What is Matrix Service's operating income?

Matrix Service's total operating income in 2025 was -$35.07 million, based on the following breakdown: Total Gross Profit: $39.68 million Total Operating Expenses: $74.75 million

Matrix Service (MTRX) Financials

$12.49 -0.26 (-2.04%)

Closing price 07/10/2026 04:00 PM Eastern

Extended Trading

$12.50 +0.00 (+0.04%)

As of 07/10/2026 04:10 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	6/30/2015	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
Net Income / (Loss) Attributable to Common Shareholders	17	29	-0.18	-11	28	-33	-31	-64	-53	-25	-29
Consolidated Net Income / (Loss)	-1.90	26	0.14	-11	28	-33	-31	-64	-52	-25	-29
Net Income / (Loss) Continuing Operations	-1.90	26	0.14	-11	28	-33	-31	-64	-52	-25	-29
Total Pre-Tax Income	8.19	40	2.45	-12	38	-37	-43	-58	-53	-25	-29
Total Operating Income	8.80	41	4.86	-10	38	-37	-44	-88	-53	-30	-35
Total Gross Profit	87	126	81	92	132	102	33	-1.21	31	40	40
Total Revenue	1,343	1,312	1,198	1,092	1,417	1,101	673	708	795	728	769
Operating Revenue	1,343	1,312	1,198	1,092	1,417	1,101	673	708	795	728	769
Total Cost of Revenue	1,256	1,186	1,117	1,000	1,285	999	641	709	764	688	730
Operating Cost of Revenue	1,256	1,186	1,117	1,000	1,285	999	641	709	764	688	730
Total Operating Expenses	79	85	76	102	94	139	77	87	84	71	75
Selling, General & Admin Expense	79	85	76	84	94	86	70	68	68	70	71
Impairment Charge	-	0.00	0.00	18	0.00	39	0.00	18	12	0.00	0.00
Restructuring Charge	-	-	-	0.00	0.00	14	6.76	0.65	3.14	0.50	3.57
Total Other Income / (Expense), net	-0.61	-1.23	-2.41	-1.67	0.48	-0.02	0.48	30	0.13	5.10	6.07
Interest Expense	1.24	0.85	2.21	2.60	1.30	1.60	1.56	2.95	2.02	1.13	0.52
Interest & Investment Income	0.47	0.19	0.13	0.38	1.17	1.27	0.13	0.09	0.29	1.34	6.65
Other Income / (Expense), net	0.16	-0.57	-0.33	0.55	0.61	0.31	1.92	32	1.86	4.89	-0.06
Income Tax Expense	10	14	2.31	-0.67	10	-3.57	-12	5.62	-0.40	-0.04	0.46
Basic Earnings per Share	$0.64	$1.09	($0.01)	($0.43)	$1.04	($1.24)	($1.18)	($2.39)	($1.94)	($0.91)	($1.06)
Weighted Average Basic Shares Outstanding	26.60M	26.60M	26.53M	26.77M	26.89M	26.62M	26.45M	26.73M	26.99M	27.38M	27.77M
Diluted Earnings per Share	$0.63	$1.07	($0.01)	($0.43)	$1.01	($1.24)	($1.18)	($2.39)	($1.94)	($0.91)	($1.06)
Weighted Average Diluted Shares Outstanding	27.18M	27.10M	26.53M	26.77M	27.59M	26.62M	26.45M	26.73M	26.99M	27.38M	27.77M
Weighted Average Basic & Diluted Shares Outstanding	26.80M	26.50M	18.30M	26.70M	26.90M	26.46M	26.70M	-	27.21M	27.55M	28.07M

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	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	9/30/2023	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
Net Income / (Loss) Attributable to Common Shareholders	-3.17	-2.85	-15	-4.41	-9.22	-5.52	-3.43	-11	-3.59	-0.89	0.87
Consolidated Net Income / (Loss)	-3.17	-2.85	-15	-4.38	-9.22	-5.53	-3.43	-11	-3.66	-0.89	0.84
Net Income / (Loss) Continuing Operations	-3.17	-2.85	-15	-4.38	-9.22	-5.53	-3.43	-11	-3.66	-0.89	0.84
Total Pre-Tax Income	-3.17	-2.85	-15	-4.42	-9.22	-5.52	-3.43	-11	-3.59	-0.73	0.87
Total Operating Income	-5.25	-5.14	-14	-5.35	-11	-6.39	-5.00	-13	-5.50	-2.18	-1.05
Total Gross Profit	12	11	5.58	12	7.81	11	13	8.12	14	13	17
Total Revenue	198	175	166	189	166	187	200	216	212	211	207
Operating Revenue	198	175	166	189	166	187	200	216	212	211	207
Total Cost of Revenue	186	164	160	177	158	176	187	208	198	197	190
Operating Cost of Revenue	186	164	160	177	158	176	187	208	198	197	190
Total Operating Expenses	17	16	20	18	19	17	18	21	20	15	18
Selling, General & Admin Expense	17	16	20	17	19	17	18	18	16	15	15
Restructuring Charge	-	-	0.00	0.50	0.00	0.00	0.12	-	3.35	0.20	2.99
Total Other Income / (Expense), net	2.09	2.30	-0.21	0.93	1.54	0.88	1.57	2.08	1.91	1.45	1.92
Interest Expense	0.33	0.32	0.14	0.34	0.09	0.15	0.13	0.15	0.13	0.12	0.09
Interest & Investment Income	0.15	0.16	0.17	0.86	1.57	1.58	1.52	1.98	1.80	1.54	2.19
Other Income / (Expense), net	2.26	2.45	-0.24	0.41	0.06	-0.56	0.18	0.25	0.23	0.02	-0.19
Income Tax Expense	0.00	0.01	-0.00	-0.04	0.00	0.02	0.00	0.45	0.07	0.16	0.04
Basic Earnings per Share	($0.12)	($0.10)	($0.53)	($0.16)	($0.33)	($0.20)	($0.12)	($0.41)	($0.13)	($0.03)	$0.03
Weighted Average Basic Shares Outstanding	27.11M	27.38M	27.44M	27.38M	27.56M	27.80M	27.84M	27.77M	28.01M	28.35M	28.38M
Diluted Earnings per Share	($0.12)	($0.10)	($0.53)	($0.16)	($0.33)	($0.20)	($0.12)	($0.41)	($0.13)	($0.03)	$0.03
Weighted Average Diluted Shares Outstanding	27.11M	27.38M	27.44M	27.38M	27.56M	27.80M	27.84M	27.77M	28.01M	28.35M	28.53M
Weighted Average Basic & Diluted Shares Outstanding	27.21M	27.30M	27.31M	27.55M	27.55M	27.61M	27.61M	28.07M	28.12M	28.13M	28.13M

