Matson, Inc. (MATX) 10-Year Financial Performance & Capital Metrics

MATX • • Industrial / General

IndustrialsMarine ShippingContainer ShippingContainer Ship Operators

AboutMatson, Inc., together with its subsidiaries, provides ocean transportation and logistics services. The company's Ocean Transportation segment offers ocean freight transportation services to the domestic non-contiguous economies of Hawaii, Alaska, and Guam, as well as to other island economies in Micronesia. It primarily transports dry containers of mixed commodities, refrigerated commodities, packaged foods and beverages, building materials, automobiles, and household goods; livestock; seafood; general sustenance cargo; and garments, footwear, e-commerce, and other retail merchandise. This segment also operates an expedited service from China to Long Beach, California, and various islands in the South Pacific, as well as Okinawa, Japan; and provides container stevedoring, refrigerated cargo services, inland transportation, container equipment maintenance, and other terminal services to ocean carriers on the Hawaiian islands of Oahu, Hawaii, Maui, and Kauai, as well as in the Alaska locations of Anchorage, Kodiak, and Dutch Harbor. In addition, the company offers vessel management and container transshipment services. Its Logistics segment provides multimodal transportation brokerage services, including domestic and international rail intermodal, long-haul and regional highway trucking, specialized hauling, flat-bed and project, less-than-truckload, and expedited freight services; less-than-container load consolidation and freight forwarding services; warehousing and distribution services; supply chain management services, and non-vessel operating common carrier freight forwarding services. The company serves the U.S. military, freight forwarders, retailers, consumer goods, automobile manufacturers, and other customers. The company was formerly known as Alexander & Baldwin Holdings, Inc. and changed its name to Matson, Inc. in June 2012. Matson, Inc. was founded in 1882 and is headquartered in Honolulu, Hawaii.Show more

Revenue $3.42B +10.6%
EBITDA $861M +33.4%
Net Income $476M +60.4%
EPS (Diluted) 13.93 +67.4%
Gross Margin 25.01% +24.1%
EBITDA Margin 25.17% +20.6%
Operating Margin 16.14% +46.6%
Net Margin 13.92% +45.0%
ROE 18.86% +49.1%
ROIC 13.52% +57.4%
Debt/Equity 0.28 -6.5%
Interest Coverage 73.64 +163.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 28.4%
✓Strong 5Y profit CAGR of 41.9%
✓Strong Piotroski F-Score: 9/9
✓11 consecutive years of dividend growth
✓High quality earnings: Operating CF exceeds net income
✓Share count reduced 4.2% through buybacks

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y7.16%

5Y9.21%

3Y-4.47%

TTM1.88%

Profit (Net Income) CAGR

10Y21%

5Y41.94%

3Y-19.91%

TTM4.6%

EPS CAGR

10Y23.93%

5Y48.79%

3Y-13.43%

TTM9.32%

ROCE

10Y Avg15.46%

5Y Avg22.5%

3Y Avg20.18%

Latest14.22%

Peer Comparison

Container Ship Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MATXMatson, Inc.	4.55B	145.97	10.48	10.57%	12.7%	15.98%	10.06%	0.28
CMRECostamare Inc.	1.95B	16.18	6.63	37.88%	17.4%	15.08%	13.2%	0.92
EHLDEuroholdings Ltd.	19.49M	6.92	5.16	112.37%	122.75%	81.86%	24.39%
DACDanaos Corporation	1.86B	101.42	3.89	4.16%	45.16%	12.59%		0.21
GSLGlobal Ship Lease, Inc.	1.29B	36.11	3.72	5.82%	54.16%	23.67%	14.53%	0.47
ESEAEuroseas Ltd.	386.41M	55.15	3.40	12.43%	54.01%	28.23%		0.57
ZIMZIM Integrated Shipping Services Ltd.	2.73B	22.70	1.27	63.25%	13.21%	24.94%	100%	1.49

