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).
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Selected Financial Data since 2019
- Price to Earnings (P/E) since 2019
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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) | ||||||||||
| No. shares of common stock outstanding | ||||||||||
| Growth rate (g) | ||||||||||
| Earnings per share (EPS) | ||||||||||
| Next year expected EPS | ||||||||||
| Operating profit per share | ||||||||||
| Sales per share | ||||||||||
| Book value per share (BVPS) | ||||||||||
| Valuation Ratios (Price Multiples) | ||||||||||
| Price to earnings (P/E) | ||||||||||
| Price to next year expected earnings | ||||||||||
| Price to operating profit (P/OP) | ||||||||||
| Price to sales (P/S) | ||||||||||
| Price to book value (P/BV) | ||||||||||
Based on: 10-K (reporting date: 2024-12-31).
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
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Price to earnings (P/E) | ||||||
| Price to operating profit (P/OP) | ||||||
| Price to sales (P/S) | ||||||
| Price to book value (P/BV) |
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 financial ratios present notable fluctuations over the analyzed periods, indicating varying market perceptions and company performance dynamics.
- Price to Earnings (P/E) Ratio
- This ratio is available only for the last two periods, showing a significant decline from 89.56 in the previous year to 16.83 in the most recent year. Such a decrease suggests either an improvement in earnings or a reduction in stock price, reflecting a possible market reassessment on the company's profitability outlook.
- Price to Operating Profit (P/OP) Ratio
- Similarly, this ratio is reported only for the same two periods, dropping markedly from 152.26 to 59.27. This decline implies improved operating profit relative to the stock price or a market adjustment in valuation multiples, consistent with the trend observed in the P/E ratio.
- Price to Sales (P/S) Ratio
- The P/S ratio displays a general downward trend from 9.07 in 2020 to 2.16 in 2022, followed by a rise to 4.53 in 2023 and a slight decrease to 3.77 in 2024. This trajectory suggests an initial market correction decreasing the revenue valuation multiple, potentially due to revenue growth not keeping pace with stock price, followed by some recovery or increased sales expectations in the later periods.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio shows more volatility, with values starting at 8.24 in 2020, dropping to 4.71 in 2021, then increasing sharply to a peak of 15.02 in 2023 before declining to 7.7 in 2024. This fluctuation indicates changing investor sentiment toward the company’s net asset value and potential variations in book value or stock price. The peak in 2023 might reflect heightened optimism or overvaluation relative to book equity, which later normalizes.
Overall, the data reveal that market valuation multiples have experienced wide swings, with particularly pronounced changes in profitability-related ratios from 2023 to 2024. The trends point to an improving earnings picture more recently, alongside mixed signals from sales and book value ratios, suggesting that investors may be cautiously adjusting expectations as operational performances evolve.
Price to Earnings (P/E)
Uber Technologies Inc., historical P/E calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| 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. | ||||||
| P/E Ratio, Sector | ||||||
| Transportation | ||||||
| P/E Ratio, Industry | ||||||
| Industrials | ||||||
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 Data adjusted for splits and stock dividends.
2 2024 Calculation
EPS = Net income (loss) attributable to Uber Technologies, Inc. ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Uber Technologies Inc. Annual Report.
4 2024 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited a declining trend from 2020 through 2022, decreasing significantly from $54.40 at the end of 2020 to a low of $34.20 by the end of 2022. This downward trend reversed sharply starting in 2023, with the price more than doubling to $81.39 and slightly decreasing to $79.42 in 2024, indicating renewed investor confidence or improved market conditions during these years.
- Earnings per Share (EPS)
- EPS displayed considerable volatility over the period analyzed. The value was negative in 2020 (-$3.64) and improved substantially in 2021 to nearly break even at -$0.25. However, EPS deteriorated again in 2022 to -$4.55. Starting in 2023, there was a marked improvement with EPS turning positive at $0.91 and further increasing to $4.72 in 2024. This pattern suggests significant fluctuations in profitability, culminating in positive earnings in the most recent years.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio data is only available for 2023 and 2024, showing a considerable decrease from 89.56 in 2023 to 16.83 in 2024. This sharp reduction suggests that while the stock price remained relatively stable between these years, earnings growth outpaced price appreciation, resulting in a more moderate valuation relative to earnings in 2024.
Price to Operating Profit (P/OP)
Uber Technologies Inc., historical P/OP calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| 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. | ||||||
| P/OP Ratio, Sector | ||||||
| Transportation | ||||||
| P/OP Ratio, Industry | ||||||
| Industrials | ||||||
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 Data adjusted for splits and stock dividends.
2 2024 Calculation
Operating profit per share = Income (loss) from operations ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Uber Technologies Inc. Annual Report.
4 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The analyzed data reveals several notable trends in the financial performance and market valuation over the given periods.
- Share Price
- The share price experienced a significant decline from $54.40 at the end of 2020 to a low of $34.20 by the end of 2022. This represents a substantial decrease over two years. However, from 2023 onwards, the share price exhibited a strong recovery, rising sharply to $81.39 in 2023 and stabilizing slightly lower at $79.42 in 2024. Overall, the share price shows a U-shaped trend with an initial downturn followed by a robust upward movement.
