Matrix Service Company
- Open
- 10.87
- Day high
- 10.96
- Day low
- 10.78
- Prev close
- 10.83
- Volume
- 395K
- Mkt cap
- $304M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 2.2
- P/S
- 0.4
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$1.1M over the last 3 months (0 open-market buys, 5 sales)
- 🏛Institutions reducing (13F)
Matrix Service Company (MTRX) is a Industrials company listed on NASDAQ. The stock is down 27% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 5 sales (SEC Form 4).
Matrix Service Company (MTRX) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
MTRX earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $0.07 | $0.13 | +85.7% | $207M | -10.7% |
| Feb 4, 2026 | $0.04 | $-0.02 | -150.0% | $211M | -8.2% |
| Nov 5, 2025 | $-0.03 | $-0.01 | +66.7% | $212M | -0.5% |
| Sep 9, 2025 | $0.02 | $-0.28 | -1500.0% | $216M | -6.8% |
| Feb 5, 2025 | $-0.22 | $-0.20 | +9.1% | $187M | -26.8% |
| Sep 9, 2024 | $-0.21 | $-0.14 | +33.3% | $189M | -6.6% |
| Feb 7, 2024 | $-0.10 | $-0.18 | -80.0% | $175M | -12.5% |
| Sep 11, 2023 | $-0.29 | $-0.11 | +62.1% | $206M | -7.0% |
| Feb 9, 2023 | $-0.11 | $-0.53 | -381.8% | $194M | -4.4% |
| Oct 7, 2022 | $-0.30 | $-0.52 | -70.5% | $201M | +10.4% |
| Feb 7, 2022 | $-0.28 | $-0.38 | -35.7% | $162M | -7.2% |
| Sep 13, 2021 | $-0.03 | $-0.40 | -1500.0% | $175M | — |
MTRX insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 27, 2026 | PAYNE SHAWN Pdirector, officer: President & CEO | Grant | 30,437 | — |
| Aug 27, 2026 | SHEETS JUSTIN Dofficer: SVP, Enterprise Services | Grant | 8,939 | — |
| Jun 15, 2026 | Cavanah Kevin Sofficer: VP Finance & CFO | Sell | 2,073 | $14.00 |
| Jun 15, 2026 | SHEETS JUSTIN Dofficer: SVP, Enterprise Services | Sell | 16,991 | $13.50 |
| Jun 15, 2026 | Cavanah Kevin Sofficer: VP Finance & CFO | Sell | 1,418 | $14.03 |
| Jun 8, 2026 | Cavanah Kevin Sofficer: VP Finance & CFO | Sell | 50,000 | $14.10 |
| Jun 8, 2026 | Cavanah Kevin Sofficer: VP Finance & CFO | Sell | 6,509 | $14.13 |
| May 26, 2026 | Cavanah Kevin Sofficer: VP Finance & CFO | Sell | 60,000 | $12.90 |
| May 12, 2026 | HEWITT JOHN Rdirector, officer: President & CEO | Sell | 36,000 | $12.50 |
| Feb 19, 2026 | AUSTIN NANCY Eofficer: VP, Chief Admin Officer | Sell | 4,193 | $11.29 |
| Nov 25, 2025 | PAYNE SHAWN Pofficer: President, Eng & Constr | Sell | 5,231 | $11.42 |
| Nov 24, 2025 | PAYNE SHAWN Pofficer: President, Eng & Constr | Sell | 3,019 | $11.42 |
| Nov 12, 2025 | PAYNE SHAWN Pofficer: President, Eng & Constr | Sell | 8,250 | $12.58 |
| Nov 5, 2025 | Conner Carlin G.director | Grant | 7,986 | — |
| Nov 5, 2025 | Carnes Martha Z.director | Grant | 7,986 | — |
Source: MTRX SEC Form 4 filings, latest Aug 27, 2026. For informational purposes only — not investment advice.
