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MATRIX SERVICE CO (MTRX)

Business Summary

Matrix Service Company provides engineering, fabrication, construction, and maintenance services to support critical energy infrastructure and industrial markets, operating through three reportable segments: Storage and Terminal Solutions, Utility and Power Infrastructure, and Process and Industrial Facilities. The company maintains regional offices throughout the United States, Canada, and other international locations, and operates through separate union and non-union subsidiaries. The industry is highly competitive, with competition based on price, quality, safety performance, schedule, experience, and customer satisfaction, and competitors vary by market served, with few competing across all markets or offering all services.

The company competes with local, regional, national, and international contractors and service providers, with some competitors possessing greater financial, technical, personnel, or equipment resources, lower cost structures, or greater ability to accept contractual risk. Competitive strengths include a strong safety culture, deep expertise in complex storage infrastructure, full-service capabilities, long-term client relationships, a high return of repeat customers, a highly skilled workforce, commitment to execution excellence, and strong risk management practices. The company's Total Recordable Incident Rate was 0.92 in fiscal 2026, 0.51 in fiscal 2025, and 0.91 in fiscal 2024, and its Days Away, Restricted, or Transferred Rate was 0.33, 0.21, and 0.28 in the same respective periods.

The company generates revenue primarily through contracts awarded on a project-by-project basis, with work performed under fixed-price, time-and-material, cost-plus, or combination contracts. Fixed-price contracts typically offer higher margins but carry greater profitability risk, while time-and-material and cost-plus contracts generally have lower margins but lower risk of cost overruns. The company also performs work under Master Service Agreements for routine services on an as-needed basis, typically priced on a time-and-material or cost-plus basis. Revenue is recognized over time using the percentage-of-completion method, based on costs incurred to date compared to total estimated costs at completion.

The Storage and Terminal Solutions segment delivers integrated engineering, procurement, and construction services, along with repair, maintenance, and fabrication services for bulk liquid, cryogenic, and refrigerated storage and terminal facilities, including LNG, NGLs, petroleum products, chemicals, hydrogen, and ammonia. It also manufactures and sells specialty tank products including geodesic domes, aluminum internal floating roofs, floating suction and skimmer systems, roof drain systems, and floating roof seals. In fiscal 2026, this segment generated revenue of $458.296 million, gross profit of $27.871 million, and operating income of $3.131 million, with a gross margin of 6.1%.

The Utility and Power Infrastructure segment delivers construction, maintenance, upgrades, and fabrication services for power generation facilities and power infrastructure systems, serving public and private utilities, energy producers, and data center customers, and also delivers integrated EPC, fabrication, and upgrade services for LNG peak shaving facilities. In fiscal 2026, this segment generated revenue of $283.390 million, gross profit of $31.592 million, and operating income of $20.348 million, with a gross margin of 11.1%. The Process and Industrial Facilities segment delivers engineering, construction, maintenance, and repair services across heavy industrial and energy transition markets, including midstream and downstream energy, chemicals, mining and minerals, renewable fuels, and hydrogen, and also engineers and constructs thermal vacuum test chambers for aerospace and defense. In fiscal 2026, this segment generated revenue of $131.946 million, gross profit of $4.515 million, and an operating loss of $2.570 million, with a gross margin of 3.4%.

During fiscal 2026, the company executed an organizational restructuring plan, incurring $10.0 million in restructuring costs and other related expenses, including $3.6 million related to CEO and CFO transitions, severance for other personnel, and lease impairments for exited leases. The company also wound down its transmission and distribution service line beginning in the fourth quarter of fiscal 2025, receiving $1.9 million in proceeds from the sale of property, plant, and equipment primarily associated with that service line. Effective July 1, 2026, Shawn P. Payne assumed the role of President and Chief Executive Officer. The company made no share repurchases under its Stock Buyback Program during fiscal 2026, with 1,349,037 shares available for repurchase as of June 30, 2026.

Fiscal 2026 revenue increased 14% to $873.632 million from $769.286 million in fiscal 2025, driven by higher volumes in Storage and Terminal Solutions and Utility and Power Infrastructure, partially offset by lower volumes in Process and Industrial Facilities. Gross profit increased 61% to $63.952 million, with gross margin improving to 7.3% from 5.2%. Selling, general and administrative expenses declined 11% to $63.607 million from $71.173 million. The company reported an operating loss of $9.618 million, a net loss of $2.580 million, and a loss before income tax expense of $2.224 million, compared to an operating loss of $35.068 million and a net loss of $29.462 million in the prior year.

