MATRIX SERVICE CO financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data MATRIX SERVICE CO files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	1,198	1,092	1,417	1,101	673	708	795	728	769	874
Cost of revenue	1,117	1,000	1,285	999	641	709	764	688	730	810
Gross profit	81	91.9	132	102	32.8	-1.21	30.8	40.5	39.7	64
Selling, general and administrative	76.1	84.4	94	86.3	69.8	67.7	68.2	70.1	71.2	63.6
Operating income	4.86	-10.5	37.9	-36.6	-43.7	-87.9	-52.9	-30.1	-35.1	-9.62
Interest expense	2.21	2.6	1.3	1.6	1.56	2.95	2.02	1.13	0.52	0.44
Interest income	0.13	0.38	1.17	1.27	0.13	0.09	0.29	1.34	6.65	7.72
Other non-operating income	-0.33	0.55	0.61	0.31	1.92	32.4	1.86	4.89	-0.06	0.11
Pre-tax income	2.45	-12.1	38.4	-36.6	-43.3	-58.3	-52.8	-25	-29	-2.22
Income tax	2.31	-0.67	10.4	-3.57	-12	5.62	-0.4	-0.04	0.46	0.36
Net income to minority interests	0.32	0	0
Net income	-0.18	-11.5	28	-33.1	-31.2	-63.9	-52.4	-25	-29.5	-2.58
EBITDA	26.5	9.87	56.2	-17.5	-25.9	-72.6	-39.2	-19.1	-25.1	-0.98
EPS, basic	-0.01	-0.43	1.04	-1.24	-1.18	-2.39	-1.94	-0.91	-1.06	-0.09
EPS, diluted	-0.01	-0.43	1.01	-1.24	-1.18	-2.39	-1.94	-0.91	-1.06	-0.09
Shares, basic (weighted)	26.5	26.8	26.9	26.6	26.5	26.7	27	27.4	27.8	28.3
Shares, diluted (weighted)	26.5	26.8	27.6	26.6	26.5	26.7	27	27.4	27.8	28.3

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	43.8	64.1	89.7	100	83.9	52.4	54.8	116	225	223
Receivables	211	203	218	161	148	154	146	139	155	172
Inventory	3.74	5.15	8.02	6.46	7.34	9.97	7.44	8.84	5.92	6.19
Other current assets	4.91	4.46	5.03	4.53	4.23	8.87	3.12	0.01	4.35	4.28
Total current assets	359	357	417	335	291	287	262	302	420	436
Property, plant and equipment	80.3	72.6	79.3	80.7	69.4	53.9	47.5	43.5	42.1	36.3
Lease right-of-use assets			0	21.4	22.4	22.1	21.8	19.2	17.8	14.8
Goodwill	114	96.2	93.4	60.4	60.6	42.1	29.1	29	29	28.9
Intangible assets	26.3	22.8	19.5	8.84	6.61	4.8	3.07	1.65	0.56	0
Other non-current assets	3.94	4.52	21.2	4.83	12	5.51	11.7	31.4	66	62
Total assets	586	558	633	517	468	441	401	451	600	603
Accounts payable	106	79.4	115	73.1	60.9	74.9	76.4	65.6	80.5	109
Accrued liabilities	21	24.4	38.4	16.2	21	21.5	13.7	15.9	19	19.2
Deferred revenue		-121	106	63.9	53.8	65.1	85.4	171	324	300
Total current liabilities	219	238	275	176	153	178	188	265	436	442
Long-term debt	44.7	0	5.35
Lease liabilities			0	20	20.8	19.9	20.7	19.2	17	15.1
Other non-current liabilities			0.29			0.37	0.8	2.87	4.15	3.22
Total liabilities	264	239	281	209	182	213	219	287	458	461
Total debt	44.7	0	5.35
Paid-in capital	128	132	138	139	138	140	141	146	150	150
Retained earnings	223	211	239	206	175	111	58.9	33.9	4.48	1.9
Treasury stock	-22.5	-17.7	-17.8	-29.4	-20.7	-15.5	-9.75	-6.08	-2.61	0
Shareholders' equity	322	319	352
Total equity	322	319	352	308	286	228	181	164	143	142
Total liabilities and equity	586	558	633	517	468	441	401	451	600	603
Shares outstanding							27	27.3	27.6	27.6

