Uber Technologies Inc., FCFF calculation

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net income (loss) attributable to Uber Technologies, Inc.	9,856)	1,887)	(9,141)	(496)	(6,768)
Net (income) loss attributable to non-controlling interests, net of tax	(11)	269)	3)	(74)	(20)
Net noncash charges	(5,082)	1,264)	9,445)	(1,557)	3,311)
Change in assets and liabilities, net of impact of business acquisitions and disposals	2,374)	165)	335)	1,682)	732)
Net cash provided by (used in) operating activities	7,137)	3,585)	642)	(445)	(2,745)
Cash paid for interest, net of amount capitalized, net of tax¹	375)	571)	503)	233)	400)
Purchases of property and equipment	(242)	(223)	(252)	(298)	(616)
Right-of-use assets obtained in exchange for finance lease obligations	(4)	(216)	(349)	(184)	(196)
Free cash flow to the firm (FCFF)	7,266)	3,717)	544)	(694)	(3,157)

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).

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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 2022 to 2023 and from 2023 to 2024.

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

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Effective Income Tax Rate (EITR)
EITR¹	21.00%	9.20%	1.90%	48.00%	2.80%
Interest Paid, Net of Tax
Cash paid for interest, net of amount capitalized, before tax	475)	629)	513)	449)	412)
Less: Cash paid for interest, net of amount capitalized, tax²	100)	58)	10)	216)	12)
Cash paid for interest, net of amount capitalized, net of tax	375)	571)	503)	233)	400)

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 See details »

² 2024 Calculation
Cash paid for interest, net of amount capitalized, tax = Cash paid for interest, net of amount capitalized × EITR
= 475 × 21.00% = 100

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

Selected Financial Data (US$ in millions)
Enterprise value (EV)	166,262)
Free cash flow to the firm (FCFF)	7,266)
Valuation Ratio
EV/FCFF	22.88
Benchmarks
EV/FCFF, Competitors¹
FedEx Corp.	17.44
Union Pacific Corp.	23.38
United Airlines Holdings Inc.	7.60
United Parcel Service Inc.	14.27
EV/FCFF, Sector
Transportation	17.13
EV/FCFF, Industry
Industrials	29.54

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.

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	169,019)	173,535)	74,173)	73,450)	102,592)
Free cash flow to the firm (FCFF)²	7,266)	3,717)	544)	(694)	(3,157)
Valuation Ratio
EV/FCFF³	23.26	46.69	136.28	—	—
Benchmarks
EV/FCFF, Competitors⁴
FedEx Corp.	23.54	23.94	19.13	18.72	—
Union Pacific Corp.	25.72	31.90	23.83	26.42	25.20
United Airlines Holdings Inc.	9.18	56.36	11.88	79.24	—
United Parcel Service Inc.	16.29	24.78	16.63	16.95	28.23
EV/FCFF, Sector
Transportation	19.18	32.04	21.76	24.81	184.17
EV/FCFF, Industry
Industrials	31.37	25.93	24.30	28.80	189.49

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 See details »

² See details »

³ 2024 Calculation
EV/FCFF = EV ÷ FCFF
= 169,019 ÷ 7,266 = 23.26

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Uber Technologies Inc. EV/FCFF ratio decreased from 2022 to 2023 and from 2023 to 2024.

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