Business Outlook & Financial Sufficiency

The company expects to recognize approximately 79% of its total backlog reported as of June 30, 2026 as revenue within fiscal 2027. Total backlog as of June 30, 2026 was $953.178 million, with $641.159 million in Storage and Terminal Solutions, $145.732 million in Utility and Power Infrastructure, and $166.287 million in Process and Industrial Facilities. The company believes demand in its core and emerging markets is supported by increasing domestic electricity demand, growth in data center development, investment in power generation and related infrastructure, and continued demand for critical minerals essential to energy, technology, defense, and AI-related infrastructure.

The company is pursuing growth in LNG and NGL storage and terminal infrastructure, with LNG, NGLs, and ammonia projects expected to be key growth drivers for the Storage and Terminal Solutions segment. In fiscal 2026, the segment booked $329.4 million in project awards, including a large award for the construction of the balance of plant supporting a dual service full containment storage tank and an award for the construction of an LNG tank. The Utility and Power Infrastructure segment booked $127.0 million in project awards, with a promising opportunity pipeline for LNG peak shaving projects, including greenfield facilities and upgrades, expansions, maintenance, and repairs to existing infrastructure, as well as power generation and delivery infrastructure opportunities driven by increasing electrical demand and grid requirements associated with data centers.

The Process and Industrial Facilities segment booked $185.3 million in project awards in fiscal 2026, including a major mining construction project in the western United States. The company sees increasing opportunities in chemicals, renewable fuels, and refinery maintenance and turnarounds, and notes that activity in the U.S. non-ferrous mining sector has increased significantly, supported by demand growth in copper, higher gold prices, and policy initiatives related to critical minerals. The company is also expanding its geographic reach across strategically important regions and pursuing additional construction-only opportunities that complement its full-service capabilities and broaden the range of project delivery models offered to customers.

The company's gross margin improved to 7.3% in fiscal 2026 from 5.2% in fiscal 2025, driven by strong project execution and improved overhead recovery. Selling, general and administrative expenses declined 11% to $63.6 million in fiscal 2026 compared to $71.2 million in fiscal 2025, due in part to cost reductions from the organizational restructuring plan, which decreased salaries and wages expense and facilities costs. The company continues to implement targeted, full-lifecycle improvement initiatives across the organization, including refining project proposal and contracting discipline, improving engineering and construction processes, and reinforcing safety, change, and quality management systems.

The company believes its cash position, anticipated cash generated by operating activities, and availability under its ABL Facility are sufficient to support operating requirements for at least the next 12 months. As of June 30, 2026, unrestricted cash and cash equivalents totaled $223.0 million, and availability under the ABL Facility totaled $60.9 million, resulting in total liquidity of $283.9 million. The company's ABL Facility has a maximum loan amount of $90.0 million, with available borrowings that may be increased by up to $15.0 million subject to certain conditions, and matures on September 9, 2029.

The company has never paid cash dividends on its common stock, and the terms of its ABL Facility prohibit paying cash dividends. The Stock Buyback Program, approved by the board of directors in November 2018, allows repurchases of up to 2,707,175 shares, with 1,349,037 shares available for repurchase as of June 30, 2026. The ABL Facility limits share repurchases to $2.5 million per fiscal year provided certain availability thresholds are met. Capital expenditures were $5.5 million in fiscal 2026 and $7.7 million in fiscal 2025.

The company faces headwinds from the cyclical nature of demand for its services, which is vulnerable to the level of capital and maintenance spending of customers and downturns in the industries and markets served, including energy markets such as LNG, hydrogen, renewable energy, midstream and downstream petroleum, and other heavy industries. The company is also exposed to risks from inflation, supply chain disruptions, shortages of materials, labor, or equipment, and performance issues involving suppliers and subcontractors, as well as changes in global trade policy and tariffs that could raise the price and reduce the availability of raw materials such as steel plate and steel pipe.

The company's results depend on the award of new contracts and the timing of those awards, which can be difficult to predict due to lengthy and complex bidding and selection processes, changes in market conditions, customers' access to financing, governmental regulations, permitting, and environmental matters. Delays or failures in obtaining required regulatory approvals, permits, interconnection agreements, or right-of-way access could postpone, reduce, cancel, or change the scope of projects, causing inefficient utilization of workforce or equipment and increasing costs. The company also faces risks from the potential loss of significant customers, with one customer accounting for $176.4 million or 20.1% of consolidated revenue in fiscal 2026, another for $153.1 million or 17.5%, and another for $88.1 million or 10.0%.

