# MATRIX SERVICE CO (MTRX) Informational only - not investment advice. CIK: 0000866273 SIC: 1700 Construction - Special Trade Contractors SIC breadcrumb: [Construction](/division/C/) > [SIC Major Group 17](/major-group/17/) > [SIC 1700 Construction - Special Trade Contractors](/industry/1700/) Latest 10-K filed: 2025-09-10 SEC page: https://www.sec.gov/edgar/browse/?CIK=866273 Filing source: https://www.sec.gov/Archives/edgar/data/866273/000086627325000069/mtrx-20250630.htm ## At a glance FY2025 · period end 2025-06-30 · filed 2025-09-10 · accession 0000866273-25-000069 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000866273.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 769,286,000 USD | 2025 | verified | | Net income | -29,462,000 USD | 2025 | verified | | Assets | 600,256,000 USD | 2025 | verified | | Free cash flow | 109,786,000 USD | 2025 | computed | | Net margin | -3.83% | 2025 | computed | | Operating margin | -4.56% | 2025 | computed | | Revenue YoY | +5.64% | 2025 | computed | | ROE | -20.64% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | MTRX | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | -3.8% | 2.4% | 14 | 8 | | Operating margin | -4.6% | 6.9% | 14 | 8 | | Revenue growth | 5.6% | 14.8% | 29 | 8 | | ROA | -4.9% | 1.0% | 14 | 8 | | Current ratio | 0.96 | 1.52 | 14 | 8 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 1700 Construction - Special Trade Contractors, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 769286000 | USD | 2025 | 2025-09-10 | | Net income | -29462000 | USD | 2025 | 2025-09-10 | | Assets | 600256000 | USD | 2025 | 2025-09-10 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2025-09-10. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000866273.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | 1,311,917,000 | 1,197,509,000 | 1,091,553,000 | 1,416,680,000 | 1,100,938,000 | 673,398,000 | 707,780,000 | 795,020,000 | 728,213,000 | 769,286,000 | | Net income | 28,863,000 | -183,000 | -11,480,000 | 27,982,000 | -33,074,000 | -31,224,000 | -63,900,000 | -52,361,000 | -24,976,000 | -29,462,000 | | Operating income | 40,882,000 | 4,859,000 | -10,479,000 | 37,930,000 | -36,625,000 | -43,747,000 | -87,854,000 | -52,887,000 | -30,113,000 | -35,068,000 | | Gross profit | 125,991,000 | 81,003,000 | 91,936,000 | 131,951,000 | 102,176,000 | 32,765,000 | -1,206,000 | 30,820,000 | 40,473,000 | 39,677,000 | | Diluted EPS | 1.07 | -0.01 | -0.43 | 1.01 | -1.24 | -1.18 | -2.39 | -1.94 | -0.91 | -1.06 | | Operating cash flow | 33,587,000 | -18,746,000 | 74,671,000 | 41,394,000 | 44,085,000 | -2,971,000 | -54,196,000 | 10,247,000 | 72,571,000 | 117,471,000 | | Capital expenditures | 13,939,000 | 11,908,000 | 8,711,000 | 19,558,000 | 18,539,000 | 4,354,000 | 3,345,000 | 9,009,000 | 6,994,000 | 7,685,000 | | Assets | 564,967,000 | 586,030,000 | 558,033,000 | 633,394,000 | 517,310,000 | 467,556,000 | 440,793,000 | 400,504,000 | 451,351,000 | 600,256,000 | | Liabilities | 249,401,000 | 264,221,000 | 239,190,000 | 281,437,000 | 209,421,000 | 182,017,000 | 213,087,000 | 219,020,000 | 287,169,000 | 457,540,000 | | Stockholders' equity | 315,566,000 | 321,809,000 | 318,843,000 | 351,957,000 | 307,889,000 | 285,539,000 | 227,706,000 | 181,484,000 | 164,182,000 | 142,716,000 | | Cash and cash equivalents | 71,656,000 | 43,805,000 | 64,057,000 | 89,715,000 | 100,036,000 | 83,878,000 | 52,371,000 | 54,812,000 | 115,615,000 | 224,641,000 | | Free cash flow | 19,648,000 | -30,654,000 | 65,960,000 | 21,836,000 | 25,546,000 | -7,325,000 | -57,541,000 | 1,238,000 | 65,577,000 | 109,786,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | 2.20% | -0.02% | -1.05% | 1.98% | -3.00% | -4.64% | -9.03% | -6.59% | -3.43% | -3.83% | | Operating margin | 3.12% | 0.41% | -0.96% | 2.68% | -3.33% | -6.50% | -12.41% | -6.65% | -4.14% | -4.56% | | Return on equity | 9.15% | -0.06% | -3.60% | 7.95% | -10.74% | -10.94% | -28.06% | -28.85% | -15.21% | -20.64% | | Return on assets | 5.11% | -0.03% | -2.06% | 4.42% | -6.39% | -6.68% | -14.50% | -13.07% | -5.53% | -4.91% | | Liabilities / equity | 0.79 | 0.82 | 0.75 | 0.80 | 0.68 | 0.64 | 0.94 | 1.21 | 1.75 | 3.21 | | Current ratio | 1.53 | 1.64 | 1.50 | 1.51 | 1.90 | 1.90 | 1.62 | 1.40 | 1.14 | 0.96 | ## As-reported value updates 1 tracked difference above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/MTRX/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-07. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000866273.