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Forensic Analysis · Homebuilders & Residential Construction · as of Nov 11, 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
0.1
Distress distance
Clean
Earnings quality
1
Forensic signals
-1.8%
ROE
13.6%
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 (auditor quality, say on pay, board independence, going concern). 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 0.1, placing it in the Distress zone. 1 forensic signal was flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

-561.9%
FY2025
Return on invested capital. Return on invested capital is -561.9% in the latest fiscal year, against -33.7% in FY2024. After-tax operating profit was ($24M) in FY2024 and ($28M) in FY2025, with operating income at -4.1% of revenue in FY2024 and -4.6% in FY2025. The capital base behind it came down -93% across FY2024–FY2025, from $71M to $5M, so this return is struck on a smaller base than it started on. $3M of the $5M base at FY2025 is construction in progress (58.2%) — paid for and not yet in service.

Key fundamentals

Latest Revenue$873.6M
Revenue Growth YoY+13.6%
Revenue CAGR (2yr)+9.5%
Net Margin-0.3%
Free Cash Flow$1.4M
Return on Equity-1.8%

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Data from SEC EDGAR public filings · metrics as of Nov 11, 2026. Forensic signals flag probability, not certainty.

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