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	6/30/2015	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
Net Change in Cash & Equivalents	2.12	-7.58	-28	20	126	10	-16	-6.51	2.44	61	109
Net Cash From Operating Activities	26	34	-19	75	41	44	-2.97	-54	10	73	117
Net Cash From Continuing Operating Activities	26	34	-19	75	141	44	-2.97	-54	10	73	117
Net Income / (Loss) Continuing Operations	-1.90	26	0.14	-11	28	-33	-31	-64	-52	-25	-29
Consolidated Net Income / (Loss)	-1.90	26	0.14	-11	28	-33	-31	-64	-52	-25	-29
Depreciation Expense	23	21	22	20	18	19	18	15	14	11	10
Non-Cash Adjustments To Reconcile Net Income	6.65	-5.38	9.36	41	-8.48	91	37	-5.41	16	15	9.15
Changes in Operating Assets and Liabilities, net	-1.99	-8.01	-50	25	3.66	-32	-26	-0.14	33	71	128
Net Cash From Investing Activities	-21	-27	-51	-9.34	-14	-17	-2.26	36	-2.54	-0.95	-7.45
Net Cash From Continuing Investing Activities	-21	-27	-51	-9.34	-14	-17	-2.26	36	-2.54	-0.95	-7.45
Purchase of Property, Plant & Equipment	-16	-14	-12	-8.71	-20	-19	-4.35	-3.35	-9.01	-6.99	-7.69
Sale of Property, Plant & Equipment	0.75	0.42	1.31	1.06	1.23	1.42	2.09	39	6.47	6.05	0.24
Net Cash From Financing Activities	-1.01	-14	43	-45	-1.11	-16	-12	13	-5.06	-10	-1.04
Net Cash From Continuing Financing Activities	-1.01	-14	43	-45	-1.11	-16	-12	13	-5.06	-10	-1.04
Repayment of Debt	-14	-21	-83	-131	-11	-14	-13	-6.92	-15	-20	0.00
Repurchase of Common Equity	-7.53	-15	-2.29	-0.63	-6.88	-21	-1.55	-0.85	-0.31	-0.46	-1.24
Issuance of Debt	11	10	127	85	16	19	1.13	20	10	10	0.00
Issuance of Common Equity	8.84	11	1.16	0.29	0.31	0.32	0.30	0.27	0.25	0.18	0.20
Effect of Exchange Rate Changes	-2.53	-0.76	-0.42	0.23	-0.18	-0.61	1.40	-0.68	-	-	0.04
Cash Interest Paid	1.28	0.88	1.79	2.72	1.71	2.15	1.83	2.77	2.09	0.88	0.40
Cash Income Taxes Paid	6.96	9.37	12	1.41	3.31	6.39	0.45	-2.86	-13	-0.17	0.33

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	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	9/30/2023	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
Net Change in Cash & Equivalents	-27	20	22	46	9.00	32	29	39	-32	6.66	34
Net Cash From Operating Activities	-29	30	25	47	12	34	31	41	-26	7.45	34
Net Cash From Continuing Operating Activities	-29	30	25	47	12	34	31	41	-26	7.45	34
Net Income / (Loss) Continuing Operations	-3.17	-2.85	-15	-4.38	-9.22	-5.53	-3.43	-11	-3.66	-0.89	0.84
Consolidated Net Income / (Loss)	-3.17	-2.85	-15	-4.38	-9.22	-5.53	-3.43	-11	-3.66	-0.89	0.84
Depreciation Expense	2.91	2.78	2.65	2.69	2.52	2.51	2.51	2.47	2.46	2.23	2.01
Non-Cash Adjustments To Reconcile Net Income	-0.54	4.32	7.94	-8.87	2.42	1.25	-2.42	7.08	-4.82	15	2.43
Changes in Operating Assets and Liabilities, net	-28	25	29	58	16	35	35	42	-20	-8.79	29
Net Cash From Investing Activities	2.14	-0.19	-2.10	-0.79	-1.94	-0.75	-2.49	-2.26	-1.79	-0.91	0.08
Net Cash From Continuing Investing Activities	2.14	-0.19	-2.10	-0.79	-1.94	-0.75	-2.49	-2.26	-1.79	-0.93	0.10
Purchase of Property, Plant & Equipment	-0.48	-0.38	-4.83	-1.31	-1.94	-0.92	-2.57	-2.26	-2.01	-1.19	-0.90
Sale of Property, Plant & Equipment	2.62	0.19	2.73	0.51	0.00	0.16	0.07	0.00	0.22	0.26	1.00
Net Cash From Financing Activities	-0.41	-9.95	0.04	-0.05	-1.19	0.06	0.05	0.05	-4.33	0.06	0.05
Net Cash From Continuing Financing Activities	-0.41	-9.95	0.04	-0.05	-1.19	0.06	0.05	0.05	-4.33	0.06	0.05
Issuance of Common Equity	0.05	0.05	0.04	0.05	0.05	0.06	0.05	0.05	0.04	0.06	0.05
Cash Interest Paid	0.39	0.26	0.13	0.10	0.15	0.09	0.08	0.08	0.13	0.09	0.08
Cash Income Taxes Paid	-0.03	-0.02	-0.11	-0.02	0.00	0.02	0.02	0.29	0.03	-	0.06