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2019-Q4 | 2019-06-30 | | 12,812,000 | | derived Q4 = FY annual - nine-month YTD | | 2020-Q1 | 2019-09-30 | | 6,151,000 | | reported discrete quarter | | 2023-Q1 | 2022-09-30 | | | -0.24 | reported discrete quarter | | 2023-Q2 | 2022-12-31 | | | -1.22 | reported discrete quarter | | 2023-Q3 | 2023-03-31 | | | -0.47 | reported discrete quarter | | 2023-Q4 | 2023-06-30 | 205,854,000 | | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2023-09-30 | 197,659,000 | | -0.12 | reported discrete quarter | | 2024-Q2 | 2023-12-31 | 175,042,000 | -2,851,000 | -0.10 | reported discrete quarter | | 2024-Q3 | 2024-03-31 | 166,013,000 | -14,581,000 | -0.53 | reported discrete quarter | | 2024-Q4 | 2024-06-30 | 189,499,000 | -4,377,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2024-09-30 | 165,579,000 | -9,223,000 | -0.33 | reported discrete quarter | | 2025-Q2 | 2024-12-31 | 187,169,000 | -5,533,000 | -0.20 | reported discrete quarter | | 2025-Q3 | 2025-03-31 | 200,161,000 | -3,434,000 | -0.12 | reported discrete quarter | | 2025-Q4 | 2025-06-30 | 216,377,000 | -11,272,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2025-09-30 | 211,884,000 | -3,663,000 | -0.13 | reported discrete quarter | | 2026-Q2 | 2025-12-31 | 210,508,000 | -894,000 | -0.03 | reported discrete quarter | | 2026-Q3 | 2026-03-31 | 206,709,000 | 835,000 | 0.03 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from MTRX's latest 10-K: [/company/MTRX/business/](/company/MTRX/business/). ## Risk Factors Verbatim Item 1A Risk Factors from MTRX's latest 10-K: [/company/MTRX/risk-factors/](/company/MTRX/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/866273/000086627326000029/mtrx-20260331.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high Filing date: 2026-05-07 Report date: 2026-03-31 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations FORWARD-LOOKING STATEMENTS This Form 10-Q includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this Form 10-Q which address activities, events or developments which we expect, believe or anticipate will or may occur in the future are forward-looking statements. The words “believes,” “intends,” “expects,” “anticipates,” “projects,” “estimates,” “predicts” and similar expressions are also intended to identify forward-looking statements. Although we believe that our expectations regarding future events are based on reasonable assumptions, we can give no assurance that such expectations or assumptions will be achieved. Important factors that could cause actual results to differ materially from those in the forward-looking statements are described under Item 1A of Part I of our Annual Report on Form 10-K for the fiscal year ended June 30, 2025. These forward-looking statements include, among others, such things as: •amounts and nature of future project awards, revenue and margins from each of our segments; •our ability to generate sufficient cash from operations, access our credit facility, or raise cash in order to meet our short and long-term capital requirements; •our ability to comply with the covenants in the ABL Facility; •the impact to our business from economic, market or business conditions in general and in the natural gas, oil, petrochemical, industrial and power industries in particular; •the impact of interest rates and inflation on our operating expenses and our business operations; •the likely impact of new or existing regulations or market forces on the demand for our services; •the impact to our business from disruptions to supply chains, inflation and availability of materials and labor; •our expectations with respect to the likelihood of a future impairment; •our expectations regarding pending litigation; and •expansion and other trends of the industries we serve. These statements are based on certain assumptions and analyses we made in light of our experience and our historical trends, current conditions and expected future developments as well as other factors we believe are appropriate. However, whether actual results and developments will conform to our expectations and predictions is subject to a number of risks and uncertainties which could cause actual results to differ materially from our expectations, including: •any risks discussed in this Form 10-Q, our Form 10-K for the fiscal year ended June 30, 2025, and in our other filings with the Securities and Exchange Commission; •economic, market or business conditions in general, disruptions in the global supply chain, and in the natural gas, power, oil, petrochemical, industrial and power industries in particular; •the transition to renewable energy sources and its impact on our current customer base; •the under- or over-utilization of our work force; •unexpected adjustments to our remaining performance obligations or backlog; •delays in the commencement or progression of major projects, whether due to permitting issues or other factors; •reduced creditworthiness of our customer base and the higher risk of non-payment of receivables; •the inherently uncertain outcome of current and future litigation; •the adequacy of our reserves for claims and contingencies; and •changes in laws or regulations, including the imposition, cancellation or delay of tariffs on imported goods. -16- Table of Contents Consequently, all of the forward-looking statements made in this Form 10-Q are qualified by these cautionary statements and there can be no assurance that the actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences or effects on our business operations. We assume no obligation to update, except as required by law, any such forward-looking statements, whether as a result of new information, future events or otherwise. Investors should note that