Matrix Service
MTRX on Nasdaq. Matrix Service Company sells engineering, construction, and maintenance services to energy and industrial customers. Market value $295m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to June 2026.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Industrials stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $0.47 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 56 of 100. Price score: 2 of 100. Our list needs 70 on quality and 60 on price.
$10.75 a share, 15% above its 1-year low
Over the past year the price has ranged from $9.38 to $15.97.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $708m | $795m | $728m | $769m | $874m |
| Operating margin | |||||
| Operating margin | -12.4% | -6.7% | -4.1% | -4.6% | -1.1% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.03bn | 0.03bn | 0.03bn | 0.03bn | 0.03bn |
Health checks
- Free cash flow positive4 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)6 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsSlow, 5.3% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $245 million last quarter, up 13% on a year ago.
- Profit: $1 million, after a loss of $11 million a year ago.
- It loses 1 cents on each $1 of sales, compared with 5 cents a year earlier.
- Spare cash over the past 12 months: $1 million, down from $110 million.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $166m |
| December 2024 | $187m |
| March 2025 | $200m |
| June 2025 | $216m |
| September 2025 | $212m |
| December 2025 | $211m |
| March 2026 | $207m |
| June 2026 | $245m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$9m |
| December 2024 | -$6m |
| March 2025 | -$3m |
| June 2025 | -$11m |
| September 2025 | -$4m |
| December 2025 | -$894,000 |
| March 2026 | $835,000 |
| June 2026 | $1m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 3 September 2026
- Next quarterly (estimated, 10-Q)
- 6 August 2026
Who owns it
3 long-term investors we follow own it, unchanged from 3 last quarter. 150 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| First Eagle Investment ManagementMatthew McLennan | $27m | <0.1% | Added |
| Boston PartnersBoston Partners team | $534,220 | <0.1% | Cut |
| Greenhaven Road CapitalScott Miller | $177,374 | 0.1% | Cut |
Largest holders overall
- BlackRock$29mAdded
- First Eagle Investment Management$27mAdded
- Needham Investment Management$20m
- American Century Companies$17mAdded
- Gendell Jeffrey L$16mCut
- Vanguard Capital Management$16m
- Acadian Asset Management$12mAdded
- Harvey Partners$11mCut
- TWO Sigma Investments, LP$10mAdded
- Geode Capital Management$10mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- BlackRock, Inc.Passive investor6.8%−5.6 ptsSince 31 March 2026
- NEEDHAM INVESTMENT MANAGEMENT LLCPassive investorat least 5.2%(filed with 3 related holders)Since 31 December 2024
- First Wilshire Securities Management, Inc.Passive investorSold down below 5%Since 31 December 2024
- HARVEY PARTNERS, LLCPassive investorSold down below 5%Since 30 June 2025
- Azarias Capital Management, L.P.Passive investorSold down below 5%Since 31 December 2024
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 6.8%−5.6 pts | 31 March 2026 | |
NEEDHAM INVESTMENT MANAGEMENT LLC Passive investor | at least 5.2% (filed with 3 related holders) | 31 December 2024 | |
First Wilshire Securities Management, Inc. Passive investor | Sold down below 5% | 31 December 2024 | |
HARVEY PARTNERS, LLC Passive investor | Sold down below 5% | 30 June 2025 | |
Azarias Capital Management, L.P. Passive investor | Sold down below 5% | 31 December 2024 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 5 sold $3m, $2m of it under preset trading plans.
- Cavanah Kevin SVP Finance & CFOSoldunder a preset trading plan
- Date
- 15 June 2026
- Shares
- 1,418
- Price
- $14.03
- Value
- $19,895
- Cavanah Kevin SVP Finance & CFOSoldunder a preset trading plan
- Date
- 12 June 2026
- Shares
- 2,073
- Price
- $14.00
- Value
- $29,022
- SHEETS JUSTIN DSVP, Enterprise ServicesSold
- Date
- 12 June 2026
- Shares
- 16,991
- Price
- $13.50
- Value
- $229,379
- Cavanah Kevin SVP Finance & CFOSoldunder a preset trading plan
- Date
- 5 June 2026
- Shares
- 6,509
- Price
- $14.13
- Value
- $91,972
- Cavanah Kevin SVP Finance & CFOSoldunder a preset trading plan
- Date
- 4 June 2026
- Shares
- 50,000
- Price
- $14.10
- Value
- $705,000
- Cavanah Kevin SVP Finance & CFOSoldunder a preset trading plan
- Date
- 26 May 2026
- Shares
- 60,000
- Price
- $12.90
- Value
- $774,000
- HEWITT JOHN RPresident & CEO, DirectorSold
- Date
- 8 May 2026
- Shares
- 36,000
- Price
- $12.50
- Value
- $450,000
- AUSTIN NANCY EVP, Chief Admin OfficerSold
- Date
- 18 February 2026
- Shares
- 4,193
- Price
- $11.29
- Value
- $47,339
- PAYNE SHAWN PPresident, Eng & ConstrSold
- Date
- 25 November 2025
- Shares
- 5,231
- Price
- $11.42
- Value
- $59,738
- PAYNE SHAWN PPresident, Eng & ConstrSold
- Date
- 20 November 2025
- Shares
- 3,019
- Price
- $11.42
- Value
- $34,477
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 15 June 2026 | Cavanah Kevin S VP Finance & CFO | Sold under a preset trading plan | 1,418 | $14.03 | $19,895 |
| 12 June 2026 | Cavanah Kevin S VP Finance & CFO | Sold under a preset trading plan | 2,073 | $14.00 | $29,022 |
| 12 June 2026 | SHEETS JUSTIN D SVP, Enterprise Services | Sold | 16,991 | $13.50 | $229,379 |
| 5 June 2026 | Cavanah Kevin S VP Finance & CFO | Sold under a preset trading plan | 6,509 | $14.13 | $91,972 |
| 4 June 2026 | Cavanah Kevin S VP Finance & CFO | Sold under a preset trading plan | 50,000 | $14.10 | $705,000 |
| 26 May 2026 | Cavanah Kevin S VP Finance & CFO | Sold under a preset trading plan | 60,000 | $12.90 | $774,000 |
| 8 May 2026 | HEWITT JOHN R President & CEO, Director | Sold | 36,000 | $12.50 | $450,000 |
| 18 February 2026 | AUSTIN NANCY E VP, Chief Admin Officer | Sold | 4,193 | $11.29 | $47,339 |
| 25 November 2025 | PAYNE SHAWN P President, Eng & Constr | Sold | 5,231 | $11.42 | $59,738 |
| 20 November 2025 | PAYNE SHAWN P President, Eng & Constr | Sold | 3,019 | $11.42 | $34,477 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 3 Sep 2026, and no later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.