Forensic Analysis · Industrials / Manufacturing / Defense · as of Aug 12, 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
Distress distance
Clean
Earnings quality
5
Forensic signals
-22.4
P / E (ttm)
-20.6%
ROE
$330M
Market cap
0.00%
Dividend yield
5.6%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Matrix Service Co earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 0.2, placing it in the Distress zone. 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-33.7%
FY2024
Return on invested capital.Return on invested capital is -33.7% in the latest fiscal year and slipping from -15% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
+1.3%/yr
FY2022–FY2025
Share-count dilution.Diluted share count changed +4% over the last 3 years to FY2025 (+1.3%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. 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%.
stopped
FY2020→FY2022
Shareholder 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.
n/m (sign flip)
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets flipped from positive to negative FY2024→FY2025 (FY2024 $+48.6M to FY2025 $-81.9M) — the standard accruals ratio divides by the average of the two, which collapses toward zero right as the sign changes, so the resulting percentage is a denominator artifact, not a real accrual measurement. Treat this as a structural balance-sheet shift to understand on its own terms rather than a clean or dirty accruals read.
$64M
FY2020–FY2023
Key fundamentals
Latest Revenue$769.3M
Revenue Growth YoY+5.6%
Revenue CAGR (3yr)+2.8%
Net Margin-3.8%
Free Cash Flow$109.8M
Return on Equity-20.6%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Matrix Service Co's actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Aug 12, 2026. Forensic signals flag probability, not certainty.
Matrix Service Co (MTRX) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Goodwill impairments.
Took $64M of goodwill writedowns across 3 years (FY2020 ($33M), FY2022 ($18M), FY2023 ($12M)). Writedowns mean past acquisitions underperformed what was paid for them.