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	0.14	-11.5	28	-33.1	-31.2	-63.9	-52.4	-25	-29.5	-2.58
Depreciation and amortization	21.6	20.3	18.2	19.1	17.9	15.3	13.7	11	10	8.64
Stock-based compensation	7.46	8.62	11.9	9.88	8.16	7.88	6.79	7.75	8.9	7.15
Deferred income tax	-2.52	-1.19	2.05	-3.63	0.89	5.36	0	0	0	0
Change in receivables	-11.9	5.5	15.4	56.6	11.1	-6.59	8.66	-12.1	-48.8	-11.3
Change in inventory	0.2	-1.42	2.87	1.56	-0.88	-2.63	2.51	-1.4	2.92	-0.27
Change in payables	-37	-25.9	32.7	-38.9	-12.4	13.7	1.21	-10.4	14.8	27.7
Cash from operations	-18.7	74.7	41.4	44.1	-2.97	-54.2	10.2	72.6	117	6.91
Capital expenditures	-11.9	-8.71	-19.6	-18.5	-4.35	-3.35	-9.01	-6.99	-7.69	-5.48
Acquisitions	-40.8	-1.69	0	0
Cash from investing	-51.4	-9.34	-14.4	-17.1	-2.26	35.7	-2.54	-0.95	-7.45	-3.54
Debt repaid	0	0
Stock issued	0.25	0.32	0.13	0	0.35	0.2	0	0
Share buybacks	0	0	-5.19	-17	0	0
Cash from financing	42.7	-45.3	-1.11	-16	-12.3	12.7	-5.06	-10.4	-1.04	-4.17
Exchange rate effect	-0.42	0.23	-0.18	-0.61	1.4
Net change in cash	-27.9	20.3	25.7	10.3	-16.2	-6.51	2.44	60.8
Free cash flow	-30.7	66	21.8	25.5	-7.33	-57.5	1.24	65.6	110	1.42
Interest paid	1.79	2.72	1.71	2.15	1.83	2.77	2.09	0.88	0.4	0.38
Income taxes paid	12	1.41	3.31	6.39	0.45	-2.86	-13.3	-0.17	0.33	0.31

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $9.74 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	7.3%	Gross profit / revenue.
Operating margin	-1.1%	Operating income / revenue.
EBITDA margin	-0.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-0.3%	Pre-tax income / revenue.
Net margin	-0.3%	Net income / revenue.
FCF margin	0.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	0.8%	Cash from operations / revenue.
Return on assets (ROA)	-0.4%	Net income / average total assets.
SG&A / revenue	7.3%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.6%	Capital expenditures / revenue.
D&A / revenue	1.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	13.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	61.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	27.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	14.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-94.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-12.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	-98.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	4.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	0.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	14.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	5.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.98x	Current assets / current liabilities.
Quick ratio	0.89x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.50x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	76.5%	Total liabilities / total assets.
Interest coverage	-22.0x	Operating income / interest expense.
Working capital	-$6.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	4.8%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.45x	Revenue / average total assets.
Fixed asset turnover	22.3x	Revenue / average property, plant and equipment.
Inventory turnover	134x	Cost of revenue / average inventory.
Days inventory	3 days	365 x average inventory / cost of revenue.
Receivables turnover	5.34x	Revenue / average receivables.
Days sales outstanding	68 days	365 x average receivables / revenue.
Days payables	43 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	28 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	79.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.09	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	-$0.09	Net income per basic share, as reported (split-adjusted).
Revenue per share	$30.88	Revenue / diluted weighted shares.
FCF per share	$0.05	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.24	Cash from operations / diluted weighted shares.
Cash per share	$8.08	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$274.0M	Share price x shares outstanding.
Enterprise value	$51.1M	Market cap + total debt - cash - short-term investments.
P/S	0.31x	Market cap / revenue.
P/FCF	192x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	39.7x	Market cap / cash from operations, when positive.
EV/Sales	0.06x	Enterprise value / revenue.
EV/FCF	35.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	0.5%	Free cash flow / market cap.
Earnings yield	-0.9%	Net income / market cap (the inverse of P/E).

What was MATRIX SERVICE CO's revenue in fiscal 2026?

MATRIX SERVICE CO reported revenue of $873.6M for fiscal 2026, 13.6% higher than the year before.

Was MATRIX SERVICE CO profitable in fiscal 2026?

No. It reported a net loss of $2.6M.

How much free cash flow did MATRIX SERVICE CO generate in fiscal 2026?

Cash from operations of $6.9M minus capital expenditures of $5.5M left free cash flow of $1.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to MATRIX SERVICE CO