• In a year dominated by AI megacaps like Nvidia, lesser-known names like Roblox, Rubrik and Uber have quietly outperformed.
• Each is driven by distinct growth catalysts: Rubrik is gaining momentum in cybersecurity, Roblox is expanding its user base globally and Uber is turning scale into serious free cash flow.
• Investors looking beyond the usual suspects in tech may find this trio offers a spectrum of opportunity.

After a rocky April, the Nasdaq has clawed its way back to breakeven on the year — but the real action might be happening outside the spotlight. While AI giants and cloud behemoths continue to dominate the headlines, a quieter rally is unfolding among lesser-known tech names that deliver standout returns with far less fanfare.

Today, we spotlight three such names: Roblox (RBLX), a gaming platform riding a wave of global user growth; Rubrik (RBRK), a cybersecurity upstart gaining traction with enterprise clients; and Uber Technologies (UBER), a logistics giant turning scale into serious cash flow. Each tells a different growth story — but all three now face the same question: Do the fundamentals still support the momentum, or is the market getting ahead of itself?

Roblox: viral growth meets monetization realities

Roblox has been on a tear in 2025, with shares up nearly 50% year-to-date, driven by a surge in user engagement, viral new experiences and optimism around emerging monetization channels. The platform added tens of millions of daily active users in key international markets and now boasts nearly 100 million DAUs, a 26% year-over-year jump. Revenue grew 29% in Q1, bookings rose 31% and free cash flow more than doubled — hitting a record $426 million. From a momentum standpoint, the platform is undeniably delivering.

But while engagement is breaking records, monetization remains a sticking point. Revenue per user has seen only modest gains, and the company’s expanding footprint in lower-ARPU (average revenue per region) areas like Southeast Asia is creating a geographic mix shift that could continue to dilute average spend. Meanwhile, newer monetization levers — like advertising, direct payments and e-commerce — are promising but still nascent. In the short term, Roblox’s topline growth may struggle to keep pace with the platform’s explosive user numbers.

Valuation adds another layer of caution. With the stock trading at over 15x sales and nearly 200x book value, Roblox looks expensive even by high-growth tech standards. Analyst sentiment is still broadly bullish with 23 of 34 rating the stock a “buy” or “overweight.” But the average price target sits at $78 per share, well below current levels of near $95 per share. That disconnect suggests the stock has gotten ahead of fundamentals. 

Bottom line: Roblox is one of the most compelling growth stories in tech, but it’s also one of the most richly valued. For investors focused on user momentum and long-term platform potential, there’s no denying the upside. But with near-term revenue expectations running hot and monetization levers still in a nascent stage, we think the stock’s risk-reward has skewed too far, too fast. We rate Roblox a “hold” and suggest waiting for either a pullback or clearer evidence of revenue inflection before jumping in.

Rubrik: cyber excellence at a (possibly deserved) premium

Rubrik may be a newcomer to public markets, but it’s already commanding veteran-level attention. Since its April 2024 IPO, the cloud-native cybersecurity firm has rallied more than 150%, capitalizing on a perfect storm of demand for ransomware defense, zero-trust architecture and AI-driven data recovery. At the heart of Rubrik’s appeal is a compelling promise: Secure, immutable backups in hybrid environments that help enterprises bounce back from cyberattacks with speed and confidence.

That promise is translating into growth. Last year, revenue rose 41% to $886 million, providing evidence that the platform is gaining real traction with enterprise buyers. And the momentum has continued into 2025: In Q1, Rubrik posted a 49% year-over-year revenue increase and a narrower-than-expected loss of just 15 cents per share (vs. the 32 cents expected), with subscription-based annual recurring revenue (ARR) climbing to $1.18 billion. Guidance for the current quarter also topped expectations. 

The flip side is profitability. Rubrik remains unprofitable and continues to burn cash as it invests in scaling operations. Still, Wall Street is decidedly bullish. Of the 23 analysts covering the stock, 20 rate it a “buy” or “overweight,” with an average price target of $89 per share.

The wrinkle? Rubrik already trades above $100 per share — well above consensus — and at valuation multiples that imply little room for error. Its price-to-sales (P/S) ratio stands at 17x, and its enterprise value-to-sales (EV/S) clocks in at 21x, both far above the cybersecurity sector median of ~3x. While this premium may raise eyebrows, it reflects more than just hype. Rubrik’s deep integrations with Microsoft Azure, AWS and ServiceNow, alongside a growing base of Fortune 500 clients, suggest its architecture is positioned for long-term relevance in an increasingly decentralized, cloud-first world.

