# Grab Holdings (GRAB.US)

Canonical: https://gigainvestors.com/s/GRAB

Analysis as of: 2026-10-16T07:28:52.853Z. Financial observations: FY2019–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $3.00 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 7 years

- Years with declining revenue: 0

- Years with a net loss: 6

- Operating margin variation: 1.11×

Chart: Operating margin; fiscal year observations.

- FY2020: -2.77×

- FY2021: -2.30×

- FY2022: -0.90×

- FY2023: -0.16×

- FY2024: -0.02×

- FY2025: 0.07×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: -22.0%

- ROIC, second-lowest year: -83.6%

- Years with nonpositive capital: 1

- Capital spending / revenue: 3.5%

- ROIC including acquisitions, ten-year median: -35.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: -284.4%

- FY2020: 0.0%

- FY2021: -83.6%

- FY2022: -49.3%

- FY2023: -22.0%

- FY2024: -15.0%

- FY2025: 15.4%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$4.8B

- Net income, five-year total: -$5.4B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.1 pp

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$3.2B

- FY2022: -$1.6B

- FY2023: -$360M

- FY2024: -$35M

- FY2025: $348M

### management: fail

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: -83.6% vs -15.0%

- Per-share earnings: -0.92 to -0.02 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 6.3%

- Diluted shares, 5-year annual growth: 6.3%

- Per-share value change: $0.90

- Per-share value, starting three-year median: -$0.92

- Per-share value, ending three-year median: -$0.02

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.9%

- Buyback history: 3 years

- Debt-funded buybacks: Yes

- ROIC, first three-year median: -83.6%

- ROIC, last three-year median: -15.0%

Chart: Earnings per share; fiscal year observations.

- FY2019: -$0.95

- FY2020: -$0.80

- FY2021: -$0.92

- FY2022: -$0.44

- FY2023: -$0.11

- FY2024: -$0.02

- FY2025: $0.06

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: 0.3%

- Receivables to sales index (DSRI): 1.28×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 104.3%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.86×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.16×

Chart: Sloan accruals; fiscal year observations.

- FY2019: -32.5%

- FY2020: -36.1%

- FY2021: -22.3%

- FY2022: -9.7%

- FY2023: -5.9%

- FY2024: -10.3%

- FY2025: 0.3%

## Holders

## Price story

Down 76% since Nov 2021 · "Grab Investors Focus on Slowing Growth Despite First Full-Year Profit" (finance.yahoo.com, Feb 2026) · sales +20.5%

Story as of 2026-10-16T09:58:50.774Z; price observation 2026-10-15.

- 2025-04-29: Grab Holdings' quarterly revenue beats expectations as spending remains strong ([ca.finance.yahoo.com](https://ca.finance.yahoo.com/news/grab-holdings-beats-quarterly-revenue-225935905.html))

- 2025-09-13: Grab Holdings (GRAB) Reports US$35 Million Profit Turnaround ([finance.yahoo.com](https://finance.yahoo.com/news/grab-holdings-grab-reports-us-173338151.html))

- 2026-02-12: Grab Forecasts $4.04B--$4.1B Revenue, Shares Drop Over 7% ([finance.yahoo.com](https://finance.yahoo.com/news/grab-forecasts-4-04b-4-192500024.html))

- 2026-04-24: Grab’s US$400m Buyback And Indonesia Competition Shift Investor Focus ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/grab-us-400m-buyback-indonesia-110753695.html))

### Sales · FY2024–2025

sales +20.5%; source https://www.sec.gov/Archives/edgar/data/1823340/000114036121010304/brhc10022060_10k.htm; observed 2021-03-26.

- FY2019: -$845M 

- FY2020: $469M 

- FY2021: $675M 

- FY2022: $1.4B 

- FY2023: $2.4B 

- FY2024: $2.8B 

- FY2025: $3.4B 

### Gross margin · FY2025

gross margin 43.2%; source https://www.sec.gov/Archives/edgar/data/1823340/000114036121010304/brhc10022060_10k.htm; observed 2021-03-26.

