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Matson

MATX NYSE Marine Transportation Financials FY2016–FY2025

Matson's revenue fell 2.3% to $3.3 billion in fiscal 2025. Its operating margin was 14.9%, down from 16.1% a year earlier. Free cash flow was $154 million, down 66.4%. It paid out $348 million in dividends and buybacks, 227% of free cash flow. The diluted share count fell 5.8%.

Last close · Oct 23, 2026

$228.64

0.5%
Value it Compare
Revenue Total sales reported in the income statement.
$3.3B
2.3% vs prior year
Operating margin Operating income as a share of revenue.
14.9%
1.2 pts
Net income Profit after all expenses, interest and tax.
$445M
6.6%
Free cash flow Cash from operations minus capital spending.
$154M
66.4%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
14.3%
1.5 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$6.9B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
15.4x
On $14.89 EPS (TTM)

What Matson does

No business description yet.

Legal name
Matson, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0001104659-26-020944
0000003453

Revenue and margins

Matson had $3.3B of revenue in fiscal 2025, down 2.3% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 24.9% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $154M in fiscal 2025, 4.6% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Matson returned $348M to shareholders in fiscal 2025, 227% of free cash flow. The diluted share count fell 5.9%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Matson yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$259M and divides by 32.2M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 15.4x · peers 15.0x · sector 26.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Matson can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $282M$250M$134M$267M$142M
Debt incl. finance leases $694M$594M$480M$441M$401M
Net debt / EBITDA 0.3x0.2x0.7x0.3x0.4x
Debt / equity 0.4x0.3x0.2x0.2x0.2x
Interest coverage 52.5x75.2x28.1x73.5x73.5x
Current ratio 1.2x1.3x1.1x1.1x0.9x
Quick ratio 1.2x1.3x1.1x1.1x0.9x
Total assets $3.7B$4.3B$4.3B$4.6B$4.6B
Total liabilities $2.0B$2.0B$1.9B$1.9B$1.9B
Shareholders' equity $1.7B$2.3B$2.4B$2.7B$2.8B
Net debt (− = net cash) $412M$345M$346M$174M$259M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

—

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose ✕ ✓ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✕ ✓ ✕
F-score 5 / 88 / 85 / 8
Accruals ratio −5.0%−6.6%−2.2%
Altman Z'' 3.513.973.91