Bottom line: Rubrik offers a high-growth, high-premium cybersecurity story with real strategic weight. The stock is undeniably expensive, but so are the problems it’s built to solve. If management can scale effectively and demonstrate a clear path to expanded margins, today’s valuation may look more reasonable in hindsight. Given the company’s strong momentum, differentiated market position and powerful tailwinds, we rate the shares a “buy.” That’s with an expectation that near-term performance will help moderate the elevated valuation.  

Uber: a cash machine that’s still on sale

Uber is having a moment — and for good reason. The company posted strong Q1 results showing 14% revenue growth, a 35% jump in adjusted EBITDA and free cash flow topping $2.3 billion. Monthly active users rose 14% to 170 million, while trips surged 18%, reflecting both platform stickiness and broader adoption. And while regulatory and competitive pressures remain an overhang, Uber gets a durable edge from its operational scale, improving unit economics, and diversification in mobility, delivery and freight.

Perhaps most impressive is the company’s margin trajectory. Management expects adjusted EBITDA to grow another 29%–35% in Q2, suggesting strong incremental leverage despite cost pressures and international expansion. With new partnerships in autonomous vehicles, grocery delivery and restaurant tech (via OpenTable), Uber continues to evolve from a ride-hailing app into a global logistics and services platform. It’s also showing discipline — capital allocation has become more targeted, with a focus on boosting returns and maintaining a healthy balance sheet.

Valuation is no longer a screaming bargain, but it still looks reasonable given Uber’s momentum. Shares trade at 14.8x trailing earnings, below the sector median of 23.2x but carry a higher price-to-sales (3.9x) and price-to-book (7.9x) multiple. That premium reflects the market’s confidence in Uber’s platform economics, optionality around autonomous vehicles and sustained top-line growth. Of the 54 analysts covering the stock, 44 rate it a “buy” or “overweight,” with an average price target of $97 per share. This implies some attractive upside, with the Uber shares currently trading about $85/share. 

Bottom line: Uber has transitioned from growth story to cash flow machine, and the market is starting to take notice. While the margin of safety has narrowed after a sharp rally, we still see meaningful upside for long-term investors. We rate the stock a “buy,” based on accelerating fundamentals, expanding margins and a clear path to creating shareholder value.

Investment takeaways

The tech landscape in 2025 is rich with innovation, viral growth and structural shifts, but expectations are also sky-high. Within that context, Roblox, Rubrik and Uber offer three distinct profiles for investors weighing momentum against valuation.

Roblox represents the most dynamic user growth story in the group, fueled by viral experiences and global adoption. But monetization remains a challenge: Revenue per user is still underwhelming, and expansion into lower-ARPU regions may continue to dilute average spend. While long-term believers in the platform’s potential may still see opportunity, today’s valuation looks stretched. For now, we rate the stock a Hold and suggest waiting for a better entry point or clearer signs of monetization progress.

Rubrik tells a different story, one defined by enterprise resilience and surging demand for modern cybersecurity services. Strong revenue growth, strategic cloud integrations and a growing roster of Fortune 500 clients position the company as a rising force in the shift toward zero-trust security. It’s a model that assumes no user or device is inherently trustworthy. While still unprofitable and trading at a premium, Rubrik’s momentum and relevance justify a long-term bullish stance. We rate the stock a buy for investors comfortable with higher valuations in exchange for disruptive potential.

Uber Technologies stands out as the most established name in this group, with a business that’s now operating successfully. The company’s continuing margin expansion, robust free cash flow and multi-pronged model in mobility, delivery and freight have turned it into a cash-generating platform — not just a growth story. While the stock has rallied this year, its valuation remains reasonable given the company’s scale, execution and improving profitability. For investors looking for durable upside from a dominant player in the global services economy, we rate Uber a “buy.”

Ultimately, the best pick depends on your priorities. Roblox may appeal to investors chasing the next wave of digital engagement, but its valuation requires strong conviction in the company’s ability to translate users into profit s. Rubrik offers bold upside in cybersecurity, supported by strong growth and enterprise demand. But it comes with a premium price tag and some execution risk. Uber, meanwhile, looks like the most grounded opportunity — it pairs strong cash flow with platform scale and still-reasonable expectations.

Andrew Prochnow, Luckbox analyst-at-large, has traded the global financial markets for more than 15 years, including 10 years as a professional options trader.

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