What is Matrix Service's operating income?

Matrix Service's total operating income in 2026 was -$9.62 million, based on the following breakdown: Total Gross Profit: $63.95 million Total Operating Expenses: $73.57 million

Matrix Service (MTRX) Financials

$10.61 +0.25 (+2.41%)

Closing price 09/11/2026 04:00 PM Eastern

Extended Trading

$10.61 0.00 (0.00%)

As of 09/11/2026 07:30 PM Eastern

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Annual Income Statements for Matrix Service

This table shows Matrix Service's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Period end date	6/30/2016	6/30/2017	6/30/2018	6/30/2019	6/30/2020	6/30/2021	6/30/2022	6/30/2023	6/30/2024	6/30/2025	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	29	-0.18	-11	28	-33	-31	-64	-53	-25	-29	-2.58
Consolidated Net Income / (Loss)	26	0.14	-11	28	-33	-31	-64	-52	-25	-29	-2.58
Net Income / (Loss) Continuing Operations	26	0.14	-11	28	-33	-31	-64	-52	-25	-29	-2.58
Total Pre-Tax Income	40	2.45	-12	38	-37	-43	-58	-53	-25	-29	-2.22
Total Operating Income	41	4.86	-10	38	-37	-44	-88	-53	-30	-35	-9.62
Total Gross Profit	126	81	92	132	102	33	-1.21	31	40	40	64
Total Revenue	1,312	1,198	1,092	1,417	1,101	673	708	795	728	769	874
Operating Revenue	1,312	1,198	1,092	1,417	1,101	673	708	795	728	769	874
Total Cost of Revenue	1,186	1,117	1,000	1,285	999	641	709	764	688	730	810
Operating Cost of Revenue	1,186	1,117	1,000	1,285	999	641	709	764	688	730	810
Total Operating Expenses	85	76	102	94	139	77	87	84	71	75	74
Selling, General & Admin Expense	85	76	84	94	86	70	68	68	70	71	64
Restructuring Charge	-	-	0.00	0.00	14	6.76	0.65	3.14	0.50	3.57	9.96
Total Other Income / (Expense), net	-1.23	-2.41	-1.67	0.48	-0.02	0.48	30	0.13	5.10	6.07	7.39
Interest Expense	0.85	2.21	2.60	1.30	1.60	1.56	2.95	2.02	1.13	0.52	0.44
Interest & Investment Income	0.19	0.13	0.38	1.17	1.27	0.13	0.09	0.29	1.34	6.65	7.72
Other Income / (Expense), net	-0.57	-0.33	0.55	0.61	0.31	1.92	32	1.86	4.89	-0.06	0.11
Income Tax Expense	14	2.31	-0.67	10	-3.57	-12	5.62	-0.40	-0.04	0.46	0.36
Basic Earnings per Share	$1.09	($0.01)	($0.43)	$1.04	($1.24)	($1.18)	($2.39)	($1.94)	($0.91)	($1.06)	($0.09)
Weighted Average Basic Shares Outstanding	26.60M	26.53M	26.77M	26.89M	26.62M	26.45M	26.73M	26.99M	27.38M	27.77M	28.30M
Diluted Earnings per Share	$1.07	($0.01)	($0.43)	$1.01	($1.24)	($1.18)	($2.39)	($1.94)	($0.91)	($1.06)	($0.09)
Weighted Average Diluted Shares Outstanding	27.10M	26.53M	26.77M	27.59M	26.62M	26.45M	26.73M	26.99M	27.38M	27.77M	28.30M
Weighted Average Basic & Diluted Shares Outstanding	26.50M	18.30M	26.70M	26.90M	26.46M	26.70M	-	27.21M	27.55M	28.07M	28.29M

This table shows Matrix Service's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026	Q4 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-2.85	-15	-4.41	-9.22	-5.52	-3.43	-11	-3.59	-0.89	0.87	1.04
Consolidated Net Income / (Loss)	-2.85	-15	-4.38	-9.22	-5.53	-3.43	-11	-3.66	-0.89	0.84	1.14
Net Income / (Loss) Continuing Operations	-2.85	-15	-4.38	-9.22	-5.53	-3.43	-11	-3.66	-0.89	0.84	1.14
Total Pre-Tax Income	-2.85	-15	-4.42	-9.22	-5.52	-3.43	-11	-3.59	-0.73	0.87	1.23
Total Operating Income	-5.14	-14	-5.35	-11	-6.39	-5.00	-13	-5.50	-2.18	-1.05	-0.89
Total Gross Profit	11	5.58	12	7.81	11	13	8.12	14	13	17	19
Total Revenue	175	166	189	166	187	200	216	212	211	207	245
Operating Revenue	175	166	189	166	187	200	216	212	211	207	245
Total Cost of Revenue	164	160	177	158	176	187	208	198	197	190	225
Operating Cost of Revenue	164	160	177	158	176	187	208	198	197	190	225
Total Operating Expenses	16	20	18	19	17	18	21	20	15	18	20
Selling, General & Admin Expense	16	20	17	19	17	18	18	16	15	15	17
Restructuring Charge	-	0.00	0.50	0.00	0.00	0.12	-	3.35	0.20	2.99	3.43
Total Other Income / (Expense), net	2.30	-0.21	0.93	1.54	0.88	1.57	2.08	1.91	1.45	1.92	2.12
Interest Expense	0.32	0.14	0.34	0.09	0.15	0.13	0.15	0.13	0.12	0.09	0.11
Interest & Investment Income	0.16	0.17	0.86	1.57	1.58	1.52	1.98	1.80	1.54	2.19	2.18
Other Income / (Expense), net	2.45	-0.24	0.41	0.06	-0.56	0.18	0.25	0.23	0.02	-0.19	0.05
Income Tax Expense	0.01	-0.00	-0.04	0.00	0.02	0.00	0.45	0.07	0.16	0.04	0.09
Basic Earnings per Share	($0.10)	($0.53)	($0.16)	($0.33)	($0.20)	($0.12)	($0.41)	($0.13)	($0.03)	$0.03	$0.04
Weighted Average Basic Shares Outstanding	27.38M	27.44M	27.38M	27.56M	27.80M	27.84M	27.77M	28.01M	28.35M	28.38M	28.30M
Diluted Earnings per Share	($0.10)	($0.53)	($0.16)	($0.33)	($0.20)	($0.12)	($0.41)	($0.13)	($0.03)	$0.03	$0.04
Weighted Average Diluted Shares Outstanding	27.38M	27.44M	27.38M	27.56M	27.80M	27.84M	27.77M	28.01M	28.35M	28.53M	28.30M
Weighted Average Basic & Diluted Shares Outstanding	27.30M	27.31M	27.55M	27.55M	27.61M	27.61M	28.07M	28.12M	28.13M	28.13M	28.29M

