Matrix Service (MTRX)
Market Price (9/6/2026): $10.63 | Market Cap: $301.8 MilSector: Industrials | Industry: Construction & Engineering
Matrix Service (MTRX)
Market Price (9/6/2026): $10.63Market Cap: $301.8 MilSector: IndustrialsIndustry: Construction & Engineering
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -67% Low stock price volatilityVol 12M is 48% Megatrend and thematic driversMegatrends include US Energy Independence, Hydrogen Economy, and Renewable Energy Transition. Themes include US LNG, Show more. | Weak multi-year price returns2Y Excs Rtn is -30%, 3Y Excs Rtn is -46% | Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 44x Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.3% Key risksMTRX key risks include [1] persistent profitability challenges demonstrated by ongoing net losses and negative operating margins, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -67% |
| Low stock price volatilityVol 12M is 48% |
| Megatrend and thematic driversMegatrends include US Energy Independence, Hydrogen Economy, and Renewable Energy Transition. Themes include US LNG, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -30%, 3Y Excs Rtn is -46% |
| Expensive valuation multiplesP/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 44x |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.3% |
| Key risksMTRX key risks include [1] persistent profitability challenges demonstrated by ongoing net losses and negative operating margins, Show more. |
Qualitative Assessment
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Matrix Service (MTRX) stock has lost about 20% since 5/31/2026 because of the following key factors:
1. Matrix Service Company reported a slight miss on adjusted earnings per share and revenue for fiscal Q4 2026, which ended June 30, 2026. The company announced adjusted earnings of $0.16 per share, falling short of analysts' consensus estimates of $0.17 per share. Additionally, revenue of $244.5 million, while a 13% increase year-over-year and the highest quarterly revenue in six years, was slightly below the market's expectation of $247 million.
2. The company experienced a significant year-over-year decrease in its total backlog and a low book-to-bill ratio. Matrix Service's total backlog stood at $953.2 million as of June 30, 2026, which represents a 31% decrease from the prior year. The quarterly project awards of $169.0 million resulted in a book-to-bill ratio of 0.7x, indicating that new orders are not keeping pace with the revenue being recognized, which can raise concerns about future revenue growth.
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Matrix Service (MTRX) stock has lost about 20% since 5/31/2026 because of the following key factors:
1. Matrix Service Company reported a slight miss on adjusted earnings per share and revenue for fiscal Q4 2026, which ended June 30, 2026. The company announced adjusted earnings of $0.16 per share, falling short of analysts' consensus estimates of $0.17 per share. Additionally, revenue of $244.5 million, while a 13% increase year-over-year and the highest quarterly revenue in six years, was slightly below the market's expectation of $247 million.
2. The company experienced a significant year-over-year decrease in its total backlog and a low book-to-bill ratio. Matrix Service's total backlog stood at $953.2 million as of June 30, 2026, which represents a 31% decrease from the prior year. The quarterly project awards of $169.0 million resulted in a book-to-bill ratio of 0.7x, indicating that new orders are not keeping pace with the revenue being recognized, which can raise concerns about future revenue growth.
3. Weakness in the Process and Industrial Facilities segment contributed to concerns despite overall revenue growth. While the Storage and Terminal Solutions segment saw a 43% revenue increase and the Utility and Power Infrastructure segment delivered steady revenue with improved margins in fiscal Q4 2026, the Process and Industrial Facilities segment experienced declining revenue, falling to $33.6 million from $47.3 million in the prior year. This decline in a key segment offset some of the positive performance from other areas.
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Stock Movement Drivers
Fundamental Drivers
The -19.1% change in MTRX stock from 5/31/2026 to 9/5/2026 was primarily driven by a -21.7% change in the company's P/S Multiple.| (LTM values as of) | 5312026 | 9052026 | Change |
|---|---|---|---|
| Stock Price ($) | 13.13 | 10.62 | -19.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 845 | 874 | 3.3% |
| P/S Multiple | 0.4 | 0.3 | -21.7% |
| Shares Outstanding (Mil) | 28 | 28 | 0.0% |
| Cumulative Contribution | -19.1% |
Market Drivers
5/31/2026 to 9/5/2026| Return | Correlation | |
|---|---|---|
| MTRX | -19.1% | |
| Market (SPY) | 1.8% | 47.9% |
| Sector (XLI) | 1.2% | 50.5% |
Fundamental Drivers
The -3.4% change in MTRX stock from 2/28/2026 to 9/5/2026 was primarily driven by a -7.1% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 9052026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.99 | 10.62 | -3.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 839 | 874 | 4.1% |
| P/S Multiple | 0.4 | 0.3 | -7.1% |
| Shares Outstanding (Mil) | 28 | 28 | -0.1% |
