Matrix Service - Public Comps and Valuation Multiples

Matrix Service Overview

About Matrix Service

Matrix Service Co provides engineering, fabrication, construction, maintenance, and repair services prominently to the energy and industrial markets. The company operates through three main segments: Storage and Terminal Solutions, Utility and Power Infrastructure, and Process and Industrial Facilities. These segments cover services like building and maintaining storage tanks and terminals, supporting power delivery and new power generation projects including renewables, as well as plant maintenance and turnarounds for refining and petrochemical industries. Matrix generates revenue by delivering these services to clients in oil, gas, power, and petrochemical sectors across North America and internationally.

Founded

1989

HQ

Employees

2.2K+

Website

matrixservice.com

Sectors

Construction & Engineering

Financials

LTM Revenue $801M

LTM EBITDA -$12.1M

EV

$159M

Valuation Multiples

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Matrix Service Financials

As of September 2025, Matrix Service reported last 12-month revenue of $801M and EBITDA of -$12.1M.

In the same period, Matrix Service generated $49.1M in LTM gross profit and -$18.6M in net income.

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Matrix Service P&L

In the most recent fiscal year, Matrix Service reported revenue of $769M and EBITDA of -$18.5M.

Matrix Service expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$801M	XXX	$769M	XXX	XXX	XXX
Gross Profit	$49.1M	XXX	$39.7M	XXX	XXX	XXX
Gross Margin	6%	XXX	5%	XXX	XXX	XXX
EBITDA	-$12.1M	XXX	-$18.5M	XXX	XXX	XXX
EBITDA Margin	-2%	XXX	-2%	XXX	XXX	XXX
EBIT	-$22.4M	XXX	-$31.5M	XXX	XXX	XXX
EBIT Margin	-3%	XXX	-4%	XXX	XXX	XXX
Net Profit	-$18.6M	XXX	-$29.5M	XXX	XXX	XXX
Net Margin	-2%	XXX	-4%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Matrix Service including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $801M. EBITDA for the last twelve months was -$12.1M. In the most recent fiscal year, Matrix Service achieved $769M in revenue and -$18.5M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$801M	Analyst estimates available to subscribers	$769M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$49.1M	Analyst estimates available to subscribers	$39.7M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	6.1% gross margin	Analyst estimates available to subscribers	5.2% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	-$12.1M	Analyst estimates available to subscribers	-$18.5M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	-1.5% EBITDA margin	Analyst estimates available to subscribers	-2.4% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	-$22.4M	Analyst estimates available to subscribers	-$31.5M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	-2.8% EBIT margin	Analyst estimates available to subscribers	-4.1% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$18.6M	Analyst estimates available to subscribers	-$29.5M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-2.3% net profit margin	Analyst estimates available to subscribers	-3.8% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Matrix Service

This financial data table provides comprehensive performance metrics for Matrix Service, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Matrix Service generated $801M in revenue over the last twelve months.
The company achieved -$12.1M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $49.1M.
Net income over the last twelve months reached -$18.6M.

Fiscal Year Performance

In the most recent fiscal year, Matrix Service reported $769M in total revenue.
Fiscal year EBITDA was -$18.5M.
The company maintained a gross profit margin of 5.2% in the most recent fiscal year.
EBITDA margin for the fiscal year was -2.4%.
Net profit margin reached -3.8% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Matrix Service. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Matrix Service Stock Performance

Matrix Service has current market cap of $362M, and EV of $159M.

Market Cap Evolution

Matrix Service Stock Data

As of October 2, 2025, Matrix Service's stock price is $13.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$159M	$362M	XXX	XXX	XXX	XXX	$-0.67

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Matrix Service Valuation Multiples

Matrix Service's trades at 0.2x EV/Revenue multiple, and -10.1x EV/EBITDA.

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Matrix Service Financial Valuation Multiples

As of October 2, 2025, Matrix Service has market cap of $362M and EV of $159M.

Equity research analysts estimate Matrix Service's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Matrix Service has a P/E ratio of -19.5x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$362M	XXX	$362M	XXX	XXX	XXX
EV (current)	$159M	XXX	$159M	XXX	XXX	XXX
EV/Revenue	0.2x	XXX	0.2x	XXX	XXX	XXX
EV/EBITDA	-13.1x	XXX	-10.1x	XXX	XXX	XXX
EV/EBIT	-7.1x	XXX	-5.2x	XXX	XXX	XXX
EV/Gross Profit	3.2x	XXX	n/a	XXX	XXX	XXX
P/E	-19.5x	XXX	-13.3x	XXX	XXX	XXX
EV/FCF	2.1x	XXX	1.8x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Matrix Service Margins & Growth Rates

Matrix Service's last 12 month revenue growth is 14%

Matrix Service's revenue per employee in the last FY averaged $0.3M, while opex per employee averaged $32K for the same period.

Matrix Service's rule of 40 is 12% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Matrix Service's rule of X is 33% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Matrix Service Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	14%	XXX	12%	XXX	XXX	XXX
EBITDA Margin	-2%	XXX	-2%	XXX	XXX	XXX
EBITDA Growth	-308%	XXX	n/a	XXX	XXX	XXX
Rule of 40	12%	XXX	12%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	33%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.3M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$32K	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	9%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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