This table details how cash moves in and out of Matrix Service's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Period end date	6/30/2016	6/30/2017	6/30/2018	6/30/2019	6/30/2020	6/30/2021	6/30/2022	6/30/2023	6/30/2024	6/30/2025	6/30/2026
Net Change in Cash & Equivalents	-7.58	-28	20	126	10	-16	-6.51	2.44	61	109	-1.68
Net Cash From Operating Activities	34	-19	75	41	44	-2.97	-54	10	73	117	6.91
Net Cash From Continuing Operating Activities	34	-19	75	141	44	-2.97	-54	10	73	117	6.91
Net Income / (Loss) Continuing Operations	26	0.14	-11	28	-33	-31	-64	-52	-25	-29	-2.58
Consolidated Net Income / (Loss)	26	0.14	-11	28	-33	-31	-64	-52	-25	-29	-2.58
Depreciation Expense	21	22	20	18	19	18	15	14	11	10	8.64
Non-Cash Adjustments To Reconcile Net Income	-5.38	9.36	41	-8.48	91	37	-5.41	16	15	13	10
Changes in Operating Assets and Liabilities, net	-8.01	-50	25	3.66	-32	-26	-0.14	33	71	124	-9.31
Net Cash From Investing Activities	-27	-51	-9.34	-14	-17	-2.26	36	-2.54	-0.95	-7.45	-3.54
Net Cash From Continuing Investing Activities	-27	-51	-9.34	-14	-17	-2.26	36	-2.54	-0.95	-7.45	-3.54
Purchase of Property, Plant & Equipment	-14	-12	-8.71	-20	-19	-4.35	-3.35	-9.01	-6.99	-7.69	-5.48
Sale of Property, Plant & Equipment	0.42	1.31	1.06	1.23	1.42	2.09	39	6.47	6.05	0.24	1.94
Net Cash From Financing Activities	-14	43	-45	-1.11	-16	-12	13	-5.06	-10	-1.04	-4.17
Net Cash From Continuing Financing Activities	-14	43	-45	-1.11	-16	-12	13	-5.06	-10	-1.04	-4.17
Repayment of Debt	-21	-83	-131	-11	-14	-13	-6.92	-15	-20	0.00	-0.15
Repurchase of Common Equity	-15	-2.29	-0.63	-6.88	-21	-1.55	-0.85	-0.31	-0.46	-1.24	-4.22
Issuance of Debt	10	127	85	16	19	1.13	20	10	10	0.00	0.00
Issuance of Common Equity	11	1.16	0.29	0.31	0.32	0.30	0.27	0.25	0.18	0.20	0.20
Effect of Exchange Rate Changes	-0.76	-0.42	0.23	-0.18	-0.61	1.40	-0.68	-	-0.45	-	-0.87
Cash Interest Paid	0.88	1.79	2.72	1.71	2.15	1.83	2.77	2.09	0.88	0.40	0.38
Cash Income Taxes Paid	9.37	12	1.41	3.31	6.39	0.45	-2.86	-13	-0.17	0.33	0.31

This table details how cash moves in and out of Matrix Service's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026	Q4 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	20	22	46	9.00	32	29	39	-32	6.66	34	-10
Net Cash From Operating Activities	30	25	47	12	34	31	41	-26	7.45	34	-8.81
Net Cash From Continuing Operating Activities	30	25	47	12	34	31	41	-26	7.45	34	-8.81
Net Income / (Loss) Continuing Operations	-2.85	-15	-4.38	-9.22	-5.53	-3.43	-11	-3.66	-0.89	0.84	1.14
Consolidated Net Income / (Loss)	-2.85	-15	-4.38	-9.22	-5.53	-3.43	-11	-3.66	-0.89	0.84	1.14
Depreciation Expense	2.78	2.65	2.69	2.52	2.51	2.51	2.47	2.46	2.23	2.01	1.94
Non-Cash Adjustments To Reconcile Net Income	4.32	7.94	-8.87	2.42	1.25	-2.42	7.08	-4.82	15	2.43	-2.36
Changes in Operating Assets and Liabilities, net	25	29	58	16	35	35	42	-20	-8.79	29	-9.52
Net Cash From Investing Activities	-0.19	-2.10	-0.79	-1.94	-0.75	-2.49	-2.26	-1.79	-0.91	0.08	-0.92
Net Cash From Continuing Investing Activities	-0.19	-2.10	-0.79	-1.94	-0.75	-2.49	-2.26	-1.79	-0.93	0.10	-0.92
Purchase of Property, Plant & Equipment	-0.38	-4.83	-1.31	-1.94	-0.92	-2.57	-2.26	-2.01	-1.19	-0.90	-1.38
Sale of Property, Plant & Equipment	0.19	2.73	0.51	0.00	0.16	0.07	0.00	0.22	0.26	1.00	0.46
Net Cash From Financing Activities	-9.95	0.04	-0.05	-1.19	0.06	0.05	0.05	-4.33	0.06	0.05	0.06
Net Cash From Continuing Financing Activities	-9.95	0.04	-0.05	-1.19	0.06	0.05	0.05	-4.33	0.06	0.05	0.06
Issuance of Common Equity	0.05	0.04	0.05	0.05	0.06	0.05	0.05	0.04	0.06	0.05	0.06
Effect of Exchange Rate Changes	0.34	-0.28	-	0.21	-0.74	-0.04	0.60	-0.32	-	-	-0.38
Cash Interest Paid	0.26	0.13	0.10	0.15	0.09	0.08	0.08	0.13	0.09	0.08	0.08
Cash Income Taxes Paid	-0.02	-0.11	-0.02	0.00	0.02	0.02	0.29	0.03	-	0.06	0.22

This table presents Matrix Service's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Period end date	6/30/2016	6/30/2017	6/30/2018	6/30/2019	6/30/2020	6/30/2021	6/30/2022	6/30/2023	6/30/2024	6/30/2025	6/30/2026
Total Assets	565	586	558	633	517	468	441	401	451	600	603
Total Current Assets	375	359	357	417	335	291	287	262	302	420	436
Cash & Equivalents	72	44	64	90	100	84	52	55	116	225	223
Accounts Receivable	294	302	280	218	161	148	154	146	139	155	172
Inventories, net	3.94	3.74	5.15	8.02	6.46	7.34	9.97	7.44	8.84	5.92	6.19
Prepaid Expenses	-	-	-	-	-	-	4.02	5.74	4.08	4.35	4.28
Current Deferred & Refundable Income Taxes	0.01	4.04	3.36	0.03	3.92	17	14	0.50	0.18	0.11	0.08
Other Current Assets	5.41	4.91	4.46	101	64	35	54	48	34	30	29
Other Current Nonoperating Assets	-	-	-	-	-	-	-	-	-	0.00	0.95
Plant, Property, & Equipment, net	85	80	73	79	81	69	54	48	43	42	36
Total Noncurrent Assets	105	147	128	137	101	107	100	91	106	138	131
Goodwill	78	114	96	93	60	61	42	29	29	29	29
Intangible Assets	21	26	23	19	8.84	6.61	4.80	3.07	1.65	0.56	0.00
Other Noncurrent Operating Assets	1.78	3.94	4.52	21	26	34	53	59	76	109	102
Total Liabilities & Shareholders' Equity	565	586	558	633	517	468	441	401	451	600	603
Total Liabilities	249	264	239	281	209	182	213	219	287	458	461
Total Current Liabilities	246	219	238	275	176	153	178	188	265	436	442
Accounts Payable	141	106	79	115	73	61	75	76	66	80	109
Accrued Expenses	9.25	9.34	9.08	9.02	7.30	6.57	6.13	5.58	4.61	5.31	4.45
Current Deferred Revenue	58	75	121	106	64	54	65	85	171	324	300
Current Employee Benefit Liabilities	28	21	24	38	16	21	22	14	16	19	19
Other Current Liabilities	6.62	7.70	4.82	5.33	15	11	10	6.48	7.70	8.06	10
Total Noncurrent Liabilities	3.37	45	0.73	5.94	33	29	35	31	22	21	18
Noncurrent Deferred & Payable Income Tax Liabilities	3.20	0.13	0.43	0.30	0.06	0.03	0.03	0.03	0.03	0.03	0.02
Other Noncurrent Operating Liabilities	-	-	-	0.00	20	21	20	21	22	21	18
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	316	322	319	352	308	286	228	181	164	143	142
Total Preferred & Common Equity	317	322	319	352	308	286	228	181	164	143	142
Total Common Equity	317	322	319	352	308	286	228	181	164	143	142
Common Stock	127	129	132	138	139	138	140	141	146	150	151
Retained Earnings	223	223	211	239	206	175	111	59	34	4.48	1.90
Treasury Stock	-27	-23	-18	-18	-29	-21	-16	-9.75	-6.08	-2.33	0.00
Accumulated Other Comprehensive Income / (Loss)	-6.85	-7.32	-7.41	-7.75	-8.37	-6.75	-8.18	-8.77	-9.54	-9.40	-11

