Matrix Service Co MTRX

IndustrialsConstruction & EngineeringUnited States of America

Last close 9.31 USD on Nov 2, 2026, −20.4% year to date

Quant rating

Quant rating C Rank 339 of 486 in Industrials

Growth A 70 of 486
Valuation C 334 of 486
Quality C 203 of 486
Revisions C 295 of 486
Momentum D 413 of 486

Wall Street consensus Buy (2.00)Average target 16.00 USD +71.9%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 263M
Enterprise value: 40M
52-week range: 9.17 – 15.96
3-year range: 8.77 – 15.96
Dividend yield: –
Beta (5 years): 1.01
Shares outstanding: 28.3M
Next earnings: Nov 4, 2026

About the company

Matrix Service Company is a specialty engineering and construction company, which provide services to the energy and industrial markets. The Company segments include Storage and Terminal Solutions, Utility and Power Infrastructure, and Process and Industrial Facilities. The Storage and Terminal Solutions segment primarily consists of engineering, procurement, fabrication, and construction services related to cryogenic and other specialty tanks and terminals for liquefied natural gas (LNG), natural gas liquids (NGLs) such as butane, propane, ethane, ethylene, and other liquid petroleum products, as well as hydrogen and ammonia. The Utility and Power Infrastructure segment primarily consists of engineering, procurement, fabrication, and construction services to support demand for LNG utility peak shaving facilities. The Process and Industrial Facilities segment primarily consists of plant maintenance, repair, and turnarounds in the downstream and midstream markets for energy clients.

Growth and profitability fiscal year ends June 30

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	874	769	728	795	708	–
Revenue growth	13.6%	5.6%	−8.4%	12.3%	5.1%	5.3%
EPS (basic, normalized)	0.26	−0.93	−1.06	−1.13	−2.00	–
EPS growth	–	–	–	–	–	–
Gross margin	7.3%	5.2%	5.6%	3.9%	−0.2%	4.3%
Net margin	−0.3%	−3.8%	−3.4%	−6.6%	−9.0%	−4.6%
ROE	−1.8%	−19.2%	−14.5%	−25.6%	−24.8%	−17.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	223
Current ratio	0.98x
Long-term debt (mil)	0
Net debt (mil)	−223
Total equity (mil)	142
Net debt / equity	−1.57x
Net debt / EBITDA	−13.91x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	874	+13.6%	0.0x	16.0	+231.8%	2.5x	0.26	+128.0%	35.8x
2027	932	+6.7%	0.0x	28.6	+78.1%	1.4x	0.59	+128.8%	15.6x
2028	985	+5.7%	0.0x	36.9	+29.3%	1.1x	0.69	+16.8%	13.4x
2029	970	−1.6%	0.0x	33.9	−8.0%	1.2x	0.55	−20.9%	16.9x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	932	0.0%	−2.1%	−4.4%	0.59	0.0%	−30.8%	−34.6%
2028	985	0.0%	−1.3%	+1.1%	0.69	0.0%	−12.0%	–
2029	970	0.0%	−2.5%	−3.4%	0.55	0.0%	−27.6%	–

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	166	189	166	187	200	216	212	211	207	245
Sales mean (mil)	195	203	169	185	215	232	207	215	232	247
Surprise	−15.0%	−6.6%	−2.3%	+1.1%	−6.9%	−6.8%	+2.5%	−2.3%	−10.7%	−1.0%
EPS reported	−0.53	−0.14	−0.33	−0.20	−0.12	−0.28	−0.01	−0.02	0.13	0.16
EPS mean	−0.13	−0.21	−0.32	−0.22	−0.05	0.01	0.02	0.03	0.07	0.15
Surprise	−315.7%	+33.3%	−3.4%	+10.9%	−137.6%	−1,966.7%	−150.0%	−159.7%	+85.7%	+6.7%

Peer comparison Construction & Engineering

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
MTRX Matrix Service Co	263M	−13.91x	−0.3%	1.85x	15.6x	13.4x	1.4x	1.1x
SKBSY Skanska AB	11.6B	–	–	–	17.2x	15.6x	10.5x	9.7x
AGX Argan, Inc.	4.7B	−6.32x	14.6%	9.25x	25.1x	21.2x	15.9x	12.7x
BDGI Badger Infrastructure Solutions Ltd	2.0B	1.69x	7.1%	6.50x	26.6x	21.5x	9.7x	8.4x
CDLR Cadeler A/S	2.6B	–	45.2%	1.34x	39.8x	20.5x	7.5x	4.8x
TRE Tecnicas Reunidas SA	2.5B	−0.71x	2.4%	3.59x	13.3x	8.6x	5.8x	4.4x
Mean		−4.81x	13.8%	4.51x	22.9x	16.8x	8.5x	6.9x
Median		−3.51x	7.1%	3.59x	21.1x	18.1x	8.6x	6.6x

