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).
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Historical Valuation Ratios (Summary)
Uber Technologies Inc., historical price multiples (quarterly data)
Based on: 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).
The valuation metrics indicate a fundamental transition in the financial profile of the entity, moving from a growth-oriented valuation characterized by missing earnings data to a more stabilized, earnings-driven valuation. A consistent contraction in multiple-based ratios suggests a significant increase in underlying profitability relative to the market price over the analyzed period.
- Price to Earnings (P/E) Ratio
- Earnings-based valuation was not applicable until the third quarter of 2023. Upon emergence, the ratio initially exhibited high volatility, peaking at 99.82 in March 2024. Subsequently, a sharp decline occurred, with the ratio falling to 14.24 by March 2025. The ratio remained relatively stable between 11.82 and 18.87 through March 2026, suggesting a transition toward a more mature valuation based on consistent net income.
- Price to Operating Profit (P/OP) Ratio
- A pronounced downward trend is observed in the operating profit multiple. Starting at an extreme high of 325.09 in September 2023, the ratio decreased steadily throughout the period, reaching 25.74 by March 2026. This persistent contraction indicates a substantial expansion in operating profits that has outpaced the growth of the share price.
- Price to Sales (P/S) Ratio
- The sales multiple remained relatively stable between 1.98 and 2.86 during 2022 and most of 2023. A significant peak was reached in December 2023 at 4.53. Following this peak, the ratio normalized, fluctuating between 2.77 and 3.97 through March 2026, indicating a moderately higher market valuation of revenue compared to the initial 2022 levels.
- Price to Book Value (P/BV) Ratio
- The book value multiple experienced a period of expansion, rising from 5.91 in March 2022 to a peak of 15.02 in December 2023. This was followed by a gradual decline, falling to 5.33 in December 2025 before ending at 6.51 in March 2026. This pattern suggests a period of significant premium valuation over book value followed by a correction toward historical norms.
Price to Earnings (P/E)
Uber Technologies Inc., historical P/E calculation (quarterly data)
| 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 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Net income (loss) attributable to Uber Technologies, Inc. (in millions) | |||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||
| FedEx Corp. | |||||||||||||||||||||||
| Union Pacific Corp. | |||||||||||||||||||||||
| United Airlines Holdings Inc. | |||||||||||||||||||||||
| United Parcel Service Inc. | |||||||||||||||||||||||
Based on: 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 Q1 2026 Calculation
EPS
= (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
+ Net income (loss) attributable to Uber Technologies, Inc.Q2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Uber Technologies Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The financial data indicates a significant transition from a period of net losses to sustained profitability, characterized by a sharp compression of valuation multiples as earnings growth accelerated.
- Earnings per Share (EPS) Trajectory
- A consistent recovery in earnings is observed, beginning with substantial losses throughout 2022. EPS transitioned to positive territory in the third quarter of 2023 at 0.51 USD and experienced rapid growth, reaching a peak of 8.01 USD by September 30, 2025. A subsequent decline occurred in the final two quarters of the analyzed period, with EPS settling at 4.20 USD by March 31, 2026.
- Share Price Movement
- The share price exhibited an overall upward trend, increasing from 26.83 USD in March 2022 to a peak of 94.67 USD in September 2025. Following this peak, a price correction was observed, with the value fluctuating between 69.99 USD and 79.17 USD through the first quarter of 2026.
- Price-to-Earnings (P/E) Ratio Dynamics
- The P/E ratio was not applicable during the initial loss-making phases and first appeared in September 2023 at 97.47. The ratio remained elevated through March 2024, peaking at 99.82, which indicates high growth expectations relative to the initial positive earnings. A strong downward trend followed as EPS growth significantly outpaced share price appreciation, leading to a valuation compression that reached a low of 11.82 in September 2025. By March 31, 2026, the ratio shifted slightly upward to 18.87, suggesting a stabilization of the valuation multiple following the period of rapid earnings expansion.
Price to Operating Profit (P/OP)
Uber Technologies Inc., historical P/OP calculation (quarterly data)
| 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 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Income (loss) from operations (in millions) | |||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||
| FedEx Corp. | |||||||||||||||||||||||
| Union Pacific Corp. | |||||||||||||||||||||||
| United Airlines Holdings Inc. | |||||||||||||||||||||||
| United Parcel Service Inc. | |||||||||||||||||||||||
Based on: 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 Q1 2026 Calculation
Operating profit per share
= (Income (loss) from operationsQ1 2026
+ Income (loss) from operationsQ4 2025
+ Income (loss) from operationsQ3 2025
+ Income (loss) from operationsQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Uber Technologies Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The financial data indicates a significant transition from operational losses to consistent profitability, resulting in a substantial compression of the Price to Operating Profit (P/OP) ratio over the analyzed period. While share prices generally trended upward, the rate of growth in operating profit per share far exceeded the rate of share price appreciation, leading to a more normalized valuation multiple.
- Operating Profitability Transition
- A consistent improvement in operational efficiency is evident, as operating profit per share moved from a deficit of -1.42 USD in March 2022 to a positive 3.08 USD by March 2026. The pivot to profitability occurred in the third quarter of 2023, after which earnings grew monotonically every subsequent quarter.
