Everyone knows Uber as the ride-hailing giant, but it’s more than that. It has quietly built one of the largest on-demand logistics networks in the world.

• Millions of rides daily, but even more deliveries through Uber Eats and freight

• A tech platform that matches drivers, restaurants, and shippers faster than anyone else

• Advanced routing and machine learning that cuts wait times and boosts efficiency

They aren’t just a transportation company. Uber is becoming an on-demand logistics network that powers local commerce and delivery at massive scale.

Their global footprint and data advantage give them a leg up in expanding into new services like autonomous fleets and last-mile delivery robotics. They are building a mobility platform, just like Amazon did for e-commerce.

And here’s the key point: Uber’s profitability is improving as delivery volumes grow and efficiency ramps up. Now it’s basically a cash cow trading at a PE ratio of 16.