| Cumulative Contribution | -3.4% |
Market Drivers
2/28/2026 to 9/5/2026| Return | Correlation | |
|---|---|---|
| MTRX | -3.4% | |
| Market (SPY) | 12.6% | 44.8% |
| Sector (XLI) | -0.8% | 53.0% |
Fundamental Drivers
The -29.8% change in MTRX stock from 8/31/2025 to 9/5/2026 was primarily driven by a -39.2% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 9052026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.13 | 10.62 | -29.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 742 | 874 | 17.7% |
| P/S Multiple | 0.6 | 0.3 | -39.2% |
| Shares Outstanding (Mil) | 28 | 28 | -2.0% |
| Cumulative Contribution | -29.8% |
Market Drivers
8/31/2025 to 9/5/2026| Return | Correlation | |
|---|---|---|
| MTRX | -29.8% | |
| Market (SPY) | 20.4% | 41.2% |
| Sector (XLI) | 16.5% | 42.8% |
Fundamental Drivers
The 27.8% change in MTRX stock from 8/31/2023 to 9/5/2026 was primarily driven by a 21.3% change in the company's P/S Multiple.| (LTM values as of) | 8312023 | 9052026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.31 | 10.62 | 27.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 790 | 874 | 10.6% |
| P/S Multiple | 0.3 | 0.3 | 21.3% |
| Shares Outstanding (Mil) | 27 | 28 | -4.8% |
| Cumulative Contribution | 27.8% |
Market Drivers
8/31/2023 to 9/5/2026| Return | Correlation | |
|---|---|---|
| MTRX | 27.8% | |
| Market (SPY) | 77.1% | 40.4% |
| Sector (XLI) | 68.7% | 44.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MTRX Return | -32% | -17% | 57% | 22% | -2% | -10% | -4% |
| Peers Return | 39% | 12% | 22% | 58% | 21% | 10% | 303% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| MTRX Win Rate | 42% | 50% | 50% | 50% | 50% | 44% | |
| Peers Win Rate | 60% | 60% | 63% | 62% | 52% | 53% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| MTRX Max Drawdown | -58% | -61% | -49% | -34% | -35% | -29% | |
| Peers Max Drawdown | -29% | -29% | -32% | -18% | -37% | -39% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: FLR, KBR, MTZ, PRIM, PWR. See MTRX Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/4/2026 (YTD)
How Low Can It Go
| Event | MTRX | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -29.9% | -18.8% |
| % Gain to Breakeven | 42.6% | 23.1% |
| Time to Breakeven | 100 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -31.5% | -6.7% |
| % Gain to Breakeven | 45.9% | 7.1% |
| Time to Breakeven | 118 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -55.2% | -24.5% |
| % Gain to Breakeven | 123.1% | 32.4% |
| Time to Breakeven | 101 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -50.6% | -33.7% |
| % Gain to Breakeven | 102.4% | 50.9% |
| Time to Breakeven | 301 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -56.5% | -3.7% |
| % Gain to Breakeven | 130.1% | 3.9% |
| Time to Breakeven | 204 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -25.6% | -12.2% |
| % Gain to Breakeven | 34.4% | 13.9% |
| Time to Breakeven | 296 days | 62 days |
In The Past
Matrix Service's stock fell -29.9% during the 2025 US Tariff Shock. Such a loss loss requires a 42.6% gain to breakeven.
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Asset Allocation
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| Event | MTRX | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -29.9% | -18.8% |
| % Gain to Breakeven | 42.6% | 23.1% |
| Time to Breakeven | 100 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -31.5% | -6.7% |
| % Gain to Breakeven | 45.9% | 7.1% |
| Time to Breakeven | 118 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -55.2% | -24.5% |
| % Gain to Breakeven | 123.1% | 32.4% |
| Time to Breakeven | 101 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -50.6% | -33.7% |
| % Gain to Breakeven | 102.4% | 50.9% |
| Time to Breakeven | 301 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -56.5% | -3.7% |
| % Gain to Breakeven | 130.1% | 3.9% |
| Time to Breakeven | 204 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -25.6% | -12.2% |
| % Gain to Breakeven | 34.4% | 13.9% |
| Time to Breakeven | 296 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -46.5% | -17.9% |
| % Gain to Breakeven | 86.9% | 21.8% |
| Time to Breakeven | 175 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -22.1% | -15.4% |
| % Gain to Breakeven | 28.3% | 18.2% |
| Time to Breakeven | 184 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -78.3% | -53.4% |
| % Gain to Breakeven | 360.4% | 114.4% |
| Time to Breakeven | 1785 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -32.0% | -8.6% |
| % Gain to Breakeven | 47.1% | 9.5% |
| Time to Breakeven | 61 days | 47 days |
In The Past
Matrix Service's stock fell -29.9% during the 2025 US Tariff Shock. Such a loss loss requires a 42.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Matrix Service (MTRX)
Matrix Service Company (MTRX) is a specialized service provider offering a comprehensive suite of engineering, fabrication, infrastructure, construction, and maintenance services. The company primarily caters to critical heavy industries, including the oil, gas, power, petrochemical, industrial, agricultural, mining, and minerals markets. Its operational reach extends across the United States, Canada, South Korea, Australia, and other international locations.
