Matrix Service Co. (MTRX) intrinsic value & 10-year financials
Matrix Service Co. (MTRX) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue shrank 5.8% a year to $769.3M, with an average return on invested capital of -263.1%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $10.02
- Market cap
- $278.2M
- Revenue (FY2025)
- $769.3M
- Revenue growth (10-yr CAGR)
- -5.8%
- ROIC (10-yr avg)
- -263.1%
- Free cash flow (FY2025)
- $109.8M
MTRX 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $769.3M | -$29.5M | -$1.06 | $109.8M | -4.6% | -2519.3% |
| FY2024 | $728.2M | -$25.0M | -$0.91 | $65.6M | -4.1% | -28.0% |
| FY2023 | $795.0M | -$52.4M | -$1.94 | $1.2M | -6.7% | -30.6% |
| FY2022 | $707.8M | -$63.9M | -$2.39 | -$57.5M | -12.4% | -42.1% |
| FY2021 | $673.4M | -$31.2M | -$1.18 | -$7.3M | -6.5% | -14.0% |
| FY2020 | $1.1B | -$33.1M | -$1.24 | $25.5M | -3.3% | -13.5% |
| FY2019 | $1.4B | $28.0M | $1.01 | $21.8M | 2.7% | 10.5% |
| FY2018 | $1.1B | -$11.5M | -$0.43 | $66.0M | -1.0% | -3.1% |
| FY2017 | $1.2B | -$183.0K | -$0.01 | -$30.7M | 0.4% | 0.8% |
| FY2016 | $1.3B | $28.9M | $1.07 | $16.4M | 3.1% | 8.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
MATRIX SERVICE CO is facing top-line stagnation, with revenue contracting over the decade.
MATRIX SERVICE CO has historically struggled to out-earn its cost of capital, averaging just -13.7% ROIC.
MATRIX SERVICE CO has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, MATRIX SERVICE CO is modeled at -5.8% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-2.63 per share.