Uber Technologies (NYSE: UBER) Momentum, Data, and a Still-Reasonable Valuation
Uber’s 60% run-up so far in 2025 has been hard to miss — but what’s more interesting to us is what’s still working under the hood.
Let’s start with growth. Uber brought in $11.5 billion in Q1 revenue and now has 170 million monthly active users across more than 15,000 cities. Gross bookings for both its mobility and delivery segments are still growing at double-digit rates, and Wall Street is expecting that to continue — with consensus estimates calling for 15% top-line growth in both 2025 and 2026.
But revenue growth is only part of the story. The deeper edge here lies in the platform’s scale and the data that comes with it. With every ride, delivery, and interaction, Uber gains insights it can use to fine-tune driver-passenger matching, improve route optimization, and fuel its growing ad business — now generating over $1 billion in annualized revenue.
This data advantage is also making Uber a key partner for autonomous vehicle companies, many of whom rely on Uber’s logistics and demand modeling to test and expand their offerings.
From an investor’s standpoint, this is a rare setup: a dominant platform business with multiple growth levers and competitive moats, still trading at a forward P/E of just 26.4. That’s not dirt cheap — but considering the momentum, profitability, and expanding optionality (like advertising and AV partnerships), we think the current price is still reasonable for long-term holders.
After a major run, the instinct is often to wait. But in this case, we think there’s still room to ride.
