GRAB Nasdaq Passenger Ground Transportation Financials FY2019–FY2025
Grab had $3.4B of revenue in fiscal 2025, up 20.5% on the year before. Over five years, revenue changed +48.4% a year on average.
Last close · Oct 26, 2026
$2.71
2.9%Hi! I read Grab’s latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+20.5%
Yes. Sales grew 20.5% last year.
Does it make a profit?
8.0%
A little. It keeps 8.0% of every sale as profit.
Does profit turn into cash?
−0.5%
No. It spent more cash than it brought in.
Is debt under control?
1.2x
Keep an eye on it. Repaying its debt would take 1.2 years of operating profit.
How healthy are the accounts?
5 / 9
Mixed. It passes 5 of 9 health tests.
Rules of thumb on reported numbers. A starting point, not a recommendation.
About these figures. Grab is a foreign company: it files an annual report on Form 20-F, prepared under international accounting standards (IFRS), instead of a 10-K, and no quarterly reports, so this page has fiscal years only. Its shares trade in the US as American depositary shares (ADSs), and one ADS can stand for several ordinary shares, so per-share figures are per ordinary share and the page has no market value, P/E or valuation model.
Is it selling more, and how much does it keep?
KIRA · Grab had $3.4B of revenue in fiscal 2025, up 20.5% on the year before. Over five years, revenue changed +48.4% a year on average. Its operating margin was 1.9%, up 7.9 pts: of every 100 in sales, about 2 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Margins, % of revenue
KIRA · Grab made $268M of net profit in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Diluted EPS
How much cash comes in, and where does it go?
KIRA · Free cash flow was −$18.0M in fiscal 2025, −0.5% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Cash from operations vs capital spending
KIRA · Grab returned $274M to shareholders in fiscal 2025. The diluted share count rose 5.3%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA · In the last 12 months, insiders bought $30.8M and sold $11.6M of shares on the open market.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$30.8M
2 insiders
Sold, 12 months
$11.6M
6 insiders
Of sales under plans
100%
$11.6M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 15, 2026 | Philipp Wolfgang Josef KandalChief Product Officer | Sold plan | 30,000 | $3.00 | $0.1M | Form 4 |
| Oct 15, 2026 | Peter Henry OeyChief Financial Officer | Sold plan | 50,000 | $2.98 | $0.1M | Form 4 |
| Oct 5, 2026 | Chin Yin OngChief Org Capability Officer | Sold plan | 38,000 | $3.09 | $0.1M | Form 4 |
| Sep 21, 2026 | Alexander Charles HungatePresident and COO, Director | Bought | 299,571 | $2.89 | $0.9M | Form 4 |
| Sep 21, 2026 | Anthony Ping Yeow TanChief Executive Officer, Director | Bought | 10,350,000 | $2.89 | $29.9M | Form 4 |
| Sep 15, 2026 | Philipp Wolfgang Josef KandalChief Product Officer | Sold plan | 30,000 | $3.08 | $0.1M | Form 4 |
| Sep 15, 2026 | Peter Henry OeyChief Financial Officer | Sold plan | 50,000 | $2.90 | $0.1M | Form 4 |
| Sep 3, 2026 | Chin Yin OngChief Org Capability Officer | Sold plan | 38,000 | $3.43 | $0.1M | Form 4 |
