Forensic Analysis · Industrials / Manufacturing / Defense · as of Jun 28, 2026
MATRIX SERVICE CO (MTRX)
A forensic read on MATRIX SERVICE CO built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-0.2
Altman Z-score
Clean
Earnings quality
4
Forensic signals
-10.8%
ROE
$390M
Market cap
MATRIX SERVICE CO earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -0.2, placing it in the Distress zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-34%Return on invested capital.Return on invested capital is -34% and slipping from -15% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+1.3%/yrShare-count dilution.Diluted share count changed +4% over the last 3 years to FY2025 (+1.3%/yr). The count is GROWING — existing holders are being diluted. That's ~1.3% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~4%.
stoppedShareholder returns — halted.Capital returns have STOPPED — $17M of buybacks + dividends in FY2020, but ~$0 in FY2022. A halt usually means the company is conserving cash; understand why before reading it as neutral.
$64MGoodwill impairments.Took $64M of goodwill writedowns across 3 year(s) (FY2020 ($33M), FY2022 ($18M), FY2023 ($12M)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Net Margin-3.8%
Debt / Equity0.06x
Free Cash Flow$109.8M
Latest Revenue$769.3M
Return on Equity-20.6%
Revenue Growth YoY+5.6%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on MATRIX SERVICE CO:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about MTRX's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown