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Matson (MATX) USD

Matson, Inc. provides ocean freight transportation and logistics services, primarily serving markets in Hawaii, Alaska, Guam, Micronesia, and other Pacific islands, as well as offering expedited shipping from China to the U.S. West Coast.

At a glance: strengths & risks
✓Revenue growing (+17% y/y, Q2 2026)✓Profit growing (+37% y/y, Q2 2026)✓Low leverage (0.9x EBITDA)✗Pricier than own history (EV/EBITDA 12.0 vs avg 8.3)

Sector: Freight & shipping

Geography: USA (Hawaii, Alaska, Guam), China

COMM_MATX

Price chart

228.64 USDDay 0.51%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
228.64 USD · 0.51%
Market cap
7.4 bn USD

Growth

Δ revenue y/y
16.7%
Δ EBITDA y/y
13.1%

Multiples

P/E (LTM)
15.9x
3y avg: 11.1x
P/B (FY)
2.7x
P/E (ann.)
14.2x
EV/EBITDA (LTM)
12.0x
3y avg: 8.3x
EV/EBITDA (ann.)
9.5x

Cash return

Dividend yield
0.6%
FCF yield (LTM)
2.6%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+75.2%
↓ details

Liquidity

Daily turnover (listing)
74.7 mln USD

Shares: yahoo_fundamentals_timeseries/MATX

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK969.4
y/y 16.7%
158.9
y/y 40.6%
52.1
y/y -29.2%
211.0
y/y 13.1%
129.4
y/y 36.6%
137.6-30.64713.5
y/y 5.2%
2773.1
y/y 5.9%
18.8%636.8Yahoo Finance
2026-03-31Q1 2026 (3M)OK757.8
y/y -3.1%
61.4
y/y -25.2%
75.9
y/y 1.1%
137.3
y/y -12.7%
56.6
y/y -21.7%
94.0-48.34583.0
y/y 1.2%
2730.1
y/y 3.7%
8.2%636.8Link
2025-12-31Q4 2025 (3M)OK851.9
y/y -4.3%
143.7
y/y -2.6%
-62.2
y/y —
81.5
y/y —
143.1
y/y 11.8%
176.9-134.74635.6
y/y 0.9%
2759.0
y/y 4.0%
16.3%624.9Link
2025-09-30Q3 2025 (3M)OK880.1
y/y -8.5%
161.0
y/y -33.6%
74.1
y/y —
235.1
y/y —
134.7
y/y -32.3%
175.6-83.24602.1
y/y 3.6%
2689.3
y/y 5.2%
6.8%666.0Link
2025-06-30Q2 2025 (3M)OK830.5
y/y -2.0%
113.0
y/y -9.3%
73.6
y/y —
186.6
y/y —
94.7
y/y -16.3%
105.6-86.34482.1
y/y 4.9%
2618.0
y/y 9.2%
14.4%645.9Link
2025-03-31Q1 2025 (3M)OK782.0
y/y 8.3%
82.1
y/y 122.5%
75.1
y/y —
157.2
y/y —
72.3
y/y 100.3%
89.0-89.24527.0
y/y 7.3%
2633.2
y/y 10.9%
10.9%623.7Link
2024-12-31Q4 2024 (3M)OK890.3
y/y 12.9%
147.5
y/y 95.9%
—
y/y 7.4%
—
y/y 45.5%
128.0
y/y 105.1%
174.7-125.44595.4
y/y 7.0%
2652.0
y/y 10.5%
18.3%521.9Link
2024-09-30Q3 2024 (3M)OK962.0
y/y 16.3%
242.3
y/y 83.4%
—
y/y —
—
y/y —
199.1
y/y 66.1%
248.6-59.64442.2
y/y 3.5%
2556.7
y/y 7.0%
10.7%426.4Link
2024-06-30Q2 2024 (3M)OK847.4
y/y 9.6%
124.6
y/y 28.9%
—
y/y —
—
y/y —
113.2
y/y 40.1%
307.9-69.84273.9
y/y 1.3%
2398.5
y/y 4.7%
19.0%534.4Link
2024-03-31Q1 2024 (3M)OK722.1
y/y 2.5%
36.9
y/y -4.7%
—
y/y —
—
y/y —
36.1
y/y 6.2%
36.6-55.34219.9
y/y -0.2%
2373.8
y/y 4.6%
6.0%713.5Link
2023-12-31Q4 2023 (3M)OK788.9
y/y —
75.3
y/y —
—
y/y —
—
y/y —
62.4
y/y —
111.4-95.74294.6
y/y —
2400.7
y/y —
12.4%630.7Link
2023-09-30Q3 2023 (3M)OK827.5
y/y —
132.1
y/y —
—
y/y —
—
y/y —
119.9
y/y —
152.6-68.94292.8
y/y —
2390.3
y/y —
6.8%635.4Link
2023-06-30Q2 2023 (3M)OK773.4
y/y —
96.7
y/y —
—
y/y —
—
y/y —
80.8
y/y —
149.8-48.34218.1
y/y —
2290.0
y/y —
14.2%709.7Link
2023-03-31Q1 2023 (3M)OK704.8
y/y —
38.7
y/y —
—
y/y —
—
y/y —
34.0
y/y —
96.7-35.54227.3
y/y —
2270.3
y/y —
—797.8Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)212
Long-term debt (incl. LT leases)544
− Cash & equivalents119
Net debt637

Net debt / LTM EBITDA: 1.0x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02004006008001 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-20%-10%0%10%20%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-10001002003002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

