Economic Value Added (EVA)
EVA is registered trademark of Stern Stewart.
Economic value added or economic profit is the difference between revenues and costs,where costs include not only expenses, but also cost of capital.
Paying user area
Try for free
Uber Technologies Inc. pages available for free this week:
- Balance Sheet: Assets
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2019
- Price to Earnings (P/E) since 2019
- Price to Sales (P/S) since 2019
- Aggregate Accruals
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Uber Technologies Inc. for $24.99.
This is a one-time payment. There is no automatic renewal.
We accept:
Economic Profit
Uber Technologies Inc., economic profit calculation
US$ in millions
| 12 months ended: | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|---|
| Net operating profit after taxes (NOPAT)1 | ||||||
| Cost of capital2 | ||||||
| Invested capital3 | ||||||
| Economic profit4 | ||||||
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 NOPAT. See details »
2 Cost of capital. See details »
3 Invested capital. See details »
4 2024 Calculation
Economic profit = NOPAT – Cost of capital × Invested capital
= – × =
The financial data reveals a fluctuating performance regarding profitability and capital efficiency over the observed periods.
- Net Operating Profit After Taxes (NOPAT)
- There is a pronounced variability in NOPAT figures, which moved from a significant loss of -6,617 million USD in 2020 to a smaller loss of -819 million USD in 2021. However, this profitability sharply declined again in 2022 to -9,117 million USD before recovering to positive values in the subsequent years, reaching 2,401 million USD in 2023 and further improving to 3,752 million USD in 2024. This indicates a recovery in operating profitability after considerable losses.
- Cost of Capital
- The cost of capital maintained a generally stable trend, fluctuating slightly between 16.43% and 17.57% over the five-year period. The highest cost of capital was recorded in 2023 at 17.57%, with minor decreases and increases across the years, suggesting relatively consistent capital costs for the company.
- Invested Capital
- Invested capital showed a declining trend, decreasing from 21,038 million USD in 2020 to 14,934 million USD in 2024. This gradual reduction suggests a contraction or divestment in capital assets or possibly efficient capital utilization, as the company managed to generate increasing NOPAT figures despite lower invested capital toward the end of the period.
- Economic Profit
- The economic profit followed a pattern similar to NOPAT but with even greater fluctuations. It started at a large negative of -10,254 million USD in 2020, improved but still negative at -3,461 million USD in 2021, then worsened drastically to -11,823 million USD in 2022. Subsequently, economic profit almost broke even in 2023 at -351 million USD and turned positive at 1,133 million USD in 2024. This progression highlights the company's journey toward creating shareholder value after a period of substantial economic losses.
Overall, the data reflects an initial period of substantial financial distress followed by improving operational performance and capital efficiency. The company appears to have reduced its invested capital and improved its net operating profit, eventually achieving positive economic profit, which is a critical sign of value generation exceeding its cost of capital.
Net Operating Profit after Taxes (NOPAT)
Uber Technologies Inc., NOPAT calculation
US$ in millions
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 Elimination of deferred tax expense. See details »
2 Addition of increase (decrease) in allowance for doubtful accounts.
3 Addition of increase (decrease) in restructuring and related charges accrual.
4 Addition of increase (decrease) in equity equivalents to net income (loss) attributable to Uber Technologies, Inc..
5 2024 Calculation
Interest expense on capitalized operating leases = Operating lease liability × Discount rate
= × =
6 2024 Calculation
Tax benefit of interest expense = Adjusted interest expense × Statutory income tax rate
= × 21.00% =
7 Addition of after taxes interest expense to net income (loss) attributable to Uber Technologies, Inc..
8 2024 Calculation
Tax expense (benefit) of investment income = Investment income, before tax × Statutory income tax rate
= × 21.00% =
9 Elimination of after taxes investment income.
The financial data reveals significant fluctuations in the profitability of the company over the observed five-year period. The net income attributable to the company shows a notable trend from substantial losses to considerable profitability.
