Grab vs IES
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The short version
- 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%).
| Latest fiscal year | GRAB · FY25 | IESC · FY25 |
|---|---|---|
| Size | ||
| Market cap | $11.7B | $4.3B |
| 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 | — | 9.5x |
| Piotroski F-score | 5 | 6 |
Revenue
FY16
GRAB —
IESC $696M
FY17
GRAB —
IESC $811M
FY18
GRAB —
IESC $877M
FY19
GRAB −$845M
IESC $1.1B
FY20
GRAB $469M
IESC $1.2B
FY21
GRAB $675M
IESC $1.5B
FY22
GRAB $1.4B
IESC $2.2B
FY23
GRAB $2.4B
IESC $2.4B
FY24
GRAB $2.8B
IESC $2.9B
FY25
GRAB $3.4B
IESC $3.4B
GRAB
IESC
Operating margin
FY16
GRAB —
IESC 3.6%
FY17
GRAB —
IESC 2.5%
FY18
GRAB —
IESC 3.0%
FY19
GRAB 356.2%
IESC 3.9%
FY20
GRAB −276.8%
IESC 4.2%
FY21
GRAB −230.4%
IESC 5.6%
FY22
GRAB −95.8%
IESC 2.6%
FY23
GRAB −22.0%
IESC 6.7%
FY24
GRAB −6.0%
IESC 10.4%
FY25
GRAB 1.9%
IESC 11.4%
GRAB
IESC
Free cash flow
FY16
GRAB —
IESC $21.6M
FY17
GRAB —
IESC $17.8M
FY18
GRAB —
IESC $7.7M
FY19
GRAB —
IESC $32.4M
FY20
GRAB —
IESC $72.0M
FY21
GRAB —
IESC $30.5M
FY22
GRAB −$856M
IESC −$13.0M
FY23
GRAB $15.0M
IESC $136M
FY24
GRAB $775M
IESC $189M
FY25
GRAB −$18.0M
IESC $219M
GRAB
IESC
Return on capital
FY16
GRAB —
IESC 17.6%
FY17
GRAB —
IESC 6.4%
FY18
GRAB —
IESC 5.6%
FY19
GRAB —
IESC 15.5%
FY20
GRAB —
IESC 18.0%
FY21
GRAB —
IESC 23.2%
FY22
GRAB −18.8%
IESC 10.7%
FY23
GRAB −7.9%
IESC 29.6%
FY24
GRAB −3.3%
IESC 52.7%
FY25
GRAB 0.9%
IESC 50.5%
GRAB
IESC
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.