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	6/30/2015	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
Total Assets	562	565	586	558	633	517	468	441	401	451	600
Total Current Assets	373	375	359	357	417	335	291	287	262	302	420
Cash & Equivalents	79	72	44	64	90	100	84	52	55	116	225
Accounts Receivable	285	294	302	280	218	161	148	154	146	139	155
Inventories, net	2.77	3.94	3.74	5.15	8.02	6.46	7.34	9.97	7.44	8.84	5.92
Prepaid Expenses	-	-	-	-	-	-	-	4.02	5.74	4.08	4.35
Current Deferred & Refundable Income Taxes	0.58	0.01	4.04	3.36	0.03	3.92	17	14	0.50	0.18	0.11
Other Current Assets	5.66	5.41	4.91	4.46	101	64	35	54	48	34	30
Other Current Nonoperating Assets	-	-	-	-	-	-	-	-	-	-	0.00
Plant, Property, & Equipment, net	85	85	80	73	79	81	69	54	48	43	42
Total Noncurrent Assets	103	105	147	128	137	101	107	100	91	106	138
Goodwill	72	78	114	96	93	60	61	42	29	29	29
Intangible Assets	24	21	26	23	19	8.84	6.61	4.80	3.07	1.65	0.56
Other Noncurrent Operating Assets	3.95	1.78	3.94	4.52	21	26	34	53	59	76	109
Total Liabilities & Shareholders' Equity	562	565	586	558	633	517	468	441	401	451	600
Total Liabilities	277	249	264	239	281	209	182	213	219	287	458
Total Current Liabilities	267	246	219	238	275	176	153	178	188	265	436
Accounts Payable	126	141	106	79	115	73	61	75	76	66	80
Accrued Expenses	8.10	9.25	9.34	9.08	9.02	7.30	6.57	6.13	5.58	4.61	5.31
Current Deferred Revenue	97	58	75	121	106	64	54	65	85	171	324
Current Employee Benefit Liabilities	27	28	21	24	38	16	21	22	14	16	19
Other Current Liabilities	6.50	6.62	7.70	4.82	5.33	15	11	10	6.48	7.70	8.06
Total Noncurrent Liabilities	10	3.37	45	0.73	5.94	33	29	35	31	22	21
Noncurrent Deferred & Payable Income Tax Liabilities	1.24	3.20	0.13	0.43	0.30	0.06	0.03	0.03	0.03	0.03	0.03
Other Noncurrent Operating Liabilities	-	-	-	-	0.00	20	21	20	21	22	21
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	285	316	322	319	352	308	286	228	181	164	143
Total Preferred & Common Equity	293	317	322	319	352	308	286	228	181	164	143
Total Common Equity	293	317	322	319	352	308	286	228	181	164	143
Common Stock	123	127	129	132	138	139	138	140	141	146	150
Retained Earnings	194	223	223	211	239	206	175	111	59	34	4.48
Treasury Stock	-18	-27	-23	-18	-18	-29	-21	-16	-9.75	-6.08	-2.61
Accumulated Other Comprehensive Income / (Loss)	-5.93	-6.85	-7.32	-7.41	-7.75	-8.37	-6.75	-8.18	-8.77	-9.54	-9.40

