Grab Holdings (GRAB) Stock Today, November 25, 2025: Price Action, GoTo Merger Buzz and Super Bank IPO

Grab Holdings Ltd (NASDAQ: GRAB) is easing slightly in Tuesday’s U.S. session after a powerful rally, as investors weigh a packed slate of catalysts: strong third‑quarter numbers, rising merger speculation with Indonesian rival GoTo, and an upcoming IPO for Grab‑backed digital lender Super Bank.

As of around midday U.S. trading on November 25, 2025, GRAB stock is trading near $5.23, down about 0.4% on the day after jumping more than 7% on Monday, according to Investing.com data. ^[1] The shares sit comfortably above their 52‑week low of $3.36 but still below the recent high of $6.62, leaving the market to decide whether the stock’s latest consolidation is a pause before another move higher—or a sign that expectations are running hot. ^[2]

GRAB stock price today: modest pullback after a big run

On Tuesday, GRAB has traded in a range of roughly $5.19–$5.34, with volume nearing 17 million shares as of early afternoon. That’s lighter than Monday’s nearly 90 million shares traded, when the stock surged 7.1% amid renewed enthusiasm for the company’s growth and analyst upgrades. ^[3]

With a share price around $5.20–$5.30, Grab commands a market capitalisation of roughly $21–22 billion, up nearly 28% over the past year. ^[4] Data providers put Grab’s trailing price‑to‑sales ratio around 6–7x and EV/EBITDA north of 40x, underlining that investors are already paying a premium for its Southeast Asian “superapp” story. ^[5]

Q3 2025 earnings: faster growth, rising profitability

Grab’s latest leg higher has been driven in large part by its third‑quarter 2025 results, released on November 4.

According to the company:

Revenue: $873 million, up 22% year‑on‑year (17% in constant currency).
On‑Demand GMV (mobility + deliveries): $5.8 billion, up 24% YoY.
Profit for the quarter:$17 million, continuing the company’s recent streak of profitability.
Adjusted EBITDA:$136 million, up 51% YoY.
TTM Adjusted Free Cash Flow:$283 million. ^[6]

Segment trends remain key to the GRAB stock narrative:

Deliveries and mobility still doing heavy lifting

Deliveries revenue rose 23% YoY to $465 million, with GMV up 26% to $3.73 billion. Segment adjusted EBITDA margin improved to 2.1% of GMV from 1.8% a year ago, helped by advertising and better operating leverage. ^[7]
Mobility revenue climbed 17% YoY, with Mobility GMV up 20% to $2.04 billion. EBITDA margin in this segment ticked up to 8.9%, while average fares actually fell 7% YoY and average driver earnings rose 4%, reflecting Grab’s push to keep rides affordable while improving driver utilisation. ^[8]

On the financial services side, revenue jumped 39% YoY to $90 million, with total loans disbursed up 56% and the loan portfolio up 65% to $821 million, putting the company on track to exit 2025 with more than $1 billion in loans. ^[9] This is crucial, because Grab increasingly pitches itself as a digital finance platform, not just a ride‑hailing and food‑delivery operator.

Guidance raised for 2025

Importantly for Grab stock, management raised full‑year guidance:

2025 revenue: now expected at $3.38–$3.40 billion, up from a prior range of $3.33–$3.40 billion.
2025 adjusted EBITDA: lifted to $490–$500 million, from $460–$480 million previously. ^[10]

Reuters notes that revenue of $873 million slightly beat analysts’ average estimate of $872.9 million, even as some data providers frame the quarter as a narrow “miss” based on their own consensus models. ^[11] Either way, the message is that Grab is growing in the low‑20% range while steadily improving profitability—a mix that many investors have been waiting years to see.

Street views: bullish targets vs. valuation concerns

Wall Street remains broadly constructive on GRAB stock, though not unanimously so.

Analyst ratings and price targets

Benzinga’s latest compilation shows: ^[12]

Consensus rating:Buy, based on 11 analysts.
Consensus 12‑month price target: about $5.85.
Price target range:$4.60–$8.00.
Among the most recent calls, Barclays, Mizuho, Jefferies and Benchmark all set or lifted price targets to $7.00, implying 20–30% potential upside from recent trading levels. ^[13]

StockAnalysis data suggests Wall Street expects Grab’s revenue to grow around 24% in 2025 to about $3.47 billion, and another ~20% in 2026 to $4.15 billion, with EPS projected to climb from roughly $0.04 this year to $0.10 next year. ^[14] That kind of earnings ramp is what justifies today’s premium multiples—if Grab can deliver.

