GoTo is an Indonesian ecosystem that combines e-commerce, ride-hailing, delivery, and financial services under one app. The company operates primarily in Indonesia and is the product of a merger between Gojek and Tokopedia in May 2021, but recently divested the e-commerce business into a combined entity with TikTok Indonesia in 2024. Looking ahead, we expect the on-demand service to account for the majority of revenue while its financial services begin to ramp. Prior to the deconsolidation, 82% of nonfinancial services gross transactional value came from e-commerce, and the firm will begin to expand into financial services such as providing loans and buy now, pay later programs. The company competes with Grab in the ride-hailing and delivery business, and Sea and Lazada for e-commerce.

Financial Strength

5/10

Name	Current	Vs Industry
Cash-To-Debt	6.4
Equity-to-Asset	0.7
Debt-to-Equity	0.11
Debt-to-EBITDA	-0.05
Piotroski F-Score	3/9	0 1 2 3 4 5 6 7 8 9
Altman Z-Score	-8.12	Distress Grey Safe
Beneish M-Score	-10.49	Manipulator Not Manipulator
WACC vs ROIC		WACC ROIC

Growth Rank

10/10

	Name	Current	Vs Industry		Vs History
	3-Year Revenue Growth Rate	70
	3-Year EBITDA Growth Rate	-84.6
	3-Year EPS without NRI Growth Rate	-110.9
	3-Year FCF Growth Rate	17.3
	3-Year Book Growth Rate	27.4
	Future 3-5Y Total Revenue Growth Rate	14

Momentum Rank

	Name	Current	Vs Industry		Vs History
	5-Day RSI	39.4
	9-Day RSI	39.13
	14-Day RSI	39.5
	6-1 Month Momentum %	22.81
	12-1 Month Momentum %	-26.32

Liquidity Ratio

	Name	Current	Vs Industry		Vs History
	Current Ratio	2.62
	Quick Ratio	2.62
	Cash Ratio	2.16
	Days Inventory	5.49
	Days Sales Outstanding	18.49
	Days Payable	94.06

Dividend & Buy Back

	Name	Current	Vs Industry		Vs History
	3-Year Average Share Buyback Ratio	3
	Shareholder Yield %	-0.42

Profitability Rank

3/10

	Name	Current	Vs Industry		Vs History
	Gross Margin %	65.55
	Operating Margin %	-69.52
	Net Margin %	-611.38
	FCF Margin %	-30.74
	ROE %	-86.43
	ROA %	-76.02
	ROIC %	-11.18
	ROC (Joel Greenblatt) %	-7077.96
	ROCE %	-84.58

GF Value Rank

	Name	Current	Vs Industry		Vs History
	PS Ratio	4.39
	PB Ratio	1.73
	Price-to-Tangible-Book	2.53
	EV-to-EBIT	-0.47
	EV-to-Forward-EBIT	-3.47
	EV-to-EBITDA	-0.48
	EV-to-Forward-EBITDA	-30.67
	EV-to-Revenue	2.84
	EV-to-Forward-Revenue	3.87
	EV-to-FCF	-8.74
	Price-to-Net-Current-Asset-Value	3.74
	Price-to-Net-Cash	5.63
	Earnings Yield (Greenblatt) %	-215.64
	FCF Yield %	-6.95

GF Value

ISX:GOTO

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