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	6/30/2015	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
DEI Shares Outstanding	26,719,203.00	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
DEI Adjusted Shares Outstanding	26,719,203.00	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
DEI Earnings Per Adjusted Shares Outstanding	0.64	1.08	-0.01	-0.43	1.04	-1.27	-1.18	-2.39	-1.95	-	-1.05
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	6.34%	-2.32%	-8.72%	-8.85%	29.79%	-22.29%	-38.83%	5.11%	12.33%	-8.40%	5.64%
EBITDA Growth	-57.68%	90.37%	-57.69%	-60.13%	444.87%	-130.29%	-39.43%	-67.56%	7.06%	61.97%	-76.93%
EBIT Growth	-84.59%	349.94%	-88.78%	-319.43%	488.17%	-194.23%	-15.18%	-32.49%	7.93%	50.57%	-39.30%
NOPAT Growth	-105.36%	1,391.04%	-98.96%	-2,775.77%	476.68%	-192.79%	-19.45%	-100.82%	39.80%	43.06%	-16.45%
Net Income Growth	-105.15%	1,445.47%	-99.46%	-8,418.84%	343.75%	-218.20%	5.59%	-104.65%	18.06%	52.30%	-17.96%
EPS Growth	-52.63%	69.84%	-100.93%	-4,200.00%	334.88%	-222.77%	4.84%	-102.54%	18.83%	53.09%	-16.48%
Operating Cash Flow Growth	-65.92%	28.00%	-155.81%	498.33%	-44.56%	6.50%	-106.74%	-1,724.17%	118.91%	608.22%	61.87%
Free Cash Flow Firm Growth	114.55%	-676.45%	-2,066.52%	177.07%	-75.57%	41.43%	-189.75%	-127.01%	139.81%	293.94%	58.06%
Invested Capital Growth	-1.23%	13.99%	32.38%	-21.06%	5.02%	-17.40%	-5.33%	-8.96%	-28.33%	-64.46%	-268.68%
Revenue Q/Q Growth	1.52%	-0.36%	-5.36%	0.11%	8.06%	-15.56%	-3.02%	3.79%	0.65%	-2.20%	3.62%
EBITDA Q/Q Growth	17.97%	-7.29%	-28.84%	-66.95%	151.16%	-334.43%	-66.32%	42.34%	-61.85%	-61.63%	-46.17%
EBIT Q/Q Growth	95.08%	-9.04%	-70.95%	-197.24%	822.70%	-211.60%	-27.58%	35.13%	-36.94%	-24.14%	-28.17%
NOPAT Q/Q Growth	68.06%	-7.36%	-97.62%	-348.63%	6,043.60%	-223.66%	-23.88%	-2.10%	22.74%	-10.05%	-27.48%
Net Income Q/Q Growth	61.23%	-7.55%	-98.65%	-610.45%	5,645.79%	-127.47%	-19.07%	27.45%	-35.76%	-19.30%	-30.55%
EPS Q/Q Growth	23.53%	-5.31%	-102.70%	-637.50%	0.00%	-117.54%	-19.19%	27.36%	-35.66%	-19.74%	-30.86%
Operating Cash Flow Q/Q Growth	-72.03%	143.26%	-13.17%	41.52%	49.69%	-40.42%	-383.88%	-341.48%	135.00%	117.21%	-5.09%
Free Cash Flow Firm Q/Q Growth	-99.06%	87.74%	-7.75%	81.58%	136.21%	-56.38%	5.47%	-275.85%	209.26%	112.77%	-5.17%
Invested Capital Q/Q Growth	17.36%	1.48%	-0.62%	-13.43%	-7.25%	-4.96%	-8.13%	6.45%	-6.90%	-49.49%	-135.21%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	6.50%	9.60%	6.76%	8.42%	9.31%	9.28%	4.87%	-0.17%	3.88%	5.56%	5.16%
EBITDA Margin	2.42%	4.71%	2.18%	0.95%	4.01%	-1.56%	-3.56%	-5.68%	-4.70%	-1.95%	-3.27%
Operating Margin	0.66%	3.12%	0.41%	-0.96%	2.68%	-3.33%	-6.50%	-12.41%	-6.65%	-4.14%	-4.56%
EBIT Margin	0.67%	3.07%	0.38%	-0.91%	2.72%	-3.30%	-6.21%	-7.83%	-6.42%	-3.46%	-4.57%
Profit (Net Income) Margin	-0.14%	1.95%	0.01%	-1.05%	1.98%	-3.00%	-4.64%	-9.03%	-6.59%	-3.43%	-3.83%
Tax Burden Percent	-23.17%	64.40%	5.64%	94.50%	72.85%	90.26%	72.17%	109.64%	99.24%	99.86%	101.60%
Interest Burden Percent	91.43%	98.36%	54.06%	122.35%	99.67%	100.90%	103.43%	105.16%	103.40%	99.17%	82.54%
Effective Tax Rate	123.17%	35.60%	94.36%	0.00%	27.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-0.95%	11.49%	0.10%	-2.54%	10.57%	-10.48%	-14.22%	-30.74%	-22.62%	-22.76%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	-1.15%	12.61%	0.48%	10.74%	10.09%	-1.77%	-13.48%	-26.49%	14.88%	-17.90%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.28%	-2.98%	-0.05%	-1.05%	-2.22%	0.46%	3.70%	5.83%	-2.98%	8.31%	0.00%
Return on Equity (ROE)	-0.67%	8.51%	0.04%	-3.58%	8.34%	-10.02%	-10.52%	-24.90%	-25.59%	-14.45%	-19.20%
Cash Return on Invested Capital (CROIC)	0.29%	-1.59%	-27.77%	21.00%	5.67%	8.58%	-8.74%	-21.36%	10.39%	72.37%	0.00%
Operating Return on Assets (OROA)	1.59%	7.16%	0.79%	-1.74%	6.47%	-6.31%	-8.49%	-12.20%	-12.13%	-5.92%	-6.68%
Return on Assets (ROA)	-0.34%	4.53%	0.02%	-2.01%	4.70%	-5.75%	-6.34%	-14.07%	-12.45%	-5.86%	-5.60%
Return on Common Equity (ROCE)	-0.68%	8.65%	0.04%	-3.58%	8.34%	-10.02%	-10.52%	-24.90%	-25.59%	-14.45%	-19.22%
Return on Equity Simple (ROE_SIMPLE)	-0.65%	8.06%	0.04%	-3.60%	7.95%	-10.74%	-10.94%	-28.06%	0.00%	-15.21%	0.00%
Net Operating Profit after Tax (NOPAT)	-2.04	26	0.27	-7.34	28	-26	-31	-61	-37	-21	-25
NOPAT Margin	-0.15%	2.01%	0.02%	-0.67%	1.95%	-2.33%	-4.55%	-8.69%	-4.66%	-2.89%	-3.19%
Net Nonoperating Expense Percent (NNEP)	0.21%	-1.12%	-0.39%	-13.27%	0.48%	-8.71%	-0.74%	-4.25%	-37.50%	-4.86%	-2.89%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-19.33%	-	-17.20%
Cost of Revenue to Revenue	93.50%	90.40%	93.24%	91.58%	90.69%	90.72%	95.13%	100.17%	96.12%	94.44%	94.84%
SG&A Expenses to Revenue	5.85%	6.49%	6.36%	7.73%	6.64%	7.84%	10.36%	9.56%	8.58%	9.62%	9.25%
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	5.85%	6.49%	6.36%	9.38%	6.64%	12.61%	11.36%	12.24%	10.53%	9.69%	9.72%
Earnings before Interest and Taxes (EBIT)	8.96	40	4.53	-9.93	39	-36	-42	-55	-51	-25	-35
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	32	62	26	10	57	-17	-24	-40	-37	-14	-25
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.67	1.39	0.77	1.54	1.54	0.83	0.98	0.60	0.88	1.65	2.61
Price to Tangible Book Value (P/TBV)	2.47	2.02	1.37	2.46	2.27	1.06	1.28	0.75	1.07	2.03	3.29
Price to Revenue (P/Rev)	0.36	0.33	0.21	0.45	0.38	0.23	0.41	0.19	0.20	0.37	0.48
Price to Earnings (P/E)	28.47	15.21	0.00	0.00	19.41	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	3.51%	6.58%	0.00%	0.00%	5.15%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.91	1.50	0.77	1.68	1.71	0.76	0.97	0.52	0.84	3.20	0.00
Enterprise Value to Revenue (EV/Rev)	0.30	0.28	0.21	0.39	0.32	0.15	0.30	0.14	0.14	0.21	0.19
Enterprise Value to EBITDA (EV/EBITDA)	12.62	5.93	9.57	41.12	8.09	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	45.68	9.08	55.25	0.00	11.91	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	13.91	912.03	0.00	16.61	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	15.60	10.90	0.00	5.74	11.09	3.80	0.00	0.00	11.17	2.14	1.26
Enterprise Value to Free Cash Flow (EV/FCFF)	648.91	0.00	0.00	7.06	30.95	7.98	0.00	0.00	6.73	2.32	1.40
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.03	0.00	0.14	0.00	0.02	0.04	0.03	0.07	0.06	0.00	0.00