Other fundamental models are even more optimistic. A recent valuation piece using discounted cash flow estimates pegs fair value near $6.80–$6.90 per share, implying roughly 25–30% upside versus prices around $5.20. ^[15]

Not everyone is convinced

On the flip side, Zacks Equity Research published a notably cautious note on November 24 titled “Here’s Why Investors Should Give GRAB Stock a Miss Right Now,” assigning the shares a Zacks Rank #4 (Sell). ^[16] Key concerns include:

Downward earnings estimate revisions for the current quarter and full‑year 2025.
Elevated operating expenses—around $355 million in Q3, up year‑over‑year. ^[17]
Intense competition across deliveries and ride‑hailing from regional rivals such as Foodpanda, ShopeeFood, Gojek, Deliveroo, Line Man Wongnai and Robinhood. ^[18]

A separate Benzinga piece also highlighted investor unease around Grab’s heavy incentive spending, arguing that growth is still partly being “bought” via discounts and partner incentives, which totaled $585 million in Q3. ^[19]

In other words, the Street’s view skews bullish—but not blindly so.

GoTo merger talk: a potential game‑changer for Indonesia

One of the biggest swing factors for GRAB stock this month has been the renewed talk of a merger with GoTo, Grab’s long‑time rival in Indonesia.

On November 12, Reuters reported that the Indonesian government now fully backs a possible merger between Singapore‑based Grab and Jakarta‑listed GoTo, reversing earlier resistance. ^[20] According to that report:

Indonesia’s state investment fund Danantara Indonesia is in talks to take a “golden share” in the combined entity, giving it veto power on key decisions. ^[21]
Grab CEO Anthony Tan recently met President Prabowo Subianto to lobby for the transaction.
A combined Grab–GoTo would command over 91% market share in Indonesia’s ride‑hailing and food‑delivery market, based on Euromonitor data, raising obvious antitrust questions. ^[22]

For shareholders, a deal could:

Consolidate Southeast Asia’s most competitive battleground.
Potentially unlock cost synergies in technology, incentives, and operations.
Reduce the “race to the bottom” in pricing and promotions in Indonesia.

But regulators are unlikely to sign off without conditions around driver income, pricing and competitive dynamics, and it’s still unclear what valuation, ownership split and governance structure would look like. ^[23] Any perceived imbalance might shift value either toward GoTo’s shareholders or toward Grab’s, which is one reason the stock has swung sharply on each new headline.

Super Bank IPO: crystallising value in digital lending

Also in focus today is Grab’s digital banking bet in Indonesia.

On November 25, The Business Times and The Edge Singapore reported that PT Super Bank Indonesia, a digital lender backed by Grab and partners including Singtel and KakaoBank, has launched plans for an IPO in Jakarta. ^[24]

Key details:

Fundraising target: up to 3.1 trillion rupiah (around US$186 million).
Stake on offer: about 13% of enlarged capital (roughly 4.4 billion new shares).
Indicative price range:525–695 rupiah per share. ^[25]
Timeline:
- Book‑building from Nov 25–Dec 1, 2025
- Offer period Dec 10–15
- Target listing on the Indonesia Stock Exchange Dec 17, 2025. ^[26]
Use of proceeds: around 70% to expand the loan book (working capital) and 30% for capex and product/IT development. ^[27]

Super Bank has shown a sharp turnaround:

Q3 2025 net profit of 60.1 billion rupiah, versus a loss of 285.7 billion rupiah a year earlier.
Loan disbursements up 84% YoY to 9.03 trillion rupiah.
Total assets up ~70%, with third‑party funds (deposits) almost tripling to 9.81 trillion rupiah. ^[28]

Grab holds an indirect minority stake via several vehicles, including Kudo Teknologi Indonesia, A5‑DB Holdings and GXS Bank, underlining how its ecosystem strategy extends deep into digital banking. ^[29]

For GRAB shareholders, Super Bank’s IPO could:

Begin to crystallise value in a fast‑growing, previously private asset.
Provide comps for how the market values Indonesian digital banks (alongside names like Bank Jago and SeaBank). ^[30]
Strengthen the narrative that Grab’s fintech arm is becoming a meaningful profit driver rather than just a cash sink.

Autonomous shuttles and robotaxis: long‑term optionality

Beyond near‑term numbers, Grab is also making moves in autonomous vehicles (AVs).

A Simply Wall St recap on November 25 highlighted that Singapore’s Land Transport Authority (LTA) has granted Grab and Chinese AV specialist WeRide approval to expand autonomous shuttle testing with their Ai.R fleet in the Punggol district. Test runs are set to quadruple by year‑end, ahead of the launch of the area’s first autonomous shuttle service. ^[31]

This initiative:

Reinforces Singapore’s ambitions in smart urban mobility.
Fits Grab’s strategy of weaving emerging technologies into its superapp.
Could, in the long run, reduce driver‑related costs and improve margins—if AVs reach scale and regulatory approval.

