olivLaw · US equity research
Matrix Service Company MTRX
Construction - Special Trade Contractors · SIC 1700 · Vertical: Construction - Special Trade Contractors (SIC 1700)
Matrix Service Company designs, builds and maintains critical energy, power and industrial infrastructure across the United States and Canada. Revenue grew 14% to $873.6 million in fiscal 2026, and the company enters fiscal 2027 with no debt and an opportunity pipeline above $7 billion, amid large investment in LNG, data center power and critical minerals mining.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Matrix Service Company (MTRX) stock was 9.13 USD (−4.50% on the day), with market capitalisation 258.3 m USD, beta 1.53, 52-week range 9.13–15.60 USD. Latest reported quarter (Q4 2026): revenue of 244.5 m USD (+13.0% YoY), net income of 1.1 m USD, diluted EPS 0.04 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 35.4
- weak (30–45)
- Bollinger (20, 2)
- 9.09 – 10.77
- in the lower half of the band · %B 0.02 · band width 16.8%
- SMA 50 / 200
- 10.14 / 11.76
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.25 / -0.19
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −12.4% | −1.1% | −11.3 pp | — |
| 3 months | −21.0% | −0.5% | −20.5 pp | — |
| 6 months | −33.8% | +4.4% | −38.2 pp | — |
| Year to date | −22.0% | +12.3% | −34.3 pp | — |
| 1 year | −40.2% | +13.5% | −53.8 pp | −55.4% |
| 3 years | −22.3% | +76.4% | −98.7 pp | −29.1% |
| 5 years | −14.6% | +63.7% | −78.3 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q4 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 165.6 m | 187.2 m | 200.2 m | 216.4 m | 211.9 m | 210.5 m | 206.7 m | 244.5 m |
| Cost of revenue | 157.8 m | 176.3 m | 187.3 m | 208.3 m | 197.7 m | 197.4 m | 189.6 m | 225.0 m |
| Gross profit | 7.8 m | 10.9 m | 12.9 m | 8.1 m | 14.2 m | 13.1 m | 17.2 m | 19.5 m |
| SG&A | 18.6 m | 17.3 m | 17.7 m | 17.6 m | 16.3 m | 15.1 m | 15.2 m | 16.9 m |
| Operating income | -10.8 m | -6.4 m | -5.0 m | -12.9 m | -5.5 m | -2.2 m | -1.0 m | -891.0 k |
| Depreciation & amortisation | 2.5 m | 2.5 m | 2.5 m | 2.5 m | 2.5 m | 2.2 m | 2.0 m | 1.9 m |
| Interest expense | 89.0 k | 145.0 k | 134.0 k | 150.0 k | 127.0 k | 118.0 k | 85.0 k | 107.0 k |
| Pre-tax income | -9.2 m | -5.5 m | -3.4 m | -10.8 m | — | — | — | — |
| Income tax | 0 | 16.0 k | 0 | 448.0 k | 69.0 k | 163.0 k | 35.0 k | 89.0 k |
| Net income | -9.2 m | -5.5 m | -3.4 m | -11.3 m | -3.7 m | -894.0 k | 835.0 k | 1.1 m |
| Diluted EPS | -0.33 | -0.20 | -0.12 | -0.40 ≈ | -0.13 | -0.03 | 0.03 | 0.04 ≈ |
| Operating cash flow | 11.9 m | 33.6 m ≈ | 31.2 m ≈ | 40.7 m | -25.9 m | 7.5 m ≈ | 34.2 m ≈ | -8.8 m |
| Capex | 1.9 m | 915.0 k ≈ | 2.6 m ≈ | 2.3 m | 2.0 m | 1.2 m ≈ | 917.0 k ≈ | 1.4 m |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.4 bn | 1.1 bn | 673.4 m | 707.8 m | 795.0 m | 728.2 m | 769.3 m | 873.6 m |
| Revenue YoY | +29.8% | −22.3% | −38.8% | +5.1% | +12.3% | −8.4% | +5.6% | +13.6% |
| Net income | 28.0 m | -33.1 m | -31.2 m | -63.9 m | -52.4 m | -25.0 m | -29.5 m | -2.6 m |
| Net income YoY | unavailable | −218.2% | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | 1.01 | -1.24 | -1.18 | -2.39 | -1.94 | -0.91 | -1.06 | -0.09 |
| Diluted EPS YoY | unavailable | −222.8% | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | 2.0% | -3.0% | -4.6% | -9.0% | -6.6% | -3.4% | -3.8% | -0.3% |
