Free cash flow remains highly erratic, swinging from a $27.9 million outflow in 2026Q1 to a $33.2 million inflow in 2026Q3, largely driven by fluctuations in working capital rather than core earnings.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 | Jun'12 | Jun'11 | Jun'10 | May'09 | May'08 | May'07 | May'06 | May'05 | May'04 | May'03 | Jun'02 | May'01 | May'00 | May'99 | May'98 | May'97 | May'96 |
|---|
| Cash from Operations | 56.42M | 117.47M | 72.57M | 10.25M | -54.2M | -2.97M | 44.09M | 41.39M | 74.67M | -18.75M | 30.33M | 24.44M | 76.99M | 57.08M | 2.94M | 22.75M | 4.4M | 38.62M | 45.6M | 11.36M | 35.88M | 4.52M | -28.1M | 17.54M | 8.73M | 5.99M | 8.41M | 16.7M | 3M | 6.2M | 9.6M |
| Operating CF Margin % | - | 15.27% | 9.97% | 1.29% | -7.66% | -0.44% | 4% | 2.92% | 6.84% | -1.57% | 2.31% | 1.81% | 6.1% | 6.4% | 0.4% | 3.63% | 0.8% | 5.6% | 6.23% | 1.21% | 7.26% | 1.03% | -4.62% | 6.08% | 3.92% | 3.14% | 4.34% | 7.91% | 1.4% | 3.39% | 5.22% |
| Operating CF Growth % | -399.01% | 61.87% | 608.22% | 118.91% | -1724.17% | -106.74% | 6.5% | -44.56% | 498.33% | -161.81% | 24.09% | -68.26% | 34.87% | 1840.97% | -87.07% | 417.14% | -88.61% | -15.29% | 301.44% | -68.34% | 694.51% | 116.07% | -260.18% | 100.99% | 45.66% | -28.79% | -49.61% | 456.67% | -51.61% | -35.42% | 1500% |
| Net Income | -14.99M | -29.46M | -24.98M | -52.36M | -63.9M | -31.22M | -33.07M | 27.98M | -11.48M | 138K | 25.54M | -1.9M | 36.88M | 24.01M | 17.19M | 18.98M | 4.88M | 30.59M | 21.41M | 19.17M | 7.65M | -38.83M | 9.54M | 8.18M | 5.88M | 4.58M | 6.62M | -12.6M | -11.6M | 3M | 2.4M |
| Depreciation & Amortization | 9.18M | 10.01M | 11.02M | 13.69M | 15.25M | 17.86M | 19.12M | 18.22M | 20.35M | 21.6M | 21.44M | 23.48M | 18.52M | 12.78M | 11.48M | 11.07M | 11.75M | 10.76M | 8.53M | 7.94M | 10.28M | 7.95M | 6.84M | 5.3M | 4.98M | 4.54M | 3.89M | 4.7M | 5.4M | 5.4M | 5.9M |
| Stock-Based Compensation | 7.63M | 8.9M | 7.75M | 6.79M | 7.88M | 8.16M | 9.88M | 11.91M | 8.62M | 7.46M | 6.32M | 6.3M | 5.69M | 3.83M | 3.5M | 2.4M | 2.05M | 2.21M | 2.87M | 1.47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | 0 | 0 | -12.38M | 5.36M | 889K | -3.63M | 2.06M | -1.19M | -2.56M | 1.87M | -1.05M | -3.85M | 1.93M | 83K | 3.58M | -3.56M | -88K | 1.48M | -1.44M | 1.32M | -4.14M | 2.23M | 346K | 805K | 1.54M | 0 | -1.7M | -2M | -400K | 300K |
| Other Non-Cash Items | 2.45M | 242K | -3.56M | 22M | -12.38M | -202K | 44.11M | -575K | 17.84M | 1.9M | 2.97M | -1.46M | 158K | 1.13M | -469K | 791K | 3.01M | 1.62M | 1.26M | 209K | 928K | 36.86M | -639K | -575K | -79K | 529K | -76K | 6.9M | 20M | -100K | 200K |
| Working Capital Changes | 52.16M | 127.78M | 82.34M | 32.5M | -6.41M | 1.55M | 7.67M | -18.21M | 40.53M | -47.29M | -27.81M | -935K | 19.6M | 13.4M | -28.85M | -14.07M | -13.73M | -6.47M | 10.04M | -15.99M | 17.26M | 2.68M | -46.07M | 4.3M | -2.86M | -5M | -2.02M | 19.4M | -8.8M | -1.7M | 800K |
