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MatsonMATX +1.66%82 Owner Earnings per Share (TTM) is 12.96 as of Jun. 2026, which is 31% above its 10-year median of 9.89. GuruFocus rates MATX with a GF Score™ of 82/100 and a GF Value™ of $148.55 (Significantly Overvalued). The stock has 9 warning signs investors should review. Among 540 Transportation companies, Matson ranks worse than 57.59% on this metric.
"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."
Matson's Owner Earnings per Share (TTM) ended in Jun. 2026 was $12.96. It's Price-to-Owner-Earnings ratio for today is 16.77.
The historical rank and industry rank for Matson's Owner Earnings per Share (TTM) or its related term are showing as below:
MATX'
s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 1.71 Med: 9.89 Max: 48.51
Current: 16.76
During the past 13 years, the highestPrice-to-Owner-Earnings ratio of Matson was 48.51. The lowest was 1.71. And the median was 9.89.
MATX's Price-to-Owner-Earnings is ranked worse than 57.59% of 540
companies
in the Transportation industry
Industry Median: 14.025
vs MATX: 16.76
Assumption: Companies usually do not report maintenance capital expenditures and growth capital expenditures separately. Here we use estimated numbers and average them over 5 years. The method to estimate maintenance capital expenditures can be found in above part 4.
Note: GuruFocus' Change In Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And it includes non-current parts of assets and liabilities.
Matson Owner Earnings per Share (TTM) Related Terms
Matson Owner Earnings per Share (TTM) Historical Data
* Premium members only.
The historical data trend for Matson's Owner Earnings per Share (TTM) can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
MATX vs KEX, SBLK, ZIM: Owner Earnings per Share (TTM) Comparison
For the Marine Shipping subindustry, Matson's Price-to-Owner-Earnings, along with its competitors' market caps and Price-to-Owner-Earnings data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Matson Price-to-Owner-Earnings vs Transportation Industry
For the Transportation industry and Industrials sector, Matson's Price-to-Owner-Earnings distribution charts can be found below:
* The bar in red indicates where Matson's Price-to-Owner-Earnings falls into.
"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume. (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."
3. Other non-cash charges usually include "Stock Based Compensation" and "Change In Deferred Tax":
However, to be conservative, GuruFocus will not add Stock Based Compensation back to net income.
Matson's Change In Deferred Tax for the trailing twelve months (TTM) ended in Jun. 2026 was $10 Mil.
4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = $233 Mil
It is usually best to take a long-term average of maintenance capital expenditure. Ideally this would be as long as 10 years and include at least one economic downturn. However, since many companies do not have as long as 10-year history, here GuruFocus uses the latest 5 years data to do the calculation. To smooth out unusual years but reflect recent developments, we take an average of the 5 year maintenance capital expenditure.
The following shows how to get maintenance capital expenditure.
First, calculate the revenue change regarding to the previous quarter. If the revenue decreased from the previous quarter, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
Second, if the revenue increased from the previous quarter, then calculate the percentage of Net PPE as of corresponding Revenue.
Growth Capital Expenditure = Percentage of Property, Plant and Equipment as of corresponding Revenue * Revenue Increase
Third, calculate Capital Expenditure (positive) - Growth Capital Expenditure.
If [Capital Expenditure (positive) - Growth Capital Expenditure] was negative, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
If [Capital Expenditure (positive) - Growth Capital Expenditure] was positive, then the Maintenance Capital Expenditure = Capital Expenditure (positive) - Growth Capital Expenditure.
Fourth, get the average of the 5 years maintenance capital expenditure.
Matson's 5-Year Average Maintenance Capital Expenditure = $233 Mil
5. "Change In Working Capital" is from cashflow statement. Matson's Change In Working Capital for the trailing twelve months (TTM) ended in Jun. 2026 was $-153 Mil.
Note: GuruFocus' Change in Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And sometimes it includes non-current parts of assets and liabilities.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
What does a Owner Earnings per Share (TTM) of 12.96 mean?
