Latest Ratios: P/E Ratio 14.4x · EV/EBITDA 22.8x · ROE 39.8%. (2016–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $138.7B | $173.2B | $129.7B | $128.8B | $48.8B | $79.4B | $89.4B | $37.1B | — | — | — |
| Enterprise Value | $143.7B | $178.2B | $134.7B | $135.1B | $55.7B | $86.0B | $93.9B | $33.9B | — | — | — |
| P/E Ratio → | 14.41 | 17.27 | 13.23 | 70.77 | — | — | — | — | — | — | — |
| P/S Ratio | 2.67 | 3.33 | 2.95 | 3.45 | 1.53 | 4.55 | 8.03 | 2.86 | — | — | — |
| P/B Ratio | 5.14 | 6.17 | 5.77 | 10.16 | 5.74 | 5.17 | 6.50 | 2.45 | — | — | — |
| P/FCF | 14.21 | 17.74 | 18.81 | 38.31 | 125.23 | — | — | — | — | — | — |
| P/OCF | 13.74 | 17.15 | 18.18 | 35.92 | 76.07 | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.43 | 3.06 | 3.62 | 1.75 | 4.93 | 8.43 | 2.61 | — | — | — |
| EV / EBITDA | 22.77 | 28.23 | 38.10 | 69.91 | — | — | — | — | — | — | — |
| EV / EBIT | 25.83 | 28.55 | 28.98 | 45.75 | — | — | — | — | — | — | — |
| EV / FCF | — | 18.25 | 19.54 | 40.20 | 142.74 | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 39.8% | 39.8% | 39.4% | 39.8% | 38.3% | 46.4% | 53.7% | 53.4% | 54.1% | 30.5% | 42.1% |
| Operating Margin | 10.7% | 10.7% | 6.4% | 3.0% | -5.7% | -22.0% | -43.7% | -66.1% | -29.1% | -51.4% | -78.6% |
| Net Profit Margin | 19.3% | 19.3% | 22.4% | 5.1% | -28.7% | -2.8% | -60.6% | -65.2% | 9.6% | -50.8% | -9.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 39.8% | 39.8% | 56.1% | 17.8% | -76.6% | -3.4% | -46.7% | -77.2% | 19.1% | -77.7% | -5.5% |
| ROA | 17.8% | 17.8% | 21.9% | 5.3% | -25.8% | -1.4% | -20.8% | -30.4% | 5.1% | -25.9% | -2.4% |
| ROIC | 13.8% | 13.8% | 9.0% | 4.8% | -7.4% | -14.3% | -24.2% | -59.1% | -32.4% | -78.2% | -62.8% |
| ROCE | 12.5% | 12.5% | 8.1% | 4.2% | -6.9% | -13.7% | -18.5% | -37.5% | -19.4% | -32.8% | -22.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.43 | 0.43 | 0.51 | 0.93 | 1.38 | 0.76 | 0.75 | 0.51 | 1.40 | 1.39 | 0.46 |
| Debt / EBITDA | 1.91 | 1.91 | 3.23 | 6.12 | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 0.18 | 0.22 | 0.50 | 0.80 | 0.44 | 0.33 | -0.21 | 0.45 | 0.15 | -0.46 |
| Net Debt / EBITDA | 0.79 | 0.79 | 1.41 | 3.28 | — | — | — | — | — | — | — |
| Debt / FCF | — | 0.51 | 0.72 | 1.89 | 17.51 | — | — | — | — | — | — |
| Interest Coverage | 14.18 | 14.18 | 8.89 | 4.67 | -15.68 | -1.12 | -14.17 | -14.09 | 3.02 | -8.55 | -8.63 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.14 | 1.14 | 1.07 | 1.19 | 1.04 | 0.98 | 1.44 | 2.47 | 2.03 | 1.78 | 2.89 |
| Quick Ratio | 1.14 | 1.14 | 1.07 | 1.19 | 1.04 | 0.98 | 1.44 | 2.47 | 2.03 | 1.78 | 2.89 |
| Cash Ratio | 0.62 | 0.62 | 0.66 | 0.66 | 0.56 | 0.55 | 1.03 | 2.02 | 1.52 | 1.18 | 2.60 |
| Asset Turnover | — | 0.84 | 0.86 | 0.96 | 0.99 | 0.45 | 0.33 | 0.41 | 0.43 | 0.51 | 0.24 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 26.85 | 31.66 | 40.35 | 39.95 | 62.57 | 50.36 | 46.10 | 46.71 | 42.61 | 36.74 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.9% | 5.8% | 7.6% | 1.4% | — | — | — | — | — | — | — |
| FCF Yield | 7.0% | 5.6% | 5.3% | 2.6% | 0.8% | — | — | — | — | — | — |
| Buyback Yield | 4.7% | 3.8% | 1.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Total Shareholder Yield | 4.7% | 3.8% | 1.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| Shares Outstanding | — | $2.1B | $2.2B | $2.1B | $2.0B | $1.9B | $1.8B | $1.2B | $1.7B | $1.7B | $1.5B |
Includes 30+ ratios · 10 years · Updated daily
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Quick answers to the most common questions about buying UBER stock.
Uber Technologies, Inc.'s current P/E ratio is 14.4x. The historical average is 33.8x. This places it at the 33th percentile of its historical range.
Uber Technologies, Inc.'s current EV/EBITDA is 22.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 45.4x.
