Matson (MATX) Financials

$181.94 +0.22 (+0.12%)

Closing price 05/14/2026 03:59 PM Eastern

Extended Trading

$182.50 +0.56 (+0.31%)

As of 04:25 AM Eastern

Annual Income Statements for Matson

This table shows Matson's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	103	81	231	109	83	193	927	1,064	297	476	445
Consolidated Net Income / (Loss)	103	81	231	109	83	193	927	1,064	297	476	445
Net Income / (Loss) Continuing Operations	103	81	231	109	83	193	927	1,064	297	476	445
Total Pre-Tax Income	178	131	125	148	108	259	1,171	1,352	373	599	534
Total Operating Income	196	157	147	164	129	280	1,188	1,354	343	551	500
Total Gross Profit	375	324	326	348	325	479	1,368	1,532	624	856	761
Total Revenue	1,885	1,942	2,047	2,223	2,203	2,383	3,925	4,343	3,095	3,422	3,345
Operating Revenue	1,885	1,942	2,047	2,223	2,203	2,383	3,925	4,343	3,095	3,422	3,345
Total Cost of Revenue	1,510	1,618	1,721	1,875	1,878	1,904	2,558	2,812	2,471	2,566	2,583
Operating Cost of Revenue	1,510	1,618	1,721	1,875	1,878	1,904	2,558	-	2,471	2,566	2,583
Total Operating Expenses	179	167	179	184	196	199	180	178	281	305	262
Selling, General & Admin Expense	195	183	207	221	217	225	237	261	283	304	294
Other Operating Expenses / (Income)	-17	-16	-28	-37	-21	-26	-56	-83	-2.20	1.00	-33
Total Other Income / (Expense), net	-19	-26	-22	-16	-21	-21	-16	-1.30	30	48	34
Interest Expense	19	24	24	19	23	27	23	18	12	7.50	6.80
Interest & Investment Income	-	-	-	-	-	0.00	0.00	8.20	36	48	32
Other Income / (Expense), net	-	-2.10	2.10	2.60	1.20	6.10	6.40	8.50	6.40	7.30	9.10
Income Tax Expense	75	49	-106	39	25	66	244	288	76	123	89
Basic Earnings per Share	$2.37	$1.89	$5.38	$2.55	$1.93	$4.48	$21.67	$27.28	$8.42	$14.14	$13.99
Weighted Average Basic Shares Outstanding	43.50M	43.10M	42.90M	42.70M	42.80M	43.10M	42.80M	39M	35.30M	33.70M	31.80M
Diluted Earnings per Share	$2.34	$1.87	$5.35	$2.53	$1.91	$4.44	$21.47	$27.07	$8.32	$13.93	$13.81
Weighted Average Diluted Shares Outstanding	44M	43.50M	43.20M	43M	43.30M	43.50M	43.20M	39.30M	35.70M	34.20M	32.20M
Weighted Average Basic & Diluted Shares Outstanding	43.50M	43.10M	42.90M	42.70M	43.04M	43.44M	40.88M	36.11M	34.50M	32.86M	30.44M
Cash Dividends to Common per Share	$0.70	$0.74	$0.78	$0.82	$0.86	$0.90	$1.06	$1.22	$1.26	$1.32	$1.40

This table shows Matson's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	120	62	36	113	199	128	72	95	135	143	57
Consolidated Net Income / (Loss)	120	62	36	113	199	128	72	95	135	143	57
Net Income / (Loss) Continuing Operations	120	62	36	113	199	128	72	95	135	143	57
Total Pre-Tax Income	140	84	45	143	253	158	92	122	169	151	68
Total Operating Income	132	75	37	125	242	148	82	113	161	144	61
Total Gross Profit	203	145	110	201	308	238	151	180	219	211	134
Total Revenue	828	789	722	847	962	890	782	831	880	852	758
Operating Revenue	828	789	722	847	962	890	782	831	880	852	758
Total Cost of Revenue	624	644	612	647	654	653	631	650	661	641	624
Operating Cost of Revenue	-	-	612	647	654	-	631	650	661	641	624
Total Operating Expenses	71	69	73	76	65	90	69	67	58	68	73
Selling, General & Admin Expense	73	73	73	77	72	81	75	74	67	77	78
Other Operating Expenses / (Income)	-1.30	-4.10	-0.40	-1.20	-6.90	9.50	-6.60	-7.30	-9.30	-9.30	-5.00
Total Other Income / (Expense), net	8.10	9.00	8.40	19	11	11	10	8.70	7.90	7.30	6.50
Interest Expense	2.40	2.40	2.20	2.10	1.80	1.40	1.70	1.70	1.80	1.60	1.60
Interest & Investment Income	9.30	9.80	8.80	19	10	10	9.40	8.00	7.60	6.70	6.10
Other Income / (Expense), net	1.20	1.60	1.80	1.80	1.90	1.80	2.40	2.40	2.10	2.20	2.00
Income Tax Expense	20	22	9.20	30	54	30	20	27	34	7.90	11
Basic Earnings per Share	$3.42	$1.78	$1.05	$3.34	$5.98	$3.77	$2.20	$2.95	$4.28	$4.56	$1.86
Weighted Average Basic Shares Outstanding	35.10M	35.30M	34.40M	33.90M	33.30M	33.70M	32.80M	32.10M	31.50M	31.80M	30.40M
Diluted Earnings per Share	$3.40	$1.72	$1.04	$3.31	$5.89	$3.69	$2.18	$2.92	$4.24	$4.47	$1.85
Weighted Average Diluted Shares Outstanding	35.30M	35.70M	34.60M	34.20M	33.80M	34.20M	33.20M	32.40M	31.80M	32.20M	30.60M
Weighted Average Basic & Diluted Shares Outstanding	34.93M	34.50M	34.17M	33.58M	33.21M	32.86M	32.64M	31.79M	31.18M	30.44M	30.26M
Cash Dividends to Common per Share	-	-	$0.32	-	$0.34	-	$0.34	$0.36	-	-	$0.36