See the full MTRX insider & 13F page →Matrix Service Company company profile
Overview
Matrix Service Company (NASDAQ:MTRX) is an industrial engineering and construction services company founded in 1984 and headquartered in Tulsa, Oklahoma. The company went public in 1990 and has evolved into a specialized contractor serving critical energy infrastructure markets across North America and internationally. Matrix Service focuses on complex engineering, fabrication, construction, and maintenance projects primarily for oil, gas, power, petrochemical, and industrial clients. The company has positioned itself as a key player in America's energy transition, with approximately 73% of its project opportunities supporting the low-carbon economy including hydrogen storage, liquefied natural gas facilities, and electrical grid infrastructure.
Business
Matrix Service Company operates in the specialized industrial construction and engineering services sector, providing critical infrastructure solutions across three main business segments that collectively generate annual revenues of approximately $750-800 million. The Storage and Terminal Solutions segment represents the company's largest business line, typically accounting for roughly 40-50% of total revenue. This division specializes in constructing and maintaining large-scale storage infrastructure including aboveground storage tanks for crude oil, refined petroleum products, liquefied natural gas (LNG), liquid nitrogen, hydrogen, and other specialty chemicals. The segment also builds marine loading terminals, truck and rail loading facilities, and complex storage systems like geodesic domes and floating roof systems. These massive storage tanks and terminals are essential infrastructure for energy companies to store, process, and transport petroleum products and industrial chemicals. The Utility and Power Infrastructure segment generates approximately 25-35% of revenue and focuses on electrical power delivery systems. This includes constructing new electrical substations, upgrading existing power infrastructure, installing transmission and distribution lines, and providing emergency storm restoration services. The segment also builds and maintains natural gas-fired power plants and combined cycle facilities. With growing electricity demand from data centers and industrial electrification, this segment is experiencing significant growth opportunities. The Process and Industrial Facilities segment accounts for roughly 20-30% of revenue and provides maintenance, turnaround, and construction services to operating industrial facilities. This includes planned maintenance shutdowns at oil refineries, chemical plants, and natural gas processing facilities, as well as industrial cleaning services and capital construction projects. These services are essential for keeping complex industrial facilities operating safely and efficiently. All three segments serve as critical infrastructure providers, with Matrix Service's specialized expertise in handling complex, large-scale industrial projects that require significant engineering capabilities and safety protocols.
Revenue model
Matrix Service generates revenue primarily through project-based construction contracts and ongoing maintenance service agreements. The company operates on a traditional engineering and construction business model where clients pay for completed work, either on a lump-sum fixed-price basis or through cost-plus arrangements with management fees. The company's paying customers are primarily large industrial corporations including major oil companies, utility companies, petrochemical manufacturers, LNG developers, and power generation companies. These clients typically have substantial capital budgets and require specialized expertise for complex infrastructure projects that can range from $50 million to over $200 million per project. Revenue streams include upfront engineering and design fees, fabrication charges for custom equipment, construction labor and management fees, and ongoing maintenance contracts. The maintenance business provides more predictable recurring revenue, while large construction projects create significant revenue spikes but with longer sales cycles. Several factors significantly impact Matrix Service's profit margins. Project execution quality is paramount - cost overruns, schedule delays, or safety incidents can quickly erode margins on fixed-price contracts. Overhead absorption is critical, as the company maintains substantial engineering and management infrastructure that must be spread across active projects. When revenue declines, fixed overhead costs become a larger percentage of total costs, pressuring margins downward. Labor availability and costs represent another major margin factor, particularly for skilled welders, electricians, and specialized technicians required for complex industrial work. Material costs and supply chain disruptions can impact project profitability, especially on fixed-price contracts where the company bears commodity price risk. Project mix also matters significantly - smaller maintenance projects typically generate higher margins than large construction projects, while specialty engineering work commands premium pricing compared to commodity construction services. Market competition intensity varies by segment, with fewer qualified competitors for the most complex specialty projects but more competition for standard construction work. Regulatory changes, particularly environmental and safety requirements, can both create new opportunities and increase project costs.
