Shopify Inc (SHOP) is overvalued and Uber Technologies Inc (UBER) is undervalued.
Against our estimates of intrinsic value, UBER trades at the wider discount: a margin of safety of +70%, against -285% for SHOP.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 15.7% (average of 3 methods) values the shares at $38.39; the price of $147.74 is 285% above that value, and 59% of that value comes from beyond year five.
Leak Score 27/100 on 3 of 12 signals
A 8.8x revenue multiple, adjusted for growth and margin, values the shares at $236.26; the price of $69.89 is 70% below that value.
Leak Score 75/100 on 10 of 12 signals
| Metric | SHOP | UBER |
|---|---|---|
| Verdict | Overvalued | Undervalued |
| Price | $147.74 | $69.89 |
| Intrinsic value | $38.39 | $236.26 |
| Margin of safety | -285% | +70% |
| Leak Score | 27/100 (3/12) | 75/100 (10/12) |
| Market cap | $190.1B | $142.8B |
| Revenue growth, 5 years | 31.6% | 36.1% |
| Operating margin | 17.8% | 13.3% |
| Net margin | 14.5% | 17.3% |
| Return on equity | 15.5% | 38.4% |
| Debt to equity | 0.01 | 0.54 |
| P/E | 99.7x | 15.4x |
| Forward P/E | 59.9x | 15.8x |
| P/B | 15.0x | 5.2x |