- Net Income (Loss)
- Initially, the company experienced very large net losses, with the loss amounting to -6,768 million US dollars in 2020. This negative result significantly narrowed in 2021, with losses reducing to -496 million US dollars. However, 2022 saw a dramatic reversal with net losses deepening again to -9,141 million US dollars, indicating potential challenges or one-off expenses during that year. Subsequently, there was a marked recovery in 2023, with the net income turning positive to 1,887 million US dollars. This positive trend continued and further improved in 2024, reaching a net income of 9,856 million US dollars, signaling a strong turnaround and improvement in profitability.
- Net Operating Profit After Taxes (NOPAT)
- The trend in NOPAT mirrors that of net income with persistent losses in the initial years followed by improvements. In 2020, NOPAT was negative at -6,617 million US dollars, narrowing to -819 million US dollars in 2021. In 2022, this metric worsened sharply to a loss of -9,117 million US dollars, closely paralleling the net income loss for the year. From 2023 onward, NOPAT turned positive, registering 2,401 million US dollars in 2023 and increasing to 3,752 million US dollars in 2024. This shift indicates enhanced operational efficiency and effective tax management contributing to overall profitability in the latter years.
Overall, the data illustrates a company overcoming significant financial difficulties between 2020 and 2022, with a pronounced recovery beginning in 2023 and accelerating in 2024. This improvement in financial performance suggests effective strategic adjustments, cost management, or increased revenue generation that have reversed previous losses into substantial gains. The parallel movement of net income and NOPAT indicates consistent operational performance improvements alongside tax-related factors.
Cash Operating Taxes
Uber Technologies Inc., cash operating taxes calculation
US$ in millions
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 provision for income taxes experienced significant fluctuations over the observed period. Initially, the provision was a negative value of -192 million US dollars at the end of 2020, indicating a tax benefit. This trend continued and amplified in 2021, reaching a benefit peak of -492 million US dollars. However, the following year saw a reduction in the tax benefit to -181 million US dollars, followed by a notable reversal in 2023 where the provision turned positive to 213 million US dollars, indicating a tax expense. In 2024, the provision saw an extraordinary shift to a substantial tax benefit amounting to -5758 million US dollars.
Cash operating taxes showed a generally increasing trend from 2020 through 2022, rising from 184 million US dollars to 375 million US dollars. In 2023, cash operating taxes decreased to 242 million US dollars and remained relatively stable in 2024 with a slight increase to 250 million US dollars.
- Provision for (benefit from) income taxes
- Exhibits significant volatility with large swings between tax benefits and expenses. The values indicate a trend of fluctuating tax positions, possibly influenced by changes in earnings, tax regulations, or accounting treatments. The abrupt change in 2024 to a large tax benefit suggests the occurrence of unusual or one-time tax events.
- Cash operating taxes
- Show a moderate upward trend initially, peaking in 2022 before declining in subsequent years. The reduction in cash operating taxes despite the volatility in the provision for income taxes suggests differences between accounting for tax expenses and actual tax payments.
Invested Capital
Uber Technologies Inc., invested capital calculation (financing approach)
US$ in millions
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 Addition of capitalized operating leases.
2 Elimination of deferred taxes from assets and liabilities. See details »
3 Addition of allowance for doubtful accounts receivable.
4 Addition of restructuring and related charges accrual.
5 Addition of equity equivalents to total Uber Technologies, Inc. stockholders’ equity.
6 Removal of accumulated other comprehensive income.
7 Subtraction of construction in progress.
8 Subtraction of marketable securities.
- Total reported debt & leases
- The total reported debt and leases have exhibited a gradual increase from 9,603 million USD in 2020 to a peak of 11,702 million USD in 2023, followed by a slight reduction to 11,436 million USD in 2024. This trend indicates a relatively stable but elevated leverage position with a modest decrease in the most recent period.
