Matrix Service Company
MTRX Industrials Engineering & Construction
Matrix Service Company’s revenue for fiscal 2026 (year ended June 2026) was $873.6 million, up 13.6% from fiscal 2025. In the quarter to June 2026, revenue grew 13.0%, EPS grew 110.0% and free cash flow fell 125.3%, each against the same quarter a year earlier.
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Matrix Service Company (MTRX) Altman Z-score
Matrix Service Company's Altman Z-score for fiscal 2026 is 1.89, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2026 | 1.89 | 0.33 |
| FY2025 | 1.56 | (0.61) |
| FY2024 | 2.16 | (0.25) |
| FY2023 | 2.41 | 0.43 |
| FY2022 | 1.98 | (0.94) |
| FY2021 | 2.93 | (0.64) |
| FY2020 | 3.56 | (0.83) |
| FY2019 | 4.39 | 0.48 |
| FY2018 | 3.91 | 0.46 |
| FY2017 | 3.45 | (0.99) |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.01) | — | −0.01 | |
| Retained earnings / total assets | 0.00 | — | 0.00 | |
| EBIT / total assets | (0.02) | — | −0.05 | |
| Market value of equity / total liabilities | 0.84 | — | 0.50 | |
| Sales / total assets | 1.45 | — | 1.45 | |
| Altman Z-score | Grey zone | 1.89 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | 0.15 | ||
Z and Z″ put Matrix Service Company in different zones: grey zone by Z, distress zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| PHOE Phoenix Asia Holdings Limited compare | 166× |
| MAGH Magnitude International Ltd compare | 22.9× |
| ORN Orion Group Holdings, Inc. compare | 3.1× |
| CDNL Cardinal Infrastructure Group Inc. compare | 2.7× |
| BWMN Bowman Consulting Group Ltd. compare | 1.9× |
| MTRX Matrix Service Company | 1.9× |
| SHIM Shimmick Corporation compare | 1.4× |
| BBCP CONCRETE PUMPING HOLDINGS, INC. compare | 0.9× |
| VATE INNOVATE Corp. compare | −0.2× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets