Latest Ratios: P/E Ratio 50.2x · EV/EBITDA 28.4x · ROE 4.1%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $12.7B | $21.0B | $18.9B | $13.1B | $12.3B | $26.7B | $50.8B | — |
| Enterprise Value | $11.3B | $19.6B | $16.3B | $10.8B | $11.7B | $24.0B | $49.0B | — |
| P/E Ratio → | 50.24 | 78.34 | — | — | — | — | — | — |
| P/S Ratio | 3.77 | 6.23 | 6.74 | 5.56 | 8.57 | 39.53 | 108.29 | — |
| P/B Ratio | 1.99 | 3.11 | 2.97 | 2.03 | 1.85 | 3.33 | — | — |
| P/FCF | 94.87 | 156.63 | 24.33 | 875.01 | — | — | — | — |
| P/OCF | 55.03 | 90.86 | 22.13 | 152.62 | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.82 | 5.81 | 4.57 | 8.16 | 35.58 | 104.55 | — |
| EV / EBITDA | 28.40 | 49.14 | 176.71 | — | — | — | — | — |
| EV / EBIT | 51.05 | 57.67 | — | — | — | — | — | — |
| EV / FCF | — | 146.33 | 20.98 | 718.68 | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 43.2% | 43.2% | 42.0% | 36.5% | 5.4% | -58.5% | -105.3% | 256.2% |
| Operating Margin | 6.6% | 6.6% | -2.0% | -16.4% | -90.4% | -230.4% | -276.8% | 356.2% |
| Net Profit Margin | 8.0% | 8.0% | -3.8% | -18.4% | -117.4% | -511.0% | -556.1% | 443.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | 4.1% | 4.1% | -1.6% | -6.6% | -22.9% | -399.9% | — | — |
| ROA | 2.5% | 2.5% | -1.2% | -4.8% | -16.5% | -41.5% | -49.8% | -74.6% |
| ROIC | 3.6% | 3.6% | -1.0% | -5.7% | -17.0% | -21.8% | — | -78.8% |
| ROCE | 3.2% | 3.2% | -0.8% | -5.0% | -14.2% | -21.1% | -29.3% | -71.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.30 | 0.30 | 0.06 | 0.12 | 0.21 | 0.27 | — | — |
| Debt / EBITDA | 5.15 | 5.15 | 3.96 | — | — | — | — | — |
| Net Debt / Equity | — | -0.20 | -0.41 | -0.36 | -0.09 | -0.33 | — | — |
| Net Debt / EBITDA | -3.46 | -3.46 | -28.26 | — | — | — | — | — |
| Debt / FCF | — | -10.30 | -3.35 | -156.33 | — | — | — | — |
| Interest Coverage | 4.79 | 4.79 | -1.32 | -3.71 | -9.51 | -1.09 | -0.88 | -2.78 |
Net cash position: cash ($3.4B) exceeds total debt ($2.1B)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.75 | 1.75 | 2.53 | 3.90 | 5.19 | 8.46 | 4.49 | 4.01 |
| Quick Ratio | 1.73 | 1.73 | 2.51 | 3.87 | 5.14 | 8.45 | 4.49 | 4.00 |
| Cash Ratio | 1.47 | 1.47 | 2.17 | 3.41 | 4.64 | 7.87 | 3.95 | 3.57 |
| Asset Turnover | — | 0.28 | 0.30 | 0.27 | 0.16 | 0.06 | 0.09 | -0.17 |
| Inventory Turnover | 22.00 | 22.00 | 27.51 | 30.59 | 28.25 | 267.50 | 321.00 | 264.00 |
| Days Sales Outstanding | — | 108.31 | 84.69 | 75.20 | 103.41 | 155.73 | 143.20 | -29.80 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.0% | 1.3% | — | — | — | — | — | — |
| FCF Yield | 1.1% | 0.6% | 4.1% | 0.1% | — | — | — | — |
| Buyback Yield | 2.2% | 1.3% | 1.2% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Total Shareholder Yield | 2.2% | 1.3% | 1.2% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Shares Outstanding | — | $4.2B | $4.0B | $3.9B | $3.8B | $3.7B | $3.9B | $3.9B |
Includes 30+ ratios · 7 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying GRAB stock.
