Matson, Inc. (MATX) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-34.6%

$146.25

vs $223.68 price

Levered DCF

$114.70

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

3.91

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	8.8×	9.54×	13.02×	2.29×	4.15×	12.72×	21.14×	12.56×
P/B	1.38×	1.71×	1.61×	1.06×	2.31×	2.55×	2.17×	1.81×
P/S	1.14×	1.33×	1.25×	0.56×	0.98×	1.03×	0.79×	0.62×
EV / EBITDA	5.16×	5.62×	6.66×	1.86×	3.23×	7.24×	10.17×	8.45×
Gross margin	22.8%	25.0%	20.2%	35.3%	34.8%	20.1%	14.8%	15.6%
Operating margin	14.0%	16.1%	11.0%	29.3%	28.8%	10.7%	4.9%	5.7%
Net margin	13.3%	13.9%	9.6%	24.5%	23.6%	8.1%	3.8%	4.9%
Current ratio	0.89×	1.09×	1.07×	1.31×	1.15×	0.6×	0.66×	0.86×
Debt / equity	0.26×	0.28×	0.3×	0.4×	0.64×	1.04×	1.52×	1.13×
Interest coverage	27.49×	73.64×	27.92×	70.58×	50.05×	9.27×	4.81×	6.79×
Dividend yield	1.2%	1.0%	1.2%	2.0%	1.2%	1.6%	2.1%	2.6%
Payout ratio	10.1%	9.4%	15.1%	4.5%	4.9%	20.3%	45.0%	32.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	16.1%	18.0%	12.4%	46.3%	55.6%	20.1%	10.3%	14.4%
Return on invested capital	8.8%	10.4%	6.9%	25.2%	27.3%	7.5%	3.3%	4.3%
Return on assets	9.3%	10.4%	6.9%	24.6%	25.1%	6.7%	2.9%	4.3%
Free cash flow yield	4.0%	10.1%	6.8%	43.6%	17.1%	9.7%	-3.5%	-7.0%
Earnings yield	11.7%	10.5%	7.7%	43.6%	24.1%	7.9%	4.7%	8.0%
Enterprise value	$4.4B	$5B	$4.5B	$3.1B	$4.6B	$3.4B	$2.9B	$2.2B
Net debt / EBITDA	0.69×	0.54×	0.88×	0.4×	0.54×	2.08×	4.14×	3.21×
Cash conversion cycle (days)	-7	-7	9	4	-10	-15	-10	-7