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	1.88B	1.94B	2.05B	2.22B	2.2B	2.38B	3.93B	4.34B	3.09B	3.42B
Revenue Growth %	0.1%	0.03%	0.05%	0.09%	-0.01%	0.08%	0.65%	0.11%	-0.29%	0.11%
Cost of Goods Sold+	1.51B	1.62B	1.72B	1.88B	1.88B	1.9B	2.56B	2.81B	2.47B	2.57B
COGS % of Revenue	0.8%	0.83%	0.84%	0.84%	0.85%	0.8%	0.65%	0.65%	0.8%	0.75%
Gross Profit+	374.8M	322.5M	325.9M	347.8M	325.1M	479M	1.37B	1.53B	623.9M	855.9M
Gross Margin %	0.2%	0.17%	0.16%	0.16%	0.15%	0.2%	0.35%	0.35%	0.2%	0.25%
Gross Profit Growth %	0.34%	-0.14%	0.01%	0.07%	-0.07%	0.47%	1.86%	0.12%	-0.59%	0.37%
Operating Expenses+	162.7M	185.1M	206.8M	220.8M	216.8M	225M	236.5M	261M	283.3M	303.6M
OpEx % of Revenue	0.09%	0.1%	0.1%	0.1%	0.1%	0.09%	0.06%	0.06%	0.09%	0.09%
Selling, General & Admin	195M	185.1M	208.5M	220.8M	216.8M	225M	236.5M	261M	283.3M	303.6M
SG&A % of Revenue	0.1%	0.1%	0.1%	0.1%	0.1%	0.09%	0.06%	0.06%	0.09%	0.09%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	214.2M	138.8M	119.1M	127M	108.3M	254M	1.13B	1.27B	340.6M	552.3M
Operating Margin %	0.11%	0.07%	0.06%	0.06%	0.05%	0.11%	0.29%	0.29%	0.11%	0.16%
Operating Income Growth %	0.61%	-0.35%	-0.14%	0.07%	-0.15%	1.35%	3.45%	0.12%	-0.73%	0.62%
EBITDA+	295M	233.9M	217.2M	218.7M	300.7M	461.9M	1.39B	1.58B	645.9M	861.4M
EBITDA Margin %	0.16%	0.12%	0.11%	0.1%	0.14%	0.19%	0.35%	0.36%	0.21%	0.25%
EBITDA Growth %	0.45%	-0.21%	-0.07%	0.01%	0.37%	0.54%	2%	0.14%	-0.59%	0.33%
D&A (Non-Cash Add-back)	80.8M	95.1M	98.1M	91.7M	192.4M	207.9M	255.6M	312.8M	305.3M	309.1M
EBIT	196.3M	150.9M	149.4M	166.4M	130.3M	286.4M	1.19B	1.37B	385.2M	606.9M
Net Interest Income+	-18.5M	-24.1M	-24.2M	-18.7M	-22.5M	-27.4M	-22.6M	-9.8M	23.8M	40.8M
Interest Income	0	0	0	0	0	0	0	8.2M	36M	48.3M
Interest Expense	18.5M	24.1M	24.2M	18.7M	22.5M	27.4M	22.6M	18M	12.2M	7.5M
Other Income/Expense	-36.4M	-8.3M	6.1M	20.7M	-500K	5M	40.1M	81.8M	32.4M	47.1M
Pretax Income+	177.8M	130.5M	125.2M	147.7M	107.8M	259M	1.17B	1.35B	373M	599.4M
Pretax Margin %	0.09%	0.07%	0.06%	0.07%	0.05%	0.11%	0.3%	0.31%	0.12%	0.18%
Income Tax+	74.8M	49.1M	-105.8M	38.7M	25.1M	65.9M	243.9M	288.4M	75.9M	123M
Effective Tax Rate %	0.58%	0.62%	1.85%	0.74%	0.77%	0.75%	0.79%	0.79%	0.8%	0.79%
Net Income+	103M	81.4M	231M	109M	82.7M	193.1M	927.4M	1.06B	297.1M	476.4M
Net Margin %	0.05%	0.04%	0.11%	0.05%	0.04%	0.08%	0.24%	0.24%	0.1%	0.14%
Net Income Growth %	0.45%	-0.21%	1.84%	-0.53%	-0.24%	1.33%	3.8%	0.15%	-0.72%	0.6%
Net Income (Continuing)	103M	81.4M	231M	109M	82.7M	193.1M	927.4M	1.06B	297.1M	476.4M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	2.34	1.85	5.37	2.53	1.91	4.44	21.47	27.07	8.32	13.93
EPS Growth %	0.44%	-0.21%	1.9%	-0.53%	-0.25%	1.32%	3.84%	0.26%	-0.69%	0.67%
EPS (Basic)	2.37	1.87	5.41	2.55	1.93	4.48	21.67	27.28	8.42	14.14
Diluted Shares Outstanding	44M	43.5M	43.2M	43M	43.3M	43.5M	43.2M	39.3M	35.7M	34.2M