| Change in Receivables | 37.61M | -44.67M | -1.08M | 8.66M | -20.57M | 11.11M | 56.6M | -15.37M | 5.5M | -11.93M | 4.15M | 6.83M | -31.39M | -32.41M | -4.58M | -16.5M | 12M | 9.84M | -2.75M | -22.96M | 10.95M | -13.53M | -19.95M | -10.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 380K | 2.92M | -1.4M | 2.51M | -2.63M | -882K | 1.56M | -2.87M | -1.42M | 198K | 606K | 272K | -11K | -1.39M | -233K | 1.2M | 1.24M | -1.83M | 636K | -1.37M | -990K | -155K | -1.73M | 48K | -43K | 277K | 929K | 1.5M | -100K | -800K | 600K |
| Change in Payables | 11.01M | 14.81M | -10.38M | 1.21M | 13.65M | -12.39M | -38.91M | 32.65M | -25.88M | -37.05M | 14.7M | 12.96M | 29.23M | 19.26M | 12.86M | -9.33M | 1.69M | -25.06M | 963K | 5.59M | 9.09M | 10.53M | -16.39M | 17.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -4.88M | -7.45M | -945K | -2.54M | 35.67M | -2.26M | -17.12M | -14.45M | -9.34M | -51.42M | -26.57M | -20.57M | -74.64M | -32.44M | -12.7M | -14.07M | -5.08M | -24.32M | -17.85M | -12.83M | 1.43M | -30K | 554K | -51.62M | -16.27M | -4.35M | -605K | -5.8M | -7M | -7.8M | -5.2M |
| Capital Expenditures | -6.36M | -7.68M | -6.99M | -9.01M | -3.35M | -4.35M | -18.54M | -19.56M | -8.71M | -11.91M | -13.94M | -15.77M | -23.59M | -23.23M | -13.53M | -10.42M | -5.3M | -9.98M | -18.3M | -13.12M | -5.61M | -1.81M | -4.67M | -16.12M | -16.43M | -5.28M | -6.32M | -5.4M | -2.6M | -5.8M | -3.4M |
| CapEx % of Revenue | 0.75% | 1% | 0.96% | 1.13% | 0.47% | 0.65% | 1.68% | 1.38% | 0.8% | 0.99% | 1.06% | 1.17% | 1.87% | 2.6% | 1.83% | 1.66% | 0.96% | 1.45% | 2.5% | 1.4% | 1.14% | 0.41% | 0.77% | 5.59% | 7.38% | 2.76% | 3.26% | 2.56% | 1.21% | 3.17% | 1.85% |
| Acquisitions | 1.48M | 0 | 0 | 6.47M | 0 | 2.09M | 1.42M | 3.88M | -1.69M | -40.82M | -13.05M | -5.55M | -51.61M | -9.39M | 241K | -3.8M | 0 | -15.34M | 0 | 0 | 0 | 0 | 0 | -40.14M | 0 | 0 | -851K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 3K | 240K | 6.05M | 0 | 39.02M | 0 | 0 | 1.23M | 1.06M | 1.31M | 422K | 750K | 553K | 186K | 598K | 150K | 218K | 1M | 452K | 288K | 7.05M | 1.78M | 5.23M | -35.65M | 160K | 930K | 6.56M | -400K | -4.4M | -2M | -1.8M |
| Cash from Financing | -4.18M | -1.04M | -10.37M | -5.06M | 12.7M | -12.32M | -16.04M | -1.11M | -45.31M | 42.73M | -10.59M | 794K | 12.23M | -238K | -9.35M | -1.02M | -1.35M | -1.15M | -15.27M | 2.01M | -30.57M | -3.78M | 27.48M | 33.86M | 7.46M | -2.56M | -8.88M | -10.5M | 4.8M | 1.6M | -4.5M |
| Debt Issued (Net) | -298K | 0 | -10M | -5M | 15M | -11.42M | 4.21M | 5.33M | -45.3M | 44.68M | -10.66M | -2.82M | 11.62M | -42K | -258K | -731K | -1.08M | -1.14M | -3.48M | -2.55M | -44.96M | -2.14M | 25.05M | 32.95M | -105.11M | 3.49M | -7.59M | -7.6M | 3.7M | 1.4M | -4.4M |