This table presents Matrix Service's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	9/30/2024	12/31/2024	3/31/2025	9/30/2025	12/31/2025	3/31/2026
Total Assets	382	405	440	470	514	614	598	650	617
Total Current Assets	245	267	293	309	344	444	410	450	412
Cash & Equivalents	27	47	70	125	157	186	192	199	233
Accounts Receivable	152	158	173	133	135	205	160	206	139
Inventories, net	9.15	8.44	9.06	7.51	7.16	6.39	5.58	6.86	6.01
Prepaid Expenses	10	8.47	6.61	12	10	7.82	14	11	7.92
Current Deferred & Refundable Income Taxes	0.50	0.45	0.33	0.18	0.18	0.20	0.08	0.00	0.00
Other Current Assets	46	45	35	32	35	39	38	27	25
Other Current Nonoperating Assets	-	-	-	-	-	-	-	-	1.13
Plant, Property, & Equipment, net	45	42	45	43	41	42	41	38	37
Total Noncurrent Assets	92	95	102	118	129	128	146	162	167
Goodwill	29	29	29	29	29	29	29	29	29
Intangible Assets	2.64	2.20	1.93	1.38	1.10	0.83	0.28	0.05	0.01
Other Noncurrent Operating Assets	61	64	71	88	99	98	117	133	138
Total Liabilities & Shareholders' Equity	382	405	440	470	514	614	598	650	617
Total Liabilities	203	226	274	314	362	463	462	513	477
Total Current Liabilities	171	205	252	292	341	442	443	495	460
Accounts Payable	74	62	55	62	80	79	98	88	90
Accrued Expenses	5.75	5.78	5.70	4.93	4.47	4.66	4.71	4.41	4.38
Current Deferred Revenue	73	117	168	205	238	333	318	383	341
Current Employee Benefit Liabilities	12	14	18	14	13	19	15	13	16
Other Current Liabilities	6.92	6.32	5.63	7.03	5.83	6.85	7.58	7.10	8.71
Total Noncurrent Liabilities	32	21	22	21	21	21	18	17	17
Noncurrent Deferred & Payable Income Tax Liabilities	0.03	0.03	0.03	0.03	0.02	0.02	0.02	0.15	0.15
Other Noncurrent Operating Liabilities	22	21	22	21	21	21	18	17	17
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	179	179	166	157	152	151	136	138	139
Total Preferred & Common Equity	179	179	166	157	152	151	136	138	139
Total Common Equity	179	179	166	157	152	151	136	138	139
Common Stock	140	141	143	144	146	148	145	148	149
Retained Earnings	56	53	38	25	19	16	0.82	-0.08	0.76
Treasury Stock	-7.37	-6.19	-6.14	-3.15	-2.68	-2.64	0.00	0.00	0.00
Accumulated Other Comprehensive Income / (Loss)	-9.31	-8.75	-9.29	-9.10	-10	-10	-9.93	-9.94	-10

