Revenue has shown signs of recovery, reaching $206.7 million in 2026Q3, yet gross margins remain constrained at 8.3%, indicating ongoing challenges in achieving necessary operational scale.
| 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 |
|---|
| Sales/Revenue | 845.48M | 769.29M | 728.21M | 795.02M | 707.78M | 673.4M | 1.1B | 1.42B | 1.09B | 1.2B | 1.31B | 1.35B | 1.26B | 892.57M | 739.05M | 627.05M | 550.81M | 689.72M | 731.3M | 939.85M | 493.93M | 439.14M | 607.9M | 288.42M | 222.51M | 190.9M | 193.75M | 211M | 214.9M | 183.1M | 183.8M |
| Revenue Growth % | 13.88% | 5.64% | -8.4% | 12.33% | 5.11% | -38.83% | -22.29% | 29.79% | -8.85% | -8.72% | -2.77% | 6.82% | 41.51% | 20.77% | 17.86% | 13.84% | -20.14% | -5.69% | -22.19% | 90.28% | 12.48% | -27.76% | 110.77% | 29.62% | 16.56% | -1.47% | -8.17% | -1.81% | 17.37% | -0.38% | 3.55% |
| Cost of Goods Sold | 792.89M | 729.61M | 687.74M | 764.2M | 708.99M | 640.63M | 998.76M | 1.28B | 999.62M | 1.12B | 1.19B | 1.26B | 1.13B | 797.87M | 659.43M | 552.14M | 497.89M | 595.4M | 656.18M | 573.96M | 446.85M | 408.12M | 561.59M | 256.81M | 197.25M | 168.39M | 169.86M | 193M | 189.6M | 161.2M | 162.3M |
| COGS % of Revenue | - | 94.84% | 94.44% | 96.12% | 100.17% | 95.13% | 90.72% | 90.69% | 91.58% | 93.24% | 90.4% | 93.52% | 89.2% | 89.39% | 89.23% | 88.05% | 90.39% | 86.32% | 89.73% | 61.07% | 90.47% | 92.94% | 92.38% | 89.04% | 88.65% | 88.21% | 87.67% | 91.47% | 88.23% | 88.04% | 88.3% |
| Gross Profit | 52.59M | 39.68M | 40.47M | 30.82M | -1.21M | 32.77M | 102.18M | 131.95M | 91.94M | 81M | 125.99M | 87.37M | 136.47M | 94.7M | 79.62M | 74.91M | 52.92M | 94.32M | 75.12M | 365.89M | 47.08M | 31.02M | 46.31M | 31.61M | 25.26M | 22.51M | 23.89M | 18M | 25.3M | 21.9M | 21.5M |
| Gross Margin % | 6.22% | 5.16% | 5.56% | 3.88% | -0.17% | 4.87% | 9.28% | 9.31% | 8.42% | 6.76% | 9.6% | 6.48% | 10.8% | 10.61% | 10.77% | 11.95% | 9.61% | 13.68% | 10.27% | 38.93% | 9.53% | 7.06% | 7.62% | 10.96% | 11.35% | 11.79% | 12.33% | 8.53% | 11.77% | 11.96% | 11.7% |
| Gross Profit Growth % | - | -1.97% | 31.32% | 2655.56% | -103.68% | -67.93% | -22.57% | 43.52% | 13.5% | -35.71% | 44.2% | -35.98% | 44.11% | 18.95% | 6.28% | 41.56% | -43.89% | 25.57% | -79.47% | 677.17% | 51.77% | -33.02% | 46.51% | 25.15% | 12.2% | -5.79% | 32.74% | -28.85% | 15.53% | 1.86% | 16.85% |
| Operating Expenses | 67.69M | 74.75M | 70.59M | 83.71M | 86.65M | 76.51M | 138.8M | 94.02M | 84.42M | 76.14M | 85.11M | 78.57M | 77.87M | 57.99M | 47.98M | 44.01M | 45.17M | 47.01M | 40.57M | 32.76M | 28.84M | 66.5M | 28.94M | 20.45M | 16.34M | 14.43M | 16.89M | 19.7M | 17.6M | 16.5M | 16.7M |
