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1. Company Snapshot

1.a. Company Description

Grab Holdings Limited provides superapps that allows access to mobility, delivery, financial services, and enterprise offerings through its mobile application in Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam.The company is headquartered in Singapore.

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1.b. Last Insights on GRAB

Grab Holdings Limited's recent performance has been driven by several positive factors. The company's Q2 2025 earnings report showed revenue growth across its On-Demand and Financial Services segments. A $1.5 billion convertible note issuance has also provided potential for major investments or acquisitions, enhancing growth prospects. Additionally, Grab's strong financial health, minimal debt, and dominant position in Southeast Asia's mobility and fintech sectors have contributed to its growth. The company's participation in the Indonesian government's free-meal program has also expanded its reach. Analysts view Grab as an interesting business with a multi-business model, product innovation, and advertising potential.

1.c. Company Highlights

2. Grab's Strong Q4 2025 Earnings: A Promising Outlook for 2026 and Beyond

Grab's financial performance in Q4 2025 was impressive, with group revenue growing 19% to $906 million. Adjusted EBITDA reached $148 million, marking 16 consecutive quarters of expansion, and $500 million for the full year, up 60% year-on-year. The company's EPS came out at $0.03861, beating estimates of $0.01. The strong revenue growth was driven by On-Demand GMV, which grew 21% year-over-year, and Financial Services, which contributed significantly to the growth. The gross loan portfolio for Financial Services hit $1.3 billion, with a net loan portfolio reaching $1.2 billion.

Publication Date: Feb -16

📋 Highlights
  • On-Demand GMV Growth:: 21% YoY growth in 2025 driven by product-led demand and ecosystem expansion.
  • Q4 2025 Financials:: Group revenue reached $906M, with Adjusted EBITDA at $148M (16 consecutive quarters of expansion).
  • 2026 Revenue Guidance:: Projected 20-22% YoY growth to $4.04–$4.1B, with Adjusted EBITDA targeting $700–$720M (+40–44% YoY).
  • 2028 EBITDA Target:: Aims to triple Adjusted EBITDA to $1.5B, with 40–44% annual growth, supported by Financial Services breakeven by H2 2026.
  • Capital Allocation:: $1B share repurchase program announced, plus Stash acquisition expected to add $60M in Adjusted EBITDA by 2028.

Guidance and Growth Prospects

For 2026, Grab expects group revenues to grow 20-22% year-over-year to $4.04-4.1 billion, with adjusted EBITDA growing 40-44% year-on-year to $700-720 million. The company targets a 20% CAGR from 2025 to 2028, with adjusted EBITDA tripling to $1.5 billion and adjusted free cash flow conversion expanding to 80%. Analysts estimate next year's revenue growth at 20.6%, in line with the company's guidance.

Valuation Metrics

Grab's current valuation metrics indicate a relatively high P/E Ratio of 63.24 and an EV/EBITDA of 35.62. The P/S Ratio stands at 4.86, while the P/B Ratio is 2.51. The ROE is 4.1%, and the ROIC is 0.89%. These metrics suggest that the market is pricing in significant growth expectations, which Grab is confident of delivering through its product-led and ecosystem-focused initiatives.

Key Drivers of Growth

The key drivers of Grab's growth are On-Demand, Financial Services, and operating leverage. On-Demand revenue is expected to grow with absolute margin expansion, while Financial Services is expected to turn breakeven in the second half of 2026 and then grow in profitability. The company also expects to drive cost down and improve margin in both Deliveries and Mobility businesses. The acquisition of Stash, a digital investing platform, is expected to contribute over $60 million in adjusted EBITDA by 2028.

Strategic Initiatives

Grab is investing in various strategic initiatives, including Autonomous Vehicle (AV) pilots in Singapore, partnerships with global AV leaders, and new product launches. The company is also expanding its grocery delivery service, GrabMart, which is growing rapidly and has improved its integration with partners, reliability, and customer experience. The capital allocation strategy prioritizes organic growth, inorganic opportunities, and share repurchases, with a strong balance sheet and ample liquidity providing flexibility to invest in the right areas.