Basic Shares Outstanding	43.5M	43.1M	42.9M	42.7M	42.8M	43.1M	42.8M	39M	35.3M	33.7M
Dividend Payout Ratio	0.3%	0.4%	0.15%	0.32%	0.45%	0.2%	0.05%	0.05%	0.15%	0.09%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	277.9M	274.2M	266M	318.4M	289.6M	305.9M	704.5M	759.6M	602.3M	609.6M
Cash & Short-Term Investments	25.5M	13.9M	19.8M	19.6M	21.2M	14.4M	287.7M	253.7M	134M	266.8M
Cash Only	25.5M	13.9M	19.8M	19.6M	21.2M	14.4M	287.7M	253.7M	134M	266.8M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	229.4M	212.9M	197.2M	250.5M	218.7M	253.7M	366.8M	439.3M	423.9M	290M
Days Sales Outstanding	44.42	40.02	35.16	41.13	36.23	38.85	34.11	36.92	50	30.93
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	8.8M	35.9M	34.6M	32M	16.9M	19.5M	27.4M	40.3M	13.7M	12.8M
Total Non-Current Assets+	1.39B	1.91B	2.07B	2.19B	2.56B	2.59B	2.99B	3.57B	3.69B	3.99B
Property, Plant & Equipment	860.3M	949.2M	1.17B	1.37B	1.85B	1.94B	2.31B	2.36B	2.38B	2.62B
Fixed Asset Turnover	2.19x	2.05x	1.76x	1.63x	1.19x	1.23x	1.70x	1.84x	1.30x	1.31x
Goodwill	241.6M	323.7M	327.8M	327.8M	327.8M	327.8M	327.8M	327.8M	327.8M	327.8M
Intangible Assets	139.1M	236.6M	225.2M	214M	202.9M	192M	181.1M	174.9M	176.4M	159.4M
Long-Term Investments	66.4M	113.6M	144.3M	115.5M	76.2M	48.7M	58.7M	81.2M	85.5M	84.1M
Other Non-Current Assets	84.5M	118.2M	122.6M	88.1M	94.7M	84.9M	108.1M	627.1M	723.1M	795.9M
Total Assets+	1.67B	2.18B	2.33B	2.51B	2.85B	2.9B	3.69B	4.33B	4.29B	4.6B
Asset Turnover	1.13x	0.89x	0.88x	0.89x	0.77x	0.82x	1.06x	1.00x	0.72x	0.74x
Asset Growth %	0.19%	0.31%	0.07%	0.07%	0.14%	0.02%	0.27%	0.17%	-0.01%	0.07%
Total Current Liabilities+	297.6M	277.6M	286.3M	370.8M	436.7M	511.5M	612.4M	581.6M	562.3M	560.4M
Accounts Payable	164.9M	170.5M	175.1M	246.8M	235.7M	283.1M	308.4M	255.6M	277.9M	268.5M
Days Payables Outstanding	39.91	38.47	37.14	48.04	45.81	54.26	44.01	33.18	41.05	38.19
Short-Term Debt	22M	31.8M	30.8M	42.1M	48.4M	59.2M	65M	76.9M	39.7M	39.7M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	0	0	1000K	1000K
Other Current Liabilities	63.3M	40.4M	33.3M	31M	43.4M	51.7M	62.5M	68.6M	61.7M	73M
Current Ratio	0.93x	0.99x	0.93x	0.86x	0.66x	0.60x	1.15x	1.31x	1.07x	1.09x
Quick Ratio	0.93x	0.99x	0.93x	0.86x	0.66x	0.60x	1.15x	1.31x	1.07x	1.09x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	921.6M	1.41B	1.37B	1.38B	1.6B	1.43B	1.41B	1.45B	1.33B	1.38B
Long-Term Debt	404.8M	707.1M	826.3M	814.3M	910M	685.6M	549.7M	427.7M	389.3M	350.8M
Capital Lease Obligations	3.1M	0	0	0	198M	186.9M	307.4M	262.5M	159.3M	229.5M
Deferred Tax Liabilities	310.5M	528M	364.2M	388.9M	337.6M	389.6M	425.2M	646.5M	669.3M	693.4M
Other Non-Current Liabilities	203.2M	172.1M	178.2M	177.3M	157.4M	165.8M	131M	114.8M	113.7M	109.3M
Total Liabilities	1.22B	1.68B	1.66B	1.75B	2.04B	1.94B	2.03B	2.03B	1.89B	1.94B