- FY2022: 5.4% 

- FY2023: 36.5% 

- FY2024: 42.0% 

- FY2025: 43.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in software application; annual sales are USD 3.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2021-03-26); FY2025: revenue 3370000000; grossProfit 1456000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GRAB.US: Grab Holdings Limited operates the Grab superapp in Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. The company offers delivery services on its platform, such as GrabFood, a food ordering and delivery booking service; Dine-Out for table reservations; GrabMart, a goods ordering and delivery booking service; GrabAds, an online advertising solution; GrabExpress, a package delivery booking service; Grab for Business platform, a unified management portal for corporate clients. It also provides GrabKios, a network of agents; GrabCar, which enables a private hire driver-partner to register with Grab and accept bookings through its driver-partner application; and GrabTaxi, which enables a taxi driver-partner to register with Grab and accept bookings through the Grab driver-partner application. In addition, the company offers JustGrab, which enables consumers to book a private car or a traditional taxi; GrabBike, a motorcycle ride-hailing offering; three-wheel vehicles for culturally localized modes; carpooling shared mobility options; GrabRentals, which facilitates vehicle rental for its driver-partners; GrabPay, a digital payments solution; and GrabCoins, a loyalty platform. Further, it provides GrabFin for financial services comprising digital and offline lending, PayLater services, white goods financing, receivables factoring, and working capital loans; GrabInsure, aprotection for rides and package deliveries, personal accident insurance, income protection insurance, critical illness insurance, vehicle insurance, and travel insurance; GrabLink, a payment gateway and acquiring service; Digibank Savings Account, a digital banking deposit account. Additionally, the company offers GX Bank debit cards; GXS FlexiCard, a fee-based credit card; and mapping services, autonomous vehicle services, and last-mile delivery infrastructure. Grab Holdings Limited was founded in 2012 and is headquartered in Singapore, Singapore.

### Why customers stay

Margins ranged from 36.5% to 43.2% during 2023–25; it lost 22% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2021-03-26); FY2023: grossProfit / revenue = 36.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2021-03-26); FY2024: grossProfit / revenue = 42%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2021-03-26); FY2025: grossProfit / revenue = 43.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2021-03-26); 7-year return on capital observations [[2019,-2.844377990430622],[2020,0],[2021,-0.8362491490810074],[2022,-0.49303614457831324],[2023,-0.21963362068965517],[2024,-0.15034602076124567],[2025,0.1535402437970087]]; median -0.21963362068965517. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 1 of 7 years; bought back USD 274 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2021-03-26); FY2025: growth capex 0; upkeep 97000000; owner earnings 348000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2021-03-26); Dividend observations: [[2019,0],[2020,0],[2021,0],[2022,31000000],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2021-03-26); FY2025: cash repurchases 274000000 USD.

### Are managers owners

Insiders own 13.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); GRAB.US SharesStats.PercentInsiders = 13.877 percentage points; cache date 2026-10-16.

### What the price says

The price is 3.9 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2021-03-26); Closing price 3 USD; reporting-to-trading FX 1; FY2025 annual sales per share 0.7609685029039868; price multiple 3.9423445103857566. FY2025 cash earnings/share 0.07858072374201407. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2020-12: $12.86 per share

- 2021-01: $13.90 per share

- 2021-02: $12.95 per share

- 2021-03: $11.70 per share

- 2021-04: $13.31 per share

- 2021-05: $11.79 per share

- 2021-06: $11.70 per share

- 2021-07: $10.68 per share

- 2021-08: $10.75 per share

- 2021-09: $10.22 per share

- 2021-10: $12.59 per share

- 2021-11: $12.72 per share

- 2021-12: $7.13 per share

- 2022-01: $5.66 per share

- 2022-02: $5.76 per share

- 2022-03: $3.50 per share

- 2022-04: $2.95 per share

- 2022-05: $2.66 per share

- 2022-06: $2.53 per share

- 2022-07: $2.95 per share

- 2022-08: $2.85 per share

- 2022-09: $2.63 per share

- 2022-10: $2.60 per share

- 2022-11: $3.02 per share

- 2022-12: $3.22 per share

- 2023-01: $3.79 per share

- 2023-02: $3.21 per share

- 2023-03: $3.01 per share

- 2023-04: $2.91 per share

- 2023-05: $2.98 per share

- 2023-06: $3.43 per share

- 2023-07: $3.83 per share

- 2023-08: $3.77 per share

- 2023-09: $3.54 per share

- 2023-10: $3.07 per share

- 2023-11: $3.04 per share

- 2023-12: $3.37 per share

- 2024-01: $3.07 per share

- 2024-02: $3.07 per share

- 2024-03: $3.14 per share

- 2024-04: $3.50 per share

- 2024-05: $3.67 per share

- 2024-06: $3.55 per share

- 2024-07: $3.30 per share

- 2024-08: $3.22 per share

- 2024-09: $3.80 per share

- 2024-10: $4.08 per share

- 2024-11: $5.00 per share

- 2024-12: $4.72 per share

- 2025-01: $4.58 per share

- 2025-02: $4.85 per share

- 2025-03: $4.53 per share

- 2025-04: $4.88 per share

- 2025-05: $4.87 per share

- 2025-06: $5.03 per share

- 2025-07: $4.89 per share

- 2025-08: $4.99 per share

- 2025-09: $6.02 per share

- 2025-10: $6.01 per share

- 2025-11: $5.45 per share

- 2025-12: $4.99 per share

- 2026-01: $4.30 per share

- 2026-02: $4.22 per share

- 2026-03: $3.66 per share

- 2026-04: $3.82 per share

- 2026-05: $3.54 per share

- 2026-06: $3.77 per share

- 2026-07: $3.50 per share

- 2026-08: $3.54 per share

- 2026-09: $3.11 per share

- 2026-10: $3.00 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1823340/000114036121010304/brhc10022060_10k.htm); period 2020-12-31, filed 2021-03-26.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.