Grab vs IES
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KIRA’s take AI analyst
I put Grab and IES 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 $3.4B for Grab.
- Grab grew revenue faster (20.5%, against 16.9%).
- IES kept more of each dollar of sales as operating profit (11.4% operating margin, against 1.9%).
- IES turned more of its sales into free cash flow (6.5% FCF margin, against −0.5%).
- IES earned a higher return on the capital invested in it (50.5%, against 0.9%).
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
Grab
GRAB
3/11
Revenue growth5-year growthGross margin
IES
IESC
8/11
Operating marginNet marginFCF marginReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDAShare count change
Side by side
Best in the row
| Latest fiscal year | GRAB FY25 | IESC FY25 |
|---|---|---|
| Size | ||
| Market cap | $11.4B | $4.6B |
| Revenue | $3.4B | $3.4B |
| Free cash flow | −$18.0M | $219M |
| Net income | $268M | $306M |
| Growth | ||
| Revenue growth | 20.5% | 16.9% |
| 5-year growth | 48.4% | 23.1% |
| Share count change | 5.3% | −1.1% |
| Profitability | ||
| Gross margin | 43.2% | 25.5% |
| Operating margin | 1.9% | 11.4% |
| Net margin | 8.0% | 9.1% |
| FCF margin | −0.5% | 6.5% |
| Return on capital | 0.9% | 50.5% |
| Return on equity | 4.1% | 40.9% |
| Balance sheet | ||
| Net debt | $300M | −$224M |
| Net debt / EBITDA | 1.2x | −0.5x |
| Dividends and buybacks | $274M | $41.6M |
| Valuation & quality | ||
| P/E | — | 10.1x |
| Piotroski F-score | 5 | 6 |
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.