| Sep 2, 2026 | Alexander Charles HungatePresident and COO, Director | Sold plan | 145,349 | $3.48 | $0.5M | Form 4 |
| Aug 17, 2026 | Peter Henry OeyChief Financial Officer | Sold plan | 50,000 | $3.60 | $0.2M | Form 4 |
| Aug 14, 2026 | Philipp Wolfgang Josef KandalChief Product Officer | Sold plan | 30,000 | $3.64 | $0.1M | Form 4 |
| Aug 10, 2026 | Anthony Ping Yeow TanChief Executive Officer, Director | Sold plan | 400,000 | $3.62 | $1.4M | Form 4 |
| Aug 3, 2026 | Chin Yin OngChief Org Capability Officer | Sold plan | 38,000 | $3.61 | $0.1M | Form 4 |
| Jul 15, 2026 | Philipp Wolfgang Josef KandalChief Product Officer | Sold plan | 30,000 | $3.83 | $0.1M | Form 4 |
| Jul 15, 2026 | Peter Henry OeyChief Financial Officer | Sold plan | 50,000 | $3.83 | $0.2M | Form 4 |
| Jul 13, 2026 | Philipp Wolfgang Josef KandalChief Product Officer | Sold plan | 20,000 | $4.00 | $0.1M | Form 4 |
| Jul 10, 2026 | Anthony Ping Yeow TanChief Executive Officer, Director | Sold plan | 400,000 | $3.91 | $1.6M | Form 4 |
| Jul 2, 2026 | Chin Yin OngChief Org Capability Officer | Sold plan | 38,000 | $3.88 | $0.1M | Form 4 |
| Jun 23, 2026 | Alexander Charles HungatePresident and COO, Director | Sold plan | 144,093 | $3.45 | $0.5M | Form 4 |
| Jun 15, 2026 | Peter Henry OeyChief Financial Officer | Sold plan | 50,000 | $3.53 | $0.2M | Form 4 |
| Jun 15, 2026 | Anthony Ping Yeow TanChief Executive Officer, Director | Sold plan | 400,000 | $3.51 | $1.4M | Form 4 |
| Jun 15, 2026 | Philipp Wolfgang Josef KandalChief Product Officer | Sold plan | 30,000 | $3.53 | $0.1M | Form 4 |
| Jun 3, 2026 | Chin Yin OngChief Org Capability Officer | Sold plan | 38,000 | $3.43 | $0.1M | Form 4 |
| May 26, 2026 | Chin Yin OngChief Org Capability Officer | Sold plan | 48,000 | $3.55 | $0.2M | Form 4 |
| May 15, 2026 | Peter Henry OeyChief Financial Officer, Director | Sold plan | 50,000 | $3.54 | $0.2M | Form 4 |
| May 15, 2026 | Philipp Wolfgang Josef KandalChief Product Officer | Sold plan | 30,000 | $3.54 | $0.1M | Form 4 |
| May 11, 2026 | Anthony Ping Yeow TanChief Executive Officer, Director | Sold plan | 400,000 | $3.67 | $1.5M | Form 4 |
| May 4, 2026 | Chin Yin OngChief Org Capability Officer | Sold plan | 38,000 | $3.59 | $0.1M | Form 4 |
| Apr 16, 2026 | Philipp Wolfgang Josef KandalChief Product Officer | Sold plan | 20,000 | $4.00 | $0.1M | Form 4 |
| Apr 15, 2026 | Peter Henry OeyChief Financial Officer, Director | Sold plan | 50,000 | $3.92 | $0.2M | Form 4 |
| Apr 15, 2026 | Philipp Wolfgang Josef KandalChief Product Officer | Sold plan | 30,000 | $3.92 | $0.1M | Form 4 |
| Apr 10, 2026 | Anthony Ping Yeow TanChief Executive Officer, Director | Sold plan | 400,000 | $3.68 | $1.5M | Form 4 |
| Apr 2, 2026 | Chin Yin OngChief Org Capability Officer | Sold plan | 38,000 | $3.62 | $0.1M | Form 4 |
| Mar 20, 2026 | John PierantoniChief Accounting Officer | Sold plan | 14,819 | $3.61 | $0.1M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA · Grab owes $300M more than it holds in cash, about 1.2 years of operating profit.
