Matrix Service Company — Earnings Quality Grade F
MTRX · Industrials
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 74 days, change +4 days YoY
AR outpaced revenue for 2 consecutive years
Revenue 5.6%, CFFO 61.9%. Cash follows revenue
Expense Quality
Inventory -33.1% vs COGS 6.1%. Normal
CapEx growth 9.9% vs revenue 5.6%. Normal
SG&A/Gross Profit = 179.4%, exceeds 70%
Gross margin 5.2%, change -0.4pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF $0.1B, FCF/NI = -3.73
Accruals ratio = -24.5%. Low accruals
Cash $0.2B covers debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 21% of equity. Manageable
Interest coverage = -60.8x (<2x). Financial stress
Other assets grew 61.2% vs revenue 5.6%
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -3% YoY. Normal
Manipulation Score
M-Score = -3.53 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25