This table displays calculated financial ratios and metrics derived from Matrix Service's official financial filings.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026
Period end date	6/30/2016	6/30/2017	6/30/2018	6/30/2019	6/30/2020	6/30/2021	6/30/2022	6/30/2023	6/30/2024	6/30/2025	6/30/2026
DEI Shares Outstanding	26,615,091.00	26,600,094.00	26,822,773.00	26,807,203.00	26,139,761.00	26,524,288.00	26,790,514.00	27,047,318.00	-	27,610,499.00	28,133,850.00
DEI Adjusted Shares Outstanding	26,615,091.00	26,600,094.00	26,822,773.00	26,807,203.00	26,139,761.00	26,524,288.00	26,790,514.00	27,047,318.00	-	27,610,499.00	28,133,850.00
DEI Earnings Per Adjusted Shares Outstanding	1.08	-0.01	-0.43	1.04	-1.27	-1.18	-2.39	-1.95	-	-1.05	-0.09
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-2.32%	-8.72%	-8.85%	29.79%	-22.29%	-38.83%	5.11%	12.33%	-8.40%	5.64%	13.56%
EBITDA Growth	90.37%	-57.69%	-60.13%	444.87%	-130.29%	-39.43%	-67.56%	7.06%	61.97%	-76.93%	96.56%
EBIT Growth	349.94%	-88.78%	-319.43%	488.17%	-194.23%	-15.18%	-32.49%	7.93%	50.57%	-39.30%	72.95%
NOPAT Growth	1,391.04%	-98.96%	-2,775.77%	476.68%	-192.79%	-19.45%	-100.82%	39.80%	43.06%	-16.45%	72.57%
Net Income Growth	1,445.47%	-99.46%	-8,418.84%	343.75%	-218.20%	5.59%	-104.65%	18.06%	52.30%	-17.96%	91.24%
EPS Growth	69.84%	-100.93%	-4,200.00%	334.88%	-222.77%	4.84%	-102.54%	18.83%	53.09%	-16.48%	91.51%
Operating Cash Flow Growth	28.00%	-155.81%	498.33%	-44.56%	6.50%	-106.74%	-1,724.17%	118.91%	608.22%	61.87%	-94.12%
Free Cash Flow Firm Growth	-676.45%	-2,066.52%	177.07%	-75.57%	41.43%	-189.75%	-127.01%	139.81%	293.94%	58.06%	-106.23%
Invested Capital Growth	13.99%	32.38%	-21.06%	5.02%	-17.40%	-5.33%	-8.96%	-28.33%	-64.46%	-268.68%	-0.16%
Revenue Q/Q Growth	-0.36%	-5.36%	0.11%	8.06%	-15.56%	-3.02%	3.79%	0.65%	-2.20%	3.62%	3.33%
EBITDA Q/Q Growth	-7.29%	-28.84%	-66.95%	151.16%	-334.43%	-66.32%	42.34%	-61.85%	-61.63%	-46.17%	92.88%
EBIT Q/Q Growth	-9.04%	-70.95%	-197.24%	822.70%	-211.60%	-27.58%	35.13%	-36.94%	-24.14%	-28.17%	55.42%
NOPAT Q/Q Growth	-7.36%	-97.62%	-348.63%	6,043.60%	-223.66%	-23.88%	-2.10%	22.74%	-10.05%	-27.48%	55.54%
Net Income Q/Q Growth	-7.55%	-98.65%	-610.45%	5,645.79%	-127.47%	-19.07%	27.45%	-35.76%	-19.30%	-30.55%	82.79%
EPS Q/Q Growth	-5.31%	-102.70%	-637.50%	0.00%	-117.54%	-19.19%	27.36%	-35.66%	-19.74%	-30.86%	83.33%
Operating Cash Flow Q/Q Growth	143.26%	-13.17%	41.52%	49.69%	-40.42%	-383.88%	-341.48%	135.00%	117.21%	-5.09%	-87.76%
Free Cash Flow Firm Q/Q Growth	87.74%	-7.75%	81.58%	136.21%	-56.38%	5.47%	-275.85%	209.26%	112.77%	-5.17%	-114.74%
Invested Capital Q/Q Growth	1.48%	-0.62%	-13.43%	-7.25%	-4.96%	-8.13%	6.45%	-6.90%	-49.49%	-135.21%	13.38%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	9.60%	6.76%	8.42%	9.31%	9.28%	4.87%	-0.17%	3.88%	5.56%	5.16%	7.32%
EBITDA Margin	4.71%	2.18%	0.95%	4.01%	-1.56%	-3.56%	-5.68%	-4.70%	-1.95%	-3.27%	-0.10%
Operating Margin	3.12%	0.41%	-0.96%	2.68%	-3.33%	-6.50%	-12.41%	-6.65%	-4.14%	-4.56%	-1.10%
EBIT Margin	3.07%	0.38%	-0.91%	2.72%	-3.30%	-6.21%	-7.83%	-6.42%	-3.46%	-4.57%	-1.09%
Profit (Net Income) Margin	1.95%	0.01%	-1.05%	1.98%	-3.00%	-4.64%	-9.03%	-6.59%	-3.43%	-3.83%	-0.30%
Tax Burden Percent	64.40%	5.64%	94.50%	72.85%	90.26%	72.17%	109.64%	99.24%	99.86%	101.60%	116.01%
Interest Burden Percent	98.36%	54.06%	122.35%	99.67%	100.90%	103.43%	105.16%	103.40%	99.17%	82.54%	23.40%
Effective Tax Rate	35.60%	94.36%	0.00%	27.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	11.49%	0.10%	-2.54%	10.57%	-10.48%	-14.22%	-30.74%	-22.62%	-22.76%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	12.61%	0.48%	10.74%	10.09%	-1.77%	-13.48%	-26.49%	14.88%	-17.90%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	-2.98%	-0.05%	-1.05%	-2.22%	0.46%	3.70%	5.83%	-2.98%	8.31%	0.00%	0.00%
Return on Equity (ROE)	8.51%	0.04%	-3.58%	8.34%	-10.02%	-10.52%	-24.90%	-25.59%	-14.45%	-19.20%	-1.81%
Cash Return on Invested Capital (CROIC)	-1.59%	-27.77%	21.00%	5.67%	8.58%	-8.74%	-21.36%	10.39%	72.37%	0.00%	0.00%
Operating Return on Assets (OROA)	7.16%	0.79%	-1.74%	6.47%	-6.31%	-8.49%	-12.20%	-12.13%	-5.92%	-6.68%	-1.58%
Return on Assets (ROA)	4.53%	0.02%	-2.01%	4.70%	-5.75%	-6.34%	-14.07%	-12.45%	-5.86%	-5.60%	-0.43%
Return on Common Equity (ROCE)	8.65%	0.04%	-3.58%	8.34%	-10.02%	-10.52%	-24.90%	-25.59%	-14.45%	-19.22%	-1.82%
Return on Equity Simple (ROE_SIMPLE)	8.06%	0.04%	-3.60%	7.95%	-10.74%	-10.94%	-28.06%	0.00%	-15.21%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	26	0.27	-7.34	28	-26	-31	-61	-37	-21	-25	-6.73
NOPAT Margin	2.01%	0.02%	-0.67%	1.95%	-2.33%	-4.55%	-8.69%	-4.66%	-2.89%	-3.19%	-0.77%
Net Nonoperating Expense Percent (NNEP)	-1.12%	-0.39%	-13.27%	0.48%	-8.71%	-0.74%	-4.25%	-37.50%	-4.86%	-2.89%	1.85%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-19.33%	-	-17.20%	-4.75%
Cost of Revenue to Revenue	90.40%	93.24%	91.58%	90.69%	90.72%	95.13%	100.17%	96.12%	94.44%	94.84%	92.68%
SG&A Expenses to Revenue	6.49%	6.36%	7.73%	6.64%	7.84%	10.36%	9.56%	8.58%	9.62%	9.25%	7.28%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	6.49%	6.36%	9.38%	6.64%	12.61%	11.36%	12.24%	10.53%	9.69%	9.72%	8.42%
Earnings before Interest and Taxes (EBIT)	40	4.53	-9.93	39	-36	-42	-55	-51	-25	-35	-9.50
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	62	26	10	57	-17	-24	-40	-37	-14	-25	-0.86
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.39	0.77	1.54	1.54	0.83	0.98	0.60	0.88	1.65	2.61	2.72
Price to Tangible Book Value (P/TBV)	2.02	1.37	2.46	2.27	1.06	1.28	0.75	1.07	2.03	3.29	3.41
Price to Revenue (P/Rev)	0.33	0.21	0.45	0.38	0.23	0.41	0.19	0.20	0.37	0.48	0.44
Price to Earnings (P/E)	15.21	0.00	0.00	19.41	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	6.58%	0.00%	0.00%	5.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.50	0.77	1.68	1.71	0.76	0.97	0.52	0.84	3.20	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.28	0.21	0.39	0.32	0.15	0.30	0.14	0.14	0.21	0.19	0.19
Enterprise Value to EBITDA (EV/EBITDA)	5.93	9.57	41.12	8.09	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	9.08	55.25	0.00	11.91	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	13.91	912.03	0.00	16.61	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	10.90	0.00	5.74	11.09	3.80	0.00	0.00	11.17	2.14	1.26	23.52
