olivLaw · US equity research
Matson, Inc. MATX
Water Transportation · SIC 4400 · Vertical: Water Transportation (SIC 4400)
Matson is an ocean transportation and logistics provider serving mainly Hawaii, Alaska, Guam and the Asia to U.S. West Coast trade, operating as a Jones Act carrier. In the second quarter of 2026 the company reported consolidated revenue of 969.4 million USD, and its China service volume rose 15.2 percent, making the Asia route the main development to watch.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, Matson, Inc. (MATX) stock was 213.87 USD (+1.15% on the day), with market capitalisation 6.3 bn USD, P/E 12.1 on diluted EPS of 17.65 USD over the last 12 months, dividend yield 0.66%, beta 1.07, 52-week range 102.05–238.60 USD. Latest reported quarter (Q3 2026): revenue of 1.1 bn USD (+26.5% YoY), net income of 209.4 m USD (+55.5% YoY), diluted EPS 6.96 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 36.0
- weak (30–45)
- Bollinger (20, 2)
- 214.16 – 242.29
- below the lower band · %B -0.01 · band width 12.3%
- SMA 50 / 200
- 227.46 / 194.26
- mixed trend
- MACD (12, 26, 9)
- -2.80 / -0.55
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −4.9% | −5.9% | +1.1 pp | — |
| 3 months | +3.7% | −4.6% | +8.3 pp | — |
| 6 months | +18.7% | +0.2% | +18.5 pp | — |
| Year to date | +73.1% | +7.4% | +65.7 pp | — |
| 1 year | +94.8% | +8.2% | +86.6 pp | +14.8% |
| 3 years | +134.5% | +68.4% | +66.1 pp | +56.7% |
| 5 years | +139.0% | +56.5% | +82.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 890.3 m | 782.0 m | 830.5 m | 880.1 m | 851.9 m | 757.8 m | 969.4 m | 1.1 bn |
| Operating income | 147.5 m | 82.1 m | 113.0 m | 161.0 m | 143.7 m | 61.4 m | 158.9 m | 255.2 m |
| Interest expense | 1.4 m | 1.7 m | 1.7 m | 1.8 m | 1.6 m | 1.6 m | 1.6 m | 1.6 m |
| Pre-tax income | 158.2 m | 92.2 m | 121.7 m | 168.9 m | 151.0 m | 67.9 m | 163.9 m | 263.3 m |
| Income tax | 30.2 m | 19.9 m | 27.0 m | 34.2 m | 7.9 m | 11.3 m | 34.5 m | 53.9 m |
| Net income | 128.0 m | 72.3 m | 94.7 m | 134.7 m | 143.1 m | 56.6 m | 129.4 m | 209.4 m |
| Diluted EPS | 3.81 ≈ | 2.18 | 2.92 | 4.24 | 4.57 ≈ | 1.85 | 4.27 | 6.96 |
| Operating cash flow | 174.7 m | 89.0 m | 105.6 m ≈ | 175.6 m ≈ | 176.9 m | 94.0 m | 137.6 m ≈ | 229.0 m ≈ |
| Capex | 125.4 m | 89.2 m | 86.3 m | 83.2 m | 134.7 m | 48.3 m | — | — |
| Dividends paid | 11.3 m | 11.3 m | 11.0 m ≈ | 11.4 m ≈ | 11.2 m | 11.0 m | 11.0 m ≈ | 11.4 m ≈ |
| Share repurchases | 31.7 m | 66.9 m | 93.5 m ≈ | 65.4 m ≈ | 77.5 m | 52.8 m | 67.0 m ≈ | 60.3 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 55 percentile of its own 40-quarter history (min 1.8, median 11.2, max 21.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.2 bn | 2.2 bn | 2.4 bn | 3.9 bn | 4.3 bn | 3.1 bn | 3.4 bn | 3.3 bn |
| Revenue YoY | +8.6% | −0.9% | +8.2% | +64.7% | +10.6% | −28.7% | +10.6% | −2.3% |
| Net income | 109.0 m | 82.7 m | 193.1 m | 927.4 m | 1.1 bn | 297.1 m | 476.4 m | 444.8 m |
| Net income YoY | −52.8% | −24.1% | +133.5% | +380.3% | +14.7% | −72.1% | +60.4% | −6.6% |
| Diluted EPS | 2.53 | 1.91 | 4.44 | 21.47 | 27.07 | 8.32 | 13.93 | 13.81 |
| Diluted EPS YoY | −52.7% | −24.5% | +132.5% | +383.6% | +26.1% | −69.3% | +67.4% | −0.9% |
| net % | 4.9% | 3.8% | 8.1% | 23.6% | 24.5% | 9.6% | 13.9% | 13.3% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | 1.1 bn | 262.1 m | 457.7 m | 153.7 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 141.9 m USD
- Financial debt
- 351.8 m USD
- Net debt
- 209.9 m USD
- Equity
- 2.8 bn USD
- Total assets
- 4.6 bn USD
- Debt / equity
- 0.13x
- Current ratio
- 0.89x
- ROE
- 16.4%
- ROA
- 9.6%
- FCF margin
- 4.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 2.4 bn | 3.9 bn | 4.3 bn | 3.1 bn | 3.4 bn | 3.3 bn | SEC (XBRL)· 27 Feb 2026verified |
| SG&A | 225.0 m | 236.5 m | 261.0 m | 283.3 m | — | — | SEC (XBRL)· 23 Feb 2024verified |
| Operating income | 280.3 m | 1.2 bn | 1.4 bn | 342.8 m | 551.3 m | 499.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Depreciation & amortisation | 114.9 m | — | — | — | — | — | SEC (XBRL)· 26 Feb 2021verified |
