calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 2,058,115,983 | 2,089,008,865 | 2,076,497,400 | 2,009,907,175 | 1,954,464,088 | |
| Selected Financial Data (US$) | ||||||
| Net income (loss) attributable to Uber Technologies, Inc. (in millions) | 10,053) | 9,856) | 1,887) | (9,141) | (496) | |
| Earnings per share (EPS)2 | 4.88 | 4.72 | 0.91 | -4.55 | -0.25 | |
| Share price1, 3 | 69.99 | 79.42 | 81.39 | 34.20 | 34.87 | |
| Valuation Ratio | ||||||
| P/E ratio4 | 14.33 | 16.83 | 89.56 | — | — | |
| Benchmarks | ||||||
| P/E Ratio, Competitors5 | ||||||
| FedEx Corp. | 13.01 | 17.21 | 16.11 | 14.80 | 15.07 | |
| Union Pacific Corp. | 21.00 | 21.68 | 23.85 | 17.97 | 23.67 | |
| United Airlines Holdings Inc. | 10.54 | 9.58 | 5.70 | 21.74 | — | |
| United Parcel Service Inc. | 17.60 | 17.05 | 18.89 | 13.27 | 14.11 | |
| P/E Ratio, Sector | ||||||
| Transportation | 15.91 | 17.26 | 24.43 | 30.10 | 22.48 | |
| P/E Ratio, Industry | ||||||
| Industrials | 29.14 | 28.42 | 24.85 | 36.06 | 35.59 | |
Based on: 10-K (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
EPS = Net income (loss) attributable to Uber Technologies, Inc. ÷ No. shares of common stock outstanding
= 10,053,000,000 ÷ 2,058,115,983 = 4.88
3 Closing price as at the filing date of Uber Technologies Inc. Annual Report.
4 2025 Calculation
P/E ratio = Share price ÷ EPS
= 69.99 ÷ 4.88 = 14.33
5 Click competitor name to see calculations.
The price to earnings (P/E) ratio exhibits a significant trajectory over the observed period. Initially unavailable for 2021 and 2022, the P/E ratio emerges in 2023 and subsequently declines through 2025. This evolution is closely linked to the fluctuations in both share price and earnings per share (EPS).
- P/E Ratio Trend
- The P/E ratio begins at 89.56 in 2023, indicating a relatively high valuation compared to earnings. This value decreases substantially to 16.83 in 2024 and continues to decline to 14.33 in 2025. This downward trend suggests a decreasing premium investors are willing to pay for each dollar of earnings, or potentially, increasing investor confidence in future earnings growth relative to the share price.
- Share Price and EPS Relationship
- The share price demonstrates an initial decline from 34.87 in 2021 to 34.20 in 2022, followed by a substantial increase to 81.39 in 2023. It then experiences a moderate decrease to 79.42 in 2024 and a further decline to 69.99 in 2025. This price movement is mirrored by the EPS, which transitions from negative values in 2021 and 2022 to positive values in subsequent years. The increase in EPS from 0.91 in 2023 to 4.72 in 2024, and then to 4.88 in 2025, likely contributes to the decreasing P/E ratio, as the denominator of the ratio grows while the numerator remains relatively stable or declines slightly.
- Earnings Impact
- The shift from negative EPS in 2021 and 2022 to positive EPS in 2023 is a critical factor. The absence of earnings during those earlier periods renders the P/E ratio undefined. The subsequent positive earnings establish a baseline for valuation, and the growth in EPS from 2023 to 2025 suggests improving profitability. The relatively small increase in EPS from 2024 to 2025, coupled with a decrease in share price, is the primary driver of the P/E ratio’s decline during that period.
In summary, the observed changes in the P/E ratio reflect a transition from a period of losses to one of profitability, coupled with evolving investor sentiment regarding the company’s valuation. The decreasing P/E ratio suggests that the market is assigning a lower premium for each dollar of earnings over time, potentially due to increasing confidence in future earnings or a reassessment of the company’s growth prospects.
