Latest Ratios: P/E Ratio 16.0x · EV/EBITDA 9.2x · ROE 16.4%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $6.7B | $3.8B | $4.6B | $3.9B | $2.5B | $3.9B | $2.5B | $1.8B | $1.4B | $1.3B | $1.5B |
| Enterprise Value | $7.3B | $4.4B | $5.1B | $4.5B | $3.1B | $4.7B | $3.5B | $3.0B | $2.2B | $2.1B | $2.3B |
| P/E Ratio → | 16.00 | 8.91 | 9.68 | 13.17 | 2.31 | 4.19 | 12.83 | 21.36 | 12.66 | 5.56 | 19.13 |
| P/S Ratio | 2.01 | 1.15 | 1.35 | 1.26 | 0.57 | 0.99 | 1.04 | 0.80 | 0.62 | 0.63 | 0.79 |
| P/B Ratio | 2.50 | 1.39 | 1.74 | 1.63 | 1.07 | 2.33 | 2.58 | 2.19 | 1.82 | 1.90 | 3.11 |
| P/FCF | 43.69 | 25.00 | 10.08 | 14.93 | 2.31 | 5.90 | 10.43 | — | — | — | — |
| P/OCF | 12.28 | 7.02 | 6.01 | 7.66 | 1.93 | 3.95 | 5.77 | 7.10 | 4.51 | 5.73 | 9.76 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.32 | 1.49 | 1.46 | 0.72 | 1.19 | 1.46 | 1.35 | 1.00 | 1.04 | 1.17 |
| EV / EBITDA | 9.17 | 5.56 | 5.91 | 6.97 | 1.97 | 3.36 | 7.51 | 9.87 | 10.12 | 9.79 | 9.68 |
| EV / EBIT | 15.62 | 8.04 | 8.39 | 11.69 | 2.27 | 3.90 | 12.11 | 22.78 | 13.30 | 14.23 | 15.01 |
| EV / FCF | — | 28.81 | 11.13 | 17.18 | 2.93 | 7.08 | 14.60 | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 22.8% | 22.8% | 25.0% | 20.2% | 35.3% | 34.8% | 20.1% | 14.8% | 15.6% | 15.9% | 16.6% |
| Operating Margin | 14.0% | 14.0% | 16.1% | 11.0% | 29.3% | 28.8% | 10.7% | 4.9% | 5.7% | 5.8% | 7.1% |
| Net Profit Margin | 13.3% | 13.3% | 13.9% | 9.6% | 24.5% | 23.6% | 8.1% | 3.8% | 4.9% | 11.3% | 4.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.4% | 16.4% | 18.9% | 12.6% | 53.7% | 70.6% | 21.9% | 10.6% | 15.2% | 39.4% | 17.2% |
| ROA | 9.5% | 9.5% | 10.7% | 6.9% | 26.5% | 28.1% | 6.7% | 3.1% | 4.5% | 10.2% | 4.2% |
| ROIC | 10.8% | 10.8% | 13.5% | 8.6% | 35.3% | 38.6% | 9.6% | 4.5% | 6.1% | 6.5% | 10.0% |
| ROCE | 11.3% | 11.3% | 14.2% | 9.1% | 37.2% | 41.4% | 10.6% | 4.8% | 6.1% | 6.0% | 8.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.26 | 0.26 | 0.28 | 0.30 | 0.40 | 0.64 | 1.04 | 1.52 | 1.13 | 1.27 | 1.49 |
| Debt / EBITDA | 0.91 | 0.91 | 0.87 | 1.12 | 0.58 | 0.76 | 2.17 | 4.07 | 3.92 | 3.95 | 3.16 |
| Net Debt / Equity | — | 0.21 | 0.18 | 0.25 | 0.29 | 0.46 | 1.03 | 1.49 | 1.11 | 1.24 | 1.46 |
| Net Debt / EBITDA | 0.73 | 0.73 | 0.56 | 0.92 | 0.41 | 0.56 | 2.14 | 4.00 | 3.83 | 3.85 | 3.10 |
| Debt / FCF | — | 3.81 | 1.05 | 2.25 | 0.62 | 1.17 | 4.17 | — | — | — | — |
| Interest Coverage | 32.40 | 32.40 | 80.92 | 31.57 | 76.13 | 52.83 | 10.45 | 5.79 | 8.90 | 6.17 | 6.26 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.89 | 0.89 | 1.09 | 1.07 | 1.31 | 1.15 | 0.60 | 0.66 | 0.86 | 0.93 | 0.99 |
| Quick Ratio | 0.89 | 0.89 | 1.09 | 1.07 | 1.31 | 1.15 | 0.60 | 0.66 | 0.86 | 0.93 | 0.99 |
| Cash Ratio | 0.27 | 0.27 | 0.48 | 0.24 | 0.44 | 0.47 | 0.03 | 0.05 | 0.05 | 0.07 | 0.05 |
| Asset Turnover | — | 0.70 | 0.74 | 0.72 | 1.00 | 1.06 | 0.82 | 0.77 | 0.89 | 0.88 | 0.89 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 28.03 | 30.93 | 50.00 | 36.92 | 34.11 | 38.85 | 36.23 | 41.13 | 35.16 | 40.02 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.7% | 1.2% | 1.0% | 1.2% | 2.0% | 1.2% | 1.6% | 2.1% | 2.6% | 2.6% | 2.1% |
| Payout Ratio | 10.1% | 10.1% | 9.4% | 15.1% | 4.5% | 4.9% | 20.3% | 45.0% | 32.5% | 14.6% | 39.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.3% | 11.2% | 10.3% | 7.6% | 43.3% | 23.8% | 7.8% | 4.7% | 7.9% | 18.0% | 5.2% |
| FCF Yield | 2.3% | 4.0% | 9.9% | 6.7% | 43.3% | 16.9% | 9.6% | — | — | — | — |
| Buyback Yield | 4.5% | 7.9% | 4.3% | 4.0% | 16.2% | 5.1% | 0.0% | 0.0% | 0.0% | 1.5% | 2.5% |
| Total Shareholder Yield | 5.2% | 9.1% | 5.3% | 5.1% | 18.1% | 6.3% | 1.6% | 2.1% | 2.6% | 4.1% | 4.6% |
| Shares Outstanding | — | $31M | $34M | $36M | $39M | $43M | $44M | $43M | $43M | $43M | $44M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying MATX stock.