This table details how cash moves in and out of Matson's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-268	-12	5.90	4.70	3.90	-8.70	268	-34	-117	131	-125
Net Cash From Operating Activities	245	158	225	305	249	430	984	1,272	511	768	547
Net Cash From Continuing Operating Activities	245	158	225	305	249	430	984	1,272	511	768	547
Net Income / (Loss) Continuing Operations	103	81	231	109	83	193	927	1,064	297	476	445
Consolidated Net Income / (Loss)	103	81	231	109	83	193	927	1,064	297	476	445
Depreciation Expense	83	97	101	94	100	115	136	139	142	153	167
Amortization Expense	23	39	46	37	95	100	128	178	167	161	162
Non-Cash Adjustments To Reconcile Net Income	13	-1.80	3.40	15	14	-25	-91	-19	22	39	6.80
Changes in Operating Assets and Liabilities, net	23	-58	-157	49	-44	47	-116	-90	-118	-62	-233
Net Cash From Investing Activities	-64	-321	-277	-260	-307	-177	-323	-729	-338	-336	-266
Net Cash From Continuing Investing Activities	-64	-321	-277	-260	-307	-177	-323	-729	-338	-336	-266
Purchase of Property, Plant & Equipment	-47	-85	-55	-63	-91	-105	-310	-147	-196	-215	-149
Acquisitions	-29	-113	-	-	-	-	0.00	-3.00	-12	-0.80	0.00
Sale of Property, Plant & Equipment	-	-	-0.20	136	3.40	15	1.90	1.20	1.20	5.90	9.10
Other Investing Activities, net	12	-123	-222	-338	-219	-88	-15	-581	-132	-127	-126
Net Cash From Financing Activities	-449	151	58	-40	62	-262	-393	-577	-290	-301	-406
Net Cash From Continuing Financing Activities	-449	151	58	-40	62	-262	-393	-577	-290	-301	-406
Repayment of Debt	-1,077	-1,152	-353	-965	-520	-1,190	-438	-112	-77	-40	-42
Repurchase of Common Equity	-4.90	-38	-19	-	0.00	0.00	-198	-397	-155	-199	-303
Payment of Dividends	-31	-32	-34	-35	-37	-39	-46	-48	-45	-45	-45
Other Financing Activities, net	-2.00	-5.60	-7.40	-4.60	-3.10	-5.60	-14	-20	-13	-18	-16
Cash Interest Paid	18	22	24	18	22	-	19	16	11	5.90	5.30
Cash Income Taxes Paid	40	16	2.60	5.20	-24	10	242	215	7.50	-27	86

This table details how cash moves in and out of Matson's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	35	-24	-108	142	102	-5.90	-145	-63	34	49	-42
Net Cash From Operating Activities	153	111	37	308	249	175	89	106	176	177	94
Net Cash From Continuing Operating Activities	153	111	37	308	249	175	89	106	176	177	94
Net Income / (Loss) Continuing Operations	120	62	36	113	199	128	72	95	135	143	57
Consolidated Net Income / (Loss)	120	62	36	113	199	128	72	95	135	143	57
Depreciation Expense	36	34	37	39	38	38	41	41	42	43	42
Amortization Expense	39	41	41	41	41	38	41	39	39	42	41
Non-Cash Adjustments To Reconcile Net Income	-27	113	19	5.10	-104	119	-0.80	-1.40	-4.00	13	0.50
Changes in Operating Assets and Liabilities, net	-15	-138	-97	110	74	-148	-64	-68	-36	-65	-47
Net Cash From Investing Activities	-69	-68	-59	-72	-78	-127	-129	-54	-53	-29	-37
Net Cash From Continuing Investing Activities	-69	-68	-59	-72	-78	-127	-129	-54	-53	-29	-37
Purchase of Property, Plant & Equipment	-60	-60	-54	-33	-58	-70	-23	-49	-46	-32	-30
Sale of Property, Plant & Equipment	-	1.10	2.30	0.90	1.20	1.50	0.20	0.30	-0.10	8.70	-0.10
Other Investing Activities, net	-9.00	-8.50	-7.10	-40	-20	-59	-107	-5.40	-7.30	-5.80	-6.40
Net Cash From Financing Activities	-49	-68	-86	-93	-69	-53	-104	-115	-89	-99	-99
Net Cash From Continuing Financing Activities	-49	-68	-86	-93	-69	-53	-104	-115	-89	-99	-99
Repayment of Debt	-12	-9.70	-10	-9.80	-10	-9.70	-10	-9.80	-12	-9.70	-10
Repurchase of Common Equity	-26	-47	-47	-73	-47	-32	-67	-94	-65	-78	-53
Payment of Dividends	-11	-11	-11	-11	-11	-11	-11	-11	-11	-11	-11
Other Financing Activities, net	-	-0.10	-17	0.20	-	-0.60	-16	-0.20	-	-0.10	-25
Cash Interest Paid	2.50	1.50	0.50	3.00	1.80	0.60	1.70	1.00	1.70	0.90	1.70
Cash Income Taxes Paid	24	13	1.10	-115	29	59	1.60	39	22	24	2.80

This table presents Matson's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	1,670	2,016	2,252	2,430	2,845	2,901	3,693	4,330	4,295	4,595	4,636
Total Current Assets	278	274	266	318	290	306	705	760	602	610	472
Cash & Equivalents	26	14	20	20	21	14	282	250	134	267	142
Accounts Receivable	193	190	195	224	206	253	344	269	279	269	257
Prepaid Expenses	60	71	52	75	63	38	78	241	189	74	73
Plant, Property, & Equipment, net	860	949	1,166	1,367	1,598	1,690	1,878	1,963	2,090	2,261	2,499
Total Noncurrent Assets	532	792	820	745	958	905	1,110	1,608	1,602	1,725	1,664
Long-Term Investments	66	82	93	87	76	49	59	81	86	84	96
Goodwill	242	324	328	328	328	328	328	328	328	328	328
Intangible Assets	139	237	225	214	203	192	181	175	176	159	147
Other Noncurrent Operating Assets	85	149	174	117	351	336	543	1,024	1,013	1,154	1,094
Total Liabilities & Shareholders' Equity	1,670	2,016	2,252	2,430	2,845	2,901	3,693	4,330	4,295	4,595	4,636
Total Liabilities	1,219	1,521	1,574	1,675	2,040	1,939	2,026	2,033	1,894	1,943	1,877
Total Current Liabilities	298	278	286	371	437	512	612	582	562	560	527
Short-Term Debt	22	32	31	42	48	59	65	77	40	40	40
Accounts Payable	165	171	175	247	236	283	308	256	278	269	245
Accrued Expenses	111	75	80	82	86	97	101	106	108	123	114
Other Current Liabilities	-	-	-	0.00	67	72	138	144	137	129	129
Total Noncurrent Liabilities	922	1,243	1,288	1,304	1,603	1,428	1,413	1,452	1,332	1,383	1,349
Long-Term Debt	408	707	826	814	910	686	550	428	389	351	312
Noncurrent Deferred & Payable Income Tax Liabilities	311	364	284	313	338	390	425	647	669	693	702
Other Noncurrent Operating Liabilities	94	172	178	177	355	353	438	377	273	339	335
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	451	495	677	755	806	961	1,667	2,297	2,401	2,652	2,759
Total Preferred & Common Equity	451	495	677	755	806	961	1,667	2,297	2,401	2,652	2,759
Total Common Equity	451	495	677	755	806	961	1,667	2,297	2,401	2,652	2,759
Common Stock	321	322	322	330	338	354	345	318	319	321	318
Retained Earnings	177	197	381	460	504	658	1,354	1,986	2,090	2,337	2,439
Accumulated Other Comprehensive Income / (Loss)	-47	-24	-25	-35	-37	-51	-31	-6.90	-8.20	-6.50	1.60

