anita ramaswamy

Uber's delivery business (Uber Eats) growing 28% YoY is worth $270B applying DoorDash's 75x earnings multiple, exceeding Uber's entire $150B market cap, while ride-hailing concerns over robotaxis are overblown given Uber's capital-light partnership model.

Waymo's growing robotaxi presence in SF and Phoenix creates competitive pressure on Uber, but its shift to standalone app in Austin/Atlanta from 2028 reduces Uber's platform leverage while leaving global white space for other AV partners.

DoorDash's premium valuation at 75x 2025 earnings reflects its US market leadership and autonomous delivery investments, serving as a benchmark to reveal Uber's delivery business undervaluation.

Lyft shares the same robotaxi displacement concerns as Uber but trades at an even cheaper valuation multiple.

Waymo is moving toward direct-to-consumer distribution, reducing Uber's role as exclusive platform partner in key markets starting 2028.

Zoox vehicles tested in San Francisco expected to launch on Uber platform, part of Uber's capital-light partnership strategy.

Uber trades at 2.6x forward revenue vs DoorDash at 5x; applying DoorDash's 75x earnings multiple to Uber's delivery EBITDA implies a $270B valuation for that segment alone, exceeding Uber's entire $150B market cap.

DoorDash commands a premium valuation due to greater US market share and visibility, but Uber Eats is dominant globally and growing 28% YoY with similar autonomous delivery investments.

Uber trades at 2.6x forward revenue, far below DoorDash's 5x, and applying DoorDash's 75x earnings multiple to Uber's delivery business alone implies a $270B valuation versus the current $150B market cap. The capital-light partnership model with multiple AV providers is a structural advantage over Waymo's capital-intensive approach.

DoorDash commands a premium valuation (5x forward revenue, 75x 2025 earnings) due to greater US market share and visible autonomous delivery investment, serving as the comp for valuing Uber's delivery segment.