Latest Ratios: P/E Ratio 60.4x · EV/EBITDA 36.7x · 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 | $15.3B | $21.0B | $18.9B | $13.1B | $12.3B | $26.7B | $50.8B | — |
| Enterprise Value | $13.9B | $19.6B | $16.3B | $10.8B | $11.7B | $24.0B | $49.0B | — |
| P/E Ratio → | 60.44 | 78.34 | — | — | — | — | — | — |
| P/S Ratio | 4.54 | 6.23 | 6.74 | 5.56 | 8.57 | 39.53 | 108.29 | — |
| P/B Ratio | 2.40 | 3.11 | 2.97 | 2.03 | 1.85 | 3.33 | — | — |
| P/FCF | 114.14 | 156.63 | 24.33 | 875.01 | — | — | — | — |
| P/OCF | 66.21 | 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 | 36.72 | 51.74 | — | — | — | — | — | — |
| EV / EBIT | 68.89 | 97.07 | — | — | — | — | — | — |
| 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 | 6.0% | 6.0% | -6.0% | -22.0% | -95.8% | -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 | 3.3% | 3.3% | -3.2% | -7.6% | -18.0% | -21.8% | — | -78.8% |
| ROCE | 2.9% | 2.9% | -2.4% | -6.7% | -15.1% | -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 | 5.42 | 5.42 | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.20 | -0.41 | -0.36 | -0.09 | -0.33 | — | — |
| Net Debt / EBITDA | -3.64 | -3.64 | — | — | — | — | — | — |
| Debt / FCF | — | -10.30 | -3.35 | -156.33 | — | — | — | — |
| Interest Coverage | 2.85 | 2.85 | -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 | 1.7% | 1.3% | — | — | — | — | — | — |
| FCF Yield | 0.9% | 0.6% | 4.1% | 0.1% | — | — | — | — |
| Buyback Yield | 1.8% | 1.3% | 1.2% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Total Shareholder Yield | 1.8% | 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 |
Regulatory and competitive pressure
According to current market data, GRAB trades at a forward P/E of 31.09, which suggests that investors are pricing in significant long-term earnings expansion relative to the broader software sector, despite the company's historical volatility and the inherent risks associated with its regional multi-vertical platform model.
The current P/S multiple of 4.18 indicates that the market is willing to pay a premium for Grab's dominant market position in Southeast Asia, likely anticipating that the company will successfully transition from a growth-at-all-costs phase to a sustainable, high-margin utility. However, the P/FCF ratio of 105.25 warrants caution, as it implies that the current valuation is heavily dependent on future cash flow generation that has yet to be consistently demonstrated.
Based on reported financial statements, GRAB's ROIC has only recently turned positive, reaching 1.0% in 2026Q1, which indicates that the company is still in the nascent stages of generating returns that exceed its cost of capital after years of aggressive, loss-making regional expansion and infrastructure investment.
The transition from negative ROIC in 2024 to a positive 1.0% suggests that management's focus on unit economics is beginning to bear fruit. Investors should monitor whether this trend can accelerate, as the current level remains well below the thresholds typically required to justify the company's valuation and capital-intensive expansion strategy.
As reported in quarterly filings, GRAB's cash conversion cycle remains deeply negative at -102 days in 2026Q1, a structural feature of the platform model where the company collects cash from customers significantly faster than it settles obligations with its vast network of driver and merchant partners.
While a negative CCC is generally a sign of superior working capital efficiency, the extreme nature of this figure reflects the company's role as a payment intermediary. The widening gap between DSO and DPO suggests that Grab is effectively utilizing its partners' capital to fund its operations, which provides a liquidity advantage but also introduces potential friction if partner retention becomes a concern.
Based on recent balance sheet data, GRAB maintains a debt-to-equity ratio of 0.30, which, as noted in financial disclosures, provides a conservative capital structure that offers the company significant flexibility to navigate regional regulatory shifts or pursue opportunistic M&A without immediate concerns regarding debt service coverage.
The interest coverage ratio of 2.42 in 2026Q1 indicates that the company is now generating sufficient operating income to meet its debt obligations, a marked improvement from the negative coverage observed in previous years. This shift suggests that the company's financial risk profile is stabilizing, though investors should remain wary of how future interest rate environments might impact the cost of servicing this debt.
Institutional analysts often misapply the P/E ratio to GRAB, as the metric fails to account for the significant non-cash stock-based compensation and the heavy reinvestment required to maintain the platform's regional moat, which obscures the company's true underlying cash-generating capacity and long-term earnings potential.
Instead of relying on P/E, investors should prioritize EV/EBITDA or adjusted free cash flow metrics to better capture the operational reality of a platform business that is still scaling. The P/E ratio is particularly misleading here because it ignores the substantial accumulated deficit and the ongoing need to balance growth with the high costs of maintaining marketplace liquidity.
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Quick answers to the most common questions about buying GRAB stock.
Grab Holdings Limited's current P/E ratio is 60.4x. The historical average is 78.3x.
Grab Holdings Limited's current EV/EBITDA is 36.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 51.7x.
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 60.4x. Compare with industry peers and growth rates for a complete picture.
Grab Holdings Limited has 43.2% gross margin and 6.0% operating margin.
Grab Holdings Limited's Debt/EBITDA ratio is 5.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.