This table presents Matson's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	4,459	4,227	4,218	4,293	4,220	4,274	4,442	4,527	4,482	4,602	4,583
Total Current Assets	875	567	578	636	512	546	652	468	425	447	436
Cash & Equivalents	243	89	122	157	26	168	270	122	59	93	100
Accounts Receivable	329	283	285	305	303	308	311	271	289	278	258
Prepaid Expenses	303	195	171	174	183	70	70	75	76	76	78
Plant, Property, & Equipment, net	1,907	1,967	2,029	2,059	2,116	2,151	2,191	2,314	2,360	2,408	2,511
Total Noncurrent Assets	1,677	1,694	1,611	1,599	1,592	1,577	1,600	1,745	1,698	1,747	1,636
Long-Term Investments	87	82	80	81	85	86	93	91	98	107	102
Goodwill	328	328	328	328	328	328	328	328	328	328	328
Intangible Assets	178	188	184	181	173	169	164	156	153	150	144
Other Noncurrent Operating Assets	1,084	1,096	1,019	1,009	1,007	746	762	1,170	1,119	1,162	1,063
Total Liabilities & Shareholders' Equity	4,459	4,227	4,218	4,293	4,220	4,274	4,442	4,527	4,482	4,602	4,583
Total Liabilities	2,160	1,957	1,928	1,903	1,846	1,875	1,886	1,894	1,864	1,913	1,853
Total Current Liabilities	600	536	549	571	531	585	578	546	547	541	530
Short-Term Debt	57	46	42	40	40	40	40	40	40	40	40
Accounts Payable	293	268	271	294	278	291	294	274	282	282	254
Accrued Expenses	102	87	109	109	82	131	137	114	116	102	111
Other Current Liabilities	147	134	127	128	132	123	107	119	109	117	125
Total Noncurrent Liabilities	1,561	1,421	1,379	1,332	1,316	1,291	1,308	1,347	1,317	1,372	1,323
Long-Term Debt	461	418	409	399	379	370	360	341	332	322	302
Noncurrent Deferred & Payable Income Tax Liabilities	688	646	644	639	675	680	693	694	694	704	703
Other Noncurrent Operating Liabilities	411	358	327	294	261	111	105	313	292	347	318
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,299	2,270	2,290	2,390	2,374	2,399	2,557	2,633	2,618	2,689	2,730
Total Preferred & Common Equity	2,299	2,270	2,290	2,390	2,374	2,399	2,557	2,633	2,618	2,689	2,730
Total Common Equity	2,299	2,270	2,290	2,390	2,374	2,399	2,557	2,633	2,618	2,689	2,730
Common Stock	319	307	309	315	306	310	315	309	312	315	297
Retained Earnings	2,014	1,970	1,989	2,084	2,078	2,099	2,251	2,331	2,313	2,383	2,432
Accumulated Other Comprehensive Income / (Loss)	-34	-6.30	-7.90	-9.30	-9.80	-10	-10	-6.80	-6.30	-8.60	1.10

