Latest Ratios: P/E Ratio 14.3x · EV/EBITDA 8.3x · ROE 16.4%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $6.0B | $3.8B | $4.6B | $3.9B | $2.5B | $3.9B | $2.5B | $1.8B | $1.4B | $1.3B | $1.5B |
| Enterprise Value | $6.6B | $4.4B | $5.1B | $4.5B | $3.1B | $4.7B | $3.5B | $3.0B | $2.2B | $2.1B | $2.3B |
| P/E Ratio → | 14.31 | 8.91 | 9.68 | 13.17 | 2.31 | 4.19 | 12.83 | 21.36 | 12.66 | 5.56 | 19.13 |
| P/S Ratio | 1.81 | 1.15 | 1.35 | 1.26 | 0.57 | 0.99 | 1.04 | 0.80 | 0.62 | 0.63 | 0.79 |
| P/B Ratio | 2.24 | 1.39 | 1.74 | 1.63 | 1.07 | 2.33 | 2.58 | 2.19 | 1.82 | 1.90 | 3.11 |
| P/FCF | 39.29 | 25.00 | 10.08 | 14.93 | 2.31 | 5.90 | 10.43 | — | — | — | — |
| P/OCF | 11.04 | 7.02 | 6.01 | 7.66 | 1.93 | 3.95 | 5.77 | 7.10 | 4.51 | 5.73 | 9.76 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.32 | 1.49 | 1.46 | 0.72 | 1.19 | 1.46 | 1.35 | 1.00 | 1.04 | 1.17 |
| EV / EBITDA | 8.32 | 5.56 | 5.91 | 6.97 | 1.97 | 3.36 | 7.51 | 9.87 | 10.12 | 9.79 | 9.68 |
| EV / EBIT | 14.18 | 8.04 | 8.39 | 11.69 | 2.27 | 3.90 | 12.11 | 22.78 | 13.30 | 14.23 | 15.01 |
| EV / FCF | — | 28.81 | 11.13 | 17.18 | 2.93 | 7.08 | 14.60 | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 22.8% | 22.8% | 25.0% | 20.2% | 35.3% | 34.8% | 20.1% | 14.8% | 15.6% | 15.9% | 16.6% |
| Operating Margin | 14.0% | 14.0% | 16.1% | 11.0% | 29.3% | 28.8% | 10.7% | 4.9% | 5.7% | 5.8% | 7.1% |
| Net Profit Margin | 13.3% | 13.3% | 13.9% | 9.6% | 24.5% | 23.6% | 8.1% | 3.8% | 4.9% | 11.3% | 4.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 16.4% | 16.4% | 18.9% | 12.6% | 53.7% | 70.6% | 21.9% | 10.6% | 15.2% | 39.4% | 17.2% |
| ROA | 9.5% | 9.5% | 10.7% | 6.9% | 26.5% | 28.1% | 6.7% | 3.1% | 4.5% | 10.2% | 4.2% |
| ROIC | 10.8% | 10.8% | 13.5% | 8.6% | 35.3% | 38.6% | 9.6% | 4.5% | 6.1% | 6.5% | 10.0% |
| ROCE | 11.3% | 11.3% | 14.2% | 9.1% | 37.2% | 41.4% | 10.6% | 4.8% | 6.1% | 6.0% | 8.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.26 | 0.26 | 0.28 | 0.30 | 0.40 | 0.64 | 1.04 | 1.52 | 1.13 | 1.27 | 1.49 |
| Debt / EBITDA | 0.91 | 0.91 | 0.87 | 1.12 | 0.58 | 0.76 | 2.17 | 4.07 | 3.92 | 3.95 | 3.16 |
| Net Debt / Equity | — | 0.21 | 0.18 | 0.25 | 0.29 | 0.46 | 1.03 | 1.49 | 1.11 | 1.24 | 1.46 |
| Net Debt / EBITDA | 0.73 | 0.73 | 0.56 | 0.92 | 0.41 | 0.56 | 2.14 | 4.00 | 3.83 | 3.85 | 3.10 |
| Debt / FCF | — | 3.81 | 1.05 | 2.25 | 0.62 | 1.17 | 4.17 | — | — | — | — |
| Interest Coverage | 32.40 | 32.40 | 80.92 | 31.57 | 76.13 | 52.83 | 10.45 | 5.79 | 8.90 | 6.17 | 6.26 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.89 | 0.89 | 1.09 | 1.07 | 1.31 | 1.15 | 0.60 | 0.66 | 0.86 | 0.93 | 0.99 |
| Quick Ratio | 0.89 | 0.89 | 1.09 | 1.07 | 1.31 | 1.15 | 0.60 | 0.66 | 0.86 | 0.93 | 0.99 |
| Cash Ratio | 0.27 | 0.27 | 0.48 | 0.24 | 0.44 | 0.47 | 0.03 | 0.05 | 0.05 | 0.07 | 0.05 |
| Asset Turnover | — | 0.70 | 0.74 | 0.72 | 1.00 | 1.06 | 0.82 | 0.77 | 0.89 | 0.88 | 0.89 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 28.03 | 30.93 | 50.00 | 36.92 | 34.11 | 38.85 | 36.23 | 41.13 | 35.16 | 40.02 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.7% | 1.2% | 1.0% | 1.2% | 2.0% | 1.2% | 1.6% | 2.1% | 2.6% | 2.6% | 2.1% |
| Payout Ratio | 10.1% | 10.1% | 9.4% | 15.1% | 4.5% | 4.9% | 20.3% | 45.0% | 32.5% | 14.6% | 39.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.0% | 11.2% | 10.3% | 7.6% | 43.3% | 23.8% | 7.8% | 4.7% | 7.9% | 18.0% | 5.2% |
| FCF Yield | 2.5% | 4.0% | 9.9% | 6.7% | 43.3% | 16.9% | 9.6% | — | — | — | — |
| Buyback Yield | 5.0% | 7.9% | 4.3% | 4.0% | 16.2% | 5.1% | 0.0% | 0.0% | 0.0% | 1.5% | 2.5% |
| Total Shareholder Yield | 5.7% | 9.1% | 5.3% | 5.1% | 18.1% | 6.3% | 1.6% | 2.1% | 2.6% | 4.1% | 4.6% |
| Shares Outstanding | — | $31M | $34M | $36M | $39M | $43M | $44M | $43M | $43M | $43M | $44M |
Jones Act legislative exposure
Based on current market data, Matson trades at a forward P/E of 13.43, which suggests that investors are pricing in a return to historical earnings levels rather than the elevated profitability observed during the pandemic-era supply chain disruptions that previously inflated the company's valuation multiples.
