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MATX

Matson, Inc.

MATX

Matson, Inc. • NYSE
$108.98 ▼ -0.15% (-0.16)
Market Cap $3.40 B
52w High $156.95
52w Low $86.97
Dividend Yield 1.40%
P/E 8.33
Volume 75.61K
Outstanding Shares 31.18M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $880.1M ▲ $67.3M ▼ $134.7M ▲ 15.305% ▲ $4.28 ▲ $251.9M ▲
Q2-2025 $830.5M ▲ $74.4M ▼ $94.7M ▲ 11.403% ▲ $2.95 ▲ $204M ▲
Q1-2025 $782M ▼ $75.4M ▼ $72.3M ▼ 9.246% ▼ $2.2 ▼ $175.6M ▼
Q4-2024 $890.3M ▼ $80.8M ▲ $128M ▼ 14.377% ▼ $3.87 ▼ $199.3M ▼
Q3-2024 $962M $72.3M $199.1M 20.696% $5.98 $334.2M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $92.7M ▲ $4.602B ▲ $1.913B ▲ $2.689B ▲
Q2-2025 $59.1M ▼ $4.482B ▼ $1.864B ▼ $2.618B ▼
Q1-2025 $122M ▼ $4.527B ▼ $1.894B ▼ $2.633B ▼
Q4-2024 $266.8M ▼ $4.595B ▲ $1.943B ▲ $2.652B ▲
Q3-2024 $270.3M $4.442B $1.885B $2.557B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $134.7M ▲ $173.5M ▲ $-53M ▲ $-86.9M ▲ $33.6M ▲ $90.3M ▼
Q2-2025 $94.7M ▲ $105.6M ▲ $-54M ▲ $-114.5M ▼ $-62.9M ▲ $194.8M ▲
Q1-2025 $72.3M ▼ $89M ▼ $-129.4M ▼ $-104.4M ▼ $-144.8M ▼ $-200K ▼
Q4-2024 $128M ▼ $174.7M ▼ $-127.3M ▼ $-53.3M ▲ $-5.9M ▼ $50M ▼
Q3-2024 $199.1M $248.6M $-77.7M $-68.8M $102.1M $188.3M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Logistics
Logistics
 $150.00M ▲$140.00M ▼$150.00M ▲$160.00M ▲
Ocean Transportation
Ocean Transportation
 $740.00M ▲$640.00M ▼$680.00M ▲$720.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Matson’s income statement shows a clear cycle: profits surged during the pandemic-era freight boom and have since come down, but remain well above pre‑2020 levels. Revenue has eased from the peak years, and margins have normalized from exceptionally high to more typical, yet still healthy, levels. The company is still solidly profitable, but earnings are more volatile than they might appear when looking at the boom years alone. Overall, it looks like a mature, profitable business coming off an unusually strong period and settling into a more sustainable run‑rate.

Balance Sheet

Balance Sheet The balance sheet looks sturdier than it did five years ago. Total assets and shareholder equity have steadily grown, showing that past profits have been retained and reinvested. Debt remains meaningful but not excessive, and it has edged down from earlier years relative to the size of the business. Cash on hand is modest but adequate for ongoing operations. In simple terms, financial leverage seems manageable, and the company now rests on a stronger capital base than before the pandemic.

Cash Flow

Cash Flow Cash generation is a relative strength. Operating cash flow has consistently covered capital spending, leaving room for positive free cash flow year after year, even as the company invests heavily in its fleet and infrastructure. Capital expenditures are sizable but appear planned and controlled rather than reactive. This pattern suggests Matson has been able to fund growth, modernize its assets, and still have cash left over for balance sheet strengthening and capital returns, without overextending itself.

Competitive Edge

Competitive Edge Matson’s competitive position is unusually well protected for a shipping company. Its core domestic routes are shielded by the Jones Act, which greatly limits new entrants and supports pricing stability in key markets like Hawaii, Alaska, and Guam. The company also differentiates itself with fast, premium transpacific services and ownership of critical infrastructure such as terminals. Its reputation for reliability and its integrated logistics arm deepen customer relationships. The main risks are concentration in a few trade lanes, exposure to economic and freight cycles, and potential long‑term political scrutiny of Jones Act protections.

Innovation and R&D

Innovation and R&D While Matson is not a high‑tech firm in the classic sense, it is actively modernizing. The company is renewing its fleet with faster, more fuel‑efficient, and cleaner vessels, including ships that can run on lower‑emission fuels. At the same time, it has moved core systems to the cloud and built digital tools that give customers better shipment visibility and control. Planned new ships and a unified customer portal show that ongoing innovation is focused on efficiency, service quality, and environmental performance rather than experimental projects. The main trade‑off is the large, multi‑year capital commitments these initiatives require.

Summary

Matson looks like a disciplined, niche operator that enjoyed windfall conditions during the pandemic and is now returning to more normal, but still solid, profitability. Its regulatory moat and operational reliability create a strong position in specific markets, while logistics services and digital tools add stickiness with customers. The balance sheet and cash flows indicate a company that has used the boom years to strengthen itself rather than simply chase growth. Key uncertainties revolve around the durability of its premium pricing, shipping cycle swings, concentration in regulated U.S. trades, and execution on large fleet investments. Overall, it appears to be a relatively well-managed, moat‑protected shipping business with cyclical earnings but improved underlying strength compared with several years ago.

NEWS

November 11, 2025 · 4:10 PM UTC

MATSON TO PARTICIPATE AT STEPHENS 2025 ANNUAL INVESTMENT CONFERENCE

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November 4, 2025 · 4:05 PM UTC

MATSON, INC. ANNOUNCES THIRD QUARTER 2025 RESULTS

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October 23, 2025 · 5:01 PM UTC

MATSON ANNOUNCES QUARTERLY DIVIDEND OF $0.36 PER SHARE

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October 20, 2025 · 4:10 PM UTC

MATSON TO ANNOUNCE THIRD QUARTER 2025 RESULTS ON NOVEMBER 4, 2025

Read more