This table displays calculated financial ratios and metrics derived from Matson's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	31,180,035.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	31,180,035.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	14.27
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	9.96%	3.01%	5.42%	8.59%	-0.89%	8.18%	64.70%	10.64%	-28.75%	10.57%	-2.26%
EBITDA Growth	31.20%	-4.03%	2.13%	0.47%	9.22%	53.88%	190.78%	15.22%	-60.77%	32.47%	-3.99%
EBIT Growth	40.21%	-21.24%	-3.36%	11.38%	-21.69%	119.80%	316.86%	14.09%	-74.36%	59.97%	-8.90%
NOPAT Growth	40.77%	-14.05%	178.05%	-55.52%	-18.07%	111.00%	349.91%	13.26%	-74.36%	60.48%	-4.95%
Net Income Growth	45.48%	-20.97%	183.78%	-52.81%	-24.13%	133.49%	380.27%	14.72%	-72.07%	60.35%	-6.63%
EPS Growth	43.56%	-20.09%	186.10%	-52.71%	-24.51%	132.46%	383.56%	26.08%	-69.26%	67.43%	-0.86%
Operating Cash Flow Growth	48.04%	-35.67%	42.52%	35.62%	-18.43%	72.75%	128.97%	29.25%	-59.86%	50.40%	-28.74%
Free Cash Flow Firm Growth	-292.51%	14.94%	95.21%	408.38%	-268.71%	472.09%	175.85%	-16.62%	-75.10%	167.55%	-34.03%
Invested Capital Growth	107.75%	44.24%	24.95%	5.90%	10.74%	-1.43%	18.14%	27.28%	5.65%	3.12%	6.73%
Revenue Q/Q Growth	2.80%	1.28%	-0.16%	2.24%	-1.09%	7.17%	16.88%	-9.68%	-0.41%	3.05%	-1.14%
EBITDA Q/Q Growth	1.61%	-0.99%	-3.70%	0.68%	1.50%	27.86%	33.93%	-18.22%	-3.57%	8.97%	0.54%
EBIT Q/Q Growth	-1.75%	-5.33%	-7.66%	3.68%	-4.05%	48.55%	42.81%	-21.92%	-4.88%	14.89%	-0.66%
NOPAT Q/Q Growth	-0.64%	-4.10%	168.04%	-57.70%	-3.56%	48.72%	48.99%	-23.29%	-6.23%	16.99%	4.12%
Net Income Q/Q Growth	-1.15%	-7.50%	171.45%	-57.14%	-5.70%	56.86%	49.94%	-22.93%	-4.99%	15.97%	3.51%
EPS Q/Q Growth	-1.27%	-7.43%	174.36%	-57.19%	-5.91%	56.89%	51.30%	-20.03%	-8.17%	16.47%	5.99%
Operating Cash Flow Q/Q Growth	7.31%	-9.21%	3.50%	8.58%	-11.90%	26.71%	32.57%	-15.39%	-10.20%	8.99%	0.40%
Free Cash Flow Firm Q/Q Growth	-16.19%	2.87%	-133.97%	225.91%	-169.59%	183.48%	61.08%	-30.02%	-28.92%	60.83%	-19.64%
Invested Capital Q/Q Growth	-3.70%	-3.55%	14.12%	-3.56%	5.93%	0.68%	4.12%	-0.67%	0.75%	-1.89%	0.78%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	19.88%	16.69%	15.92%	15.65%	14.76%	20.10%	34.84%	35.26%	20.16%	25.01%	22.77%
EBITDA Margin	16.06%	14.97%	14.50%	13.42%	14.78%	21.03%	37.13%	38.66%	21.29%	25.50%	25.05%
Operating Margin	10.41%	8.07%	7.20%	7.37%	5.86%	11.76%	30.25%	31.17%	11.08%	16.11%	14.94%
EBIT Margin	10.41%	7.96%	7.30%	7.49%	5.91%	12.02%	30.42%	31.36%	11.28%	16.32%	15.22%
Profit (Net Income) Margin	5.46%	4.19%	11.29%	4.90%	3.75%	8.10%	23.63%	24.50%	9.60%	13.92%	13.30%
Tax Burden Percent	57.93%	62.38%	184.50%	73.80%	76.72%	74.56%	79.18%	78.67%	79.65%	79.48%	83.33%
Interest Burden Percent	90.58%	84.41%	83.80%	88.76%	82.73%	90.43%	98.11%	99.28%	106.82%	107.30%	104.89%
Effective Tax Rate	42.07%	37.62%	-84.50%	26.20%	23.28%	25.44%	20.82%	21.33%	20.35%	20.52%	16.67%
Return on Invested Capital (ROIC)	19.47%	10.15%	21.24%	8.26%	6.25%	12.63%	52.47%	48.28%	10.75%	16.53%	14.97%
ROIC Less NNEP Spread (ROIC-NNEP)	13.41%	6.82%	15.36%	6.67%	4.22%	10.57%	49.78%	47.82%	23.31%	47.22%	51.93%
Return on Net Nonoperating Assets (RNNOA)	5.83%	7.07%	18.17%	6.96%	4.35%	9.23%	18.09%	5.39%	1.90%	2.33%	1.47%
Return on Equity (ROE)	25.29%	17.22%	39.42%	15.22%	10.60%	21.86%	70.56%	53.67%	12.65%	18.86%	16.44%
Cash Return on Invested Capital (CROIC)	-50.55%	-26.08%	-0.94%	2.53%	-3.94%	14.07%	35.83%	24.27%	5.25%	13.46%	8.46%
Operating Return on Assets (OROA)	12.78%	8.39%	7.00%	7.11%	4.94%	9.97%	36.21%	33.95%	8.10%	12.57%	11.03%
Return on Assets (ROA)	6.71%	4.42%	10.83%	4.66%	3.14%	6.72%	28.13%	26.52%	6.89%	10.72%	9.64%
Return on Common Equity (ROCE)	25.29%	17.22%	39.42%	15.22%	10.60%	21.86%	70.56%	53.67%	12.65%	18.86%	16.44%
Return on Equity Simple (ROE_SIMPLE)	22.86%	16.45%	34.11%	14.43%	10.26%	20.09%	55.62%	46.32%	12.38%	17.96%	0.00%
Net Operating Profit after Tax (NOPAT)	114	98	272	121	99	209	940	1,065	273	438	416
NOPAT Margin	6.03%	5.03%	13.28%	5.44%	4.50%	8.77%	23.95%	24.52%	8.82%	12.81%	12.45%
Net Nonoperating Expense Percent (NNEP)	6.06%	3.33%	5.88%	1.59%	2.03%	2.06%	2.69%	0.46%	-12.56%	-30.69%	-36.96%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	38.01%	9.65%	14.40%	13.39%
Cost of Revenue to Revenue	80.12%	83.31%	84.08%	84.35%	85.24%	79.90%	65.16%	64.74%	79.84%	74.99%	77.23%
SG&A Expenses to Revenue	10.35%	9.43%	10.10%	9.93%	9.84%	9.44%	6.03%	6.01%	9.15%	8.87%	8.79%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	9.47%	8.62%	8.73%	8.28%	8.90%	8.34%	4.59%	4.10%	9.08%	8.90%	7.82%
Earnings before Interest and Taxes (EBIT)	196	155	149	166	130	286	1,194	1,362	349	559	509
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	303	291	297	298	326	501	1,457	1,679	659	873	838
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.48	2.64	1.65	1.64	2.01	2.42	2.18	1.00	1.57	1.68	1.39
Price to Tangible Book Value (P/TBV)	22.44	0.00	9.01	5.79	5.88	5.27	3.14	1.28	1.99	2.06	1.68
Price to Revenue (P/Rev)	0.83	0.67	0.55	0.56	0.73	0.98	0.93	0.53	1.22	1.31	1.15
Price to Earnings (P/E)	15.23	16.05	4.85	11.34	19.56	12.04	3.92	2.16	12.72	9.38	8.64
Dividend Yield	1.94%	2.43%	2.96%	2.83%	2.28%	1.67%	1.22%	2.01%	1.16%	0.98%	1.14%
Earnings Yield	6.57%	6.23%	20.63%	8.81%	5.11%	8.30%	25.49%	46.37%	7.86%	10.67%	11.57%
Enterprise Value to Invested Capital (EV/IC)	2.42	1.71	1.31	1.32	1.49	1.83	2.02	1.00	1.53	1.67	1.38
Enterprise Value to Revenue (EV/Rev)	1.01	1.00	0.91	0.89	1.13	1.26	1.00	0.57	1.29	1.32	1.18
Enterprise Value to EBITDA (EV/EBITDA)	6.30	6.71	6.28	6.66	7.61	6.00	2.68	1.47	6.06	5.16	4.72
Enterprise Value to EBIT (EV/EBIT)	9.71	12.61	12.47	11.94	19.02	10.50	3.28	1.81	11.43	8.07	7.78
Enterprise Value to NOPAT (EV/NOPAT)	16.77	19.94	6.86	16.43	25.03	14.39	4.16	2.32	14.61	10.28	9.50
Enterprise Value to Operating Cash Flow (EV/OCF)	7.77	12.35	8.29	6.51	9.96	7.00	3.98	1.94	7.82	5.87	7.23
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	53.57	0.00	12.92	6.09	4.61	29.92	12.63	16.81
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.95	1.49	1.27	1.13	1.19	0.77	0.37	0.22	0.18	0.15	0.13
