Enterprise Value to FCFF (EV/FCFF)
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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
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Free Cash Flow to The Firm (FCFF)
Uber Technologies Inc., FCFF 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 financial data exhibits significant positive trends in the cash flow activities over the reviewed periods.
- Net Cash Provided by (Used in) Operating Activities
- This item shows a clear improvement, starting from a negative cash flow of -2,745 million USD in 2020, reducing the outflow to -445 million USD in 2021, and turning positive to 642 million USD in 2022. This upward trajectory continues with substantial increases to 3,585 million USD in 2023 and further to 7,137 million USD in 2024, indicating enhanced operational efficiency and stronger cash generation from core business activities.
- Free Cash Flow to the Firm (FCFF)
- The FCFF follows a similar positive trend, with a negative value of -3,157 million USD in 2020, which improves to -694 million USD in 2021. This transitions to positive free cash flow of 544 million USD in 2022, and subsequently grows sharply to 3,717 million USD in 2023 and 7,266 million USD in 2024. This pattern points to improved financial health and greater capacity for the company to reinvest, pay down debt, or distribute to shareholders.
Overall, the data reveals a strong turnaround in the company's cash flow generation capacity, moving from significant negative cash flow positions to robust positive free cash flow by the end of 2024. This suggests operational improvements and possibly better capital expenditure management, leading to enhanced liquidity and financial stability.
Interest Paid, Net of Tax
Uber Technologies Inc., interest paid, net of tax 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).
2 2024 Calculation
Cash paid for interest, net of amount capitalized, tax = Cash paid for interest, net of amount capitalized × EITR
= × =
The analysis of the provided financial data for the five-year period reveals notable fluctuations in both the effective income tax rate (EITR) and cash paid for interest.
- Effective Income Tax Rate (EITR)
- The EITR exhibits significant volatility throughout the observed periods. Beginning at a low rate of 2.8% in 2020, it escalated sharply to 48% in 2021. This peak was followed by a substantial reduction to 1.9% in 2022, indicating a potential adjustment or tax benefit realized during that year. Subsequent years show a rising trend with the rate increasing to 9.2% in 2023 and further to 21% in 2024. Overall, the EITR reflects an inconsistent pattern possibly influenced by changes in tax regulations, deferred tax assets or liabilities, or variations in taxable income.
- Cash Paid for Interest, Net of Amount Capitalized, Net of Tax (US$ in millions)
- Cash interest payments demonstrate a degree of fluctuation without a clear linear trend. Starting at $400 million in 2020, interest payments decreased significantly to $233 million in 2021. This was followed by a marked increase to $503 million in 2022 and a further increase to $571 million in 2023, suggesting either increased borrowing or higher interest rates during these years. In 2024, a decline to $375 million is observed, which may imply debt repayments, refinancing at more favorable terms, or shifts in capital structure.
In summary, the tax environment for this period was marked by sharp variations in the effective income tax rate, while interest-related cash outflows exhibited a pattern of decrease followed by increases and then a subsequent reduction, indicative of dynamic financing activities.
Enterprise Value to FCFF Ratio, Current
Uber Technologies Inc., current EV/FCFF calculation, comparison to benchmarks
| Selected Financial Data (US$ in millions) | |
| Enterprise value (EV) | |
| Free cash flow to the firm (FCFF) | |
| Valuation Ratio | |
| EV/FCFF | |
| Benchmarks | |
| EV/FCFF, Competitors1 | |
| FedEx Corp. | |
| Union Pacific Corp. | |
| United Airlines Holdings Inc. | |
| United Parcel Service Inc. | |
| EV/FCFF, Sector | |
| Transportation | |
| EV/FCFF, Industry | |
| Industrials | |
Based on: 10-K (reporting date: 2024-12-31).
1 Click competitor name to see calculations.
If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.
Enterprise Value to FCFF Ratio, Historical
Uber Technologies Inc., historical EV/FCFF 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) | ||||||
| Enterprise value (EV)1 | ||||||
| Free cash flow to the firm (FCFF)2 | ||||||
| Valuation Ratio | ||||||
| EV/FCFF3 | ||||||
| Benchmarks | ||||||
| EV/FCFF, Competitors4 | ||||||
| FedEx Corp. | ||||||
| Union Pacific Corp. | ||||||
| United Airlines Holdings Inc. | ||||||
| United Parcel Service Inc. | ||||||
| EV/FCFF, Sector | ||||||
| Transportation | ||||||
| EV/FCFF, 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).
3 2024 Calculation
EV/FCFF = EV ÷ FCFF
= ÷ =
4 Click competitor name to see calculations.
The financial data reveals several noteworthy trends over the five-year period analyzed. Enterprise value (EV) exhibits a fluctuating pattern, starting at $102.6 billion in 2020, then declining substantially to $73.5 billion in 2021 and slightly increasing to $74.2 billion in 2022. Subsequently, there is a marked rise to $173.5 billion in 2023, followed by a marginal decrease to $169.0 billion in 2024. This suggests significant market value adjustments, with a pronounced recovery and heightened valuation after 2022.
Free cash flow to the firm (FCFF) shows a steady improvement throughout the period. Initially, FCFF was negative at -$3.2 billion in 2020, reflecting cash outflows exceeding inflows. This deficit eased considerably in 2021 to -$0.7 billion. Notably, FCFF turned positive in 2022 with $0.5 billion and continued to increase substantially to $3.7 billion in 2023 and $7.3 billion in 2024. This progression indicates enhanced operational cash generation and improving financial health.
The EV to FCFF ratio, available from 2022 onward, demonstrates a downward trajectory from 136.28 in 2022 to 46.69 in 2023 and further to 23.26 in 2024. This decrease implies that enterprise value is becoming less expensive relative to free cash flow, reflecting either a growing cash flow base or a relative stabilization in valuation multiples. The ratio's decline aligns with the reversal from negative to positive cash flow and the substantial increase in FCFF, suggesting improved capital efficiency and potentially heightened investor confidence.
- Enterprise Value (EV)
- Displayed volatility with an initial decline followed by strong recovery, peaking in 2023.
- Free Cash Flow to the Firm (FCFF)
- Consistent improvement, transitioning from negative to increasingly positive, indicating better cash generation capacity.
- EV/FCFF Ratio
- Decreased substantially from 2022 to 2024, evidencing a more favorable valuation relative to cash flow.