Matson, Inc.'s current P/E ratio is 16.0x. The historical average is 12.1x. This places it at the 70th percentile of its historical range.
Matson, Inc.'s current EV/EBITDA is 9.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.0x.
Matson, Inc.'s return on equity (ROE) is 16.4%. The historical average is 16.8%.
Based on historical data, Matson, Inc. is trading at a P/E of 16.0x. This is at the 70th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Matson, Inc.'s current dividend yield is 0.65% with a payout ratio of 10.1%.
Matson, Inc. has 22.8% gross margin and 14.0% operating margin. Operating margin between 10-20% is typical for established companies.
Matson, Inc.'s Debt/EBITDA ratio is 0.9x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Transpacific rate normalization
Metrics are mathematically derived from official filings.
Margin Normalization from Peak Levels
Gross margin at 23.9% in Q2 2026 remains well below the 32.0% peak in Q3 2024, indicating a normalization from pandemic-era highs. According to the latest quarterly data, operating margin of 16.4% still reflects strong pricing power in protected lanes.
The sequential improvement from Q1's 17.7% gross margin to 23.9% in Q2 suggests that Transpacific pricing strength is partially offsetting cost pressures, but the gap to the 2024 peak highlights the cyclicality of the China service. Net margin of 13.3% in Q2 is respectable but down from 20.7% in Q3 2024, implying that the earnings mix is shifting toward lower-margin domestic volumes. Investors should monitor whether the margin recovery is sustainable as spot rates normalize, given that the Q2 EPS miss versus consensus suggests conversion challenges.
ROIC Recovery Amid Capex Cycle
ROIC improved to 3.6% in Q2 2026 from 1.3% in Q1, but remains below the 6.0% level seen in Q3 2024. As reported in the financial statements, the elevated capital base from fleet renewal is pressuring returns.
The sharp quarterly swings in ROIC—from 0.9% in Q1 2024 to 6.0% in Q3 2024—underscore the earnings volatility tied to Transpacific rates. The current ROIC of 3.6% is below the cost of capital, suggesting that the heavy investment in new vessels has not yet generated adequate returns. However, the low D/E ratio of 0.26 indicates that the company is funding this expansion conservatively, which may support long-term value creation if the new assets improve efficiency.
Working Capital Efficiency Improves
DSO improved to 28 days in Q2 2026 from 54 days in Q1 2024, while DPO rose to 34 days, indicating better cash collection and supplier terms. Based on the quarterly data, the cash conversion cycle turned negative in Q3 2025.
The reduction in DSO by nearly half over two years suggests tighter credit management or a shift in customer mix toward faster-paying Transpacific shippers. The negative CCC in Q3 2025 implies that Matson is effectively using supplier financing to fund its operations, a sign of working capital efficiency. However, the asset turnover of 0.21 remains low, reflecting the capital-intensive nature of vessel ownership, which is a structural characteristic of the Jones Act model.
Conservative Leverage Masks Refinancing Needs
Debt-to-equity remains low at 0.26, with interest coverage of 103.4x in Q2 2026, indicating ample debt service capacity. According to the balance sheet data, total debt of $716.4M is modest relative to equity of $2.8B.
The D/EBITDA ratio of 3.03 in Q2 2026 is slightly elevated from 2.09 in Q3 2024, but still manageable given the stable cash flows from domestic lanes. The high interest coverage provides a significant cushion against rate hikes, but investors should note that the upcoming Alaska fleet renewal may require additional debt or cash outlays. The low leverage is a strategic advantage, but it also suggests that the market may be undervaluing the potential for future capital returns.
Liquidity Tightens as Cash Dwindles
The current ratio fell to 0.89 in Q2 2026 from 1.09 in Q4 2024, while cash dropped to $119.3M from $266.8M. As per the balance sheet, this indicates a strained liquidity position relative to short-term obligations.
The sub-1.0 current ratio suggests that Matson may face difficulty covering near-term liabilities without relying on operating cash flow or external financing. The sharp decline in cash is largely due to the $237.5M capex outlay in Q2, which is part of the fleet renewal program. While the company has access to credit facilities, the tight liquidity warrants monitoring, especially if Transpacific rates weaken and operating cash flow declines.
Misapplied P/E on Cyclical Earnings
The trailing P/E of 14.91 appears reasonable, but it is based on peak Transpacific earnings that are normalizing. According to the valuation data, the forward P/E of 12.88 suggests the market expects continued strength, which may be overly optimistic.
The most commonly misapplied ratio for Matson is the P/E, because it fails to account for the cyclicality of the China expedited service. Using a mid-cycle earnings estimate or EV/EBITDA would provide a more stable valuation metric, as the current P/E may understate the risk of a downturn. The PEG of 0.58 implies that the stock is undervalued relative to growth, but this growth is likely unsustainable, making the ratio misleading. Investors should focus on the durability of the domestic monopoly lanes and the potential for margin compression in the Transpacific trade.