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Matrix Service Company
(NASDAQ:MTRX)
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Rating:54Neutral
Price Target:
$10.50
▼(-2.51% Downside)
Action:Reiterated
Date:10/02/26
The score is driven primarily by improving fundamentals and a strong, low-leverage balance sheet, but held back by still-thin/near-break-even profitability and highly volatile cash flow. Technical signals remain broadly weak (below key longer-term averages with negative MACD), while valuation is constrained by negative earnings and no dividend. The latest earnings call adds support via profitability and liquidity improvements, though lack of guidance, backlog drawdown risk, and expected near-term cash use limit upside confidence.
Positive Factors
Revenue and Margin Recovery
Fiscal 26 revenue grew 14% and gross margin expanded 210 basis points, showing that backlog execution is translating into better economics. If this improvement persists, it can strengthen earnings capacity and provide a more resilient base for reinvestment across the company’s end markets.
Negative Factors
Thin and Incomplete Profitability
Despite better revenue and gross margin, Matrix remained slightly loss-making in 2026, indicating that the turnaround has not yet produced durable bottom-line profitability. Thin project margins leave limited room for execution setbacks and may constrain internally funded growth until returns improve.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and Margin Recovery
Fiscal 26 revenue grew 14% and gross margin expanded 210 basis points, showing that backlog execution is translating into better economics. If this improvement persists, it can strengthen earnings capacity and provide a more resilient base for reinvestment across the company’s end markets.
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
$297.91M
Dividend YieldN/A
Average Volume (3M)498.97K
Price to Earnings (P/E)―
Beta (1Y)1.41
Revenue Growth13.56%
EPS Growth91.27%
CountryUS
Employees2,370
SectorIndustrials
Sector Strength72
IndustryEngineering & Construction
Share Statistics
EPS (TTM)-0.09
Shares Outstanding28,291,922
10 Day Avg. Volume599,060
30 Day Avg. Volume498,974
Financial Highlights & Ratios
PEG Ratio1.66
Price to Book (P/B)2.73
Price to Sales (P/S)0.44
P/FCF Ratio272.22
Enterprise Value/Market Cap0.63
Enterprise Value/Revenue0.21
Enterprise Value/Gross Profit2.93
Enterprise Value/Ebitda27.33
Forecast
1Y Price Target
$16.00Price Target Upside48.56% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.7
Revenue Forecast (FY)$952.16M
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 deliver engineering and construction-related services on customer projects in energy and industrial end markets. Revenue is generated as projects are executed under customer contracts,...
Matrix Service Company Earnings Call Summary
Earnings Call Date:Sep 02, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call was predominantly positive, reflecting a return to profitability, strong fiscal-year and fourth-quarter improvement, lower SG&A, significant market opportunities, a large pipeline, a healthy balance sheet, and progress on strategic execution. These positives were tempered by a 0.7 quarterly book-to-bill ratio, expected backlog drawdown, lower Process and Industrial Facilities revenue and margin, restructuring costs, cash utilization in the first half of fiscal 27, and the absence of financial guidance during the CFO transition.Positive Updates
Return to Profitability and Full-Year EPS Improvement
Matrix returned to profitability in the third and fourth quarters of fiscal 26. Full-year adjusted EPS was $0.26, an increase of $1.19 compared to last year.
Negative Updates
Operating Loss Including Restructuring Costs
The company incurred $3.4 million of restructuring costs in the fourth quarter related to executive transitions and the previously announced corporate realignment. Including these costs, the company reported an operating loss of $900 thousand, although this improved from an operating loss of $12.9 million in the prior-year quarter.
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Q4-2026 Updates
Positive
Negative
Return to Profitability and Full-Year EPS Improvement
Matrix returned to profitability in the third and fourth quarters of fiscal 26. Full-year adjusted EPS was $0.26, an increase of $1.19 compared to last year.
Read all positive updates
Company Guidance
The company said it “will not be providing guidance at this time”; it expects “70% to 80%” of backlog to be worked off during fiscal 27, with Q1, Q2, and Q3 covering “a fair share of the larger projects,” while aiming to replace it with new projects and maintain strong revenue through the back half of fiscal 27. Backlog projects are delivering “close to that double digit level,” and the company wants to grow margin “above 10%.” The America First Refining FEED is due at the end of fiscal Q2, with an anticipated award in “late fiscal Q3 or early Q4,” and early purchasing or site work could begin prior to calendar year end. The company expects to utilize cash in the first half of fiscal 27, while restructuring costs are expected to be “relatively insignificant,” “not significant,” and not “major”; a quarter might have “a couple hundred thousand.”Matrix Service Company Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
71
Positive
Cash Flow
52
Neutral
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Sep 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 873.63M | 769.29M | 728.21M | 795.02M | 707.78M |
| Gross Profit | 63.95M | 39.68M | 40.47M | 30.82M | -1.21M |
| EBITDA | 6.85M | -18.47M | -12.86M | -37.04M | -40.08M |
| Net Income | -2.58M | -29.46M | -24.98M | -52.36M | -63.90M |
Balance Sheet | |||||
| Total Assets | 602.61M | 600.26M | 451.35M | 400.50M | 440.79M |
| Cash, Cash Equivalents and Short-Term Investments | 222.97M | 224.64M | 115.61M | 54.81M | 52.37M |
| Total Debt | 19.46M | 21.43M | 22.89M | 35.32M | 40.62M |
| Total Liabilities | 460.75M | 457.54M | 287.17M | 219.02M | 213.09M |
| Stockholders Equity | 141.85M | 142.72M | 164.18M | 181.48M | 227.71M |
Cash Flow | |||||
| Free Cash Flow | 1.42M | 109.79M | 65.58M | 1.24M | -57.54M |
| Operating Cash Flow | 6.91M | 117.47M | 72.57M | 10.25M | -54.20M |
| Investing Cash Flow | -3.54M | -7.45M | -945.00K | -2.54M | 35.67M |
| Financing Cash Flow | -4.17M | -1.04M | -10.37M | -5.06M | 12.70M |
Matrix Service Company Technical Analysis
Neutral
10.77
Price Trends
10.76
Negative
11.87
Negative
11.97
Negative
Market Momentum
-0.05
Negative
52.94
Neutral
79.91
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MTRX, the sentiment is Neutral. The current price of 10.77 is above the 20-day moving average (MA) of 10.06, above the 50-day MA of 10.76, and below the 200-day MA of 11.97, indicating a neutral trend. The MACD of -0.05 indicates Negative momentum. The RSI at 52.94 is Neutral, neither overbought nor oversold. The STOCH value of 79.91 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 1 New Risks
1.
Changes in global trade policy and the impact on tariffs may have a material adverse effect on business operations and financial performance. Q1, 2025
Matrix Service Company Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $471.68M | 55.66 | 3.58% | 1.39% | 6.91% | 4.11% | |
64 Neutral | $194.06M | 17.20 | 14.64% | 1.35% | 21.21% | 252.85% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
54 Neutral | $297.91M | -114.48 | -1.86% | ― | 13.56% | 91.27% | |
50 Neutral | $370.53M | 97.23 | 2.22% | ― | 7.05% | -67.59% | |
46 Neutral | $42.57M | -0.11 | 331.10% | ― | -32.66% | -397.97% |
* Industrials Sector Average
MTRX
Matrix Service Company
10.53
-2.04
-16.23%
ESOA
Energy Services of America
10.40
0.57
5.77%
ORN
Orion Group Holdings
9.15
0.72
8.54%
BBCP
Concrete Pumping Holdings
9.36
2.75
41.58%
SLND
Southland Holdings
0.78
-3.71
-82.58%
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...
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.