| Free cash flow | 21.8 m | 25.5 m | -7.3 m | -57.5 m | 1.2 m | 65.6 m | 109.8 m | 1.4 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 30 Jun 2026
- Cash
- 223.0 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 141.9 m USD
- Total assets
- 602.6 m USD
- Debt / equity
- unavailable
- Current ratio
- 0.98x
- ROE
- -1.8%
- ROA
- -0.4%
- FCF margin
- 0.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 673.4 m | 707.8 m | 795.0 m | 728.2 m | 769.3 m | 873.6 m | SEC (XBRL)· 03 Sept 2026verified |
| Cost of revenue | 640.6 m | 709.0 m | 764.2 m | 687.7 m | 729.6 m | 809.7 m | SEC (XBRL)· 03 Sept 2026verified |
| Gross profit | 32.8 m | -1.2 m | 30.8 m | 40.5 m | 39.7 m | 64.0 m | SEC (XBRL)· 03 Sept 2026verified |
| SG&A | 69.8 m | 67.7 m | 68.2 m | 70.1 m | 71.2 m | 63.6 m | SEC (XBRL)· 03 Sept 2026verified |
| Operating income | -43.7 m | -87.9 m | -52.9 m | -30.1 m | -35.1 m | -9.6 m | SEC (XBRL)· 03 Sept 2026verified |
| Depreciation & amortisation | 17.9 m | 15.3 m | 13.7 m | 11.0 m | 10.0 m | 8.6 m | SEC (XBRL)· 03 Sept 2026verified |
| EBITDA | -25.9 m ≈ | -72.6 m ≈ | -39.2 m ≈ | -19.1 m ≈ | -25.1 m ≈ | -978.0 k ≈ | SEC (XBRL)· 03 Sept 2026derived |
| Interest expense | 1.6 m | 3.0 m | 2.0 m | 1.1 m | 518.0 k | 437.0 k | SEC (XBRL)· 03 Sept 2026verified |
| Pre-tax income | -43.3 m | -58.3 m | -52.8 m | -25.0 m | -29.0 m | -2.2 m | SEC (XBRL)· 03 Sept 2026verified |
| Income tax | -12.0 m | 5.6 m | -400.0 k | -36.0 k | 464.0 k | 356.0 k | SEC (XBRL)· 03 Sept 2026verified |
| Net income | -31.2 m | -63.9 m | -52.4 m | -25.0 m | -29.5 m | -2.6 m | SEC (XBRL)· 03 Sept 2026verified |
| Diluted EPS | -1.18 | -2.39 | -1.94 | -0.91 | -1.06 | -0.09 | SEC (XBRL)· 03 Sept 2026verified |
| Weighted average diluted shares | 26.5 m | 26.7 m | 27.0 m | 27.4 m | 27.8 m | 28.3 m | SEC (XBRL)· 03 Sept 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 83.9 m | 52.4 m | 54.8 m | 115.6 m | 224.6 m | 223.0 m | SEC (XBRL)· 03 Sept 2026verified |
| Receivables | 148.0 m | 153.9 m | 145.8 m | 139.0 m | 155.0 m | 172.0 m | SEC (XBRL)· 03 Sept 2026verified |
| Inventories | 7.3 m | 10.0 m | 7.4 m | 8.8 m | 5.9 m | 6.2 m | SEC (XBRL)· 03 Sept 2026verified |
| Current assets | 291.2 m | 287.4 m | 262.3 m | 301.6 m | 419.8 m | 435.7 m | SEC (XBRL)· 03 Sept 2026verified |
| Property, plant & equipment, net | 69.4 m | 53.9 m | 47.5 m | 43.5 m | 42.1 m | 36.3 m | SEC (XBRL)· 03 Sept 2026verified |
| Goodwill | 60.6 m | 42.1 m | 29.1 m | 29.0 m | 29.0 m | 28.9 m | SEC (XBRL)· 03 Sept 2026verified |
| Intangibles (excl. goodwill) | 6.6 m | 4.8 m | 3.1 m | 1.7 m | 555.0 k | 0 | SEC (XBRL)· 03 Sept 2026verified |
| Total assets | 467.6 m | 440.8 m | 400.5 m | 451.4 m | 600.3 m | 602.6 m | SEC (XBRL)· 03 Sept 2026verified |
| Accounts payable | 60.9 m | 74.9 m | 76.4 m | 65.6 m | 80.5 m | 108.7 m | SEC (XBRL)· 03 Sept 2026verified |
| Current liabilities | 153.4 m | 177.8 m | 187.5 m | 265.1 m | 436.4 m | 442.4 m | SEC (XBRL)· 03 Sept 2026verified |
| Total liabilities | 182.0 m | 213.1 m | 219.0 m | 287.2 m | 457.5 m | 460.8 m | SEC (XBRL)· 03 Sept 2026verified |
| Equity | 285.5 m | 227.7 m | 181.5 m | 164.2 m | 142.7 m | 141.9 m | SEC (XBRL)· 03 Sept 2026verified |
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -3.0 m | -54.2 m | 10.2 m | 72.6 m | 117.5 m | 6.9 m | SEC (XBRL)· 03 Sept 2026verified |
| Capex | 4.4 m | 3.3 m | 9.0 m | 7.0 m | 7.7 m | 5.5 m | SEC (XBRL)· 03 Sept 2026verified |
| Free cash flow | -7.3 m ≈ | -57.5 m ≈ | 1.2 m ≈ | 65.6 m ≈ | 109.8 m ≈ | 1.4 m ≈ | SEC (XBRL)· 03 Sept 2026derived |
| Investing cash flow | -2.3 m | 35.7 m | -2.5 m | -945.0 k | -7.4 m | -3.5 m | SEC (XBRL)· 03 Sept 2026verified |
| Financing cash flow | -12.3 m | 12.7 m | -5.1 m | -10.4 m | -1.0 m | -4.2 m | SEC (XBRL)· 03 Sept 2026verified |
| Share repurchases | 0 | 0 | — | — | — | — | SEC (XBRL)· 11 Oct 2022verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 258.3 m USD
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -0.3% | 61 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 3.2% | 27 (on a fixed band) | 25% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -22.0x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 1.0x | 15 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 0.6% | 7 (on a fixed band) | 25% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet6/100 · 2/3 factors with a value
- Growth· partial27/100 · 1/2 factors with a value
- Quality· partial61/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial7/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Matrix Service Company (MTRX). Latest full fiscal year: 2026; data up to 2026-06-30.
Figures computed from the financial statements: revenue 873.6 m USD in 2026; YoY growth 13.6%; net margin -0.3%; ROE -1.8%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Revenue CAGR 3Y: 3.2%
- Interest coverage: -22.0x
- Current ratio: 1.0x
- FCF yield: 0.6%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Construction - Special Trade Contractors (SIC 1700) · same industry (4-digit SIC) · compared with 18 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AGXArgan Inc | 4.1 bn | 23.0 | 39.8% | 15.1% | +8.1% | −26% / +523% |
| BBUCBrookfield Business Corporation | 2.7 bn | — | 2.4% | 1.4% | −32.4% | −11% / +70% |
| RUNSunrun Inc. | 2.1 bn | 4.4 | 16.2% | 14.0% | +45.1% | −57% / −32% |
| LMBLimbach Holdings, Inc. | 681.6 m | 22.7 | 16.0% | 4.2% | +24.7% | −18% / +52% |
| BBCPConcrete Pumping Holdings, Inc. | 510.5 m | 59.8 | 3.9% | 2.4% | −7.7% | +61% / +36% |
| PHOEPhoenix Asia Holdings Limited | 401.7 m | — | -25.9% | -16.7% | −2.2% | +32% / unavailable |
| MTRXMatrix Service Company | 258.3 m | — | -1.8% | -0.3% | +13.6% | −40% / −22% |
| MSGYMasonglory Limited | 66.8 m | 7.0 | -135.4% | -34.0% | +1.0% | −82% / unavailable |
| SPWRSunpower Inc. | 50.5 m | — | — | -3.8% | +175.9% | −86% / −79% |
| FGLFounder Group Limited | 24.7 m | — | -31.9% | -5.6% | unavailable | −100% / unavailable |
| SMXTSolarMax Technology, Inc. | 19.5 m | — | — | -7.9% | +295.8% | −63% / unavailable |
| PMAMing Shing Group Holdings Limited | 16.9 m | — | — | -39.4% | −56.8% | −23% / unavailable |
| WXMWF International Limited | 14.4 m | — | -71.9% | -24.5% | −13.7% | −62% / unavailable |
| CETXCemtrex, Inc. | 1.7 m | — | -152.4% | -38.4% | +14.4% | −97% / −100% |
| ZEOZeo Energy Corp. | 0 | — | — | -15.4% | −5.3% | −83% / −98% |
| LGNLegence Corp. | — | — | -7.5% | -1.2% | +21.5% | −30% / unavailable |
| KAZRSkyline Builders Group Holding Limited | — | — | 20.6% | 18.1% | +8.9% | −54% / unavailable |
| PBKPOWERBANK Corp | — | — | -174.4% | -74.7% | −28.9% | −90% / unavailable |
| AMRCAmeresco, Inc. | — | — | 5.5% | 3.3% | +28.8% | −39% / −29% |
1- and 3-year price returns: for MTRX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Sept 2026; since then the company filed 8-K (04 Nov 2026 · results).