| OpEx % of Revenue | - | 9.72% | 9.69% | 10.53% | 12.24% | 11.36% | 12.61% | 6.64% | 7.73% | 6.36% | 6.49% | 5.82% | 6.16% | 6.5% | 6.49% | 7.02% | 8.2% | 6.82% | 5.55% | 3.49% | 5.84% | 15.14% | 4.76% | 7.09% | 7.35% | 7.56% | 8.72% | 9.34% | 8.19% | 9.01% | 9.09% |
| Selling, General & Admin | 64.24M | 71.17M | 70.08M | 68.25M | 67.69M | 69.76M | 86.28M | 94.02M | 84.42M | 76.14M | 85.11M | 78.57M | 77.87M | 57.99M | 47.98M | 44.01M | 45.17M | 47.01M | 40.57M | 32.76M | 28.77M | 40.34M | 28.94M | 20.45M | 16M | 14.08M | 12.99M | 15M | 12.2M | 11.1M | 10.8M |
| SG&A % of Revenue | - | 9.25% | 9.62% | 8.58% | 9.56% | 10.36% | 7.84% | 6.64% | 7.73% | 6.36% | 6.49% | 5.82% | 6.16% | 6.5% | 6.49% | 7.02% | 8.2% | 6.82% | 5.55% | 3.49% | 5.83% | 9.19% | 4.76% | 7.09% | 7.19% | 7.38% | 6.71% | 7.11% | 5.68% | 6.06% | 5.88% |
| Research & Development | 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 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 3.57M | 501K | 15.46M | 18.96M | 6.76M | 52.52M | 611K | 550K | -334K | -567K | 158K | -472K | -30K | 0 | 0 | 0 | 0 | 0 | 0 | 70K | 26.17M | 0 | 0 | 341K | 353K | 3.89M | 4.7M | 5.4M | 5.4M | 5.9M |
| Operating Income | -15.1M | -35.07M | -30.11M | -52.89M | -87.85M | -43.75M | -36.63M | 37.8M | -10.48M | 4.86M | 40.88M | 8.8M | 58.61M | 36.71M | 31.64M | 30.9M | 7.75M | 47.32M | 34.55M | 33.05M | 17.7M | -39.14M | 18.16M | 13.09M | 8.96M | 7.47M | 7.01M | -1.7M | 7.7M | 5.4M | 4.8M |
| Operating Margin % | -1.79% | -4.56% | -4.14% | -6.65% | -12.41% | -6.5% | -3.33% | 2.67% | -0.96% | 0.41% | 3.12% | 0.65% | 4.64% | 4.11% | 4.28% | 4.93% | 1.41% | 6.86% | 4.72% | 3.52% | 3.58% | -8.91% | 2.99% | 4.54% | 4.03% | 3.91% | 3.62% | -0.81% | 3.58% | 2.95% | 2.61% |
| Operating Income Growth % | - | -16.45% | 43.06% | 39.8% | -100.82% | -19.45% | -196.89% | 460.73% | -315.66% | -88.11% | 364.46% | -84.98% | 59.63% | 16.05% | 2.38% | 298.56% | -83.61% | 36.95% | 4.54% | 86.74% | 145.22% | -315.51% | 38.76% | 46.1% | 19.94% | 6.59% | 512.18% | -122.08% | 42.59% | 12.5% | 220% |
| EBITDA | -5.92M | -25.06M | -19.09M | -39.19M | -72.6M | -25.89M | -17.5M | 56.02M | 9.87M | 26.46M | 62.32M | 32.28M | 77.13M | 49.5M | 43.12M | 41.97M | 19.5M | 58.08M | 43.08M | 40.99M | 27.98M | -31.19M | 25M | 18.39M | 13.94M | 12.01M | 10.9M | 3M | 13.1M | 10.8M | 10.7M |
| EBITDA Margin % | -0.7% | -3.26% | -2.62% | -4.93% | -10.26% | -3.84% | -1.59% | 3.95% | 0.9% | 2.21% | 4.75% | 2.39% | 6.11% | 5.55% | 5.83% | 6.69% | 3.54% | 8.42% | 5.89% | 4.36% | 5.66% | -7.1% | 4.11% | 6.37% | 6.26% | 6.29% | 5.63% | 1.42% | 6.1% | 5.9% | 5.82% |