3. NewsRoom

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Barclays PLC Has $66.67 Million Stock Holdings in Grab Holdings Limited $GRAB

Mar -09

Source: defenseworld.net

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Grab Holdings Limited (GRAB) Sees a More Significant Dip Than Broader Market: Some Facts to Know

Mar -05

Source: zacks.com

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Multiple High-Grade Gold and Silver Grab Samples Outline Expanded Mineralized Structure at Silver Cord

Mar -03

Source: thenewswire.com

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Grab Holdings Limited $GRAB Shares Sold by Artisan Partners Limited Partnership

Feb -27

Source: defenseworld.net

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DoorDash to Exit Four Asian Markets as Competition Intensifies

Feb -25

Source: gurufocus.com

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3 Stocks Under $5 With Strong Analyst Upside Potential

Feb -24

Source: marketbeat.com

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GRAB Share Price Increases 3% Since Q4 Earnings Release

Feb -20

Source: zacks.com

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3 Cheap Stocks to Buy Now: All Under $20 Per Share

Feb -19

Source: 247wallst.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (18.23%)

6. Segments

Deliveries

Expected Growth: 15.6%

Growing demand for online food and grocery delivery, increase in urbanization, and rise in disposable income are key drivers for Grab's deliveries segment growth.

Mobility

Expected Growth: 21.5%

Growing demand for convenient transportation, increasing adoption of digital payments, and expansion into new markets drive Grab Holdings Limited’s Mobility segment growth.

Financial Services

Expected Growth: 20.3%

Grab's financial services segment is expected to grow driven by increasing adoption of digital payments, expanding insurance offerings, and growing lending solutions across Southeast Asia, particularly in Indonesia and Vietnam.

Others

Expected Growth: 15.8%

Grab’s Others segment is expected to grow, driven by increasing adoption of Grab’s other offerings such as GrabExpress, GrabRewards, and GrabMedia, as well as expansion into new markets and services.

7. Detailed Products

Ride-hailing

A platform that connects passengers with drivers, providing real-time ride booking and payment services.

GrabFood

A food delivery service that partners with local restaurants to deliver food to customers.

GrabExpress

A logistics service that provides same-day delivery of packages and documents.

GrabPay

A digital wallet that allows users to make payments online and offline.

GrabFinancial Services

A range of financial services including loans, insurance, and credit scoring.

GrabAds

A platform that allows businesses to advertise to Grab's user base.

8. Grab Holdings Limited's Porter Forces

Forces Ranking

Threat Of Substitutes

Grab Holdings Limited faces moderate threat from substitutes, as customers have alternative options for ride-hailing and food delivery services.

Bargaining Power Of Customers

Grab Holdings Limited has a large customer base, but individual customers have limited bargaining power due to the company's dominant market position.

Bargaining Power Of Suppliers

Grab Holdings Limited has a large network of drivers and partners, which reduces the bargaining power of individual suppliers.

Threat Of New Entrants

Grab Holdings Limited faces a high threat from new entrants, as the ride-hailing and food delivery markets are attractive to new players.

Intensity Of Rivalry

Grab Holdings Limited operates in a highly competitive market, with intense rivalry from other ride-hailing and food delivery companies.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 10.95%
Debt Cost 7.99%
Equity Weight 89.05%
Equity Cost 7.99%
WACC 7.99%
Leverage 12.30%

11. Quality Control: Grab Holdings Limited passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Karooooo

A-Score: 6.3/10

Value: 1.7

Growth: 7.3

Quality: 8.4

Yield: 5.8

Momentum: 6.0

Volatility: 8.3

1-Year Total Return ->

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Intuit

A-Score: 5.6/10

Value: 1.0

Growth: 8.1

Quality: 8.6

Yield: 1.0

Momentum: 7.0

Volatility: 8.0

1-Year Total Return ->

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Stock-Card
Grab

A-Score: 5.3/10

Value: 0.7

Growth: 8.3

Quality: 6.2

Yield: 0.0

Momentum: 7.5

Volatility: 9.0

1-Year Total Return ->

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Atlassian

A-Score: 4.5/10

Value: 2.6

Growth: 7.1

Quality: 5.8

Yield: 0.0

Momentum: 2.5

Volatility: 9.0

1-Year Total Return ->

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Stock-Card
FICO

A-Score: 4.2/10

Value: 2.0

Growth: 8.3

Quality: 7.4

Yield: 0.0

Momentum: 3.0

Volatility: 4.7

1-Year Total Return ->

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Constellation Software

A-Score: 4.2/10

Value: 1.2

Growth: 8.7

Quality: 6.3

Yield: 0.0

Momentum: 1.5

Volatility: 7.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

3.96$

Current Price

3.96$

Potential

-0.00%

Expected Cash-Flows