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	7.06	30.95	7.98	0.00	0.00	6.73	2.32	1.40	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.14	0.00	0.02	0.04	0.03	0.07	0.06	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.14	0.00	0.02	0.04	0.03	0.07	0.06	0.00	0.00	0.00
Financial Leverage	-0.24	-0.11	-0.10	-0.22	-0.26	-0.27	-0.22	-0.20	-0.46	-1.11	-1.58
Leverage Ratio	1.88	1.81	1.79	1.78	1.74	1.66	1.77	2.06	2.46	3.43	4.23
Compound Leverage Factor	1.85	0.98	2.18	1.77	1.76	1.72	1.86	2.13	2.44	2.83	0.99
Debt to Total Capital	0.05%	12.30%	0.09%	1.58%	4.18%	2.66%	6.32%	5.22%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.05%	12.30%	0.09%	1.58%	4.18%	2.66%	6.32%	5.22%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	-0.37%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.32%	87.70%	99.91%	98.42%	95.82%	97.34%	93.68%	94.78%	100.00%	100.19%	100.00%
Debt to EBITDA	0.00	1.73	0.03	0.10	-0.78	-0.33	-0.38	-0.27	0.00	0.00	0.00
Net Debt to EBITDA	-1.16	0.05	-6.12	-1.48	5.04	3.17	0.92	1.20	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	1.73	0.03	0.10	-0.78	-0.33	-0.38	-0.27	0.00	0.00	0.00
Debt to NOPAT	0.01	164.58	-0.04	0.20	-0.52	-0.26	-0.25	-0.27	0.00	0.00	0.00
Net Debt to NOPAT	-2.72	4.79	8.69	-3.04	3.38	2.48	0.60	1.21	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.01	164.58	-0.04	0.20	-0.52	-0.26	-0.25	-0.27	0.00	0.00	0.00
Altman Z-Score	4.44	3.45	3.92	4.39	3.55	2.94	2.22	2.43	2.20	1.55	1.89
Noncontrolling Interest Sharing Ratio	-1.65%	-0.18%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.09%	-0.10%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.53	1.64	1.50	1.51	1.90	1.90	1.62	1.40	1.14	0.96	0.98
Quick Ratio	1.49	1.58	1.44	1.12	1.48	1.51	1.16	1.07	0.96	0.87	0.89
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-3.64	-79	61	15	21	-19	-43	17	67	106	-6.60
Operating Cash Flow to CapEx	248.48%	-176.85%	976.22%	225.79%	257.57%	-131.23%	0.00%	402.95%	7,679.47%	1,577.85%	195.06%
Free Cash Flow to Firm to Interest Expense	-4.27	-35.62	23.35	11.44	13.13	-12.08	-14.48	8.41	59.32	204.53	-15.10
Operating Cash Flow to Interest Expense	39.42	-8.48	28.72	31.94	27.60	-1.91	-18.37	5.06	64.22	226.78	15.81
Operating Cash Flow Less CapEx to Interest Expense	23.56	-13.27	25.78	17.79	16.89	-3.36	-6.28	3.81	63.39	212.41	7.70
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	2.33	2.08	1.91	2.38	1.91	1.37	1.56	1.89	1.71	1.46	1.45
Accounts Receivable Turnover	4.53	4.01	3.75	5.68	5.81	4.36	4.69	5.31	5.11	5.23	5.34
Inventory Turnover	353.59	291.06	224.91	195.11	137.98	92.83	81.89	87.78	84.51	98.89	133.75
Fixed Asset Turnover	15.45	14.51	14.28	18.64	13.75	8.97	11.48	15.68	16.00	17.98	22.30
Accounts Payable Turnover	8.88	9.04	10.80	13.24	10.64	9.56	10.44	10.11	9.69	9.99	8.56
Days Sales Outstanding (DSO)	80.64	90.92	97.33	64.21	62.84	83.66	77.85	68.78	71.36	69.74	68.30
Days Inventory Outstanding (DIO)	1.03	1.25	1.62	1.87	2.65	3.93	4.46	4.16	4.32	3.69	2.73
Days Payable Outstanding (DPO)	41.12	40.39	33.79	27.57	34.31	38.18	34.96	36.12	37.68	36.54	42.64
Cash Conversion Cycle (CCC)	40.54	51.78	65.16	38.51	31.18	49.42	47.35	36.82	38.00	36.89	28.39
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	244	323	255	268	221	209	191	137	49	-82	-82
Invested Capital Turnover	5.73	4.22	3.78	5.42	4.50	3.13	3.54	4.86	7.86	-46.12	-10.66
Increase / (Decrease) in Invested Capital	30	79	-68	13	-47	-12	-19	-54	-88	-130	-0.13
Enterprise Value (EV)	366	250	428	459	167	202	99	114	156	148	162
Market Capitalization	439	249	492	543	254	279	136	159	271	373	385
Book Value per Share	$11.90	$12.10	$11.89	$13.13	$11.78	$10.77	$8.50	$6.71	$6.01	$5.18	$5.04
Tangible Book Value per Share	$8.17	$6.84	$7.45	$8.92	$9.13	$8.23	$6.75	$5.52	$4.89	$4.11	$4.02
Total Capital	316	367	319	358	321	293	243	191	164	143	142
Total Debt	0.17	45	0.30	5.64	13	7.81	15	10	0.00	0.00	0.00
Total Long-Term Debt	0.17	45	0.30	5.64	13	7.81	15	10	0.00	0.00	0.00
Net Debt	-71	1.31	-64	-84	-87	-76	-37	-45	-116	-225	-223
Capital Expenditures (CapEx)	14	11	7.65	18	17	2.26	-36	2.54	0.95	7.45	3.54
Debt-free, Cash-free Net Working Capital (DFCFNWC)	58	96	55	52	59	54	57	20	-79	-241	-230
Debt-free Net Working Capital (DFNWC)	129	140	119	142	159	138	110	75	36	-17	-6.77
Net Working Capital (NWC)	129	140	119	142	159	138	110	75	36	-17	-6.77
Net Nonoperating Expense (NNE)	0.79	0.14	4.14	-0.35	7.44	0.60	2.40	15	3.90	4.91	-4.15
Net Nonoperating Obligations (NNO)	-71	1.31	-64	-84	-87	-76	-37	-45	-116	-225	-224
Total Depreciation and Amortization (D&A)	21	22	20	18	19	18	15	14	11	10	8.64
Debt-free, Cash-free Net Working Capital to Revenue	4.40%	8.00%	5.00%	3.68%	5.38%	8.01%	8.09%	2.50%	-10.87%	-31.36%	-26.30%
Debt-free Net Working Capital to Revenue	9.86%	11.66%	10.86%	10.01%	14.46%	20.47%	15.49%	9.40%	5.01%	-2.16%	-0.77%
Net Working Capital to Revenue	9.86%	11.66%	10.86%	10.01%	14.46%	20.47%	15.49%	9.40%	5.01%	-2.16%	-0.77%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.09	($0.01)	($0.43)	$1.04	($1.24)	($1.18)	($2.39)	($1.94)	($0.91)	($1.06)	($0.09)
Adjusted Weighted Average Basic Shares Outstanding	26.60M	26.53M	26.77M	26.89M	26.62M	26.45M	26.73M	26.99M	27.38M	27.77M	28.30M
Adjusted Diluted Earnings per Share	$1.07	($0.01)	($0.43)	$1.01	($1.24)	($1.18)	($2.39)	($1.94)	($0.91)	($1.06)	($0.09)
Adjusted Weighted Average Diluted Shares Outstanding	27.10M	26.53M	26.77M	27.59M	26.62M	26.45M	26.73M	26.99M	27.38M	27.77M	28.30M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$1.04	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	26.52M	26.72M	27.01M	27.13M	26.46M	26.70M	0.00	27.21M	27.55M	28.07M	28.29M
Normalized Net Operating Profit after Tax (NOPAT)	26	3.40	5.26	28	11	-26	-48	-26	-21	-22	0.24
Normalized NOPAT Margin	2.01%	0.28%	0.48%	1.95%	1.01%	-3.85%	-6.81%	-3.30%	-2.85%	-2.87%	0.03%
Pre Tax Income Margin	3.02%	0.20%	-1.11%	2.71%	-3.33%	-6.42%	-8.23%	-6.64%	-3.43%	-3.77%	-0.25%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	47.32	2.05	-3.82	29.74	-22.74	-26.83	-18.78	-25.21	-22.32	-67.82	-21.75
NOPAT to Interest Expense	30.90	0.12	-2.82	21.32	-16.05	-19.64	-20.84	-18.29	-18.65	-47.39	-15.41
EBIT Less CapEx to Interest Expense	31.45	-2.75	-6.76	15.59	-33.46	-28.28	-6.69	-26.47	-23.16	-82.20	-29.85
NOPAT Less CapEx to Interest Expense	15.04	-4.67	-5.76	7.17	-26.77	-21.09	-8.75	-19.55	-19.49	-61.76	-23.51
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	58.93%	1,659.42%	-5.46%	24.57%	-62.19%	-4.98%	-1.33%	-0.59%	-1.83%	-4.19%	-163.68%

