IES vs Matson
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The short version
- IES is the larger business, with $3.4B of revenue in fiscal 2025 against $3.3B for Matson.
- IES grew revenue faster (16.9%, against −2.3%).
- Matson kept more of each dollar of sales as operating profit (14.9% operating margin, against 11.4%).
- IES turned more of its sales into free cash flow (6.5% FCF margin, against 4.6%).
- IES earned a higher return on the capital invested in it (50.5%, against 14.3%).
- Investors pay more for each dollar of Matson’s earnings: a P/E of 15.4x against 9.5x for IES.
| Latest fiscal year | IESC · FY25 | MATX · FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.3B | $6.9B |
| Revenue | $3.4B | $3.3B |
| Free cash flow | $219M | $154M |
| Net income | $306M | $445M |
| Growth | ||
| Revenue growth | 16.9% | −2.3% |
| 5-year growth | 23.1% | 7.0% |
| Share count change | −1.1% | −5.9% |
| Profitability | ||
| Gross margin | 25.5% | — |
| Operating margin | 11.4% | 14.9% |
| Net margin | 9.1% | 13.3% |
| FCF margin | 6.5% | 4.6% |
| Return on capital | 50.5% | 14.3% |
| Return on equity | 40.9% | 16.4% |
| Balance sheet | ||
| Net debt | −$224M | $259M |
| Net debt / EBITDA | −0.5x | 0.4x |
| Dividends and buybacks | $41.6M | $348M |
| Valuation & quality | ||
| P/E | 9.5x | 15.4x |
| Piotroski F-score | 6 | 5 |
Revenue
FY16
IESC $696M
MATX $1.9B
FY17
IESC $811M
MATX $2.0B
FY18
IESC $877M
MATX $2.2B
FY19
IESC $1.1B
MATX $2.2B
FY20
IESC $1.2B
MATX $2.4B
FY21
IESC $1.5B
MATX $3.9B
FY22
IESC $2.2B
MATX $4.3B
FY23
IESC $2.4B
MATX $3.1B
FY24
IESC $2.9B
MATX $3.4B
FY25
IESC $3.4B
MATX $3.3B
IESC
MATX
Operating margin
FY16
IESC 3.6%
MATX 8.1%
FY17
IESC 2.5%
MATX 7.2%
FY18
IESC 3.0%
MATX 7.4%
FY19
IESC 3.9%
MATX 5.9%
FY20
IESC 4.2%
MATX 11.8%
FY21
IESC 5.6%
MATX 30.3%
FY22
IESC 2.6%
MATX 31.2%
FY23
IESC 6.7%
MATX 11.1%
FY24
IESC 10.4%
MATX 16.1%
FY25
IESC 11.4%
MATX 14.9%
IESC
MATX
Free cash flow
FY16
IESC $21.6M
MATX −$21.6M
FY17
IESC $17.8M
MATX −$82.1M
FY18
IESC $7.7M
MATX $242M
FY19
IESC $32.4M
MATX $158M
FY20
IESC $72.0M
MATX $325M
FY21
IESC $30.5M
MATX $674M
FY22
IESC −$13.0M
MATX $1.1B
FY23
IESC $136M
MATX $262M
FY24
IESC $189M
MATX $458M
FY25
IESC $219M
MATX $154M
IESC
MATX
Return on capital
FY16
IESC 17.6%
MATX 9.4%
FY17
IESC 6.4%
MATX 10.8%
FY18
IESC 5.6%
MATX 7.7%
FY19
IESC 15.5%
MATX 5.8%
FY20
IESC 18.0%
MATX 11.8%
FY21
IESC 23.2%
MATX 48.9%
FY22
IESC 10.7%
MATX 45.1%
FY23
IESC 29.6%
MATX 10.1%
FY24
IESC 52.7%
MATX 15.7%
FY25
IESC 50.5%
MATX 14.3%
IESC
MATX
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.