At a glance
Matson Inc is worth $6.84B, about 17 times its fiscal 2025 earnings. Revenue fell 2.3% to $3.34B in fiscal 2025, with 13.3% kept as profit; over 5 years it has grown 7.0% a year. It pays a 0.64% dividend yield, raised every year for at least 9 years, and returned $1.48B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +136.5% over the past year with dividends reinvested and +23.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 30.6% in the 2020 crash (S&P 500: 33.7%) and 50.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 16 months after the lows.
The business in plain English
Matson is a Hawaii-based ocean shipping and logistics company. Its main unit, Matson Navigation Company, founded in 1882, describes its service as a lifeline for Hawaii, Alaska, Guam and other islands in Micronesia. It is the largest ocean carrier between the U.S. West Coast and Hawaii, and most of its Hawaii revenue comes from westbound container freight such as food, retail goods and building materials. It also runs premium, expedited services from China to Long Beach, California, mostly carrying e-commerce goods, clothing and electronics. Other routes carry U.S. government-related freight to Okinawa, supplies to South Pacific islands and Alaska seafood to Asia.
Ocean Transportation produced $2.74 billion, or 81.8%, of Matson's $3.34 billion in revenue in fiscal 2025. The segment includes stevedoring (loading and unloading ships) and terminal services in Hawaii and Alaska, plus a 35% stake in SSA Terminals, a joint venture that runs seven U.S. West Coast terminals, three of them dedicated to Matson. Most of Matson's owned fleet, an investment of about $2.4 billion, qualifies under the Jones Act, a 1920 law that limits shipping between U.S. ports to U.S.-built, U.S.-owned and U.S.-crewed vessels.
Logistics, $609 million or 18.2%, arranges truck and rail shipping as a broker, forwards freight, runs warehouses and manages supply chains across North America and Asia.
Price history
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MATX +136.5% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Ocean Transportation | $2.74B | 81.8% |
| Logistics | $609.0M | 18.2% |
By business segment
| Ocean Transportation Segment | $2.74B | 81.8% |
| Logistics Services Segment | $609.0M | 18.2% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $969.4M, up 16.7% from a year earlier, and net income was $129.4M (+36.6%).
- For fiscal 2025, revenue was $3.34B (-2.3% year over year; +7.0% a year from FY2020 to FY2025) with a 13.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +7.0% good |
|---|---|
| Operating margin | 14.9% watch |
| Free cash flow margin | 4.6% watch |
| Return on equity (FY2025) | 16.1% good |
| Return on assets (FY2025) | 9.6% good |
| Net cash (cash minus debt) | $-261.7M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.38B | $193.1M | — |
| FY2021 | $3.93B | $927.4M | — |
| FY2022 | $4.34B | $1.06B | $1.06B |
| FY2023 | $3.09B | $297.1M | $262.1M |
| FY2024 | $3.42B | $476.4M | $457.7M |
| FY2025 | $3.34B | $444.8M | $153.7M |
Valuation snapshot
| Market value | $6.84B |
|---|---|
| P/E ratio | 16.6 |
| Dividend yield | 0.64% |
Rank among 1514 US companies
Market value at each year end
Matson’s market value went from $1.52B at the end of 2016 to $6.84B on Oct 28, 2026, about 4.5 times as much; since the end of 2025 it is up 78%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $6.84B | +77.7% |
| 2025 | $3.85B | -14.0% |
| 2024 | $4.48B | +17.0% |
| 2023 | $3.83B | +62.1% |
| 2022 | $2.36B | -37.6% |
| 2021 | $3.78B | +54.2% |
| 2020 | $2.45B | +40.3% |
| 2019 | $1.75B | +27.9% |
| 2018 | $1.37B | +8.0% |
| 2017 | $1.27B | -16.5% |
| 2016 | $1.52B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MATX price data to Oct 28, 2026 | +86.4% | +136.5% | +38.4% | +23.9% | +21.4% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +86.4% |
| 2025 | -7.2% |
| 2024 | +24.3% |
| 2023 | +78.2% |
| 2022 | -29.5% |
| 2021 | +60.3% |
| 2020 | +43.0% |
| 2019 | +30.4% |
| 2018 | +9.8% |
| 2017 | -13.5% |
| 2016 | -15.3% |
| 2015 | +25.6% |
| 2014 | +35.6% |
| 2013 | +8.1% |
| 2012 | +29.8% |
| 2011 | +4.9% |
| 2010 | +21.4% |
| 2009 | +43.5% |
| 2008 | -50.0% |
| 2007 | +19.0% |
| 2006 | -16.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 68.5% over that stretch · deepest drop along the way 68.5%, back to its old high 24.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 24% over that stretch · deepest drop along the way 30.6%, back to its old high 4.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 23.7% over that stretch · deepest drop along the way 50.3%, back to its old high 15.8 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 44 sales ($17.6M), 24 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jul 29, 2026 | Matthew J Cox Chairman & CEO, Director | sell (plan) | $1.5M |
| Aug 28, 2026 | Matthew J Cox Chairman & CEO, Director | sell (plan) | $1.4M |
| Sep 29, 2026 | Matthew J Cox Chairman & CEO, Director | sell (plan) | $1.3M |
| Jun 8, 2026 | Matthew J Cox Chairman & CEO, Director | sell (plan) | $1.2M |
| Aug 19, 2026 | Peter T Heilmann EVP, Chief Admin. Officer & GC | sell | $1.1M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.9% | Mar 31, 2025 |
| Vanguard Portfolio Management | 6.69% | Mar 31, 2026 |
| Vanguard Capital Management | 4.95% | Jun 30, 2026 |
ETFs with the most weight in MATX
| NRSH Aztlan North America Nearshoring Stock Selection ETF | 5.73% |
| BOAT SonicShares Global Shipping ETF | 4.24% |
| SEA U.S. Global Sea to Sky Cargo ETF | 1.83% |
| SUPL ProShares Supply Chain Logistics ETF | 0.95% |
| CAFG Pacer US Small Cap Cash Cows Growth Leaders ETF | 0.93% |
| SIXS ETC 6 Meridian Small Cap Equity ETF | 0.93% |
| MYLD Cambria Micro and SmallCap Shareholder Yield ETF | 0.92% |
| SMDV ProShares Russell 2000 Dividend Growers ETF | 0.9% |
What could go wrong
- Changes to the Jones Act. This 1920 law keeps foreign-built and foreign-registered ships off U.S. domestic routes such as Hawaii and Alaska. A February 2025 lawsuit challenges it. Repeal or waivers could let lower-cost rivals into those markets.
