Forensic Analysis · Transportation / Logistics · as of Aug 11, 2026

Matson, Inc. (MATX)

A forensic read on Matson, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

C · Mixed — selective

Forensic grade

Safe

Financial health

5.9

Distress distance

Clean

Earnings quality

Forensic signals

14.4

P / E (ttm)

16.1%

ROE

$6.3B

Market cap

0.74%

Dividend yield

-2.3%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Matson, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 5.9, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

10.4%

FY2025

Return on invested capital. Return on invested capital is 10.4% in the latest fiscal year and slipping from 30% — around its ~9% cost of capital, so growth is roughly value-neutral.

227% of FCF

FY2025

Shareholder returns. Returned $348M to shareholders (buybacks + dividends) in FY2025 — 227% of free cash flow, but 64% of operating cash flow. Returns run ahead of free cash flow because the business is also funding heavy growth capex (usually debt-financed); the payout itself is covered by operating cash — sustainable as long as that spending is genuine expansion, not upkeep. Counting the $23M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 241%.

Key fundamentals

Latest Revenue$3.34B

Revenue Growth YoY-2.3%

Net Margin13.3%

Free Cash Flow$153.7M

Return on Equity16.1%

Debt / Equity0.13x

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.