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Matrix Service Company
(NASDAQ:MTRX)
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Rating:60Neutral
Price Target:
$14.00
▲(14.85% Upside)
Action:Reiterated
Date:07/03/26
MTRX scores as a moderate opportunity driven primarily by improving financial momentum (sharp TTM revenue growth, strong recent operating/free cash flow, and low leverage) and a generally constructive earnings update (profitability improvement, strong liquidity, and sizable backlog/pipeline). The score is held back by still-negative operating profitability, a valuation profile constrained by negative earnings (negative P/E), and only neutral-to-mixed near-term technical signals.
Positive Factors
Cash generation
Sustained positive operating and free cash flow across the trailing twelve months and FY2025 demonstrates durable cash conversion. This supports funding working capital, bondable project bids and capital needs without reliance on new debt, improving resilience through industry cycles.
Negative Factors
Operating profitability still negative
Despite margin improvement, persistent negative operating margins and returns indicate the company has not yet fully converted top-line gains into sustainable profitability. Continued losses can erode equity, limit reinvestment, and leave the firm exposed if backlog or cash flows weaken.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Sustained positive operating and free cash flow across the trailing twelve months and FY2025 demonstrates durable cash conversion. This supports funding working capital, bondable project bids and capital needs without reliance on new debt, improving resilience through industry cycles.
Read all positive factors
Matrix Service Company Key Performance Indicators (KPIs)
Any
Revenue by Segment
Details revenue across different business segments, indicating which areas are performing well and contributing most to overall growth.
Details revenue across different business segments, indicating which areas are performing well and contributing most to overall growth.
Data provided by:
The Fly
The FlyMatrix Service Company (MTRX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$358.71M
Dividend YieldN/A
Average Volume (3M)319.56K
Price to Earnings (P/E)―
Beta (1Y)1.52
Revenue Growth13.88%
EPS Growth34.22%
CountryUS
Employees2,064
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)-0.53
Shares Outstanding28,133,850
10 Day Avg. Volume186,717
30 Day Avg. Volume319,556
Financial Highlights & Ratios
PEG Ratio-0.77
Price to Book (P/B)2.63
Price to Sales (P/S)0.49
P/FCF Ratio3.42
Enterprise Value/Market Cap0.47
Enterprise Value/Revenue0.20
Enterprise Value/Gross Profit3.19
Enterprise Value/Ebitda-36.36
Forecast
1Y Price Target
$24.00Price Target Upside96.88% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.83
Revenue Forecast (FY)$948.11M
Matrix Service Company Business Overview & Revenue Model
Company Description
Matrix Service Company (MTRX), established in 1984 and headquartered in Tulsa, Oklahoma, operates as a diversified global contractor. The firm offers a comprehensive suite of services, including engineering, fabrication, infrastructure development...
How the Company Makes Money
Matrix Service Company primarily makes money by contracting to engineer, construct, and maintain complex energy and industrial infrastructure projects. Revenue is mainly generated from (1) construction/engineering project work awarded under custom...
Matrix Service Company Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Sep 14, 2026
Earnings Call Sentiment Positive
The call conveyed a largely positive tone: the company returned to profitability, improved gross margins, grew cash and liquidity, delivered a strong performance in Storage & Terminal Solutions and utility margins, and resolved legacy legal matters that added cash. Offsetting these positives were significant declines in the Process & Industrial Facilities segment, a modest reduction to revenue guidance (-2.2% at midpoint), timing-related deferred revenue (~$20M–$25M), and $3M of restructuring charges alongside planned executive departures. On balance, operational and financial improvements plus a robust $6.9B opportunity pipeline and over $1B backlog outweigh the near-term timing and segment-specific challenges.Positive Updates
Return to Profitability & Improved Earnings
Reported net income of $0.8M (GAAP) or $0.03 per diluted share vs a net loss of $3.4M, $0.12 per diluted share in prior-year Q3; adjusted earnings were $0.13 per fully diluted share. Adjusted EBITDA improved to $4.9M in the quarter vs breakeven in the prior-year quarter.
Negative Updates
Process & Industrial Facilities Revenue and Margin Decline
Process and Industrial Facilities revenue declined to $35.1M from $45.4M (a decrease of ~22.7%) and gross margin fell to 2.5% from 8.3% (down 5.8 percentage points), driven by mix of work and settlement of a legacy legal matter.
Read all updates
Q3-2026 Updates
Positive
Negative
Return to Profitability & Improved Earnings
Reported net income of $0.8M (GAAP) or $0.03 per diluted share vs a net loss of $3.4M, $0.12 per diluted share in prior-year Q3; adjusted earnings were $0.13 per fully diluted share. Adjusted EBITDA improved to $4.9M in the quarter vs breakeven in the prior-year quarter.
