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GRABW, Grab Holdings Limited

Commercial Services & Supplies diversified Distress / turnaround

We operate our deliveries business currently do not require a delivery license for the delivery-partners on our platform or license for delivery platform operators.

For example, in the Philippines, a new law enacted in 2024 imposes a 12% value-added tax ("VAT") on the sale of digital services.

The statutory taxpayer of the VAT would be the seller or digital service provider.

Latest annual: FY2025 20-F · US listing is the ordinary share

GRABW · Grab Holdings Limited

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$3.4B

+20.5% YoY · 48% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $3.4B 5-yr avg $2.1B

Gross margin 43% 5-yr avg 14%

Operating margin 1.9% 5-yr avg −70.5%

ROIC 1% 5-yr avg −8%

Owner-earnings margin −1% 5-yr avg −8%

Free cash flow margin −1% 5-yr avg −8%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is Deliveries (53%), Mobility (36%) and Financial services (10%).
Situation: Distress / turnaround. Thin interest coverage, or operating cash burned against real debt, across the record. The balance sheet carries this situation; the debt schedule sets the clock.
What moves the needle: Operating margin has reached 356% at its best but run negative through the cycle (median −22%) on a 36% gross margin — so the question is which reading is truer: whether the median was pulled below zero by one-off charges, by the cycle, or by spending it is still growing into, and whether it settles back at a profit. The cash cycle has run negative through the cycle (a median of −190 days): the operation is paid before it pays, so working capital releases cash as the business grows rather than tying it up. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median −7%, above 15% in 0 of 4 years). Owner earnings, the cash-based check, have been thin too. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 20-F →

Revenue spreads across 4 lines, the largest Deliveries at 53%.

Revenue by product line, FY2025

Deliveries53%$1.8B
Mobility36%$1.2B
Financial services10%$347M
Others0%$4M

By geographyMalaysia31%Singapore22%Indonesia21%Philippines9%Thailand9%Vietnam8%Rest of Southeast Asia1%

From the segment footnote of the company's own 20-F. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

The record, 2019–2025

realized figures from each filing · older years to the left

2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMDec 2025
								Income statement
($845M)	$469M	$675M	$1.4B	$2.4B	$2.8B	$3.4B	$3.4B	RevenueRevenue
—	—	−59%	5%	36%	42%	43%	43%	Gross marginGross mgn
($3.0B)	($1.3B)	($1.6B)	($1.4B)	($519M)	($168M)	$65M	$65M	Operating incomeOp. inc.
356.2%	−276.8%	−230.4%	−95.8%	−22.0%	−6.0%	1.9%	1.9%	Operating marginOp. mgn
($3.7B)	($2.6B)	($3.4B)	($1.7B)	($434M)	($105M)	$268M	$268M	Net incomeNet inc.
								Cash flow & returns
($2.1B)	($643M)	($954M)	($798M)	$86M	$852M	$79M	$79M	Operating cash flowOp. cash
$647M	$387M	$345M	$150M	$145M	$147M	$177M	$177M	DepreciationDeprec.
$988M	$1.6B	$2.1B	$735M	$375M	$810M	($366M)	($366M)	Working capital & otherWC & other
—	—	—	$58M	$71M	$77M	$97M	$97M	CapexCapex
—	—	—	4.0%	3.0%	2.8%	2.9%	2.9%	Capex / revenueCapex/rev
—	—	—	($856M)	$15M	$775M	($18M)	($18M)	Owner earningsOwner earn.
—	—	—	−59.7%	0.6%	27.7%	−0.5%	−0.5%	Owner earnings marginOE mgn
—	—	—	($856M)	$15M	$775M	($18M)	($18M)	Free cash flowFCF
—	—	—	−59.7%	0.6%	27.7%	−0.5%	−0.5%	Free cash flow marginFCF mgn
—	—	—	$0	$0	$226M	$274M	—	BuybacksBuybacks
—	—	—	-18%	-10%	-3%	1%	1%	ROICROIC
—	—	-45%	-25%	-7%	-2%	4%	4%	Return on equityROE
—	—	−45%	−25%	−7%	−2%	4%	4%	Retained to equityRetained/eq
								Balance sheet
—	$2.2B	$5.0B	$2.0B	$3.1B	$3.0B	$3.4B	$3.4B	Cash & investmentsCash+inv
—	$172M	$255M	$187M	$196M	$206M	$240M	$240M	ReceivablesReceiv.
—	$3M	$4M	$48M	$49M	$59M	$87M	$87M	InventoryInvent.
—	$661M	$844M	$930M	$925M	$1.2B	$1.3B	$1.3B	Accounts payablePayables
—	($486M)	($585M)	($695M)	($680M)	($904M)	($929M)	($929M)	Operating working capitalOper. WC
—	$3.8B	$8.7B	$5.7B	$5.8B	$6.6B	$8.1B	$8.1B	Current assetsCur. assets
—	$836M	$1.0B	$1.1B	$1.5B	$2.6B	$4.6B	$4.6B	Current liabilitiesCur. liab.
—	4.5×	8.5×	5.2×	3.9×	2.5×	1.7×	1.7×	Current ratioCurr. ratio
—	$5.4B	$11.2B	$9.2B	$8.8B	$9.3B	$12.0B	$12.0B	Total assetsAssets
—	$251M	$2.2B	$1.4B	$793M	$364M	$2.1B	$2.1B	Total debtDebt
—	($1.9B)	($2.8B)	($587M)	($2.3B)	($2.6B)	($1.4B)	($1.4B)	Net debt / (cash)Net debt
-2.9×	-0.9×	-0.9×	-8.3×	-5.2×	-1.6×	0.9×	0.9×	Interest coverageInt. cov.
($4.2B)	($6.4B)	$7.7B	$6.6B	$6.4B	$6.4B	$6.7B	$6.7B	Shareholders’ equityEquity
								Per share
154M	181M	540M	3.81B	3.89B	4.00B	4.09B	4.09B	Shares out (diluted)Shares
$-5.48	$2.59	$1.25	$0.38	$0.61	$0.70	$0.82	$0.82	Revenue / shareRev/sh
$-24.31	$-14.39	$-6.39	$-0.44	$-0.11	$-0.03	$0.07	$0.07	EPS (diluted)EPS
—	—	—	$-0.22	$0.00	$0.19	$-0.00	$-0.00	Owner earnings / shareOE/sh
—	—	—	$-0.22	$0.00	$0.19	$-0.00	$-0.00	Free cash flow / shareFCF/sh
—	—	—	$0.02	$0.02	$0.02	$0.02	$0.02	Cap. spending / shareCapex/sh
$-27.41	$-35.32	$14.32	$1.73	$1.66	$1.60	$1.64	$1.64	Book value / shareBVPS