02004006008002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2023–2025 operating cash flow came to 1.61x of reported net profit; after capex, 0.88x.
year202320242025
cash flow / profit1.72x1.61x1.23x
accruals, % of assets-5.0%-6.3%-2.2%
Last twelve months (to 2026-06-30): 1.26x of profit came back as operating cash flow.
net debt / EBITDA 0.9x · EBIT covers interest 73.5x · capex 2.1x of depreciation · dividends 15% of free cash flow · share count -5.0% a year
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Key-commodity price — Freightos Baltic Index (FBX)

Current 3 560spot vs LTM +34%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: +75.2% → +0.0 pp 1d

Main driver: Freightos Baltic Index (FBX) +62% vs LTM; revenue ×1.34 vs costs ×1.10; EBITDA 651→1 302; at 10.4× EV/EBITDA → +75%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Freightos Baltic Index (FBX) (rev)+55%3 560.202 193.623 075.46+62%+40%
WTI (bunker cost proxy) (cost)-15%103.4471.9676.71+44%+7%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue3 459
LTM EBITDA651
LTM cash costs (revenue − EBITDA)2 808
2 · Revenue projection
Revenue multiplier — spot×1.343 (+34%)
= Spot revenue4 644
Revenue multiplier — 3y price×1.221 (+22%)
= 3-year-price revenue4 224
3 · Costs projection
Cost multiplier — spot×1.100 (+10%)
= Spot cash costs3 088
Cost multiplier — 3y price×1.044 (+4%)
= 3-year-price cash costs2 932
4 · EBITDA projection (revenue − costs)
= Spot EBITDA1 556
= 3-year-price EBITDA1 292
Conservative EBITDA = min(spot, avg)1 302
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct)10.4x
Target EV = EV/EBITDA × conservative EBITDA13 537
Net debt637
Target market cap = EV − net debt12 900
Current market cap7 362

Upside = target market cap ÷ current − 1 = +75.2%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2026 Q1758754+0.5%14558+151.7%
2026 Q2969842+15.2%211114+85.8%

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth -2% vs +11% the year before — a -12.8 pp move. 3-year CAGR —.
revenue growth by year: 2024 +11% · 2025 -2%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 4.3x · target 75th pct (3y) 7.1x · LTM avg 10.4x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Peer comparison

Group: industrials (global). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
ZIM Integrated Shippingglobal3.51.4x
Euroseasglobal0.53.0x
Danaos Corporationglobal2.94.7x
Okeanis Eco Tankersglobal3.47.9x
Genco Shipping & Tradingglobal1.19.7x
Group median4.7x
Group average5.4x
This companyglobal7.412.0x

Group median 4.7x; this company 12.0x — a 156% premium.

Group average 5.4x; against the average this company is at a 125% premium.

At the adjusted group median the market cap would be -66% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.4x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.6x, India 18.6x, Indonesia 5.4x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-24; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-08-060.38 USDEx-dividend: 0.38 USD per sharePaidYahoo Finance (ex-div)
2026-05-070.36 USDEx-dividend: 0.36 USD per sharePaidYahoo Finance (ex-div)
2026-02-050.36 USDEx-dividend: 0.36 USD per sharePaidYahoo Finance (ex-div)
2025-11-060.36 USDEx-dividend: 0.36 USD per sharePaidYahoo Finance (ex-div)
2025-08-070.36 USDEx-dividend: 0.36 USD per sharePaidYahoo Finance (ex-div)
2025-05-080.34 USDEx-dividend: 0.34 USD per sharePaidYahoo Finance (ex-div)
2025-02-060.34 USDEx-dividend: 0.34 USD per sharePaidYahoo Finance (ex-div)
2024-11-070.34 USDEx-dividend: 0.34 USD per sharePaidYahoo Finance (ex-div)
2024-08-010.34 USDEx-dividend: 0.34 USD per sharePaidYahoo Finance (ex-div)
2024-05-080.32 USDEx-dividend: 0.32 USD per sharePaidYahoo Finance (ex-div)
2024-02-070.32 USDEx-dividend: 0.32 USD per sharePaidYahoo Finance (ex-div)
2023-11-080.32 USDEx-dividend: 0.32 USD per sharePaidYahoo Finance (ex-div)
2023-08-020.32 USDEx-dividend: 0.32 USD per sharePaidYahoo Finance (ex-div)
2023-05-100.31 USDEx-dividend: 0.31 USD per sharePaidYahoo Finance (ex-div)
2023-02-080.31 USDEx-dividend: 0.31 USD per sharePaidYahoo Finance (ex-div)
2022-11-090.31 USDEx-dividend: 0.31 USD per sharePaidYahoo Finance (ex-div)
2022-08-030.31 USDEx-dividend: 0.31 USD per sharePaidYahoo Finance (ex-div)
2022-05-110.3 USDEx-dividend: 0.3 USD per sharePaidYahoo Finance (ex-div)
2022-02-090.3 USDEx-dividend: 0.3 USD per sharePaidYahoo Finance (ex-div)
2021-11-090.3 USDEx-dividend: 0.3 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Matson (MATX) — from primary filings.

Frequently asked questions

What is Matson (MATX)'s P/E ratio?
Matson (MATX) trades at a P/E of 15.9x (price to trailing 12-month earnings).
What is Matson (MATX)'s EV/EBITDA?
Matson (MATX) trades at 12.0x EV/EBITDA.
What is Matson (MATX)'s P/B ratio?
Matson (MATX) trades at a P/B of 2.7x.
What is Matson (MATX)'s dividend yield?
Matson (MATX)'s trailing 12-month dividend yield is 0.6%.
What is Matson (MATX)'s return on equity (ROE)?
Matson (MATX)'s ROE is 18.8%.
What is Matson (MATX)'s market capitalization?
Matson (MATX)'s market cap is 7.4 bn USD.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map