| EBITDA Growth % | 65.75% | -31.25% | 51.29% | 46.02% | -180.43% | -47.93% | -131.24% | 467.74% | -62.71% | -57.54% | 93.06% | -58.14% | 55.82% | 14.79% | 2.75% | 115.17% | -66.42% | 34.82% | 5.09% | 46.52% | 189.7% | -224.75% | 35.99% | 31.91% | 16.06% | 10.16% | 263.37% | -77.1% | 21.3% | 0.93% | 42.67% |
| D&A (Non-Cash Add-back) | 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 |
| EBIT | -12.82M | -28.48M | -23.88M | -50.74M | -55.33M | -41.7M | -35.05M | 37.93M | -9.55M | 5.46M | 47.28M | 8.8M | 60.61M | 36.72M | 31.3M | 31.41M | 8.08M | 48.32M | 34.61M | 33.12M | 18.23M | -35.48M | 17.59M | 11.16M | 8.91M | 8.08M | 7.01M | -1.7M | 4.63M | 5.4M | 6.5M |
| Net Interest Income | 7.04M | 6.13M | 209K | -1.73M | -2.86M | -1.43M | -327K | -129K | -2.22M | -2.08M | -662K | -768K | -1.32M | -768K | -788K | -724K | -593K | -233K | -808K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 7.52M | 6.65M | 1.34M | 290K | 90K | 126K | 1.27M | 1.17M | 381K | 132K | 190K | 468K | 112K | 32K | 26K | 71K | 79K | 330K | 82K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 480K | 518K | 1.13M | 2.02M | 2.95M | 1.56M | 1.6M | 1.3M | 2.6M | 2.21M | 852K | 1.24M | 1.44M | 800K | 814K | 795K | 672K | 563K | 890K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 1.89M | 6.07M | 5.1M | 126K | 29.57M | 484K | -19K | 482K | -1.67M | -2.41M | -1.23M | -610K | -1.8M | -798K | -1.15M | -284K | -343K | 442K | -835K | -1.94M | -6.1M | -5.32M | -1.45M | -198K | 530K | -409K | 189K | -10.3M | -21.93M | -300K | 1.5M |
| Pretax Income | -14.28M | -29M | -25.01M | -52.76M | -58.28M | -43.26M | -36.64M | 38.41M | -12.15M | 2.45M | 39.65M | 8.19M | 56.81M | 35.92M | 30.49M | 30.62M | 7.41M | 47.76M | 33.72M | 31.11M | 11.59M | -44.46M | 16.07M | 12.89M | 9.49M | 7.06M | 7.2M | -12M | 1M | 5.1M | 4.3M |
| Pretax Margin % | -1.69% | -3.77% | -3.43% | -6.64% | -8.23% | -6.42% | -3.33% | 2.71% | -1.11% | 0.2% | 3.02% | 0.61% | 4.5% | 4.02% | 4.13% | 4.88% | 1.35% | 6.92% | 4.61% | 3.31% | 2.35% | -10.12% | 2.64% | 4.47% | 4.26% | 3.7% | 3.71% | -5.69% | 0.47% | 2.79% | 2.34% |
| Income Tax | 715K | 464K | -36K | -400K | 5.62M | -12.04M | -3.57M | 10.43M | -668K | 2.31M | 14.12M | 10.09M | 19.93M | 11.91M | 13.3M | 11.63M | 2.53M | 17.17M | 12.3M | 11.94M | 3.94M | -5.63M | 6.53M | 4.71M | 3.61M | 2.48M | 580K | 10.9M | 1.7M | 2.1M | 1.9M |
| Effective Tax Rate % | -5.01% | -1.6% | 0.14% | 0.76% | -9.64% | 27.83% | 9.74% | 27.15% | 5.5% | 94.36% | 35.6% | 123.17% | 35.09% | 33.16% | 43.63% | 38% | 34.2% | 35.95% | 36.49% | 38.38% | 33.99% | 12.66% | 40.62% | 36.56% | 38.02% | 35.13% | 8.06% | -90.83% | 170% | 41.18% | 44.19% |
| Net Income | -14.99M | -29.46M | -24.98M | -52.36M | -63.9M | -31.22M | -33.07M | 27.98M | -11.48M | -183K | 28.86M | 17.16M | 35.81M | 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 |
