Latest Ratios: P/E Ratio -11.7x · EV/EBITDA N/A · ROE -19.2%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $350M | $375M | $272M | $159M | $135M | $278M | $259M | $559M | $491M | $248M | $447M |
| Enterprise Value | $147M | $172M | $179M | $139M | $124M | $220M | $195M | $475M | $427M | $249M | $375M |
| P/E Ratio → | -11.75 | — | — | — | — | — | — | 20.06 | — | — | 15.41 |
| P/S Ratio | 0.46 | 0.49 | 0.37 | 0.20 | 0.19 | 0.41 | 0.24 | 0.39 | 0.45 | 0.21 | 0.34 |
| P/B Ratio | 2.42 | 2.63 | 1.66 | 0.88 | 0.59 | 0.97 | 0.84 | 1.59 | 1.54 | 0.77 | 1.42 |
| P/FCF | 3.19 | 3.42 | 4.15 | 128.40 | — | — | 10.13 | 25.60 | 7.45 | — | 27.27 |
| P/OCF | 2.98 | 3.19 | 3.75 | 15.51 | — | — | 5.87 | 13.50 | 6.58 | — | 14.74 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.22 | 0.25 | 0.18 | 0.17 | 0.33 | 0.18 | 0.33 | 0.39 | 0.21 | 0.29 |
| EV / EBITDA | — | — | — | — | — | — | — | 8.47 | 43.29 | 9.41 | 6.02 |
| EV / EBIT | — | — | — | — | — | — | — | 12.51 | — | 45.61 | 7.94 |
| EV / FCF | — | 1.57 | 2.73 | 112.66 | — | — | 7.65 | 21.73 | 6.48 | — | 22.90 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 5.2% | 5.2% | 5.6% | 3.9% | -0.2% | 4.9% | 9.3% | 9.3% | 8.4% | 6.8% | 9.6% |
| Operating Margin | -4.6% | -4.6% | -4.1% | -6.7% | -12.4% | -6.5% | -3.3% | 2.7% | -1.0% | 0.4% | 3.1% |
| Net Profit Margin | -3.8% | -3.8% | -3.4% | -6.6% | -9.0% | -4.6% | -3.0% | 2.0% | -1.1% | -0.0% | 2.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -19.2% | -19.2% | -14.5% | -25.6% | -24.9% | -10.5% | -10.0% | 8.3% | -3.6% | -0.1% | 9.6% |
| ROA | -5.6% | -5.6% | -5.9% | -12.4% | -14.1% | -6.3% | -5.7% | 4.7% | -2.0% | -0.0% | 5.1% |
| ROIC | -479.8% | -479.8% | -19.3% | -21.0% | -29.7% | -13.9% | -10.7% | 10.9% | -2.7% | 1.3% | 13.4% |
| ROCE | -20.0% | -20.0% | -15.1% | -22.2% | -30.4% | -13.3% | -10.5% | 11.2% | -3.1% | 1.4% | 13.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.15 | 0.15 | 0.14 | 0.19 | 0.18 | 0.09 | 0.12 | 0.02 | — | 0.14 | — |
| Debt / EBITDA | — | — | — | — | — | — | — | 0.10 | — | 1.69 | — |
| Net Debt / Equity | — | -1.42 | -0.56 | -0.11 | -0.05 | -0.20 | -0.21 | -0.24 | -0.20 | 0.00 | -0.23 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | -1.51 | -6.49 | 0.03 | -1.15 |
| Debt / FCF | — | -1.85 | -1.41 | -15.74 | — | — | -2.48 | -3.86 | -0.97 | — | -4.37 |
| Interest Coverage | -54.98 | -54.98 | -21.13 | -25.07 | -18.75 | -26.75 | -21.95 | 29.27 | -3.67 | 2.47 | 55.50 |
Net cash position: cash ($225M) exceeds total debt ($21M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.96 | 0.96 | 1.14 | 1.40 | 1.62 | 1.90 | 1.90 | 1.51 | 1.50 | 1.64 | 1.53 |
| Quick Ratio | 0.95 | 0.95 | 1.10 | 1.36 | 1.56 | 1.85 | 1.87 | 1.49 | 1.48 | 1.62 | 1.51 |
| Cash Ratio | 0.51 | 0.51 | 0.44 | 0.29 | 0.29 | 0.55 | 0.57 | 0.33 | 0.27 | 0.20 | 0.29 |
| Asset Turnover | — | 1.28 | 1.61 | 1.99 | 1.61 | 1.44 | 2.13 | 2.24 | 1.96 | 2.04 | 2.32 |
| Inventory Turnover | 123.31 | 123.31 | 77.81 | 102.76 | 71.08 | 87.26 | 154.61 | 160.25 | 194.03 | 298.77 | 301.38 |
| Days Sales Outstanding | — | 87.71 | 86.74 | 87.76 | 109.42 | 89.43 | 74.31 | 81.04 | 94.76 | 93.32 | 81.92 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | 5.0% | — | — | 6.5% |
| FCF Yield | 31.3% | 29.3% | 24.1% | 0.8% | — | — | 9.9% | 3.9% | 13.4% | — | 3.7% |
| Buyback Yield | 0.4% | 0.3% | 0.2% | 0.2% | 0.0% | 0.6% | 7.9% | 1.2% | 0.1% | 0.9% | 3.4% |
| Total Shareholder Yield | 0.4% | 0.3% | 0.2% | 0.2% | 0.0% | 0.6% | 7.9% | 1.2% | 0.1% | 0.9% | 3.4% |
| Shares Outstanding | — | $28M | $27M | $27M | $27M | $26M | $27M | $28M | $27M | $27M | $27M |
Project Execution Margin Volatility
