Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
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).
Historical Valuation Ratios (Summary)
Uber Technologies Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
A comprehensive shift in valuation dynamics is evident over the observed period, characterized by a transition from high-growth speculative multiples to ratios more aligned with established profitability. The most significant trends are observed in the earnings and operating profit multiples, which contracted sharply as the company moved toward a more sustainable earnings profile.
- Price to Earnings (P/E) Ratio
- A substantial contraction is observed in the P/E ratio, which first appeared in late 2023 at 97.47. This figure declined precipitously to 16.83 by December 31, 2024. From March 31, 2024, through June 30, 2026, the ratio stabilized within a range of 11.82 to 18.87, indicating that market valuation has transitioned from pricing in future potential to reflecting actualized net income.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio exhibits a consistent and steep downward trajectory. Starting at a peak of 325.09 in September 30, 2023, the ratio fell steadily to 20.79 by June 30, 2026. This trend suggests a significant improvement in operating efficiency and a growth in operating profit that has outpaced the growth of the company's market capitalization.
- Price to Sales (P/S) Ratio
- Revenue multiples showed moderate volatility, with a gradual increase from 2.46 in March 31, 2022, to a peak of 4.53 in December 31, 2023. Following this peak, the P/S ratio corrected and fluctuated between 2.52 and 3.97 through mid-2026. This pattern reflects a period of heightened market optimism regarding revenue growth followed by a return to more conservative valuation levels.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio experienced an upward trend in the first half of the period, rising from 5.91 in March 31, 2022, to a maximum of 15.02 in December 31, 2023. Subsequent to this peak, a steady decline occurred, with the ratio ending at 5.10 in June 30, 2026. This indicates a reduction in the premium the market is willing to pay over the company's accounting book value.
In summary, the convergence of declining P/E, P/OP, and P/BV ratios suggests a fundamental shift in the company's financial maturity. The contraction of these multiples, coupled with the stabilization of the P/S ratio, indicates that the valuation is increasingly driven by fundamental profitability and operational cash flow rather than speculative growth expectations.
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Price to Earnings (P/E)
Uber Technologies Inc., historical P/E calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 2,042,560,121 | 2,035,599,013 | 2,058,115,983 | 2,077,830,381 | 2,085,418,676 | 2,091,168,098 | 2,089,008,865 | 2,105,709,325 | 2,100,937,229 | 2,089,520,408 | 2,076,497,400 | 2,057,858,230 | 2,043,522,654 | 2,023,827,162 | 2,009,907,175 | 1,994,407,340 | 1,979,918,174 | 1,963,660,253 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Net income (loss) attributable to Uber Technologies, Inc. (in millions) | 2,394) | 263) | 296) | 6,626) | 1,355) | 1,776) | 6,883) | 2,612) | 1,015) | (654) | 1,429) | 221) | 394) | (157) | 596) | (1,206) | (2,601) | (5,930) | ||||||
| Earnings per share (EPS)2 | 4.69 | 4.20 | 4.88 | 8.01 | 6.05 | 5.88 | 4.72 | 2.09 | 0.96 | 0.67 | 0.91 | 0.51 | -0.18 | -1.66 | -4.55 | -4.43 | -5.08 | -3.22 | ||||||
| Share price1, 3 | 68.18 | 79.17 | 69.99 | 94.67 | 89.22 | 83.65 | 79.42 | 72.05 | 64.87 | 66.40 | 81.39 | 49.92 | 46.96 | 37.84 | 34.20 | 28.81 | 31.85 | 26.83 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/E ratio4 | 14.54 | 18.87 | 14.33 | 11.82 | 14.74 | 14.24 | 16.83 | 34.47 | 67.77 | 99.82 | 89.56 | 97.47 | — | — | — | — | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||