Price to Operating Profit (P/OP)
Uber Technologies Inc., historical P/OP calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 2,058,115,983 | 2,089,008,865 | 2,076,497,400 | 2,009,907,175 | 1,954,464,088 | |
| Selected Financial Data (US$) | ||||||
| Income (loss) from operations (in millions) | 5,565) | 2,799) | 1,110) | (1,832) | (3,834) | |
| Operating profit per share2 | 2.70 | 1.34 | 0.53 | -0.91 | -1.96 | |
| Share price1, 3 | 69.99 | 79.42 | 81.39 | 34.20 | 34.87 | |
| Valuation Ratio | ||||||
| P/OP ratio4 | 25.88 | 59.27 | 152.26 | — | — | |
| Benchmarks | ||||||
| P/OP Ratio, Competitors5 | ||||||
| FedEx Corp. | 10.21 | 13.40 | 13.03 | 9.07 | 13.46 | |
| Union Pacific Corp. | 15.22 | 15.06 | 16.75 | 12.68 | 16.53 | |
| United Airlines Holdings Inc. | 7.50 | 5.92 | 3.54 | 6.86 | — | |
| United Parcel Service Inc. | 12.47 | 11.64 | 13.86 | 11.70 | 14.20 | |
| P/OP Ratio, Sector | ||||||
| Transportation | 14.47 | 16.29 | 18.51 | 14.13 | 21.54 | |
| P/OP Ratio, Industry | ||||||
| Industrials | 23.41 | 23.03 | 20.78 | 19.86 | 22.38 | |
Based on: 10-K (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
Operating profit per share = Income (loss) from operations ÷ No. shares of common stock outstanding
= 5,565,000,000 ÷ 2,058,115,983 = 2.70
3 Closing price as at the filing date of Uber Technologies Inc. Annual Report.
4 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 69.99 ÷ 2.70 = 25.88
5 Click competitor name to see calculations.
The price to operating profit (P/OP) ratio exhibits a significant shift over the observed period. Initially unavailable for 2021 and 2022, the ratio emerges in 2023 and subsequently declines through 2025. This movement correlates with changes in both share price and operating profit per share.
- P/OP Ratio Trend
- The P/OP ratio begins at 152.26 in 2023, indicating a very high valuation relative to operating profit per share. A substantial decrease is then observed in 2024, with the ratio falling to 59.27. This downward trend continues into 2025, with the P/OP ratio reaching 25.88. This suggests a decreasing premium investors are willing to pay for each dollar of operating profit.
- Share Price and Operating Profit Correlation
- The share price increased substantially from 34.20 in 2022 to 81.39 in 2023, contributing to the high initial P/OP ratio. While the share price decreased slightly in 2024 and more noticeably in 2025, operating profit per share increased consistently from 0.53 in 2023 to 2.70 in 2025. This growth in operating profit per share is the primary driver of the declining P/OP ratio, as the numerator (share price) did not increase at the same rate as the denominator (operating profit per share).
The decreasing P/OP ratio suggests that the market’s valuation of the company’s operating profitability has become more moderate over the period. The initial high ratio may have reflected expectations of future growth, while the subsequent decline could indicate increasing confidence in the company’s ability to generate profits, leading to a more reasonable valuation.
- Ratio Implications
- A lower P/OP ratio generally suggests a more attractive valuation, assuming consistent operating profitability. However, interpretation requires consideration of industry peers and broader market conditions. The substantial initial value in 2023 warrants further investigation into the factors driving that premium.
Price to Sales (P/S)
Uber Technologies Inc., historical P/S calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 2,058,115,983 | 2,089,008,865 | 2,076,497,400 | 2,009,907,175 | 1,954,464,088 | |
| Selected Financial Data (US$) | ||||||
| Revenue (in millions) | 52,017) | 43,978) | 37,281) | 31,877) | 17,455) | |
| Sales per share2 | 25.27 | 21.05 | 17.95 | 15.86 | 8.93 | |
| Share price1, 3 | 69.99 | 79.42 | 81.39 | 34.20 | 34.87 | |
| Valuation Ratio | ||||||
| P/S ratio4 | 2.77 | 3.77 | 4.53 | 2.16 | 3.90 | |
| Benchmarks | ||||||
| P/S Ratio, Competitors5 | ||||||
| FedEx Corp. | 0.61 | 0.85 | 0.71 | 0.61 | 0.94 | |
| Union Pacific Corp. | 6.12 | 6.03 | 6.31 | 5.05 | 7.08 | |
| United Airlines Holdings Inc. | 0.60 | 0.53 | 0.28 | 0.36 | 0.63 | |
| United Parcel Service Inc. | 1.11 | 1.08 | 1.39 | 1.53 | 1.87 | |
| P/S Ratio, Sector | ||||||
| Transportation | 1.54 | 1.70 | 1.78 | 1.42 | 2.03 | |
| P/S Ratio, Industry | ||||||
| Industrials | 2.78 | 2.29 | 2.06 | 1.80 | 2.07 | |
Based on: 10-K (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
Sales per share = Revenue ÷ No. shares of common stock outstanding
= 52,017,000,000 ÷ 2,058,115,983 = 25.27
3 Closing price as at the filing date of Uber Technologies Inc. Annual Report.
4 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= 69.99 ÷ 25.27 = 2.77
5 Click competitor name to see calculations.
The price to sales ratio exhibited considerable fluctuation over the five-year period. Initially, the ratio decreased significantly before increasing and then stabilizing. Share price and sales per share both demonstrated upward trajectories, though not consistently, influencing the observed ratio movements.