Management Sentiments & Priorities

Management's message emphasizes a commitment to improving performance and delivering sustainable growth and profitability, with the appointment of Shawn P. Payne as President and Chief Executive Officer effective July 1, 2026. The strategic framework of WIN, EXECUTE, DELIVER is designed to accelerate growth, strengthen project execution, enhance organizational efficiency, and deliver sustainable profitability. Management highlights fiscal 2026 revenue growth of 14% to $873.6 million compared to $769.3 million in fiscal 2025, an increase in gross margin to 7.3% from 5.2%, and a decline in selling, general and administrative expenses of 11% to $63.6 million from $71.2 million, as evidence of meaningful progress in executing the strategy. The company is focused on converting its competitive advantages into stronger financial performance, improved operational outcomes, and long-term shareholder value, supported by a strong balance sheet and liquidity.

Financial Details

Total revenue for fiscal 2026 was $873.632 million, compared to $769.286 million in fiscal 2025, an increase of 14%. Net loss was $2.580 million in fiscal 2026, compared to a net loss of $29.462 million in fiscal 2025. Diluted earnings per share was not reported as a positive figure; the company reported a net loss per share of $0.09 in fiscal 2026 and $1.05 in fiscal 2025. Gross profit was $63.952 million in fiscal 2026, compared to $39.677 million in fiscal 2025, with gross margin of 7.3% versus 5.2%. Operating loss was $9.618 million in fiscal 2026, compared to an operating loss of $35.068 million in fiscal 2025. The company reported a loss before income tax expense of $2.224 million in fiscal 2026, compared to a loss of $28.998 million in fiscal 2025. Cash provided by operating activities was $6.907 million in fiscal 2026, compared to $117.471 million in fiscal 2025. Unrestricted cash and cash equivalents totaled $222.966 million at June 30, 2026, compared to $224.641 million at June 30, 2025, with total liquidity of $283.876 million versus $284.456 million. The company incurred $10.0 million in restructuring costs and other related expenses in fiscal 2026, including $3.6 million related to CEO and CFO transitions, which reduced reported operating results. Segment performance: Storage and Terminal Solutions revenue increased 25% to $458.296 million, Utility and Power Infrastructure revenue increased 14% to $283.390 million, and Process and Industrial Facilities revenue decreased 15% to $131.946 million.

Risk Factors

The company's results depend on the award of new contracts and the timing of those awards, which are difficult to predict due to lengthy and complex bidding processes, and delays or failures in obtaining regulatory approvals, permits, or interconnection agreements could postpone or cancel projects, causing inefficient workforce utilization and increased costs. The loss of one or more significant customers could materially adversely affect the business, as one customer accounted for $176.4 million or 20.1% of consolidated revenue in fiscal 2026, another for $153.1 million or 17.5%, and another for $88.1 million or 10.0%. A significant amount of work is performed under fixed-price contracts, where cost overruns above the approved contract price may not be recoverable, and estimates of contract revenue and costs are subject to revision under percentage-of-completion accounting, which could result in reductions or eliminations of previously reported profits. The company is exposed to credit risk from customers, and delays or defaults in customer payments could cause liquidity problems or inability to recover amounts owed. The company contributes to multiemployer pension plans, and withdrawal from or termination of such plans could require significant cash contributions to fund unfunded vested benefits, though the company is not currently able to determine the amounts for which it may be contingently liable.

