Uber proved countless doubters wrong by showing, when it reported its third-quarter results last fall, that its ride-hailing business can make money. And as investors await the fourth-quarter numbers scheduled to be released Feb. 6, they’ve sent the stock soaring. It’s as though they think the worst is over for the ride-hailing giant.

Those optimists should think again. Even if Uber’s core ride-hailing business were to make significant financial strides going forward, our assessment is that it could take years before the cash generated from the business can justify the company’s current stock price of above $37.