Total Debt+	429.9M	738.9M	857.1M	856.4M	1.22B	1B	1.06B	910.7M	725M	749M
Net Debt	404.4M	725M	837.3M	836.8M	1.2B	989.7M	772M	657M	591M	482.2M
Debt / Equity	0.95x	1.49x	1.27x	1.13x	1.52x	1.04x	0.64x	0.40x	0.30x	0.28x
Debt / EBITDA	1.46x	3.16x	3.95x	3.92x	4.07x	2.17x	0.76x	0.58x	1.12x	0.87x
Net Debt / EBITDA	1.37x	3.10x	3.85x	3.83x	4.00x	2.14x	0.56x	0.41x	0.92x	0.56x
Interest Coverage	11.58x	5.76x	4.92x	6.79x	4.81x	9.27x	50.05x	70.58x	27.92x	73.64x
Total Equity+	450.6M	494.9M	677.2M	755.3M	805.7M	961.2M	1.67B	2.3B	2.4B	2.65B
Equity Growth %	0.24%	0.1%	0.37%	0.12%	0.07%	0.19%	0.73%	0.38%	0.05%	0.1%
Book Value per Share	10.24	11.38	15.68	17.57	18.61	22.10	38.60	58.45	67.25	77.54
Total Shareholders' Equity	450.6M	494.9M	677.2M	755.3M	805.7M	961.2M	1.67B	2.3B	2.4B	2.65B
Common Stock	32.6M	32.1M	31.9M	32M	32.2M	32.4M	30.7M	27.2M	25.8M	24.7M
Retained Earnings	177M	196.6M	380.5M	460M	504.2M	658.1M	1.35B	1.99B	2.09B	2.34B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-46.9M	-22.5M	-24.9M	-34.5M	-36.9M	-50.8M	-30.9M	-6.9M	-8.2M	-6.5M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	245.3M	157.8M	224.9M	305M	248.8M	429.8M	984.1M	1.27B	510.5M	767.8M
Operating CF Margin %	0.13%	0.08%	0.11%	0.14%	0.11%	0.18%	0.25%	0.29%	0.16%	0.22%
Operating CF Growth %	0.48%	-0.36%	0.43%	0.36%	-0.18%	0.73%	1.29%	0.29%	-0.6%	0.5%
Net Income	103M	81.4M	231M	109M	82.7M	193.1M	927.4M	1.06B	297.1M	476.4M
Depreciation & Amortization	83.4M	97.1M	101.2M	94.4M	161.1M	189.7M	239.2M	292.2M	284.2M	286.8M
Stock-Based Compensation	12.2M	11.2M	11.1M	12.1M	11.3M	18.8M	19.3M	18.3M	23.8M	26.5M
Deferred Taxes	52.4M	39.7M	-127.9M	29.3M	23.6M	52.1M	33.2M	90.2M	19.6M	20.9M
Other Non-Cash Items	-27M	-87.2M	-62.3M	-15.9M	-22.9M	15.1M	-46.5M	-60.9M	-26.2M	-27.8M
Working Capital Changes	21.3M	15.6M	71.8M	76.1M	-7M	-39M	-188.5M	-131.8M	-88M	-15M
Change in Receivables	13.5M	14.4M	-5.1M	-29.1M	17.8M	-48M	-90.3M	74.6M	-10.9M	9.8M
Change in Inventory	0	0	10.3M	-3.4M	0	-60.9M	0	0	0	0
Change in Payables	-9.4M	2.1M	20.4M	64.5M	-13.9M	44.8M	39.6M	-31.7M	10.9M	-5.6M
Cash from Investing+	-63.8M	-320.7M	-276.9M	-260.3M	-306.9M	-177M	-323.4M	-729.3M	-338.2M	-336.1M
Capital Expenditures	-67.8M	-179.4M	-307.2M	-401.2M	-310.3M	-192.3M	-325.3M	-1.8M	-248.4M	-310.9M
CapEx % of Revenue	0.04%	0.09%	0.15%	0.18%	0.14%	0.08%	0.08%	0%	0.08%	0.09%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	5.5M	2.5M	0	136.3M	3.4M	15.3M	1.9M	-209.3M	-11.2M	-114.8M
Cash from Financing+	-449.4M	151.3M	57.9M	-40M	62M	-261.5M	-392.7M	-576.6M	-289.7M	-301.2M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-30.8M	-32.2M	-33.8M	-35.4M	-37.2M	-39.2M	-45.9M	-48M	-45M	-44.8M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-468.9M	-5.6M	-9.1M	-4.6M	-3.1M	-24.1M	-17.4M	-20.1M	-12.6M	-17.6M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	177.5M	-21.6M	-82.3M	-96.2M	-61.5M	237.5M	658.8M	1.06B	262.1M	457.7M