- Total stockholders’ equity
- Stockholders’ equity showed significant fluctuations over the observed periods. It increased from 12,266 million USD in 2020 to 14,458 million USD in 2021, then sharply declined to 7,340 million USD in 2022. Subsequently, equity rebounded to 11,249 million USD in 2023 and surged strongly to 21,558 million USD in 2024. This volatility might reflect periods of significant capital restructuring, losses, or valuation adjustments followed by recovery and strengthening of the equity base.
- Invested capital
- Invested capital displayed a downward trend from 21,038 million USD in 2020 to 14,934 million USD in 2024. While there were minor fluctuations between 2021 and 2023, the overall trajectory indicates a reduction in the resources actively employed by the company over the five-year span.
Cost of Capital
Uber Technologies Inc., cost of capital calculations
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | ÷ | = | × | = | |||||||||
| Long-term debt and finance leases liabilities3 | ÷ | = | × | × (1 – 21.00%) | = | ||||||||
| Operating lease liability4 | ÷ | = | × | × (1 – 21.00%) | = | ||||||||
| Total: | |||||||||||||
Based on: 10-K (reporting date: 2024-12-31).
1 US$ in millions
2 Equity. See details »
3 Long-term debt and finance leases liabilities. See details »
4 Operating lease liability. See details »
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | ÷ | = | × | = | |||||||||
| Long-term debt and finance leases liabilities3 | ÷ | = | × | × (1 – 21.00%) | = | ||||||||
| Operating lease liability4 | ÷ | = | × | × (1 – 21.00%) | = | ||||||||
| Total: | |||||||||||||
Based on: 10-K (reporting date: 2023-12-31).
1 US$ in millions
2 Equity. See details »
3 Long-term debt and finance leases liabilities. See details »
4 Operating lease liability. See details »
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | ÷ | = | × | = | |||||||||
| Long-term debt and finance leases liabilities3 | ÷ | = | × | × (1 – 21.00%) | = | ||||||||
| Operating lease liability4 | ÷ | = | × | × (1 – 21.00%) | = | ||||||||
| Total: | |||||||||||||
Based on: 10-K (reporting date: 2022-12-31).
1 US$ in millions
2 Equity. See details »
3 Long-term debt and finance leases liabilities. See details »
4 Operating lease liability. See details »
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | ÷ | = | × | = | |||||||||
| Long-term debt and finance leases liabilities3 | ÷ | = | × | × (1 – 21.00%) | = | ||||||||
| Operating lease liability4 | ÷ | = | × | × (1 – 21.00%) | = | ||||||||
| Total: | |||||||||||||
Based on: 10-K (reporting date: 2021-12-31).
1 US$ in millions
2 Equity. See details »
3 Long-term debt and finance leases liabilities. See details »
4 Operating lease liability. See details »
| Capital (fair value)1 | Weights | Cost of capital | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity2 | ÷ | = | × | = | |||||||||
| Long-term debt and finance leases liabilities3 | ÷ | = | × | × (1 – 21.00%) | = | ||||||||
| Operating lease liability4 | ÷ | = | × | × (1 – 21.00%) | = | ||||||||
| Total: | |||||||||||||
Based on: 10-K (reporting date: 2020-12-31).
1 US$ in millions
2 Equity. See details »
3 Long-term debt and finance leases liabilities. See details »
4 Operating lease liability. See details »
Economic Spread Ratio
Uber Technologies Inc., economic spread ratio calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Economic profit1 | ||||||
| Invested capital2 | ||||||
| Performance Ratio | ||||||
| Economic spread ratio3 | ||||||
| Benchmarks | ||||||
| Economic Spread Ratio, Competitors4 | ||||||
| FedEx Corp. | ||||||
| Union Pacific Corp. | ||||||
| United Airlines Holdings Inc. | ||||||
| United Parcel Service Inc. | ||||||
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 Economic profit. See details »
