Uber growth-security PEG and owner-earnings valuation

Uber Technologies Inc (UBER)
By@hypertonx
Assumptions as of 2026-09-11
USD
Updated Sep 11, 2026 · Revised 3 times
Download Excel

Uber growth-security PEG and owner-earnings valuation

Values Uber as a growth security using a Lynch-style PEG framework for the operating business, informed by Fisher's emphasis on durable platform quality and reinvestment runway, and cross-checked with a Graham-style normalized owner-earnings yield. Unrealized investment gains are excluded from earnings. Cash and unrestricted investments are added separately after a valuation haircut, debt is deducted, and restricted insurance assets are excluded because they support insurance reserves. The model is standalone and pre-Delivery Hero close: it credits Uber's already-owned stake at carrying value after the haircut but gives no value to unclosed synergies and does not subtract future acquisition financing without also consolidating the acquired earning power.

as of 2026-09-11

Blended fair value
$73.98
Upside or downside
3.5%
Current implied PEG
0.96
PEG-implied target P/E
18.0
2027E normalized EPS
$4.03
PEG fair value
$74.09
Normalized owner earnings
$7.4
Owner-earnings fair value
$73.81
Net non-operating assets
$3.3
Owner-earnings equity value
$151.3

Balance sheet

$5.391$B
$12.723$B
$3.773$B
$8.759$B

Capitalization

2.050B shares

Earnings

$3.30USD/share
22.0%

Market

$71.51USD/share
Latest UBER quote · updated Oct 9, 2026 2:00 PM MDT

Owner earnings

$2.1$B
$9.5$B

Valuation

60%
15%
18.0%
5.0%
1

Fair value by PEG and durable EPS growth

Target PEG ratio14.0%18.0%22.0%
0.5$47.41$52.24$57.07
1$64.32$73.98$83.64
1.5$81.23$95.72$110.21

Sources

  1. September 11 Modeledge reference share price $71.67. The share quote changes market-relative outputs, not operating forecasts or intrinsic fair value. (accessed 2026-09-11)
  2. September 11 prospectus prices EUR4.5B across five maturities, with EUR4.4644325B proceeds before expenses and approximately EUR4.453B net after estimated expenses. Settlement is expected September 15; stated use is general corporate purposes. Do not add unsettled gross debt or proceeds to current net debt or assume incremental acquisition synergy. Preserve the existing PEG/normalized-FCF valuation. — sec.gov (accessed 2026-09-11)
  3. September 10 Modeledge reference share price $72.56; market price alone is not used to revise operating forecasts. (accessed 2026-09-10)
  4. September 10 conference: consumer demand remained robust; savings from the approximately 10% workforce restructuring are intended for reinvestment. AV access to over 120,000 vehicles is not deployed fleet or immediate revenue; major scaling is discussed for 2028-2029. Delivery Hero remains conditional. No quantified EPS/FCF replacement was given. — modeledge.ai (accessed 2026-09-10)
  5. Q2 2026 operating results, guidance, cash flow, balance sheet investments, debt, and diluted shares — investor.uber.com (accessed 2026-08-05)
  6. FY2025 non-GAAP EPS and free cash flow baseline — investor.uber.com (accessed 2026-08-05)
  7. Delivery Hero offer terms, existing stake, financing, timing, and expected accretion — investor.uber.com (accessed 2026-08-05)
  8. UBER market-price reference — finance.yahoo.com (accessed 2026-08-05)

Built with Modeledge MCP

Connect your MCP client to research filings and earnings calls, then build a living financial model like this one.

Connect your agent