Matson, Inc.
- Open
- 220.33
- Day high
- 223.34
- Day low
- 217.34
- Prev close
- 223.55
- Volume
- 345K
- Mkt cap
- $6.7B
- P/E (TTM)
- 16.2
- EPS (TTM)
- $13.70
- P/B
- 2.5
- P/S
- 2.0
- Yield
- 0.65%
- Per share
- $1.44
- ▼Insiders net selling -$8.5M over the last 3 months (0 open-market buys, 22 sales)
- 🏛Institutions mixed (13F)
Matson, Inc. (MATX) is a Industrials company listed on NYSE. The stock is up 113% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 22 sales (SEC Form 4). Drillr has 2 published research articles covering MATX.
Matson, Inc. (MATX) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
MATX earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 4, 2026 | $1.65 | $1.85 | +12.1% | $758M | -2.5% |
| Feb 24, 2026 | $2.32 | $4.60 | +98.3% | $852M | +7.2% |
| Nov 4, 2025 | $3.25 | $4.24 | +30.5% | $880M | +5.1% |
| Jul 31, 2025 | $2.18 | $2.92 | +33.9% | $831M | -0.9% |
| Aug 1, 2024 | $3.00 | $3.31 | +10.3% | $847M | +0.9% |
| Apr 30, 2024 | $1.04 | $1.04 | +0.0% | $722M | -1.1% |
| Feb 20, 2024 | $1.51 | $1.78 | +17.9% | $789M | +7.5% |
| Aug 1, 2023 | $1.92 | $2.26 | +17.7% | $773M | +1.4% |
| May 4, 2023 | $0.76 | $0.94 | +23.7% | $705M | +4.2% |
| Feb 21, 2023 | $1.96 | $2.10 | +7.1% | $802M | +13.8% |
| Nov 2, 2022 | $7.07 | $6.89 | -2.5% | $1.1B | +1.1% |
| Aug 1, 2022 | $9.38 | $9.49 | +1.2% | $1.3B | -0.6% |
MATX insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 29, 2026 | COX MATTHEW Jdirector, officer: Chairman & CEO | Sell | 2,747 | $191.81 |
| Jun 29, 2026 | COX MATTHEW Jdirector, officer: Chairman & CEO | Sell | 3,054 | $192.89 |
| Jun 29, 2026 | COX MATTHEW Jdirector, officer: Chairman & CEO | Sell | 4,199 | $193.65 |
| Jun 9, 2026 | COX MATTHEW Jdirector, officer: Chairman & CEO | Sell | 147 | $186.13 |
| Jun 9, 2026 | Rascon Laura Lofficer: Senior Vice President | Sell | 120 | $186.03 |
| Jun 9, 2026 | Rascon Laura Lofficer: Senior Vice President | Sell | 1,180 | $188.58 |
| Jun 9, 2026 | COX MATTHEW Jdirector, officer: Chairman & CEO | Sell | 935 | $189.35 |
| Jun 9, 2026 | COX MATTHEW Jdirector, officer: Chairman & CEO | Sell | 1,311 | $188.44 |
| Jun 9, 2026 | COX MATTHEW Jdirector, officer: Chairman & CEO | Sell | 6,151 | $190.39 |
| Jun 9, 2026 | Rascon Laura Lofficer: Senior Vice President | Sell | 550 | $190.12 |
| Jun 9, 2026 | Rascon Laura Lofficer: Senior Vice President | Sell | 100 | $190.75 |
| Jun 9, 2026 | Rascon Laura Lofficer: Senior Vice President | Sell | 850 | $187.53 |
| Jun 9, 2026 | COX MATTHEW Jdirector, officer: Chairman & CEO | Sell | 1,456 | $191.10 |
| May 29, 2026 | Cerocke Grace Mofficer: Senior Vice President | Sell | 1,200 | $183.57 |
| May 21, 2026 | Scott Christopher Aofficer: Senior Vice President | Sell | 1,520 | $181.05 |
Source: MATX SEC Form 4 filings, latest Jun 29, 2026. For informational purposes only — not investment advice.