Read all positive updates
Company Guidance
Management trimmed fiscal 2026 revenue guidance, lowering the midpoint 2.2% from $900 million to $880 million, but reiterated that profitability should continue after Q3 adjusted EPS of $0.13 per diluted share (GAAP net income $0.8 million, $0.03 per diluted share) and adjusted EBITDA of $4.9 million; they expect Q4 revenues to pick up (noting roughly $20–25 million of work deferred from Q3), highlighted a backlog above $1 billion and a $6.9 billion opportunity pipeline, and called out strong balance-sheet metrics—cash $258 million (up $34 million in the quarter), liquidity $297 million, and nearly $20 million cash benefit from recent legal resolutions—while signaling S&T will drive near-term growth (S&T revenue +16% to $111.6 million in Q3; S&T GM 7%), Utility & Power roughly flat (Q3 revenue $60.0 million; GM 13.6%), Process & Industrial pressured (Q3 revenue $35.1 million; GM 2.5%), a $3.0 million restructuring charge in Q3, SG&A of $15.2 million with a target of ~6.5% in FY2027, and an expectation that awards in mining, LNG, data center and power markets will lift bookings and book-to-bill into fiscal 2027.Matrix Service Company Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
70
Positive
Cash Flow
74
Positive
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Sep 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 845.48M | 769.29M | 728.21M | 795.02M | 707.78M | 673.40M |
| Gross Profit | 52.59M | 39.68M | 40.47M | 30.82M | -1.21M | 32.77M |
| EBITDA | -4.62M | -18.47M | -12.86M | -37.04M | -40.08M | -23.85M |
| Net Income | -14.99M | -29.46M | -24.98M | -52.36M | -63.90M | -31.22M |
Balance Sheet | ||||||
| Total Assets | 616.55M | 600.26M | 451.35M | 400.50M | 440.79M | 467.56M |
| Cash, Cash Equivalents and Short-Term Investments | 233.02M | 224.64M | 115.61M | 54.81M | 52.37M | 83.88M |
| Total Debt | 18.69M | 21.43M | 22.89M | 35.32M | 40.62M | 26.52M |
| Total Liabilities | 477.13M | 457.54M | 287.17M | 219.02M | 213.09M | 182.02M |
| Stockholders Equity | 139.42M | 142.72M | 164.18M | 181.48M | 227.71M | 285.54M |
Cash Flow | ||||||
| Free Cash Flow | 50.06M | 109.79M | 65.58M | 1.24M | -57.54M | -7.33M |
| Operating Cash Flow | 56.42M | 117.47M | 72.57M | 10.25M | -54.20M | -2.97M |
| Investing Cash Flow | -4.88M | -7.45M | -945.00K | -2.54M | 35.67M | -2.26M |
| Financing Cash Flow | -4.18M | -1.04M | -10.37M | -5.06M | 12.70M | -12.32M |
Matrix Service Company Technical Analysis
Negative
12.19
Price Trends
13.13
Negative
12.27
Positive
12.48
Positive
Market Momentum
-0.16
Positive
41.39
Neutral
20.60
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MTRX, the sentiment is Negative. The current price of 12.19 is below the 20-day moving average (MA) of 13.38, below the 50-day MA of 13.13, and below the 200-day MA of 12.48, indicating a neutral trend. The MACD of -0.16 indicates Positive momentum. The RSI at 41.39 is Neutral, neither overbought nor oversold. The STOCH value of 20.60 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MTRX.
Matrix Service Company Risk Analysis
Matrix Service Company disclosed 31 risk factors in its most recent earnings report. Matrix Service Company reported the most risks in the "Production" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Matrix Service Company Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | $567.92M | 63.94 | 5.40% | ― | 6.74% | 250.16% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | $309.38M | 30.71 | 14.45% | 1.11% | 19.86% | -49.73% | |
63 Neutral | $533.67M | 75.60 | 3.17% | ― | 2.07% | -38.08% | |
60 Neutral | $358.71M | -23.41 | -10.79% | ― | 13.88% | 34.22% | |
47 Neutral | $16.74M | -2.60 | -578.91% | ― | -21.47% | -541.99% | |
44 Neutral | $35.48M | -0.32 | 1577.14% | ― | -24.31% | -169.16% |
* Industrials Sector Average
MTRX
Matrix Service Company
12.49
-0.87
-6.51%
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16.84
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60.02%
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SLND
Southland Holdings
0.68
-4.07
-85.77%
MSW
Ming Shing Group Holdings Limited
1.62
-3.04
-65.21%
Matrix Service Company Corporate Events
Business Operations and StrategyExecutive/Board Changes
Matrix Service Company Consolidates Leadership with CEO Director Role
Positive
Jul 2, 2026
On July 1, 2026, Matrix Service Company’s Board of Directors elected President and Chief Executive Officer Shawn P. Payne to serve as a Director until the next annual meeting, consolidating leadership roles at the top of the organization. Th...
Business Operations and StrategyExecutive/Board Changes
Matrix Service Realigns Leadership Amid CFO Transition Plans
Neutral
Apr 30, 2026
Matrix Service Company announced executive leadership changes tied to the previously disclosed appointment of Shawn P. Payne as chief executive officer, effective July 1, 2026. As part of this broader reorganization, the company will consolidate a...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.