One of the investment cases for Uber Technologies (UBER 2.83%) involves its role as a booking platform for rides. It just announced a partnership with Joby Aviation (JOBY 4.59%) to launch an Uber Air taxi service in Dubai this year, taking it into the air taxi business.
Knowing that, one might assume that both stocks are about to get a huge boost, but is that true? Let's take a closer look.
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Air taxis and Uber
Uber has become famous for being the rideshare business that does not own a fleet of cars. Likewise, it will not own the electronic vertical takeoff and landing (eVTOL) air taxis offering the rides.
However, Uber already operates established businesses in mobility (rideshare), delivery, and freight. In 2025, these three enterprises generated a combined $52 billion in revenue, up 18% year over year.
Admittedly, investors should not expect much near-term revenue from this deal. Still, succeeding here could dispel doubts about its role as a booking platform in the robotaxi business, which partially explains the transportation stock's flat performance over the last year.
NYSE: UBER
Key Data Points
Additionally, it reported $10 billion in net income from its businesses. This is not significantly higher than the $9.9 billion in 2024, though, unlike 2024, Uber did not report earnings from its outside investments in its last year.
Nonetheless, the aforementioned stock struggles have taken the stock's P/E ratio down to 16. That valuation could make Uber attractive as it fosters this emerging revenue source in air taxis.
The partnership and Joby stock
However, when comparing Uber stock to Joby's, investors have to remember that Joby is in a different stage of its development. It owns eVTOL air taxis that are going to provide the rides arranged by Uber.
Still, investors have to remember that this is a new technology with few current customers. Despite some volatility in its stock, it rose by 58% over the last year.
NYSE: JOBY
Key Data Points
Additionally, after years of struggle, Joby finally earns revenue, unlike competitor Archer Aviation. Joby generated $53 million in revenue in 2025 ($31 million of which came in Q4), and that is up from just $136,000 in 2024.
Still, the net loss of $930 million in 2025 shows it is a long way from profitability. Also, with $1.4 billion in liquidity, it may have to issue shares or debt to stay in business in the foreseeable future.
Moreover, the lack of earnings leaves it without a P/E ratio. Also, its revenue is too modest to yield a meaningful price-to-sales (P/S) ratio, though the stock trades at around 10 times its book value, low enough to possibly attract investment.
Will Uber and Joby stocks take off?
Both Uber and Joby stocks could take off, though for different reasons.
Uber is an established for-profit business. While it will not earn significant revenue from this partnership for some time, it could serve as a catalyst for the stock given its 14 P/E ratio.
In contrast, Joby is a speculative stock at this stage. Thus, anyone who buys the dip on this stock will buy it because they believe in the long-term future of this business and because they are comfortable with short-term share price volatility. Although both stocks could take off, Uber is likely the safer buy.