See the full MATX insider & 13F page →MATX research & analysis
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Matson, Inc. company profile
Overview
Matson, Inc. (NYSE:MATX) is a Hawaii-based ocean transportation and logistics company founded in 1882, making it one of America's oldest shipping companies. Originally established to serve the Hawaiian Islands, Matson has evolved into a specialized carrier serving the domestic non-contiguous U.S. markets of Hawaii, Alaska, and Guam, as well as operating expedited services from China to the U.S. West Coast. The company operates under the protection of the Jones Act, which requires that cargo shipped between U.S. ports be carried on American-flagged vessels built in U.S. shipyards and crewed by American mariners. Today, Matson operates a fleet of approximately 30 vessels and has expanded beyond pure ocean transportation to include comprehensive logistics services.
Business
Matson operates in the marine shipping industry, specifically focusing on containerized cargo transportation and logistics services. The company's business is divided into two primary segments that generated approximately $3.4 billion in revenue in 2024. The Ocean Transportation segment represents the core of Matson's business, accounting for roughly 85-90% of total revenues. This segment provides scheduled container shipping services using large cargo vessels that transport standardized shipping containers filled with various goods. The company operates several distinct trade routes: the Hawaii service transports mixed commodities, food, beverages, automobiles, building materials, and consumer goods from the U.S. West Coast to Hawaiian ports; the Alaska service carries similar cargo plus seafood from Alaska back to the continental U.S.; and the Guam service provides essential supply chain connectivity to this U.S. territory in the Western Pacific. Additionally, Matson operates two expedited services from China - the CLX (China Long Beach Express) and MAX (Matson Asia Express) services - which provide faster transit times than traditional ocean carriers by using fewer port stops and maintaining higher vessel speeds. The Logistics segment accounts for approximately 10-15% of revenues and provides comprehensive supply chain management services. This includes multimodal transportation brokerage (combining truck, rail, and ocean transport), warehousing and distribution services, freight forwarding, and less-than-container-load consolidation services. The logistics division serves as a complement to the ocean transportation business, offering customers end-to-end supply chain solutions rather than just port-to-port shipping. Matson also holds a joint venture interest in SSA Terminals, which operates container terminals on the U.S. West Coast, providing additional revenue through terminal handling services for other shipping lines.
Revenue model
Matson generates revenue primarily through freight charges for ocean transportation services, operating on a combination of contract rates and spot market pricing. The company's customers include major retailers, freight forwarders, automobile manufacturers, food and beverage companies, and the U.S. military, who pay for the transportation of their containerized cargo based on factors such as container size, weight, destination, and service speed. In the domestic trade lanes (Hawaii, Alaska, Guam), Matson benefits from Jones Act protection, which creates a regulatory moat by requiring that cargo between U.S. ports be carried exclusively on U.S.-flagged, U.S.-built, and U.S.-crewed vessels. This protection allows Matson to maintain premium pricing as customers have limited alternatives. The company typically operates under annual service contracts with major customers, providing revenue stability and predictability. For the China services, Matson competes in the open international market but differentiates itself through expedited transit times - typically 11-12 days from China to Long Beach compared to 14-16 days for traditional carriers. This speed premium allows Matson to charge rates significantly above standard transpacific shipping rates, often positioning their services as alternatives to more expensive air freight. The logistics segment generates revenue through service fees and commissions for brokerage services, warehousing fees, and management fees for supply chain services. This segment provides more stable, recurring revenue streams compared to the cyclical ocean transportation business. Several factors influence Matson's profitability margins. Fuel costs represent a significant expense that can be partially offset through fuel surcharges to customers. Vessel charter rates for additional capacity can fluctuate significantly based on global shipping market conditions. Labor costs are relatively stable due to union agreements but represent a substantial fixed cost base. Global trade volumes and economic conditions directly impact demand for shipping services, while competition from air freight can affect pricing power in the expedited China services. Geopolitical factors such as trade tensions, tariffs, and supply chain disruptions can create both opportunities and challenges for freight rates and volumes.
