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Would be interesting to know if revenues and profits match that valuation at the same 10x coefficient.

Uber seems to be in 581 cities [1] while Lyft in 200 [2]. So this is 3x difference.

However, Uber is more global, therefore has much more large cities around the globe. It wouldn't be unreasonable to assume that on average cities are 2-3x larger.

This alone could justify valuation gap. I would also assume that because of global presence, Uber has higher usage due to travellers.

[1] http://uberestimator.com/cities [2] http://www.theverge.com/2017/1/25/14383370/lyft-expansion-ne...

Agreed, but from financial perspective the distinction between "profitable cities" and "subsidized cities" is important. As UberChina experience shows, the expansion (to 100 cities, no less https://www.cnet.com/news/uber-pledges-to-expand-to-100-more... ) is costly and sometimes turns out to be never sustainable.

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