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Matson, Inc.

MATX Industrials Marine Shipping

Matson, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.3 billion, down 2.26% from fiscal 2024.

Revenue
+26.5%
EPS
+64.3%
Free cash flow
+148.1%
Total debt
−10.7%

Quarter to September 2026, against a year earlier

214.62 3.18 +1.50%
Market cap
$6.4B
P/E
12.0×
Fwd P/E
13.6×
Dividend yield
0.69%
F-score
5/9
Altman Z
3.06
Beneish M
−2.55
Dividend safety
86/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Ocean Transportation
  • Logistics

Every year since 2010 →

Insider Decisions last twelve months

Sold, $m 28.46
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — 12 — 9 3 1 9 1 1 —
Insider Ownership 2.05%

Capital & Financial Ratios $m

Size
Market Cap 6,400.00
Revenue ttm 3,692.60
Net income ttm 538.50
Free cash flow ttm 637.50
Net debt Q 100.70
Valuation
P/E 12.03
Forward P/E 13.60
Price / sales 1.73
Forward P/S Powerpack
Price / FCF 37.21
Price / book 2.18
Financial health
Current ratio Q 1.10
Debt / equity Q 0.11 (at or below 0.5: strong)
Interest coverage Q 159.50
Growth
Revenue growth Q +26.52% (above 0%: growing)
Operating income growth Q +58.51% (above 0%: growing)
EPS, this year +32.06% (at or above 15%: strong)
EPS, next year A −1.43% (below 0%: weak)
Revenue, next year A +10.75% (at or above 10%: strong)
EPS, past 5 yrs +25.48% (at or above 15%: strong)
EPS, next 5 yrs A +10.10%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.8×, against a ten-year median of 1.1×; over the ten years it ranged from 0.5× in 2022 to 2.0× in 2026.
P/E against its own 10 years 47.16%
10-year low 10-year high
P/S against its own 10 years 96.26%
10-year low 10-year high
P/B against its own 10 years 58.86%
10-year low 10-year high
EV/Sales against its own 10 years 95.86%
10-year low 10-year high
EV/FCF against its own 10 years 86.72%
10-year low 10-year high

Dividends raised every year since 2017

Yield
0.69%
Annual rate
1.48
Payout ratio
8.37%
Growth, 2017–25
+7.59%/yr
  1. 0.78 ’17
  2. 0.82 ’18 +5
  3. 0.86 ’19 +5
  4. 0.90 ’20 +5
  5. 1.06 ’21 +18
  6. 1.22 ’22 +15
  7. 1.26 ’23 +3
  8. 1.32 ’24 +5
  9. 1.40 ’25 +6
  10. 1.28 ’26e −9
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 134 267 142 222
Receivables 279 269 257 367
Inventory — — — —
Other — — — —
602 610 472 687
2023 2024 2025 Q'26
Payables 278 269 245 310
ST’ Debt 40 40 40 40
Other 108 123 114 146
562 560 527 624

Compound Annual Growth %

10y 5y 3y
Sales 5.90% 7.01% (8.34%)
Cash Flow 8.35% 4.94% (24.51%)
Earnings 15.75% 18.16% (25.23%)
Book Value 19.87% 23.48% 6.30%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 3.74 Actual 4.27

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q1 FY25 2.34 2.18 Miss by 0.16
Q2 FY25 2.18 2.92 Beat by 0.74
Q1 FY26 1.65 1.85 Beat by 0.20
Q2 FY26 3.74 4.27 Beat by 0.53
Q3 FY26 6.09 — Reports 4 November 2026

EPS $

Mar Jun Sep Dec Year
’26 1.85 4.27 6.96 — —
’25 2.18 2.92 4.24 4.60 13.81
’24 1.04 3.31 5.89 3.80 13.93
’23 0.94 2.26 3.40 1.78 8.32
’22 8.23 9.49 6.89 2.10 27.07
’21 1.99 3.71 6.53 9.39 21.47
’20 0.09 0.76 1.63 1.96 4.44
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 758 969 1,114 — —
’25 782 831 880 852 3,345
’24 722 847 962 890 3,422
’23 705 773 828 789 3,095
’22 1,166 1,261 1,115 802 4,343
’21 712 875 1,072 1,267 3,925
’20 514 524 645 700 2,383
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 94 138 229 — —
’25 89 106 176 177 547
’24 37 308 249 175 768
’23 97 150 153 111 511
’22 274 417 411 169 1,272
’21 123 116 345 401 984
’20 69 72 130 159 430
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 46 (70) 229 — —
’25 0 20 92 51 163
’24 (16) 239 190 51 464
’23 49 59 91 52 263
’22 228 385 363 86 1,064
’21 86 53 199 322 661
’20 48 58 70 78 253
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing −2.4% a year for ten years. It grew 17.0% a year over the last ten.

