IES vs Matson
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KIRA’s take AI analyst
I put IES and Matson side by side, using each one’s latest annual report. Here is what stands out:
- 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 9.6x for IES.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
IES
IESC
7/10
Revenue growth5-year growthFCF marginReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDA
Matson
MATX
3/10
Operating marginNet marginShare count change
Side by side
Best in the row
| Latest fiscal year | IESC FY25 | MATX FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.4B | $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 | 9.6x | 15.4x |
| Piotroski F-score | 6 | 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.