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Marine shipping · Industrials · Fiscal year ends Dec 31
Matson reported revenue of $3.3B in the fiscal year ended Dec 2025, down 2.3% from the year before. Operating income was $500M, an operating margin of 14.9%, and net income was $445M. Operating cash flow of $547M less capital expenditure of $393M left free cash flow of $154M. Net debt was $210M.
Ranks among the 17 marine shipping companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 3,925 | 4,343 | 3,095 | 3,422 | 3,345 |
| Selling, general & admin | 237 | 261 | 283 | – | – |
| Operating income | 1,188 | 1,354 | 343 | 551 | 500 |
| Interest expense | 22.6 | 18.0 | 12.2 | 7.5 | 6.8 |
| Pre-tax income | 1,171 | 1,352 | 373 | 599 | 534 |
| Income tax | 244 | 288 | 75.9 | 123 | 89.0 |
| Net income | 927 | 1,064 | 297 | 476 | 445 |
| Diluted EPS | 21.47 | 27.07 | 8.32 | 13.93 | 13.81 |
| Diluted shares | 43.2 | 39.3 | 35.7 | 34.2 | 32.2 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 282 | 250 | 134 | 267 | 142 |
| Receivables | 344 | 269 | 279 | 269 | 257 |
| Current assets | 705 | 760 | 602 | 610 | 472 |
| Net PP&E | 1,878 | 1,963 | 2,090 | 2,261 | 2,499 |
| Goodwill | 328 | 328 | 328 | 328 | 328 |
| Total assets | 3,693 | 4,330 | 4,295 | 4,595 | 4,636 |
| Payables | 308 | 256 | 278 | 269 | 245 |
| Deferred revenue | – | – | 6.4 | 5.5 | 5.7 |
| Current liabilities | 612 | 582 | 562 | 560 | 527 |
| Short-term debt | 65.0 | 76.9 | 39.7 | 39.7 | 39.7 |
| Long-term debt | 550 | 428 | 389 | 351 | 312 |
| Total liabilities | 2,026 | 2,033 | 1,894 | 1,943 | 1,877 |
| Shareholders' equity | 1,667 | 2,297 | 2,401 | 2,652 | 2,759 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 984 | 1,272 | 511 | 768 | 547 |
| Capital expenditure | – | 209 | 248 | 310 | 393 |
| Free cash flow | – | 1,063 | 262 | 458 | 154 |
| Depreciation & amortisation | 117 | 124 | 124 | 135 | 147 |
| Stock-based compensation | 19.3 | 18.3 | 23.8 | 26.5 | 22.7 |
| Share buybacks | 198 | 397 | 155 | 199 | 303 |
| Dividends paid | 45.9 | 48.0 | 45.0 | 44.8 | 44.9 |
| Dividend per share | 1.06 | 1.22 | 1.26 | 1.32 | 1.40 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 10.6% | −28.7% | 10.6% | −2.3% |
| Operating income growth (YoY) | – | 14.0% | −74.7% | 60.8% | −9.3% |
| EPS growth (YoY) | – | 26.1% | −69.3% | 67.4% | −0.9% |
| Operating margin | 30.3% | 31.2% | 11.1% | 16.1% | 14.9% |
| Net margin | 23.6% | 24.5% | 9.6% | 13.9% | 13.3% |
| Return on equityBlank when equity is negative | 55.6% | 46.3% | 12.4% | 18.0% | 16.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 38.5% | 36.1% | 9.2% | 13.7% | 12.2% |
| Free cash flow margin | – | 24.5% | 8.5% | 13.4% | 4.6% |
| Cash conversion (CFO ÷ net income) | 1.06x | 1.20x | 1.72x | 1.61x | 1.23x |
| Receivable days | 32 | 23 | 33 | 29 | 28 |
| Interest cover | 52.5x | 75.2x | 28.1x | 73.5x | 73.5x |
| Debt ÷ equity | 0.37x | 0.22x | 0.18x | 0.15x | 0.13x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 332 | 255 | 295 | 124 | 210 |
| Current ratio | 1.15x | 1.31x | 1.07x | 1.09x | 0.89x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.