- Limits on foreign ownership of the stock. If non-U.S. citizens owned more than 25% of Matson's stock, it would lose its U.S. citizen status under the Jones Act. That could bar it from domestic routes and bring penalties, including vessel seizure.
- Tariffs and U.S.-China trade tensions. Matson's fast China–Long Beach services carry e-commerce goods, garments and electronics. Tariffs, U.S. and Chinese port entry fees, and trade-policy uncertainty have weighed on its markets and could reduce shipping demand.
- New ships could arrive late or cost more. Matson is building three new Aloha Class vessels and relies on construction agreements with Philly Shipyard. Delays or cost overruns could raise spending and set back its emission-reduction goals.
- Fuel prices and surcharges. Profits may suffer if fuel prices rise, if Matson collects less through fuel surcharges (extra charges added to freight rates), or if required fuels become costly or scarce.
- Strikes and other labor disruptions. Work stoppages by Matson's unionized workers, or by unions in related industries, could disrupt service to places such as Hawaii, Alaska and Guam, which depend on ocean freight.
Recent events
- Quarterly results released
- Quarterly results released
- Quarterly results released
- Shareholder vote results
- Investor presentation or announcement
- Executive or board change
- Quarterly results released
- Quarterly results released
- Investor presentation or announcement
- Quarterly results released
For income and retirement investors
Matson pays a small but steadily rising dividend. Regular dividends per share grew from $0.90 in fiscal 2020 to $1.40 in fiscal 2025, about 9.2% a year, and have risen for at least nine straight years. In fiscal 2025 the dividend took about 10% of earnings and 29% of free cash flow (cash left after running the business and investing in ships and equipment). The yield was 0.64% as of October 28, 2026, so income is modest. Buybacks matter more: $1.25 billion over fiscal 2021–2025, against $229 million in dividends. The share count fell 28.9% between September 2021 and June 2026.
The stock has fallen hard in downturns: 68.5% in the 2008 financial crisis, 30.6% in the 2020 COVID crash and 50.3% in the 2022 bear market. It took about 25, 4 and 16 months after each low to regain its earlier peak. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Matson make money?
Mostly by shipping cargo by sea. Ocean Transportation brought in $2.74 billion, or 81.8%, of Matson's $3.34 billion in revenue for fiscal 2025, which ended December 31, 2025. It carries freight to Hawaii, Alaska, Guam and Micronesia, and runs expedited routes from China to Long Beach, California. Logistics made up the other 18.2%, or $609 million, from truck and rail brokerage, freight forwarding, warehousing and supply chain services in North America and Asia.
Does Matson raise its dividend every year?
Yes, for at least nine years in a row through fiscal 2025. Regular dividends per share grew from $0.90 in fiscal 2020 to $1.40 in fiscal 2025. The dividend used about 10% of fiscal 2025 earnings and 29% of free cash flow, but the yield was only 0.64% as of October 28, 2026. Matson has leaned on buybacks instead, spending $1.25 billion on them over fiscal 2021–2025. Past increases do not guarantee future ones.
What is the Jones Act and why does it matter to Matson?
The Jones Act, formally the Merchant Marine Act of 1920, limits shipping between U.S. ports to qualifying U.S. vessels. Most of Matson's owned fleet qualifies, which keeps lower-cost foreign ships off its Hawaii and Alaska routes. A lawsuit filed in February 2025 challenges the law; Matson has joined the case and calls it without merit. Matson must also keep foreign ownership of its stock at or below 25% to stay eligible. Repeal or waivers could bring cheaper competition.
How has Matson stock performed?
It has gained a lot over long periods, with big swings along the way. As of October 28, 2026, the share price was up 136.5% over one year and 86.4% year to date, and had gained about 21.4% a year over 10 years. The stock also fell 46.9% at its worst point in the past three years and lost 29.5% in 2022 and 7.2% in 2025. Its largest drop in about 21 years of price history was 70.6%. These are price returns, without dividends.
Is Matson stock expensive?
Matson traded at about 16.6 times its fiscal 2025 earnings as of October 28, 2026. That price-to-earnings (P/E) ratio compares the share price with a year's profit per share. Matson's profits swing widely, so one year's P/E can mislead: earnings per share rose from $4.44 in fiscal 2020 to $27.07 in fiscal 2022, then fell to $8.32 in fiscal 2023 before reaching $13.81 in fiscal 2025. In the quarter ended June 30, 2026, net income rose 36.6% from a year earlier.