# Matson, Inc. (MATX)

> Source: Nexqual · https://nexqual.com/MATX · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Matson, Inc. (MATX), nexqual.com/MATX" · informational, not investment advice.

**Price:** USD 227.48 (-3.23% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 235.07 · day 226.94–236.5 · 52w 92.64–240.87 · market cap $6.80B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $3.46B, net income $464M (13.4% margin) (SEC filings).
- Valuation: P/E 14.7x (avg 10.6x at the last 3 fiscal year-ends), net debt $222M.
- Insider open-market sales, last ~7 months: 23 Form 4 filings, $18.1M; 18 not under a Rule 10b5-1 plan ($7.8M); 9 by opportunistic insiders (9 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.75 on a 1–5 scale) (4 analysts), mean target USD 276.75 (range 260–310).
- Total return with dividends: 1Y +144.8% vs S&P 500 +14.9%; 5Y +187.7% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 6.27, revenue estimate $1.07B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $3.93B | $4.34B | $3.09B | $3.42B | $3.34B | $3.46B |
| Operating income | $1.19B | $1.35B | $343M | $551M | $500M | $525M |
| Net income | $927M | $1.06B | $297M | $476M | $445M | $464M |
| EPS (diluted) | $21.47 | $27.07 | $8.32 | $13.93 | $13.81 | — |
| Free cash flow | — | $1.06B | $262M | $458M | $154M | — |
| Operating margin | 30.3% | 31.2% | 11.1% | 16.1% | 14.9% | 15.2% |
| Net margin | 23.6% | 24.5% | 9.6% | 13.9% | 13.3% | 13.4% |
| Revenue growth | +64.7% | +10.6% | -28.7% | +10.6% | -2.3% | — |
| Cash + short-term investments | $282M | $250M | $134M | $267M | $142M | — |
| Total debt | $629M | $518M | $441M | $401M | $361M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 14.7x · P/S 2.0x · EV/Sales 2.0x · P/B 2.5x · Earnings yield 6.82% · Dividend yield (paid, TTM) 0.66% · Buyback yield (TTM) 3.86% · Net debt $222M · EV $7.02B
P/E at fiscal year-ends: Dec 2025 8.9x, Dec 2024 9.7x, Dec 2023 13.2x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
5 of 23 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-29 | Cox Matthew J | Chairman & CEO | 10,000 | $2.2M | 4.4% | Yes (adopted March 9, 2026) | Too little history (no open-market trades in 2025) |
| 2026-08-28 | Cox Matthew J | Chairman & CEO | 10,000 | $2.2M | 4.2% | Yes (adopted March 9, 2026) | Too little history (no open-market trades in 2025) |
| 2026-08-24 | Angoco Vic S Jr | Executive Vice President | 2,293 | $511K | 15.5% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-19 | Heilmann Peter T | EVP, Chief Admin. Officer & GC | 5,000 | $1.1M | 19.6% | No | Too little history (no open-market trades in 2025) |
| 2026-08-19 | Scott Christopher A | EVP & Chief Commercial Officer | 600 | $132K | 6% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-13 | Taylor Jason Lee | Senior Vice President | 1,961 | $426K | 17.3% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-08-11 | Sullivan John Warren | Senior Vice President | 1,917 | $400K | 20.1% | No | Too little history (no open-market trades in 2023) |
| 2026-08-11 | Tungul Jennifer C. | Senior Vice President | 402 | $84K | 6.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-11 | Park Kuuhaku T | Senior Vice President | 1,000 | $208K | 9.1% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-11 | Isotoff Leonard P | Senior Vice President | 1,250 | $260K | 16.1% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-29 | Cox Matthew J | Chairman & CEO | 10,000 | $2.0M | 4% | Yes (adopted March 9, 2026) | Too little history (no open-market trades in 2025) |
| 2026-06-29 | Cox Matthew J | Chairman & CEO | 10,000 | $1.9M | 3.9% | Yes (adopted March 9, 2026) | Too little history (no open-market trades in 2025) |
| 2026-06-08 | Rascon Laura L | Senior Vice President | 2,800 | $528K | 15.2% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-08 | Cox Matthew J | Chairman & CEO | 10,000 | $1.9M | 3.7% | Yes (adopted March 9, 2026) | Too little history (no open-market trades in 2025) |
| 2026-05-28 | Cerocke Grace M | Senior Vice President | 1,200 | $220K | 6.3% | No | Too little history (no open-market trades in 2025) |
| 2026-05-20 | Scott Christopher A | Senior Vice President | 1,520 | $275K | 13.5% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-14 | Taylor Jason Lee | Senior Vice President | 1,650 | $301K | 12.7% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-05-14 | Rascon Laura L | Senior Vice President | 540 | $98K | 2.8% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-12 | Park Kuuhaku T | Senior Vice President | 2,500 | $450K | 18.5% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-12 | Heilmann Peter T | EVP, Chief Admin. Officer & GC | 7,173 | $1.3M | 21.9% | No | Too little history (no open-market trades in 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.75 on a 1–5 scale), 4 analysts; mean target USD 276.75 (low 260, high 310).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-13 | JP Morgan | Target raised | Overweight | $270 → $310 |
| 2026-09-30 | Freedom Broker | Initiated | Buy | $260 |
| 2026-08-04 | JP Morgan | Target raised | Overweight | $230 → $270 |
| 2026-08-04 | Stephens & Co. | Target raised | Overweight | $240 → $260 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +144.8% | +187.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +145.5% | +23.5% |
| Volatility (annualized) | 34.8% | 38.3% |
| Max drawdown | -12.8% (Mar 2026→Mar 2026) | -52.5% (Mar 2022→Apr 2023) |

