Grab Holdings Limited GRAB

IndustrialsSoftware & IT ServicesSingapore

Last close 2.86 USD on Nov 2, 2026, −42.7% year to date

Quant rating

Quant rating C Rank 178 of 418 in Industrials

Growth A 18 of 418
Valuation C 276 of 418
Quality B 88 of 418
Revisions B 138 of 418
Momentum D 370 of 418

Wall Street consensus Buy (1.58)Average target 5.40 USD +88.8%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 11.7B
Enterprise value: 7.9B
52-week range: 2.67 – 6.23
3-year range: 2.67 – 6.45
Dividend yield: –
Beta (5 years): 0.83
Shares outstanding: 4,091M
Next earnings: Nov 2, 2026

About the company

Grab Holdings Limited is a superapp in Southeast Asia, operating across the deliveries, mobility and digital financial services sectors. Its deliveries platform connects its driver and merchant partners with consumers to create a local logistics platform, facilitating on-demand and scheduled delivery of daily necessities. It operates supermarkets in Malaysia under Jaya Grocer and Everrise. Its mobility offerings connect its driver-partners with consumers seeking rides across a variety of multi-modal mobility options including private cars, taxis, motorcycles in certain countries, and shared mobility options such as carpooling in selected markets. Its financial services offerings include digital solutions offered by and with its partners to address the financial needs of driver- and merchant-partners and consumers. GrabMaps is its mapping and location-based service. It serves countries such as Cambodia, Indonesia, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	3,370	2,797	2,359	1,433	675	–
Revenue growth	20.5%	18.6%	64.6%	112.3%	43.9%	48.4%
EPS (basic, normalized)	0.06	−0.03	−0.11	−0.44	−2.77	–
EPS growth	–	–	–	–	–	–
Gross margin	43.2%	42.0%	36.5%	5.4%	−57.5%	13.9%
Net margin	8.0%	−3.8%	−18.4%	−117.4%	−511.0%	−128.5%
ROE	4.1%	−1.6%	−6.7%	−23.5%	−517.1%	−109.0%

Balance sheet, last quarter
Cash & short-term investments (mil)	6,300
Current ratio	1.52x
Long-term debt (mil)	409
Net debt (mil)	−3,830
Total equity (mil)	6,766
Net debt / equity	−0.57x
Net debt / EBITDA	−7.66x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	3,370	+20.5%	2.3x	500	+60.4%	15.7x	0.06	+300.0%	47.7x
2026	4,185	+24.2%	1.9x	732	+46.3%	10.8x	0.15	+149.8%	19.1x
2027	5,195	+24.1%	1.5x	1,068	+46.0%	7.4x	0.17	+15.8%	16.5x
2028	6,159	+18.6%	1.3x	1,469	+37.5%	5.4x	0.23	+32.9%	12.4x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	4,185	0.0%	+0.4%	+1.9%	0.15	+0.1%	+15.9%	+55.8%
2027	5,195	+0.7%	+1.7%	+4.5%	0.17	−1.1%	+11.6%	+17.7%
2028	6,159	+0.2%	+2.2%	+3.9%	0.23	−0.4%	+13.0%	+23.9%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	653	664	716	764	773	819	873	906	955	997
Sales mean (mil)	642	673	693	758	764	811	871	941	921	991
Surprise	+1.7%	−1.4%	+3.3%	+0.8%	+1.1%	+1.0%	+0.2%	−3.7%	+3.7%	+0.6%
EPS reported	−0.03	−0.01	0.01	0.01	0.01	0.01	0.01	0.04	0.03	0.06
EPS mean	0.00	−0.01	0.00	−0.01	0.01	0.01	0.01	0.01	0.02	0.02
Surprise	−900.0%	−27.7%	−350.0%	−262.9%	+100.0%	−9.1%	−30.6%	+403.2%	+92.3%	+163.2%

Peer comparison Software & IT Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
GRAB Grab Holdings Limited	11.7B	−7.66x	8.0%	1.72x	19.1x	16.5x	10.8x	7.4x
0700 Tencent Holdings Limited	454.6B	0.29x	29.9%	2.66x	11.5x	11.0x	8.7x	8.0x
BABA Alibaba Group Holding Limited	252.5B	−0.48x	10.3%	1.50x	15.1x	10.7x	9.4x	6.8x
PDD PDD Holdings Inc.	116.3B	−4.50x	22.7%	1.73x	7.9x	6.6x	3.0x	2.6x
MELI MercadoLibre, Inc.	85.0B	1.22x	6.9%	10.80x	43.1x	29.8x	22.1x	16.0x
NTES NetEase, Inc.	73.9B	−4.24x	30.0%	2.94x	12.5x	10.7x	6.9x	6.4x
Mean		−2.56x	18.0%	3.56x	18.2x	14.2x	10.1x	7.8x
Median		−2.36x	16.5%	2.19x	13.8x	10.9x	9.1x	7.1x

