UBER
Uber Technologies
Platform / Network
★ Quality 66/100Price today
$75.76
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See what it is worthcharlieapp.co
What this business is made of
The business
Uber takes a cut of every ride and every meal that crosses the city.
Uber connects riders with drivers and diners with restaurants, keeping a commission on every transaction. In 2025 it moved $193B in gross bookings and generated $52B in revenue, with two engines: mobility and food delivery.
The value grows with every user: more riders attract more drivers, and vice versa. With 200M+ monthly active users, that network is expensive to copy, but not impossible — drivers and customers hop from app to app at no cost. It's a wide moat, not a deep one.
Revenue history
From $17.5B to $52.0B in 4 years — nearly 3.0x its size. Selling more and more is the base of everything else.
Where each $100 of sales goes
Revenue $52.0B · FY2025
Of every $100 in sales, $81 goes to costs and operations; $19 is left as net profit (19% margin).
Catalysts and risks
Driverless robotaxis already running: Zagreb (Pony AI), Dubai (WeRide), tests in Austin.
FCF of $9.8B in 2025, growing ~70% year over year.
Gross bookings +22%, with operating margin in full expansion.
Labor regulation in Europe and the UK: reclassifying drivers as employees spikes costs.
Autonomous driving could strengthen or disintermediate Uber depending on who controls the fleet.
Fragile loyalty: users and drivers switch apps without friction.
Charlie's note
“Paying 29x for a business that grows at 18% and converts bookings into cash like few others isn't a steal, but it's no gift either. The moat exists; you just have to swim across it. At this multiple, you're paying for flawless execution, not for a discount.”
Analysis · July 2026
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