Uber Technologies Inc
UBERAbove valueExpectations · modestHeld by 15 superinvestors.
SEC 10-K · fundamentals
Business quality
as of 2025-12-31Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.
- Revenue growth
- +18.3%
- Net margin
- 19.3%
- ROE
- 37.2%
- FCF margin
- 18.8%
Valuation · value band
Above fair value
Zero-growth floor
$18
Central IV
$26
Optimistic top
$32
Uber Technologies Inc (UBER): A conservative value band $18–$32 / sh (zero-growth floor to growth-capped optimistic top); central read about $26. Today’s price sits above that band (price $78 as of 2026-08-26).
The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.
Revenue growth 3% (lower of historical trend and fundamental cap, capped by moat) · moat 0 yr · discount 10.6% · Zero-growth downside $18
Price as of 2026-08-26 · yahoo · DGS10 4.7% @ 2026-08-26.
Method & numbers
A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.
Owner-earnings DCF $18.00 – $31.80 · Greenwald zero-growth $22.17 · zero-growth base $22.17 · reproduction $11.78
Moat Below asset base · terminal value 47% of present value · owner-earnings yield 3% vs 10Y 4.7%.
Graham earnings-power value (normalized NOPAT)
Normalized operating earnings net of maintenance capex are non-positive over the years shown; earnings power cannot be capitalized.
Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.
Years: TTM 2026-06-30, 2024, 2023, 2022, 2021
v1 simplifications: Maintenance capex (degraded) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Only one maintenance-capex method available; estimate is degraded. Share-based compensation is left as a real expense (not added back).
Buffett owner-earnings value$18.14 – $22.17 / sh
Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 9–11% rate band (read as a cost-of-equity proxy). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).
Years: TTM 2026-06-30, 2024, 2023, 2022, 2021
v1 simplifications: Owner earnings = net income + D&A − maintenance capex (degraded); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). Only one maintenance-capex method available; estimate is degraded. One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% band as a cost-of-equity proxy; no leverage premium applied (net cash or debt within the no-charge range).
Reproduction value = tangible net assets $16.71B + capitalized R&D $7.43B（FY 2026, 2024, 2023, 2022） = $11.78 / sh. Reproduction value = tangible net assets (equity − goodwill − intangibles) + capitalized R&D (5y straight-line), ÷ diluted shares.
Moat reading: Franchise test compares earnings power (EPV) against reproduction value on both AV_conservative (tangible + capitalized R&D) and AV_reproduction (conservative + acquired-reset proxy). Both must clear the franchise multiple for a moat signal; near it, a commodity; below it, value destruction. A directional reading, not a verdict.
Growth value gated to zero — no moat or ROIIC ≤ WACC, so no growth value is credited.
Window TTM 2026-06-30, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 0% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.
Owner-earnings DCF: growth g₁ 3% · OE FY TTM 2026-06-30, 2024, 2023, 2022, 2021 · Discount band: 9.16%–12.00% (DGS10 +4.5% to a 12% strict end, as of 2026-08-26). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.
Valuation basis: trailing twelve months to 2026-06-30 — latest 10-K plus unaudited 10-Q filings.
What the price is betting
Today's price pencils in about 24.0% a year in owner-earnings for the next few years. Revenue actually grew 35.5% a year.
Below what it has already done.
Roughly, the price needs its historical revenue growth to run about 6 more years to hold up.
SEC 13F · holders
Superinvestors Holding This Security
15 holders · $4.73B combined · this quarter +1 opened / -1 exited
- Value$2.15BWeight (prev→now)15.9% → 15.7% ▼
- Value$645.3MWeight (prev→now)New · 4.7%
- Value$555.2MWeight (prev→now)7.7% → 7.4% ▼
- Value$533.2MWeight (prev→now)1.4% → 1.2% ▼
- Value$366.9MWeight (prev→now)4.4% → 4.1% ▼
- Value$167.4MWeight (prev→now)3.7% → 1.6% ▼
- Value$127.1MWeight (prev→now)6.2% → 8.1% ▲
- Value$70.5MWeight (prev→now)1.0% → 0.9% ▼
- Value$41.1MWeight (prev→now)1.5% → 0.4% ▼
- Value$27.8MWeight (prev→now)0.7% → 12.7% ▲
Show all 15 holders ▸Collapse ▾
- Value$17.2MWeight (prev→now)2.5% → 2.6% ▲
- Value$10.9MWeight (prev→now)0.0% → 0.0% ▼
- Value$10.3MWeight (prev→now)0.1% → 0.1% ▼
- Value$3.8MWeight (prev→now)0.8% → 0.8% ▲
- Value$351,058Weight (prev→now)0.0% → 0.0% ▲
SEC 13F · notes
Written summary
Written summary
Uber Technologies Inc (UBER) is held by 15 of the superinvestors tracked on Compounder, with a combined $4.73B in reported 13F value. The largest position belongs to Bill Ackman, where it makes up 15.7% of the portfolio.
Other notable holders by value include Terry Smith (4.7% of its book), David Tepper (7.4% of its book) and Jeremy Grantham (1.2% of its book).
Over the latest quarter, 1 of the tracked filers opened a new position in UBER, 6 added to existing ones, 4 trimmed, and 1 sold out entirely.
Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.
SEC 13F · co-ownership
Also held by these investors
Investors holding Uber Technologies Inc (UBER) also commonly hold →
- Amazon.Com IncAMZN11 holders
- Microsoft CorpMSFT10 holders
- Meta Platforms Inc-Class AMETA10 holders
- Alphabet Inc-Cl AGOOGL10 holders
- Alphabet Inc-Cl CGOOG9 holders
- Visa Inc-Class A SharesV9 holders
UBER's price is not below its conservative value band. See current strike-zone stocks
Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14
Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.
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