Uber IPO vs Lyft IPO — A Tale in Blue Ocean vs Red Ocean Markets

When the Lyft S-1 was released I did a breakdown here and now we finally have access to the Uber S-1 filing. It’s interesting to take a look at the two filings and especially look at their financials side by side.

Is Bigger Better?

A quick refresher at the Lyft S-1 has Lyft losing about 1 billion from their operations last year.

Lyft Financials

While a quick look at Uber shows they lost 3 billion dollars last year!

Uber S-1 Financials

While the headline could be easy for folks to grab onto the point that Uber is losing more money annually their scale is different. Uber is doing over 5 times more annual revenue than Lyft. The story between these two companies is really revealed in the expense ratios:

Lyft Operating Ratios

Uber Operating Ratios