Grab Holdings Limited's current P/E ratio is 50.2x. The historical average is 78.3x.
Grab Holdings Limited's current EV/EBITDA is 28.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 49.1x.
Grab Holdings Limited's return on equity (ROE) is 4.1%. The historical average is -85.4%.
Based on historical data, Grab Holdings Limited is trading at a P/E of 50.2x. Compare with industry peers and growth rates for a complete picture.
Grab Holdings Limited has 43.2% gross margin and 6.6% operating margin.
Grab Holdings Limited's Debt/EBITDA ratio is 5.1x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Financial services credit losses
Margin Expansion Masks Earnings Quality
Gross margin improved to 43.6% in 2026Q2 from 39.7% in 2024Q1, per reported figures, yet operating margin of 1.9% indicates thin underlying profitability.
The 390 bps gross margin expansion suggests improved take rates and reduced incentive intensity, but the gap between gross and operating margins remains wide, implying significant ongoing investment in sales and marketing or other operating costs. Net margin of 25.3% in 2026Q2 is inflated by non-operating items, as operating income was only $19M, so investors should focus on operating margin as the truer measure of earning power. The recent positive operating margin, albeit thin, marks a critical inflection from negative territory in 2024, but sustainability is unproven.
Returns on Capital Remain Subdued
ROIC improved from -1.3% in 2024Q1 to 0.2% in 2026Q2, per quarterly data, but remains below cost of capital, indicating value creation is still nascent.
Despite the shift to profitability, ROIC of 0.2% is negligible, and ROE of 3.7% is modest, reflecting the heavy capital base and accumulated losses. The improvement is driven by margin recovery rather than asset efficiency, as asset turnover has been flat at 0.08x. This suggests that while the company is moving in the right direction, it has not yet demonstrated the ability to generate returns that exceed its cost of capital, a key test for long-term value creation.
Working Capital Efficiency Improves
Cash conversion cycle turned more negative, reaching -69 days in 2026Q2 from -41 days in 2024Q1, per reported figures, indicating stronger supplier leverage.
The increasingly negative CCC is driven by a significant extension in DPO to 213 days, while DSO has risen to 130 days, reflecting the growing financial services receivables. This suggests Grab is using its scale to delay payments to suppliers, improving cash flow, but the rising DSO warrants monitoring for credit quality in its lending operations. The negative CCC is a structural advantage for a platform business, but the volatility in working capital components has caused FCF swings, as seen in the prior cash flow analysis.
Leverage Rises but Coverage Remains Adequate
Debt-to-equity rose from 0.05 in 2024Q1 to 0.28 in 2026Q2, per balance sheet data, while interest coverage improved to 8.11x, indicating manageable debt service.
Total debt increased fivefold to $2.0B, but the absolute level remains modest relative to equity and cash reserves of $2.9B. Interest coverage of 8.11x in 2026Q2 is comfortable, though it has been volatile, dipping to 2.41x in 2025Q3 when EBITDA was lower. The rising leverage appears deliberate, likely to fund growth and buybacks, but investors should monitor the trajectory as debt-funded expansion could strain coverage if margins falter.
Liquidity Cushion Thins but Remains Solid
Current ratio declined from 3.26 in 2024Q1 to 1.52 in 2026Q2, per balance sheet data, yet cash of $2.9B covers 1.45x total debt.
The current ratio has halved over the period, reflecting increased debt and possibly higher working capital needs, but the quick ratio of 1.51 indicates that inventory is not a significant liquidity concern. The cash position provides a substantial buffer against short-term obligations, and with minimal debt maturities likely, liquidity risk appears low. However, the trend warrants monitoring as the company continues to deploy capital into growth initiatives and buybacks.
Misapplied Metric: Net Margin
Net margin is often misapplied to Grab due to non-operating items; operating margin of 1.9% in 2026Q2 better reflects core profitability, per reported figures.
Grab's net margin has been volatile and is heavily influenced by fair value changes, interest income, and tax effects, making it an unreliable indicator of underlying business performance. For example, the 25.3% net margin in 2026Q2 contrasts sharply with the 1.9% operating margin, highlighting the distortion. Investors should instead focus on adjusted EBITDA or operating margin, and also consider the impact of stock-based compensation, which averaged $60M per quarter in 2025, to assess true cash earnings.