MTRX's business is structured into three main segments, each addressing distinct needs. The Utility and Power Infrastructure segment focuses on essential power delivery services, encompassing the construction and upgrades of substations, transmission and distribution lines, as well as maintenance for natural gas-fired power stations and emergency storm restoration. The Process and Industrial Facilities segment supports crude oil refining and natural gas processing operations, offering plant maintenance, turnarounds, industrial cleaning, and capital construction services.
The third segment, Storage and Terminal Solutions, is a leader in aboveground storage tanks and terminals, providing engineering, fabrication, construction, and maintenance. This segment also specializes in a variety of specialty vessels, such as those for liquefied natural gas (LNG), liquid oxygen, and hydrogen, alongside marine structures and facilities for truck and rail loading/offloading. Essentially, Matrix Service is instrumental in building, maintaining, and upgrading the vital infrastructure that underpins the energy, industrial, and power sectors.
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Matrix Service is like a specialized **Fluor Corporation** or **Bechtel** for critical energy and industrial infrastructure, focusing on power plants, oil refineries, and massive storage terminals.
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- Utility and Power Infrastructure Services: Provides engineering, construction, maintenance, and emergency restoration services for power delivery systems, including substations, transmission lines, and power generation facilities.
- Process and Industrial Facilities Services: Offers plant maintenance, turnarounds, engineering, industrial cleaning, and capital construction services for crude oil refining, natural gas processing, petrochemical, and other industrial facilities.
- Storage and Terminal Solutions Services: Delivers engineering, fabrication, construction, and maintenance services for aboveground storage tanks, specialty vessels like LNG and LPG spheres, marine structures, and truck/rail loading facilities.
AI Analysis | Feedback
Matrix Service Company (MTRX) sells its engineering, fabrication, infrastructure, construction, and maintenance services primarily to other companies.
Based on the company's public financial disclosures, Matrix Service has a diversified customer base. No single customer accounted for 10% or more of its consolidated revenues for fiscal years 2023, 2022, or 2021. Therefore, the company does not publicly identify specific individual "major customers" by name.
Its customer base consists of companies operating across various markets, including:
- Oil and Gas (e.g., crude oil refining, natural gas processing, fractionating, and marketing companies)
- Power (e.g., utility companies for substations and transmission lines, and operators of combined cycle plants and other natural gas-fired power stations)
- Petrochemical
- Industrial
- Agricultural
- Mining and Minerals
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John R. Hewitt, President and Chief Executive Officer
Mr. Hewitt was appointed President and Chief Executive Officer and a director of Matrix Service Company in May 2011. He has spent his entire career in the engineering, procurement, and construction (EPC) industry. Prior to joining Matrix, he worked for approximately 25 years for various operating businesses of Aker Solutions ASA ("Aker") and its predecessor companies. At Aker Solutions, he served as Senior Vice President, responsible for executive oversight on major capital projects in the power and liquefied natural gas industries. He also held the role of President, United States Operations, Aker Solutions E&C US, Inc. from 2007 to 2009, managing all construction services in North America. Before that, he was President of Aker Construction Inc., where he had full profit and loss responsibility for a multi-disciplined direct hire industrial construction business. Mr. Hewitt possesses significant experience with mergers and acquisitions. He holds a finance degree from Stetson University and an engineering degree from the Florida Institute of Technology.
Kevin S. Cavanah, Chief Financial Officer
Mr. Cavanah has served as Chief Financial Officer of Matrix Service Company since December 2010, and as Treasurer since December 2013. His prior roles at the company include Vice President, Accounting and Financial Reporting from August 2007 to December 2010, and Controller from April 2003 to August 2007. Before joining Matrix, Mr. Cavanah was an Accounting Manager for Williams Communications from 2001 to 2003 and for The Williams Companies from 1998 to 2001. Earlier in his career, he was an Audit Manager for Ernst & Young LLP. He earned a Bachelor of Science Degree in Business Administration in Accounting from the University of Arkansas.
Shawn P. Payne, Chief Operating Officer and Incoming President and Chief Executive Officer
Mr. Payne was appointed Chief Operating Officer of Matrix Service Company in February 2026 and is slated to become President and Chief Executive Officer effective July 1, 2026. Prior to these appointments, he served as President Engineering & Construction for Matrix Service Company and previously as President, Matrix Service Inc. He has held several other leadership roles within Matrix Service, including Senior Vice President, Operations, Senior Vice President of Finance and Business Services, and Vice President of Business Services. Mr. Payne joined Matrix Service in 2012 as the Division Manager in Tucson, AZ, where he was instrumental in leading the company's entry into the minerals and mining business. Before his tenure at Matrix, he held leadership positions in operations, finance, and project controls at Aker Solutions/Kvaerner and Jacobs. Notably, he worked alongside John Hewitt at a previous employer for over 25 years. Mr. Payne holds a Bachelor of Science in Business Administration, in Finance, from the University of Arizona.
Nancy E. Austin, Vice President and Chief Administrative Officer
Nancy E. Austin serves as Vice President and Chief Administrative Officer for Matrix Service Company, overseeing Human Resources, Training and Development, and Corporate Marketing divisions. She previously held the title of Vice President, Strategic Services and Administration, with similar responsibilities. Her experience at Matrix Service includes serving as Vice President, Human Resources from January 2006 to August 2016 and as Director of Human Resources from September 2000 to January 2006.
