Resilient firms shine in Forbes Asia's 2025 'Best Under A Billion' list

Despite global headwinds and heightened trade tensions in the Asia-Pacific, 200 small and midsized listed companies have defied odds to secure a place on Forbes Asia’s 2025 “Best Under A Billion” list, including notable returnees and rising stars from key regional sectors.

The annual roster, published in the August issue of Forbes Asia, recognizes public companies with annual revenues between US$10 million and US$1 billion, selected from over 19,000 eligible firms across the region. Companies were evaluated based on sales and earnings-per-share growth, debt levels, and return on equity over one-, three-, and five-year periods. This year’s list is sponsored by Resorts World Sentosa.

This year, the financial services sector led the pack with 18 companies included – more than double the eight recognized in 2024. The beauty and skincare industry, particularly in South Korea, remained robust with 13 firms making the cut. Companies linked to green energy, electric vehicles, and digital infrastructure also gained traction.

A total of 69 companies returned to the list from the previous year, a testament to their adaptability and consistent performance amid economic uncertainty.

Notable returnees and debuts

Among the standout returnees is Triveni Turbine of India, which manufactures turbines of up to 100 megawatts for industries such as cement, steel, and independent power generation. Its revenue soared 21 percent to ₨20.1 billion (US$237 million), while net income rose 33 percent to ₨3.6 billion. CEO Nikhil Sawhney, credited for scaling the firm globally, graces the cover of Forbes Asia’s August issue.

Also returning is South Korea-based PharmaResearch, known for Rejuran, a salmon DNA-based skincare product. In 2024, revenue grew 34 percent to ₩350 billion (US$257 million), while net profit increased 20 percent to ₩92 billion. The company also produces various pharmaceutical treatments, including injectables for knee pain.

Indonesia’s DCI – the largest data center operator in the country – secured its spot for the second straight year, riding a 39 percent revenue spike to IDR1.8 trillion (US$114 million) and a 55 percent jump in net profit to IDR796 billion. Its newest facility in Surabaya is expected to add 9 megawatts of capacity by year-end. DCI is also Indonesia’s priciest stock, trading at IDR150,700 per share in early July, up a staggering 35,780 percent since its 2021 debut.

Singapore’s iFast Corporation debuted this year, propelled by a 50 percent rise in revenue to S$383 million (US$288 million) and a 136 percent leap in profit to S$66.6 million. The wealth management platform’s acquisition of UK-based iFAST Global Bank in 2022 contributed to its record S$27 billion in assets under administration as of June 2025.

From the green energy front, Taiwan’s HD Renewable Energy reported record revenue of NT$10 billion (US$310 million), up 73 percent year-on-year. The solar and battery storage firm is expanding in the Philippines, Japan, and Australia, recently investing NT$290 million in the development rights to 795 megawatts of energy-storage projects across key Australian states.

Philippine angle

While no Philippine company made this year’s list, local business leaders and investors can draw insights from the performance of these resilient firms – especially in sectors gaining global momentum, such as digital infrastructure, clean energy, and fintech. The success of past Filipino honoree Jollibee Foods Corp., which previously appeared in the “Best Under A Billion” list, underscores the potential of local firms to rise on the global stage with the right strategy and scale.

Legacy of excellence

Since its launch in 2002, Forbes’ “Best Under A Billion” has served as a barometer for identifying future powerhouses. Alumni include China’s Alibaba, Tencent, and Geely, India’s Infosys and Wipro, and Malaysia’s AirAsia – companies that have since become global leaders in their respective industries.

As Asia-Pacific economies adjust to a slower growth trajectory, the continued success of these mid-sized firms reflects their resilience, strategic agility, and innovation – qualities that Filipino enterprises aiming for regional prominence would do well to emulate.