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Talabat USD

Talabat operates an online platform for food delivery, takeaway, and grocery and convenience shopping across multiple Middle Eastern countries, connecting customers with partner restaurants and local retailers. It also provides logistics and related services to support these orders.

At a glance: strengths & risks
✓Revenue growing (+16% y/y, Q2 2026)✓Net cash balance sheet✗Profit falling (-18% y/y, Q2 2026)✗Margins compressing (16%→12%, Q2 2026)

Sector: Food delivery

AE_TALABAT

Price chart

1.1 AEDDay 2.33%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
1.1 AED · 2.33%
Market cap
7.0 bn USD

Growth

Δ revenue y/y
16.3%
Δ EBITDA y/y
-12.4%

Multiples

P/E (LTM)
16.8x
P/B (FY)
10.0x
P/E (ann.)
17.5x
EV/EBITDA (LTM)
12.3x
EV/EBITDA (ann.)
11.8x

Cash return

Dividend yield
5.6%
FCF yield (LTM)
-0.8%

Value creation

fundamental value/yr, % of market cap
Value created / year
-12.5%
↓ details

Liquidity

Daily turnover (listing)
7.9 mln AED

Shares: connector/market_inputs

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK1141.1
y/y 16.3%
114.4
y/y -21.5%
20.6
y/y 145.8%
135.0
y/y -12.4%
99.6
y/y -17.9%
192.9-12.61731.9
y/y 20.3%
661.0
y/y 1.5%
55.5%-610.8Link
2026-03-31Q1 2026 (3M)OK1047.7
y/y 25.7%
105.1
y/y -13.9%
19.5
y/y 41.6%
124.6
y/y -8.3%
86.6
y/y -16.1%
123.5-6.61734.2
y/y 32.9%
774.8
y/y 23.1%
47.0%-692.7Link
2025-12-31Q4 2025 (3M)OK670.1
y/y —
102.8
y/y —
12.3
y/y —
115.1
y/y —
108.7
y/y —
——1620.4
y/y —
699.9
y/y —
71.2%-620.9Link
2025-09-30Q3 2025 (3M)OK1004.2
y/y —
132.4
y/y —
8.4
y/y —
140.8
y/y —
120.9
y/y —
——1590.5
y/y —
575.2
y/y —
26.3%-773.5Link
2025-06-30Q2 2025 (3M)OK981.0
y/y —
145.7
y/y —
8.4
y/y —
154.1
y/y —
121.3
y/y —
298.4-8.71440.1
y/y —
651.3
y/y —
75.8%-667.5Link
2025-03-31Q1 2025 (3M)OK833.6
y/y —
122.1
y/y —
13.8
y/y —
135.9
y/y —
103.3
y/y —
109.8-4.51304.8
y/y —
629.4
y/y —
70.8%-500.5Link
2024-12-31Q4 2024 (3M)OK857.7
y/y —
81.6
y/y —
14.0
y/y —
95.6
y/y —
121.7
y/y —
14.2-20.21106.9
y/y —
538.4
y/y —
98.7%-322.1Link
2023-12-31Q4 2023 (3M)OK457.7
y/y —
87.3
y/y —
2.6
y/y —
89.9
y/y —
92.5
y/y —
103.1-5.2811.8
y/y —
448.4
y/y —
—-290.1Report (PDF)

Net debt structure (leases included, IFRS 16) 2023-12-31

Short-term debt (incl. ST leases)0
Long-term debt (incl. LT leases)0
− Cash & equivalents290
Net debt-290

Net debt / LTM EBITDA: -0.6x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02505007501 0001 2502023 q42024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-50%0%50%100%2023 q42024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

02505007501 0001 2502023 q42024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-800-600-400-20002023 FY2024 FY2025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is broadly cash-backed
In a typical year of 2023–2025 operating cash flow came to 0.70x of reported net profit; after capex, 0.65x.
year20232025
cash flow / profit1.16x0.24x
accruals, % of assets-5.9%21.3%
Last twelve months (to 2026-06-30): 0.76x of profit came back as operating cash flow.
net debt / EBITDA -1.2x · capex 2.5x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: -12.5%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-30)
= (135 − 154) × 3.82
-73
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (6 966 + -611) ÷ 515
12.3x
3. Target multiple
(Current EV/EBITDA + 10) ÷ 2
= (12.3 + 10) ÷ 2
11.2x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -57 + 0 + 0 − 0
-57
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (-73 × 11.2 + -57) ÷ 6 966
-12.5%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • FCF (LTM) approximated by latest FY (ended 2025-12-31, before the latest reported period 2026-06-30)
  • dividends/buybacks not in data - balance cash flow uses net-debt change only

Peer comparison

Group: consumer (UAE). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
SpinneysUAE1.24.9x
Americana RestaurantsUAE5.49.1x
ADNOC DistributionUAE12.913.0x
Air ArabiaUAE5.813.9x
Group median11.1x
Group average10.2x
This companyUAE7.012.3x

Group median 11.1x; this company 12.3x — a 12% premium.

Group average 10.2x; against the average this company is at a 20% premium.

At the adjusted group median the market cap would be -9% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 21.0x, Russia 4.0x, South Africa 5.1x, Kazakhstan 6.3x, India 18.4x, Indonesia 4.7x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-15; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-09-250.0266 AEDEx-dividend: 0.0266 AED per sharePaidYahoo Finance (ex-div)
2026-04-220.0345 AEDEx-dividend: 0.0345 AED per sharePaidYahoo Finance (ex-div)
2025-10-010.0319 AEDEx-dividend: 0.0319 AED per sharePaidYahoo Finance (ex-div)
2025-05-080.0174 AEDEx-dividend: 0.0174 AED per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Investor reporting (IR): https://www.dfm.ae/issuers/listed-securities/securities/company-profile-page?securitysymbol=TALABAT

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Talabat — from primary filings.

Frequently asked questions

What is Talabat's P/E ratio?
Talabat trades at a P/E of 16.8x (price to trailing 12-month earnings).
What is Talabat's EV/EBITDA?
Talabat trades at 12.3x EV/EBITDA.
What is Talabat's P/B ratio?
Talabat trades at a P/B of 10.0x.
What is Talabat's dividend yield?
Talabat's trailing 12-month dividend yield is 5.6%.
What is Talabat's return on equity (ROE)?
Talabat's ROE is 55.5%.
What is Talabat's market capitalization?
Talabat's market cap is 7.0 bn USD.

See also: UAE Stocks (2026): Tax-Free Dividends in Dubai and Abu Dhabi · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map