Justin Sheets, Vice President, Legal and Operations Services
Mr. Sheets is the Vice President, Legal and Operations Services at Matrix Service Company. His previous roles include Vice President, General Counsel and Corporate Secretary from October 2019 to July 2025, and Vice President, Legal and Risk Management from October 2014 to September 2019. Since joining Matrix Service Company in 2010, he has also served as Sr. Director, Legal and Risk Management; Director, Risk Management; and Sr. Counsel. Prior to his time at Matrix Service Company, Mr. Sheets worked with Conway, McKenzie and Dunleavy in New York, where he consulted with construction clients primarily on mergers and acquisitions, restructuring, and liquidations. He holds a Bachelor of Science Degree in Environmental Health and Safety Sciences from Indiana State University and a Juris Doctorate from the University of Tulsa. Additionally, Mr. Sheets has received his Construction Risk and Insurance Specialist certification.
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The key risks to Matrix Service (MTRX) primarily revolve around external factors impacting project execution and an intensely competitive operational environment.
- Project Delays and External Factors: Matrix Service faces significant risks from external factors that can disrupt project timelines and affect financial performance. These include permitting delays, market volatility, trade policy changes, and government shutdowns, which can postpone project starts and delay project awards. Such delays directly impact revenue recognition and profit margins.
- Dependency on Skilled Labor and Rising Costs: The company's ability to execute complex engineering, procurement, and construction (EPC) projects relies heavily on highly skilled craft labor. A tightening labor market, particularly in the U.S. construction sector, leads to increased hourly wages and higher recruitment and training expenses, compressing project margins and potentially causing schedule slippages.
- Intense Competitive Bidding and Margin Pressure: Matrix Service operates in a highly competitive market for industrial maintenance and construction services, with numerous active contractors. This competitive landscape often leads to aggressive bidding for contracts, which can squeeze profit margins. The company has historically experienced volatile profit margins, with challenges such as under-recovery of construction overhead and project-level margin variability impacting profitability.
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The clear emerging threat for Matrix Service (MTRX) is the accelerating global **energy transition away from fossil fuels**.
Matrix Service's core business is heavily reliant on the oil, gas, power (including natural gas-fired power stations), and petrochemical industries, as evidenced by its segments focused on crude oil refining, natural gas processing, and storage/terminals for various fossil fuels and related products. The global push towards decarbonization, renewable energy sources (solar, wind), battery storage, electrification, and alternative fuels (like green hydrogen) represents a fundamental shift in energy production, consumption, and infrastructure investment.
This transition poses a threat by potentially leading to a long-term decline in demand for new capital construction and significant maintenance services related to traditional fossil fuel infrastructure, such as refineries, natural gas processing plants, and fossil fuel storage and transportation terminals. This shift could diminish the addressable market for a substantial portion of Matrix Service's historical expertise and service offerings, similar to how the rise of streaming services fundamentally eroded the market for physical video rentals that Blockbuster depended on.
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Matrix Service Company (MTRX) operates across diverse energy and industrial markets, with its services encompassing utility and power infrastructure, process and industrial facilities, and storage and terminal solutions. The addressable markets for its main products and services are substantial globally and in key regions where the company operates.
Utility and Power Infrastructure
In the realm of utility and power infrastructure, which includes power delivery services such as substations, transmission and distribution lines, and maintenance, the global power transmission and distribution market was valued at approximately USD 342.64 billion in 2024 and is projected to grow to about USD 505.28 billion by 2034. Focusing on the United States, the power infrastructure market was valued at USD 264.2 billion in 2024 and is anticipated to increase to USD 455.6 billion by 2032. The U.S. electricity transmission and distribution market alone was valued at over USD 82 billion in 2024. The broader Utilities Services Market globally, encompassing essential public amenities, is expected to reach around USD 539.3 billion by 2033, growing from USD 210.6 billion in 2023. North America held a significant share of this market, approximately USD 64.22 billion, in 2023.
Process and Industrial Facilities
For its Process and Industrial Facilities segment, which includes crude oil refining, natural gas processing, and industrial cleaning services, the global oil and gas refinery maintenance services market was valued at about USD 3.89 billion in 2025 and is projected to reach USD 5.42 billion by 2034. Another estimate for the global oil and gas refinery maintenance services market was USD 528.81 million in 2025, expected to reach USD 797.95 million by 2035. The global gas processing market was valued at approximately USD 243.62 billion in 2025 and is predicted to increase to around USD 457.28 billion by 2035. The global industrial cleaning services market showed a wide range of estimates, with one source indicating a value of USD 46.83 billion in 2023, projected to reach USD 95.19 billion by 2032, while another estimated the market size at US$ 417.1 billion in 2025, expected to reach US$ 631.4 billion by 2032.
