Grab Holdings Ltd (GRAB)

Price$3.10Cached quoteAs of 2026-10-02 17:28 UTC

AI: Fair-priced

Price checkGrab looks fairly priced because strong growth is already offset by demanding profit expectations.

At the observed quote, Grab’s equity is worth roughly $14.8 billion using the latest reported share count. That is about 3.6 times 2026 revenue guidance, about 20 times adjusted EBITDA guidance, and roughly 33 times trailing adjusted free cash flow. Adjusted EBITDA is management’s profit measure before interest, taxes, depreciation, stock pay and several unusual items. Adjusted free cash flow is cash left after running and investing in the business, with banking funding swings excluded. Those multiples require continued fast growth, making the stock fairly priced rather than clearly cheap. Investing.com+1

Big pictureGrab has finally reached profit, but the cash underneath those earnings remains uneven.

Revenue rose from $2.36 billion in 2023 to $3.37 billion in 2025, while operating income improved from a $519 million loss to a $65 million profit. Net income reached $268 million in 2025, but operating cash flow fell to $79 million from $852 million in 2024; after $97 million of capital spending, reported cash generation was slightly negative. Grab’s adjusted measure is stronger at $450 million over the latest twelve months, yet second-quarter adjusted free cash flow fell 35% year over year, so durability is still being proven. SEC+2SEC+2

Business strengthCore ride and delivery businesses are scaling well, while financial services add both growth and risk.

Second-quarter delivery revenue grew 21% and its segment profit measure grew 53%; mobility revenue grew 12% and segment profit rose 16%. Grab also says its first quarter is normally seasonally weakest, yet on-demand transaction value still grew 24% there. Fuel costs remain a real sensitivity: Grab spent more to support drivers and mobility margin slipped slightly in the second quarter. The balance sheet offers protection, with $3.43 billion of year-end 2025 cash and $1.38 billion of net cash, meaning cash minus debt. But the gross loan portfolio nearly tripled to $2.3 billion, increasing credit-loss risk. SEC+1

What could change the storyFaster cash growth and disciplined stock purchases could unlock value; rising costs or costly expansion could erase it.

The bull case is clear: Grab targets $1.5 billion of adjusted EBITDA and 80% adjusted free-cash-flow conversion by 2028, implying about $1.2 billion of annual adjusted cash generation. The board has authorized another $750 million of stock purchases. So far, though, $400 million of first-half repurchases mostly offset dilution: June shares outstanding were 4.079 billion versus 4.076 billion a year earlier. Stock-based pay was $241 million in 2025, and the $1.5 billion convertible notes could create roughly 229 million shares near their conversion level. Taiwan’s $600 million deal adds another test of capital discipline. SEC+4SEC+4SEC+4

AI: News

Beat, Raise and BuybackGrab raised its outlook after record quarterly results and added a large stock repurchase program.

On August 4, Grab reported second-quarter revenue of $997 million, up 22%, while on-demand transaction value rose 21% to $6.5 billion and adjusted EBITDA rose 54% to $168 million. Management lifted 2026 revenue guidance to $4.10–$4.15 billion and adjusted EBITDA guidance to $720–$740 million, then authorized another $750 million of share repurchases. Reuters reported the shares rose about 4% in extended trading after the update, consistent with investors rewarding higher growth and expected per-share support. Reuters+2SEC+2

Indonesia Commission CutIndonesia cut driver commissions sharply, directly testing Grab’s economics in its largest regional market.

On June 23, Grab and GoTo said commissions charged to two-wheeled drivers in Indonesia would fall to 8% from 20% starting July 1. Reuters noted that an earlier version of the policy could threaten ride-hailing profitability in Southeast Asia’s largest market. The mechanism is direct: Grab keeps less from each affected trip unless it offsets the change through other fees, stronger volume, advertising, or lower incentives. The stock closed about 0.9% lower that day, but timing alone does not prove the policy caused the move. Reuters+1

Superbank Majority ControlGrab took majority control of Superbank, adding faster banking growth and more credit risk to its results.