Technical analysis

1M−7.1%
3M−18.3%
1Y−52.4%
3Y−8.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Grab Holdings Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	3,370	2,797	2,359	1,433	675	469
Cost of revenue	1,914	1,623	1,499	1,356	1,063	948
Gross profit	1,456	1,174	860	77.0	−388	−479
Selling, general & administrative expenses	826	836	843	926	786	477
Research & development	428	410	421	466	356	257
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	152	109	127	54.0	379	103
Other operating expenses	−15.0	−13.0	−12.0	4.0	−1.0	−3.0
Operating income	65.0	−168	−519	−1,373	−1,908	−1,313
Net interest income (expense)	173	73.0	53.0	−361	−1,644	−1,430
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	31.0	0	0	0	0	0
Net income before taxes	269	−95.0	−466	−1,734	−3,552	−2,743
Provision for taxes	69.0	63.0	19.0	6.0	3.0	2.0
Minority interest	68.0	53.0	51.0	57.0	106	137
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	268	−105	−434	−1,683	−3,449	−2,608
Extraordinary items	–	–	–	–	–	–
Net income	268	−105	−434	−1,683	−3,449	−2,608
EBIT, normalized	234	−5.0	−383	−1,286	−1,528	−1,208
EBITDA, normalized	411	142	−238	−1,136	−1,183	−821
Basic EPS, normalized	0.06	−0.03	−0.11	−0.44	−2.77	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Grab Holdings Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	6,861	5,678	5,151	5,140	8,279	3,506
Receivables	1,045	744	513	430	311	212
Total inventory	87.0	59.0	49.0	48.0	4.0	3.0
Prepaid expenses	87.0	85.0	55.0	70.0	81.0	34.0
Other current assets	0	0	0	0	0	0
Total current assets	8,080	6,566	5,768	5,688	8,675	3,755
Property, plant & equipment	831	567	512	492	441	384
Goodwill	902	845	807	807	647	656
Intangibles	155	130	109	97.0	28.0	257
Long-term investments	1,332	896	1,290	1,849	1,255	386
Note receivable	598	224	250	217	127	4.0
Other long-term assets	85.0	67.0	56.0	20.0	5.0	0
Total assets	11,983	9,295	8,792	9,170	11,178	5,442
Liabilities
Accounts payable	260	208	185	189	167	–
Payable/accrued	–	–	–	–	–	661
Accrued expenses	417	463	344	370	345	–
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	1,220	123	125	117	144	140
Other current liabilities	2,730	1,798	824	421	370	35.0
Total current liabilities	4,627	2,592	1,478	1,097	1,026	836
Long-term debt	373	241	668	1,248	2,031	10,878
Minority interest	29.0	−48.0	19.0	54.0	286	105
Other liabilities	226	111	178	168	102	22.0
Total liabilities	5,255	2,896	2,343	2,567	3,445	11,841
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	23,861	23,549	22,669	22,278	21,529	140
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	−17,133	−17,150	−16,220	−15,675	−13,796	−6,539
Treasury stock	–	–	–	–	–	–
Other equity	0	0	0	0	0	0
Total equity	6,728	6,399	6,449	6,603	7,733	−6,399
Total liabilities & shareholders' equity	11,983	9,295	8,792	9,170	11,178	5,442

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Grab Holdings Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	269	−95.0	−466	−1,734	−3,552	−2,743
Depreciation, depletion & amortization	177	147	145	150	345	387
Deferred taxes	–	–	–	–	–	–
Non-cash items	153	295	313	837	2,400	1,645
Changes in working capital	−520	505	94.0	−51.0	−131	68.0
Cash from operations	79.0	852	86.0	−798	−938	−643
Investing activities
Capital expenditures	−123	−113	−92.0	−74.0	−85.0	−40.0
Other investing cash flows	−659	−118	1,963	−988	−2,672	−278
Cash from investing	−782	−231	1,871	−1,062	−2,757	−318
Financing activities
Financing cash flow items	−12.0	16.0	−92.0	−185	−102	317
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	1,107	−787	−678	−937	6,668	1,261
Cash from financing	1,095	−771	−770	−1,122	6,566	1,578
Foreign exchange effects	77.0	−24.0	−1.0	−57.0	−37.0	15.0
Net change in cash	469	−174	1,186	−3,039	2,834	632
Free cash flow	−44.0	739	−6.0	−872	−1,023	−683

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.