Matrix Service Co (MTRX) stock analysis
Close on Nov 11, 2026Market cap $261.42MP/E 35.5Yield –
StockData Score
Prices as of Nov 11, 2026How the score works
Mixed9 of 30 checks passed
Matrix Service passes 9 of the 30 checks behind our score; 13 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 2/6
- Growth
- 1/6
- Past performance
- 2/6
- Financial health
- 4/6
- Dividend
- 0/6
What stands out
Trading below fair value
The share price of $9.24 is below our fair value estimate of $9.99.
No debt
Matrix Service has no borrowings on its latest balance sheet.
Debt covered by cash flow
There is no debt to cover.
P/S below the industry
Matrix Service's price-to-sales of 0.30 is below the Construction Special Trade Contractors median of 0.43 (book value is negative, so we use sales).
What to watch
Margin of safety under 20%
The price is 7.5% below fair value, less than the 20% cushion we look for.
Revenue growing under 10% a year
Revenue grew 3.2% a year over the last three fiscal years, short of the 10% we look for.
Interest not well covered
Operating income covers interest expense 0.8 times; we look for at least 5.
Bankruptcy risk in the grey zone
The Altman Z-score is 1.99; above 3 is the safe zone and below 1.8 the distress zone.
Valuation2/6
P/E against its history
Not enough price and earnings history to compare.
P/E above the industry
Matrix Service's P/E of 35.5 is above the Construction Special Trade Contractors median of 25.1.
EV/EBITDA against its history
Needs positive EBITDA and price history.
P/S below the industry
Matrix Service's price-to-sales of 0.30 is below the Construction Special Trade Contractors median of 0.43 (book value is negative, so we use sales).
Trading below fair value
The share price of $9.24 is below our fair value estimate of $9.99.
Margin of safety under 20%
The price is 7.5% below fair value, less than the 20% cushion we look for.
Growth1/6
Revenue growing under 10% a year
Revenue grew 3.2% a year over the last three fiscal years, short of the 10% we look for.
EPS growth over 3 years
Needs positive EPS three years ago and today.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing slower than the industry
Revenue grew 8.0% over the last twelve months; the Construction Special Trade Contractors median is 8.0%.
Guidance lowered
Matrix Service lowered its fiscal 2026 revenue outlook on May 6, 2026.
Gross margin improving
Gross margin was 7.7% over the last twelve months, against 5.6% a year earlier.
Past performance2/6
Return on equity
Needs positive equity and five years of results.
Return on invested capital
Needs operating income and invested capital.
Return on equity against the industry
Needs positive equity.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin above its 5-year average
Net margin was 0.8% over the last twelve months, against a 5-year average of -4.6%.
Net margin above the industry
Matrix Service's net margin of 0.8% is above the Construction Special Trade Contractors median of -7.9%.
Financial health4/6
No debt
Matrix Service has no borrowings on its latest balance sheet.
Debt not rising
With no debt today, leverage cannot have risen.
Debt covered by cash flow
There is no debt to cover.
Interest not well covered
Operating income covers interest expense 0.8 times; we look for at least 5.
Short-term assets cover short-term debts
Current assets are 1.05 times current liabilities.
Bankruptcy risk in the grey zone
The Altman Z-score is 1.99; above 3 is the safe zone and below 1.8 the distress zone.
Dividend0/6
No dividend
Matrix Service has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itOur estimate per share
$9.99
The share price is 8% below this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| P/E | 25.1× | – | 25.1× | $6.52 | 44% |
| EV/EBITDA | 13.0× | – | 13.0× | $10.27 | 39% |
| Earnings power | 11.2% cost of equity | – | – | $18.60 | 17% |
| Fair value | $9.99 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- P/E at month end
- Construction Special Trade Contractors median 25.1
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Medium risk
- Average value traded per day
- $5.26M
- Value traded per 1% price move
- $2.38M
Downside
Medium risk
- Typical loss in a bad month
- 21.1%
- Volatility (annualized)
- 45%
- Sharpe ratio, 1 year
- -0.74
- Beta to the S&P 500 (5Y)
- 1.26
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2012 to 2026
Gross margin
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2026
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +13.6% | +3.2% | +5.3% | -4.0% | |
| Gross profit | +61.2% | +27.5% | +14.3% | -6.6% | |
| Free cash flow | -98.7% | +4.8% | – | -23.1% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2017 | FY2021 | FY2026 | Trend |
|---|---|---|---|---|
| Return on equity | -0.1% | – | – | |
| Return on assets | -0.0% | -6.3% | -0.4% | |
| Current ratio | 1.64 | 1.90 | 0.98 | |
| Debt to equity | 0.14 | – | – | |
| Net debt to EBITDA | 0.03× | – | – | |
| Interest coverage | 2.2× | -28.1× | -22.0× | |
| Inventory turnover | 291.1× | 92.8× | 133.8× | |
| Capex to revenue | 1.0% | 0.6% | 0.6% | |
| Diluted shares | 27M | 26M | 28M |
Where the cash went
Fiscal 2022 to 2026, five years combined
Matrix Service generated $261.39M from operations and spent $32.52M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2019 | 2.0% | 2.38× | 1.78× | 8.3% |
| FY2018 | -1.1% | 1.91× | 1.79× | -3.6% |
| FY2017 | -0.0% | 2.08× | 1.80× | -0.1% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2026 against fiscal 2025
- ProfitableNet income above zero-$2.58M
- Cash generatingOperating cash flow above zero$6.91M
- Return on assets improvedROA up on the prior year-6.5% → -0.4%
- Earnings backed by cashOperating cash flow above net income$6.91M vs -$2.58M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose0.96 → 0.98
- No dilutionShare count did not rise28M → 28M
- Gross margin improvedGross margin up on the prior year5.16% → 7.32%
- More efficientAsset turnover rose1.70 → 1.46
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