MATXMatson, Inc.

Water Transportation

Revenue: $3.3B; 2.3% YoY
Operating margin: 14.9%; 7.2% YoY
EBITDA: $647M; 5.8% YoY
Market cap: $6.8B
Employees: 4,170; $802K revenue each
Net debt / EBITDA: 0.3×; $222M net debt
AI in 10-K: 0.9; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
123% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
64% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
7% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$802K per employee
Bottom quartile of its SIC industry
Quiet on AINo
0.9 per 10K words · 31st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.3× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$6.8B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$28M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$3.9B	$4.3B	$3.1B	$3.4B	$3.3B	2.3%
Operating income	$1.2B	$1.4B	$343M	$551M	$500M	9.3%
Net income	$927M	$1.1B	$297M	$476M	$445M	6.6%
Operating cash flow	$984M	$1.3B	$511M	$768M	$547M	29%
Capex	—	$209M	$248M	$310M	$393M	27%
Stock-based comp	$19M	$18M	$24M	$27M	$23M	14%
Buybacks	$198M	$397M	$155M	$199M	$303M	52%
Dividends	$46M	$48M	$45M	$45M	$45M	0.2%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $28M · 60
Net: −$28M

Pay vs performance

No pay-versus-performance disclosure yet.