2 Invested capital. See details »
3 2024 Calculation
Economic spread ratio = 100 × Economic profit ÷ Invested capital
= 100 × ÷ =
4 Click competitor name to see calculations.
- Economic Profit
- The economic profit displayed significant fluctuations over the observed period. Initially, there was a substantial negative economic profit of -10,254 million US dollars in 2020, which improved notably to -3,461 million US dollars in 2021. However, this improvement was not sustained, as economic profit sharply deteriorated to -11,823 million US dollars in 2022. Following this decline, a strong recovery occurred, resulting in a near breakeven point in 2023 with -351 million US dollars and ultimately achieving a positive economic profit of 1,133 million US dollars in 2024.
- Invested Capital
- Invested capital showed a gradual declining trend throughout the period under review. Beginning at 21,038 million US dollars in 2020, the figure decreased to 16,078 million US dollars in 2021. Subsequently, it experienced minor increases and decreases, moving to 16,340 million US dollars in 2022 and reducing slightly again to 15,670 million US dollars in 2023. By 2024, invested capital further decreased to 14,934 million US dollars, reflecting a consistent effort to reduce or optimize capital investments.
- Economic Spread Ratio
- The economic spread ratio, representing the return on invested capital relative to the cost of capital, exhibited considerable volatility. Initially highly negative at -48.74% in 2020, indicating that returns were significantly below the cost, the ratio improved to -21.53% in 2021. Despite this improvement, the ratio plummeted again to -72.36% in 2022, the worst position observed during the period. However, a marked recovery followed, with the ratio climbing sharply to -2.24% by 2023, nearly reaching a neutral spread. By 2024, the ratio turned positive at 7.59%, suggesting the company began generating returns above its cost of capital, indicating improved operational efficiency and profitability.
Economic Profit Margin
Uber Technologies Inc., economic profit margin calculation, comparison to benchmarks
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Economic profit1 | ||||||
| Revenue | ||||||
| Performance Ratio | ||||||
| Economic profit margin2 | ||||||
| Benchmarks | ||||||
| Economic Profit Margin, Competitors3 | ||||||
| FedEx Corp. | ||||||
| Union Pacific Corp. | ||||||
| United Airlines Holdings Inc. | ||||||
| United Parcel Service Inc. | ||||||
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 Economic profit. See details »
2 2024 Calculation
Economic profit margin = 100 × Economic profit ÷ Revenue
= 100 × ÷ =
3 Click competitor name to see calculations.
The financial data reveals notable fluctuations in economic profit and consistent growth in revenue over the analyzed periods. Key insights are as follows:
- Revenue Trends
- Revenue steadily increased each year, rising from approximately $11.1 billion in 2020 to nearly $44.0 billion by the end of 2024. This indicates a strong upward trajectory, with particularly significant growth between 2021 and 2022, and continuing growth through 2023 and 2024.
- Economic Profit Trends
- Economic profit exhibited considerable volatility. The company reported substantial economic losses in 2020 (-$10.3 billion) and 2022 (-$11.8 billion). However, these losses sharply decreased in 2021 and 2023, with near-break-even levels achieved by 2023 (-$0.35 billion). By 2024, the economic profit turned positive, reaching $1.1 billion, suggesting improved operational efficiency or cost management despite previous large losses.
- Economic Profit Margin Trends
- The economic profit margin similarly reflected these swings. It was deeply negative at -92.06% in 2020, improved substantially to -19.83% in 2021, then deteriorated again to -37.09% in 2022. By 2023, the margin nearly normalized to -0.94%, turning positive in 2024 at 2.58%. This transition from highly negative margins towards profitability aligns with the economic profit trend and indicates progress towards sustainable profitability.
Overall, the data suggest a company in the process of scaling its revenue significantly while gradually improving profitability metrics after notable economic losses. The turning point towards positive economic profit and margin in the final observed year marks a critical milestone in financial performance progression.