Implied
−2.4%
10 years, reported
17.0%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,942 2,047 2,223 2,203 2,383 3,925 4,343 3,095 3,422 3,345 3,693 +6.2% 3,704 3,741 3,869 +5.0%
Gross margin, % 16.69 15.92 15.65 14.76 20.10 34.84 35.26 20.16 25.01 22.77 24.57 +6.1 pt
EBT 131 125 148 108 259 1,171 1,352 373 599 534 646 +16.9%
EBT margin, % 6.72 6.12 6.64 4.89 10.87 29.84 31.14 12.05 17.52 15.96 17.50 +9.2 pt
Net income 81 231 109 83 193 927 1,064 297 476 445 539 +20.8%
Per share, $
Per share, $ Revenue 45.05 47.71 52.06 51.47 55.30 91.71 111.36 87.67 101.54 105.17 123.91 +9.9%
Earnings 1.87 5.41 2.55 1.93 4.48 21.67 27.28 8.42 14.14 13.99 17.84 +25.1%
Cash flow 3.66 5.24 7.14 5.81 9.97 22.99 32.61 14.46 22.78 17.20 21.39 +18.8%
Capex (4.10) (7.16) (6.20) (7.17) (4.11) (7.56) (5.34) (7.00) (9.03) (12.08) 0.00 +12.7%
Free cash flow (0.44) (1.92) 0.94 (1.36) 5.87 15.44 27.28 7.46 13.76 5.12 21.39 n/m
Book value 11.48 15.79 17.69 18.82 22.30 38.96 58.89 68.01 78.69 86.76 98.27 +25.2%
Shares, m 43 43 43 43 43 43 39 35 34 32 31 (3.3%)
Valuation, ×
Valuation, × P/E 19.29 5.67 12.61 21.25 12.69 4.12 2.32 13.37 9.47 8.77 12.03 11.0
P/S 0.80 0.65 0.62 0.79 1.03 0.98 0.56 1.29 1.33 1.17 1.73 0.9
P/B 3.14 1.95 1.81 2.17 2.55 2.31 1.06 1.66 1.71 1.42 2.18 2.0
EV/Sales 1.17 1.06 0.99 1.22 1.34 1.07 0.62 1.38 1.36 1.24 1.76 1.1
EV/FCF (119.37) (26.25) 54.96 (46.19) 12.60 6.34 2.53 17.05 10.08 25.53 37.79 (6.3)
Cash, $m
Cash, $m Operating cash flow 158 225 305 249 430 984 1,272 511 768 547 638 +14.8%
Capex (177) (307) (265) (307) (177) (323) (208) (247) (304) (384) (465) +9.0%
Free cash flow (19) (82) 40 (58) 253 661 1,064 263 464 163 638 n/m
Balance, $m
Balance, $m Working capital (3) (20) (52) (147) (206) 92 178 40 49 (55) 63 +36.4%
Net debt 725 837 837 937 730 332 255 295 124 210 101 (12.9%)
Shareholders’ equity 495 677 755 806 961 1,667 2,297 2,401 2,652 2,759 2,928 +21.0%
Returns, %
Returns, % ROA 4.42 10.83 4.66 3.14 6.72 28.13 26.52 6.89 10.72 9.64 11.37 +5.2 pt
ROIC 8.03 6.08 6.43 4.63 10.36 37.11 33.15 7.95 12.41 10.52 12.78 +2.5 pt
ROE 17.22 39.42 15.22 10.60 21.86 70.56 53.67 12.65 18.86 16.44 19.17 (0.8) pt
People
People Employees 1,925 1,947 2,007 1,988 4,149 4,259 4,288 4,315 4,356 4,170 — +9.0%
Revenue/emp, $m 1.01 1.05 1.11 1.11 0.57 0.92 1.01 0.72 0.79 0.80 — (2.5%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Matson is a holding company that provides ocean transportation and logistics services. Founded in 1882 and headquartered in Honolulu, it is led by Chairman and Chief Executive Officer Matt Cox.