| EBITDA | 395.2 m ≈ | — | — | — | — | — | SEC (XBRL)· 26 Feb 2021derived |
| Interest expense | 27.4 m | 22.6 m | 18.0 m | 12.2 m | 7.5 m | 6.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Pre-tax income | 259.0 m | 1.2 bn | 1.4 bn | 373.0 m | 599.4 m | 533.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Income tax | 65.9 m | 243.9 m | 288.4 m | 75.9 m | 123.0 m | 89.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Net income | 193.1 m | 927.4 m | 1.1 bn | 297.1 m | 476.4 m | 444.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Diluted EPS | 4.44 | 21.47 | 27.07 | 8.32 | 13.93 | 13.81 | SEC (XBRL)· 27 Feb 2026verified |
| Weighted average diluted shares | 43.5 m | 43.2 m | 39.3 m | 35.7 m | 34.2 m | 32.2 m | SEC (XBRL)· 27 Feb 2026verified |
| Dividend per share | 0.90 | 1.06 | 1.22 | 1.26 | 1.32 | 1.40 | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 14.4 m | 282.4 m | 249.8 m | 134.0 m | 266.8 m | 141.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Current assets | 305.9 m | 704.5 m | 759.6 m | 602.3 m | 609.6 m | 471.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Property, plant & equipment, net | 1.7 bn | 1.9 bn | 2.0 bn | 2.1 bn | 2.3 bn | 2.5 bn | SEC (XBRL)· 27 Feb 2026verified |
| Goodwill | 327.8 m | 327.8 m | 327.8 m | 327.8 m | 327.8 m | 327.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Intangibles (excl. goodwill) | 192.0 m | 181.1 m | 174.9 m | 176.4 m | 159.4 m | 146.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Total assets | 2.9 bn | 3.7 bn | 4.3 bn | 4.3 bn | 4.6 bn | 4.6 bn | SEC (XBRL)· 27 Feb 2026verified |
| Accounts payable | 283.1 m | 308.4 m | 255.6 m | 277.9 m | 268.5 m | 244.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Short-term debt | 59.2 m | 65.0 m | 76.9 m | 39.7 m | 39.7 m | 39.7 m | SEC (XBRL)· 27 Feb 2026verified |
| Long-term debt | 685.6 m | 549.7 m | 427.7 m | 389.3 m | 350.8 m | 312.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Current liabilities | 511.5 m | 612.4 m | 581.6 m | 562.3 m | 560.4 m | 527.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Equity | 961.2 m † | 1.7 bn † | 2.3 bn † | 2.4 bn † | 2.7 bn † | 2.8 bn † | SEC (XBRL)· 27 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 429.8 m | 984.1 m | 1.3 bn | 510.5 m | 767.8 m | 547.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Capex | — | — | 209.3 m | 248.4 m | 310.1 m | 393.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Free cash flow | — | — | 1.1 bn ≈ | 262.1 m ≈ | 457.7 m ≈ | 153.7 m ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Investing cash flow | -177.0 m | -323.4 m | -729.3 m | -338.2 m | -336.1 m | -265.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Financing cash flow | -261.5 m | -392.7 m | -576.6 m | -289.7 m | -301.2 m | -406.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Dividends paid | 39.2 m | 45.9 m | 48.0 m | 45.0 m | 44.8 m | 44.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Share repurchases | — | 198.3 m | 397.0 m | 155.2 m | 199.1 m | 303.3 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 52 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 6.3 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet70
- Returns81
- Quality59
- Growth0
- Valuation63
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 102.52 – 331.78 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)102.52 – 158.65 (Mid 124.25)WACC 9.1% · starting FCFF 290.3 m USD · terminal value share of EV 72%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 18.8%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E143.25 – 331.78 (Mid 229.03)13 companies used · median multiple 13.0x · quartiles 8.1x – 18.8xBIP, CCL, DLNG, FLNG, INSW, KEX, KNOP, NCLH, RCL, RUBI, TDW, TNK, VIK
- Dividend discount (DDM)outside the aggregate18.40 – 24.74 (Mid 21.10)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 52/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 17.2% | 73 (vs peers) | 13% |
| Net margin · Quality | 14.6% | 63 (vs peers) | 8% |
