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MTRX

Matrix Service Company

MTRX

Matrix Service Company • NASDAQ
$11.69 ▲ 0.60% (+0.07)
Market Cap $325.94 M
52w High $16.11
52w Low $9.33
Dividend Yield 0%
P/E -13.59
Volume 92.60K
Outstanding Shares 27.88M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q1-2026 $211.884M ▼ $16.334M ▼ $-3.663M ▲ -1.729% ▲ $-0.13 ▲ $-1.006M ▲
Q4-2025 $216.377M ▲ $21.029M ▲ $-11.272M ▼ -5.209% ▼ $-0.4 ▼ $-8.2M ▼
Q3-2025 $200.161M ▲ $17.85M ▲ $-3.434M ▲ -1.716% ▲ $-0.12 ▲ $-787K ▲
Q2-2025 $187.169M ▲ $17.286M ▼ $-5.533M ▲ -2.956% ▲ $-0.2 ▲ $-2.862M ▲
Q1-2025 $165.579M $18.58M $-9.223M -5.57% $-0.33 $-6.619M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q1-2026 $192.307M ▼ $598.186M ▼ $461.92M ▲ $136.266M ▼
Q4-2025 $224.641M ▲ $600.256M ▼ $457.54M ▼ $142.716M ▼
Q3-2025 $185.541M ▲ $613.74M ▲ $463.03M ▲ $150.71M ▼
Q2-2025 $156.777M ▲ $513.845M ▲ $361.911M ▲ $151.934M ▼
Q1-2025 $124.61M $470.157M $313.64M $156.517M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q1-2026 $-3.663M ▲ $-25.899M ▼ $-1.789M ▲ $-4.329M ▼ $-32.334M ▼ $-27.91M ▼
Q4-2025 $-11.272M ▼ $40.708M ▲ $-2.257M ▲ $46K ▼ $39.1M ▲ $38.448M ▲
Q3-2025 $-3.434M ▲ $31.247M ▼ $-2.492M ▼ $47K ▼ $28.764M ▼ $28.681M ▼
Q2-2025 $-5.533M ▲ $33.598M ▲ $-752K ▲ $56K ▲ $32.167M ▲ $32.683M ▲
Q1-2025 $-9.223M $11.918M $-1.944M $-1.189M $8.995M $9.974M

Revenue by Products

Product Q1-2025Q2-2025Q3-2025Q1-2026
Process and Industrial Facilities
Process and Industrial Facilities
 $30.00M ▲$30.00M ▲$50.00M ▲$30.00M ▼
Storage and Terminal Solutions
Storage and Terminal Solutions
 $80.00M ▲$100.00M ▲$100.00M ▲$110.00M ▲
Utility and Power Infrastructure
Utility and Power Infrastructure
 $60.00M ▲$60.00M ▲$60.00M ▲$70.00M ▲
Corporate Segment
Corporate Segment
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has generally trended upward over the past few years, but the business has not yet translated this into consistent profits. Gross profit has been positive but thin, which suggests pricing power and project execution are still under pressure. Operating income and net income have been negative for several years, although the losses appear to be narrowing over time. This pattern points to a company that is gradually repairing its operations but is still in a turnaround phase, with profitability not yet firmly established.

Balance Sheet

Balance Sheet The balance sheet shows a modest asset base and relatively low financial debt, which limits balance‑sheet risk compared with heavily leveraged peers. Equity has been shrinking over time as repeated losses have eaten into the company’s capital, which reduces the cushion to absorb future setbacks. Cash levels improved into 2024, giving some flexibility, but the 2025 balance sheet data look incomplete or not yet updated, so the latest picture is unclear. Overall, financial leverage appears manageable, but the long stretch of losses leaves less room for error.

Cash Flow

Cash Flow Despite accounting losses, cash flow from operations has improved meaningfully, swinging from negative to clearly positive in recent years. Free cash flow has followed the same pattern, helped by relatively light capital spending needs. This suggests the company is getting better at converting its project work into cash, even while reported earnings remain in the red. The key question is whether this healthier cash generation can be sustained through the project cycle and eventually align with a return to consistent profitability.

Competitive Edge

Competitive Edge Matrix occupies a specialized niche in engineering, construction, and maintenance for energy and industrial markets, especially in complex storage and cryogenic systems. Its reputation with repeat customers, strong safety culture, and ability to handle difficult projects give it a defensible position versus more generic contractors. The integrated “design through maintenance” offering makes relationships stickier and can increase switching costs for clients. However, the company still operates in a cyclical, competitive industry where project timing, bid discipline, and execution risk can quickly affect margins and backlog quality.

Innovation and R&D

Innovation and R&D Innovation is centered on engineering know‑how and proprietary products rather than traditional lab‑style R&D spending. Matrix’s branded solutions for storage tanks and cryogenic applications, along with its advanced design capabilities for LNG, hydrogen, and other low‑temperature systems, provide clear technical differentiation. The company is actively leaning into the energy transition by pursuing hydrogen, LNG, and other low‑carbon infrastructure projects, which could open higher‑value work if these markets scale as expected. The opportunity is significant, but depends on broader policy, customer investment decisions, and Matrix’s ability to keep advancing its specialized technologies.

Summary

Matrix Service looks like a specialized engineering and construction firm in the middle of a long rebuild. It has carved out a strong niche in complex storage and cryogenic infrastructure, with proprietary products and a solid reputation that support its competitive position. On the financial side, revenue has been recovering and cash generation has improved, but profitability is still negative and has been eroding the equity base over time. The balance sheet is not heavily indebted, which helps, but the margin for operational missteps is thinner after years of losses. Looking ahead, the company’s exposure to LNG, hydrogen, and broader energy‑transition projects offers meaningful upside potential, tempered by execution risk, industry cyclicality, and the need to firmly restore sustainable profitability.

NEWS

November 6, 2025 · 7:00 AM UTC

Matrix Service Company Announces Award for the Balance of Plant Supporting a Large, Dual Service Full Containment Storage Tank for Delaware River Partners

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November 5, 2025 · 4:02 PM UTC

Matrix Service Company Reports Fiscal Year 2026 First Quarter Results; Reaffirms Fiscal 2026 Revenue Guidance

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October 23, 2025 · 1:15 PM UTC

INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Matrix Service Company - MTRX

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October 21, 2025 · 4:05 PM UTC

Matrix Service Company Sets Date for Release of Fiscal Year 2026 First Quarter Results and Conference Call

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October 18, 2025 · 10:00 AM UTC

INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Matrix Service Company - MTRX

Read more