Forensic Analysis · Professional & Commercial Services · as of Nov 9, 2026
Uber Technologies, Inc (UBER)
A forensic read on Uber Technologies, Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
1.1
Distress distance
Clean
Earnings quality
2
Forensic signals
41.4%
ROE
18.3%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Uber Technologies, Inc earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 1.1, placing it in the Distress zone. 2 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of NOA).
What the filings flag
+16.1%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +16.1% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. Net operating assets also rose $788.0M through acquisitions (increase in goodwill and intangibles); that purchase is investing and is excluded from this ratio. The build is led by receivables up +15% against revenue +18%. A cash-flow measure on the same base disagrees: reported earnings ran in line with operating cash by 0% of net operating assets, against an accruals ratio of 16.1%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
12.9%
FY2025
Return on invested capital.Return on invested capital is 12.9% in the latest fiscal year and rising across FY2023–FY2025 from 4.1%. After-tax operating profit was $999M in FY2023 and $5.0B in FY2025, with operating income at 3.0% of revenue in FY2023, 6.4% in FY2024 and 10.7% in FY2025. The capital base behind it grew +57% across FY2023–FY2025, from $24.6B to $38.7B, and the return did not fall doing it, so the dollars added over that window earned at least the 4.1% the older base was already earning.
Key fundamentals
Latest Revenue$52.02B
Revenue Growth YoY+18.3%
Revenue CAGR (2yr)+18.1%
Net Margin19.3%
Free Cash Flow$9.76B
Return on Equity41.4%
Debt / Equity0.39x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Uber Technologies, Inc's actual 10-K/10-Q/8-K filings?