- Share Price Trajectory
- The share price exhibited a general upward trend, rising from 26.83 USD in March 2022 to a peak of 94.67 USD in September 2025. Despite a notable correction to 69.99 USD in December 2025, the price recovered to 79.17 USD by the end of the period, reflecting an overall increase in market valuation.
- P/OP Ratio Compression
- The P/OP ratio was non-existent during the period of operational losses and first appeared in September 2023 at an elevated 325.09. This ratio underwent a rapid and sustained decline, falling to 25.74 by March 2026. This compression suggests that the market valuation shifted from being based on speculative future growth to being supported by actual operational earnings.
Price to Sales (P/S)
Uber Technologies Inc., historical P/S calculation (quarterly data)
| 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 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Revenue (in millions) | |||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||
| FedEx Corp. | |||||||||||||||||||||||
| Union Pacific Corp. | |||||||||||||||||||||||
| United Airlines Holdings Inc. | |||||||||||||||||||||||
| United Parcel Service Inc. | |||||||||||||||||||||||
Based on: 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 Q1 2026 Calculation
Sales per share
= (RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025
+ RevenueQ2 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Uber Technologies Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
An analysis of the quarterly valuation metrics reveals a consistent upward trajectory in revenue efficiency contrasted by significant volatility in market valuation multiples. While the fundamental revenue generation per share grew linearly throughout the observed period, the Price-to-Sales (P/S) ratio experienced several distinct phases of expansion and contraction, reflecting shifting investor sentiment and market pricing.
- Sales per Share Performance
- A sustained and uninterrupted growth trend is observed in sales per share, rising from 10.90 USD in March 2022 to 26.37 USD by March 2026. This represents a steady increase in top-line productivity relative to the share count, indicating strong organic growth in revenue throughout the entire period.
- Price-to-Sales (P/S) Ratio Trends
- The P/S ratio exhibited three primary phases. From March 2022 to March 2023, the ratio remained relatively stable, fluctuating between 1.98 and 2.47. A period of rapid valuation expansion occurred between June 2023 and December 2023, where the ratio peaked at 4.53. Following this peak, the multiple entered a stabilization phase, generally maintaining a range between 3.40 and 3.97 from March 2024 through September 2025.
- Valuation Correction and Recovery
- A notable divergence occurred in December 2025, where the P/S ratio dropped sharply to 2.77 despite the continued increase in sales per share to 25.27 USD. This decline was driven by a significant reduction in the share price to 69.99 USD. However, a partial recovery in the multiple to 3.00 was observed by March 2026, coinciding with a share price rebound to 79.17 USD.
- Correlation Analysis
- The data indicates that while sales per share provided a consistent foundation of growth, the P/S ratio was primarily driven by fluctuations in the equity market price. The expansion of the multiple in late 2023 suggests an increase in the premium the market was willing to pay for revenue, while the late 2025 contraction suggests a market-led repricing of the company's revenue streams.
Price to Book Value (P/BV)
Uber Technologies Inc., historical P/BV calculation (quarterly data)
| 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 | |||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||
| Total Uber Technologies, Inc. stockholders’ equity (in millions) | |||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||
| FedEx Corp. | |||||||||||||||||||||||
| Union Pacific Corp. | |||||||||||||||||||||||
| United Airlines Holdings Inc. | |||||||||||||||||||||||
| United Parcel Service Inc. | |||||||||||||||||||||||
Based on: 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 Q1 2026 Calculation
BVPS = Total Uber Technologies, Inc. stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Uber Technologies Inc. Quarterly or Annual Report.
4 Q1 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The valuation profile demonstrates a period of significant expansion in the price-to-book multiple followed by a sustained normalization phase. This trajectory is characterized by an initial divergence where market price appreciation outpaced the growth of book value, eventually followed by a convergence as the underlying book value per share strengthened substantially.
- Price-to-Book Value (P/BV) Trend
- The P/BV ratio exhibited a strong upward trend from March 2022, rising from 5.91 to a peak of 15.02 by December 2023. Following this peak, a consistent downward correction occurred throughout 2024 and 2025, reaching a low of 5.33 in December 2025 before settling at 6.51 in March 2026. This movement indicates a transition from a highly aggressive market valuation to a more conservative multiple.
- Book Value Per Share (BVPS) Growth
- After an initial decline to a trough of 3.13 in September 2022, the book value per share entered a period of steady and significant expansion. BVPS increased from 3.71 in March 2023 to a peak of 13.54 in September 2025. This growth represents a substantial increase in the company's net asset value per share, providing a more robust foundation for the stock price.
- Share Price Dynamics
- The share price showed significant volatility and growth, climbing from 26.83 in March 2022 to a high of 94.67 in September 2025. A notable price surge occurred between September 2023 and December 2023, where the price rose from 49.92 to 81.39, directly contributing to the peak P/BV ratio of 15.02.
- Valuation Correlation and Convergence
- The compression of the P/BV ratio in 2024 and 2025 was driven by the fact that BVPS grew at a faster relative rate than the share price. While the share price remained elevated compared to 2022 levels, the rapid accumulation of book value—rising from 5.42 in December 2023 to 13.14 by December 2025—effectively lowered the valuation multiple, suggesting a shift toward a valuation more closely aligned with tangible asset growth.