Companies Compared
| Company | Ticker | HQ | Description | Market Cap |
|---|---|---|---|---|
| Grab Holdings | GRAB | Singapore | SE Asia super-app (rides, delivery, fintech) | $14.3B |
| GoTo Group | GOTO.JK | Indonesia | Gojek + Tokopedia (rides, e-commerce, fintech) | ~$3.5B |
| Sea Limited | SE | Singapore | Shopee (e-commerce), Garena (gaming), SeaMoney (fintech) | $65B |
| Uber | UBER | USA | Global ride-hailing + delivery + freight | $146B |
| Lyft | LYFT | USA | US ride-hailing | $5.8B |
1. Revenue (Annual, USD Billions)
| Company | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|
| GRAB | $1.43 | $2.36 | $2.80 | $3.37 | $3.55 |
| GOTO | $1.27 | $1.53 | $1.79 | $2.08 | ~$2.2 |
| SE (Sea) | $12.4 | $13.1 | $17.6 | $22.5 | $25.2 |
| UBER | $31.4 | $37.3 | $43.9 | $49.8 | $53.7 |
| LYFT | $4.4 | $5.0 | $5.6 | $6.1 | $6.5 |
Takeaway: Uber is 15x Grab's size. Sea Limited is the dominant Asian platform by revenue (Shopee e-commerce). Grab and GoTo are similar scale.
2. Revenue Growth (YoY %)
| Company | 2022 | 2023 | 2024 | 2025 | Q1 2026 |
|---|---|---|---|---|---|
| GRAB | +112% | +65% | +19% | +21% | +24% |
| GOTO | +96% | +20% | +17% | +16% | ~+15% |
| SE (Sea) | +26% | +5% | +34% | +28% | +47% |
| UBER | +82% | +19% | +18% | +13% | +20% |
| LYFT | +28% | +14% | +12% | +9% | +14% |
Takeaway: All companies are decelerating from pandemic-era hypergrowth. GRAB's growth stabilized at ~20%. Sea Limited reaccelerated in 2024-2025 (Shopee profitability). Uber and Lyft are mature single-digit/low-double-digit growers.
3. Net Margin (Annual %)
| Company | 2022 | 2023 | 2024 | 2025 | Q1 2026 |
|---|---|---|---|---|---|
| GRAB | -310% | -47% | -11% | +12% | +14% |
| GOTO | -420% | -85% | -28% | -8% | ~-5% |
| SE (Sea) | -8% | +2% | +5% | +5% | +6% |
| UBER | -29% | +5% | +12% | +14% | +16% |
| LYFT | -42% | -8% | +3% | +8%* | +1% |
Lyft 2025 net income includes one-time items
Takeaway: GRAB achieved profitability in 2025 — a major milestone. Uber has the best margins at 16%. GoTo is still losing money but improving. Sea and Lyft are in the mid-single digits.
4. Free Cash Flow (Annual, USD Billions)
| Company | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|
| GRAB | -$0.91 | -$0.56 | +$0.09 | +$0.24 | -$0.09 |
| GOTO | -$1.20 | -$0.60 | -$0.30 | -$0.10 | ~-$0.05 |
| SE (Sea) | -$0.90 | +$0.45 | +$0.78 | +$1.10 | +$0.89 |
| UBER | -$0.31 | +$3.40 | +$6.08 | +$6.50 | +$6.54 |
| LYFT | -$0.18 | +$0.35 | +$0.82 | +$1.05 | +$1.22 |
Takeaway: Uber is a FCF machine ($6.5B). Sea Limited and Lyft are solidly FCF positive. GRAB turned FCF positive in 2024-2025 but slipped back to slightly negative TTM. GoTo is still burning cash.
5. Profitability Scorecard (Latest Quarter)
| Metric | GRAB | GOTO | SE | UBER | LYFT |
|---|---|---|---|---|---|
| Q1 Revenue | $955M | ~$560M | $7.1B | $13.2B | $1.65B |
| Q1 Rev Growth | +24% | ~+15% | +47% | +20% | +14% |
| Gross Margin | 43.4% | ~38% | ~48% | ~45% | ~42% |
| Net Margin | +14% | ~-5% | +6% | +2%* | +1% |
| Q1 Net Income | $136M | ~-$28M | $428M | $263M | $14M |
| ROE | 4.8% | Neg | 14.9% | 35.3% | 148%** |
Uber Q1 net income impacted by investment gains/losses **Lyft ROE inflated by low equity base*
6. Balance Sheet Strength
| Metric | GRAB | GOTO | SE | UBER | LYFT |
|---|---|---|---|---|---|
| Cash | $6.3B | ~$1.8B | $10.5B | $6.1B | $1.7B |
| Debt | $1.95B | ~$0.8B | $5.2B | $9.4B | $0.9B |
| Net Cash | $4.3B | $1.0B | $5.3B | -$3.3B | $0.8B |
| D/E | 29.8% | ~25% | 27.6% | 48.1% | 42.6% |
Takeaway: All have healthy cash positions. GRAB has $4.3B net cash — strong position for a company its size. Uber has net debt but generates massive FCF.