we announce material financial information in SEC filings, press releases, presentations and public conference calls. Based on guidance from the SEC, we may use the Investors section of our website (www.matrixservicecompany.com) to communicate with investors and we intend to post presentations and other materials there. It is possible that the financial and other information posted to our website could be deemed to be material information. The information on our website is not part of, and is not incorporated into, this report. -17- Table of Contents RESULTS OF OPERATIONS Overview We operate our business through a number of different operating subsidiaries, which are organized into three reportable segments based on the type of work performed and the markets serviced: •Storage and Terminal Solutions: primarily consists of engineering, procurement, fabrication, and construction services related to cryogenic and other specialty tanks and terminals for LNG, NGLs such as butane, propane, ethane, ethylene, and other liquid petroleum products, as well as hydrogen and ammonia. We also perform work related to traditional aboveground crude oil and refined product storage tanks and terminals. This segment also includes terminal balance of plant work, truck and rail loading/offloading facilities, and marine structures as well as storage tank and terminal maintenance and repair. Finally, we manufacture and sell precision engineered specialty tank products, including geodesic domes, aluminum internal floating roofs, floating suction and skimmer systems, roof drain systems and floating roof seals. •Utility and Power Infrastructure: primarily consists of engineering, procurement, fabrication, and construction services to support growing demand for LNG utility peak shaving facilities. We also perform power delivery work for public and private utilities, including construction of new substations, upgrades of existing substations, and maintenance. We also provide construction services to a variety of power generation facilities, including natural gas fired facilities in simple or combined cycle configurations for base load, peaking, and backup power supply. •Process and Industrial Facilities: primarily consists of plant maintenance, repair, and turnarounds in the downstream and midstream markets for energy clients including refining and processing of crude oil, fractionating, and marketing of natural gas and NGLs. We also perform engineering, procurement, fabrication, and construction for refinery upgrades and retrofits for renewable fuels, including hydrogen processing, production, loading and distribution facilities. We also engineer and construct thermal vacuum test chambers for aerospace and defense industries and other infrastructure for industries including chemicals, petrochemical, sulfur, mining and minerals, cement, agriculture, wastewater treatment facilities and other industrial customers. Operational Update The third quarter of fiscal 2026 marked a significant inflection point for our business, as we returned to profitability. For the three months ended March 31, 2026, we reported net income of $0.8 million, compared to a net loss of $3.4 million in the same period last year. This improvement reflects the successful execution of our strategic initiatives, including disciplined project management and targeted restructuring actions. Our gross margin increased to 8.3% in the third quarter of fiscal 2026, up from 6.4% in the same period last year, driven by improved project execution in our Storage and Terminal Solutions and Utility and Power Infrastructure segments. These results demonstrate the positive impact of our efforts to enhance operational efficiency and optimize our project portfolio. Additionally, the reduction in selling, general and administrative (SG&A) expenses, which are down 14% year-over-year, reflects the benefits of our organizational restructuring and ongoing cost discipline. While our return to profitability is an important milestone, we recognize that further work is required to achieve our long-term financial objectives. Overhead cost absorption remains an area of focus. We continue to pursue opportunities to better align our cost structure with current and anticipated business volumes, including the reallocation of resources and the streamlining of support functions. Moreover, although SG&A leverage improved this quarter, we are committed to driving additional efficiencies to ensure that our overhead costs scale appropriately as revenue grows. To that end, in the fourth quarter of fiscal 2026, we have taken a number of actions aimed at further reducing our cost structure by reducing our workforce, including the elimination of our Chief Administrative Officer position. In addition to these actions, during the fourth quarter of fiscal 2026, we announced the planned departure of our Chief Financial Officer, Kevin Cavanah, which is expected to occur in September 2026. We have retained a leading executive search firm to conduct a comprehensive search for our next Chief Financial Officer who will work alongside our incoming President