| FedEx Corp. | 15.57 | 12.97 | 13.01 | 15.06 | 17.09 | 18.13 | 17.21 | 14.83 | 16.32 | 15.09 | 16.11 | 17.14 | 12.45 | 11.20 | 14.80 | 11.50 | 12.86 | 13.14 | ||||||
| Union Pacific Corp. | 24.67 | 22.33 | 21.00 | 18.51 | 18.86 | 19.12 | 21.68 | 21.08 | 22.08 | 23.25 | 23.85 | 20.14 | 21.55 | 17.65 | 17.97 | 16.21 | 19.32 | 22.53 | ||||||
| United Airlines Holdings Inc. | 11.03 | 8.12 | 10.54 | 9.65 | 8.92 | 5.98 | 9.58 | 8.57 | 5.20 | 5.96 | 5.70 | 4.15 | 6.96 | 7.67 | 21.74 | — | — | — | ||||||
| United Parcel Service Inc. | 20.05 | 16.18 | 17.60 | 14.33 | 12.76 | 13.59 | 17.05 | 20.17 | 20.11 | 21.14 | 18.89 | 13.92 | 15.41 | 14.01 | 13.27 | 12.72 | 15.37 | 14.93 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
EPS
= (Net income (loss) attributable to Uber Technologies, Inc.Q2 2026
+ Net income (loss) attributable to Uber Technologies, Inc.Q1 2026
+ Net income (loss) attributable to Uber Technologies, Inc.Q4 2025
+ Net income (loss) attributable to Uber Technologies, Inc.Q3 2025)
÷ No. shares of common stock outstanding
= (2,394,000,000 + 263,000,000 + 296,000,000 + 6,626,000,000)
÷ 2,042,560,121 = 4.69
3 Closing price as at the filing date of Uber Technologies Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/E ratio = Share price ÷ EPS
= 68.18 ÷ 4.69 = 14.54
5 Click competitor name to see calculations.
A significant transition in financial performance is evident between 2022 and 2026, characterized by a shift from net losses to consistent profitability and a subsequent compression of the valuation multiple.
- Earnings per Share (EPS) Evolution
- A pivot toward profitability occurred in the third quarter of 2023, marking the first instance of positive earnings per share (0.51 US$). This trend accelerated through September 2025, where EPS reached a peak of 8.01 US$. While a decline was observed in the subsequent quarters of 2025 and early 2026, EPS remained positive, establishing a baseline of profitability that was absent in the 2022 period.
- Price-to-Earnings (P/E) Ratio Compression
- The P/E ratio was not applicable during the initial periods of negative earnings. Upon the transition to profitability in September 2023, the ratio initially appeared highly elevated, peaking at 99.82 in March 2024. However, a consistent downward trend followed, with the ratio dropping to 16.83 by December 2024 and reaching a low of 11.82 in September 2025. This compression suggests that earnings growth significantly outpaced the increase in share price during this interval.
- Share Price and Valuation Correlation
- The share price exhibited a general upward trajectory from March 2022 (26.83 US$) to a peak in September 2025 (94.67 US$). The relationship between price and earnings shifted from a speculative growth profile—evidenced by the high P/E ratios in late 2023 and early 2024—to a more stabilized valuation. Between March 2025 and June 2026, the P/E ratio fluctuated within a narrower range of 11.82 to 18.87, indicating a maturation of the stock's valuation relative to its earning power.
The overall trajectory indicates a corporate evolution from a loss-making entity to one with sustained positive earnings, resulting in a valuation that has moved from an extreme growth multiple to a more moderate and stable ratio.
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Price to Operating Profit (P/OP)
