Uber, which is expected to follow its smaller U.S. rival Lyft to the public market in the next month or so, could get a valuation of $110 billion based on where Lyft is now trading. But valuing Uber will be tougher than figuring out Lyft. Uber is a bigger, more global company with a fast-growing hot-food delivery business and a costly self-driving car development effort.
Even Uber’s ride-hailing operations will be more complicated to understand. Uber operates in more than 750 cities around the world, from San Francisco to Sydney. The health of Uber’s businesses varies widely between those markets, although we have some insight into the differences, detailed below. Meanwhile, Uber Eats, the hot-food delivery business that is Uber’s next great hope to double the company’s overall value, appears to have been surpassed in the U.S. by rival DoorDash. The economics around Uber’s nascent scooter business are questionable.