Long-Term Debt to Equity	0.91	1.43	1.22	1.08	1.13	0.71	0.33	0.19	0.16	0.13	0.11
Financial Leverage	0.43	1.04	1.18	1.04	1.03	0.87	0.36	0.11	0.08	0.05	0.03
Leverage Ratio	3.77	3.90	3.64	3.27	3.38	3.25	2.51	2.02	1.84	1.76	1.71
Compound Leverage Factor	3.42	3.29	3.05	2.90	2.80	2.94	2.46	2.01	1.96	1.89	1.79
Debt to Total Capital	48.82%	59.89%	55.86%	53.14%	54.33%	43.66%	26.94%	18.01%	15.16%	12.83%	11.31%
Short-Term Debt to Total Capital	2.50%	2.58%	2.01%	2.61%	2.74%	3.47%	2.85%	2.75%	1.40%	1.30%	1.28%
Long-Term Debt to Total Capital	46.33%	57.31%	53.86%	50.52%	51.58%	40.19%	24.09%	15.27%	13.76%	11.53%	10.03%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	51.18%	40.11%	44.14%	46.86%	45.67%	56.34%	73.06%	81.99%	84.84%	87.17%	88.69%
Debt to EBITDA	1.42	2.54	2.89	2.87	2.94	1.49	0.42	0.30	0.65	0.45	0.42
Net Debt to EBITDA	1.12	2.21	2.51	2.51	2.64	1.36	0.19	0.10	0.32	0.05	0.14
Long-Term Debt to EBITDA	1.35	2.43	2.78	2.73	2.79	1.37	0.38	0.25	0.59	0.40	0.37
Debt to NOPAT	3.78	7.56	3.15	7.08	9.68	3.56	0.65	0.47	1.57	0.89	0.84
Net Debt to NOPAT	2.97	6.57	2.74	6.20	8.69	3.26	0.29	0.16	0.77	0.09	0.27
Long-Term Debt to NOPAT	3.59	7.23	3.04	6.74	9.19	3.28	0.58	0.40	1.43	0.80	0.75
Altman Z-Score	2.42	1.87	1.78	1.82	1.59	2.10	3.75	3.41	2.88	3.25	3.04
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.93	0.99	0.93	0.86	0.66	0.60	1.15	1.31	1.07	1.09	0.89
Quick Ratio	0.73	0.73	0.75	0.66	0.52	0.52	1.02	0.89	0.74	0.96	0.76
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-295	-251	-12	37	-63	233	642	535	133	357	235
Operating Cash Flow to CapEx	527.53%	185.87%	407.43%	0.00%	283.37%	481.84%	319.00%	872.96%	262.74%	368.07%	390.79%
Free Cash Flow to Firm to Interest Expense	-15.96	-10.42	-0.50	1.98	-2.78	8.50	28.41	29.75	10.93	47.57	34.61
Operating Cash Flow to Interest Expense	13.26	6.55	9.29	16.31	11.06	15.69	43.54	70.66	41.84	102.37	80.46
Operating Cash Flow Less CapEx to Interest Expense	10.75	3.02	7.01	20.25	7.16	12.43	29.89	62.57	25.92	74.56	59.87
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.23	1.05	0.96	0.95	0.84	0.83	1.19	1.08	0.72	0.77	0.72
Accounts Receivable Turnover	9.66	10.16	10.66	10.63	10.26	10.38	13.15	14.19	11.30	12.48	12.72
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	2.43	2.15	1.94	1.76	1.49	1.45	2.20	2.26	1.53	1.57	1.41
Accounts Payable Turnover	10.13	9.65	9.96	8.89	7.78	7.34	8.65	9.97	9.26	9.39	10.06
Days Sales Outstanding (DSO)	37.80	35.93	34.25	34.34	35.59	35.17	27.76	25.73	32.31	29.24	28.69
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	36.03	37.84	36.65	41.06	46.89	49.72	42.21	36.61	39.41	38.86	36.27
Cash Conversion Cycle (CCC)	1.77	-1.91	-2.40	-6.72	-11.30	-14.55	-14.45	-10.88	-7.10	-9.62	-7.59
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	789	1,138	1,421	1,505	1,667	1,643	1,941	2,471	2,610	2,692	2,873
Invested Capital Turnover	3.23	2.02	1.60	1.52	1.39	1.44	2.19	1.97	1.22	1.29	1.20
Increase / (Decrease) in Invested Capital	409	349	284	84	162	-24	298	530	140	81	181
Enterprise Value (EV)	1,907	1,949	1,864	1,986	2,479	3,007	3,912	2,468	3,990	4,506	3,957
Market Capitalization	1,569	1,306	1,120	1,237	1,618	2,325	3,638	2,294	3,780	4,467	3,844
Book Value per Share	$10.35	$11.55	$15.95	$17.69	$18.80	$22.31	$39.67	$60.80	$68.72	$79.86	$88.49
Tangible Book Value per Share	$1.61	($1.53)	$2.93	$5.00	$6.42	$10.25	$27.56	$47.49	$54.29	$65.18	$73.27
Total Capital	881	1,234	1,534	1,612	1,764	1,706	2,282	2,802	2,830	3,043	3,111
Total Debt	430	739	857	856	958	745	615	505	429	391	352
Total Long-Term Debt	408	707	826	814	910	686	550	428	389	351	312
Net Debt	338	643	744	750	861	682	274	174	210	40	114
Capital Expenditures (CapEx)	47	85	55	-74	88	89	309	146	194	209	140
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-23	15	-9.30	-30	-120	-161	-125	5.10	-54	-178	-158
Debt-free Net Working Capital (DFNWC)	2.30	28	11	-10	-99	-146	157	255	80	89	-16
Net Working Capital (NWC)	-20	-3.40	-20	-52	-147	-206	92	178	40	49	-56
Net Nonoperating Expense (NNE)	11	16	41	12	16	16	13	1.02	-24	-38	-28
Net Nonoperating Obligations (NNO)	338	643	744	750	861	682	274	174	210	40	114
Total Depreciation and Amortization (D&A)	107	136	147	132	195	215	264	317	310	314	329
Debt-free, Cash-free Net Working Capital to Revenue	-1.23%	0.75%	-0.45%	-1.35%	-5.44%	-6.75%	-3.19%	0.12%	-1.75%	-5.20%	-4.72%
Debt-free Net Working Capital to Revenue	0.12%	1.46%	0.51%	-0.46%	-4.48%	-6.14%	4.00%	5.87%	2.58%	2.60%	-0.47%
Net Working Capital to Revenue	-1.05%	-0.18%	-0.99%	-2.36%	-6.68%	-8.63%	2.35%	4.10%	1.29%	1.44%	-1.66%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.37	$1.87	$5.41	$0.00	$0.00	$0.00	$21.67	$27.28	$8.42	$14.14	$13.99
Adjusted Weighted Average Basic Shares Outstanding	43.50M	43.10M	42.90M	0.00	0.00	0.00	42.80M	39M	35.30M	33.70M	31.80M
Adjusted Diluted Earnings per Share	$2.34	$1.85	$5.37	$0.00	$0.00	$0.00	$21.47	$27.07	$8.32	$13.93	$13.81
Adjusted Weighted Average Diluted Shares Outstanding	44M	43.50M	43.20M	0.00	0.00	0.00	43.20M	39.30M	35.70M	34.20M	32.20M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	43.44M	43.12M	42.65M	0.00	0.00	0.00	40.88M	36.11M	34.50M	32.86M	30.44M
Normalized Net Operating Profit after Tax (NOPAT)	114	98	103	121	99	209	940	1,065	273	438	416
Normalized NOPAT Margin	6.03%	5.03%	5.04%	5.44%	4.50%	8.77%	23.95%	24.52%	8.82%	12.81%	12.45%
Pre Tax Income Margin	9.43%	6.72%	6.12%	6.64%	4.89%	10.87%	29.84%	31.14%	12.05%	17.52%	15.96%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	10.61	6.41	6.17	8.90	5.79	10.45	52.83	75.67	28.62	74.48	74.84
NOPAT to Interest Expense	6.15	4.06	11.23	6.46	4.40	7.63	41.60	59.16	22.38	58.42	61.25
EBIT Less CapEx to Interest Expense	8.10	2.89	3.89	12.84	1.89	7.20	39.18	67.58	12.70	46.67	54.25
NOPAT Less CapEx to Interest Expense	3.63	0.53	8.95	10.41	0.50	4.37	27.95	51.07	6.45	30.61	40.66
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	29.90%	39.56%	14.63%	32.48%	44.98%	20.30%	4.95%	4.51%	15.15%	9.40%	10.09%
Augmented Payout Ratio	34.66%	86.24%	22.99%	32.48%	44.98%	20.30%	26.33%	41.83%	67.38%	51.20%	78.28%

