Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We have watched this company for a long time, first with distaste, then with genuine admiration, and now with a familiar unease. Uber has done something few money-losing technology darlings ever do: it grew into a real business. Trailing twelve-month free cash flow just crossed $10 billion for the first time. Gross bookings grew 24% last quarter. Two hundred eight million people use the platform every month. Dara Khosrowshahi took a company that was a byword for corporate misbehavior and burned capital like jet fuel, and turned it into a disciplined, profitable operator. That deserves respect, and we give it freely. But our job is not to admire the past. It is to judge whether the moat will hold for decades, and here we must be honest: it might not, and the company's own actions this summer tell us management knows it.
Recent filings analysed: 8-K (2026-08-07), 8-K (2026-08-05), 10-Q (2026-08-05), 8-K (2026-05-11).
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