Uber Technologies Inc., historical P/OP calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 2,042,560,121 | 2,035,599,013 | 2,058,115,983 | 2,077,830,381 | 2,085,418,676 | 2,091,168,098 | 2,089,008,865 | 2,105,709,325 | 2,100,937,229 | 2,089,520,408 | 2,076,497,400 | 2,057,858,230 | 2,043,522,654 | 2,023,827,162 | 2,009,907,175 | 1,994,407,340 | 1,979,918,174 | 1,963,660,253 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Income (loss) from operations (in millions) | 1,890) | 1,923) | 1,774) | 1,113) | 1,450) | 1,228) | 770) | 1,061) | 796) | 172) | 652) | 394) | 326) | (262) | (142) | (495) | (713) | (482) | ||||||
| Operating profit per share2 | 3.28 | 3.08 | 2.70 | 2.20 | 2.16 | 1.84 | 1.34 | 1.27 | 0.96 | 0.74 | 0.53 | 0.15 | -0.28 | -0.80 | -0.91 | -1.12 | -1.17 | -1.42 | ||||||
| Share price1, 3 | 68.18 | 79.17 | 69.99 | 94.67 | 89.22 | 83.65 | 79.42 | 72.05 | 64.87 | 66.40 | 81.39 | 49.92 | 46.96 | 37.84 | 34.20 | 28.81 | 31.85 | 26.83 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/OP ratio4 | 20.79 | 25.74 | 25.88 | 43.13 | 41.26 | 45.38 | 59.27 | 56.59 | 67.67 | 89.86 | 152.26 | 325.09 | — | — | — | — | — | — | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||
| FedEx Corp. | 11.95 | 10.04 | 10.21 | 11.85 | 13.48 | 14.24 | 13.40 | 11.83 | 13.19 | 12.10 | 13.03 | 9.62 | 7.38 | 6.66 | 9.07 | 9.66 | 10.90 | 11.82 | ||||||
| Union Pacific Corp. | 17.78 | 16.21 | 15.22 | 13.09 | 13.29 | 13.25 | 15.06 | 14.58 | 15.32 | 16.22 | 16.75 | 14.11 | 15.20 | 12.56 | 12.68 | 11.53 | 13.58 | 15.79 | ||||||
| United Airlines Holdings Inc. | 7.91 | 5.83 | 7.50 | 6.58 | 5.91 | 3.90 | 5.92 | 5.16 | 3.20 | 3.68 | 3.54 | 2.59 | 4.31 | 4.01 | 6.86 | 23.16 | 93.38 | — | ||||||
| United Parcel Service Inc. | 13.93 | 11.37 | 12.47 | 9.59 | 8.70 | 9.34 | 11.64 | 14.25 | 14.32 | 15.25 | 13.86 | 12.08 | 13.27 | 12.19 | 11.70 | 10.32 | 12.38 | 12.08 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Operating profit per share
= (Income (loss) from operationsQ2 2026
+ Income (loss) from operationsQ1 2026
+ Income (loss) from operationsQ4 2025
+ Income (loss) from operationsQ3 2025)
÷ No. shares of common stock outstanding
= (1,890,000,000 + 1,923,000,000 + 1,774,000,000 + 1,113,000,000)
÷ 2,042,560,121 = 3.28
3 Closing price as at the filing date of Uber Technologies Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 68.18 ÷ 3.28 = 20.79
5 Click competitor name to see calculations.
A fundamental shift in financial performance is observed, characterized by a transition from operational losses to consistent profitability. This evolution is reflected in the convergence of share price growth and rapid expansion of operating earnings, leading to a significant compression of the valuation multiple.
- Operational Profitability Trend
- The company experienced a sustained recovery in operating profit per share, moving from a deficit of $1.42 in March 2022 to positive territory in September 2023 ($0.15). This growth trajectory continued linearly through June 2026, culminating in an operating profit of $3.28 per share, indicating a substantial improvement in operational efficiency and margin expansion.
- Share Price Performance
- The share price demonstrated significant appreciation over the analyzed period, rising from $26.83 in March 2022 to a peak of $94.67 in September 2025. Although a decline occurred in the final quarters, ending at $68.18 in June 2026, the overall price level remained elevated compared to the 2022 baseline.
- P/OP Ratio Analysis
- The Price to Operating Profit (P/OP) ratio was non-calculable during the loss-making periods and first appeared in September 2023 at a highly elevated 325.09. A sharp and consistent downward trend followed, with the ratio falling to 20.79 by June 2026. This contraction indicates that while the share price increased, the operating profit grew at a much faster rate, resulting in a more normalized and fundamental valuation of the company's operations.
