Uber (UBER 1.33%) is winning over investors in remarkable fashion. Its shares have accelerated 132% higher in the past two years. The momentum has continued into 2025, driven by fourth-quarter 2024 financial results that pleased the market. It also boosted investor sentiment when billionaire hedge fund manager Bill Ackman revealed a stake in the business.

However, there's another internet company that has a market capitalization worth 55% of the mobility and delivery business and whose shares have jumped 14% in 2025. Will this hot growth stock outperform Uber between now and 2030? Here's what Wall Street thinks.

Gig-economy internet platforms

Uber has undoubtedly been the perfect example of the so-called gig economy that has taken shape over the past decade, which allows anyone to earn extra income in their spare time. The other major company behind this trend is Airbnb (ABNB 1.13%). It trades 31% off its peak from February 2021. At the same time, Uber is just 7% off its all-time high from October last year.

Therefore, it makes sense why investors would eye Airbnb as a potential buying opportunity to gain exposure to the growth of the gig economy. Maybe the alternative accommodations platform has more upside than Uber. As of this writing, Airbnb trades at a price-to-sales (P/S) ratio of 8.7. This is 123% more expensive than Uber. But if Airbnb is projected to generate much faster growth, that higher valuation might be worth it.

Unfortunately, this doesn't appear to be the case. According to Wall Street consensus analyst estimates, Airbnb's revenue is expected to increase at a compound annual rate of 10.3% over the next three years. On the other hand, Uber's top line is forecast to rise at a yearly clip of 14.3%.

Uber's lower starting valuation, coupled with better growth prospects, implies that its stock is set up to produce a higher return over the next three years, and potentially the rest of the decade.

Similar characteristics

This doesn't mean investors should completely remove Airbnb from any and all consideration. While it might not present a compelling investment opportunity right now, this might not always be the case. It's worth understanding similarities it has with Uber that point to this being a quality business.

For starters, both companies possess network effects. As of Dec. 31, 2024, Uber had 171 million monthly active users. As this figure grows, the platform becomes more valuable to drivers and restaurants. Airbnb reported 491 million nights and experiences booked in 2024. As that number goes up, it incentivizes more hosts (5 million) to put up more listings (8 million). Again, the platform becomes more valuable.

These two businesses are category creators. Uber and Airbnb disrupted the taxi industry and the rental market, respectively, to the point that they are now dominant forces in these two areas. This is exemplified by the simple fact that the company names are used as verbs. It's rare to see a brand become so powerful in the minds of consumers. That certainly points to their strong competitive positions.

Another similarity relates to the income statement. While investors might view Airbnb and Uber as growth enterprises, they are registering consistent positive operating income. And their operating margins even expanded in 2024. Both are also generating copious amounts of free cash flow. This is a clear indication of the success of their scaled business models.

I think Airbnb deserves to be on every long-term investor's watch list. However, I view Uber as the better investment opportunity today.