This table displays calculated financial ratios and metrics derived from Matson's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	31,180,035.00	30,263,281.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	31,180,035.00	30,263,281.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	4.59	1.87
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-25.77%	-1.58%	2.45%	9.57%	16.25%	12.85%	8.30%	-1.99%	-8.51%	-4.31%	-3.09%
EBITDA Growth	-50.07%	-12.83%	-4.18%	16.49%	55.67%	48.84%	42.54%	-4.76%	-24.46%	1.98%	-11.55%
EBIT Growth	-60.54%	-18.88%	-4.44%	28.32%	83.20%	94.15%	118.35%	-8.70%	-33.21%	-2.28%	-24.97%
NOPAT Growth	-57.68%	-24.37%	-1.22%	31.57%	68.92%	114.11%	118.94%	-10.79%	-32.72%	14.11%	-20.50%
Net Income Growth	-54.92%	-20.00%	6.18%	40.10%	66.06%	105.13%	100.28%	-16.34%	-32.35%	11.80%	-21.72%
EPS Growth	-50.65%	-30.08%	10.64%	46.46%	73.24%	114.53%	109.62%	-11.78%	-28.01%	21.14%	-15.14%
Operating Cash Flow Growth	-62.91%	-34.24%	-62.15%	105.54%	62.91%	56.82%	143.17%	-65.70%	-29.36%	1.26%	5.62%
Free Cash Flow Firm Growth	102.63%	81.58%	82.73%	89.43%	306.82%	145.19%	37.86%	-26.00%	-44.14%	-218.38%	66.28%
Invested Capital Growth	4.17%	5.65%	4.57%	5.75%	5.89%	3.12%	4.44%	5.50%	3.90%	6.73%	2.49%
Revenue Q/Q Growth	7.00%	-4.66%	-8.47%	17.35%	13.52%	-7.45%	-12.16%	6.20%	5.97%	-3.20%	-11.05%
EBITDA Q/Q Growth	17.45%	-27.16%	-23.88%	76.32%	56.96%	-30.36%	-26.30%	17.93%	24.64%	-5.32%	-36.45%
EBIT Q/Q Growth	35.33%	-42.31%	-49.67%	226.62%	93.20%	-38.86%	-43.40%	36.57%	41.33%	-10.55%	-56.55%
NOPAT Q/Q Growth	50.81%	-50.66%	-47.24%	235.19%	93.61%	-37.46%	-46.05%	36.58%	46.02%	6.06%	-62.42%
Net Income Q/Q Growth	48.39%	-47.96%	-42.15%	213.57%	75.88%	-35.71%	-43.52%	30.98%	42.24%	6.24%	-60.45%
EPS Q/Q Growth	50.44%	-49.41%	-39.53%	218.27%	77.95%	-37.35%	-40.92%	33.95%	45.21%	5.42%	-58.61%
Operating Cash Flow Q/Q Growth	1.87%	-27.00%	-67.15%	741.26%	-19.26%	-29.73%	-49.06%	18.65%	66.29%	0.74%	-46.86%
Free Cash Flow Firm Q/Q Growth	102.09%	-995.80%	63.87%	46.03%	180.39%	-0.49%	-243.95%	-9.43%	135.64%	-310.89%	59.00%
Invested Capital Q/Q Growth	2.08%	0.75%	-3.17%	0.09%	2.21%	-1.89%	4.06%	1.11%	0.66%	0.78%	-0.08%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	24.58%	18.32%	15.22%	23.66%	31.99%	26.71%	19.30%	21.69%	24.88%	24.82%	17.67%
EBITDA Margin	25.14%	19.20%	16.20%	24.35%	33.66%	25.33%	21.25%	23.60%	27.76%	27.15%	19.40%
Operating Margin	15.96%	9.54%	5.11%	14.70%	25.19%	16.57%	10.50%	13.61%	18.29%	16.87%	8.10%
EBIT Margin	16.11%	9.75%	5.36%	14.92%	25.38%	16.77%	10.81%	13.90%	18.53%	17.13%	8.37%
Profit (Net Income) Margin	14.49%	7.91%	5.00%	13.36%	20.70%	14.38%	9.25%	11.40%	15.31%	16.80%	7.47%
Tax Burden Percent	85.52%	74.02%	79.69%	79.11%	78.76%	80.91%	78.42%	77.81%	79.75%	94.77%	83.36%
Interest Burden Percent	105.18%	109.62%	117.05%	113.21%	103.52%	105.96%	109.11%	105.46%	103.56%	103.50%	107.10%
Effective Tax Rate	14.48%	25.98%	20.31%	20.89%	21.24%	19.09%	21.58%	22.19%	20.25%	5.23%	16.64%
Return on Invested Capital (ROIC)	16.71%	8.61%	4.83%	14.19%	24.70%	17.30%	10.46%	13.30%	17.65%	19.22%	7.91%
ROIC Less NNEP Spread (ROIC-NNEP)	20.27%	12.08%	7.05%	19.68%	28.97%	24.25%	13.79%	16.01%	21.26%	28.24%	11.43%
Return on Net Nonoperating Assets (RNNOA)	1.68%	0.99%	0.91%	2.24%	2.27%	1.20%	1.31%	1.59%	1.41%	0.80%	0.66%
Return on Equity (ROE)	18.39%	9.59%	5.75%	16.43%	26.96%	18.50%	11.77%	14.90%	19.06%	20.02%	8.56%
Cash Return on Invested Capital (CROIC)	7.39%	5.25%	5.93%	5.75%	8.32%	13.46%	12.92%	11.41%	10.47%	8.46%	11.78%
Operating Return on Assets (OROA)	11.44%	7.00%	3.95%	11.19%	19.30%	12.91%	8.60%	11.00%	13.86%	12.41%	6.10%
Return on Assets (ROA)	10.29%	5.68%	3.68%	10.02%	15.73%	11.07%	7.36%	9.02%	11.45%	12.17%	5.44%
Return on Common Equity (ROCE)	18.39%	9.59%	5.75%	16.43%	26.96%	18.50%	11.77%	14.90%	19.06%	20.02%	8.56%
Return on Equity Simple (ROE_SIMPLE)	13.08%	0.00%	12.60%	13.83%	16.07%	0.00%	19.47%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	113	56	29	99	191	119	64	88	128	136	51
NOPAT Margin	13.65%	7.07%	4.07%	11.63%	19.84%	13.40%	8.23%	10.59%	14.59%	15.99%	6.75%
Net Nonoperating Expense Percent (NNEP)	-3.56%	-3.48%	-2.22%	-5.48%	-4.27%	-6.95%	-3.33%	-2.71%	-3.62%	-9.03%	-3.52%
Return On Investment Capital (ROIC_SIMPLE)	-	1.97%	-	-	-	3.92%	2.14%	2.94%	4.21%	4.38%	1.67%
Cost of Revenue to Revenue	75.42%	81.68%	84.78%	76.34%	68.01%	73.29%	80.70%	78.31%	75.12%	75.18%	82.33%
SG&A Expenses to Revenue	8.77%	9.29%	10.16%	9.10%	7.52%	9.08%	9.64%	8.96%	7.65%	9.04%	10.23%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	8.62%	8.77%	10.11%	8.96%	6.80%	10.14%	8.80%	8.08%	6.59%	7.95%	9.57%
Earnings before Interest and Taxes (EBIT)	133	77	39	126	244	149	85	115	163	146	63
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	208	152	117	206	324	226	166	196	244	231	147
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.29	1.57	1.65	1.86	1.87	1.68	1.60	1.39	1.17	1.39	1.83
Price to Tangible Book Value (P/TBV)	1.64	1.99	2.08	2.35	2.32	2.06	1.96	1.70	1.42	1.68	2.21
Price to Revenue (P/Rev)	1.00	1.22	1.26	1.40	1.44	1.31	1.21	1.05	0.93	1.15	1.50
Price to Earnings (P/E)	9.89	12.72	13.05	13.46	11.66	9.38	8.22	7.36	7.29	8.64	11.63
Dividend Yield	1.43%	1.16%	1.14%	0.98%	0.91%	0.98%	1.05%	1.22%	1.40%	1.14%	0.87%
Earnings Yield	10.11%	7.86%	7.66%	7.43%	8.58%	10.67%	12.17%	13.59%	13.71%	11.57%	8.60%
Enterprise Value to Invested Capital (EV/IC)	1.27	1.53	1.57	1.77	1.81	1.67	1.56	1.36	1.16	1.38	1.79
Enterprise Value to Revenue (EV/Rev)	1.06	1.29	1.35	1.49	1.50	1.32	1.26	1.11	0.97	1.18	1.55
Enterprise Value to EBITDA (EV/EBITDA)	4.82	6.06	6.42	6.93	6.21	5.16	4.75	4.22	3.95	4.72	6.27
Enterprise Value to EBIT (EV/EBIT)	8.97	11.43	12.13	12.65	10.23	8.07	7.25	6.49	6.43	7.78	10.52
Enterprise Value to NOPAT (EV/NOPAT)	11.31	14.61	15.45	16.03	13.29	10.28	9.26	8.32	8.24	9.50	12.72
Enterprise Value to Operating Cash Flow (EV/OCF)	5.80	7.82	9.35	7.80	7.06	5.87	5.34	6.23	6.05	7.23	9.29
Enterprise Value to Free Cash Flow (EV/FCFF)	17.56	29.92	27.11	31.61	22.43	12.63	12.37	12.23	11.25	16.81	15.37
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.18	0.18	0.18	0.23	0.22	0.15	0.14	0.14	0.13	0.13	0.13