Cash, debt and the ratios that show how comfortably Grab can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $5.0B | $2.0B | $3.1B | $3.0B | $3.4B |
| Debt incl. finance leases | $2.3B | $1.5B | $918M | $487M | $3.7B |
| Net debt / EBITDA | — | — | — | — | 1.2x |
| Debt / equity | 0.3x | 0.2x | 0.1x | 0.1x | 0.6x |
| Interest coverage | −0.9x | −8.3x | −5.2x | −1.6x | 0.9x |
| Current ratio | 8.5x | 5.2x | 3.9x | 2.5x | 1.8x |
| Quick ratio | 8.5x | 5.1x | 3.9x | 2.5x | 1.7x |
| Total assets | $11.2B | $9.2B | $8.8B | $9.3B | $12.0B |
| Total liabilities | $3.2B | $2.5B | $2.3B | $2.9B | $5.2B |
| Shareholders' equity | $7.7B | $6.6B | $6.4B | $6.4B | $6.7B |
| Net debt (− = net cash) | −$2.7B | −$470M | −$2.2B | −$2.5B | $300M |
KIRA · Its return on capital was 0.9%: every 100 invested in the business earned about 1 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA · Grab passes 5 of 9 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✕ |
| Debt fell relative to assets | ✓ | ✓ | ✕ |
| Current ratio rose | ✕ | ✕ | ✕ |
| Share count didn't rise | ✕ | ✕ | ✕ |
| Gross margin rose | ✓ | ✓ | ✓ |
| Revenue rose relative to assets | ✓ | ✓ | ✓ |
| F-score | 6 / 9 | 6 / 9 | 5 / 9 |
| Accruals ratio | −5.8% | −10.6% | 1.8% |
| Altman Z'' | −0.49 | −1.14 | −1.47 |
What does the share cost, and how does it compare?
KIRA · Grab grew sales faster than 4 of its 4 similar companies.
Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.
In plain words: The same numbers for similar companies, so you can tell whether a figure is high or low for this kind of business.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Grab GRAB | $11.4B | 20.5% | 1.9% | −0.5% | 0.9% | — | 5 | |
| Lyft LYFT | $6.6B | 9.2% | −3.0% | — | −12.3% | 2.5x | 4 | Compare → |
| Avis Budget Group CAR | $3.6B | −1.2% | — | — | — | — | 5 | Compare → |
| Uber UBER | $135.6B | 18.3% | 10.7% | 18.8% | 19.7% | 14.5x | 6 | Compare → |
| IES IESC | $4.4B | 16.9% | 11.4% | 6.5% | 50.5% | 9.6x | 6 | Compare → |
Every number, year by year.
Amounts in USD. Hover a ratio’s name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | −$845M | $469M | $675M | $1.4B | $2.4B | $2.8B | $3.4B |
| Gross profit | −$2.2B | −$494M | −$395M | $77.0M | $860M | $1.2B | $1.5B |
| Research and development | $231M | $257M | $356M | $465M | $421M | $410M | $428M |
| Operating income | −$3.0B | −$1.3B | −$1.6B | −$1.4B | −$519M | −$168M | $65.0M |
| Interest expense | $1.1B | $1.4B | $1.7B | $166M | $99.0M | $106M | $71.0M |
| Pretax income | −$4.0B | $2.7B | $3.6B | −$1.7B | −$466M | −$95.0M | $269M |
| Income tax | $7.0M | $2.0M | $3.0M | $6.0M | $19.0M | $63.0M | $69.0M |
| Net income | −$3.7B | −$2.6B | −$3.4B | −$1.7B | −$434M | −$105M | $268M |
| Diluted EPS | −$24.31 | −$14.39 | −$6.39 | −$0.44 | −$0.11 | −$0.03 | $0.06 |
| Diluted shares | 0.00B | 0.18B | 0.54B | 3.81B | 3.89B | 4.00B | 4.21B |
| Cash flow | |||||||
| Cash from operations | −$2.1B | −$643M | −$954M | −$798M | $86.0M | $852M | $79.0M |
| Capital expenditure | — | — | — | $58.0M | $71.0M | $77.0M | $97.0M |