| FCF conversion · Quality | 52.9% | 33 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | -8.3% | 0 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | -20.1% | 0 (on a fixed band) | 11% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 96.8x | 100 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 1.1x | 25 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 12.1x | 69 (vs peers) | 13% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 4.5% | 56 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 4.8% | 68 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 15.6% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet70/100 · 2/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality59/100 · 3/3 factors with a value
- Returns81/100 · 2/2 factors with a value
- Valuation63/100 · 2/3 factors with a value
Memo
Matson, Inc. (MATX). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 3.3 bn USD in 2025; YoY growth -2.3%; net margin 14.6%; ROE 19.2%.
The estimated value range is 122.88–245.21 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 176.64 USD, the price of 213.87 USD leaves a potential of -17.4% (value / price − 1) and a margin of safety of -21.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 52/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 17.2%
- Interest coverage: 96.8x
- Payout ratio (FCF): 15.6%
What contradicts it
- Revenue CAGR 3Y: -8.3%
- EPS CAGR 3Y: -20.1%
- Current ratio: 1.1x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Water Transportation (SIC 4400) · same industry (4-digit SIC) · compared with 21 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| RCLRoyal Caribbean Cruises Ltd | 86.3 bn | 19.1 | 41.7% | 23.8% | +8.8% | +21% / +200% |
| CCLCarnival Corp Ltd. | 39.8 bn | 13.0 | 24.0% | 11.4% | +6.4% | +15% / +96% |
| BIPBrookfield Infrastructure Partners L.P. | 11.2 bn | 42.0 | 7.7% | 11.0% | +9.8% | +5% / +44% |
| NCLHNorwegian Cruise Line Holdings Ltd. | 8.2 bn | 9.8 | 31.2% | 8.2% | +3.7% | −4% / +16% |
| MATXMatson, Inc. | 6.3 bn | 12.1 | 19.2% | 14.6% | −2.3% | +95% / +135% |
| KEXKirby Corporation | 6.3 bn | 18.4 | 10.4% | 10.2% | +3.0% | +5% / +56% |
| INSWInternational Seaways, Inc. | 4.8 bn | 4.5 | 49.0% | 68.2% | −11.4% | +78% / +107% |
| GLNGGolar Lng Limited | 4.3 bn | 65.7 | 3.4% | 16.7% | +51.1% | +15% / +98% |
| TDWTidewater Inc | 3.4 bn | 14.0 | 19.5% | 18.3% | +0.5% | +28% / +15% |
| SEAL-PASeapeak LLC | 2.0 bn | 76.8 | — | 4.1% | −10.4% | −2% / −2% |
| FLNGFLEX LNG Ltd. | 1.4 bn | 18.8 | 9.8% | 21.5% | −2.4% | +2% / −11% |
| NATNORDIC AMERICAN TANKERS Ltd | 1.4 bn | 108.8 | 2.6% | 4.2% | −16.6% | +79% / +68% |
| GLOP-PAGasLog Partners LP | 1.2 bn | — | -1.7% | -7.2% | −21.9% | −2% / +5% |
| CMDBCostamare Bulkers Holdings Limited | 430.2 m | — | -11.2% | -6.3% | unavailable | +8% / unavailable |
| KNOPKNOT Offshore Partners LP | 288.4 m | 12.4 | — | 6.4% | +14.4% | −15% / +58% |
| EDRYEurodry Ltd. | 102.6 m | — | -4.0% | — | +8.9% | +173% / +79% |
| OMEXOdyssey Marine Exploration, Inc. | 26.0 m | — | — | -13,366.3% | −54.0% | +437% / +200% |
| USEAUnited Maritime Corp | 22.2 m | — | -11.0% | -16.4% | −16.8% | +40% / −4% |
| RUBIRubico Inc. | 682.3 k | 0.0 | 6.6% | 11.2% | −2.8% | −100% / unavailable |
| VIKViking Holdings Ltd | — | 33.5 | 263.5% | 17.7% | +21.9% | +29% / unavailable |
| DLNGDynagas Lng Partners LP | — | 2.2 | 12.9% | — | −100.0% | −16% / +16% |
| TNKTeekay Tankers Ltd. | — | 8.1 | 18.5% | 36.9% | −22.6% | +42% / +65% |
1- and 3-year price returns: for MATX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 117.71 Total return -44% · Per year -44% | 209.16 Total return -2% · Per year -2% | 316.49 Total return 49% · Per year 49% |
| 3 years | 93.47 Total return -55% · Per year -23% | 188.77 Total return -10% · Per year -3% | 316.49 Total return 50% · Per year 15% |
| 5 years | 74.22 Total return -63% · Per year -18% | 170.36 Total return -17% · Per year -4% | 316.49 Total return 52% · Per year 9% |
- Exit P/E± 47.19
- Net margin± 33.03
- Annual revenue growth± 29.83
- Annual dilution± 2.78
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 10-Q (05 Nov 2026), 8-K (04 Nov 2026 · results).
