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COMPANY OVERVIEW Matson, Inc., a holding company incorporated in the State of Hawaii, and its subsidiaries ( Matson or the Company ), is a leading provider of ocean transportation and logistics services. Ocean Transportation: Matson s Ocean Transportation business is conducted through Matson Navigation Company, Inc. ( MatNav ), a wholly-owned subsidiary of Matson, Inc.
14.94% operating margin is respectable but not wide. ROIC at 11.79%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue declined 2.3% YoY. The question is whether this is cyclical or a structural shift.
Free cash flow declined 66% versus the prior year, cash generation momentum has weakened. Net debt of $625M represents 4.1x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$3.32B
▼ -2.3% YoY
Net Income (TTM)
$429M
▼ -6.6% YoY
Op. Margin
14.43%
▼ -1.2pp YoY
ROIC
11.59%
▼ -1.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$200M
▼ -66.4% YoY
Op. Cash Flow (TTM)
$552M
▼ -28.7% YoY
Net Debt
$637M
Cash & Equiv.
$100M
5Y CAGR: +7.0%
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