Storage and Terminal Solutions
In its Storage and Terminal Solutions segment, including aboveground storage tanks, LNG, and hydrogen storage, the global aboveground storage tanks market was valued at USD 11.9 billion in 2024 and is projected to grow to USD 19.5 billion by 2034. Other estimates for the aboveground storage tanks market range from USD 7.1 billion in 2024, reaching USD 9.4 billion by 2030, to USD 13.2 billion in 2025, projected to reach USD 21.9 billion by 2035. The global LNG storage tank market was valued at USD 17.20 billion in 2024 and is projected to reach USD 26.28 billion by 2030. Similarly, the global LNG terminal market is projected to expand from USD 9.01 billion in 2025 to USD 16.87 billion by 2031. The global hydrogen energy storage market was estimated at USD 15.97 billion in 2023 and is expected to reach USD 21.66 billion by 2030. Another source valued the global hydrogen energy storage market at USD 18.78 billion in 2025, expecting it to reach around USD 36.47 billion by 2035.
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Matrix Service Company (MTRX) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:
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Strong Backlog and Opportunity Pipeline Conversion: Matrix Service has consistently reported a robust backlog and a significant opportunity pipeline, providing multi-year revenue visibility. As of March 31, 2025, the company had a record backlog of $1.4 billion, with an opportunity pipeline of approximately $7.0 billion. This expanded to a $7.3 billion opportunity pipeline as of December 31, 2025. The conversion of these awarded and potential projects into executed work is a primary driver of future revenue.
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Growth in Storage and Terminal Solutions Segment: The Storage and Terminal Solutions segment is a significant growth area, fueled by increased demand for liquefied natural gas (LNG) and natural gas liquids (NGL) projects, as well as specialty vessels. The company is also strategically targeting the cryogenic hydrogen/ammonia storage market, aiming for a 25% market share by 2027. This segment is heavily weighted in Matrix Service's opportunity pipeline, representing 60% of it as of March 31, 2025.
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Expansion in Utility and Power Infrastructure: Revenue growth in the Utility and Power Infrastructure segment is anticipated due to increasing work in power delivery, natural gas peak shaving projects, and substantial investments driven by rising data center energy demand. This segment has shown consistent profitability and higher margins, contributing to the positive outlook for the company's financial performance.
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Development of Low-Carbon Infrastructure: Matrix Service is strategically expanding its service offerings into new, high-growth markets related to low-carbon infrastructure. This includes developing capabilities and forming alliances for carbon capture, sequestration (CCS), and renewable natural gas (RNG) facility builds for industrial clients. This diversification aligns with broader energy transition trends and opens new revenue streams.
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Strategic Shift to Higher-Margin Contracts: The company is focused on improving its project selection process, emphasizing utility-scale power and renewable natural gas projects. This strategy involves moving away from shorter-cycle fossil maintenance work towards longer-duration, higher-margin infrastructure projects. This disciplined approach to project bidding and operational efficiency is expected to enhance overall profitability and contribute to sustained revenue growth.
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Capital Expenditures
- Matrix Service Company reported capital expenditures of $7.685 million for the full fiscal year 2025.
- For the full fiscal year 2024, capital expenditures amounted to $6.994 million.
- In the most recent trailing twelve months, capital expenditures were $8.01 million, with a primary focus on disciplined capital allocation to maximize financial flexibility and invest in long-term growth. The company targets capital expenditures to be less than 1.5% of revenue.