Long-Term Debt to Equity	0.03	0.00	0.14	0.00	0.02	0.04	0.03	0.07	0.06	0.00	0.00
Financial Leverage	-0.24	-0.24	-0.11	-0.10	-0.22	-0.26	-0.27	-0.22	-0.20	-0.46	-1.11
Leverage Ratio	1.99	1.88	1.81	1.79	1.78	1.74	1.66	1.77	2.06	2.46	3.43
Compound Leverage Factor	1.82	1.85	0.98	2.18	1.77	1.76	1.72	1.86	2.13	2.44	2.83
Debt to Total Capital	3.00%	0.05%	12.30%	0.09%	1.58%	4.18%	2.66%	6.32%	5.22%	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	3.00%	0.05%	12.30%	0.09%	1.58%	4.18%	2.66%	6.32%	5.22%	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	-2.98%	-0.37%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	99.98%	100.32%	87.70%	99.91%	98.42%	95.82%	97.34%	93.68%	94.78%	100.00%	100.19%
Debt to EBITDA	0.27	0.00	1.73	0.03	0.10	-0.78	-0.33	-0.38	-0.27	0.00	0.00
Net Debt to EBITDA	-2.17	-1.16	0.05	-6.12	-1.48	5.04	3.17	0.92	1.20	0.00	0.00
Long-Term Debt to EBITDA	0.27	0.00	1.73	0.03	0.10	-0.78	-0.33	-0.38	-0.27	0.00	0.00
Debt to NOPAT	-4.32	0.01	164.58	-0.04	0.20	-0.52	-0.26	-0.25	-0.27	0.00	0.00
Net Debt to NOPAT	34.54	-2.72	4.79	8.69	-3.04	3.38	2.48	0.60	1.21	0.00	0.00
Long-Term Debt to NOPAT	-4.32	0.01	164.58	-0.04	0.20	-0.52	-0.26	-0.25	-0.27	0.00	0.00
Altman Z-Score	4.21	4.44	3.45	3.92	4.39	3.55	2.94	2.22	2.43	2.20	1.55
Noncontrolling Interest Sharing Ratio	-1.23%	-1.65%	-0.18%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.09%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.40	1.53	1.64	1.50	1.51	1.90	1.90	1.62	1.40	1.14	0.96
Quick Ratio	1.36	1.49	1.58	1.44	1.12	1.48	1.51	1.16	1.07	0.96	0.87
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.63	-3.64	-79	61	15	21	-19	-43	17	67	106
Operating Cash Flow to CapEx	174.67%	248.48%	-176.85%	976.22%	225.79%	257.57%	-131.23%	0.00%	402.95%	7,679.47%	1,577.85%
Free Cash Flow to Firm to Interest Expense	0.51	-4.27	-35.62	23.35	11.44	13.13	-12.08	-14.48	8.41	59.32	204.53
Operating Cash Flow to Interest Expense	21.23	39.42	-8.48	28.72	31.94	27.60	-1.91	-18.37	5.06	64.22	226.78
Operating Cash Flow Less CapEx to Interest Expense	9.08	23.56	-13.27	25.78	17.79	16.89	-3.36	-6.28	3.81	63.39	212.41
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	2.38	2.33	2.08	1.91	2.38	1.91	1.37	1.56	1.89	1.71	1.46
Accounts Receivable Turnover	4.77	4.53	4.01	3.75	5.68	5.81	4.36	4.69	5.31	5.11	5.23
Inventory Turnover	431.68	353.59	291.06	224.91	195.11	137.98	92.83	81.89	87.78	84.51	98.89
Fixed Asset Turnover	15.42	15.45	14.51	14.28	18.64	13.75	8.97	11.48	15.68	16.00	17.98
Accounts Payable Turnover	10.57	8.88	9.04	10.80	13.24	10.64	9.56	10.44	10.11	9.69	9.99
Days Sales Outstanding (DSO)	76.49	80.64	90.92	97.33	64.21	62.84	83.66	77.85	68.78	71.36	69.74
Days Inventory Outstanding (DIO)	0.85	1.03	1.25	1.62	1.87	2.65	3.93	4.46	4.16	4.32	3.69
Days Payable Outstanding (DPO)	34.54	41.12	40.39	33.79	27.57	34.31	38.18	34.96	36.12	37.68	36.54
Cash Conversion Cycle (CCC)	42.79	40.54	51.78	65.16	38.51	31.18	49.42	47.35	36.82	38.00	36.89
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	214	244	323	255	268	221	209	191	137	49	-82
Invested Capital Turnover	6.23	5.73	4.22	3.78	5.42	4.50	3.13	3.54	4.86	7.86	-46.12
Increase / (Decrease) in Invested Capital	-2.67	30	79	-68	13	-47	-12	-19	-54	-88	-130
Enterprise Value (EV)	409	366	250	428	459	167	202	99	114	156	148
Market Capitalization	488	439	249	492	543	254	279	136	159	271	373
Book Value per Share	$10.98	$11.90	$12.10	$11.89	$13.13	$11.78	$10.77	$8.50	$6.71	$6.01	$5.18
Tangible Book Value per Share	$7.40	$8.17	$6.84	$7.45	$8.92	$9.13	$8.23	$6.75	$5.52	$4.89	$4.11
Total Capital	293	316	367	319	358	321	293	243	191	164	143
Total Debt	8.80	0.17	45	0.30	5.64	13	7.81	15	10	0.00	0.00
Total Long-Term Debt	8.80	0.17	45	0.30	5.64	13	7.81	15	10	0.00	0.00
Net Debt	-70	-71	1.31	-64	-84	-87	-76	-37	-45	-116	-225
Capital Expenditures (CapEx)	15	14	11	7.65	18	17	2.26	-36	2.54	0.95	7.45
Debt-free, Cash-free Net Working Capital (DFCFNWC)	27	58	96	55	52	59	54	57	20	-79	-241
Debt-free Net Working Capital (DFNWC)	106	129	140	119	142	159	138	110	75	36	-17
Net Working Capital (NWC)	106	129	140	119	142	159	138	110	75	36	-17
Net Nonoperating Expense (NNE)	-0.14	0.79	0.14	4.14	-0.35	7.44	0.60	2.40	15	3.90	4.91
Net Nonoperating Obligations (NNO)	-70	-71	1.31	-64	-84	-87	-76	-37	-45	-116	-225
Total Depreciation and Amortization (D&A)	23	21	22	20	18	19	18	15	14	11	10
Debt-free, Cash-free Net Working Capital to Revenue	2.02%	4.40%	8.00%	5.00%	3.68%	5.38%	8.01%	8.09%	2.50%	-10.87%	-31.36%
Debt-free Net Working Capital to Revenue	7.92%	9.86%	11.66%	10.86%	10.01%	14.46%	20.47%	15.49%	9.40%	5.01%	-2.16%
Net Working Capital to Revenue	7.92%	9.86%	11.66%	10.86%	10.01%	14.46%	20.47%	15.49%	9.40%	5.01%	-2.16%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.64	$1.09	($0.01)	($0.43)	$1.04	($1.24)	($1.18)	($2.39)	($1.94)	($0.91)	($1.06)
Adjusted Weighted Average Basic Shares Outstanding	26.60M	26.60M	26.53M	26.77M	26.89M	26.62M	26.45M	26.73M	26.99M	27.38M	27.77M
Adjusted Diluted Earnings per Share	$0.63	$1.07	($0.01)	($0.43)	$1.01	($1.24)	($1.18)	($2.39)	($1.94)	($0.91)	($1.06)
Adjusted Weighted Average Diluted Shares Outstanding	27.18M	27.10M	26.53M	26.77M	27.59M	26.62M	26.45M	26.73M	26.99M	27.38M	27.77M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$1.04	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	26.38M	26.52M	26.72M	27.01M	27.13M	26.46M	26.70M	0.00	27.21M	27.55M	28.07M
Normalized Net Operating Profit after Tax (NOPAT)	6.16	26	3.40	5.26	28	11	-26	-48	-26	-21	-22
Normalized NOPAT Margin	0.46%	2.01%	0.28%	0.48%	1.95%	1.01%	-3.85%	-6.81%	-3.30%	-2.85%	-2.87%
Pre Tax Income Margin	0.61%	3.02%	0.20%	-1.11%	2.71%	-3.33%	-6.42%	-8.23%	-6.64%	-3.43%	-3.77%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.25	47.32	2.05	-3.82	29.74	-22.74	-26.83	-18.78	-25.21	-22.32	-67.82
NOPAT to Interest Expense	-1.65	30.90	0.12	-2.82	21.32	-16.05	-19.64	-20.84	-18.29	-18.65	-47.39
EBIT Less CapEx to Interest Expense	-4.91	31.45	-2.75	-6.76	15.59	-33.46	-28.28	-6.69	-26.47	-23.16	-82.20
NOPAT Less CapEx to Interest Expense	-13.80	15.04	-4.67	-5.76	7.17	-26.77	-21.09	-8.75	-19.55	-19.49	-61.76
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	-396.63%	58.93%	1,659.42%	-5.46%	24.57%	-62.19%	-4.98%	-1.33%	-0.59%	-1.83%	-4.19%