This table displays calculated financial ratios and metrics derived from Matrix Service's official financial filings.

Metric	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026	Q4 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	27,213,702.00	27,304,734.00	-	-	-	27,606,852.00	27,610,499.00	28,068,535.00	28,124,527.00	28,128,405.00	28,133,850.00
DEI Adjusted Shares Outstanding	27,213,702.00	27,304,734.00	-	-	-	27,606,852.00	27,610,499.00	28,068,535.00	28,124,527.00	28,128,405.00	28,133,850.00
DEI Earnings Per Adjusted Shares Outstanding	-0.10	-0.53	-	-	-	-0.12	-0.39	-0.13	-0.03	0.03	0.04
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-9.70%	-11.17%	-7.95%	-16.23%	6.93%	20.57%	14.18%	27.97%	12.47%	3.27%	13.01%
EBITDA Growth	100.33%	-25.20%	-171.11%	-10,012.35%	-4,874.19%	80.73%	-352.62%	65.72%	101.71%	133.67%	110.72%
EBIT Growth	91.59%	-13.44%	-15,822.58%	-257.82%	-158.56%	67.01%	-156.44%	50.78%	68.98%	74.37%	93.33%
NOPAT Growth	84.15%	-12.63%	-105.89%	-104.93%	-24.35%	65.21%	-141.39%	48.92%	65.92%	71.26%	90.85%
Net Income Growth	91.32%	-14.94%	-1,202.68%	-191.22%	-94.07%	76.45%	-157.53%	60.28%	83.84%	124.32%	110.13%
EPS Growth	91.80%	-12.77%	-1,500.00%	-175.00%	-100.00%	77.36%	-156.25%	60.61%	85.00%	125.00%	109.76%
Operating Cash Flow Growth	67.79%	24.26%	499.24%	141.27%	13.49%	25.80%	-13.39%	-317.31%	-77.81%	9.33%	-121.64%
Free Cash Flow Firm Growth	321.88%	73.38%	61.56%	115.32%	230.19%	214.01%	43.97%	-31.25%	-58.35%	-53.80%	-100.57%
Invested Capital Growth	-24.87%	-34.51%	-64.46%	-80.28%	-103.68%	-136.23%	-268.68%	-275.64%	-1,167.83%	-171.97%	-0.16%
Revenue Q/Q Growth	-11.44%	-5.16%	14.15%	-12.62%	13.04%	6.94%	8.10%	-2.08%	-0.65%	-1.80%	18.30%
EBITDA Q/Q Growth	214.81%	-12,960.22%	81.19%	-264.04%	45.79%	48.09%	-341.82%	72.43%	102.71%	921.05%	40.72%
EBIT Q/Q Growth	10.16%	-443.34%	66.20%	-116.90%	35.08%	30.68%	-162.72%	58.37%	59.08%	42.72%	31.66%
NOPAT Q/Q Growth	2.13%	-179.46%	62.79%	-101.37%	40.61%	21.80%	-158.14%	57.39%	60.38%	34.06%	17.82%
Net Income Q/Q Growth	9.98%	-411.43%	69.98%	-110.72%	40.01%	37.94%	-228.25%	67.50%	75.59%	193.40%	36.77%
EPS Q/Q Growth	16.67%	-430.00%	69.81%	-106.25%	39.39%	40.00%	-241.67%	68.29%	76.92%	200.00%	33.33%
Operating Cash Flow Q/Q Growth	202.52%	-16.10%	89.24%	-74.64%	181.91%	-7.00%	30.28%	-163.62%	128.78%	358.30%	-125.79%
Free Cash Flow Firm Q/Q Growth	-29.57%	1.46%	107.81%	44.99%	8.01%	-3.51%	-4.72%	-30.76%	-34.56%	7.01%	-101.18%
Invested Capital Q/Q Growth	-18.55%	-27.03%	-49.49%	-34.30%	-115.18%	-619.20%	-135.21%	31.59%	-9.56%	-54.28%	13.38%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	6.05%	3.36%	6.57%	4.72%	5.82%	6.42%	3.75%	6.69%	6.24%	8.30%	7.97%
EBITDA Margin	0.05%	-7.20%	-1.19%	-4.95%	-2.37%	-1.15%	-4.71%	-1.33%	0.04%	0.38%	0.45%
Operating Margin	-2.94%	-8.66%	-2.82%	-6.50%	-3.42%	-2.50%	-5.97%	-2.60%	-1.04%	-0.51%	-0.36%
EBIT Margin	-1.54%	-8.80%	-2.60%	-6.47%	-3.71%	-2.41%	-5.85%	-2.49%	-1.02%	-0.60%	-0.35%
Profit (Net Income) Margin	-1.63%	-8.78%	-2.31%	-5.57%	-2.96%	-1.72%	-5.21%	-1.73%	-0.42%	0.40%	0.47%
Tax Burden Percent	100.21%	99.99%	99.09%	100.00%	100.29%	100.00%	104.14%	101.92%	122.30%	95.98%	92.77%
Interest Burden Percent	105.84%	99.85%	89.49%	86.15%	79.38%	71.27%	85.51%	68.21%	33.91%	-70.45%	-145.85%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.02%	7.23%
Return on Invested Capital (ROIC)	-10.25%	-37.14%	-15.53%	-32.72%	-26.69%	-42.35%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	-12.62%	-28.35%	-14.74%	-30.35%	-25.65%	-42.40%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	2.15%	8.43%	6.84%	12.84%	15.81%	34.18%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-8.10%	-28.71%	-8.69%	-19.89%	-10.88%	-8.16%	-19.20%	-16.33%	-13.31%	-10.34%	-1.81%
Cash Return on Invested Capital (CROIC)	16.66%	25.93%	72.37%	108.35%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	-2.79%	-15.13%	-4.45%	-10.56%	-5.73%	-3.39%	-8.56%	-3.80%	-1.48%	-0.82%	-0.50%
Return on Assets (ROA)	-2.96%	-15.10%	-3.95%	-9.10%	-4.56%	-2.42%	-7.62%	-2.64%	-0.61%	0.56%	0.68%
Return on Common Equity (ROCE)	-8.10%	-28.71%	-8.69%	-19.89%	-10.88%	-8.16%	-19.22%	-16.33%	-13.31%	-10.34%	-1.82%
Return on Equity Simple (ROE_SIMPLE)	-10.64%	-12.63%	0.00%	-19.83%	-22.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-3.60	-10	-3.74	-7.54	-4.48	-3.50	-9.03	-3.85	-1.53	-1.01	-0.83
NOPAT Margin	-2.06%	-6.06%	-1.98%	-4.55%	-2.39%	-1.75%	-4.18%	-1.82%	-0.72%	-0.49%	-0.34%
Net Nonoperating Expense Percent (NNEP)	2.37%	-8.79%	-0.79%	-2.38%	-1.04%	0.05%	-1.32%	0.12%	0.35%	0.88%	0.88%
Return On Investment Capital (ROIC_SIMPLE)	-2.01%	-6.07%	-	-	-2.95%	-2.32%	-6.33%	-2.83%	-1.11%	-0.72%	-0.58%
Cost of Revenue to Revenue	93.95%	96.64%	93.43%	95.28%	94.18%	93.58%	96.25%	93.31%	93.76%	91.70%	92.03%
SG&A Expenses to Revenue	8.99%	12.02%	9.13%	11.22%	9.24%	8.86%	8.13%	7.71%	7.18%	7.36%	6.93%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	8.99%	12.02%	9.39%	11.22%	9.24%	8.92%	9.72%	9.29%	7.27%	8.81%	8.33%
Earnings before Interest and Taxes (EBIT)	-2.69	-15	-4.94	-11	-6.95	-4.82	-13	-5.27	-2.16	-1.24	-0.84
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	0.09	-12	-2.25	-8.19	-4.44	-2.31	-10	-2.81	0.08	0.78	1.09
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.49	2.15	1.65	2.03	2.17	2.28	2.61	2.69	2.39	2.32	2.72
Price to Tangible Book Value (P/TBV)	1.80	2.64	2.03	2.52	2.70	2.84	3.29	3.43	3.03	2.92	3.41
Price to Revenue (P/Rev)	0.35	0.48	0.37	0.46	0.47	0.46	0.48	0.45	0.39	0.38	0.44
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.66	2.98	3.20	6.05	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.29	0.38	0.21	0.28	0.24	0.21	0.19	0.21	0.16	0.11	0.19