Competitive moat
Matson possesses a strong regulatory moat in its domestic trade lanes through Jones Act protection, which effectively creates a legal monopoly for U.S.-flagged carriers in domestic shipping routes. This regulatory barrier is particularly robust because it enjoys bipartisan political support and aligns with national security interests, making it unlikely to be repealed. The Jones Act protection allows Matson to maintain premium pricing and stable market share in the Hawaii, Alaska, and Guam trade lanes, which represent the majority of the company's profits. Beyond regulatory protection, Matson has built significant operational moats through its specialized infrastructure and expertise. The company operates purpose-built vessels designed specifically for Pacific trade routes, maintains dedicated terminal facilities, and has developed deep relationships with port authorities and local logistics networks in its served markets. This infrastructure would be extremely expensive and time-consuming for competitors to replicate. Additionally, Matson's 140+ year operating history has created strong brand recognition and customer loyalty, particularly in Hawaii where the company is viewed as an essential part of the islands' supply chain infrastructure. However, the moat has some limitations. In the international China services, Matson faces direct competition from global shipping giants and must compete primarily on service quality and speed rather than regulatory protection. The company's expedited services, while differentiated, could potentially be replicated by competitors with sufficient investment in faster vessels and optimized routing. Additionally, alternative transportation modes such as air freight pose competitive threats, particularly for high-value, time-sensitive cargo. The potential for disruption comes primarily from changes in trade patterns, such as the ongoing shift of manufacturing from China to other Asian countries, which could reduce demand for Matson's China services. Technological disruption in shipping (such as autonomous vessels) could eventually erode some operational advantages, though this remains a long-term consideration. The most significant risk to the moat would be any political movement to modify or repeal Jones Act protections, though this appears unlikely given current political dynamics.
Risks & safety
Matson demonstrates a solid margin of safety with strong financial fundamentals and manageable risk levels. • Liquidity and Solvency: Strong cash position of $122 million as of Q1 2025, with total current assets of $468 million against current liabilities of $546 million. The company generates substantial operating cash flow ($767 million in 2024) and maintains access to credit facilities. • Debt Management: Conservative debt-to-equity ratio of 0.27, indicating low financial leverage. Total debt is manageable relative to cash flow generation, with no apparent solvency concerns. • Valuation Metrics: Trading at reasonable multiples with P/E ratio of 14.5x (Q1 2025), EV/EBITDA of 7.1x, and price-to-book ratio of 1.6x. These metrics suggest the stock is not overvalued relative to earnings and assets. • Profitability Trends: Strong return on equity of 18% in 2024, though this declined to 2.7% in Q1 2025 due to trade disruptions. EBITDA margins remain healthy despite recent volume challenges. • Other Considerations: The Jones Act regulatory protection provides downside protection for the core domestic business. However, exposure to volatile China trade and potential tariff impacts create some earnings uncertainty in the near term.
Recent development
Over the past few years, Matson has undertaken several strategic initiatives to strengthen its competitive position and expand its service offerings. The company has invested heavily in fleet modernization, ordering three new LNG-ready Aloha Class vessels at approximately $1 billion, with the first vessel expected to be delivered in Q4 2026. These new vessels will be more fuel-efficient and environmentally friendly, supporting the company's sustainability goals while providing operational flexibility. In response to changing trade dynamics, Matson has adapted its China services strategy. The company rebranded its CLX+ service to MAX (Matson Asia Express) and added a sixth vessel to provide greater scheduling flexibility. More significantly, as U.S.-China trade tensions have intensified and manufacturers have adopted "China Plus One" strategies, Matson has expanded its transshipment services to connect cargo from Vietnam and other Southeast Asian countries to its expedited Pacific services. Currently, about 20% of their China service volume originates from these alternative sources. The company has also focused on capturing e-commerce growth opportunities, positioning its expedited ocean services as alternatives to more expensive air freight for time-sensitive consumer goods. This strategy has proven successful as e-commerce companies seek cost-effective ways to maintain fast delivery times to U.S. consumers. In response to recent trade disruptions, including the implementation of tariffs on Chinese goods in 2025, Matson has implemented cost control measures including hiring freezes and deferral of non-essential capital spending. The company has maintained operational flexibility by preserving its vessel capacity and service reliability, positioning itself to quickly respond when trade conditions improve. Throughout these strategic moves, Matson has maintained its commitment to capital returns to shareholders, continuing dividend payments and share repurchase programs even during periods of reduced profitability, demonstrating confidence in the long-term strength of its business model.
MATX company profile · for informational purposes only — not investment advice.
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