Matson, Inc. key statistics and ratios

In fiscal 2025, Matson, Inc. had return on equity of 16.4%, an operating margin of 14.9%, debt equal to 14.5% of equity and a current ratio of 0.89. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Matson, Inc.: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Operating margin	2.4%	9.1%	5.4%	6.2%	6.1%	8.2%	10.4%	8.1%	7.2%	7.4%	5.9%	11.8%	30.3%	31.2%	11.1%	16.1%	14.9%	15.2%
Net margin	3.2%	6.7%	2.3%	2.9%	3.3%	4.1%	5.5%	4.2%	11.3%	4.9%	3.8%	8.1%	23.6%	24.5%	9.6%	13.9%	13.3%	13.4%
Free-cash-flow margin	6.0%	5.7%	2.7%	3.6%	9.8%	8.0%	9.4%	−1.1%	−4.0%	—	—	—	—	24.5%	8.5%	13.4%	4.6%	—
Return on equity	4.1%	8.3%	3.0%	6.5%	17.4%	20.2%	25.3%	17.2%	39.4%	15.2%	10.6%	21.9%	70.6%	53.7%	12.6%	18.9%	16.4%	16.8%
Return on assets	1.8%	3.8%	1.4%	2.5%	4.4%	5.3%	6.7%	4.4%	10.8%	4.7%	3.1%	6.7%	28.1%	26.5%	6.9%	10.7%	9.6%	9.9%
Asset turnover	0.59	0.56	0.58	0.84	1.35	1.29	1.23	1.05	0.96	0.95	0.84	0.83	1.19	1.08	0.72	0.77	0.72	0.74
Current ratio	1.03	0.75	0.99	1.21	1.74	2.32	0.93	0.99	0.93	0.86	0.66	0.60	1.15	1.31	1.07	1.09	0.89	0.89
Debt to equity	43.4%	45.9%	17.6%	114.0%	84.6%	102.7%	95.4%	149.3%	126.6%	119.0%	125.0%	85.2%	41.6%	25.9%	20.0%	16.6%	14.5%	13.7%
Interest cover (operating income ÷ interest)	1.4x	15.3x	10.2x	8.3x	7.0x	8.1x	10.6x	6.5x	6.1x	8.8x	5.7x	10.2x	52.5x	75.2x	28.1x	73.5x	73.5x	79.5x
Effective tax rate	41.7%	39.8%	35.4%	38.8%	37.5%	42.3%	42.1%	37.6%	—	26.2%	23.3%	25.4%	20.8%	21.3%	20.3%	20.5%	16.7%	15.9%
SG&A as % of revenue	11.1%	8.3%	7.7%	7.7%	8.1%	8.6%	10.3%	9.4%	10.1%	9.9%	9.8%	9.4%	6.0%	6.0%	9.2%	—	—	—
Capital spending as % of revenue	2.2%	5.2%	3.2%	2.4%	2.1%	1.6%	3.6%	9.2%	15.0%	—	—	—	—	4.8%	8.0%	9.1%	11.8%	—
Free cash flow ÷ net income	190.9%	85.6%	113.5%	121.8%	298.9%	194.6%	172.3%	−26.5%	−35.5%	—	—	—	—	99.9%	88.2%	96.1%	34.6%	—
Dividends ÷ net income	118.2%	56.7%	155.3%	86.1%	49.9%	40.5%	29.9%	39.6%	14.6%	32.5%	45.0%	20.3%	4.9%	4.5%	15.1%	9.4%	10.1%	9.6%
Dividends and buybacks ÷ free cash flow	61.9%	66.2%	136.9%	70.7%	16.7%	20.8%	20.1%	—	—	—	—	—	—	41.9%	76.4%	53.3%	226.5%	—

US$ thousands unless shown otherwise. Fiscal quarters.

Matson, Inc.: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Operating margin	25.2%	16.6%	10.5%	13.6%	18.3%	16.9%	8.1%	16.4%
Net margin	20.7%	14.4%	9.2%	11.4%	15.3%	16.8%	7.5%	13.3%
Free-cash-flow margin	19.6%	5.5%	−0.0%	2.3%	10.5%	5.0%	6.0%	—
Current ratio	1.13	1.09	0.86	0.78	0.83	0.89	0.82	0.89
Debt to equity	15.6%	14.7%	14.5%	14.2%	13.4%	12.8%	12.5%	12.0%
SG&A as % of revenue	7.5%	—	—	—	—	—	—	—

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

4 of 6 checks passed · June 30, 2026

What it owns · $4.7bn

Short-term assets $536mLonger-term assets $4.2bn

What it owes, and who funded it · $3.4bn

Short-term liabilities $604mShareholders' equity $2.8bn

Short-term assets cover short-term liabilities $536m of assets due within a year against $604m of liabilities due within a year.
Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
More cash than debt $119m of cash against $332m of debt.
Debt below 40% of shareholders' equity Debt is 12% of equity.
Debt burden no higher than five years ago Debt to equity moved from 33% to 12% over five years.
A year's operating cash flow covers at least 20% of debt $584m of operating cash flow against $332m of debt.
Operating profit covers interest at least five times over Operating income of $525m against $7m of interest.

From Matson, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

69 /100

Moderate moat

How hard Matson's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 16 / 20

Net income has been a median 10.1% of total assets over 10 years.
Durability 10 / 20

Operating margin has been a median 13.4%; its worst year was 6.1%.
Cash conversion 13 / 20

Free cash flow was positive in 9 of 9 years, at a median 6.0% of revenue.
Discipline 20 / 20

The diluted share count fell 29.1% over five years; stock-based pay has been a median 0.6% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (74 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Matson, Inc.'s SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Matson, Inc.