Grab vs Matson
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KIRAβs take AI analyst
I put Grab and Matson side by side, using each oneβs latest annual report. Here is what stands out:
- Grab is the larger business, with $3.4B of revenue in fiscal 2025 against $3.3B for Matson.
- Grab grew revenue faster (20.5%, against β2.3%).
- Matson kept more of each dollar of sales as operating profit (14.9% operating margin, against 1.9%).
- Matson turned more of its sales into free cash flow (4.6% FCF margin, against β0.5%).
- Matson earned a higher return on the capital invested in it (14.3%, against 0.9%).
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Grab
GRAB
2/10
Revenue growth5-year growth
Matson
MATX
7/10
Operating marginNet marginFCF marginReturn on capitalReturn on equityNet debt / EBITDAShare count change
Side by side
Best in the row
| Latest fiscal year | GRAB FY25 | MATX FY25 |
|---|---|---|
| Size | ||
| Market cap | $11.4B | $6.9B |
| Revenue | $3.4B | $3.3B |
| Free cash flow | β$18.0M | $154M |
| Net income | $268M | $445M |
| Growth | ||
| Revenue growth | 20.5% | β2.3% |
| 5-year growth | 48.4% | 7.0% |
| Share count change | 5.3% | β5.9% |
| Profitability | ||
| Gross margin | 43.2% | β |
| Operating margin | 1.9% | 14.9% |
| Net margin | 8.0% | 13.3% |
| FCF margin | β0.5% | 4.6% |
| Return on capital | 0.9% | 14.3% |
| Return on equity | 4.1% | 16.4% |
| Balance sheet | ||
| Net debt | $300M | $259M |
| Net debt / EBITDA | 1.2x | 0.4x |
| Dividends and buybacks | $274M | $348M |
| Valuation & quality | ||
| P/E | β | 15.4x |
| Piotroski F-score | 5 | 5 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.