Its Ocean Transportation business carries freight between the U.S. West Coast and Hawaii, Alaska and Guam, as well as to other Pacific islands. It also runs expedited services from China to California, carrying goods that originate in China and elsewhere in Asia. Other routes connect Alaska seafood exporters with Asia and serve islands in the South Pacific.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Ocean Transportation 2,736 81.79%
Logistics 609 18.21%
Gross margin 22.77%
Operating margin 14.94%
Pre-tax margin 15.96%

Revenue by segment since 2010

Matson, Inc. vs peers in Marine Shipping (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
MATX Matson, Inc. $6.4B 12.0× 13.6× +26.52% (above 0%: growing) +64.25% (above 0%: growing) +148.10% (above 0%: growing) 29.63% 22.92%
KEX Kirby Corporation $6.3B 17.0× 19.9× +12.17% (above 0%: growing) +26.80% (above 0%: growing) −78.14% (below 0%: shrinking) 33.35% 15.44% Compare
HAFN Hafnia Limited $5.0B 7.1× — +47.21% (above 0%: growing) +273.33% (above 0%: growing) +193.17% (above 0%: growing) 37.79% 34.33% Compare
ZIM ZIM Integrated Shipping Services Ltd. $3.3B 23.7× 3.4× +8.86% (above 0%: growing) +178.95% (above 0%: growing) −9.51% (below 0%: shrinking) 14.32% 8.10% Compare
ECO Okeanis Eco Tankers Corp. $3.1B 7.6× 5.0× +239.40% (above 0%: growing) +602.38% (above 0%: growing) +196.66% (above 0%: growing) 80.71% 74.97% Compare
SBLK Star Bulk Carriers Corp. $3.0B 10.4× 6.1× +44.46% (above 0%: growing) +433,233.33% (above 0%: growing) +25.84% (above 0%: growing) 56.88% 43.38% Compare
DAC Danaos Corporation $2.7B 5.0× 5.4× +4.66% (above 0%: growing) +16.81% (above 0%: growing) −81.11% (below 0%: shrinking) 72.84% 48.38% Compare
NMM Navios Maritime Partners LP $2.4B 5.5× 4.5× +25.22% (above 0%: growing) +147.01% (above 0%: growing) +252.84% (above 0%: growing) 65.58% 39.64% Compare
SFL SFL Corporation Ltd. $1.7B 22.9× 29.1× +4.25% (above 0%: growing) +2,400.00% (above 0%: growing) −18.32% (below 0%: shrinking) 63.23% 32.49% Compare
Median of peers $3.0B 9.0× 5.4× +18.70% +226.14% +8.17% 60.05% 36.99%

All 38 Marine Shipping stocks →

From the latest earnings call

Updated

  • On Matson’s first-quarter call, CEO Matthew Cox said China freight demand after Lunar New Year had exceeded expectations and continued to build into the second quarter.
  • Cox said Matson expected a fuel-cost recovery lag to affect second-quarter earnings but anticipated recovering the costs by year-end, mostly in the third quarter.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Wolfe Research Nov 3, 2026 Upgrade Hold → Outperform 142.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 86.81%
Held by the ten largest 55.31%
Holder Shares Stake Change
BlackRock 4.96m 16.58% −55.76k
Vanguard 3.51m 11.75% −65.98k
Dimensional Fund Advisors 1.94m 6.50% −3.44k
American Century 1.76m 5.89% +257.36k
State Street 1.21m 4.04% +485.00
Geode Capital Management 799.01k 2.67% +23.59k
Capital Group 679.69k 2.27% +44.60k
FULLER & THALER ASSET MANAGEMENT, INC. 648.41k 2.17% +35.16k
T. Rowe Price 570.68k 1.91% +4.56k
Fidelity (FMR) 461.03k 1.54% +136.75k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 9 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 6.49m 5.32m 232.00
2024 6.15m 12.58m 250.00
2023 6.17m 18.80m 201.00
2022 6.03m 838.31k 113.00
2021 5.96m 18.44m 160.00
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

Matson, Inc. (MATX) Latest News

5 Nov

Impact 4 · · The Motley Fool transcript
Impact 3 · · MarketBeat
Impact 3 · · GuruFocus.com

4 Nov

Impact 4 · · PR Newswire
Impact 3 · · Zacks
Impact 3 · · StockStory

3 Nov

Impact 3 · · 24/7 Wall St.

21 Oct

Impact 3 · · PR Newswire

20 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.
Impact 3 · · Zacks

19 Oct

Impact 4 · · FreightWaves

12 Oct

Impact 4 · · PR Newswire
Impact 4 · · PR Newswire

1 Oct

Impact 3 · · StockStory

30 Sep

Impact 4 · · Zacks

28 Sep

Impact 3 · · Zacks

23 Sep

Impact 3 ·

11 Sep

Impact 4 ·

11 Aug

Impact 3 ·

10 Aug

Impact 3 ·

7 Aug

Impact 3 ·

6 Aug

Impact 4 · · supplychaindive.com

4 Aug

Impact 4 ·
Impact 4 ·
Impact 4 · transcript
Impact 3 · · Moby transcript
Impact 3 ·

3 Aug

Impact 3 · · MarketBeat transcript

MATX metrics, ten years each

stockrow.com/MATX · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com