Peer Outperformance in Construction & Engineering
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| MTRX | Matrix Service | 3.6% | -116.9x | -27.2% | 28.7% | -5.5% | — |
| FLR | Fluor | 1.2% | -3.9x | 35.1% | 55.3% | 241.0% | +246pp |
| ACA | Arcosa | 7.1% | 14.5x | 49.2% | 94.4% | 191.2% | +197pp |
| MYRG | MYR | 6.3% | 27.0x | 59.3% | 108.7% | 161.0% | +167pp |
| APG | APi | 7.5% | 50.1x | 14.5% | 119.3% | 156.7% | +162pp |
| TTEK | Tetra Tech | 7.5% | 21.3x | 0.3% | 15.5% | 22.4% | +28pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering ← | 31 | 20.5% | 108.7% | 190.3% | CDNL 2702% · FIX 2049% · STRL 2005% |
| Marine Transportation | 5 | 70.5% | 67.6% | 164.7% | HOS 48321% · MATX 188% · KEX 165% |
| Construction Machinery & Heavy Transportation Equipment | 13 | 14.3% | 63.4% | 115.4% | CAT 322% · ALSN 270% · WAB 223% |
| Aerospace & Defense | 55 | -1.8% | 59.6% | 70.3% | ATI 1074% · FTAI 885% · HWM 739% |
| Passenger Ground Transportation | 3 | -11.2% | 52.4% | 58.1% | UBER 88% · CAR 58% · LYFT -65% |
| Rail Transportation | 7 | 31.0% | 73.3% | 46.1% | FSTR 135% · CSX 65% · UNP 51% |
| Industrial Machinery & Supplies & Components | 71 | 10.1% | 47.7% | 45.1% | CRS 1411% · PSIX 952% · EROC 609% |
| Cargo Ground Transportation | 16 | 38.0% | 6.5% | 35.4% | XPO 258% · R 251% · CVLG 209% |
| Trading Companies & Distributors | 19 | 2.7% | 36.2% | 32.8% | DXPE 533% · AIT 289% · WCC 214% |
| Diversified Support Services | 33 | 12.7% | 31.6% | 26.8% | LIME 4173% · TH 371% · WLFC 360% |
| Electrical Components & Equipment | 41 | 17.6% | 50.5% | 21.7% | POWL 2201% · BE 1055% · VRT 900% |
| Building Products | 33 | -11.0% | 7.1% | 19.4% | LMB 575% · GFF 398% · PPIH 300% |
| Research & Consulting Services | 13 | -10.1% | -21.1% | -6.3% | HURN 214% · GRNQ 137% · CRAI 89% |
| Agricultural & Farm Machinery | 17 | 14.1% | -1.3% | -7.2% | BLBD 213% · DE 90% · GENC 59% |
| Industrial Conglomerates | 17 | 10.5% | 14.1% | -8.5% | RCMT 676% · CSW 141% · CSL 80% |
| Environmental & Facilities Services | 29 | -8.4% | 20.3% | -12.0% | CECO 880% · ADUR 558% · NVRI 352% |
| Data Processing & Outsourced Services | 6 | -31.3% | -12.5% | -26.0% | EXLS 49% · BR 11% · G -23% |
| Passenger Airlines | 11 | 2.4% | 0.2% | -26.4% | LTM 2504% · UAL 141% · SKYW 117% |
| Office Services & Supplies | 9 | 12.0% | 25.4% | -30.4% | PBI 186% · TILE 157% · HNI 59% |
| Human Resource & Employment Services | 22 | 8.4% | -18.4% | -35.7% | BBSI 86% · ADP 49% · KFY 31% |
| Air Freight & Logistics | 12 | -8.2% | -22.2% | -39.1% | CHRW 85% · FDX 67% · EXPD 62% |
| Security & Alarm Services | 10 | -36.1% | 7.1% | -45.5% | CIX 137% · MG 96% · NL 53% |
| Airport Services | 3 | -67.1% | -76.5% | -57.6% | JOBY -34% · ASLE -58% · UP -100% |
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 65.30 |
| Mkt Cap | 6.2 |
| Rev LTM | 11,630 |
| Op Inc LTM | 383 |
| FCF LTM | 166 |
| FCF 3Y Avg | 297 |
| CFO LTM | 302 |
| CFO 3Y Avg | 384 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.3% |
| Rev Chg 3Y Avg | 8.2% |
| Rev Chg Q | 10.9% |
| QoQ Delta Rev Chg LTM | 2.8% |
| Op Inc Chg LTM | 16.2% |
| Op Inc Chg 3Y Avg | 34.2% |
| Op Mgn LTM | 4.1% |
| Op Mgn 3Y Avg | 4.1% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 3.1% |
| CFO/Rev 3Y Avg | 6.0% |
| FCF/Rev LTM | 1.4% |
| FCF/Rev 3Y Avg | 4.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 6.2 |
| P/S | 0.6 |
| P/Op Inc | 20.3 |
| P/EBIT | 12.5 |
| P/E | 19.9 |
| P/CFO | 25.1 |
| Total Yield | 2.1% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 6.0% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -6.9% |
| 3M Rtn | -15.9% |
| 6M Rtn | -5.1% |
| 12M Rtn | 4.3% |
| 3Y Rtn | 88.7% |
| 1M Excs Rtn | -7.0% |
| 3M Excs Rtn | -20.5% |
| 6M Excs Rtn | -19.6% |
| 12M Excs Rtn | -15.5% |
| 3Y Excs Rtn | 16.1% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Storage and Terminal Solutions | 366 | 277 | 256 | 233 | 263 |
| Utility and Power Infrastructure | 249 | 184 | 170 | 220 | 210 |
| Process and Industrial Facilities | 155 | 266 | 370 | 255 | 200 |
| Corporate | 0 | 1 | 0 | 0 | 0 |
| Total | 769 | 728 | 795 | 708 | 673 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Utility and Power Infrastructure | 4 | 0 | 4 | -23 | -10 |