Long-Term Debt to Equity	0.17	0.16	0.16	0.21	0.20	0.13	0.13	0.13	0.12	0.11	0.11
Financial Leverage	0.08	0.08	0.13	0.11	0.08	0.05	0.10	0.10	0.07	0.03	0.06
Leverage Ratio	1.87	1.84	1.82	1.81	1.77	1.76	1.75	1.75	1.72	1.71	1.70
Compound Leverage Factor	1.96	2.01	2.13	2.05	1.83	1.86	1.91	1.84	1.79	1.77	1.82
Debt to Total Capital	15.50%	15.16%	15.01%	18.38%	17.71%	12.83%	12.63%	12.42%	11.84%	11.31%	11.13%
Short-Term Debt to Total Capital	1.40%	1.40%	1.42%	1.35%	1.28%	1.30%	1.32%	1.33%	1.30%	1.28%	1.29%
Long-Term Debt to Total Capital	14.09%	13.76%	13.58%	17.03%	16.44%	11.53%	11.31%	11.09%	10.54%	10.03%	9.84%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	84.50%	84.84%	84.99%	81.62%	82.29%	87.17%	87.37%	87.58%	88.16%	88.69%	88.87%
Debt to EBITDA	0.64	0.65	0.64	0.79	0.69	0.45	0.41	0.41	0.43	0.42	0.42
Net Debt to EBITDA	0.29	0.32	0.47	0.42	0.23	0.05	0.18	0.23	0.19	0.14	0.17
Long-Term Debt to EBITDA	0.58	0.59	0.58	0.73	0.64	0.40	0.37	0.36	0.39	0.37	0.37
Debt to NOPAT	1.51	1.57	1.54	1.82	1.47	0.89	0.80	0.80	0.90	0.84	0.85
Net Debt to NOPAT	0.69	0.77	1.13	0.96	0.50	0.09	0.35	0.46	0.40	0.27	0.35
Long-Term Debt to NOPAT	1.37	1.43	1.39	1.69	1.36	0.80	0.72	0.72	0.80	0.75	0.75
Altman Z-Score	2.50	2.67	2.72	2.95	3.18	2.96	2.87	2.72	2.54	2.78	3.10
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.11	1.07	0.97	0.93	1.13	1.09	0.86	0.78	0.83	0.89	0.82
Quick Ratio	0.81	0.74	0.62	0.81	1.01	0.96	0.72	0.64	0.69	0.76	0.68
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	9.37	-84	-88	-47	38	38	-55	-60	21	-45	-18
Operating Cash Flow to CapEx	254.76%	188.81%	70.52%	968.24%	437.68%	256.53%	399.10%	217.28%	384.25%	755.98%	309.21%
Free Cash Flow to Firm to Interest Expense	3.91	-34.98	-39.95	-22.59	21.18	27.10	-32.13	-35.16	11.83	-28.07	-11.51
Operating Cash Flow to Interest Expense	63.58	46.42	16.64	146.62	138.11	124.79	52.35	62.12	97.56	110.56	58.75
Operating Cash Flow Less CapEx to Interest Expense	38.63	21.83	-6.95	131.48	106.56	76.14	39.24	33.53	72.17	95.94	39.75
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.71	0.72	0.74	0.75	0.76	0.77	0.80	0.79	0.75	0.72	0.73
Accounts Receivable Turnover	9.81	11.30	10.62	10.75	10.78	12.48	12.14	11.61	11.48	12.72	12.56
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	1.57	1.53	1.52	1.52	1.56	1.57	1.57	1.54	1.47	1.41	1.38
Accounts Payable Turnover	8.41	9.26	9.11	8.99	8.70	9.39	9.37	9.02	9.00	10.06	9.75
Days Sales Outstanding (DSO)	37.22	32.31	34.35	33.97	33.87	29.24	30.06	31.45	31.79	28.69	29.05
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	43.41	39.41	40.08	40.61	41.95	38.86	38.94	40.45	40.54	36.27	37.43
Cash Conversion Cycle (CCC)	-6.19	-7.10	-5.73	-6.64	-8.07	-9.62	-8.88	-9.00	-8.76	-7.59	-8.38
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,591	2,610	2,682	2,684	2,744	2,692	2,801	2,832	2,851	2,873	2,870
Invested Capital Turnover	1.22	1.22	1.19	1.22	1.24	1.29	1.27	1.26	1.21	1.20	1.17
Increase / (Decrease) in Invested Capital	104	140	117	146	153	81	119	148	107	181	70
Enterprise Value (EV)	3,295	3,990	4,213	4,749	4,976	4,506	4,380	3,849	3,295	3,957	5,131
Market Capitalization	3,094	3,780	3,905	4,464	4,789	4,467	4,212	3,635	3,134	3,844	4,990
Book Value per Share	$67.73	$68.72	$69.01	$70.20	$76.14	$79.86	$80.12	$80.20	$84.60	$88.49	$89.69
Tangible Book Value per Share	$53.32	$54.29	$54.46	$55.65	$61.49	$65.18	$65.39	$65.47	$69.58	$73.27	$74.21
Total Capital	2,829	2,830	2,793	2,939	3,107	3,043	3,014	2,989	3,051	3,111	3,072
Total Debt	438	429	419	540	550	391	381	371	361	352	342
Total Long-Term Debt	399	389	379	501	511	351	341	332	322	312	302
Net Debt	201	210	308	286	187	40	168	214	161	114	140
Capital Expenditures (CapEx)	60	59	52	32	57	68	22	49	46	23	30
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-52	-54	-4.70	-167	-157	-178	-161	-142	-147	-158	-154
Debt-free Net Working Capital (DFNWC)	105	80	21	1.40	114	89	-39	-83	-54	-16	-54
Net Working Capital (NWC)	65	40	-19	-38	74	49	-78	-122	-94	-56	-94
Net Nonoperating Expense (NNE)	-6.93	-6.66	-6.69	-15	-8.27	-8.66	-7.92	-6.77	-6.30	-6.92	-5.42
Net Nonoperating Obligations (NNO)	201	210	308	286	187	40	168	214	161	114	140
Total Depreciation and Amortization (D&A)	75	75	78	80	80	76	82	81	81	85	84
Debt-free, Cash-free Net Working Capital to Revenue	-1.66%	-1.75%	-0.15%	-5.24%	-4.71%	-5.20%	-4.62%	-4.09%	-4.33%	-4.72%	-4.64%
Debt-free Net Working Capital to Revenue	3.38%	2.58%	0.68%	0.04%	3.43%	2.60%	-1.11%	-2.39%	-1.59%	-0.47%	-1.62%
Net Working Capital to Revenue	2.10%	1.29%	-0.59%	-1.20%	2.23%	1.44%	-2.25%	-3.53%	-2.76%	-1.66%	-2.82%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.42	$1.78	$1.05	$3.34	$5.98	$3.77	$2.20	$2.95	$4.28	$4.56	$1.86
Adjusted Weighted Average Basic Shares Outstanding	35.10M	35.30M	34.40M	33.90M	33.30M	33.70M	32.80M	32.10M	31.50M	31.80M	30.40M
Adjusted Diluted Earnings per Share	$3.40	$1.72	$1.04	$3.31	$5.89	$3.69	$2.18	$2.92	$4.24	$4.47	$1.85
Adjusted Weighted Average Diluted Shares Outstanding	35.30M	35.70M	34.60M	34.20M	33.80M	34.20M	33.20M	32.40M	31.80M	32.20M	30.60M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	34.93M	34.50M	34.17M	33.58M	33.21M	32.86M	32.64M	31.79M	31.18M	30.44M	30.26M
Normalized Net Operating Profit after Tax (NOPAT)	113	56	29	99	191	119	64	88	128	136	51
Normalized NOPAT Margin	13.65%	7.07%	4.07%	11.63%	19.84%	13.40%	8.23%	10.59%	14.59%	15.99%	6.75%
Pre Tax Income Margin	16.94%	10.69%	6.27%	16.89%	26.28%	17.77%	11.79%	14.65%	19.19%	17.73%	8.96%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	55.54	32.04	17.59	60.19	135.67	106.64	49.71	67.88	90.61	91.19	39.63
NOPAT to Interest Expense	47.07	23.22	13.37	46.94	106.02	85.24	37.87	51.72	71.33	85.11	31.99
EBIT Less CapEx to Interest Expense	30.58	7.46	-6.00	45.05	104.11	58.00	36.59	39.29	65.22	76.56	20.63
NOPAT Less CapEx to Interest Expense	22.11	-1.36	-10.22	31.79	74.46	36.60	24.75	23.14	45.94	70.49	12.99
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	14.36%	15.15%	14.97%	13.48%	10.88%	9.40%	8.78%	9.11%	10.47%	10.09%	10.39%
Augmented Payout Ratio	80.97%	67.38%	69.28%	71.62%	63.07%	51.20%	51.44%	57.56%	70.40%	78.28%	77.79%