The diluted share count moved ×2.98 into 2021 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

The diluted share count moved ×7.06 into 2022 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

Per-share growththe realized rate an owner's share compounded

	6-yr	5-yr
Revenue / share	—	−20.5%/yr
Capital spending / share	+16.0%/yr (3-yr)	+16.0%/yr (3-yr)

The record, charted

FY2019–2025

Each measure over its full record; the current point and the worst year marked.

Share count

4.1Bpeak FY2025

ROIC

1%low FY2022

Gross margin

43%low FY2021

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

($18M)owner earningsvs.$268Mnet incomelow FY2022

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2023FY2025

Owner-earnings bridge

FY2022–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business reported $268M of profit but ($18M) of owner earnings: $286M less than the profit line, taken out by capital spending and the timing of cash.

	FY2025	FY2024	FY2023	FY2022
Reported net income	$268M	($105M)	($434M)	($1.7B)
Depreciation & amortizationnon-cash charge added back	+$177M	+$147M	+$145M	+$150M
Working capital & othertiming of cash in and out, other non-cash items	−$366M	+$810M	+$375M	+$735M
Cash from operations	$79M	$852M	$86M	($798M)
Capital expenditurecash put back in to keep running and to grow	−$97M	−$77M	−$71M	−$58M
Owner earnings	($18M)	$775M	$15M	($856M)
Owner-earnings marginowner earnings ÷ revenue	-1%	28%	1%	-60%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .

Much of fiscal 2025's profit didn't arrive as operating cash; it sits in “working capital & other” above. That can be a real inventory or timing swing, or profit that doesn't run through operating cash at all: a heavy tax year, equity-method earnings, or investment income booked through investing. For a year like this, owner earnings understates the cash earned; the full cash-flow statement carries the rest.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 20-F · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 0.9×

Does not cover its interest

Operating income $65M ÷ interest expense $71M

What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
How heavy is the debt, net of cash? +$1.4B

Net cash

Cash $3.4B − debt $2.1B

What this means
Cash and short-term investments exceed every dollar of debt by $1.4B, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? -197d

Negative, funded by others

DSO 26 + DIO 17 − DPO 240 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. A negative cycle is a quiet moat: suppliers and customers fund the operation (Buffett's “float”), the company grows on other people's money.

Is it a good business?

Return on invested capital -10%

Below average through the cycle

4-yr median, range -18%–1%; 1% latest = NOPAT $52M ÷ invested capital $5.3B

Industry peers: median 8%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 4 years (it ran 1% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin -1%

Consumes cash through the cycle

4-yr median margin, range -60%–28%; latest ($18M) = operating cash $79M − maintenance capex $97M

Industry peers: median 9%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -1% of revenue this year, a -1% median across 4 years.
Are earnings backed by cash? 0.29×

Thinly cash-backed

Cash from ops $79M ÷ net income $268M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? —

No surplus to allocate

What this means
The business didn't generate positive Owner Earnings this year, so any distributions came from the balance sheet or borrowing, not from operations.
Investing or harvesting? 0.55×

Harvesting

Capex $97M ÷ depreciation $177M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 2 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Pass

Revenue ≥ $2B · $3.4B

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Near

Current ratio ≥ 2× · 1.75×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · $2.1B vs $3.5B WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (7-yr record) · 6 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · none paid

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-0.02/share (latest year $0.07), the averaged base the calculator's gate runs on, and book value is $1.64/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2019–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 1 of 7

What this means
Lost money in 6 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 0 of 5 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin −50% → −9% (3-yr avg ends)

In the filing’s words The record and the words agree: the margin widened and the filing attributes the gain to its own pricing, not volume alone.