| Net Margin % | -1.77% | -3.83% | -3.43% | -6.59% | -9.03% | -4.64% | -3% | 1.98% | -1.05% | -0.02% | 2.2% | 1.27% | 2.84% | 2.69% | 2.33% | 3.03% | 0.89% | 4.44% | 2.93% | 2.04% | 1.55% | -8.84% | 1.57% | 2.84% | 2.64% | 2.4% | 3.41% | -5.97% | -5.4% | 1.64% | 1.31% |
| Net Income Growth % | 33.56% | -17.96% | 52.3% | 18.06% | -104.65% | 5.59% | -218.2% | 343.75% | -6173.22% | -100.63% | 68.23% | -52.09% | 49.16% | 39.68% | -9.45% | 289.29% | -84.06% | 42.85% | 11.7% | 150.5% | 119.71% | -506.94% | 16.68% | 39.06% | 28.41% | -30.77% | 152.51% | -8.62% | -486.67% | 25% | 1300% |
| Net Income (Continuing) | -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 | 3.7M |
| Discontinued Operations | 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 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.18M | -8.74M | 1.77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.53 | -1.06 | -0.91 | -1.94 | -2.39 | -1.18 | -1.24 | 1.01 | -0.43 | -0.01 | 1.07 | 0.63 | 1.33 | 0.91 | 0.65 | 0.71 | 0.18 | 1.16 | 0.80 | 0.72 | 0.30 | -2.24 | 0.54 | 0.49 | 0.36 | 0.27 | 0.37 | -0.67 | -0.61 | 0.15 | 0.12 |
| EPS Growth % | 34.3% | -16.48% | 53.09% | 18.83% | -102.54% | 4.84% | -222.77% | 334.88% | - | -100.64% | 69.84% | -52.63% | 46.15% | 40% | -8.45% | 294.44% | -84.48% | 45% | 11.11% | 140% | 113.39% | -514.81% | 10.2% | 36.11% | 33.33% | -27.03% | 155.22% | -9.84% | -506.67% | 25% | 1300% |
| EPS (Basic) | - | -1.06 | -0.91 | -1.94 | -2.39 | -1.18 | -1.24 | 1.04 | -0.43 | -0.01 | 1.09 | 0.64 | 1.36 | 0.92 | 0.66 | 0.72 | 0.19 | 1.17 | 0.81 | 0.83 | 0.39 | -2.24 | 0.57 | 0.52 | 0.38 | 0.27 | 0.37 | -0.67 | -0.61 | 0.16 | 0.12 |
| Diluted Shares Outstanding | 28.26M | 27.77M | 27.38M | 26.99M | 26.73M | 26.45M | 26.62M | 27.59M | 26.77M | 26.53M | 27.1M | 27.18M | 26.98M | 26.36M | 26.3M | 26.69M | 26.5M | 26.39M | 26.88M | 26.75M | 25.74M | 17.33M | 17.62M | 16.71M | 16.21M | 17.04M | 17.99M | 18.88M | 19.09M | 19.35M | 19.23M |
| Basic Shares Outstanding | 28.26M | 27.77M | 27.38M | 26.99M | 26.73M | 26.45M | 26.62M | 26.89M | 26.7M | 26.53M | 26.6M | 26.6M | 26.29M | 25.96M | 25.92M | 26.41M | 26.27M | 26.12M | 26.43M | 23.06M | 19.65M | 17.33M | 16.72M | 15.84M | 15.44M | 16.67M | 17.75M | 18.88M | 19.09M | 18.75M | 19.23M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Project Execution Margin Volatility
According to recent quarterly filings, MTRX has demonstrated a return to top-line growth, with revenue reaching $206.7 million in 2026Q3, marking a positive shift after several periods of contraction, though the durability of this expansion remains contingent on the timing of large-scale energy infrastructure project awards.
