Hafnia vs Matson
Matson is the larger business, with $3.34bn of revenue in fiscal 2025 against $2.28bn for Hafnia (1.5 times as much). Matson grew faster (-2.3% against -20.5%). Hafnia kept more of each dollar of sales as profit: a net margin of 14.9% against 13.3%. Matson carries less debt relative to equity (14.5% against 48.2%).
| Latest fiscal year | HafniaHAFN, 2025 | MatsonMATX, 2025 |
|---|---|---|
| Revenue | $2.28bn | $3.34bn |
| Revenue growth | -20.5% | -2.3% |
| Net income | $340m | $445m |
| Operating margin | 16.2% | 14.9% |
| Net margin | 14.9% | 13.3% |
| Return on equity | 14.8% | 16.4% |
| Free cash flow | $457m | $154m |
| Cash | $193m | $142m |
| Total debt | $1.12bn | $401m |
| Debt to equity | 48.2% | 14.5% |
| Dividend per share | — | $1.40 |
| Dividend yield | 3.9% | 0.7% |
| Share buybacks | — | $303m |
| Employees | — | — |
| Market value | $5.23bn | $6.77bn |
| Price vs our value range | Below our value range | Above our value range |
| Moat score | — | 69 (Moderate) |
| Insider trades, 12 months | 0 buys, 3 sales | 0 buys, 60 sales |