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Price to Sales (P/S)
Uber Technologies Inc., historical P/S calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 2,042,560,121 | 2,035,599,013 | 2,058,115,983 | 2,077,830,381 | 2,085,418,676 | 2,091,168,098 | 2,089,008,865 | 2,105,709,325 | 2,100,937,229 | 2,089,520,408 | 2,076,497,400 | 2,057,858,230 | 2,043,522,654 | 2,023,827,162 | 2,009,907,175 | 1,994,407,340 | 1,979,918,174 | 1,963,660,253 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Revenue (in millions) | 14,191) | 13,203) | 14,366) | 13,467) | 12,651) | 11,533) | 11,959) | 11,188) | 10,700) | 10,131) | 9,936) | 9,292) | 9,230) | 8,823) | 8,607) | 8,343) | 8,073) | 6,854) | ||||||
| Sales per share2 | 27.04 | 26.37 | 25.27 | 23.88 | 22.70 | 21.70 | 21.05 | 19.92 | 19.07 | 18.47 | 17.95 | 17.47 | 17.13 | 16.72 | 15.86 | 14.56 | 12.90 | 10.90 | ||||||
| Share price1, 3 | 68.18 | 79.17 | 69.99 | 94.67 | 89.22 | 83.65 | 79.42 | 72.05 | 64.87 | 66.40 | 81.39 | 49.92 | 46.96 | 37.84 | 34.20 | 28.81 | 31.85 | 26.83 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/S ratio4 | 2.52 | 3.00 | 2.77 | 3.97 | 3.93 | 3.85 | 3.77 | 3.62 | 3.40 | 3.60 | 4.53 | 2.86 | 2.74 | 2.26 | 2.16 | 1.98 | 2.47 | 2.46 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||
| FedEx Corp. | 0.75 | 0.60 | 0.61 | 0.67 | 0.76 | 0.84 | 0.85 | 0.74 | 0.80 | 0.71 | 0.71 | 0.55 | 0.44 | 0.42 | 0.61 | 0.64 | 0.71 | 0.77 | ||||||
| Union Pacific Corp. | 7.12 | 6.52 | 6.12 | 5.32 | 5.36 | 5.31 | 6.03 | 5.76 | 5.94 | 6.17 | 6.31 | 5.31 | 5.86 | 4.93 | 5.05 | 4.69 | 5.65 | 6.77 | ||||||
| United Airlines Holdings Inc. | 0.61 | 0.49 | 0.60 | 0.54 | 0.51 | 0.38 | 0.53 | 0.42 | 0.27 | 0.29 | 0.28 | 0.23 | 0.36 | 0.30 | 0.36 | 0.31 | 0.34 | 0.57 | ||||||
| United Parcel Service Inc. | 1.02 | 0.96 | 1.11 | 0.88 | 0.81 | 0.88 | 1.08 | 1.26 | 1.18 | 1.40 | 1.39 | 1.28 | 1.60 | 1.53 | 1.53 | 1.41 | 1.68 | 1.63 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Sales per share
= (RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025)
÷ No. shares of common stock outstanding
= (14,191,000,000 + 13,203,000,000 + 14,366,000,000 + 13,467,000,000)
÷ 2,042,560,121 = 27.04
3 Closing price as at the filing date of Uber Technologies Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= 68.18 ÷ 27.04 = 2.52
5 Click competitor name to see calculations.
The financial data indicates a period of consistent growth in revenue efficiency alongside significant volatility in market valuation. While sales per share exhibited a steady upward trajectory throughout the analyzed period, the price-to-sales (P/S) ratio fluctuated, reflecting shifting market sentiment and share price volatility.
- Sales per Share Performance
- A consistent and linear increase in sales per share is observed, rising from 10.90 US$ in March 2022 to 27.04 US$ by June 2026. This steady growth suggests a robust increase in the company's ability to generate revenue relative to its outstanding share count, independent of market pricing.
- Share Price Volatility
- The share price experienced substantial fluctuations, starting at 26.83 US$ in early 2022 and reaching a peak of 94.67 US$ in September 2025. A subsequent correction is noted toward the end of the period, with the price declining to 68.18 US$ by June 2026.
- Price-to-Sales (P/S) Ratio Trends
- The P/S ratio remained relatively stable between 1.98 and 2.47 during 2022 before entering a period of expansion. A significant peak occurred on December 31, 2023, where the ratio reached 4.53, the highest multiple in the series. This indicates a period where market valuation grew at a pace that far exceeded the growth in sales.
- Valuation Compression
- Following the 2023 peak, the P/S ratio experienced a general trend of compression. Despite sales per share reaching their highest levels in 2025 and 2026, the ratio declined from 3.97 in September 2025 to 2.52 by June 2026. This suggests a market recalibration, where the stock is being valued at a multiple closer to its 2022 levels despite the significantly higher revenue base.