On May 20, Grab said its combined stake in Indonesia’s Superbank would rise above 50%, bringing the bank fully into Grab’s financial statements. Superbank had more than 6 million customers, reported its first full-year profit in 2025, and showed 72% asset growth and 84% net interest income growth year over year in April. By June, Grab’s gross loan portfolio had reached $2.3 billion. The deal can accelerate financial-services growth, but it also makes credit losses and banking funding more important to group results. investors.grab.com+1

Foodpanda Taiwan AcquisitionGrab agreed to buy Foodpanda Taiwan, trading cash today for a new market and future profits.

On March 23, Grab agreed to pay $600 million in cash for Foodpanda Taiwan, its first expansion outside Southeast Asia. The business handled about $1.8 billion of transaction value in 2025 and was profitable on an adjusted basis before Delivery Hero group costs. Grab expects at least $60 million of incremental adjusted EBITDA in 2028, subject to regulatory approval and successful migration to Grab’s platform. The deal adds scale, but the payoff is several years away and makes capital allocation a more important part of the valuation case. Reuters+1

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Revenue

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Free cash flow

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Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	$3.37B	$2.80B	$2.36B	$1.43B	$675.0M	$469.0M	−$845.0M
Gross profit	$1.46B	$1.17B	$860.0M	$77.0M	−$395.0M	−$494.0M	−$2.17B
Gross margin	43.20%	41.97%	36.46%	5.37%	−58.52%	−105.33%	—
Research & development	$428.0M	$410.0M	$421.0M	$465.0M	$356.0M	$257.0M	$231.0M
Operating expenses	$1.40B	$1.18B	$1.05B	$864.0M	$462.0M	$425.0M	$545.0M
Operating income	$65.0M	−$168.0M	−$519.0M	−$1.37B	−$1.55B	−$1.30B	−$3.01B
Operating margin	1.93%	−6.01%	−22.00%	−95.81%	−230.37%	−276.76%	—
EBITDA	$242.0M	−$21.0M	−$374.0M	−$1.22B	−$1.21B	−$911.0M	−$2.36B
EBITDA margin	7.18%	−0.75%	−15.85%	−85.35%	−179.26%	−194.24%	—
Net income	$200.0M	−$158.0M	−$485.0M	−$1.74B	−$3.56B	−$2.75B	−$3.99B
Net profit margin	5.93%	−5.65%	−20.56%	−121.42%	−526.67%	−585.29%	—
Basic EPSper basic share	$0.07	-$0.03	-$0.11	-$0.44	-$6.39	-$14.39	-$24.31
Diluted EPSper diluted share	$0.06	-$0.03	-$0.11	-$0.44	-$6.39	-$14.39	-$24.31

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Owners

Reported shareholders

Ownership data is not available for this listing yet.

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)16$6.43M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 23, 2026Form 4 · 10b5-1	Hungate Alexander CharlesPresident and COO	SellClass A Ordinary Shares	144.1K	$3.45	$497.1K	6.25M
Jun 15, 2026Form 4 · 10b5-1	Oey Peter HenryChief Financial Officer	SellClass A Ordinary Shares	50.0K	$3.53	$176.5K	6.95M
Jun 15, 2026Form 4 · 10b5-1	Kandal Philipp Wolfgang JosefChief Product Officer	SellClass A Ordinary Shares	30.0K	$3.53	$105.9K	4.07M
Jun 15, 2026Form 4 · 10b5-1	Tan Anthony Ping YeowChief Executive Officer	SellClass A Ordinary Shares	400.0K	$3.51	$1.40M	425.2K
Jun 3, 2026Form 4 · 10b5-1	Ong Chin YinChief Org Capability Officer	SellClass A Ordinary Shares	38.0K	$3.43	$130.3K	3.74M