7. Valuation Comparison
| Metric | GRAB | GOTO | SE | UBER | LYFT |
|---|---|---|---|---|---|
| P/S | 4.6x | ~1.7x | 2.7x | 2.8x | 0.98x |
| P/E (TTM) | 38x | Neg | 42x | 18x | 2.3x* |
| Fwd P/E | 35x | Neg | 36x | 22x | 13x |
| PEG | 1.02 | N/A | 1.52 | 5.85 | 0.15 |
| EV/Revenue | 3.0x | ~1.5x | 2.3x | 2.9x | 0.83x |
| EV/EBITDA | 16x | Neg | 24x | 25x | 45x |
Lyft P/E inflated by one-time items
Takeaway: GRAB's PEG of 1.02 is the most attractive growth-adjusted valuation. Uber is expensive on PEG. Lyft is cheap on P/S but faces existential robotaxi risk. GoTo is cheapest but still unprofitable.
8. Key Risks by Company
| Company | Primary Risks |
|---|---|
| GRAB | SE Asia competition (GoTo, Line Man), insider selling, Uber board exit, macro |
| GOTO | Indonesia-only exposure, cash burn, e-commerce competition (Shopee, Tokopedia integration) |
| SE | Shopee profitability sustainability, gaming decline (Free Fire), regulatory risk |
| UBER | Autonomous vehicles (Waymo), regulatory, high valuation (PEG 5.85) |
| LYFT | Autonomous vehicles (existential risk), US-only, no delivery scale |
9. Investment Thesis Summary
GRAB — "SE Asia's Profitable Platform"
- Bull: Finally profitable, $6.3B cash, dominant SE Asia position, fintech expansion, PEG 1.02
- Bear: Insider selling, Uber exit, competition, stock down 70% from IPO
- Verdict: Best risk/reward of the group for SE Asia believers
For Context — Why GRAB Stands Out
| Growth | Profitable? | PEG | Net Cash | |
|---|---|---|---|---|
| GRAB (SE Asia) | +24% | Yes | 1.02 | $4.3B |
| GOTO (Indonesia) | +15% | No | N/A | $1.0B |
| SE (SE Asia/LatAm) | +47% | Yes | 1.52 | $5.3B |
| UBER (Global) | +20% | Yes | 5.85 | -$3.3B |
| LYFT (US Only) | +14% | Yes | 0.15 | $0.8B |
GRAB offers the best combination of growth + profitability + reasonable valuation among the Asian platforms. Uber is the quality pick but expensive. Lyft is cheap but has autonomous vehicle existential risk. GoTo is the speculative Indonesia play. Sea is the diversified Asian giant but priced higher.
Frequently Asked Questions
Which company has the best revenue growth in 2026?
Sea Limited leads with +47% YoY growth in Q1 2026, driven by Shopee's continued expansion and profitability improvements. GRAB follows at +24%, while Uber (+20%), Lyft (+14%), and GoTo (~+15%) trail behind.
Is GRAB a good investment in 2026?
GRAB offers the most attractive growth-adjusted valuation (PEG 1.02) among the group. It achieved profitability in 2025, holds $4.3B in net cash, and dominates the SE Asia super-app market. Key risks include insider selling, competition from GoTo and Line Man, and the broader macro environment.
How does Uber's profitability compare to GRAB?
Uber has the highest net margin at 16% (Q1 2026) and generates massive free cash flow ($6.5B annually). GRAB's net margin of 14% is impressive for a younger company but its FCF is significantly smaller. Uber is the quality pick but trades at a much higher PEG ratio (5.85 vs 1.02).
What is the biggest risk for Lyft?
Lyft faces existential risk from autonomous vehicles (robotaxis). Unlike Uber, Lyft has no delivery scale, is US-only, and has a much smaller balance sheet. However, its P/S ratio of 0.98x makes it the cheapest stock in the group on a revenue basis.
Disclaimer: This article is for informational and educational purposes only. It does not constitute investment advice. All financial data is sourced from Yahoo Finance, The Motley Fool, and Seeking Alpha as of July 2026. All financials are in USD (converted where necessary). GoTo figures are approximate (limited ADR data available).
Data sources: Yahoo Finance, The Motley Fool, Seeking Alpha