| Process and Industrial Facilities | 0 | 11 | -17 | -10 | -1 |
| Storage and Terminal Solutions | -9 | -9 | -11 | -24 | -6 |
| Corporate | -30 | -33 | -29 | -30 | -27 |
| Total | -35 | -30 | -53 | -88 | -44 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Corporate | 268 | 147 | 103 | 102 | 118 |
| Storage and Terminal Solutions | 194 | 139 | 139 | 141 | 161 |
| Utility and Power Infrastructure | 99 | 84 | 68 | 94 | 82 |
| Process and Industrial Facilities | 39 | 82 | 91 | 104 | 107 |
| Total | 600 | 451 | 401 | 441 | 468 |
Price Behavior
| Market Price | $10.62 | |
| Market Cap ($ Bil) | 0.3 | |
| First Trading Date | 02/26/1992 | |
| Distance from 52W High | -31.9% | |
| 50 Days | 200 Days | |
| DMA Price | $11.98 | $12.17 |
| DMA Trend | down | down |
| Distance from DMA | -11.4% | -12.8% |
| 3M | 1YR | |
| Volatility | 38.4% | 47.9% |
| Downside Capture | 241.37 | 194.62 |
| Upside Capture | 82.37 | 116.98 |
| Correlation (SPY) | 49.1% | 41.5% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.68 | 1.63 | 1.49 | 1.37 | 1.58 | 1.31 |
| Up Beta | 1.94 | 2.96 | 1.58 | 1.42 | 1.61 | 1.20 |
| Down Beta | 1.41 | 0.16 | 0.67 | 0.57 | 1.65 | 1.51 |
| Up Capture | 74% | 47% | 131% | 156% | 127% | 167% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 9 | 19 | 30 | 61 | 129 | 377 |
| Down Capture | 305% | 251% | 207% | 162% | 150% | 107% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 11 | 22 | 33 | 64 | 119 | 367 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MTRX | |
|---|---|---|---|---|
| MTRX | -27.6% | 47.8% | -0.51 | - |
| Sector ETF (XLI) | 17.0% | 17.1% | 0.75 | 42.5% |
| Equity (SPY) | 19.7% | 12.8% | 1.13 | 41.5% |
| Gold (GLD) | 24.6% | 29.2% | 0.75 | 13.5% |
| Commodities (DBC) | 43.8% | 20.3% | 1.67 | 0.2% |
| Real Estate (VNQ) | 9.1% | 13.6% | 0.39 | 12.8% |
| Bitcoin (BTCUSD) | -28.1% | 43.8% | -0.63 | 25.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MTRX | |
|---|---|---|---|---|
| MTRX | -0.8% | 54.0% | 0.18 | - |
| Sector ETF (XLI) | 12.4% | 17.6% | 0.54 | 42.8% |
| Equity (SPY) | 12.8% | 17.2% | 0.57 | 35.5% |
| Gold (GLD) | 19.1% | 18.8% | 0.82 | 8.8% |
| Commodities (DBC) | 10.7% | 19.5% | 0.43 | 17.7% |
| Real Estate (VNQ) | 1.7% | 18.9% | -0.01 | 25.8% |
| Bitcoin (BTCUSD) | 10.2% | 52.6% | 0.38 | 18.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MTRX | |
|---|---|---|---|---|
| MTRX | -4.2% | 55.3% | 0.16 | - |
| Sector ETF (XLI) | 13.4% | 20.0% | 0.59 | 44.4% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 38.3% |
| Gold (GLD) | 12.4% | 16.3% | 0.62 | 5.3% |
| Commodities (DBC) | 7.9% | 18.1% | 0.35 | 22.6% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 31.1% |
| Bitcoin (BTCUSD) | 63.7% | 66.2% | 1.03 | 12.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/6/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 9/2/2026 | -2.9% | ||
| 5/6/2026 | -11.9% | -14.5% | -1.7% |
| 2/4/2026 | -16.7% | -13.9% | -18.8% |
| 11/5/2025 | -18.8% | -21.7% | -24.3% |
| 9/9/2025 | -13.9% | -10.3% | -10.2% |
| 5/7/2025 | 11.3% | 4.5% | 1.6% |
| 2/5/2025 | 0.7% | 9.5% | -16.1% |
| 11/6/2024 | -1.2% | 1.7% | -0.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 10 | 10 |
| # Negative | 14 | 13 | 13 |
| Median Positive | 5.1% | 10.5% | 18.8% |
| Median Negative | -9.2% | -10.5% | -12.3% |
| Max Positive | 23.1% | 29.4% | 50.4% |
| Max Negative | -18.8% | -26.2% | -30.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 9/2/2026 | -2.9% | ||
| 5/6/2026 | -11.9% | -14.5% | -1.7% |
| 2/4/2026 | -16.7% | -13.9% | -18.8% |
| 11/5/2025 | -18.8% | -21.7% | -24.3% |
| 9/9/2025 | -13.9% | -10.3% | -10.2% |
| 5/7/2025 | 11.3% | 4.5% | 1.6% |
| 2/5/2025 | 0.7% | 9.5% | -16.1% |
| 11/6/2024 | -1.2% | 1.7% | -0.2% |
| 9/9/2024 | 15.3% | 18.3% | 21.9% |
| 5/8/2024 | -10.1% | -2.6% | -8.4% |
| 2/7/2024 | 23.1% | 29.4% | 41.9% |
| 11/8/2023 | 4.2% | -5.6% | -12.3% |
| 9/11/2023 | 13.8% | 17.3% | 50.4% |
| 5/8/2023 | 3.7% | 17.0% | 9.3% |
| 2/9/2023 | -11.9% | -26.2% | -30.9% |
| 11/7/2022 | 6.0% | 5.2% | 14.9% |
| 5/9/2022 | -16.3% | -22.8% | 4.0% |
| 2/7/2022 | 2.9% | 0.9% | 31.9% |
| 11/8/2021 | -8.2% | -6.2% | -24.6% |
| 9/13/2021 | -8.3% | -10.5% | -6.7% |
| 5/10/2021 | -4.6% | -9.4% | -17.2% |
| 2/8/2021 | -5.4% | -2.2% | 17.9% |
| 11/4/2020 | 3.5% | 11.5% | 19.6% |
| 9/2/2020 | -3.6% | -12.2% | -0.7% |