In brief
Matrix Service Company designs, builds and maintains critical energy, power and industrial infrastructure across the United States and Canada. Revenue grew 14% to $873.6 million in fiscal 2026, and the company enters fiscal 2027 with no debt and an opportunity pipeline above $7 billion, amid large investment in LNG, data center power and critical minerals mining.
SWOT
Strengths
- Deep experience in complex storage infrastructure, full-service capabilities and long-standing customer relationships.
- Debt-free balance sheet at June 30, 2026 and substantial liquidity, giving flexibility during growth phases.
- Strong safety culture, Great Place To Work certification and a highly skilled workforce.
Weaknesses
- Dependence on a few large customers means losing one contract could materially affect revenue.
- Gross margins remain thin, and past annual results were hurt by losses on fixed-price projects.
- Recent leadership changes and organizational restructuring could strain execution and strategic continuity.
Opportunities
- LNG, data center power and critical minerals mining could support long-term growth.
- If large multi-year projects in the pipeline reach final investment decision, award activity could rise considerably.
- Expansion of construction-only services could broaden the project delivery models offered to clients.
Threats
- Demand is cyclical and tied to capital and maintenance budgets of energy and industrial customers.
- Delays in permits and environmental approvals can postpone or cancel important projects.
- Rising labor and material costs, plus tariffs, could reduce margins on fixed-price contracts.
Risks
- Customer concentrationhigh
A small number of customers account for a significant share of revenue, and contracts can be completed or terminated. Losing one could substantially affect results.
- Fixed-price contract exposurehigh
Cost overruns may not be recoverable and project estimates can prove inaccurate. This could reduce profit or lead to losses.
- Backlog volatilitymedium
Backlog can be cancelled or adjusted, and includes estimates for long-term maintenance contracts. It may not reliably indicate future earnings.
- Permits and regulatory approvalsmedium
Projects that depend on permits and interconnection agreements may be delayed or blocked, and costs may rise.
- Retention of key personnelmedium
Shortages of engineers, project managers and skilled craft workers could affect execution. Recent executive changes add to this risk.
Investment thesis
What would need to be true (bull case)
- Revenue growth, a return to quarterly profitability and a very large opportunity pipeline could support sustained growth if execution stays disciplined.
- A debt-free balance sheet and high liquidity provide flexibility for new projects or acquisitions.
- Exposure to LNG, data center power and critical minerals could bring long-term contracts.
What would break the thesis
- Annual profitability remains modest, and gross margin has stayed below levels typically considered sustainable for a contractor of this type.
- Dependence on a few large customers and cyclical investment spending could keep revenue volatile.
- Backlog in the utility and process segments fell during fiscal 2026, and the book-to-bill ratio in those segments below 1 points to uneven demand.
What to watch
- Backlog and book-to-bill trends by segmentQ1 2027
- Timing of large pipeline projects reaching final investment decision2027
- Gross margin and adjusted net income after fiscal 2026Q1 2027
- Changes in the finance leadership and any effect on executionnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 03 Sept 2026; since then the company filed 8-K (04 Nov 2026 · results).
The business
Matrix Service Company, headquartered in Houston, Texas, provides engineering, fabrication, construction and maintenance services for critical energy and industrial infrastructure. It has regional offices in the United States, Canada and other international locations, and operates through union and non-union subsidiaries. At June 30, 2026 it had 2,370 employees, 93% of them in the United States. According to the annual report, one customer accounted for 20.1% of consolidated revenue in fiscal 2026 1.