and Chief Executive Officer Shawn Payne to lead the organization in fiscal 2027 and beyond. Looking ahead, we will maintain our focus on revenue and profitability growth through disciplined project selection, operational execution, and cost management. These priorities are essential to sustaining profitability, improving returns on invested capital, and positioning the company for long-term growth. We believe that the actions we are taking will further strengthen our competitive position and enhance value for our stockholders. -18- Table of Contents Backlog We define backlog as the total dollar amount of revenue that we expect to recognize as a result of performing work that has been awarded to us through a signed contract, limited notice to proceed ("LNTP") or other type of assurance that we consider firm. The following arrangements are considered firm: •fixed-price awards; •minimum customer commitments on cost plus arrangements; and •certain time and material arrangements in which the estimated value is firm or can be estimated with a reasonable amount of certainty in both timing and amounts. For long-term maintenance contracts with no minimum commitments and other established customer agreements, we include only the amounts that we expect to recognize as revenue over the next 12 months. For arrangements in which we have received a LNTP, we include the entire scope of work in our backlog if we conclude that the likelihood of the full project proceeding is probable. For all other arrangements, we calculate backlog as the estimated contract amount less revenue recognized as of the reporting date. Backlog differs from the amount of our remaining performance obligations, which are described in Note 2 - Revenue in the notes to the unaudited consolidated financial statements. Differences are due primarily to the inclusion within our backlog of estimates of future revenue under long-term maintenance contracts; future revenue for the full scope of work for certain arrangements where we have received an LNTP; and future revenue for arrangements where we have received assurance that we consider firm, but the associated contract has not been fully executed. The following table provides a summary of changes in our backlog for the three months ended March 31, 2026: [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/866273/000086627325000069/mtrx-20250630.htm Complete FY 2025 MD&A: /company/MTRX/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2025-09-10 Report date: 2025-06-30 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations Management’s discussion and analysis of our financial condition and results of operations is based on our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). GAAP represents a comprehensive set of accounting and disclosure rules and requirements, the application of which requires management judgments and estimates including, in certain circumstances, choices between acceptable GAAP alternatives. The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities, if any, at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. We base our estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances. Actual results could differ from these estimates under different assumptions or conditions. Note 1 - Summary of Significant Accounting Policies of the Notes to Consolidated Financial Statements included in Part II, Item 8 - Financial Statements and Supplementary Data in this Annual Report on Form 10-K, contains a comprehensive summary of our significant accounting policies. The following is a discussion of our most critical accounting policies, estimates, judgments and uncertainties that are inherent in our application of GAAP. RESULTS OF OPERATIONS Reportable Segments We operate our business through three reportable segments: •Storage and Terminal Solutions: primarily consists of engineering, procurement, fabrication, and construction services related to cryogenic and other specialty tanks and terminals for LNG, NGLs, hydrogen, ammonia, propane, butane, liquid nitrogen/liquid oxygen, and liquid petroleum. We also perform work related to traditional aboveground crude oil and refined product storage tanks and terminals. This segment also includes terminal balance of plant work, truck and rail loading/offloading facilities, and marine structures as well as storage tank and terminal maintenance and repair. Finally, we manufacture and sell precision engineered specialty tank products, including geodesic domes, aluminum internal floating roofs, floating suction and skimmer systems, roof drain systems and floating roof seals. •Utility and Power Infrastructure: primarily consists of engineering, procurement, fabrication, and construction services to support growing demand for LNG utility peak shaving facilities. We also perform power delivery work for public and private utilities, including construction of new substations, upgrades of existing substations, and maintenance. We also provide construction services to a variety of power generation facilities, including natural gas fired facilities in simple or combined cycle