Uber Technologies Inc., FCFF calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income (loss) attributable to Uber Technologies, Inc.	1,887)	(9,141)	(496)	(6,768)	(8,506)
Net (income) loss attributable to non-controlling interests, net of tax	269)	3)	(74)	(20)	(6)
Net noncash charges	1,264)	9,445)	(1,557)	3,311)	4,691)
Change in assets and liabilities, net of impact of business acquisitions and disposals	165)	335)	1,682)	732)	(500)
Net cash provided by (used in) operating activities	3,585)	642)	(445)	(2,745)	(4,321)
Cash paid for interest, net of amount capitalized, net of tax¹	571)	503)	233)	400)	262)
Purchases of property and equipment	(223)	(252)	(298)	(616)	(588)
Right-of-use assets obtained in exchange for finance lease obligations	(216)	(349)	(184)	(196)	(251)
Free cash flow to the firm (FCFF)	3,717)	544)	(694)	(3,157)	(4,898)

Based on: 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), 10-K (reporting date: 2019-12-31).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Uber Technologies Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Uber Technologies Inc. FCFF increased from 2021 to 2022 and from 2022 to 2023.

Uber Technologies Inc., interest paid, net of tax calculation

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Effective Income Tax Rate (EITR)
EITR¹	9.20%	1.90%	48.00%	2.80%	21.00%
Interest Paid, Net of Tax
Cash paid for interest, net of amount capitalized, before tax	629)	513)	449)	412)	332)
Less: Cash paid for interest, net of amount capitalized, tax²	58)	10)	216)	12)	70)
Cash paid for interest, net of amount capitalized, net of tax	571)	503)	233)	400)	262)

Based on: 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), 10-K (reporting date: 2019-12-31).

¹ See details »

² 2023 Calculation
Cash paid for interest, net of amount capitalized, tax = Cash paid for interest, net of amount capitalized × EITR
= 629 × 9.20% = 58

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Uber Technologies Inc., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	132,409)
Free cash flow to the firm (FCFF)	3,717)
Valuation Ratio
EV/FCFF	35.62
Benchmarks
EV/FCFF, Competitors¹
FedEx Corp.	21.37
Union Pacific Corp.	29.32
United Parcel Service Inc.	21.40
EV/FCFF, Sector
Transportation	27.35
EV/FCFF, Industry
Industrials	26.27

Based on: 10-K (reporting date: 2023-12-31).

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.

Uber Technologies Inc., historical EV/FCFF calculation, comparison to benchmarks

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	173,535)	74,173)	73,450)	102,592)	51,938)
Free cash flow to the firm (FCFF)²	3,717)	544)	(694)	(3,157)	(4,898)
Valuation Ratio
EV/FCFF³	46.69	136.28	—	—	—
Benchmarks
EV/FCFF, Competitors⁴
FedEx Corp.	23.94	19.13	18.72	—	87.04
Union Pacific Corp.	31.90	23.83	26.42	25.20	25.44
United Parcel Service Inc.	24.78	16.63	16.95	28.23	39.28
EV/FCFF, Sector
Transportation	31.32	22.96	23.87	65.92	104.98
EV/FCFF, Industry
Industrials	25.67	24.88	28.41	72.49	31.28

Based on: 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), 10-K (reporting date: 2019-12-31).

¹ See details »

² See details »

³ 2023 Calculation
EV/FCFF = EV ÷ FCFF
= 173,535 ÷ 3,717 = 46.69

⁴ Click competitor name to see calculations.

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Uber Technologies Inc. (NYSE:UBER)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical