MATRIX SERVICE CO
MTRX · Construction - Special Trade Contractors · 28.1M shares · -1%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $10M (gross $17M, SBC $7M)
Reference price $14.03 · est. market cap ~$395M — last insider sale, 2026-06-15 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D50Specialty energy contractor with a loss year and thin margins despite near-record backlog and decent cash flow.
Strengths
- Strong operating cash flow (OCF margin 85.7 pct) and FCF margin (90.0 pct)
- $1.4B backlog with strong LNG/NGL/power demand drivers
Risks
- Negative net (-3.8%), operating (-4.6%) margins and ROA (-4.9%); interest coverage negative
- Thin 5.2% gross margin, customer concentration (top two ~28%), fixed-price cost-overrun risk
Notable findings
- No interest coverageInterest coverage -67.70 (cannot cover interest)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Net lossNet loss (net margin -3.8%)
- Weak liquidityCurrent ratio 0.96 (<1)
- Strong balance sheetStrong balance sheet — $225M cash & investments
- Insider sellingInsider selling — 8 open-market sale(s) by 4 insider(s) (cluster of 4 insiders, ~$2M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
5.2%
Operating margin
-4.6%
Net margin
-3.8%
Return on assets
-4.9%
Revenue growth (QoQ)
-1.8%
Interest coverage
-67.7×
Current ratio
1.0×
Free cash flow
$110M
EBITDA
-$25M
Cash & investments
$225M
Stock comp / revenue
1.2%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-15 | Cavanah Kevin S | Sell | 1.4K | $14.03 |
| 2026-06-12 | Cavanah Kevin S | Sell | 2.1K | $14.00 |
| 2026-06-12 | SHEETS JUSTIN D | Sell | 17K | $13.50 |
| 2026-06-05 | Cavanah Kevin S | Sell | 6.5K | $14.13 |
| 2026-06-04 | Cavanah Kevin S | Sell | 50K | $14.10 |
| 2026-05-26 | Cavanah Kevin S | Sell | 60K | $12.90 |
| 2026-05-08 | HEWITT JOHN R | Sell | 36K | $12.50 |
| 2026-02-18 | AUSTIN NANCY E | Sell | 4.2K | $11.29 |
| 2025-11-25 | PAYNE SHAWN P | Sell | 5.2K | $11.42 |
| 2025-11-20 | PAYNE SHAWN P | Sell | 3.0K | $11.42 |
| 2025-11-11 | PAYNE SHAWN P | Sell | 8.2K | $12.58 |
| 2025-11-04 | Carnes Martha Z. | Grant | 8.0K | — |
| 2025-11-04 | MILLER JAMES HARRY | Grant | 8.0K | — |
| 2025-11-04 | Hinrichs Liane K | Grant | 8.0K | — |
| 2025-11-04 | Conner Carlin G. | Grant | 8.0K | — |
| 2025-11-04 | CHANDLER JOHN D | Grant | 8.0K | — |
| 2025-11-04 | Bustamante Jose Luis M. | Grant | 8.0K | — |
| 2025-09-16 | CHANDLER JOHN D | Buy | 2.3K | $12.74 |
| 2025-08-30 | Cavanah Kevin S | Option exercise | 4.6K | — |
| 2025-08-30 | SHEETS JUSTIN D | Option exercise | 2.6K | — |
| 2025-08-30 | SHEETS JUSTIN D | Disposition | 2.6K | $15.13 |
| 2025-08-30 | SHEETS JUSTIN D | Tax withheld | 1.0K | $15.13 |
| 2025-08-30 | SHEETS JUSTIN D | Grant | 22K | — |
| 2025-08-30 | SHEETS JUSTIN D | Tax withheld | 8.8K | $15.13 |
| 2025-08-30 | MONTALBANO DOUGLAS J | Option exercise | 1.2K | — |
| 2025-08-30 | MONTALBANO DOUGLAS J | Disposition | 1.2K | $15.13 |
| 2025-08-30 | MONTALBANO DOUGLAS J | Tax withheld | 520 | $15.13 |
| 2025-08-30 | MONTALBANO DOUGLAS J | Option exercise | 1.9K | — |
| 2025-08-30 | MONTALBANO DOUGLAS J | Disposition | 1.9K | $15.13 |
| 2025-08-30 | MONTALBANO DOUGLAS J | Tax withheld | 808 | $15.13 |
| 2025-08-30 | MONTALBANO DOUGLAS J | Grant | 16K | — |
| 2025-08-30 | MONTALBANO DOUGLAS J | Tax withheld | 7.1K | $15.13 |
| 2025-08-30 | AUSTIN NANCY E | Option exercise | 2.2K | — |
| 2025-08-30 | AUSTIN NANCY E | Disposition | 2.2K | $15.13 |
| 2025-08-30 | AUSTIN NANCY E | Tax withheld | 629 | $15.13 |
| 2025-08-30 | AUSTIN NANCY E | Option exercise | 2.6K | — |
| 2025-08-30 | AUSTIN NANCY E | Disposition | 2.6K | $15.13 |
| 2025-08-30 | AUSTIN NANCY E | Tax withheld | 749 | $15.13 |
| 2025-08-30 | AUSTIN NANCY E | Grant | 22K | — |
| 2025-08-30 | AUSTIN NANCY E | Tax withheld | 8.8K | $15.13 |
| 2025-08-30 | PAYNE SHAWN P | Option exercise | 1.5K | — |
| 2025-08-30 | PAYNE SHAWN P | Disposition | 1.5K | $15.13 |
| 2025-08-30 | PAYNE SHAWN P | Tax withheld | 595 | $15.13 |
| 2025-08-30 | PAYNE SHAWN P | Option exercise | 2.8K | — |
| 2025-08-30 | PAYNE SHAWN P | Disposition | 2.8K | $15.13 |
| 2025-08-30 | PAYNE SHAWN P | Tax withheld | 1.1K | $15.13 |
| 2025-08-30 | PAYNE SHAWN P | Grant | 25K | — |
| 2025-08-30 | PAYNE SHAWN P | Tax withheld | 9.7K | $15.13 |
| 2025-08-30 | Cavanah Kevin S | Option exercise | 3.8K | — |
| 2025-08-30 | Cavanah Kevin S | Disposition | 3.8K | $15.13 |
| 2025-08-30 | Cavanah Kevin S | Tax withheld | 1.3K | $15.13 |
| 2025-08-30 | Cavanah Kevin S | Disposition | 4.6K | $15.13 |
| 2025-08-30 | Cavanah Kevin S | Tax withheld | 1.6K | $15.13 |
| 2025-08-30 | Cavanah Kevin S | Grant | 40K | — |
| 2025-08-30 | Cavanah Kevin S | Tax withheld | 16K | $15.13 |
| 2025-08-30 | HEWITT JOHN R | Option exercise | 9.2K | — |
| 2025-08-30 | HEWITT JOHN R | Disposition | 9.2K | $15.13 |
| 2025-08-30 | HEWITT JOHN R | Tax withheld | 3.9K | $15.13 |
| 2025-08-30 | HEWITT JOHN R | Option exercise | 11K | — |
| 2025-08-30 | HEWITT JOHN R | Disposition | 11K | $15.13 |
| 2025-08-30 | HEWITT JOHN R | Tax withheld | 4.6K | $15.13 |
| 2025-08-30 | HEWITT JOHN R | Grant | 144K | — |
| 2025-08-30 | HEWITT JOHN R | Tax withheld | 63K | $15.13 |
| 2025-08-30 | SHEETS JUSTIN D | Option exercise | 2.2K | — |
| 2025-08-30 | SHEETS JUSTIN D | Disposition | 2.2K | $15.13 |
| 2025-08-30 | SHEETS JUSTIN D | Tax withheld | 845 | $15.13 |
| 2025-08-29 | PAYNE SHAWN P | Disposition | 4.1K | $15.13 |
| 2025-08-29 | SHEETS JUSTIN D | Tax withheld | 1.4K | $15.13 |
| 2025-08-29 | Cavanah Kevin S | Disposition | 6.2K | $15.13 |
| 2025-08-29 | Cavanah Kevin S | Tax withheld | 2.1K | $15.13 |
| 2025-08-29 | SHEETS JUSTIN D | Option exercise | 3.5K | — |
| 2025-08-29 | MONTALBANO DOUGLAS J | Option exercise | 3.5K | — |
| 2025-08-29 | MONTALBANO DOUGLAS J | Disposition | 3.5K | $15.13 |
| 2025-08-29 | MONTALBANO DOUGLAS J | Tax withheld | 1.5K | $15.13 |
| 2025-08-29 | HEWITT JOHN R | Option exercise | 15K | — |
| 2025-08-29 | HEWITT JOHN R | Disposition | 15K | $15.13 |
| 2025-08-29 | HEWITT JOHN R | Tax withheld | 4.7K | $15.13 |
| 2025-08-29 | AUSTIN NANCY E | Option exercise | 3.5K | — |
| 2025-08-29 | AUSTIN NANCY E | Disposition | 3.5K | $15.13 |
| 2025-08-29 | AUSTIN NANCY E | Tax withheld | 1.0K | $15.13 |
| 2025-08-29 | PAYNE SHAWN P | Option exercise | 4.1K | — |
| 2025-08-29 | SHEETS JUSTIN D | Disposition | 3.5K | $15.13 |
| 2025-08-29 | PAYNE SHAWN P | Tax withheld | 1.6K | $15.13 |
| 2025-08-29 | Cavanah Kevin S | Option exercise | 6.2K | — |
| 2025-08-27 | AUSTIN NANCY E | Grant | 6.8K | — |
| 2025-08-27 | Cavanah Kevin S | Disposition | 4.3K | $15.37 |
| 2025-08-27 | Cavanah Kevin S | Tax withheld | 1.6K | $15.37 |
| 2025-08-27 | AUSTIN NANCY E | Option exercise | 2.4K | — |
| 2025-08-27 | AUSTIN NANCY E | Disposition | 2.4K | $15.37 |
| 2025-08-27 | AUSTIN NANCY E | Tax withheld | 706 | $15.37 |
| 2025-08-27 | HEWITT JOHN R | Grant | 27K | — |
| 2025-08-27 | HEWITT JOHN R | Option exercise | 10K | — |
| 2025-08-27 | HEWITT JOHN R | Disposition | 10K | $15.37 |
| 2025-08-27 | HEWITT JOHN R | Tax withheld | 3.0K | $15.37 |
| 2025-08-27 | Cavanah Kevin S | Option exercise | 4.3K | — |
| 2025-08-27 | SHEETS JUSTIN D | Grant | 6.8K | — |
| 2025-08-27 | MONTALBANO DOUGLAS J | Tax withheld | 1.1K | $15.37 |
| 2025-08-27 | PAYNE SHAWN P | Grant | 16K | — |
| 2025-08-27 | PAYNE SHAWN P | Grant | 33K | — |
| 2025-08-27 | SHEETS JUSTIN D | Option exercise | 2.4K | — |
| 2025-08-27 | PAYNE SHAWN P | Option exercise | 2.8K | — |
| 2025-08-27 | PAYNE SHAWN P | Disposition | 2.8K | $15.37 |
| 2025-08-27 | SHEETS JUSTIN D | Disposition | 2.4K | $15.37 |
| 2025-08-27 | MONTALBANO DOUGLAS J | Grant | 7.9K | — |
| 2025-08-27 | MONTALBANO DOUGLAS J | Option exercise | 2.5K | — |
| 2025-08-27 | PAYNE SHAWN P | Tax withheld | 1.1K | $15.37 |
| 2025-08-27 | Cavanah Kevin S | Grant | 12K | — |
| 2025-08-27 | MONTALBANO DOUGLAS J | Disposition | 2.5K | $15.37 |
| 2025-08-27 | SHEETS JUSTIN D | Tax withheld | 949 | $15.37 |
| 2025-01-01 | MILLER JAMES HARRY | Grant | 418 | $11.97 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 10-Q | 2026-05-07 | 2026-03-31 | 0000866273-26-000029 ↗ |
| 8-K | 2026-05-06 | 2026-05-06 | 0000866273-26-000024 ↗ |
| 8-K | 2026-04-30 | 2026-04-28 | 0000866273-26-000020 ↗ |
| 10-Q | 2026-02-05 | 2025-12-31 | 0000866273-26-000016 ↗ |
| 8-K | 2026-02-04 | 2026-02-04 | 0000866273-26-000012 ↗ |
| 8-K | 2026-01-06 | 2025-12-30 | 0000866273-26-000006 ↗ |
| 10-Q | 2025-11-06 | 2025-09-30 | 0000866273-25-000103 ↗ |
| 8-K | 2025-11-05 | 2025-11-05 | 0000866273-25-000098 ↗ |
| 8-K | 2025-11-04 | 2025-11-04 | 0000866273-25-000081 ↗ |
| 10-K | 2025-09-10 | 2025-06-30 | 0000866273-25-000069 ↗ |
| 8-K | 2025-09-09 | 2025-09-09 | 0000866273-25-000066 ↗ |
| 8-K | 2025-08-25 | 2025-08-22 | 0000866273-25-000037 ↗ |