However, AV development is capital‑intensive, and analysts caution that increased spending on autonomous and electrified fleets may pressure margins in the near term, even if the pay‑off is years away. ^[32]

Incentives, competition and macro risks: what could go wrong?

While the bull case for Grab is straightforward—dominant position in Southeast Asia, rising profitability, fintech and AV optionality—the risk side of the ledger is also getting more attention.

Key issues investors are watching:

Incentive intensity
- Grab’s Q3 incentives totaled $585 million, or just over 10% of On‑Demand GMV. ^[33]
- A Benzinga note warned that “high incentive‑driven growth” may not be sustainable if macro conditions deteriorate or new rivals step up subsidy wars. ^[34]
Cost discipline vs. growth
- Zacks notes that Q3 operating expenses of roughly $355 million remain elevated, contributing to its Sell rating and downward earnings revisions. ^[35]
Competitive landscape
- From Foodpanda to ShopeeFood, local platforms continue to fight for share with targeted promotions and country‑specific strategies, particularly in deliveries. ^[36]
Regulatory scrutiny
- Any Grab–GoTo tie‑up would likely face antitrust conditions and requirements to protect driver incomes, which could limit synergy realisation or require concessions. ^[37]
Valuation risk
- With EV/EBITDA still well above typical transport and internet peers, any disappointment on growth, profitability or deal‑making could trigger sharp multiple compression. ^[38]

What today’s move could mean for GRAB stock

Tuesday’s slight pullback in GRAB stock looks, so far, like a normal consolidation after Monday’s strong breakout rather than a fundamental change in the story. Volumes are lower, and the shares remain comfortably above last week’s sub‑$5 levels. ^[39]

In the near term, traders appear focused on:

Fresh headlines around a potential Grab–GoTo merger and any signals from Jakarta regulators. ^[40]
The book‑building progress and pricing of the Super Bank IPO. ^[41]
Momentum in the core On‑Demand businesses as the year ends, including whether Grab can keep growing volumes without ramping incentives. ^[42]

Over a multi‑year horizon, the investment debate in GRAB stock boils down to whether:

Management can sustain around 20%+ annual revenue growth. ^[43]
Profitability (especially in deliveries and fintech) scales faster than incentive and technology spending. ^[44]
New growth vectors—digital banking via Super Bank and others, as well as AV/robotaxis—translate into material, high‑margin earnings streams.

If the bullish scenario plays out, today’s valuation multiples could still prove reasonable. If not, the combination of competition, regulatory risk and rich multiples could make the stock vulnerable to sharp pullbacks.

Key things for investors to watch next

For readers tracking Grab Holdings (GRAB) day‑to‑day, here are the main upcoming signposts:

Official updates on any Grab–GoTo transaction
- Look for clarity around structure, ownership split, regulatory conditions and timing. ^[45]
Final pricing and demand for the Super Bank IPO
- Strong institutional interest would support the case that Grab’s digital‑banking assets are being under‑appreciated. Weak demand would send the opposite signal. ^[46]
Q4 2025 trading update / next earnings release
- Especially trends in On‑Demand GMV, incentive intensity as a percentage of GMV, and adjusted EBITDA margins. ^[47]
Further analyst revisions
- Upgrades or downgrades to 2026–2027 revenue and EPS estimates, as well as changes to the $6–$7 price target cluster, will shape sentiment. ^[48]
Regulatory and AV milestones
- Additional approvals for autonomous services in Singapore or other markets, and any updates to AV partnership economics. ^[49]

Final word

Grab’s share price on November 25, 2025 reflects a market still trying to balance strong operational momentum and powerful strategic catalysts against real execution and valuation risks.

The company is growing revenue above 20% annually, producing positive earnings and lifting EBITDA guidance. ^[50]
Analysts, on average, still see meaningful upside, with multiple major brokers now aiming for $7 per share or higher. ^[51]
Yet sceptical voices highlight high incentives, cost pressures and competitive threats that could derail the margin story. ^[52]

For prospective investors and existing shareholders alike, GRAB stock today is a bet on Southeast Asia’s digital economy, Grab’s ability to execute on its superapp vision, and the outcomes of a handful of high‑stakes strategic moves now unfolding.

Disclaimer: This article is for informational purposes only and does not constitute investment advice, a recommendation to buy or sell any security, or a solicitation of any kind. Always conduct your own research and consider consulting a licensed financial professional before making investment decisions.

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