References

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  733. [733] Item 7, MD&A — Results of Operations
  734. [734] Item 7, MD&A — Results of Operations
  735. [735] Item 7, MD&A — Results of Operations
  736. [736] Item 7, MD&A — Results of Operations
  737. [737] Item 7, MD&A — Results of Operations
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  739. [739] Item 7, MD&A — Results of Operations
  740. [740] Item 7, MD&A — Results of Operations
  741. [741] Item 7, MD&A — Results of Operations
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  744. [744] Item 7, MD&A — Results of Operations
  745. [745] Item 7, MD&A — Results of Operations
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  750. [750] Item 7, MD&A — Results of Operations
  751. [751] Item 7, MD&A — Results of Operations
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  756. [756] Item 7, MD&A — Results of Operations
  757. [757] Item 7, MD&A — Results of Operations
  758. [758] Item 7, MD&A — Results of Operations
  759. [759] Item 7, MD&A — Results of Operations
  760. [760] Item 7, MD&A — Results of Operations
  761. [761] Item 7, MD&A — Results of Operations
  762. [762] Item 7, MD&A — Results of Operations
  763. [763] Item 7, MD&A — Results of Operations
  764. [764] Item 7, MD&A — Results of Operations
  765. [765] Item 7, MD&A — Results of Operations
  766. [766] Item 7, MD&A — Results of Operations
  767. [767] Item 7, MD&A — Results of Operations
  768. [768] Item 7, MD&A — Results of Operations
  769. [769] Item 7, MD&A — Results of Operations
  770. [770] Item 7, MD&A — Results of Operations
  771. [771] Item 7, MD&A — Results of Operations
  772. [772] Item 7, MD&A — Results of Operations
  773. [773] Item 7, MD&A — Results of Operations
  774. [774] Item 7, MD&A — Results of Operations
  775. [775] Item 7, MD&A — Results of Operations
  776. [776] Item 7, MD&A — Results of Operations
  777. [777] Item 7, MD&A — Results of Operations
  778. [778] Item 7, MD&A — Results of Operations
  779. [779] Item 7, MD&A — Results of Operations
  780. [780] Item 7, MD&A — Results of Operations
  781. [781] Item 7, MD&A — Results of Operations
  782. [782] Item 7, MD&A — Results of Operations
  783. [783] Item 7, MD&A — Results of Operations
  784. [784] Item 7, MD&A — Results of Operations
  785. [785] Item 7, MD&A — Results of Operations
  786. [786] Item 7, MD&A — Results of Operations
  787. [787] Item 7, MD&A — Results of Operations
  788. [788] Item 7, MD&A — Results of Operations
  789. [789] Item 7, MD&A — Results of Operations
  790. [790] Item 7, MD&A — Results of Operations
  791. [791] Item 7, MD&A — Results of Operations
  792. [792] Item 7, MD&A — Results of Operations
  793. [793] Item 7, MD&A — Results of Operations
  794. [794] Item 7, MD&A — Results of Operations
  795. [795] Item 7, MD&A — Results of Operations
  796. [796] Item 7, MD&A — Results of Operations
  797. [797] Item 7, MD&A — Results of Operations
  798. [798] Item 7, MD&A — Results of Operations
  799. [799] Item 7, MD&A — Results of Operations
  800. [800] Item 7, MD&A — Results of Operations
  801. [801] Item 7, MD&A — Results of Operations
  802. [802] Item 7, MD&A — Results of Operations
  803. [803] Item 7, MD&A — Results of Operations
  804. [804] Item 7, MD&A — Results of Operations
  805. [805] Item 7, MD&A — Results of Operations
  806. [806] Item 7, MD&A — Results of Operations
  807. [807] Item 7, MD&A — Results of Operations
  808. [808] Item 7, MD&A — Results of Operations
  809. [809] Item 7, MD&A — Results of Operations
  810. [810] Item 7, MD&A — Results of Operations
  811. [811] Item 7, MD&A — Results of Operations
  812. [812] Item 7, MD&A — Results of Operations
  813. [813] Item 7, MD&A — Results of Operations
  814. [814] Item 7, MD&A — Results of Operations
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  816. [816] Item 7, MD&A — Results of Operations
  817. [817] Item 7, MD&A — Results of Operations
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  819. [819] Item 7, MD&A — Results of Operations
  820. [820] Item 7, MD&A — Results of Operations
  821. [821] Item 7, MD&A — Results of Operations
  822. [822] Item 7, MD&A — Results of Operations
  823. [823] Item 7, MD&A — Results of Operations
  824. [824] Item 7, MD&A — Results of Operations
  825. [825] Item 7, MD&A — Results of Operations
  826. [826] Item 7, MD&A — Results of Operations
  827. [827] Item 7, MD&A — Results of Operations
  828. [828] Item 7, MD&A — Results of Operations
  829. [829] Item 7, MD&A — Results of Operations
  830. [830] Item 7, MD&A — Results of Operations
  831. [831] Item 7, MD&A — Results of Operations
  832. [832] Item 7, MD&A — Results of Operations