## Peers (Marine Shipping)
KEX (Kirby Corporation) USD 131.5 -4.18% · HAFN (Hafnia Limited) USD 10.33 -1.90% · ECO (Okeanis Eco Tankers Corp.) USD 90.05 -1.29% · ZIM (ZIM Integrated Shipping Service) USD 29.08 -0.24% · SBLK (Star Bulk Carriers Corp.) USD 28.65 -0.59% · NMM (Navios Maritime Partners LP) USD 88.28 -0.02%

## More
Full page: https://nexqual.com/MATX · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Ocean Transportation | $767.4M | 79.2% | +13.6% | $144.0M | 18.8% |
| Logistics Services | $202.0M | 20.8% | +30.4% | $14.9M | 7.4% |
| Total revenue | $969.4M | 100% | — | $158.9M | 16.4% |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Ocean Transportation | $767.4M | 79.2% | +13.6% |
| Logistics | $202.0M | 20.8% | +30.4% |
| Total revenue | $969.4M | 100% | — |

## Company outlook (8-K filed 2026-08-03)

- "Outlook for 2026 ​ Ocean Transportation: The Company's container volume in the Hawaii service in the second quarter 2026 was 1.1 percent lower year-over-year primarily due to lower general demand."
- "In the second quarter 2026, momentum in the China service carried over from the post-Lunar New Year period, and the Company's CLX and MAX services saw higher-than-expected freight rates and demand across e-commerce, garments and e-goods against a backdrop of tighter supply conditions in the Transpacific tradelane."
- "For the fourth quarter 2026, the Company expects demand to reflect a more traditional seasonality pattern compared to the elevated period of freight demand experienced in the Transpacific market in the fourth quarter 2025 following the U.S.-China trade and economic agreement announced on October 30, 2025."
- "As such, the Company expects volume in full year 2026 to be higher than the level achieved in 2025 based on the Company's expectations of continued solid U.S. consumer demand and a stable trading environment in the Transpacific tradelane. ​ In the Guam service, the Company's container volume in the second quarter 2026 increased 4.4 percent year-over-year."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $6.27 | $5.39 | +16.3% | $1.07B | 4 |
| Next quarter (ends 2026-12-31) | $4.09 | $3.98 | +2.9% | $909.5M | 4 |
| Current fiscal year (ends 2026-12-31) | $16.46 | $15.00 | +9.7% | $3.70B | 4 |
| Next fiscal year (ends 2027-12-31) | $16.81 | $15.43 | +8.9% | $3.74B | 4 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±9.6%; last 8 reports averaged ±7.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 42.1% | ±9.6% |
| 2026-12-18 | 56 | 37.3% | ±11.9% |
| 2027-01-15 | 84 | 35.2% | ±13.7% |
| 2027-03-19 | 147 | 36.5% | ±18.6% |
| 2027-06-17 | 237 | 36.7% | ±23.7% |