All stocks require research before buying. But sometimes after research, I conclude that a company isn't ever worth an investment -- no need to circle back in the future. Some businesses simply burn cash, will burn more cash with scale, and continually dilute investors to pay the bills. I believed Uber Technologies (NYSE: UBER) was going to be one of those companies after I researched it in 2019.

I was wrong. In 2023, Uber generated nearly $3.4 billion in free cash flow. And that wasn't the result of a fancy accounting maneuver. On every profitability metric -- operating income, net income, cash flows, you name it -- Uber was a profitable company. In fact, Uber's free cash flow in 2023 was a record. Moreover, it's the continuation of a multi-year steady improvement.

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Source Fool.com