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	7.67	8.56	2.14	1.70	1.47	1.27	1.26	2.19	2.43	1.59	23.52
Enterprise Value to Free Cash Flow (EV/FCFF)	8.56	9.08	2.32	1.84	1.56	1.41	1.40	2.61	3.37	2.01	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.17	-0.30	-0.46	-0.42	-0.62	-0.81	-1.11	-1.08	-1.23	-1.45	-1.58
Leverage Ratio	2.28	2.50	2.46	2.54	2.78	3.33	3.43	3.65	4.02	4.24	4.23
Compound Leverage Factor	2.41	2.50	2.21	2.19	2.20	2.37	2.93	2.49	1.36	-2.99	-6.17
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.19%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	2.94	2.59	2.35	2.13	1.94	1.67	1.68	1.75	1.58	1.68	1.94
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.09%	0.00%	0.00%	0.00%	-0.10%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.30	1.16	1.14	1.06	1.01	1.00	0.96	0.93	0.91	0.90	0.98
Quick Ratio	1.00	0.96	0.96	0.88	0.85	0.88	0.87	0.80	0.82	0.81	0.89
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	40	41	84	122	132	127	121	84	55	59	-0.69
Operating Cash Flow to CapEx	15,338.86%	1,182.20%	5,942.35%	613.07%	4,467.82%	1,253.89%	1,803.63%	-1,447.68%	803.23%	0.00%	-957.61%
Free Cash Flow to Firm to Interest Expense	125.43	283.89	245.95	1,374.38	911.15	951.31	809.71	662.19	466.38	692.85	-6.47
Operating Cash Flow to Interest Expense	92.80	173.69	137.04	133.91	231.71	233.19	271.39	-203.93	63.17	401.91	-82.34
Operating Cash Flow Less CapEx to Interest Expense	92.20	159.00	134.73	112.07	226.52	214.59	256.34	-218.02	55.31	403.04	-90.93
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.82	1.72	1.71	1.63	1.54	1.41	1.46	1.53	1.44	1.37	1.45
Accounts Receivable Turnover	4.50	4.43	5.11	4.89	4.84	3.93	5.23	5.57	4.93	4.91	5.34
Inventory Turnover	88.16	82.16	84.51	79.19	86.10	90.43	98.89	117.60	112.80	127.91	133.75
Fixed Asset Turnover	16.43	15.63	16.00	15.77	16.89	17.06	17.98	19.28	21.10	21.25	22.30
Accounts Payable Turnover	10.16	11.63	9.69	9.72	9.47	10.41	9.99	9.63	9.41	9.37	8.56
Days Sales Outstanding (DSO)	81.12	82.44	71.36	74.67	75.47	92.97	69.74	65.54	74.11	74.33	68.30
Days Inventory Outstanding (DIO)	4.14	4.44	4.32	4.61	4.24	4.04	3.69	3.10	3.24	2.85	2.73
Days Payable Outstanding (DPO)	35.91	31.39	37.68	37.56	38.55	35.08	36.54	37.91	38.77	38.94	42.64
Cash Conversion Cycle (CCC)	49.35	55.50	38.00	41.73	41.16	61.93	36.89	30.73	38.58	38.24	28.39
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	132	96	49	32	-4.84	-35	-82	-56	-61	-95	-82
Invested Capital Turnover	4.98	6.13	7.86	7.19	11.16	24.22	-46.12	-67.59	-25.33	-13.05	-10.66
Increase / (Decrease) in Invested Capital	-44	-51	-88	-130	-137	-131	-130	-88	-57	-60	-0.13
Enterprise Value (EV)	219	286	156	193	173	158	148	175	130	90	162
Market Capitalization	266	356	271	318	330	343	373	367	329	323	385
Book Value per Share	$6.57	$6.07	$6.01	$5.68	$5.51	$5.46	$5.18	$4.85	$4.89	$4.96	$5.04
Tangible Book Value per Share	$5.42	$4.94	$4.89	$4.58	$4.43	$4.38	$4.11	$3.81	$3.86	$3.93	$4.02
Total Capital	179	166	164	157	152	151	143	136	138	139	142
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-47	-70	-116	-125	-157	-186	-225	-192	-199	-233	-223
Capital Expenditures (CapEx)	0.19	2.10	0.79	1.94	0.75	2.49	2.26	1.79	0.93	-0.10	0.92
Debt-free, Cash-free Net Working Capital (DFCFNWC)	15	-29	-79	-108	-154	-184	-241	-225	-244	-281	-230
Debt-free Net Working Capital (DFNWC)	62	41	36	17	2.82	1.58	-17	-33	-45	-48	-6.77
Net Working Capital (NWC)	62	41	36	17	2.82	1.58	-17	-33	-45	-48	-6.77
Net Nonoperating Expense (NNE)	-0.75	4.52	0.63	1.69	1.06	-0.07	2.24	-0.19	-0.63	-1.84	-1.97
Net Nonoperating Obligations (NNO)	-47	-70	-116	-125	-157	-186	-225	-192	-199	-234	-224
Total Depreciation and Amortization (D&A)	2.78	2.65	2.69	2.52	2.51	2.51	2.47	2.46	2.23	2.01	1.94
Debt-free, Cash-free Net Working Capital to Revenue	1.97%	-3.86%	-10.87%	-15.50%	-21.74%	-24.78%	-31.36%	-27.63%	-29.10%	-33.26%	-26.30%
Debt-free Net Working Capital to Revenue	8.13%	5.50%	5.01%	2.41%	0.40%	0.21%	-2.16%	-4.05%	-5.38%	-5.70%	-0.77%
Net Working Capital to Revenue	8.13%	5.50%	5.01%	2.41%	0.40%	0.21%	-2.16%	-4.05%	-5.38%	-5.70%	-0.77%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.10)	($0.53)	($0.16)	($0.33)	($0.20)	($0.12)	($0.41)	($0.13)	($0.03)	$0.03	$0.04
Adjusted Weighted Average Basic Shares Outstanding	27.38M	27.44M	27.38M	27.56M	27.80M	27.84M	27.77M	28.01M	28.35M	28.38M	28.30M
Adjusted Diluted Earnings per Share	($0.10)	($0.53)	($0.16)	($0.33)	($0.20)	($0.12)	($0.41)	($0.13)	($0.03)	$0.03	$0.04
Adjusted Weighted Average Diluted Shares Outstanding	27.38M	27.44M	27.38M	27.56M	27.80M	27.84M	27.77M	28.01M	28.35M	28.53M	28.30M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	27.30M	27.31M	27.55M	27.55M	27.61M	27.61M	28.07M	28.12M	28.13M	28.13M	28.29M
Normalized Net Operating Profit after Tax (NOPAT)	-3.60	-10	-3.39	-7.54	-4.48	-3.41	-9.03	-1.51	-1.38	1.86	2.35
Normalized NOPAT Margin	-2.06%	-6.06%	-1.79%	-4.55%	-2.39%	-1.71%	-4.18%	-0.71%	-0.66%	0.90%	0.96%
Pre Tax Income Margin	-1.63%	-8.78%	-2.33%	-5.57%	-2.95%	-1.72%	-5.00%	-1.70%	-0.35%	0.42%	0.50%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-8.43	-102.13	-14.39	-120.29	-47.93	-35.96	-84.39	-41.49	-18.27	-14.53	-7.89
NOPAT to Interest Expense	-11.28	-70.34	-10.91	-84.68	-30.87	-26.12	-60.23	-30.32	-12.93	-11.83	-7.73
EBIT Less CapEx to Interest Expense	-9.03	-116.83	-16.70	-142.13	-53.12	-54.55	-99.43	-55.57	-26.14	-13.40	-16.49
NOPAT Less CapEx to Interest Expense	-11.89	-85.04	-13.22	-106.53	-36.05	-44.72	-75.28	-44.40	-20.79	-10.70	-16.32
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-2.40%	-2.18%	-1.83%	-3.98%	-3.66%	0.00%	-4.19%	-17.67%	-21.92%	0.00%	-163.68%