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Price to Book Value (P/BV)
Uber Technologies Inc., historical P/BV calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 2,042,560,121 | 2,035,599,013 | 2,058,115,983 | 2,077,830,381 | 2,085,418,676 | 2,091,168,098 | 2,089,008,865 | 2,105,709,325 | 2,100,937,229 | 2,089,520,408 | 2,076,497,400 | 2,057,858,230 | 2,043,522,654 | 2,023,827,162 | 2,009,907,175 | 1,994,407,340 | 1,979,918,174 | 1,963,660,253 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Total Uber Technologies, Inc. stockholders’ equity (in millions) | 27,316) | 24,751) | 27,041) | 28,134) | 22,598) | 21,975) | 21,558) | 14,780) | 12,350) | 11,058) | 11,249) | 9,358) | 8,664) | 7,508) | 7,340) | 6,247) | 6,661) | 8,916) | ||||||
| Book value per share (BVPS)2 | 13.37 | 12.16 | 13.14 | 13.54 | 10.84 | 10.51 | 10.32 | 7.02 | 5.88 | 5.29 | 5.42 | 4.55 | 4.24 | 3.71 | 3.65 | 3.13 | 3.36 | 4.54 | ||||||
| Share price1, 3 | 68.18 | 79.17 | 69.99 | 94.67 | 89.22 | 83.65 | 79.42 | 72.05 | 64.87 | 66.40 | 81.39 | 49.92 | 46.96 | 37.84 | 34.20 | 28.81 | 31.85 | 26.83 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/BV ratio4 | 5.10 | 6.51 | 5.33 | 6.99 | 8.23 | 7.96 | 7.70 | 10.26 | 11.04 | 12.55 | 15.02 | 10.98 | 11.08 | 10.20 | 9.36 | 9.20 | 9.47 | 5.91 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||
| FedEx Corp. | 2.40 | 1.92 | 1.90 | 2.21 | 2.51 | 2.70 | 2.70 | 2.47 | 2.61 | 2.37 | 2.45 | 2.07 | 1.72 | 1.60 | 2.27 | 2.41 | 2.53 | 2.75 | ||||||
| Union Pacific Corp. | 8.75 | 8.29 | 8.12 | 7.54 | 8.04 | 8.03 | 8.66 | 8.44 | 8.70 | 9.49 | 10.29 | 9.16 | 10.99 | 9.92 | 10.34 | 9.76 | 10.41 | 12.90 | ||||||
| United Airlines Holdings Inc. | 2.31 | 1.87 | 2.31 | 2.22 | 2.21 | 1.73 | 2.38 | 2.07 | 1.45 | 1.74 | 1.60 | 1.34 | 2.41 | 2.21 | 2.32 | 2.61 | 3.09 | 4.58 | ||||||
| United Parcel Service Inc. | 6.08 | 5.39 | 6.04 | 4.98 | 4.64 | 5.08 | 5.90 | 6.78 | 6.20 | 7.41 | 7.32 | 6.21 | 7.71 | 7.54 | 7.75 | 8.39 | 10.31 | 10.42 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
BVPS = Total Uber Technologies, Inc. stockholders’ equity ÷ No. shares of common stock outstanding
= 27,316,000,000 ÷ 2,042,560,121 = 13.37
3 Closing price as at the filing date of Uber Technologies Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= 68.18 ÷ 13.37 = 5.10
5 Click competitor name to see calculations.
The Price to Book Value (P/BV) ratio exhibited a cyclical pattern characterized by a sharp escalation in valuation premiums followed by a consistent compression. The ratio transitioned from a low of 5.10 at the end of the observed period, peaking at 15.02 in December 2023, indicating significant volatility in how the market valued the company's net assets relative to its equity.
- P/BV Ratio Trends
- An aggressive upward trend was observed between March 2022 and December 2023, during which the P/BV ratio climbed from 5.91 to its peak of 15.02. This expansion suggests that share price growth significantly outpaced the growth of the book value per share during this window. Following this peak, a sustained downward trajectory emerged, with the ratio declining to 5.10 by June 2026, reflecting a normalization of the valuation multiple.
- Book Value Per Share (BVPS) Progression
- BVPS demonstrated a strong long-term growth trajectory, rising from 4.54 in March 2022 to 13.37 by June 2026. A notable acceleration in book value occurred between September 2024 and December 2024, where the value jumped from 7.02 to 10.32. This consistent accumulation of equity provided a stabilizing effect on the valuation ratio in the later periods.
- Share Price Volatility and Valuation Impact
- The share price experienced significant fluctuations, reaching a high of 94.67 in September 2025 before retreating to 68.18 by June 2026. The compression of the P/BV ratio in the latter half of the period is attributed to the simultaneous increase in BVPS and the eventual decline in share price. Consequently, the market valuation moved closer to the underlying accounting value of the company, reducing the premium investors were willing to pay per unit of book value.
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