| Free cash flow | — | — | — | −$856M | $15.0M | $775M | −$18.0M |
| Depreciation and amortization | $647M | $387M | $345M | $150M | $145M | $147M | $177M |
| Stock-based compensation | $34.0M | $54.0M | $357M | $412M | $304M | $279M | $241M |
| Acquisitions | $22.0M | $3.0M | $0.0M | $168M | $0.0M | $23.0M | $100M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $226M | $274M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends and buybacks | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $226M | $274M |
| Balance sheet | |||||||
| Cash and short-term investments | — | $2.2B | $5.0B | $2.0B | $3.1B | $3.0B | $3.4B |
| Total debt | — | $391M | $2.3B | $1.5B | $918M | $487M | $3.7B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | — | $3.8B | $8.7B | $5.7B | $5.8B | $6.6B | $8.1B |
| Current liabilities | — | $836M | $1.0B | $1.1B | $1.5B | $2.6B | $4.6B |
| Inventory | $0.0M | $3.0M | $4.0M | $48.0M | $49.0M | $59.0M | $87.0M |
| Property and equipment, net | $534M | $384M | $441M | $492M | $512M | — | — |
| Total assets | — | $5.4B | $11.2B | $9.2B | $8.8B | $9.3B | $12.0B |
| Total liabilities | — | $11.7B | $3.2B | $2.5B | $2.3B | $2.9B | $5.2B |
| Shareholders' equity | −$4.2B | −$6.4B | $7.7B | $6.6B | $6.4B | $6.4B | $6.7B |
| Margins | |||||||
| Gross margin | 256.2% | −105.3% | −58.5% | 5.4% | 36.5% | 42.0% | 43.2% |
| Operating margin | 356.2% | −276.8% | −230.4% | −95.8% | −22.0% | −6.0% | 1.9% |
| EBITDA margin | 279.6% | −194.2% | −179.3% | −85.4% | −15.9% | −0.8% | 7.2% |
| Net margin | 443.4% | −556.1% | −511.0% | −117.5% | −18.4% | −3.8% | 8.0% |
| FCF margin | — | — | — | −59.7% | 0.6% | 27.7% | −0.5% |
| Returns | |||||||
| Return on capital | — | — | — | −18.8% | −7.9% | −3.3% | 0.9% |
| Return on capital employed | — | — | −21.1% | −15.1% | −6.8% | −2.4% | 0.9% |
| Return on equity | — | — | −517.1% | −23.5% | −6.7% | −1.6% | 4.1% |
| Return on assets | — | — | −41.5% | −16.5% | −4.8% | −1.2% | 2.5% |
| Growth | |||||||
| Revenue growth | — | — | 43.9% | 112.3% | 64.6% | 18.6% | 20.5% |
| FCF growth | — | — | — | — | — | 5,066.7% | −102.3% |
| Share count change | — | 117,459.7% | 198.0% | 606.5% | 2.1% | 2.6% | 5.3% |
| Financial health | |||||||
| Net debt / EBITDA | — | — | — | — | — | — | 1.2x |
| Debt / equity | — | — | 0.3x | 0.2x | 0.1x | 0.1x | 0.6x |
| Interest coverage | −2.9x | −0.9x | −0.9x | −8.3x | −5.2x | −1.6x | 0.9x |
| Current ratio | — | 4.5x | 8.5x | 5.2x | 3.9x | 2.5x | 1.8x |
| Quick ratio | — | 4.5x | 8.5x | 5.1x | 3.9x | 2.5x | 1.7x |
| Capital allocation | |||||||
| Capex / revenue | — | — | — | 4.1% | 3.0% | 2.8% | 2.9% |
| Stock comp / revenue | −4.0% | 11.5% | 52.9% | 28.8% | 12.9% | 10.0% | 7.2% |
| Payouts / FCF | — | — | — | — | 0.0% | 29.2% | — |
| Quality scores | |||||||
| Piotroski F-score | — | — | — | 5.0 | 6.0 | 6.0 | 5.0 |
| Altman Z'' | — | −4.9 | 2.0 | −0.7 | −0.5 | −1.1 | −1.5 |
| Accruals ratio | — | — | −30.0% | −8.7% | −5.8% | −10.6% | 1.8% |
Source: SEC EDGAR XBRL filings (CIK 0001855612). Data updated October 23, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.