  833. [833] Item 7, MD&A — Results of Operations
  834. [834] Item 7, MD&A — Results of Operations
  835. [835] Item 7, MD&A — Results of Operations
  836. [836] Item 7, MD&A — Results of Operations
  837. [837] Item 7, MD&A — Results of Operations
  838. [838] Item 7, MD&A — Results of Operations
  839. [839] Item 7, MD&A — Results of Operations
  840. [840] Item 7, MD&A — Results of Operations
  841. [841] Item 7, MD&A — Results of Operations
  842. [842] Item 7, MD&A — Results of Operations
  843. [843] Item 7, MD&A — Results of Operations
  844. [844] Item 7, MD&A — Results of Operations
  845. [845] Item 7, MD&A — Results of Operations
  846. [846] Item 7, MD&A — Results of Operations
  847. [847] Item 7, MD&A — Results of Operations
  848. [848] Item 7, MD&A — Results of Operations
  849. [849] Item 7, MD&A — Results of Operations
  850. [850] Item 7, MD&A — Results of Operations
  851. [851] Item 7, MD&A — Results of Operations
  852. [852] Item 7, MD&A — Results of Operations
  853. [853] Item 7, MD&A — Results of Operations
  854. [854] Item 7, MD&A — Results of Operations
  855. [855] Item 7, MD&A — Results of Operations
  856. [856] Item 7, MD&A — Results of Operations
  857. [857] Item 7, MD&A — Results of Operations
  858. [858] Item 7, MD&A — Results of Operations
  859. [859] Item 7, MD&A — Results of Operations
  860. [860] Item 7, MD&A — Results of Operations
  861. [861] Item 7, MD&A — Results of Operations
  862. [862] Item 7, MD&A — Results of Operations
  863. [863] Item 7, MD&A — Results of Operations
  864. [864] Item 7, MD&A — Results of Operations
  865. [865] Item 7, MD&A — Results of Operations
  866. [866] Item 7, MD&A — Results of Operations
  867. [867] Item 7, MD&A — Results of Operations
  868. [868] Item 7, MD&A — Results of Operations
  869. [869] Item 7, MD&A — Results of Operations
  870. [870] Item 7, MD&A — Results of Operations
  871. [871] Item 7, MD&A — Results of Operations
  872. [872] Item 7, MD&A — Results of Operations
  873. [873] Item 7, MD&A — Results of Operations
  874. [874] Item 7, MD&A — Results of Operations
  875. [875] Item 7, MD&A — Results of Operations
  876. [876] Item 7, MD&A — Results of Operations
  877. [877] Item 7, MD&A — Results of Operations
  878. [878] Item 7, MD&A — Results of Operations
  879. [879] Item 7, MD&A — Results of Operations
  880. [880] Item 7, MD&A — Results of Operations
  881. [881] Item 7, MD&A — Results of Operations
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  883. [883] Item 7, MD&A — Results of Operations
  884. [884] Item 7, MD&A — Results of Operations
  885. [885] Item 7, MD&A — Results of Operations
  886. [886] Item 7, MD&A — Results of Operations
  887. [887] Item 7, MD&A — Results of Operations
  888. [888] Item 7, MD&A — Results of Operations
  889. [889] Item 7, MD&A — Results of Operations
  890. [890] Item 7, MD&A — Results of Operations
  891. [891] Item 7, MD&A — Results of Operations
  892. [892] Item 7, MD&A — Results of Operations
  893. [893] Item 7, MD&A — Results of Operations
  894. [894] Item 7, MD&A — Results of Operations
  895. [895] Item 7, MD&A — Results of Operations
  896. [896] Item 7, MD&A — Results of Operations
  897. [897] Item 7, MD&A — Results of Operations
  898. [898] Item 7, MD&A — Results of Operations
  899. [899] Item 7, MD&A — Results of Operations
  900. [900] Item 7, MD&A — Results of Operations
  901. [901] Item 7, MD&A — Results of Operations
  902. [902] Item 7, MD&A — Results of Operations
  903. [903] Item 7, MD&A — Results of Operations
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  905. [905] Item 7, MD&A — Results of Operations
  906. [906] Item 7, MD&A — Results of Operations
  907. [907] Item 7, MD&A — Results of Operations
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  911. [911] Item 7, MD&A — Results of Operations
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  920. [920] Item 7, MD&A — Results of Operations
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  924. [924] Item 7, MD&A — Results of Operations
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  926. [926] Item 7, MD&A — Results of Operations
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  930. [930] Item 7, MD&A — Results of Operations
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  932. [932] Item 7, MD&A — Results of Operations
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  950. [950] Item 7, MD&A — Results of Operations
  951. [951] Item 7, MD&A — Results of Operations
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  998. [998] Item 7, MD&A — Results of Operations
  999. [999] Item 7, MD&A — Results of Operations
  1000. [1000] Item 7, MD&A — Results of Operations

Analysis on 9/3/2026