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As of the latest data point in Q1'26, Grab's EV/EBITDA ratio stands at 20.90, continuing a downward normalization trend from previous highs. This latest figure represents a significant compression compared to the valuation multiples seen earlier in the 2025 fiscal year. The chart data reveals a major inflection point in Q3'24, where the ratio transitioned from negative territory to a peak of 356.98, reaching as high as 637.89 in Q4'24 as the company reached EBITDA profitability. Since that peak, the valuation multiple has steadily declined from Q1'25 through Q1'26, suggesting that earnings growth is outpacing enterprise value expansion and the stock's valuation is becoming more grounded relative to its cash flow.