Grab Holdings Ltd key statistics and ratios

In fiscal 2025, Grab Holdings Ltd had return on equity of 4.1%, an operating margin of 1.9%, debt equal to 30.5% of equity and a current ratio of 1.75. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Grab Holdings Ltd: financial ratios, annual
Fiscal year	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	—	—	−58.5%	5.4%	36.5%	42.0%	43.2%
Operating margin	—	−276.8%	−230.4%	−95.8%	−22.0%	−6.0%	1.9%
Net margin	—	−556.1%	−511.0%	−117.4%	−18.4%	−3.8%	8.0%
Free-cash-flow margin	—	—	—	−59.7%	0.6%	27.7%	−0.5%
Return on equity	—	—	—	−23.5%	−6.7%	−1.6%	4.1%
Return on assets	—	−47.9%	−41.5%	−16.5%	−4.8%	−1.2%	2.5%
Asset turnover	—	0.09	0.08	0.14	0.26	0.31	0.32
Current ratio	—	4.49	8.46	5.19	3.90	2.53	1.75
Debt to equity	—	—	28.1%	20.7%	12.3%	5.7%	30.5%
Interest cover (operating income ÷ interest)	—	n/m	n/m	n/m	n/m	n/m	3.8x
Effective tax rate	—	0.1%	0.1%	—	—	—	25.7%
R&D as % of revenue	—	54.8%	52.7%	32.4%	17.8%	14.7%	12.7%
Capital spending as % of revenue	—	—	—	4.0%	3.0%	2.8%	2.9%
Free cash flow ÷ net income	—	—	—	—	—	—	−6.7%
Dividends and buybacks ÷ free cash flow	—	—	—	—	0.0%	29.2%	—

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

4 of 6 checks passed · December 31, 2025

What it owns · $12.0bn

Short-term assets $8.1bnLonger-term assets $3.9bn

What it owes, and who funded it · $12.0bn

Short-term liabilities $4.6bnLonger-term liabilities $599mShareholders' equity $6.7bn

Short-term assets cover short-term liabilities $8.1bn of assets due within a year against $4.6bn of liabilities due within a year.
Short-term assets cover long-term liabilities $8.1bn short-term assets against $599m of longer-dated liabilities.
More cash than debt $3.4bn of cash against $2.1bn of debt.
Debt below 40% of shareholders' equity Debt is 31% of equity.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt $79m of operating cash flow against $2.1bn of debt.
Operating profit covers interest at least five times over Operating income of $65m against $17m of interest.

From Grab Holdings Ltd's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: High.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Grab Holdings Ltd's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Grab Holdings Ltd.