Start here if you're new
what it is
Matrix Service runs 3 business lines that build and maintain energy plants, tanks, and terminals.
how it gets paid
Last year Matrix Service made $769M in revenue. Utility & Power Infrastructure was the main engine at $0.30B, or 39% of sales.
why it's growing
Revenue grew 5.6% last year. Latest reported quarter revenue was up about 12% vs. prior year. Gross margin was near 6%.
what just happened
Matrix posted about $211M in quarterly revenue, but a small per-share loss says the profit engine still needs work.
At a glance
B balance sheet — gets the job done, barely
20/100 earnings predictability — expect surprises
-$1.06 fy2025 eps est
~$900M midpoint FY2026 revenue guidance ($875M–$925M)
operating margin still thin / loss-making at the net line
xvary composite: 46/100 — below average
What they do
Matrix Service runs 3 business lines that build and maintain energy plants, tanks, and terminals.
You do not rip out a contractor on a live LNG job. The downtime bill is ugly. Matrix has 2,239 employees and $15M in long-term debt, so it can carry big projects without much balance-sheet drama. Long-term debt → money owed for more than a year → the bill is small versus a $289M market cap.
How they make money
$769M
annual revenue · their business grew +5.6% last year
Utility & Power Infrastructure
$0.30B
+12.0%
Process & Industrial Facilities
$0.24B
+8.0%
Storage & Terminal Solutions
$0.17B
+4.0%
Maintenance & Turnarounds
$0.06B
+5.6%
The products that matter
engineering and fabrication
storage tank construction
$385M · about 50% of displayed segment mix
this is the biggest visible business line here, contributing roughly $385M of the $769M segment breakout. if matrix wins this work at better pricing, the margin story improves faster than the revenue story.
largest segment
construction and maintenance
pipeline & power
$231M · about 30% of displayed segment mix
this $231M segment grew 5% and keeps matrix tied to energy infrastructure spending. you want growth here, but you want disciplined bidding more.
execution watch
industrial services
industrial & other
$153M · about 20% of displayed segment mix
it is a smaller $153M bucket, and it was flat. for a stock priced this cheaply, flat does not help the rerating case.
needs traction
Key numbers
$769M
annual revenue
That is the current sales base. It is below the $875M–$925M FY2026 guide, so the market is paying for a rebound.
~6%
gross margin (recent quarter)
Gross margin is still single digits—typical of lumpy EPC-style work where a few project hits can move the percentage quickly.
1.6
beta
The stock swings about 60% more than the market. That is a rough ride for a company with thin margins.
$15M
long debt
Debt is low versus a $289M market cap. That helps when project timing slips and cash comes in late.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 10 / 100
- long-term debt $15M (5% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for MTRX right now.
source: institutional data · return history unavailable
What just happened
mixed vs. estimates
Matrix posted about $211M in quarterly revenue (beat), but EPS was a small loss (miss vs. some profit expectations).
Revenue was up about 12% vs. prior year. Gross margin was near 6%, so volume improved but profitability is still fragile.
~$211M
revenue
~-$0.03
eps
~6%
gross margin
the number that mattered
The ~$211M quarter fits the path to the $875M–$925M full-year guide, but thin gross margin shows execution risk is still live.
source: company earnings report, 2026
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What could go wrong
matrix does not have much room for error. a contractor with 9.6% gross margin, negative EPS, and a stock at 0.4x sales is being judged on execution almost one project at a time.
high
project execution and margin giveback
gross margin is 9.6%. a 1-point cost miss on the displayed $769M revenue base is about $7.7M of gross profit gone. for a company still posting negative EPS, that matters fast.
a small cost error can wipe out a meaningful chunk of profit
med
pipeline does not equal backlog
the $7.3B opportunity pipeline sounds enormous because it is. it is also unsold work. if conversion disappoints, investors are left with the current business, not the future menu.
the headline pipeline number can overstate revenue visibility
med
guidance is carrying the rerating case
the bullish version of this story needs FY26 revenue to land inside the $875M–$925M range while margin keeps improving. miss either one and the 0.4x sales multiple stops looking like an opportunity and starts looking like a verdict.
guidance pressure falls straight on valuation
med
volatility can swamp the story
price stability is 10 / 100 and beta is 1.6. in plain English: even if the operating story improves, the stock can still move hard on small-cap sentiment, thin coverage, or one awkward quarter.
you may be right on the business and still get a rough ride in the stock
here is the simple kill criterion: if revenue falls below the $875M–$925M guide or gross margin gives back meaningfully from 9.6%, the turnaround case weakens fast.
source: institutional data · regulatory filings · risk analysis
Pay attention to
margin
9.6% gross margin
this is the number carrying the turnaround case right now. if it holds or improves next quarter, you have evidence. if it slides back toward 5.6%, you have a problem.
guidance
FY26 revenue target
management is pointing to $875M–$925M in revenue. that range is the market's simplest test for whether the rebound is real.
pipeline
$7.3B opportunity conversion
watch how much of that bid pipeline turns into signed work. a giant funnel is nice. booked revenue is nicer.
calendar
next earnings report
the next earnings call is expected around 2026-05-07. use fresh consensus from your data feed—quarterly estimates move with backlog and project timing.
Analyst rankings
earnings predictability
20 / 100
low score. in human-speak: analysts do not trust this company to produce smooth, repeatable quarters yet.
beta
1.6
market sensitivity. when the market moves 10%, MTRX has historically moved about 16%. not a bunker stock.
source: institutional data
Institutional activity
institutional ownership data for MTRX is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$11
current price
n/a
target midpoint · n/a from current
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