FCF Margin %	0.09%	-0.01%	-0.04%	-0.04%	-0.03%	0.1%	0.17%	0.24%	0.08%	0.13%
FCF Growth %	0.29%	-1.12%	-2.81%	-0.17%	0.36%	4.86%	1.77%	0.61%	-0.75%	0.75%
FCF per Share	4.03	-0.50	-1.91	-2.24	-1.42	5.46	15.25	27.04	7.34	13.38
FCF Conversion (FCF/Net Income)	2.38x	1.94x	0.97x	2.80x	3.01x	2.23x	1.06x	1.20x	1.72x	1.61x
Interest Paid	17.7M	21.6M	23.9M	18.3M	22M	0	19.3M	16.2M	11.1M	0
Taxes Paid	40M	15.6M	2.6M	5.2M	0	0	241.6M	215.2M	7.5M	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	25.29%	17.22%	39.42%	15.22%	10.6%	21.86%	70.56%	53.67%	12.65%	18.86%
Return on Invested Capital (ROIC)	24.73%	10.03%	6.53%	6.13%	4.51%	9.63%	38.65%	35.34%	8.59%	13.52%
Gross Margin	19.88%	16.61%	15.92%	15.65%	14.76%	20.1%	34.84%	35.26%	20.16%	25.01%
Net Margin	5.46%	4.19%	11.29%	4.9%	3.75%	8.1%	23.63%	24.5%	9.6%	13.92%
Debt / Equity	0.95x	1.49x	1.27x	1.13x	1.52x	1.04x	0.64x	0.40x	0.30x	0.28x
Interest Coverage	11.58x	5.76x	4.92x	6.79x	4.81x	9.27x	50.05x	70.58x	27.92x	73.64x
FCF Conversion	2.38x	1.94x	0.97x	2.80x	3.01x	2.23x	1.06x	1.20x	1.72x	1.61x
Revenue Growth	9.96%	3.01%	5.42%	8.59%	-0.89%	8.18%	64.7%	10.64%	-28.75%	10.57%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Ocean. Transportation.	-	-	-	-	-	-	3.13B	3.54B	2.48B	2.81B
Ocean. Transportation. Growth	-	-	-	-	-	-	-	13.14%	-30.12%	13.43%
Logistics.	-	-	-	-	-	-	44.7M	53.5M	617.6M	612.1M
Logistics. Growth	-	-	-	-	-	-	-	19.69%	1054.39%	-0.89%
Ocean Transportation	-	-	-	1.64B	1.67B	1.85B	-	-	-	-
Ocean Transportation Growth	-	-	-	-	1.54%	11.24%	-	-	-	-
Logistics	-	-	-	19.1M	20.6M	36.2M	-	-	-	-
Logistics Growth	-	-	-	-	7.85%	75.73%	-	-	-	-
Logistics Services	386.9M	400.5M	17.5M	-	-	-	-	-	-	-
Logistics Services Growth	-	3.52%	-95.63%	-	-	-	-	-	-	-
Ocean Transportation	1.5B	1.54B	9.9M	-	-	-	-	-	-	-
Ocean Transportation Growth	-	2.88%	-99.36%	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Matson, Inc. (MATX) has a price-to-earnings (P/E) ratio of 10.5x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Matson, Inc. (MATX) reported $3.38B in revenue for fiscal year 2024. This represents a 96% increase from $1.72B in 2011.

Matson, Inc. (MATX) grew revenue by 10.6% over the past year. This is steady growth.

Yes, Matson, Inc. (MATX) is profitable, generating $429.7M in net income for fiscal year 2024 (13.9% net margin).

Dividend & Returns

Yes, Matson, Inc. (MATX) pays a dividend with a yield of 0.90%. This makes it attractive for income-focused investors.

Matson, Inc. (MATX) has a return on equity (ROE) of 18.9%. This is reasonable for most industries.

Matson, Inc. (MATX) generated $334.9M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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