In brief
Matson is an ocean transportation and logistics provider serving mainly Hawaii, Alaska, Guam and the Asia to U.S. West Coast trade, operating as a Jones Act carrier. In the second quarter of 2026 the company reported consolidated revenue of 969.4 million USD, and its China service volume rose 15.2 percent, making the Asia route the main development to watch 123.
SWOT
Strengths
- The company holds a strong position on Jones Act routes, where foreign competition is restricted by regulation 1.
- Service frequency, dedicated terminals and the inter-island barge network support an integrated offer that is hard to replicate 1.
- The company reported solid net income in 2025 and raised its 2026 outlook after a strong quarter 13.
Weaknesses
- Revenue is concentrated in a few large customers, and losing these relationships could significantly affect results 1.
- Fuel costs and their recovery are a material exposure, and delays could pressure margins 12.
- Volumes on the Hawaii and Alaska routes declined in the second quarter of 2026, showing dependence on local demand 2.
Opportunities
Threats
- Changes to or repeal of the Jones Act could allow foreign competitors into the company's core markets 1.
- Trade tensions and tariffs between the U.S. and China could affect demand and rates on the Transpacific route 1.
- Environmental regulation and investor pressure on sustainability could raise compliance costs 1.
Risks
- Jones Act changeshigh
If the Jones Act were repealed or substantially amended, competitors could enter the Hawaii and Alaska markets at lower cost 1.
- Trade tensionshigh
Tariffs and trade measures between major economies could reduce demand for the company's Transpacific services 1.
- Fuel pricesmedium
Higher fuel prices and difficulty recovering costs through surcharges could affect results 12.
- Reliance on large customersmedium
Losing key customers could affect revenue, given the concentration of commercial relationships 1.
- Emission ruleslow
IMO carbon intensity requirements could require additional fleet investment if not met 1.
Investment thesis
What would need to be true (bull case)
- The Jones Act position and the integrated Pacific network give the company competitive protection and potentially stable long-term revenue 1.
- Growing China route demand and the raised outlook could lead to higher operating income in 2026 23.
- The new vessels and terminal expansion could increase capacity and efficiency in the coming years 1.
What would break the thesis
What to watch
- Delivery of the first Aloha Class vessel and its integration on the China routeQ1 2027
- China route volume and rate trends through peak seasonQ4 2026
- Recovery of fuel costs in line with the company's outlook2026
- Actual results against the 2026 operating income outlooknext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 10-Q (05 Nov 2026), 8-K (04 Nov 2026 · results).
The business
Matson operates two segments: Ocean Transportation, which provides ocean freight services to Hawaii, Alaska, Guam, Micronesia and other islands, plus the expedited China-Long Beach service, and Logistics, which includes transportation brokerage, freight forwarding, warehousing and supply chain management 1. The company holds a 35 percent interest in SSA Terminals, a joint venture operating West Coast terminals including three dedicated to Matson 1. The fleet includes owned and chartered vessels, and the company is building three Aloha Class vessels for the China route 1.
Total operating revenue in fiscal 2025 was 3344.5 million USD, slightly lower than the prior year, and net income was 444.8 million USD 1. Ocean Transportation generated most of the revenue, while Logistics contributed 609.0 million USD 1. As a Jones Act operator, the company holds a special position on routes between the West Coast and U.S. Pacific territories 1.