Financials Breakdown Chart

Key Financial Trends

Matson, Inc. (MATX) has shown improving profitability and solid cash generation in 2025, with stronger quarterly net income and robust operating cash flow. While Q4 2025 revenue was down modestly versus the prior-year quarter, earnings and cash flow metrics improved, and the company maintained a modest debt load while returning capital to shareholders through buybacks. Below are the 10 most material takeaways from MATX’s quarterly results over the last four years, shown with the strongest positives first.

Net income from continuing operations rose to $143.1 million in Q4 2025, up from $128.0 million in Q4 2024; basic earnings per share increased to $4.56 (from $3.77 in the prior-year quarter).
Operating cash flow remained robust, with net cash from continuing operating activities of $176.9 million in Q4 2025 and $175.6 million in Q3 2025, up from $89.0 million in Q1 2025.
Free cash flow in Q4 2025 was strong, estimated around $145 million (roughly CFO of $176.9M minus PPE purchases of $32.1M), signaling ample capacity to fund dividends, buybacks, or growth capex.
Cash and equivalents improved meaningfully in 2025, with $92.7 million at the end of Q3 2025, up from $12.2 million at Q1 2025, indicating better liquidity.
Debt remains modest and relatively stable, with long-term debt generally in the low-to-mid $300 million range (Q3 2025 LT debt $321.5 million; Q2 2025 LT debt $331.5 million; Q1 2025 LT debt $340.9 million), supporting a healthy balance sheet backdrop.
Capital return through buybacks remained active in 2025, with substantial repurchases in multiple quarters (example: Q2 2025 $93.5 million, Q3 2025 $65.4 million, Q4 2025 $77.5 million), signaling management confidence in the stock.
Revenue in Q4 2025 was $851.9 million, down from $890.3 million in Q4 2024, reflecting near-term market softness but remaining well above early-2020s levels.
Gross margin hovered in the mid-20s, at roughly 24.8% in Q4 2025 versus 26.7% in Q4 2024, indicating a modest margin headwind in the latest quarter.
Revenue declined year-over-year in Q4 2025 versus Q4 2024 (about a 4.4% drop), suggesting near-term top-line challenges despite stronger profitability.
Net financing cash flows were negative across 2025 quarters due to buybacks and debt repayments (example: Q4 2025 net financing cash flow around -$98.5 million; Q3 2025 around -$89.5 million), reducing cash availability even as operating cash flow remains solid.

05/15/26 05:58 AM ETAI Generated. May Contain Errors.

Matson Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Matson's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Matson's net income appears to be on an upward trend, with a most recent value of $444.80 million in 2025, rising from $103 million in 2015. The previous period was $476.40 million in 2024. View Matson's forecast to see where analysts expect Matson to go next.

Matson's total operating income in 2025 was $499.80 million, based on the following breakdown:

Total Gross Profit: $761.40 million
Total Operating Expenses: $261.60 million

Over the last 10 years, Matson's total revenue changed from $1.88 billion in 2015 to $3.34 billion in 2025, a change of 77.4%.

Matson's total liabilities were at $1.88 billion at the end of 2025, a 3.4% decrease from 2024, and a 53.9% increase since 2015.

In the past 10 years, Matson's cash and equivalents has ranged from $13.90 million in 2016 to $282.40 million in 2021, and is currently $141.90 million as of their latest financial filing in 2025.

Over the last 10 years, Matson's book value per share changed from 10.35 in 2015 to 88.49 in 2025, a change of 755.3%.

Related Companies

Financial statements for NYSE:MATX last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Matson (MATX) Financials

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