Uber Technologies, Inc.'s return on equity (ROE) is 39.8%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -15.4%.
Based on historical data, Uber Technologies, Inc. is trading at a P/E of 14.4x. This is at the 33th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Uber Technologies, Inc. has 39.8% gross margin and 10.7% operating margin. Operating margin between 10-20% is typical for established companies.
Uber Technologies, Inc.'s Debt/EBITDA ratio is 1.9x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Regulatory and competitive pressures
Metrics are mathematically derived from official filings.
Margin Expansion Outpaces Peers
Uber's gross margin improved from 39.1% in 2024Q1 to 44.9% in 2026Q2, while operating margin expanded from 1.7% to 14.6%, according to recent financial statements, indicating strong pricing power and operating leverage.
The sequential improvement in gross margin from 39.6% in 2025Q4 to 44.9% in 2026Q2 suggests that Uber is capturing more value per transaction, likely due to pricing optimization and mix shift. Operating margin expansion to 14.6% in 2026Q2, up from 12.3% in the prior quarter, reflects disciplined cost management, with SG&A as a percentage of revenue declining. However, net margin volatility—swinging from 2.0% in 2026Q1 to 16.9% in 2026Q2—indicates that non-operating items, such as equity gains or losses, significantly distort reported profitability, so investors should focus on operating margin as the cleaner measure of core earning power.
ROIC Lags Despite Margin Gains
Uber's ROIC has remained in a narrow 2.3% to 4.4% range over the past ten quarters, even as operating margins tripled, according to reported figures, suggesting that capital efficiency is not improving in tandem with profitability.
Despite operating margin expansion from 1.7% in 2024Q1 to 14.6% in 2026Q2, ROIC has stayed below 5%, indicating that the asset base—including goodwill and intangibles—has grown proportionally, diluting the impact of margin gains. The low asset turnover of 0.23x, which has been stable, implies that Uber's capital intensity is not declining, possibly due to investments in autonomous driving and other long-term initiatives. This divergence between margin and ROIC suggests that while Uber is becoming more profitable on a per-unit basis, it is not yet compounding returns on invested capital at a rate that would justify a premium valuation.
Working Capital Efficiency Improves
Uber's cash conversion cycle improved from 27 days in 2024Q1 to 11 days in 2026Q2, driven by faster receivables collection (DSO down from 39 to 26 days), as per financial statements, indicating enhanced working capital management.
The reduction in DSO from 39 days in 2024Q1 to 26 days in 2026Q2 suggests that Uber is collecting payments from riders and restaurants more quickly, possibly due to improved billing systems or tighter credit terms. DPO has also increased from 12 to 15 days over the same period, indicating that Uber is taking slightly longer to pay suppliers, which further shortens the cash conversion cycle. This efficiency gain is a key driver of the robust free cash flow margin, which reached 35.8% in 2026Q2, and suggests that Uber's asset-light model is becoming even more cash-generative.
Leverage Declines as Equity Strengthens
Uber's debt-to-equity ratio fell from 0.91 in 2024Q1 to 0.52 in 2026Q2, while interest coverage improved from negative to 27.6x, according to recent SEC filings, indicating a significantly more comfortable debt service position.
The improvement in D/E is driven by a doubling of equity from $11.1B to $27.3B, as retained earnings improved, rather than by debt reduction—total debt actually rose to $14.7B. Interest coverage of 27.6x in 2026Q2, up from 8.8x in 2024Q4, suggests that operating income is now ample to cover interest expenses, reducing refinancing risk. However, the D/EBITDA ratio of 6.5x remains elevated, though it has improved from 30.9x in 2024Q1, indicating that EBITDA growth is outpacing debt growth. Investors should monitor whether Uber's debt levels rise as it invests in autonomous vehicles and other capital-intensive initiatives.
Liquidity Buffer Thins Despite Cash Flow
Uber's current ratio declined from 1.21 in 2024Q1 to 0.84 in 2026Q2, while cash reserves fell to $4.9B, according to financial statements, suggesting a tighter short-term liquidity position despite robust cash generation.
The current ratio falling below 1.0 indicates that Uber's current liabilities exceed its current assets, which could be a concern if short-term obligations come due during a downturn. However, the company's strong free cash flow margin of 35.8% in 2026Q2 provides a substantial buffer, as operating cash flow can cover maturing obligations. The decline in cash reserves may be due to aggressive share repurchases ($3.5B in 2026Q2) and investments, which could strain liquidity if cash flow deteriorates. Investors should monitor whether Uber maintains adequate liquidity to fund its growth initiatives without resorting to additional debt.
P/E Misleads on Earnings Quality
Uber's trailing P/E of 14.9 appears cheap, but forward P/E of 21.1 and volatile net income—swinging from -6.5% to 57.6% net margin—suggest that reported earnings are not a reliable valuation base, as per financial statements.
The low trailing P/E is distorted by one-time gains, such as the $2.4B profit in 2026Q2, which may not recur, making the forward P/E of 21.1 a more realistic multiple. Additionally, stock-based compensation of over $1B per quarter inflates reported earnings relative to cash earnings, so investors should use P/FCF (14.7x) or EV/EBITDA (23.5x) as more stable valuation metrics. The most commonly misapplied ratio for Uber is P/E, because its earnings are heavily influenced by non-operating items and SBC, obscuring the underlying economics of the ride-hailing and delivery business.