Grab vs Kirby
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KIRAβs take AI analyst
I put Grab and Kirby 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 $3.4B for Kirby.
- Grab grew revenue faster (20.5%, against 3.0%).
- Kirby kept more of each dollar of sales as operating profit (14.8% operating margin, against 1.9%).
- Kirby turned more of its sales into free cash flow (12.1% FCF margin, against β0.5%).
- Kirby earned a higher return on the capital invested in it (8.9%, 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
Kirby
KEX
8/10
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 | KEX FY25 |
|---|---|---|
| Size | ||
| Market cap | $11.4B | $7.2B |
| Revenue | $3.4B | $3.4B |
| Free cash flow | β$18.0M | $406M |
| Net income | $268M | $355M |
| Growth | ||
| Revenue growth | 20.5% | 3.0% |
| 5-year growth | 48.4% | 9.2% |
| Share count change | 5.3% | β4.0% |
| Profitability | ||
| Gross margin | 43.2% | β |
| Operating margin | 1.9% | 14.8% |
| Net margin | 8.0% | 10.5% |
| FCF margin | β0.5% | 12.1% |
| Return on capital | 0.9% | 8.9% |
| Return on equity | 4.1% | 10.5% |
| Balance sheet | ||
| Net debt | $300M | $841M |
| Net debt / EBITDA | 1.2x | 1.1x |
| Dividends and buybacks | $274M | $354M |
| Valuation & quality | ||
| P/E | β | 20.7x |
| Piotroski F-score | 5 | 7 |
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.