Matrix Service Company provides engineering, fabrication, construction, and maintenance services to support critical energy infrastructure and industrial markets in the United States, Canada, and internationally. The company's Storage and Terminal Solutions segment offers engineering, procurement, fabrication, and construction services related to cryogenic, specialty tanks, and terminals for LNG, NGLs, hydrogen, ammonia, propane, butane, liquid nitrogen/liquid oxygen, and liquid petroleum; and plant work, truck and rail loading/offloading facilities, marine structures, and storage tank and terminal maintenance and repair, as well as undertakes work related to aboveground crude oil and refined product storage tanks and terminals. This segment also provides engineered specialty tank products, including geodesic domes, aluminum internal floating roofs, floating suction and skimmer systems, roof drain systems, and floating roof seals. Its Utility and Power Infrastructure segment undertakes power delivery work, including construction of new substations, upgrades of existing substations, and maintenance. This segment also provides engineering, procurement, fabrication, and construction services for LNG utility peak shaving facilities; and construction services to various power generation facilities, including natural gas fired facilities. The company's Process and Industrial Facilities segment offers plant maintenance, repair, and turnarounds, including refining and processing of crude oil, fractionating, and marketing of natural gas and natural gas liquids; and engineering, procurement, fabrication, and construction for refinery upgrades and retrofits for hydrogen processing, production, loading, and distribution facilities, as well as constructs thermal vacuum test chambers and other infrastructure for aerospace, defense, and other industries. Matrix Service Company was founded in 1984 and is headquartered in Tulsa, Oklahoma.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $769M | $-18M | $-29M | $110M | -20.6% | 5.6% | 18.0% |
| 2024 | $728M | $-13M | $-25M | $66M | -15.2% | -8.4% | -52.3% |
| 2023 | $795M | $-37M | $-52M | $1M | -28.9% | 12.3% | -18.1% |
| 2022 | $708M | $-40M | $-64M | $-58M | -28.1% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 707.78 | 795.02 | 728.21 | 769.29 |
| Operating Revenue | - | 707.78 | 795.02 | 728.21 | 769.29 |
| Cost Of Revenue | - | 708.99 | 764.20 | 687.74 | 729.61 |
| Gross Profit | - | -1.21 | 30.82 | 40.47 | 39.68 |
| Operating Expense | - | 67.69 | 68.25 | 70.08 | 71.17 |
| Selling General And Administration | - | 67.69 | 68.25 | 70.08 | 71.17 |
| Total Expenses | - | 776.68 | 832.45 | 757.82 | 800.78 |
| Operating Income | - | -68.90 | -37.43 | -29.61 | -31.50 |
| Total Operating Income As Reported | - | -87.85 | -52.89 | -30.11 | -35.07 |
| EBITDA | - | -40.08 | -37.04 | -12.86 | -18.47 |
| Normalized EBITDA | - | -21.12 | -21.58 | -12.36 | -14.90 |
| EBIT | - | -55.33 | -50.74 | -23.88 | -28.48 |
| Interest Income | - | 0.09 | 0.29 | 1.34 | 6.65 |
| Interest Expense | - | 2.95 | 2.02 | 1.13 | 0.52 |
| Net Interest Income | - | -2.86 | -1.73 | 0.21 | 6.13 |
| Other Non Operating Income Expenses | - | 32.43 | 1.86 | 4.89 | -0.06 |
| Other Income Expense | - | 13.47 | -13.60 | 4.39 | -3.64 |
| Interest Income Non Operating | - | 0.09 | 0.29 | 1.34 | 6.65 |
| Interest Expense Non Operating | - | 2.95 | 2.02 | 1.13 | 0.52 |
| Net Non Operating Interest Income Expense | - | -2.86 | -1.73 | 0.21 | 6.13 |
| Pretax Income | - | -58.28 | -52.76 | -25.01 | -29 |
| Tax Provision | - | 5.62 | -0.40 | -0.04 | 0.46 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -3.98 | -0.12 | 0 | -0.75 |
| Net Income Continuous Operations | - | -63.90 | -52.36 | -24.98 | -29.46 |
| Net Income From Continuing And Discontinued Operation | - | -63.90 | -52.36 | -24.98 | -29.46 |
| Net Income From Continuing Operation Net Minority Interest | - | -63.90 | -52.36 | -24.98 | -29.46 |
| Net Income | - | -63.90 | -52.36 | -24.98 | -29.46 |
| Net Income Common Stockholders | - | -63.90 | -52.36 | -24.98 | -29.46 |
| Net Income Including Noncontrolling Interests | - | -63.90 | -52.36 | -24.98 | -29.46 |
| Normalized Income | - | -48.92 | -37.02 | -24.48 | -26.64 |
| Diluted NI Availto Com Stockholders | - | -63.90 | -52.36 | -24.98 | -29.46 |
| Basic Average Shares | - | 26.73 | 26.99 | 27.38 | 27.77 |
| Diluted Average Shares | - | 26.73 | 26.99 | 27.38 | 27.77 |
| Reconciled Depreciation | - | 15.25 | 13.69 | 11.02 | 10.01 |
| Reconciled Cost Of Revenue | - | 708.99 | 764.20 | 687.74 | 729.61 |
| Total Unusual Items | - | -18.96 | -15.46 | -0.50 | -3.57 |
| Total Unusual Items Excluding Goodwill | - | -18.96 | -15.46 | -0.50 | -3.57 |
| Special Income Charges | - | -18.96 | -15.46 | -0.50 | -3.57 |
| Impairment Of Capital Assets | - | 18.31 | 12.32 | 0 | 0 |
| Restructuring And Mergern Acquisition | - | 0.65 | 3.14 | 0.50 | 3.57 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Matrix Service Companythis co. | MTRX | $401M | - | 2.81 | -20.6% | - |
| Boston Omaha Corporation | BOC | $415M | -33.40 | 0.80 | -2.4% | 33.88 |
| Kelly Services, Inc. | KELYA | $411M | -1.62 | 0.42 | -26.0% | -41.01 |
| Costamare Bulkers Holdings Limited | CMDB | $407M | -10.90 | 0.61 | -5.6% | 4697.71 |
| Columbus McKinnon Corporation | CMCO | $405M |
| - |
| - |
| - |
| - |
| - |
| - |
| -78.76 |
| 0.46 |
| -0.6% |
| 11.87 |
| Concrete Pumping Holdings, Inc. | BBCP | $403M | 63.25 | 1.52 | 2.4% | 8.41 |
| BlueLinx Holdings Inc. | BXC | $402M | 1835.44 | 0.65 | 0.0% | 9.53 |
| Radiant Logistics, Inc. | RLGT | $401M | 23.21 | 1.78 | 7.7% | 11.28 |
| Quad/Graphics, Inc. | QUAD | $389M | 14.40 | 3.02 | 21.0% | 4.76 |
| Peer Median | - | 6.39 | 0.73 | -0.3% | 10.41 | |