- Price to Sales Ratio
- The price to sales ratio began at 3.90 in 2021. A substantial decrease was noted in 2022, falling to 2.16. The ratio then increased to 4.53 in 2023, followed by a slight decline to 3.77 in 2024. Finally, the ratio decreased again in 2025, reaching 2.77. This suggests periods of both increased investor confidence relative to sales and decreased confidence, or shifts in market perception of future growth.
- Share Price
- The share price experienced a minor decrease from US$34.87 in 2021 to US$34.20 in 2022. A significant increase was then observed, with the share price reaching US$81.39 in 2023. It decreased slightly to US$79.42 in 2024, and further decreased to US$69.99 in 2025. This indicates a period of substantial growth followed by a leveling off and subsequent decline.
- Sales per Share
- Sales per share consistently increased throughout the period. Starting at US$8.93 in 2021, it rose to US$15.86 in 2022, then to US$17.95 in 2023. Continued growth was observed in 2024, reaching US$21.05, and further increasing to US$25.27 in 2025. This consistent growth in sales per share suggests improving revenue generation relative to the number of outstanding shares.
The interplay between the share price and sales per share is evident in the price to sales ratio. The initial decrease in the ratio in 2022 coincided with a larger percentage increase in sales per share than in share price. The subsequent increase in the ratio in 2023 was driven by a more substantial increase in share price relative to sales per share. The later stabilization and decline in the ratio reflect a more balanced relationship between these two variables.
Price to Book Value (P/BV)
Uber Technologies Inc., historical P/BV calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 2,058,115,983 | 2,089,008,865 | 2,076,497,400 | 2,009,907,175 | 1,954,464,088 | |
| Selected Financial Data (US$) | ||||||
| Total Uber Technologies, Inc. stockholders’ equity (in millions) | 27,041) | 21,558) | 11,249) | 7,340) | 14,458) | |
| Book value per share (BVPS)2 | 13.14 | 10.32 | 5.42 | 3.65 | 7.40 | |
| Share price1, 3 | 69.99 | 79.42 | 81.39 | 34.20 | 34.87 | |
| Valuation Ratio | ||||||
| P/BV ratio4 | 5.33 | 7.70 | 15.02 | 9.36 | 4.71 | |
| Benchmarks | ||||||
| P/BV Ratio, Competitors5 | ||||||
| FedEx Corp. | 1.90 | 2.70 | 2.45 | 2.27 | 3.26 | |
| Union Pacific Corp. | 8.12 | 8.66 | 10.29 | 10.34 | 10.90 | |
| United Airlines Holdings Inc. | 2.31 | 2.38 | 1.60 | 2.32 | 3.06 | |
| United Parcel Service Inc. | 6.04 | 5.90 | 7.32 | 7.75 | 12.76 | |
| P/BV Ratio, Sector | ||||||
| Transportation | 4.57 | 5.40 | 6.69 | 5.91 | 6.92 | |
| P/BV Ratio, Industry | ||||||
| Industrials | 8.00 | 6.68 | 6.85 | 5.50 | 5.44 | |
Based on: 10-K (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
BVPS = Total Uber Technologies, Inc. stockholders’ equity ÷ No. shares of common stock outstanding
= 27,041,000,000 ÷ 2,058,115,983 = 13.14
3 Closing price as at the filing date of Uber Technologies Inc. Annual Report.
4 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= 69.99 ÷ 13.14 = 5.33
5 Click competitor name to see calculations.
The price to book value ratio exhibits considerable fluctuation over the observed period. Initially, the ratio increased significantly before declining towards the end of the period. This movement is driven by changes in both share price and book value per share.
- Price to Book Value (P/BV) Trend
- The P/BV ratio began at 4.71 in 2021, increased substantially to 9.36 in 2022, and peaked at 15.02 in 2023. A subsequent decrease was observed in 2024, with the ratio falling to 7.70. This downward trend continued into 2025, with the P/BV ratio reaching 5.33.
- Share Price Influence
- The share price demonstrated an initial decline from 34.87 in 2021 to 34.20 in 2022, followed by a significant increase to 81.39 in 2023. A slight decrease to 79.42 occurred in 2024, and a more pronounced decline to 69.99 was recorded in 2025. These price movements directly impacted the P/BV ratio, particularly contributing to the increases observed in 2022 and 2023.
- Book Value per Share (BVPS) Influence
- Book value per share experienced a decrease from 7.40 in 2021 to 3.65 in 2022. It then began to recover, rising to 5.42 in 2023, 10.32 in 2024, and further to 13.14 in 2025. The increasing BVPS in the later years partially offset the impact of the declining share price on the P/BV ratio, contributing to the observed moderation in the ratio’s decline.
The combined effect of share price and book value per share movements resulted in a dynamic P/BV ratio. The initial increase suggests a growing investor confidence relative to the company’s net asset value, while the subsequent decline indicates a potential reassessment of that valuation or a faster growth in book value compared to market expectations.