| Equity Issued (Net) | -4.08M | -1.04M | -456K | -310K | 199K | -1.55M | -20.57M | -6.88M | -627K | -2.29M | -14.41M | -7.53M | -1.78M | -1.16M | -8.66M | -299K | -473K | -170K | -12.5M | 2.57M | 15.31M | 539K | 2.43M | 1.48M | 1.09M | -6.06M | -1.29M | -2.9M | 1.1M | 300K | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -4.17M | -1.24M | -456K | -310K | 0 | -1.55M | -20.57M | -6.88M | -627K | -2.29M | -15.05M | -7.53M | -1.78M | -1.16M | -8.66M | -299K | -473K | -170K | -700K | 0 | 0 | 0 | 0 | 0 | 0 | -6.38M | -1.35M | -3M | 0 | 0 | 0 |
| Other Financing | 192K | 0 | 84K | 252K | -2.5M | 648K | 320K | 439K | 610K | 340K | 11.23M | 11.14M | 2.38M | 966K | -429K | 10K | 197K | 155K | 721K | 1.99M | -929K | -2.18M | 0 | -570K | 111.48M | 0 | 0 | 0 | 0 | -100K | -100K |
| Net Change in Cash | 47.48M | 109.03M | 60.8M | 2.44M | -6.51M | -16.16M | 10.32M | 25.66M | 20.25M | -27.85M | -7.58M | 2.12M | 13.37M | 24.02M | -19.63M | 8.46M | -1.58M | 12.56M | 12.84M | 562K | 7.09M | 744K | -23K | -51K | -9K | -971K | -1.17M | 400K | 4.8M | 0 | -100K |
| Free Cash Flow | 50.06M | 109.79M | 65.58M | 1.24M | -57.54M | -7.33M | 25.55M | 21.84M | 65.96M | -30.65M | 16.39M | 8.66M | 53.4M | 33.85M | -10.59M | 12.33M | -903K | 28.64M | 27.29M | -1.76M | 30.27M | 2.7M | -32.77M | 1.42M | -7.7M | 715K | 2.1M | 11.3M | 400K | 400K | 6.2M |
| FCF Margin % | 5.92% | 14.27% | 9.01% | 0.16% | -8.13% | -1.09% | 2.32% | 1.54% | 6.04% | -2.56% | 1.25% | 0.64% | 4.23% | 3.79% | -1.43% | 1.97% | -0.16% | 4.15% | 3.73% | -0.19% | 6.13% | 0.62% | -5.39% | 0.49% | -3.46% | 0.37% | 1.08% | 5.36% | 0.19% | 0.22% | 3.37% |
| FCF Growth % | -57.19% | 67.42% | 5197.01% | 102.15% | -685.54% | -128.67% | 16.99% | -66.9% | 315.18% | -287.06% | 89.12% | -83.77% | 57.74% | 419.58% | -185.89% | 1465.78% | -103.15% | 4.94% | 1649.04% | -105.82% | 1020.13% | 108.24% | -2404.78% | 118.46% | -1177.48% | -65.94% | -81.42% | 2725% | 0% | -93.55% | 234.78% |
| FCF per Share | 1.77 | 3.95 | 2.40 | 0.05 | -2.15 | -0.28 | 0.96 | 0.79 | 2.46 | -1.16 | 0.60 | 0.32 | 1.98 | 1.28 | -0.40 | 0.46 | -0.03 | 1.09 | 1.02 | -0.07 | 1.18 | 0.16 | -1.86 | 0.09 | -0.48 | 0.04 | 0.12 | 0.60 | 0.02 | 0.02 | 0.32 |
| FCF Conversion (FCF/Net Income) | -3.34x | -3.99x | -2.91x | -0.20x | 0.85x | 0.10x | -1.33x | 1.48x | -6.50x | 102.44x | 1.05x | 1.42x | 2.15x | 2.38x | 0.17x | 1.20x | 0.90x | 1.26x | 2.13x | 0.59x | 4.69x | -0.12x | -2.94x | 2.15x | 1.48x | 1.31x | 1.27x | -1.33x | -0.26x | 2.07x | 4.00x |
| Interest Paid | 210K | 395K | 0 | 0 | 2.77M | 1.83M | 2.15M | 1.71M | 2.72M | 1.79M | 881K | 1.28M | 1.22M | 610K | 478K | -632K | 530K | 396K | 529K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | -5K | 328K | 0 | 0 | 0 | 451K | 6.39M | 3.31M | 1.41M | 11.97M | 9.37M | 6.96M | 19.16M | 12.24M | 12.02M | -6.25M | 8.64M | 20.13M | 8.75M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Project Execution Margin Volatility