Most work is awarded project by project and includes fixed-price, time-and-material, cost-plus and combined contracts. Fixed-price contracts can offer higher margins but carry more risk, since cost overruns may not be recoverable. The company also performs routine maintenance and repair work under master service agreements 1.
Strategy rests on three priorities: Win, Execute and Deliver. Win focuses on diversifying revenue toward power for data centers and critical minerals mining, Execute targets disciplined bidding and project delivery, and Deliver emphasizes operating efficiency and capital allocation 1.
Segments
Storage and Terminal Solutions
This segment provides EPC and maintenance services for bulk liquid, cryogenic and refrigerated storage and terminals, covering LNG, NGLs, petroleum products, hydrogen and ammonia. It also makes specialty precision-engineered tank products. It was the largest contributor to revenue growth, and its fourth-quarter fiscal 2026 revenue rose 43% 2.
Utility and Power Infrastructure
This segment covers construction, maintenance and upgrades for power generation and grid infrastructure for utilities, energy producers and data center customers, along with EPC work for LNG peak shaving facilities. Power infrastructure projects are seen as a long-term growth driver 1.
Process and Industrial Facilities
This segment delivers engineering, construction and maintenance for chemicals, mining, renewable fuels and hydrogen, and builds thermal vacuum test chambers for aerospace and defense. In fiscal 2026 it booked $185.3 million of awards, including a major mining project in the western United States 1.
Market context
The company serves energy and industrial infrastructure markets in North America, where demand depends on customer investment in LNG, electricity, petrochemicals and hydrogen. Management links its outlook to rising electricity demand, data center growth and investment in critical minerals, but warns that the business is cyclical and sensitive to energy prices and general economic conditions 1.
Contracts are awarded per project, and investment timing can slip because of permits, financing and customer decisions. Seasonality also matters, with turnaround work typically scheduled in spring and fall 1.
Trends
- LNG and NGL infrastructure investmenttailwind
Demand for LNG and NGL storage and terminal capacity remains strong, and the company says ammonia and LNG projects could be key growth drivers for storage. The pace still depends on final investment decisions and permits.
- Power demand from data centerstailwind
Rising electricity consumption and data center construction support power and grid projects. The company sees opportunities here, though large contracts can be delayed by customer procedures.
- Mining and critical mineralstailwind
U.S. non-ferrous mining activity has risen sharply, supported by copper demand and critical minerals policy. This brought a major mining project into the fourth quarter.
- Material costs and supply riskheadwind
Rising prices and possible shortages of steel, copper and equipment could weigh on bid profitability. Tariffs and inflation could add to this pressure.
Competitive position
Matrix competes with local, regional, national and international contractors, and awards are generally based on price, quality, safety, schedule and experience. Larger competitors may have greater financial and technical resources, lower cost structures or more ability to accept contractual risk 1.
Few competitors operate in all of the company's markets, but to win contracts Matrix may have to accept lower margins or more favorable terms for customers 1.
- Regional and local contractors
Smaller firms competing for specific projects and maintenance work, particularly in service-oriented segments.
- National and international engineering and construction contractors
Firms with larger financial and technical resources that can take on large-scale projects and accept more contractual risk.
- Energy EPC service providers
Competitors active in storage, terminals and LNG, facing the same selection based on price and experience.
- Power infrastructure contractors
Firms bidding on utility and power plant work, where experience and workforce capacity are decisive.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Matrix Service (MTRX) Returns To Profit, But Can It LastYahoo Finance — News · 13 Sept 2026 · EN
- Matrix Service (MTRX) Q4 2026 Earnings Call TranscriptYahoo Finance — News · 09 Sept 2026 · EN
The latest news item in our archive is from 13 Sept 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report04 Nov 2026Results of operations · Financial statements and exhibits
- Current report03 Nov 2026Shareholder vote
- Current report19 Oct 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Proxy statement23 Sept 2026
- Annual report03 Sept 2026
- Current report02 Sept 2026Results of operations · Financial statements and exhibits
- Current report02 Jul 2026Departure or appointment of officers
- Quarterly report07 May 2026
- Current report06 May 2026Results of operations · Financial statements and exhibits
- Current report30 Apr 2026Departure or appointment of officers
Sources
- [1] Form 10-K, fiscal year ended 2026-06-30 · SEC / Matrix Service Company · 03 Sept 2026
- [2] Form 8-K, results release (exhibit 99.1) · SEC / Matrix Service Company · 02 Sept 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.