GRAB
Grab Holdings
Platform / Network
★ Quality 29/100Price today
$3.42
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What this business is made of
The business
Grab takes a toll on every ride and every meal in Southeast Asia.
Southeast Asian super-app: ride-hailing, delivery, and financial services across 8 countries. Charges a commission per transaction (15-25% to drivers/merchants) plus interest in its digital bank arm. GMV ~$18B annually.
Dense network of drivers, users, and merchants in fragmented markets where Uber gave up. The network effect is real, but it competes against GoTo, Foodpanda, and local banks. Regional moat, not global.
Revenue history
From $0.5B to $2.8B in 4 years — nearly 5.6x its size. Selling more and more is the base of everything else.
Where each $100 of sales goes
Revenue $3.4B · FY2025
Of every $100 in sales, $94 goes to costs and operations; $6 is left as net profit (6% margin).
Catalysts and risks
First GAAP profitable year in 2025 after a decade of burning cash.
$5.5B in cash to defend itself or consolidate competition.
Digibank in Singapore, Malaysia, and Indonesia scaling toward break-even.
FCF per share of $0.07 — profitability is still symbolic.
Fierce competition with GoTo in Indonesia, its biggest market.
Shifting regulation in each of the 8 countries where it operates.
Charlie's note
“Paying 14x for a business growing at 17% with a 40% gross margin is sensible: the regional network effect is real where Uber threw in the towel, though GoTo and local banks are a reminder that the moat is geographic, not eternal. At this multiple no heroics are needed, just patience for network density to translate into commission discipline.”
Analysis · May 2026
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