The current PEG ratio of 0.55 appears to signal that the market may be underestimating the long-term earnings power of the domestic monopoly lanes, or alternatively, that growth expectations have been reset too aggressively. Investors should monitor whether the valuation floor holds as the company transitions away from the outsized gains of the China expedited service.
As reported in recent financial statements, Matson's ROIC has compressed to 1.4% in 2026Q1, a significant decline from the 6.0% peak observed in 2024Q3, indicating that the company is struggling to generate adequate returns on its heavy investments in new, Jones Act-compliant vessel tonnage.
The deterioration in ROIC suggests that the high cost of U.S. shipbuilding is increasingly difficult to offset with current freight rates. This trend warrants further investigation into whether the company's capital allocation strategy can maintain shareholder value if domestic construction costs continue to outpace margin expansion.
According to quarterly filings, Matson's asset turnover has languished at 0.16 in 2026Q1, reflecting a persistent inability to maximize revenue generation from its expanding asset base compared to the more efficient turnover levels seen in previous periods when trade volumes were significantly higher.
The decline in asset turnover suggests that the company's capital-intensive infrastructure is currently underutilized relative to its historical capacity. This inefficiency appears to be a drag on overall profitability, as the fixed costs associated with these assets remain constant regardless of the current lower volume environment.
Based on reported figures, Matson maintains a stable debt-to-equity ratio of 0.26, which provides a significant defensive advantage compared to international shipping peers who often carry much higher debt loads and face greater sensitivity to volatile global freight rate cycles and interest rate fluctuations.
This disciplined approach to the balance sheet appears to be a core component of the company's risk management, allowing it to navigate cyclical downturns without the immediate threat of covenant breaches. Investors should monitor whether this conservative posture persists as the company faces upcoming capital expenditure requirements for fleet renewal.
The market frequently misapplies global container shipping valuation metrics to Matson, failing to account for the utility-like stability of its Jones Act-protected domestic lanes, which obscures the company's true defensive characteristics and leads to excessive stock price volatility during international spot rate fluctuations.
Analysts should prioritize segment-specific analysis over headline EV/EBITDA multiples, as the domestic business operates under fundamentally different competitive dynamics than the cyclical China-to-Long Beach service. Relying on global peer comparisons may lead to an inaccurate assessment of the company's long-term earnings floor and risk profile.
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Quick answers to the most common questions about buying MATX stock.
Matson, Inc.'s current P/E ratio is 14.3x. The historical average is 12.1x. This places it at the 70th percentile of its historical range.
Matson, Inc.'s current EV/EBITDA is 8.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.0x.
Matson, Inc.'s return on equity (ROE) is 16.4%. The historical average is 16.8%.
Based on historical data, Matson, Inc. is trading at a P/E of 14.3x. This is at the 70th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Matson, Inc.'s current dividend yield is 0.73% with a payout ratio of 10.1%.
Matson, Inc. has 22.8% gross margin and 14.0% operating margin. Operating margin between 10-20% is typical for established companies.
Matson, Inc.'s Debt/EBITDA ratio is 0.9x, indicating low leverage. A ratio below 2x is generally considered financially healthy.