Financials Breakdown Chart

Key Financial Trends

Matrix Service’s recent financial statements show a business with improving revenue and gross margins, but profitability remains fragile. Revenue increased from $166.0 million in Q3 2024 to $244.5 million in Q4 2026, while gross profit rose from $5.6 million to $19.5 million over the same period. However, the company has not yet produced consistent operating profits, and quarterly cash generation remains volatile.

Positive developments

Revenue growth has accelerated. Quarterly revenue rose from $166.0 million in Q3 2024 to $216.4 million in Q4 2025 and $244.5 million in Q4 2026. The latest quarter was approximately 18% above Q3 2026.
Gross margins have improved. Gross profit increased to $19.5 million in Q4 2026, producing an approximate 8.0% gross margin versus roughly 3.4% in Q3 2024. This suggests better project economics or improved cost control.
Operating losses have narrowed substantially. The operating loss improved from $14.4 million in Q3 2024 and $12.9 million in Q4 2025 to just $891,000 in Q4 2026.
Matrix Service returned to quarterly net profitability. Net income attributable to common shareholders improved from losses of $11.2 million in Q4 2025 and $3.6 million in Q1 2026 to earnings of $870,000 in Q3 2026 and $1.0 million in Q4 2026.
The company generated positive operating cash flow for full-year fiscal 2026. Quarterly operating cash flow totaled approximately $6.9 million for the year, despite a $8.8 million outflow in Q4.
Liquidity has strengthened over the longer term. Cash and equivalents increased from $69.7 million at the end of Q3 2024 to $233.0 million at the end of Q3 2026, providing a significant cash cushion.
Balance-sheet leverage appears limited. Long-term debt was reported at zero in the earlier balance sheets, and subsequent filings show only modest debt repayment activity rather than substantial borrowing.

Neutral developments

Interest and investment income has become an important earnings contributor. Interest and investment income was $2.2 million in Q4 2026, more than offsetting the company’s $107,000 of interest expense. This supports earnings but is not a substitute for operating profitability.
Cash flow is heavily influenced by working capital. Changes in operating assets and liabilities contributed $28.9 million of cash in Q3 2026 but used $9.5 million in Q4. This volatility may reflect project timing, billing, collections and deferred-revenue movements.
Capital spending remains moderate. Fiscal 2026 property and equipment purchases totaled approximately $5.5 million, while asset-sale proceeds partially offset investment spending. This limits near-term capital requirements but may also indicate a relatively asset-light operating model.

Risks and negative trends

Operating profitability remains unresolved. Matrix Service reported an operating loss in every quarter provided, including Q4 2026. SG&A and restructuring costs continued to consume essentially all of the company’s gross profit.
Restructuring charges remain recurring. Restructuring costs totaled $3.4 million in Q1 2026, $202,000 in Q2, $3.0 million in Q3 and $3.4 million in Q4. Repeated charges reduce reported earnings and raise questions about when the restructuring program will be completed.
Cash generation deteriorated sharply in the latest quarter. Operating cash flow fell from a $34.2 million inflow in Q3 2026 to an $8.8 million outflow in Q4, resulting in a $10.1 million overall decline in cash after investing, financing and foreign-exchange effects.
Current liabilities exceed current assets. At March 31, 2026, current assets were $412.0 million compared with current liabilities of $460.2 million. The company’s $340.7 million of current deferred revenue is the primary driver, creating an accounting current ratio below 1.0.
Deferred revenue represents a significant execution obligation. Current deferred revenue increased from $167.7 million at the end of Q3 2024 to $340.7 million at the end of Q3 2026. Although it can represent future contracted revenue, the balance must be converted into completed work and recognized revenue.
Shareholder equity has weakened. Total common equity declined from $165.8 million at the end of Q3 2024 to $139.4 million at the end of Q3 2026, despite the company’s higher cash balance. This reflects the cumulative impact of losses and other comprehensive losses.
Share count has increased modestly. Weighted average basic shares rose from approximately 27.4 million in Q3 2024 to 28.3 million in Q4 2026. Continued equity issuance could dilute existing shareholders, even though recent issuances were relatively small.

Overall, MTRX is showing encouraging top-line and gross-margin momentum, and fiscal 2026 ended with two consecutive profitable quarters. The key question for investors is whether the company can convert that improvement into sustained operating income and dependable cash flow without relying on investment income, working-capital releases or recurring restructuring benefits.

09/13/26 12:27 AM ETAI Generated. May Contain Errors.

Matrix Service Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Matrix Service's fiscal year ends in June. Their fiscal year 2026 ended on June 30, 2026.

Matrix Service's net income appears to be on an upward trend, with a most recent value of -$2.58 million in 2026, falling from $25.54 million in 2016. The previous period was -$29.46 million in 2025. Check out Matrix Service's forecast to explore projected trends and price targets.

Matrix Service's total operating income in 2026 was -$9.62 million, based on the following breakdown:

Total Gross Profit: $63.95 million
Total Operating Expenses: $73.57 million

Over the last 10 years, Matrix Service's total revenue changed from $1.31 billion in 2016 to $873.63 million in 2026, a change of -33.4%.

Matrix Service's total liabilities were at $460.75 million at the end of 2026, a 0.7% increase from 2025, and a 84.7% increase since 2016.

In the past 10 years, Matrix Service's cash and equivalents has ranged from $43.81 million in 2017 to $224.64 million in 2025, and is currently $222.97 million as of their latest financial filing in 2026.

Over the last 10 years, Matrix Service's book value per share changed from 11.90 in 2016 to 5.04 in 2026, a change of -57.6%.

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Financial statements for NASDAQ:MTRX last updated on 9/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Matrix Service (MTRX) Financials

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Matrix Service (MTRX) Financials

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