Matson (MATX) has a Owner Earnings per Share (TTM) of 12.96 as of Jun. 2026. Warren Buffett defined owner earnings as reported earnings plus depreciation less average maintenance capital expenditure. View historical data on Matson. This is 31% above median its historical median of 9.89. Over the past decade, Matson's Owner Earnings per Share (TTM) has ranged from 1.71 to 48.51. According to the industry distribution chart, Matson ranks #311 out of 540 companies in the Transportation industry, placing it in the top 57.6%.
Is Matson's Owner Earnings per Share (TTM) too high?
Matson's current Owner Earnings per Share (TTM) of 12.96 is 31% above median its 10-year median of 9.89. Over the past 10 years, this metric has ranged from a low of 1.71 to a high of 48.51. The Transportation industry median Owner Earnings per Share (TTM) is 14.03. Matson's value of 12.96 is 7.6% below this industry median. Based on the distribution chart, Matson ranks #311 out of 540 companies in the Transportation industry, which is below the industry midpoint. Overall, Matson has a GF Score™ of 82/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Matson's Owner Earnings per Share (TTM) compare to KEX and SBLK?
According to the Transportation industry distribution chart, Matson ranks #311 out of 540 companies for Owner Earnings per Share (TTM). This places Matson in the lower half of its industry. The industry median Owner Earnings per Share (TTM) is 14.03. Matson's value of 12.96 is 7.6% below this benchmark. Historically, Matson's own Owner Earnings per Share (TTM) has ranged from 1.71 to 48.51 over the past decade. While the company's 10-year median is 9.89 vs. the industry median of 14.03, Matson has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Owner Earnings per Share (TTM) for a Transportation company?
The median Owner Earnings per Share (TTM) among Transportation companies is 14.03, based on 540 companies in the industry. Companies in the top quartile (top 25%) have a Owner Earnings per Share (TTM) significantly above this median, while those in the bottom quartile fall well below. However, Owner Earnings per Share (TTM) should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Matson's current Owner Earnings per Share (TTM) of 12.96 is 7.6% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Owner Earnings per Share (TTM) mean?
A high Owner Earnings per Share (TTM) can signal that a stock is expensive relative to its fundamentals. Warren Buffett defined owner earnings as reported earnings plus depreciation less average maintenance capital expenditure. View historical data on Matson. For the Transportation industry, the median Owner Earnings per Share (TTM) is 14.03 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Matson's current Owner Earnings per Share (TTM) is 12.96, which is 31% above median its own 10-year median of 9.89. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Matson stock overvalued right now?
Based on GuruFocus' analysis, Matson (MATX) is currently considered Significantly Overvalued. The stock's GF Value™ is $148.55, compared to a current price of $217.30 — trading 46.3% above its estimated fair value. The current Owner Earnings per Share (TTM) is 12.96, which is 31% above median its 10-year median of 9.89 and 7.6% below the Transportation industry median of 14.03. Matson's overall GF Score™ is 82/100 with 9 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Owner Earnings per Share (TTM) calculated?
Owner Earnings per Share (TTM) is calculated from a company's financial statements. For Matson (MATX), the current Owner Earnings per Share (TTM) is 12.96 as of Jun. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Matson (MATX) Overvalued in 2026?
Based on GuruFocus' analysis, Matson stock appears to be overvalued.
The current stock price of $217.30 is trading 46.3% above its estimated GF Value™ of $148.55.
GuruFocus considers Matson to be Significantly Overvalued.
Key valuation signals for MATX:
Owner Earnings per Share (TTM): 12.96 (31% above median its 10-year median of 9.89)
GF Value™: $148.55 vs. price of $217.30 (46.3% above fair value)
Industry Position: 7.6% below the Transportation median (#311 of 540)
No single metric tells the full story. See the MATX stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Matson Inc is engaged in providing ocean transportation and logistics services. The company has two reportable business segments: Ocean Transportation and Logistics. The Ocean Transportation segment provides ocean freight transportation services to the domestic non-contiguous economies of Hawaii, Alaska, California, Okinawa, and different islands in the South Pacific. The Logistics segment offers long-haul and regional highway trucking services, warehousing and distribution services, supply chain management, and freight forwarding services. The firm generates the majority of its revenue from the Ocean Transportation segment.
82GF Score
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