Uber

Moat components and durability. Network effects (score 90; weight 45 percent): At city scale, liquidity between riders, couriers and merchants increases reliability, lower ETAs and higher earnings density.

Large cohorts deepen cross‑use: consumers using both Mobility and Delivery generated over 3 times the gross bookings of single‑product users in Q4 2025, and 58 percent of first‑time Delivery consumers in Q4 2025 were new to the platform. These data points indicate reinforcing flywheels at scale.

Switching costs (score 80; weight 20 percent): Membership materially raises stickiness. Uber One reached 46 million members by year‑end 2025 and management states it now drives roughly 60 percent of Delivery gross bookings, improving retention and frequency.

Cost advantages and efficient scale (score 82; weight 20 percent): Dense trip networks, pooled fulfillment, and ads‑funded promos create unit‑cost advantages that are hard for sub‑scale competitors to match, particularly across international markets where Uber holds leading category positions.

Intangibles and data (score 78; weight 15 percent): Global brand, trust and first‑party demand data that powers targeting and merchandising for merchants and advertisers. Ads passed a 1.5 billion dollar run‑rate in Q1 2025 and continues to grow over 60 percent year on year.

Erosion risks: regulatory reclassification in parts of the EU, UK VAT implementation and assessments, insurance cost inflation, and potential long‑run AV disintermediation. Uber’s partner‑aggregator approach to autonomy (18 AV partners, expanding) helps preserve platform relevance if robotaxi adoption scales. (consilium.europa.eu).