configurations. •Process and Industrial Facilities: primarily consists of plant maintenance, repair, and turnarounds in the downstream and midstream markets for energy clients including refining and processing of crude oil, fractionating, and marketing of natural gas and natural gas liquids. We also perform engineering, procurement, fabrication, and construction for refinery upgrades and retrofits for renewable fuels, including hydrogen processing, production, loading and distribution facilities. We also engineer and construct thermal vacuum test chambers for aerospace and defense industries and other infrastructure for industries including chemicals, petrochemical, sulfur, mining and minerals primarily in the extraction of non-ferrous metals, cement, agriculture, wastewater treatment facilities and other industrial customers. Overview Significant period to period changes in revenue, gross profits and operating results between fiscal 2025 and fiscal 2024 are discussed below on a consolidated basis for each segment. A discussion of results of operations changes between fiscal 2024 and fiscal 2023 is included in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the year ended June 30, 2024, which was filed with the SEC on September 10, 2024. 24 Table of Contents Matrix Service Company Results of Operations (In thousands) Operational Update Operating activity increased each quarter during fiscal 2025 as quarterly revenues grew from $165.6 million in the first quarter of fiscal 2025 to $216.4 million in the fourth quarter of fiscal 2025, an increase of 31% and the highest levels since the third quarter of fiscal 2020, which marked the beginning of the COVID-19 pandemic. The increase was the result of advancing work on several multiyear projects currently in backlog. Project awards during fiscal 2025 were $726.0 million, resulting in a current year book-to-bill ratio of 0.9x, and maintaining our backlog at near-record levels of $1.4 billion. Award activity was driven by our Storage and Terminal solutions segment, and included the award of a large specialty storage project. The market drivers for each of our segments are strong and include increased oil and gas demand, the clean energy transition, low-cost feed stock, increased power demands associated with data centers, industrial reshoring/onshoring, grid reliability and electrical supply assurance. As a result, we believe we will have strong award activity in the coming year. While our award activity during the year was strong, heightened macroeconomic uncertainty and the evolving impact of U.S. trade policy on infrastructure economics has impacted the timing of customer decisions in the near term. We believe customer delays in project starts and final investment decisions to be a short-term disruption, while an overall favorable regulatory environment for our customers underpins long-term momentum for our business. We continue to sharpen and better align our business for the current and coming marketplace. Accordingly, we have consolidated certain aspects of the business to further improve our performance and create a flatter, leaner management structure. In addition, we continue to evaluate our business lines and, where appropriate, reallocate resources to those businesses that present the best opportunities. We remain focused on delivering sustainable, long-term shareholder value by building a resilient, growth-oriented platform aligned with the evolving needs of our customers. We believe actions taken in the fourth quarter of fiscal 2025 and the first quarter of fiscal 2026 will reduce our overall cost structure, improving our overhead recovery and operating leverage. Backlog We define backlog as the total dollar amount of revenue that we expect to recognize as a result of performing work that has been awarded to us through a signed contract, limited notice to proceed ("LNTP") or other type of assurance that we consider firm. The following arrangements are considered firm: •fixed-price awards; •minimum customer commitments on cost plus arrangements; and •certain time and material arrangements in which the estimated value is firm or can be estimated with a reasonable amount of certainty in both timing and amounts. For long-term maintenance contracts with no minimum commitments and other established customer agreements, we include only the amounts that we expect to recognize as revenue over the next 12 months. For arrangements in which we have received a LNTP, we include the entire scope of work in our backlog if we conclude that the likelihood of the full project proceeding is high. For all other arrangements, we calculate backlog as the estimated contract amount less revenue recognized as of the reporting date. Backlog differs from the amount of our remaining performance obligations, which are described in Note 2 - Revenue in the notes to the audited consolidated financial statements. Differences are due primarily to the inclusion within our backlog of estimates of future revenue under long-term maintenance contracts; future revenue for the full scope of work for certain arrangements where we have