Matson, Inc. (MATX) intrinsic value & 10-year financials
Matson, Inc. (MATX) has a Graham intrinsic value of $458.71 per share. At $234.99 on Oct 17, 2026, the stock trades 49% below that value. Over the last 10 fiscal years revenue grew 6.2% a year to $3.3B, with an average return on invested capital of 18.7%.
- Graham intrinsic value
- $458.71
- Share price (Oct 17, 2026)
- $234.99
- Price vs Graham value
- 49% below
- Market cap
- $7.6B
- Revenue (FY2025)
- $3.3B
- Revenue growth (10-yr CAGR)
- 6.2%
- ROIC (10-yr avg)
- 18.7%
- Free cash flow (FY2025)
- $153.7M
MATX 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $3.3B | $444.8M | $13.81 | $153.7M | 14.9% | 14.0% |
| FY2024 | $3.4B | $476.4M | $13.93 | $457.7M | 16.1% | 16.2% |
| FY2023 | $3.1B | $297.1M | $8.32 | $262.1M | 11.1% | 10.6% |
| FY2022 | $4.3B | $1.1B | $27.07 | $1.1B | 31.2% | 48.0% |
| FY2021 | $3.9B | $927.4M | $21.47 | $673.7M | 30.3% | 52.3% |
| FY2020 | $2.4B | $193.1M | $4.44 | $325.3M | 11.8% | 12.5% |
| FY2019 | $2.2B | $82.7M | $1.91 | $157.6M | 5.9% | 6.1% |
| FY2018 | $2.2B | $109.0M | $2.53 | $242.4M | 7.4% | 8.0% |
| FY2017 | $2.0B | $232.0M | $5.37 | -$82.1M | 7.3% | 11.3% |
| FY2016 | $1.9B | $80.5M | $1.85 | -$21.6M | 7.9% | 8.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Matson, Inc. has demonstrated mature, steady growth, with revenue compounding at 6.2% annually over the past decade.
Matson, Inc. has earned high returns on invested capital, averaging 18.7% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Matson, Inc. shows that management has aggressively returned capital to shareholders by retiring 26.0% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Matson, Inc. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $458.71 per share.