Uber Technologies, Inc. (UBER) — Fundamental Analysis & Key Financial Ratios

Kaplio's reading: Uber Technologies, Inc.

Updated on October 25, 2026 · accounts published on August 5, 2026

A fast-growing business that has only recently turned profitable

Uber Technologies trades at a P/E of 14.3× over the last 12 months, 54 % below its sector median, with revenue up 18 %.

• Is Uber Technologies expensive or cheap? Its P/E of 14.3× over the last 12 months sits 54 % below the 31.5× median of its sector.
• How is the business doing? Revenue grew 18 % over the last 12 months, and the fiscal 2025 operating margin of 10.7 % was its best in ten years.
• How strong is the balance sheet? Net debt of $2.34 per share in fiscal 2025 equals just 3.6 % of the share price, about 0.7× EBITDA.
• What to expect from the next earnings? Analysts expect EPS of $0.86 on November 4, 2026; it has beaten estimates in 7 of the last 8 quarters.
• Is it growing with real cash or by diluting shareholders? Stock-based pay was 3.5 % of fiscal 2025 revenue, far under the 10 % healthy ceiling, while free cash flow hit 18.8 % of sales.

Is Uber Technologies expensive or cheap?

Uber Technologies trades at a P/E of 14.3× over the last 12 months, 54 % below the 31.5× median of 317 companies in its sector. An earnings yield of 9.9 % and a free cash flow yield of 9.6 % point the same way: each dollar of share price buys close to ten cents of profit and cash. EV/EBITDA of 17.9× is far below its four-year average of 80.8×, so the multiple has shrunk as earnings arrived. The market has not rewarded the change. Over the last 12 months the stock is down 32 %, and it sits 35 % below its 52-week high of $99.72.

How is the business doing?

Revenue rose 18 % over the last 12 months while EPS grew only 4 %, so sales are growing faster than per-share profit. The turnaround shows in the margins. The operating margin averaged −28 % across fiscal 2016-2025, reached 10.7 % in fiscal 2025, the highest of the decade, and stands at 12.5 % over the last 12 months. ROIC of 13.0 % beats the 8.2 % sector median by 4.8 points. Even so, it has cleared 10 % in only one of the last ten fiscal years, with a low of −32.4 % in 2019. The profitability is real, but the track record is short.

How strong is the balance sheet?

Debt is not the problem. Net debt was $2.34 per share in fiscal 2025 ($6.00 of debt minus $3.66 of cash). That is only 3.6 % of the current price and 0.7× EBITDA, well inside the 1.5× ceiling usually tolerated for software companies. Over the last 12 months debt to equity is 0.54, the Altman Z of 4.0 is in the safe zone and the Piotroski score is 7 of 9. The weak spot is liquidity: a current ratio of 0.84 means short-term liabilities exceed short-term assets. That is worth watching, though less worrying now that the business generates cash.

What to expect from the next earnings?

Uber Technologies reports on November 4, 2026, and analysts expect EPS of $0.86 for the quarter. Its record on estimates is solid: it beat the EPS consensus in 7 of the last 8 quarters. The last report, on August 5, 2026, delivered $0.81, practically in line with the $0.81 expected (+0.6 %). The consensus for fiscal 2026 EPS barely moved over the last 30 days, from $3.37 to $3.36 across 29 analysts, and revenue estimates are just as stable. Of the 63 analysts covering the company, 51 rate the stock a buy, 11 a hold and none a sell.

Is it growing with real cash or by diluting shareholders?

Generic ratios fall short in technology. Investors look at growth, pricing power and dilution from stock-based pay, because these decide whether growth actually reaches the shareholder. Uber Technologies grew revenue per share 15.6 % a year in fiscal 2022-2025, just above the 15 % healthy bar, and stock-based pay was 3.5 % of revenue, well under the 10 % line. Free cash flow reached 18.8 % of revenue in fiscal 2025, close to the 20 % mark, and the Rule of 40 score is 34, one point short of healthy. A 39.8 % gross margin and a 13.0 % ROIC miss the software bars of 70 % and 15 %.

How this was prepared: the data comes from companies' official filings, collected by a professional provider, and from Kaplio's analysis engine (trailing-12-month ratios, 10 years of history and sector medians computed across US-listed companies). The text is written from that data alone, every figure is checked against it before publication, and it is reviewed when the company reports results. This is not investment advice.