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Matson MATX $6.9B −2.3% 14.9% 4.6% 14.3% 15.4x 5
Kirby KEX $7.2B 3.0% 14.8% 12.1% 8.9% 20.5x 7 Compare →
ZIM Integrated Shipping ZIM $3.5B −18.1% 14.7% 30.2% 24.9% — 4 Compare →
Grab GRAB $11.7B 20.5% 1.9% −0.5% 0.9% — 5 Compare →
IES IESC $4.3B 16.9% 11.4% 6.5% 50.5% 9.5x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.9B $2.0B $2.2B $2.2B $2.4B $3.9B $4.3B $3.1B $3.4B $3.3B
Operating income $157M $147M $164M $129M $280M $1.2B $1.4B $343M $551M $500M
Interest expense $24.1M $24.2M $18.7M $22.5M $27.4M $22.6M $18.0M $12.2M $7.5M $6.8M
Pretax income $131M $125M $148M $108M $259M $1.2B $1.4B $373M $599M $534M
Income tax $49.1M −$106M $38.7M $25.1M $65.9M $244M $288M $75.9M $123M $89.0M
Net income $81.4M $231M $109M $82.7M $193M $927M $1.1B $297M $476M $445M
Diluted EPS $1.87 $5.35 $2.53 $1.91 $4.44 $21.47 $27.07 $8.32 $13.93 $13.81
Diluted shares 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.04B 0.03B 0.03B
Cash flow
Cash from operations $158M $225M $305M $249M $430M $984M $1.3B $511M $768M $547M
Capital expenditure $179M $307M $62.6M $91.2M $105M $310M $209M $248M $310M $393M
Free cash flow −$21.6M −$82.1M $242M $158M $325M $674M $1.1B $262M $458M $154M
Depreciation and amortization $97.1M $101M $94.4M $100M $115M $128M $135M $138M $148M $161M
Stock-based compensation $11.2M $11.1M $12.1M $11.3M $18.8M $19.3M $18.3M $23.8M $26.5M $22.7M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $38.0M $19.3M $0.0M $0.0M $0.0M $198M $397M $155M $199M $303M
Dividends paid $32.2M $33.8M $35.4M $37.2M $39.2M $45.9M $48.0M $45.0M $44.8M $44.9M
Dividends and buybacks $70.2M $53.1M $35.4M $37.2M $39.2M $244M $445M $200M $244M $348M
Balance sheet
Cash and short-term investments $13.9M $19.8M $19.6M $21.2M $14.4M $282M $250M $134M $267M $142M
Total debt $739M $857M $899M $1.0B $819M $694M $594M $480M $441M $401M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $274M $266M $318M $290M $306M $705M $760M $602M $610M $472M
Current liabilities $278M $286M $371M $437M $512M $612M $582M $562M $560M $527M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $949M $1.2B $1.4B $1.6B $1.7B $1.9B $2.0B $2.1B $2.3B $2.5B
Total assets $2.0B $2.3B $2.4B $2.8B $2.9B $3.7B $4.3B $4.3B $4.6B $4.6B
Total liabilities $1.5B $1.6B $1.7B $2.0B $1.9B $2.0B $2.0B $1.9B $1.9B $1.9B
Shareholders' equity $495M $677M $755M $806M $961M $1.7B $2.3B $2.4B $2.7B $2.8B
Margins
Operating margin 8.1% 7.2% 7.4% 5.9% 11.8% 30.3% 31.2% 11.1% 16.1% 14.9%
EBITDA margin 13.1% 12.1% 11.6% 10.4% 16.6% 33.5% 34.3% 15.5% 20.4% 19.8%
Net margin 4.2% 11.3% 4.9% 3.8% 8.1% 23.6% 24.5% 9.6% 13.9% 13.3%
FCF margin −1.1% −4.0% 10.9% 7.2% 13.7% 17.2% 24.5% 8.5% 13.4% 4.6%
Returns
Return on capital 9.4% 10.8% 7.7% 5.8% 11.8% 48.9% 45.1% 10.1% 15.7% 14.3%
Return on capital employed 10.1% 8.0% 8.1% 5.8% 11.7% 43.4% 39.6% 9.2% 14.2% 12.3%
Return on equity 17.2% 39.4% 15.2% 10.6% 21.9% 70.6% 53.7% 12.7% 18.9% 16.4%
Return on assets 4.4% 10.8% 4.7% 3.1% 6.7% 28.1% 26.5% 6.9% 10.7% 9.6%
Growth
Revenue growth 3.0% 5.4% 8.6% −0.9% 8.2% 64.7% 10.6% −28.8% 10.6% −2.3%
Net income growth −21.0% 183.8% −52.8% −24.1% 133.5% 380.3% 14.7% −72.1% 60.4% −6.6%
EPS growth −20.1% 186.1% −52.7% −24.5% 132.5% 383.6% 26.1% −69.3% 67.4% −0.9%
FCF growth −112.2% — — −35.0% 106.4% 107.1% 57.7% −75.3% 74.6% −66.4%
Share count change −1.1% −0.7% −0.5% 0.7% 0.5% −0.7% −9.0% −9.2% −4.2% −5.9%
Financial health
Net debt / EBITDA 2.9x 3.4x 3.4x 4.3x 2.0x 0.3x 0.2x 0.7x 0.3x 0.4x
Debt / equity 1.5x 1.3x 1.2x 1.3x 0.9x 0.4x 0.3x 0.2x 0.2x 0.2x
Interest coverage 6.5x 6.1x 8.8x 5.7x 10.2x 52.5x 75.2x 28.1x 73.5x 73.5x
Current ratio 1.0x 0.9x 0.9x 0.7x 0.6x 1.2x 1.3x 1.1x 1.1x 0.9x
Quick ratio 1.0x 0.9x 0.9x 0.7x 0.6x 1.2x 1.3x 1.1x 1.1x 0.9x
Capital allocation
Capex / revenue 9.2% 15.0% 2.8% 4.1% 4.4% 7.9% 4.8% 8.0% 9.1% 11.8%
Stock comp / revenue 0.6% 0.5% 0.5% 0.5% 0.8% 0.5% 0.4% 0.8% 0.8% 0.7%
Payouts / FCF — — 14.6% 23.6% 12.1% 36.3% 41.9% 76.4% 53.3% 226.6%
Quality scores
Piotroski F-score 5.0 4.0 5.0 4.0 5.0 8.0 6.0 5.0 8.0 5.0
Altman Z'' 1.2 1.4 1.4 1.0 1.4 4.4 5.1 3.5 4.0 3.9
Accruals ratio −4.2% 0.3% −8.4% −6.3% −8.2% −1.7% −5.2% −5.0% −6.6% −2.2%

Source: SEC EDGAR XBRL filings (CIK 0000003453). Data updated October 23, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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