Based on reported financial statements, MTRX exhibits a significant divergence between net income and operating cash flow, with the company generating $34.2 million in operating cash despite a net income of only $835,000 in 2026Q3, highlighting a heavy reliance on working capital fluctuations for cash generation.
The persistent gap between net income and operating cash flow suggests that the company's reported earnings are not currently reflective of its cash-generating capacity. Investors should monitor whether this cash inflow is sustainable or merely a result of timing differences in project billing and collection cycles.
As indicated by recent quarterly data, MTRX's free cash flow trajectory remains highly erratic, swinging from a $27.9 million outflow in 2026Q1 to a $33.2 million inflow by 2026Q3, underscoring the sensitivity of cash flow to the timing of large-scale project milestones and contract completions.
The lack of consistent free cash flow generation suggests that the business model remains vulnerable to the lumpy nature of engineering and construction project cycles. This volatility warrants further investigation into whether the company can stabilize cash flows as it shifts toward higher-margin cryogenic storage work.
According to SEC filings, working capital changes have been the primary engine of cash flow, contributing $29.2 million to operating cash in 2026Q3, which suggests that MTRX's cash position is heavily dependent on the efficient management of unbilled receivables and customer payment terms rather than core profitability.
The reliance on working capital shifts to drive cash flow may indicate that the company is effectively utilizing billings in excess of costs as a source of financing. However, this strategy carries the risk of future reversals if project milestones are delayed or if client payment terms tighten.
Based on reported figures, MTRX maintains a disciplined approach to capital expenditure, with CapEx/Revenue ratios consistently below 1.5% over the last ten quarters, suggesting that the company's current business model does not require significant ongoing investment in heavy machinery to support its specialized engineering operations.
The low capital intensity appears to be a structural feature of the company's service-oriented model, which prioritizes human capital and specialized expertise over physical asset ownership. This allows for better cash preservation during periods of revenue contraction, though it may limit the company's ability to scale rapidly.
Quick answers to the most common questions about buying MTRX stock.
Matrix Service Company (MTRX) generated $117.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Matrix Service Company (MTRX) generated $109.8M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Matrix Service Company (MTRX) spent $7.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Matrix Service Company (MTRX) spent $1.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.