Uber: The Business Grew While The Multiple Fell By Half

Uber trades at 16x free cash flow after stock comp, with a 6.1% yield, despite 26% growth in per-share cash earnings and a 33% share price drop. Mobility growth is constrained by driver shortages in key markets, but overall bookings and non-GAAP EPS met or exceeded guidance; Q4 guidance is slightly below consensus. Robotaxi disintermediation risk is priced in, yet UBER's AV network shows utilization and share gains, with 700 driverless cars expected by year-end and 2,000+ by 2027.