BlitzLab Scoring · Oct 2026 · Model v1.0 (frozen)
Grab — Blitz Index 52 (C)
Southeast Asia's super-app turned profitable — but an undisclosed loan-loss ratio and 74.9% founder voting control take half the grade away.
52Grade C
Confidence: High · Category: platforms
Score breakdown
| Section | Score | Detail |
|---|---|---|
| A · Speed | 15 / 25 | On-demand GMV +21–22%; the lending book +197% is the steepest second curve in the scored set |
| B · Moat | 36 / 60 | Eight-country super-app density with take rates level with Sea — but incentives run at ~71% of revenue |
| C · Creative destruction | 11 / 15 | The cash-to-digital shift across Southeast Asia; three digital banks complete the platform |
| D · BlitzFailing | −10 | Loan quality undisclosed on a 4.3× lending book; founder voting power raised to ~74.9% after listing |
Radar axes (0–100): Moat 60 · Speed 60 · Creative 73.3.
Watch item
Gates: G1 ✓ · G2 ✓ (IFRS 20-F). Bar ≈ $41.3B (FY2026E revenue × 10) vs a $135B Southeast-Asia digital-economy revenue pool (2025).
Strengths
- First full-year operating profit (+$65M FY2025) and 18 straight quarters of adjusted EBITDA growth
- FinServices slope: loans +197%, record quarterly disbursement of $1.2B, segment revenue +59% in Q2
- Mobility adjusted EBITDA margin of 56.6% — the profit engine is high quality
- FY2026 guidance raised (revenue $4.10–4.15B); ~$6.8B of cash-like resources and buyback capacity
Concerns
- No NPL disclosure — the credit quality of a book that grew 4.3× cannot be verified (allowance ratio 7.7%)
- Net income quality: FY2025 net finance income of $203M covers the entire $200M bottom line
- Founder voting power lifted to ~74.9% via a post-listing EGM (45 → 90 votes per share)
- $1,502M of convertible notes classified as current, and operating cash flow fell to $79M on loan growth
Next earnings
Nov 3, 2026 · Expected
Coverage
Grab Holdings Limited · Q3 2026 due Nov 3, 2026 (expected) · Score 52 · Grade C
BlitzLab scores businesses against a scholar’s standard — not investment advice. No price targets, no buy/sell recommendations. Figures are from SEC filings (XBRL) as labeled in the source scorecard.