received an LNTP; and future revenue for arrangements where we have received assurance that we consider firm, but the associated contract has not been fully executed. The following table provides a summary of changes in our backlog for fiscal 2025: 25 Table of Contents [[GREPCENT_TABLE]] [["","","Storage and Terminal Solutions","","Utility and Power Infrastructure","","Process and Industrial Facilities","","Total"],["","","(In thousands)"],["Backlog as of June 30, 2024","","$","798,255","","","$","379,697","","","$","251,521","","","$","1,429,473"],["Project awards","","337,731","","","215,378","","","172,918","","","726,027"],["Other adjustment(2)","","\u2014","","","\u2014","","","(4,106)","","","(4,106)"],["Revenue recognized","","(365,891)","","","(248,691)","","","(154,704)","","","(769,286)"],["Backlog as of June 30, 2025","","$","770,095","","","$","346,384","","","$","265,629","","","$","1,382,108"],["Book-to-bill ratio(1)","","0.9x","","0.9x","","1.1x","","0.9x"]] [[/GREPCENT_TABLE]] (1)Calculated by dividing project awards by revenue recognized. (2)Backlog was reduced as a result of the closure of a customer's facility. This customer has historically represented less than 1% of our consolidated revenues. In the Storage and Terminal Solutions segment, we booked $337.7 million of project awards during fiscal 2025. Project awards included a project for the engineering and construction of large refrigerated propane and butane tanks as well as spheres for related NGL products. This segment includes significant opportunities for storage infrastructure projects related to natural gas, LNG, ammonia, NGLs and other forms of low carbon energy. We believe LNG and ammonia projects in particular will be key growth drivers for this segment. Bidding activity on LNG and ammonia projects has been strong and we expect that to continue. In the Utility and Power Infrastructure segment, we booked $215.4 million of project awards in fiscal 2025. Our opportunity pipeline for LNG peak shaving projects continues to be promising; however those awards, while significant, can be less frequent. Power delivery opportunities are expected to be driven over the long-term by increasing electrical demand and the related electrical grid requirements. Project opportunities and bidding activity are strong for both the power delivery portion of the business and LNG peak shaving. In the Process and Industrial Facilities segment, we booked $172.9 million of project awards in fiscal 2025, and were notified of a five-year renewal of a refinery maintenance contract. We continue to see demand for thermal vacuum chambers in the coming quarters, as well as increasing opportunities in mining and minerals, chemicals, low carbon projects and refinery turnarounds. Project awards in all segments are cyclical and are typically the result of a sales process that can take several months or years to complete. It is common for awards to shift from one period to another as the timing of awards is dependent upon a number of factors including changes in market conditions, permitting, off take agreements, project financing and other factors. Backlog volatility may increase for some segments from time to time when individual project awards are less frequent, but more significant. There is an inherent lag between the time a project is awarded and when it begins to have a material impact on revenue. This lag can vary and can extend up to six months or longer in unique circumstances, depending on finalization of scopes, contracts, permits, and facility process requirements. Additionally, awards for larger construction projects may be recognized as revenue over a multi-year period as the projects m [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/MTRX/mda/fy2025/ All MD&A years: /company/MTRX/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/MTRX/mda/fy2024/): filed 2024-09-10; accession 0000866273-24-000092 (https://www.sec.gov/Archives/edgar/data/866273/000086627324000092/mtrx-20240630.htm) - [FY 2023 MD&A](/company/MTRX/mda/fy2023/): filed 2023-09-12; accession 0000866273-23-000058 (https://www.sec.gov/Archives/edgar/data/866273/000086627323000058/mtrx-20230630.htm) - [FY 2022 MD&A](/company/MTRX/mda/fy2022/): filed 2022-10-11; accession 0000866273-22-000105 (https://www.sec.gov/Archives/edgar/data/866273/000086627322000105/mtrx-20220630.htm) - [FY 2021 MD&A](/company/MTRX/mda/fy2021/): filed 2021-09-13; accession 0000866273-21-000088 (https://www.sec.gov/Archives/edgar/data/866273/000086627321000088/mtrx-20210630.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 1700 Construction - Special Trade Contractors) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units - [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm Macro-to-micro threads including this sector: [Growth & output](/thread/growth-output/), [Housing & construction](/thread/housing-construction/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/MTRX.md · JSON record: /company/MTRX.json · verified financials: /company/MTRX/financials.json / /company/MTRX/financials.csv · machine TOC for the whole site: /llms.txt