What this means
Through the cycle the operating margin widened — about −50% early to −9% lately, median −22% — pricing power intact or improving.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Worst year 2020 · −276.8% op. margin

What this means
Operations went underwater in 2020, understand why before trusting the good years.

Does AI threaten the moat?

Elevated contestability

The product is software or information, the very thing capable AI now produces more cheaply, so the moat is more contestable than the record alone implies.

In its own filing Raised, but not as a competitor

The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product; it frames AI mainly as a capability.

The product is the kind capable AI most directly contests: when a substitute can be built cheaply, the incumbent's pricing power is the first thing at risk. The record cannot say whether the moat outlasts that; past durability is a starting point, not a promise.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of fiscal year-end, Dec 31, 2025

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$8.1B

Cash & short-term investments$3.4B
Receivables$240M
Inventory$87M
Other current assets$4.3B

Current liabilities$4.6B

Debt due within a year$1.7B
Accounts payable$1.3B
Other current liabilities$1.7B

Current ratio1.75×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.73×stricter: inventory excluded

Cash ratio0.74×strictest: cash alone against what's due

Working capital$3.5Bthe cushion left after near-term bills

Debt due this year vs. cash$1.7B due · $3.4B cash covered by cash on hand, no refinancing forced · both figures from the Dec 31, 2025 balance sheet

Deeper floors

Tangible book value$6.7Bequity stripped of goodwill & intangibles

Net current asset value$2.9BGraham's net-net: current assets less all liabilities

Debt incl. operating leases$2.1Bno operating-lease liability tagged this quarter, so debt alone

Deferred revenue$2Mcustomer cash collected before delivery; operating float

From the company's latest filing.

How the cash was used, 2022–2025

Over the record, the business generated $219M of operating cash; how management split it reads as a cash returner, paying most of what it earns straight back to owners.

Reinvested$303M · 138%
Buybacks$500M · 228%

Returned to owners$500M
$0 as dividends and $500M as buybacks.
Source of funding−$584M
Reinvestment and shareholder returns ran $584M beyond the operating cash the business generated, so the gap was financed off the balance sheet: debt rose from $1.4B to $2.1B.
Average price paid for buybacks—
Buybacks ran $500M over the span, but the filings don't tag the share count needed to deduce the average price paid.
Net change in share count7.3%
The diluted count rose from 3814M to 4092M: issuance (stock pay, deals) outran any buybacks, so owners were diluted on net.
Dividend record—
No dividend line was reported in the filing data over the span; the record here neither confirms nor rules out a payout.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Peers, Commercial Services & Supplies

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
MMSMaximus	$5.4B	23%	9.7%	16%	8%
TNETTriNet Group Inc.	$5.0B	—	7.1%	38%	7%
RBARB Global Inc.	$4.6B	—	16.4%	8%	17%
WUWestern Union	$3.9B	39%	19.6%	42%	15%
ADVAdvantage Solutions Inc.	$3.5B	—	-1.2%	-8%	3%
GRABWGrab Holdings Limited	$3.4B	36%	-22.0%	-7%	0%
CBZCBIZ	$2.8B	14%	8.5%	5%	9%
ALITAlight Inc.	$2.3B	—	-3.6%	-1%	9%
Group median	—	30%	7.8%	7%	8%

The price

What a price has to assume.

What the price implies

reverse-DCF

Enter the US price, in dollars: the NYSE/Nasdaq quote you hold. Grab Holdings Limited's US listing is the ordinary share itself. The record tables elsewhere on this page remain as filed.

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Grab Holdings Limited has delivered.

Grab Holdings Limited’s latest year shows negative owner earnings, below the record’s own through-cycle owner earnings. So the tool opens on the through-cycle base, the cash it would earn at rest; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Grab Holdings Limited earns about $2M on its 0.1% median owner-earnings margin. This year’s −0.5% margin runs below that; the reported figure may understate a lean year. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($2M) Net of stock comp

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth, delivered—

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings ($18M) on 4092M shares outstanding (a weighted average, the only count this filer tags); net cash $1.4B. The base opens on the through-cycle figure (the latest year sits off the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh GRABW against another business →

Cite: Owner Scorecard, "Grab Holdings Limited (GRABW), the owner's record," https://ownerscorecard.com/c/GRABW, data as of 2026-07-09.

Manual order: ← GRAB its page in the Manual GRAN →

Industry order: ← GRAB the Commercial Services & Supplies chapter HNI →