| SUMMARY STATS | |||
| # Positive | 10 | 10 | 10 |
| # Negative | 14 | 13 | 13 |
| Median Positive | 5.1% | 10.5% | 18.8% |
| Median Negative | -9.2% | -10.5% | -12.3% |
| Max Positive | 23.1% | 29.4% | 50.4% |
| Max Negative | -18.8% | -26.2% | -30.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 09/03/2026 | 10-K |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/05/2026 | 10-Q |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 09/10/2025 | 10-K |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/06/2025 | 10-Q |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 09/10/2024 | 10-K |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/08/2024 | 10-Q |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 09/12/2023 | 10-K |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/09/2023 | 10-Q |
| 09/30/2022 | 11/09/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 09/03/2026 | 10-K |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/05/2026 | 10-Q |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 09/10/2025 | 10-K |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/06/2025 | 10-Q |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 09/10/2024 | 10-K |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/08/2024 | 10-Q |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 09/12/2023 | 10-K |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/09/2023 | 10-Q |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 10/11/2022 | 10-K |
| 03/31/2022 | 05/10/2022 | 10-Q |
| 12/31/2021 | 02/08/2022 | 10-Q |
| 09/30/2021 | 11/09/2021 | 10-Q |
| 06/30/2021 | 09/13/2021 | 10-K |
| 03/31/2021 | 05/10/2021 | 10-Q |
| 12/31/2020 | 02/09/2021 | 10-Q |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 09/03/2020 | 10-K |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/06/2020 | 10-Q |
| 09/30/2019 | 11/07/2019 | 10-Q |
Insider Activity
Updated 9/4/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Cavanah, Kevin S | VP Finance & CFO | Direct | Sell | 6152026 | 14.03 | 1,418 | 19,889 | 1,221,830 | Form |
| 2 | Cavanah, Kevin S | VP Finance & CFO | Direct | Sell | 6152026 | 14.00 | 2,073 | 29,022 | 1,239,434 | Form |
| 3 | Sheets, Justin D | SVP, Enterprise Services | Direct | Sell | 6152026 | 13.50 | 16,991 | 229,378 | 868,550 | Form |
| 4 | Cavanah, Kevin S | VP Finance & CFO | Direct | Sell | 6082026 | 14.13 | 6,509 | 91,950 | 1,279,926 | Form |
| 5 | Cavanah, Kevin S | VP Finance & CFO | Direct | Sell | 6082026 | 14.10 | 50,000 | 704,875 | 1,369,051 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Cavanah, Kevin S | VP Finance & CFO | Direct | Sell | 6152026 | 14.03 | 1,418 | 19,889 | 1,221,830 | Form |
| 2 | Cavanah, Kevin S | VP Finance & CFO | Direct | Sell | 6152026 | 14.00 | 2,073 | 29,022 | 1,239,434 | Form |
| 3 | Sheets, Justin D | SVP, Enterprise Services | Direct | Sell | 6152026 | 13.50 | 16,991 | 229,378 | 868,550 | Form |
| 4 | Cavanah, Kevin S | VP Finance & CFO | Direct | Sell | 6082026 | 14.13 | 6,509 | 91,950 | 1,279,926 | Form |
| 5 | Cavanah, Kevin S | VP Finance & CFO | Direct | Sell | 6082026 | 14.10 | 50,000 | 704,875 | 1,369,051 | Form |
| 6 | Cavanah, Kevin S | VP Finance & CFO | Direct | Sell | 5262026 | 12.90 | 60,000 | 773,820 | 1,897,316 | Form |
| 7 | Hewitt, John R | President & CEO | Direct | Sell | 5122026 | 12.50 | 36,000 | 450,173 | 7,275,368 | Form |
| 8 | Austin, Nancy E | VP, Chief Admin Officer | Direct | Sell | 2192026 | 11.29 | 4,193 | 47,345 | 1,198,457 | Form |
| 9 | Payne, Shawn P | President, Eng & Constr | Direct | Sell | 11252025 | 11.42 | 5,231 | 59,743 | 1,166,986 | Form |
| 10 | Payne, Shawn P | President, Eng & Constr | Direct | Sell | 11242025 | 11.42 | 3,019 | 34,489 | 1,227,041 | Form |
| 11 | Payne, Shawn P | President, Eng & Constr | Direct | Sell | 11122025 | 12.58 | 8,250 | 103,755 | 1,388,799 | Form |
| 12 | Chandler, John D | Direct | Buy | 9172025 | 12.74 | 2,300 | 29,313 | 994,770 | Form |
Investor Activity (13F)
Updated Sep 6, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Construction & Engineering Resources |
| Engineering News-Record (ENR) |
| Construction Dive |
| Civil Engineering Magazine |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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