The recent revenue growth suggests a potential bottoming of the post-pandemic demand slump, likely supported by the company's niche positioning in cryogenic storage. However, investors should monitor whether this trajectory is driven by sustainable project wins or merely the recognition of legacy backlog, as the cyclical nature of the energy sector often leads to lumpy revenue patterns.
As reported in financial statements, MTRX continues to struggle with gross margin efficiency, posting a 8.3% margin in 2026Q3, which remains significantly below the levels required to absorb fixed overhead costs and achieve consistent profitability in a highly competitive engineering and construction landscape.
The inability to consistently expand gross margins suggests that the company may be facing ongoing challenges with project execution or is burdened by lower-margin legacy contracts. This margin profile warrants further investigation into whether the current project mix is shifting toward higher-value cryogenic work or if competitive pricing pressures are preventing meaningful margin expansion.
Based on MTRX's reported figures, the company has yet to achieve positive operating leverage, as evidenced by an operating margin of 0.9% in 2026Q3, indicating that revenue growth has not yet sufficiently outpaced the fixed SG&A burden required to support its specialized engineering operations.
The historical trend of negative operating margins suggests that the current revenue scale is insufficient to cover the corporate overhead structure. Investors should monitor whether management can successfully scale revenue without a commensurate increase in SG&A, as achieving operating leverage is critical for the company to transition from a turnaround candidate to a sustainable earner.
Analysis of recent income statements reveals that stock-based compensation, which totaled $1.4 million in 2026Q3, continues to represent a meaningful portion of operating expenses, potentially masking the true underlying profitability of the core engineering business during periods of marginal net income performance.
The presence of consistent stock-based compensation during periods of negative or thin net income suggests that shareholders are absorbing significant dilution while the company works through its operational turnaround. This warrants further investigation into the alignment of management incentives with long-term margin improvement rather than just revenue growth.
While the company maintains a strong cash position, the historical pattern of project charges and margin erosion, as seen in the 2025Q4 operating loss of $12.9 million, suggests that the market may be underestimating the execution risks inherent in MTRX's fixed-price contract portfolio.
Short-sellers would likely focus on the volatility of project-based earnings and the potential for future write-downs if cost estimates for complex cryogenic projects prove inaccurate. The reliance on percentage-of-completion accounting means that any unforeseen delays or cost overruns could rapidly reverse the recent improvements in the company's financial performance.
Quick answers to the most common questions about buying MTRX stock.
For fiscal year 2025, Matrix Service Company (MTRX) reported total revenue of $769.3M. This represents a 318.5% increase compared to $183.8M in 1996.
Matrix Service Company (MTRX) reported a net loss of $29.5M for the fiscal year ending 2025.
Matrix Service Company (MTRX) reported an operating income of $-35.1M, resulting in an operating profit margin of -4.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Matrix Service Company (MTRX) generated $39.7M in gross profit for the year, representing a gross profit margin of 5.2%. This demonstrates the company's core pricing power and production efficiency.