Competitive moat
Matrix Service operates in a specialized industrial construction niche that provides moderate competitive advantages but faces meaningful competitive pressures. The company's primary moat stems from its specialized expertise in complex energy infrastructure projects that require significant technical knowledge, safety certifications, and track record credentials. The company's strongest competitive position lies in specialized storage tank and terminal construction, where it has developed proprietary technologies like geodesic domes, floating roof systems, and complex marine terminal designs. This technical expertise, combined with necessary safety certifications and bonding capacity, creates barriers for new entrants. Large industrial clients prefer contractors with proven track records on similar complex projects, giving established players like Matrix Service advantages in bidding processes. However, the company's moat is not particularly wide or durable. The industrial construction industry remains fragmented with numerous regional and national competitors. While Matrix Service has specialized capabilities, several larger competitors like Fluor, KBR, and regional specialists can compete for most of the same projects. The company lacks significant economies of scale advantages, as each project is largely custom-engineered. The cyclical nature of energy infrastructure spending represents a significant vulnerability. When oil prices decline or energy companies reduce capital expenditures, Matrix Service's project pipeline can shrink rapidly. The company also faces potential disruption from changing energy markets - while it's positioning for the energy transition toward hydrogen and renewable fuels, traditional oil and gas infrastructure represents a substantial portion of its current business. Client concentration risk is another concern, as the company depends on a relatively small number of large industrial clients for major projects. Loss of key customer relationships or changes in client spending priorities can significantly impact revenue. The company's geographic concentration in North American energy markets also limits diversification benefits compared to more globally diversified competitors.
Risks & safety
Matrix Service presents moderate financial risk with some concerning leverage and profitability metrics, though recent operational improvements provide some optimism. **Cash and Debt Position:** • Strong liquidity position with $156.8 million in cash and available credit facilities totaling $247.1 million • Debt-to-equity ratio of 0.14, indicating conservative debt levels • Positive free cash flow generation of $28.7 million in recent quarter • No immediate solvency concerns given strong working capital management **Profitability and Valuation Metrics:** • Negative EBITDA of -$4.9 million in latest quarter, though improving from prior year losses • Company trading at negative EV/EBITDA multiple due to recent losses • Price-to-book ratio of 2.3x suggests modest premium to book value • Revenue guidance of $770-800 million suggests potential return to profitability **Other Considerations:** • Near-record backlog of $1.4 billion provides revenue visibility • Cyclical industry exposure creates earnings volatility risk • Heavy dependence on project execution quality for profitability • Working capital intensive business model with potential cash flow swings
Recent development
Over the past several years, Matrix Service has undergone significant strategic repositioning to capitalize on America's energy transition while streamlining operations for improved profitability. The company has systematically exited lower-margin, commodity-style construction work to focus on higher-value specialty engineering and construction projects. A major strategic pivot has been the company's focus on energy transition infrastructure, with management reporting that 73% of their current project pipeline supports low-carbon economy initiatives. This includes substantial opportunities in hydrogen storage facilities, LNG export terminals, renewable fuel refining infrastructure, and electrical grid modernization projects. The company has developed specialized capabilities in hydrogen storage systems and LNG peak-shaving facilities, positioning for what management sees as multi-billion dollar market opportunities. The company has implemented significant organizational restructuring to improve operational efficiency and margins. Recent changes include eliminating senior-level positions, streamlining engineering and construction services, decentralizing the business development organization, and creating centers of operational excellence. These moves are designed to reduce overhead costs and improve project execution capabilities. Matrix Service has also made strategic geographic and service line adjustments, including the recent decision to exit the Northeast transmission and distribution service line due to competitive pressures and insufficient scale. The company is focusing resources on markets and services where it can achieve better competitive positioning and margins. The company has grown its project backlog substantially, reaching near-record levels of $1.4 billion, representing a 31% year-over-year increase. Management has also expanded the opportunity pipeline to $7 billion, indicating strong potential project flow. The focus has shifted toward larger, more complex projects in the $50-200 million range where Matrix Service's specialized expertise commands premium pricing.
MTRX company profile · for informational purposes only — not investment advice.
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