Based on current market data, MTRX trades at a price-to-sales ratio of 0.51, which appears to reflect significant skepticism regarding the company's ability to return to consistent profitability compared to its engineering and construction peers who command higher multiples due to more stable earnings profiles.
The forward P/E of 396.29 suggests that the market is pricing the stock as a speculative turnaround play rather than a mature, cash-generative entity. Investors should monitor whether the current valuation gap narrows as the company converts its growing backlog into realized operating income, as the current multiple likely ignores the potential for margin expansion in the cryogenic storage segment.
According to historical financial data, MTRX has struggled to generate positive returns on invested capital, with ROIC figures frequently dipping into negative territory, such as the -198.7% reported in 2025Q3, indicating that the company is currently destroying value rather than compounding it for shareholders.
The persistent inability to generate positive returns suggests that the company's asset base is not being utilized effectively to drive profitable growth. This trend warrants further investigation into whether the current capital allocation strategy is sufficient to support the specialized engineering requirements of the energy transition market.
As reported in recent quarterly filings, MTRX's cash conversion cycle has fluctuated significantly, reaching 47 days in 2026Q3, which highlights the company's reliance on managing unbilled receivables and customer payment terms to maintain its liquidity position in a project-heavy business model.
The variability in the cash conversion cycle suggests that operational efficiency is highly sensitive to project milestones and client payment behaviors. Investors should monitor the DSO trend, as any sustained increase could indicate potential disputes or delays in project completion that would further strain the company's working capital.
Based on the latest balance sheet, MTRX maintains a current ratio of 0.90, which, while appearing tight, is supported by a substantial cash position that provides a necessary cushion against the inherent volatility of large-scale engineering and construction project execution risks.
The company's liquidity position appears adequate to navigate short-term operational headwinds, provided that the current backlog does not require significant additional capital outlays. However, the reliance on working capital management means that the liquidity profile could shift rapidly if project milestones are delayed or if contract terms become less favorable.
The P/E ratio is frequently misapplied to MTRX, as the company's current earnings are heavily distorted by project-based accounting and non-recurring charges, which obscures the underlying cash-generating potential of its specialized cryogenic and industrial maintenance service segments.
For a company in the midst of a turnaround with volatile project-based revenue, the P/E ratio fails to capture the value of the company's backlog or its ability to generate cash through working capital management. Analysts should instead focus on EV/Sales or free cash flow metrics to better assess the company's true operational health and valuation relative to its peers.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying MTRX stock.
Matrix Service Company's current P/E ratio is -11.7x. The historical average is 22.5x.
Matrix Service Company's return on equity (ROE) is -19.2%. The historical average is -0.1%.
Based on historical data, Matrix Service Company is trading at a P/E of -11.7x. Compare with industry peers and growth rates for a complete picture.
Matrix Service Company has 5.2% gross margin and -4.6% operating margin.