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

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	9/30/2023	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
DEI Shares Outstanding	27,209,838.00	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
DEI Adjusted Shares Outstanding	27,209,838.00	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
DEI Earnings Per Adjusted Shares Outstanding	-0.12	-0.10	-0.53	-	-	-	-0.12	-0.39	-0.13	-0.03	0.03
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-5.17%	-9.70%	-11.17%	-7.95%	-16.23%	6.93%	20.57%	14.18%	27.97%	12.47%	3.27%
EBITDA Growth	96.79%	100.33%	-25.20%	-171.11%	-10,012.35%	-4,874.19%	80.73%	-352.62%	65.72%	101.71%	133.67%
EBIT Growth	51.46%	91.59%	-13.44%	-15,822.58%	-257.82%	-158.56%	67.01%	-156.44%	50.78%	68.98%	74.37%
NOPAT Growth	-3.22%	84.15%	-12.63%	-105.89%	-104.93%	-24.35%	65.21%	-141.39%	48.92%	65.92%	71.26%
Net Income Growth	51.37%	91.32%	-14.94%	-1,202.68%	-191.22%	-94.07%	76.45%	-157.53%	60.28%	83.84%	124.32%
EPS Growth	50.00%	91.80%	-12.77%	-1,500.00%	-175.00%	-100.00%	77.36%	-156.25%	60.61%	85.00%	125.00%
Operating Cash Flow Growth	18.04%	67.79%	24.26%	499.24%	141.27%	13.49%	25.80%	-13.39%	-317.31%	-77.81%	9.33%
Free Cash Flow Firm Growth	339.43%	321.88%	73.38%	61.56%	115.32%	230.19%	214.01%	43.97%	-31.25%	-58.35%	-53.80%
Invested Capital Growth	-27.22%	-24.87%	-34.51%	-64.46%	-80.28%	-103.68%	-136.23%	-268.68%	-275.64%	-1,167.83%	-171.97%
Revenue Q/Q Growth	-3.98%	-11.44%	-5.16%	14.15%	-12.62%	13.04%	6.94%	8.10%	-2.08%	-0.65%	-1.80%
EBITDA Q/Q Growth	-102.56%	214.81%	-12,960.22%	81.19%	-264.04%	45.79%	48.09%	-341.82%	72.43%	102.71%	921.05%
EBIT Q/Q Growth	-9,551.61%	10.16%	-443.34%	66.20%	-116.90%	35.08%	30.68%	-162.72%	58.37%	59.08%	42.72%
NOPAT Q/Q Growth	-102.31%	2.13%	-179.46%	62.79%	-101.37%	40.61%	21.80%	-158.14%	57.39%	60.38%	34.06%
Net Income Q/Q Growth	-842.56%	9.98%	-411.43%	69.98%	-110.72%	40.01%	37.94%	-228.25%	67.50%	75.59%	193.40%
EPS Q/Q Growth	-1,100.00%	16.67%	-430.00%	69.81%	-106.25%	39.39%	40.00%	-241.67%	68.29%	76.92%	200.00%
Operating Cash Flow Q/Q Growth	-468.12%	202.52%	-16.10%	89.24%	-74.64%	181.91%	-7.00%	30.28%	-163.62%	128.78%	358.30%
Free Cash Flow Firm Q/Q Growth	8.79%	-29.57%	1.46%	107.81%	44.99%	8.01%	-3.51%	-4.72%	-30.76%	-34.56%	7.01%
Invested Capital Q/Q Growth	18.36%	-18.55%	-27.03%	-49.49%	-34.30%	-115.18%	-619.20%	-135.21%	31.59%	-9.56%	-54.28%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	6.00%	6.05%	3.36%	6.57%	4.72%	5.82%	6.42%	3.75%	6.69%	6.24%	8.30%
EBITDA Margin	-0.04%	0.05%	-7.20%	-1.19%	-4.95%	-2.37%	-1.15%	-4.71%	-1.33%	0.04%	0.38%
Operating Margin	-2.66%	-2.94%	-8.66%	-2.82%	-6.50%	-3.42%	-2.50%	-5.97%	-2.60%	-1.04%	-0.51%
EBIT Margin	-1.51%	-1.54%	-8.80%	-2.60%	-6.47%	-3.71%	-2.41%	-5.85%	-2.49%	-1.02%	-0.60%
Profit (Net Income) Margin	-1.60%	-1.63%	-8.78%	-2.31%	-5.57%	-2.96%	-1.72%	-5.21%	-1.73%	-0.42%	0.40%
Tax Burden Percent	100.00%	100.21%	99.99%	99.09%	100.00%	100.29%	100.00%	104.14%	101.92%	122.30%	95.98%
Interest Burden Percent	105.85%	105.84%	99.85%	89.49%	86.15%	79.38%	71.27%	85.51%	68.21%	33.91%	-70.45%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.02%
Return on Invested Capital (ROIC)	-7.60%	-10.25%	-37.14%	-15.53%	-32.72%	-26.69%	-42.35%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	-13.84%	-12.62%	-28.35%	-14.74%	-30.35%	-25.65%	-42.40%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.57%	2.15%	8.43%	6.84%	12.84%	15.81%	34.18%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-7.03%	-8.10%	-28.71%	-8.69%	-19.89%	-10.88%	-8.16%	-19.20%	-16.33%	-13.31%	-10.34%
Cash Return on Invested Capital (CROIC)	12.16%	16.66%	25.93%	72.37%	108.35%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	-2.99%	-2.79%	-15.13%	-4.45%	-10.56%	-5.73%	-3.39%	-8.56%	-3.80%	-1.48%	-0.82%
Return on Assets (ROA)	-3.17%	-2.96%	-15.10%	-3.95%	-9.10%	-4.56%	-2.42%	-7.62%	-2.64%	-0.61%	0.56%
Return on Common Equity (ROCE)	-7.03%	-8.10%	-28.71%	-8.69%	-19.89%	-10.88%	-8.16%	-19.22%	-16.33%	-13.31%	-10.34%
Return on Equity Simple (ROE_SIMPLE)	-27.36%	-10.64%	-12.63%	0.00%	-19.83%	-22.19%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-3.68	-3.60	-10	-3.74	-7.54	-4.48	-3.50	-9.03	-3.85	-1.53	-1.01
NOPAT Margin	-1.86%	-2.06%	-6.06%	-1.98%	-4.55%	-2.39%	-1.75%	-4.18%	-1.82%	-0.72%	-0.49%
Net Nonoperating Expense Percent (NNEP)	6.24%	2.37%	-8.79%	-0.79%	-2.38%	-1.04%	0.05%	-1.32%	0.12%	0.35%	0.88%
Return On Investment Capital (ROIC_SIMPLE)	-	-2.01%	-6.07%	-	-	-2.95%	-2.32%	-6.33%	-2.83%	-1.11%	-0.72%
Cost of Revenue to Revenue	94.00%	93.95%	96.64%	93.43%	95.28%	94.18%	93.58%	96.25%	93.31%	93.76%	91.70%
SG&A Expenses to Revenue	8.66%	8.99%	12.02%	9.13%	11.22%	9.24%	8.86%	8.13%	7.71%	7.18%	7.36%
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	8.66%	8.99%	12.02%	9.39%	11.22%	9.24%	8.92%	9.72%	9.29%	7.27%	8.81%
Earnings before Interest and Taxes (EBIT)	-2.99	-2.69	-15	-4.94	-11	-6.95	-4.82	-13	-5.27	-2.16	-1.24
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-0.08	0.09	-12	-2.25	-8.19	-4.44	-2.31	-10	-2.81	0.08	0.78
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.79	1.49	2.15	1.65	2.03	2.17	2.28	2.61	2.69	2.39	2.32
Price to Tangible Book Value (P/TBV)	2.18	1.80	2.64	2.03	2.52	2.70	2.84	3.29	3.43	3.03	2.92
Price to Revenue (P/Rev)	0.41	0.35	0.48	0.37	0.46	0.47	0.46	0.48	0.45	0.39	0.38
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)	1.88	1.66	2.98	3.20	6.05	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.39	0.29	0.38	0.21	0.28	0.24	0.21	0.19	0.21	0.16	0.11
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)	18.30	7.67	8.56	2.14	1.70	1.47	1.27	1.26	2.19	2.43	1.59
Enterprise Value to Free Cash Flow (EV/FCFF)	13.01	8.56	9.08	2.32	1.84	1.56	1.41	1.40	2.61	3.37	2.01
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.06	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	0.06	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.04	-0.17	-0.30	-0.46	-0.42	-0.62	-0.81	-1.11	-1.08	-1.23	-1.45
