KEX’s 15% Decline in a Month Brings Valuations Into Focus – Is MATX a Better Deal?
Matson (MATX) offers superior revenue growth across key periods, better profitability, and relatively lower valuation vs Kirby (KEX), suggesting you may be better off investing in MATX
- MATX’s quarterly revenue growth was 8.3%, vs. KEX’s -2.8%.
- In addition, its Last 12 Months revenue growth came in at 11.9%, ahead of KEX’s 3.0%.
- MATX leads on profitability over both periods – LTM margin of 17.0% and 3-year average of 17.1%.
KEX operates U.S. tank barges, providing marine transportation and towing for bulk liquids, and offers after-market services and replacement parts for engines, transmissions, and related equipment. MATX provides ocean freight transportation to Hawaii, Alaska, and Guam, plus multimodal logistics brokerage including rail intermodal and highway trucking services.
Valuation & Performance Overview
| KEX | MATX | Preferred | |
|---|---|---|---|
| Valuation | |||
| P/EBIT Ratio | 12.3 | 6.0 | MATX |
| Revenue Growth | |||
| Last Quarter | -2.8% | 8.3% | MATX |
| Last 12 Months | 3.0% | 11.9% | MATX |
| Last 3 Year Average | 11.5% | -6.4% | KEX |
| Operating Margins | |||
| Last 12 Months | 14.1% | 17.0% | MATX |
| Last 3 Year Average | 11.1% | 17.1% | MATX |
| Momentum | |||
| Last 3 Year Return | 46.2% | 28.5% | KEX |
Note: For “Last 3 Year Return” metric, preferred stock is one with higher returns unless the returns are too high (>300%) which creates risk of sell off.
See more revenue details: KEX Revenue Comparison | MATX Revenue Comparison
See more margin details: KEX Operating Income Comparison | MATX Operating Income Comparison
But do these numbers tell the full story? Read Buy or Sell MATX Stock to see if Matson’s edge holds up under the hood or if Kirby still has cards to play (see Buy or Sell KEX Stock).
That is one way to look at stocks. Trefis High Quality Portfolio evaluates much more, and is designed to reduce stock-specific risk while giving upside exposure
Historical Market Performance
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | Avg | Best | |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| KEX Return | -42% | 15% | 8% | 22% | 35% | -6% | 11% | ||
| MATX Return | 43% | 60% | -30% | 78% | 24% | -19% | 188% | <=== | |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 10% | 98% | ||
| Monthly Win Rates [3] | |||||||||
| KEX Win Rate | 42% | 42% | 58% | 67% | 67% | 43% | 53% | ||
| MATX Win Rate | 50% | 58% | 50% | 75% | 67% | 43% | 57% | ||
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 57% | 62% | <=== | |
| Max Drawdowns [4] | |||||||||
| KEX Max Drawdown | -62% | -7% | -5% | -6% | -4% | -17% | -17% | ||
| MATX Max Drawdown | -38% | -0% | -32% | -9% | -6% | -31% | -19% | ||
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | -12% | <=== | |
[1] Cumulative total returns since the beginning of 2020
[2] 2025 data is for the year till date (YTD)
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
No matter how good the numbers, stock investment is never a smooth ride. There is a risk you must factor in. Read MATX Dip Buyer Analyses and KEX Dip Buyer Analyses to see how these stocks have fallen and recovered in the past.