Robinhood Markets may not be getting the attention it did in the early stages of the pandemic, but the app-based brokerage remains a major player in the investing world, especially with millennials and young adults.

It still has more than 23 million active accounts on its platform, and Robinhood shares a list of the most popular stocks held on its platform, giving investors a good starting point for research.

These names tend to skew toward growth stocks, but there are also some classic value stocks, dividend payers, and even real estate investment trusts (REITs).

However, if you're looking for a stock with long-term growth potential, keep reading to see one that could do just that, thanks in part to millennials.   

Person in mask hailing a ride.

Image source: Getty Images.

Reinventing transportation

More than four years after it went public, Uber Technologies (UBER 0.38%) has finally crawled its way back to its IPO price. It's been a long odyssey for the ride-sharing giant as the pandemic put a roadblock on the company's growth. 

At the time of its IPO, Uber was deeply unprofitable and seemingly overvalued. Following an aggressive cost-cutting campaign that led the company to shut down some of its unprofitable operations in parts of the world and a shakeout that has made the once-cutthroat industry less competitive, Uber is now profitable and is still delivering solid growth.

In its second-quarter earnings report, the company reported revenue growth of 14%, or 17% in constant currency, to $9.2 billion. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) hit nearly $1 billion in the quarter, jumping from $552 million to $916 million.

The company also delivered strong profits in some other key metrics. Free cash flow tripled from $382 million to $1.14 billion, and generally accepted accounting principles (GAAP) operating income was positive as well at $326 million.

Beyond its achievement of stable profits and a massive market to penetrate, there is other evidence that Uber's investments are finally paying off. Rival Lyft is faltering with near-flat top-line growth in its most recent quarter and is well short of turning a profit.

Additionally, international growth has become a significant driver for Uber. Revenue in every region grew by 30% or more outside of North America. 

Uber is also now profitable in both of its core business segments, mobility and delivery, after cutting back on driver and customer incentives. The mobility segment, for example, posted adjusted EBITDA of $1.2 billion in the quarter. Delivery, which has long been the biggest pain point, reported $329 million in adjusted EBITDA.

While its delivery business, Uber Eats, has traditionally focused on restaurants, the company has been branching out into other kinds of delivery much as DoorDash has with DashMart, its business that serves convenience stores and similar businesses.

The long-term opportunity

Uber continues to find new ways to expand its addressable market. Uber Eats is deepening its penetration into non-restaurant markets, forging grocery partnerships with several chains, including Save Mart and The Fresh Market.

The company also just added Staples to its list of delivery partners and said it would begin accepting food stamps for grocery delivery next year.

In addition to expanding the marketplace, Uber has also grown through acquisitions, including Drizly, Careem, Postmates, and Cornershop. Its margins should also continue to improve as it scales up its operations, now that it seems to have figured out the economics of the business.

After all, the benefit of the marketplace model is that incremental revenue should flow through to the bottom line once the marketplace is established and thriving, assuming the economics work. As rides grow, Uber doesn't need to expand its base of salaried employees or tech infrastructure by a similar percentage. Those costs are mostly fixed.

And with its competition diminished in much of the world, the path to growth and higher profits is clear. 

Uber stock isn't cheap, but the company has a long runway of growth in front of it and the ability to ramp up margins, much like Airbnb has in home-sharing. If management can continue to execute and expand profitability, the stock could be a multi-bagger over the long term.