Leverage Ratio	1.98	2.28	2.50	2.46	2.54	2.78	3.33	3.43	3.65	4.02	4.24
Compound Leverage Factor	2.10	2.41	2.50	2.21	2.19	2.20	2.37	2.93	2.49	1.36	-2.99
Debt to Total Capital	5.29%	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	5.29%	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	94.71%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.19%	100.00%	100.00%	100.00%
Debt to EBITDA	-0.29	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.50	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	-0.29	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	-0.27	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.47	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	-0.27	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	3.41	2.94	2.59	2.35	2.13	1.94	1.67	1.68	1.75	1.58	1.68
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.09%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.43	1.30	1.16	1.14	1.06	1.01	1.00	0.96	0.93	0.91	0.90
Quick Ratio	1.05	1.00	0.96	0.96	0.88	0.85	0.88	0.87	0.80	0.82	0.81
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	57	40	41	84	122	132	127	121	84	55	59
Operating Cash Flow to CapEx	0.00%	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%
Free Cash Flow to Firm to Interest Expense	174.80	125.43	283.89	245.95	1,374.38	911.15	951.31	809.71	662.19	466.38	692.85
Operating Cash Flow to Interest Expense	-88.85	92.80	173.69	137.04	133.91	231.71	233.19	271.39	-203.93	63.17	401.91
Operating Cash Flow Less CapEx to Interest Expense	-82.26	92.20	159.00	134.73	112.07	226.52	214.59	256.34	-218.02	55.31	403.04
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.98	1.82	1.72	1.71	1.63	1.54	1.41	1.46	1.53	1.44	1.37
Accounts Receivable Turnover	5.20	4.50	4.43	5.11	4.89	4.84	3.93	5.23	5.57	4.93	4.91
Inventory Turnover	86.08	88.16	82.16	84.51	79.19	86.10	90.43	98.89	117.60	112.80	127.91
Fixed Asset Turnover	16.22	16.43	15.63	16.00	15.77	16.89	17.06	17.98	19.28	21.10	21.25
Accounts Payable Turnover	10.58	10.16	11.63	9.69	9.72	9.47	10.41	9.99	9.63	9.41	9.37
Days Sales Outstanding (DSO)	70.19	81.12	82.44	71.36	74.67	75.47	92.97	69.74	65.54	74.11	74.33
Days Inventory Outstanding (DIO)	4.24	4.14	4.44	4.32	4.61	4.24	4.04	3.69	3.10	3.24	2.85
Days Payable Outstanding (DPO)	34.50	35.91	31.39	37.68	37.56	38.55	35.08	36.54	37.91	38.77	38.94
Cash Conversion Cycle (CCC)	39.93	49.35	55.50	38.00	41.73	41.16	61.93	36.89	30.73	38.58	38.24
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	162	132	96	49	32	-4.84	-35	-82	-56	-61	-95
Invested Capital Turnover	4.08	4.98	6.13	7.86	7.19	11.16	24.22	-46.12	-67.59	-25.33	-13.05
Increase / (Decrease) in Invested Capital	-60	-44	-51	-88	-130	-137	-131	-130	-88	-57	-60
Enterprise Value (EV)	304	219	286	156	193	173	158	148	175	130	90
Market Capitalization	321	266	356	271	318	330	343	373	367	329	323
Book Value per Share	$6.58	$6.57	$6.07	$6.01	$5.68	$5.51	$5.46	$5.18	$4.85	$4.89	$4.96
Tangible Book Value per Share	$5.42	$5.42	$4.94	$4.89	$4.58	$4.43	$4.38	$4.11	$3.81	$3.86	$3.93
Total Capital	189	179	166	164	157	152	151	143	136	138	139
Total Debt	10	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	10	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-17	-47	-70	-116	-125	-157	-186	-225	-192	-199	-233
Capital Expenditures (CapEx)	-2.14	0.19	2.10	0.79	1.94	0.75	2.49	2.26	1.79	0.93	-0.10
Debt-free, Cash-free Net Working Capital (DFCFNWC)	46	15	-29	-79	-108	-154	-184	-241	-225	-244	-281
Debt-free Net Working Capital (DFNWC)	74	62	41	36	17	2.82	1.58	-17	-33	-45	-48
Net Working Capital (NWC)	74	62	41	36	17	2.82	1.58	-17	-33	-45	-48
Net Nonoperating Expense (NNE)	-0.51	-0.75	4.52	0.63	1.69	1.06	-0.07	2.24	-0.19	-0.63	-1.84
Net Nonoperating Obligations (NNO)	-17	-47	-70	-116	-125	-157	-186	-225	-192	-199	-234
Total Depreciation and Amortization (D&A)	2.91	2.78	2.65	2.69	2.52	2.51	2.51	2.47	2.46	2.23	2.01
Debt-free, Cash-free Net Working Capital to Revenue	5.90%	1.97%	-3.86%	-10.87%	-15.50%	-21.74%	-24.78%	-31.36%	-27.63%	-29.10%	-33.26%
Debt-free Net Working Capital to Revenue	9.39%	8.13%	5.50%	5.01%	2.41%	0.40%	0.21%	-2.16%	-4.05%	-5.38%	-5.70%
Net Working Capital to Revenue	9.39%	8.13%	5.50%	5.01%	2.41%	0.40%	0.21%	-2.16%	-4.05%	-5.38%	-5.70%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.12)	($0.10)	($0.53)	($0.16)	($0.33)	($0.20)	($0.12)	($0.41)	($0.13)	($0.03)	$0.03
Adjusted Weighted Average Basic Shares Outstanding	27.11M	27.38M	27.44M	27.38M	27.56M	27.80M	27.84M	27.77M	28.01M	28.35M	28.38M
Adjusted Diluted Earnings per Share	($0.12)	($0.10)	($0.53)	($0.16)	($0.33)	($0.20)	($0.12)	($0.41)	($0.13)	($0.03)	$0.03
Adjusted Weighted Average Diluted Shares Outstanding	27.11M	27.38M	27.44M	27.38M	27.56M	27.80M	27.84M	27.77M	28.01M	28.35M	28.53M
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	27.21M	27.30M	27.31M	27.55M	27.55M	27.61M	27.61M	28.07M	28.12M	28.13M	28.13M
Normalized Net Operating Profit after Tax (NOPAT)	-3.68	-3.60	-10	-3.39	-7.54	-4.48	-3.41	-9.03	-1.51	-1.38	1.86
Normalized NOPAT Margin	-1.86%	-2.06%	-6.06%	-1.79%	-4.55%	-2.39%	-1.71%	-4.18%	-0.71%	-0.66%	0.90%
Pre Tax Income Margin	-1.60%	-1.63%	-8.78%	-2.33%	-5.57%	-2.95%	-1.72%	-5.00%	-1.70%	-0.35%	0.42%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-9.21	-8.43	-102.13	-14.39	-120.29	-47.93	-35.96	-84.39	-41.49	-18.27	-14.53
NOPAT to Interest Expense	-11.32	-11.28	-70.34	-10.91	-84.68	-30.87	-26.12	-60.23	-30.32	-12.93	-11.83
EBIT Less CapEx to Interest Expense	-2.62	-9.03	-116.83	-16.70	-142.13	-53.12	-54.55	-99.43	-55.57	-26.14	-13.40
NOPAT Less CapEx to Interest Expense	-4.73	-11.89	-85.04	-13.22	-106.53	-36.05	-44.72	-75.28	-44.40	-20.79	-10.70
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	-0.93%	-2.40%	-2.18%	-1.83%	-3.98%	-3.66%	0.00%	-4.19%	-17.67%	-21.92%	0.00%