In the second quarter of 2026 consolidated revenue reached 969.4 million USD, and the company raised its full-year outlook, now expecting consolidated operating income for 2026 to exceed the 2025 level 3. The revised outlook rests on solid U.S. consumer demand and a stable trading environment on the Transpacific route 23.
Segments
Ocean Transportation
Ocean Transportation generated operating revenue of 2735.5 million USD in fiscal 2025 and is the company's main revenue source 1. In the second quarter of 2026 segment revenue rose to 767.4 million USD, driven by higher volume and freight rates on the China service 3. The company expects 2026 segment operating income to be higher than 2025, although SSAT's contribution may be lower 2.
Market context
Matson competes in island and niche Pacific markets, where competition is limited by Jones Act rules but demand depends on local economies in Hawaii, Alaska and Guam 1. On the China route the Transpacific market has been volatile due to tariffs and U.S.-China trade relations, which have affected both volumes and rates 12. Hawaii volume edged down in the second quarter of 2026 while China demand rose sharply 2.
The market for shipping between the continental U.S. and Pacific territories is sensitive to tourism, construction, military spending and fuel prices 1. The company notes that a weakening of these drivers could reduce demand for transport and logistics 1. Alaska volume fell 2.3 percent in the second quarter of 2026, indicating a less dynamic market there 2.
Trends
- Demand on the China routetailwind
China route volume rose sharply in the second quarter of 2026 and the company expects the service to be at or near capacity through peak season 23. The increase was supported by e-commerce demand and tighter supply on the Transpacific route 3. If demand reverts to a more traditional seasonal pattern in the fourth quarter, the advantage could narrow 2.
- Hawaii and Alaska economiesmixed
Hawaii route volume declined slightly on weaker demand, while the Alaska economy remains stable, supported by oil and gas activity 2. Energy-related inflation is a headwind for consumption in Hawaii 2. In the near term the company expects volumes on these routes to be comparable to or near 2025 levels 2.
- Fuel costsheadwind
The Iran conflict has affected fuel prices in all of the company's markets, although it has not yet affected operating performance 2. The company says it continues to expect to fully recover fuel costs by year end 2. If prices stay high or recovery is delayed, margins could be pressured 1.
- Fleet investment and emission rulesmixed
The company is building three Aloha Class vessels with delivery planned for 2027 and 2028 to add China route capacity and renew the fleet 1. IMO carbon intensity rules become stricter toward 2030, imposing compliance costs 1. The investments may support efficiency but require significant capital spending 1.
Competitive position
On the Hawaii route Matson competes with Pasha, the barge operator Aloha Marine Lines, and foreign carriers such as ONE and CMA CGM 1. On the Alaska route the main competitors are Totem Ocean Trailer Express, Alaska Marine Lines and Samson Tug & Barge 1. The company differentiates through service frequency, dedicated terminals and its inter-island barge network 1.
The market is competitive with limited barriers to entry for ocean carriers, and air freight carriers add another competitive layer 1. If the Jones Act were changed, foreign competitors with lower costs could enter the Hawaii and Alaska markets 1. This remains an important structural variable for the company 1.
- Pasha Hawaii
Main Jones Act competitor on the Hawaii route, offering container and roll-on/roll-off services to Hawaii 1.
- Aloha Marine Lines
Jones Act barge operator serving the route between Seattle and Oahu 1.
- Totem Ocean Trailer Express
Jones Act competitor on the Alaska route, with roll-on/roll-off service between Tacoma and Anchorage 1.
- ONE
Foreign carrier that brings cargo to Oahu from non-U.S. locations, offering importers alternatives 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- This Fund Trimmed Matson (MATX) on StrengthYahoo Finance — News · 22 Sept 2026 · EN
The latest news item in our archive is from 22 Sept 2026; the newest SEC filing is from 05 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report05 Nov 2026
- Current report04 Nov 2026Results of operations · Financial statements and exhibits
- Quarterly report04 Aug 2026
- Current report03 Aug 2026Results of operations · Financial statements and exhibits
- Current report15 Jul 2026Results of operations · Financial statements and exhibits
- Quarterly report05 May 2026
- Current report04 May 2026Results of operations · Financial statements and exhibits
- Current report27 Apr 2026Shareholder vote
- Current report24 Apr 2026Regulation FD disclosure · Financial statements and exhibits
- Current report12 Mar 2026Departure or appointment of officers · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Matson, Inc. · 27 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Matson, Inc. · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Matson, Inc. · 03 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.