- Operating Profit Per Share (OPPS)
- The operating profit per share demonstrated a consistent improvement throughout the period. Starting from a negative $2.62 in 2020, it improved to negative $1.96 in 2021 and further to negative $0.91 in 2022. In 2023, the company moved into positive operating profitability with $0.53 per share and increased this to $1.34 in 2024. This reflects a clear trend towards enhanced operational efficiency and profitability over the observed years.
- Price to Operating Profit Ratio (P/OP)
- The price to operating profit ratio was not available for the years 2020 to 2022 but was recorded at 152.26 in 2023 and decreased significantly to 59.27 in 2024. The high ratio in 2023 suggests that the market priced the company shares at a substantial premium relative to the operating profits, potentially due to expected future growth. The notable decline in this ratio in 2024 indicates a market adjustment towards a more balanced valuation as operating profits improved and share price stabilized.
In summary, the data indicates a period of initial financial challenges with losses reflected in declining operating profits and share price. This phase was followed by a marked operational turnaround leading to positive profitability and a strong recovery in share price. Market valuation metrics suggest early optimism in 2023 that tempered somewhat in 2024 as financial performance strengthened, resulting in a more sustainable valuation multiple.
Price to Sales (P/S)
Uber Technologies Inc., historical P/S calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| 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. | ||||||
| P/S Ratio, Sector | ||||||
| Transportation | ||||||
| P/S Ratio, Industry | ||||||
| Industrials | ||||||
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 Data adjusted for splits and stock dividends.
2 2024 Calculation
Sales per share = Revenue ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Uber Technologies Inc. Annual Report.
4 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The financial data exhibits notable fluctuations and trends over the five-year period ending December 31, 2024. The share price followed a downward trajectory initially, declining from $54.40 in 2020 to $34.20 in 2022, before rebounding strongly to $81.39 in 2023 and slightly decreasing to $79.42 in 2024. This indicates a period of volatility with a significant recovery in the latter years.
Sales per share displayed consistent and robust growth throughout the entire period. Starting at $5.99 in 2020, sales per share increased to $8.93 in 2021 and then nearly doubled to $15.86 in 2022. The upward trend continued through 2023 and 2024, reaching $17.95 and $21.05 respectively. This steady increase in sales per share suggests improving operational performance and revenue generation capabilities.
The price-to-sales (P/S) ratio demonstrated a significant decline from 9.07 in 2020 to 2.16 in 2022. This drop suggests that the market was initially valuing the company relatively highly compared to its sales but adjusted the valuation downward as sales increased or share price decreased. Subsequently, the P/S ratio rose again to 4.53 in 2023 before falling to 3.77 in 2024, reflecting some market repricing linked to the share price recovery and increased sales.
- Share Price Trends
- Initial decline followed by strong recovery and stabilization at a higher level.
- Sales per Share
- Consistent and accelerating growth year over year, indicating expanding sales.
- Price-to-Sales Ratio
- Sharp decrease initially, suggesting market adjustment; moderate increase in 2023, then slight decrease in 2024, reflecting market reassessment in line with share price volatility and sales growth.
Overall, the data suggest that while the market valuation experienced some initial contraction relative to sales, improved sales performance and subsequent share price gains have restored more favorable valuation metrics by 2023 and 2024.
Price to Book Value (P/BV)
Uber Technologies Inc., historical P/BV calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| 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. | ||||||
| P/BV Ratio, Sector | ||||||
| Transportation | ||||||
| P/BV Ratio, Industry | ||||||
| Industrials | ||||||
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 Data adjusted for splits and stock dividends.
2 2024 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. Annual Report.
4 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited volatility over the analyzed periods. Initially, it declined from $54.40 at the end of 2020 to around $34.20 by the end of 2022, reflecting a significant decrease. However, this trend reversed sharply in 2023, with the share price more than doubling to $81.39, before slightly decreasing to $79.42 in 2024. This suggests a recovery phase followed by stabilization at a higher valuation compared to the earlier years.
- Book Value per Share (BVPS) Trends
- BVPS showed fluctuations across the years. From 2020 to 2021, there was a moderate increase from $6.60 to $7.40, indicating some growth in net asset value per share. This was followed by a sharp decline to $3.65 in 2022, indicating potential asset revaluation or losses. Subsequently, BVPS improved to $5.42 in 2023 and further increased substantially to $10.32 in 2024, suggesting an overall strengthening of the company’s equity base over the latter part of the period.
- Price-to-Book Value Ratio (P/BV) Trends
- The P/BV ratio experienced notable fluctuations, reflecting changes in market valuation relative to book value. It declined from a high of 8.24 in 2020 to 4.71 in 2021, then surged sharply to 9.36 in 2022, reaching a peak of 15.02 in 2023. This peak suggests that the market price considerably outpaced book value during 2023, indicating elevated investor expectations or market optimism. In 2024, the ratio decreased to 7.7, implying a moderation of this premium while remaining relatively high. These variations indicate market sentiment was highly dynamic, possibly influenced by external factors or company-specific developments.
- Overall Insights
- The data portrays a company undergoing substantial shifts in market perception and equity value. While the share price and P/BV ratios demonstrate pronounced volatility, the eventual increase in BVPS suggests an underlying improvement in the company’s net assets. The divergence between share price trends and book value fluctuations indicates that market valuation was influenced by factors beyond just the book fundamentals, potentially including investor sentiment, growth prospects, or external market conditions.