Financials Breakdown Chart

Key Financial Trends

Matrix Service (NASDAQ: MTRX) showed a mixed but improving trend in fiscal Q3 2026, with revenue holding above $206 million and operating cash flow turning strongly positive, even though the company still posted a small operating loss.

Compared with Q2 2026, revenue slipped modestly from $210.5 million to $206.7 million, but gross profit improved to $17.2 million from $13.1 million. The biggest bottom-line issue was still the company’s cost structure: selling, general and administrative expense remained elevated, and a $3.0 million restructuring charge pushed operating income back into negative territory. Even so, net income came in positive at $835,000 thanks to strong interest and investment income.

The balance sheet looks reasonably liquid, with $233.0 million in cash and equivalents and total current assets of $412.0 million versus $460.2 million in current liabilities. That said, deferred revenue remains a very large liability at $340.7 million, which is common for project-based businesses but still worth monitoring.

Cash flow was a bright spot. Matrix generated $34.2 million in operating cash flow in Q3 2026, up sharply from $7.5 million in Q2 2026 and reversing the weak cash generation seen in earlier periods. That suggests working capital was a meaningful tailwind in the quarter. The company also ended the quarter with a net increase in cash and equivalents of $34.1 million.

Strong operating cash flow: Net cash from operations rose to $34.2 million in Q3 2026, a sharp improvement from $7.5 million in Q2.
Positive net income: The company earned $835,000 in Q3 2026 after losing $894,000 in Q2.
Gross profit improved quarter over quarter: Gross profit increased to $17.2 million from $13.1 million, showing better project-level profitability.
Healthy cash balance: Cash and equivalents climbed to $233.0 million, giving the company flexibility.
Cash generation supported the balance sheet: Net change in cash was a positive $34.1 million in Q3 2026.
Revenue was slightly lower sequentially: Revenue fell to $206.7 million from $210.5 million in Q2 2026, but remained well above levels seen in prior-year quarters.
Deferred revenue remains large: Current deferred revenue was $340.7 million, which supports future revenue but also reflects a sizable obligation to deliver work.
Interest income offset weak operations: Interest and investment income of $2.2 million helped push the quarter back into profitability.
Operating loss persists: Matrix Service reported an operating loss of $1.0 million in Q3 2026.
Expenses remain elevated: SG&A totaled $15.2 million and restructuring charges added another $3.0 million, keeping pressure on margins.

Longer term, the trend is better than it first appears. Over the last several quarters, Matrix Service has moved from recurring net losses and uneven operating cash flow toward stronger cash conversion and occasional profitability. Revenue has generally stayed in the low-$200 million range per quarter, but margins remain thin and highly dependent on project mix, cost control, and restructuring charges. Investors should watch whether the recent cash flow improvement can translate into sustained operating income gains.

07/12/26 07:33 PM 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 2025 ended on June 30, 2025.

Matrix Service's net income appears to be on an upward trend, with a most recent value of -$29.46 million in 2025, rising from -$1.90 million in 2015. The previous period was -$24.98 million in 2024. See where experts think Matrix Service is headed by visiting Matrix Service's forecast page.

Matrix Service's total operating income in 2025 was -$35.07 million, based on the following breakdown:

Total Gross Profit: $39.68 million
Total Operating Expenses: $74.75 million

Over the last 10 years, Matrix Service's total revenue changed from $1.34 billion in 2015 to $769.29 million in 2025, a change of -42.7%.

Matrix Service's total liabilities were at $457.54 million at the end of 2025, a 59.3% increase from 2024, and a 65.1% increase since 2015.

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 $224.64 million as of their latest financial filing in 2025.

Over the last 10 years, Matrix Service's book value per share changed from 10.98 in 2015 to 5.18 in 2025, a change of -52.8%.

Related Companies

Financial statements for NASDAQ:MTRX last updated on 7/9/2026 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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