Technical analysis

1M−9.4%
3M−19.7%
1Y−38.0%
3Y−21.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Matrix Service Co, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	874	769	728	795	708	673
Cost of revenue	810	730	688	764	709	641
Gross profit	64.0	39.7	40.5	30.8	−1.2	32.8
Selling, general & administrative expenses	63.6	71.2	70.1	68.2	67.7	69.8
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	10.0	3.6	0.5	15.5	19.0	6.8
Other operating expenses	0	0	0	0	0	0
Operating income	−9.6	−35.1	−30.1	−52.9	−87.9	−43.7
Net interest income (expense)	7.3	6.1	0.2	−1.7	−2.9	−1.4
Gain (loss) on sale of assets	–	–	4.5	–	–	–
Other non-operating income (expense)	0.1	−0.1	0.3	1.9	32.4	1.9
Net income before taxes	−2.2	−29.0	−25.0	−52.8	−58.3	−43.3
Provision for taxes	0.4	0.5	0	−0.4	5.5	−6.8
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−2.6	−29.5	−25.0	−52.4	−63.8	−36.4
Extraordinary items	–	–	–	–	−0.1	5.2
Net income	−2.6	−29.5	−25.0	−52.4	−63.9	−31.2
EBIT, normalized	0.3	−31.5	−29.6	−40.3	−101	−37.0
EBITDA, normalized	9.0	−21.5	−18.6	−26.6	−86.0	−19.1
Basic EPS, normalized	0.26	−0.93	−1.06	−1.13	−2.00	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Matrix Service Co, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	223	225	116	54.8	52.4	83.9
Receivables	201	185	173	191	212	196
Total inventory	6.2	5.9	8.8	7.4	10.0	7.3
Prepaid expenses	4.3	4.3	4.1	5.7	–	–
Other current assets	0.9	0	0	3.1	12.9	4.2
Total current assets	436	420	302	262	287	291
Property, plant & equipment	51.1	59.9	62.6	69.3	75.9	91.8
Goodwill	28.9	29.0	29.0	29.1	42.1	60.6
Intangibles	0	0.6	1.7	3.1	4.8	6.6
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	87.0	91.0	56.4	36.7	30.5	17.3
Total assets	603	600	451	401	441	468
Liabilities
Accounts payable	109	80.5	65.6	76.4	74.9	60.9
Payable/accrued	–	–	–	–	–	–
Accrued expenses	33.7	32.3	28.2	25.7	37.8	38.6
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	300	324	171	85.4	65.1	53.8
Total current liabilities	442	436	265	188	178	153
Long-term debt	0	0	0	10.0	15.0	0
Minority interest	–	–	–	–	–	–
Other liabilities	18.3	21.2	22.1	21.5	20.3	28.6
Total liabilities	461	458	287	219	213	182
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.3	0.3	0.3	0.3	0.3	0.3
Additional paid-in capital	150	150	146	141	140	138
Retained earnings (accumulated deficit)	1.9	4.5	33.9	58.9	111	175
Treasury stock	0	−2.6	−6.1	−9.8	−15.5	−20.7
Other equity	−10.8	−9.4	−9.5	−8.8	−8.2	−6.7
Total equity	142	143	164	181	228	286
Total liabilities & shareholders' equity	603	600	451	401	441	468

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Matrix Service Co, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	−2.6	−29.5	−25.0	−52.4	−63.9	−31.2
Depreciation, depletion & amortization	8.6	10.0	11.0	13.7	15.3	17.9
Deferred taxes	–	–	0	0	5.4	0.9
Non-cash items	9.6	9.1	4.2	16.4	−4.5	8.0
Changes in working capital	−8.8	128	82.3	32.5	−6.4	1.6
Cash from operations	6.9	117	72.6	10.2	−54.2	−3.0
Investing activities
Capital expenditures	−5.5	−7.7	−7.0	−9.0	−3.3	−4.4
Other investing cash flows	1.9	0.2	6.0	6.5	39.0	2.1
Cash from investing	−3.5	−7.4	−0.9	−2.5	35.7	−2.3
Financing activities
Financing cash flow items	−4.4	0	−0.1	0	−1.9	−1.6
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	0.2	−1.0	−10.3	−5.1	14.6	−10.7
Cash from financing	−4.2	−1.0	−10.4	−5.1	12.7	−12.3
Foreign exchange effects	−0.9	0	−0.5	−0.2	−0.7	1.4
Net change in cash	−1.7	109	60.8	2.4	−6.5	−16.2
Free cash flow	1.4	110	65.6	1.2	−57.5	−7.3

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.