Matson vs ZIM Integrated Shipping
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The short version
- ZIM Integrated Shipping is the larger business, with $6.9B of revenue in fiscal 2025 against $3.3B for Matson, about 2.1 times as much.
- Matson grew revenue faster (−2.3%, against −18.1%).
- ZIM Integrated Shipping turned more of its sales into free cash flow (30.2% FCF margin, against 4.6%).
- ZIM Integrated Shipping earned a higher return on the capital invested in it (24.9%, against 14.3%).
| Latest fiscal year | MATX · FY25 | ZIM · FY25 |
|---|---|---|
| Size | ||
| Market cap | $6.9B | $3.5B |
| Revenue | $3.3B | $6.9B |
| Free cash flow | $154M | $2.1B |
| Net income | $445M | $479M |
| Growth | ||
| Revenue growth | −2.3% | −18.1% |
| 5-year growth | 7.0% | 11.6% |
| Share count change | −5.9% | 0.0% |
| Profitability | ||
| Gross margin | — | 19.1% |
| Operating margin | 14.9% | 14.7% |
| Net margin | 13.3% | 6.9% |
| FCF margin | 4.6% | 30.2% |
| Return on capital | 14.3% | 24.9% |
| Return on equity | 16.4% | 11.9% |
| Balance sheet | ||
| Net debt | $259M | −$930M |
| Net debt / EBITDA | 0.4x | −0.4x |
| Dividends and buybacks | $348M | $516M |
| Valuation & quality | ||
| P/E | 15.4x | — |
| Piotroski F-score | 5 | 4 |
Revenue
FY16
MATX $1.9B
ZIM —
FY17
MATX $2.0B
ZIM —
FY18
MATX $2.2B
ZIM $3.2B
FY19
MATX $2.2B
ZIM $3.3B
FY20
MATX $2.4B
ZIM $4.0B
FY21
MATX $3.9B
ZIM $10.7B
FY22
MATX $4.3B
ZIM $12.6B
FY23
MATX $3.1B
ZIM $5.2B
FY24
MATX $3.4B
ZIM $8.4B
FY25
MATX $3.3B
ZIM $6.9B
MATX
ZIM
Operating margin
FY16
MATX 8.1%
ZIM —
FY17
MATX 7.2%
ZIM —
FY18
MATX 7.4%
ZIM −0.7%
FY19
MATX 5.9%
ZIM 4.6%
FY20
MATX 11.8%
ZIM 18.1%
FY21
MATX 30.3%
ZIM 54.2%
FY22
MATX 31.2%
ZIM 48.9%
FY23
MATX 11.1%
ZIM −48.6%
FY24
MATX 16.1%
ZIM 30.0%
FY25
MATX 14.9%
ZIM 14.7%
MATX
ZIM
Free cash flow
FY16
MATX −$21.6M
ZIM —
FY17
MATX −$82.1M
ZIM —
FY18
MATX $242M
ZIM $202M
FY19
MATX $158M
ZIM $354M
FY20
MATX $325M
ZIM $838M
FY21
MATX $674M
ZIM $5.0B
FY22
MATX $1.1B
ZIM $5.8B
FY23
MATX $262M
ZIM $904M
FY24
MATX $458M
ZIM $3.5B
FY25
MATX $154M
ZIM $2.1B
MATX
ZIM
Return on capital
FY16
MATX 9.4%
ZIM —
FY17
MATX 10.8%
ZIM —
FY18
MATX 7.7%
ZIM —
FY19
MATX 5.8%
ZIM —
FY20
MATX 11.8%
ZIM 229.8%
FY21
MATX 48.9%
ZIM 260.4%
FY22
MATX 45.1%
ZIM 111.9%
FY23
MATX 10.1%
ZIM −58.3%
FY24
MATX 15.7%
ZIM 108.3%
FY25
MATX 14.3%
ZIM 24.9%
MATX
ZIM
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.