Matrix Service Co (NASDAQ: MTRX) is an industrial construction and engineering company that provides engineering, procurement, fabrication, and construction services for energy storage, utility, and industrial facilities across North America. Revenue is generated on a project and maintenance contract basis, recognized under the percentage-of-completion method as work progresses on each performance obligation. The company operates three reportable segments: Storage and Terminal Solutions, Utility and Power Infrastructure, and Process and Industrial Facilities. As of June 30, 2024, total backlog stood at $1.43 billion across those three segments, with Storage and Terminal Solutions carrying the largest share at $798.3 million. Headquarters are in Tulsa, Oklahoma, with fabrication facilities and regional offices across the United States and in Canada and South Korea (per the FY2025 10-K filed September 10, 2025). The company also manufactures specialty tank products including geodesic domes, aluminum internal floating roofs, and floating roof seals.

Revenue model

Project-based construction and engineering contracts recognized under the percentage-of-completion method, plus long-term maintenance contracts and sale of precision-engineered specialty tank products. Revenue on long-term maintenance contracts with no minimum commitments is limited to amounts expected to be recognized over the next 12 months.

Products and services

Storage and Terminal Solutions: EPC services for cryogenic and specialty tanks for LNG, NGLs, hydrogen, ammonia, propane, butane, liquid nitrogen, liquid oxygen, and liquid petroleum; traditional aboveground crude oil and refined product storage tanks; terminal balance of plant; truck and rail loading/offloading; marine structures; tank and terminal maintenance and repair; manufactured 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: EPC services for LNG utility peak shaving facilities; power delivery work including new substation construction and substation upgrades; construction services for natural gas fired power generation facilities. Process and Industrial Facilities: plant maintenance and other industrial facility services.

Customers and end markets

End markets include LNG and natural gas liquids storage, hydrogen and ammonia storage, crude oil and refined product terminals, electric utilities, power generation, and industrial process facilities. Customers include public and private utilities. Specific customer names and concentration data are not disclosed in the excerpts provided.

Value-chain role

Downstream engineering, procurement, fabrication, and construction contractor serving energy storage, utility, and industrial end markets. Also a manufacturer of specialty tank components sold directly to customers.

Geographic exposure

Primarily United States, with facilities in Tulsa (OK), Bakersfield (CA), Bellingham (WA), Catoosa (OK), Houston (TX), Pittsburgh (PA), and other locations. International presence in Leduc and Sarnia, Canada, and Paju-si, South Korea, per the FY2025 10-K filed September 10, 2025.

Source: SEC 10-K, filed 2025-09-10

Industry: Construction - Special Trade Contractors Peers: Limbach Holdings Inc Bowman Consulting Group Ltd. Concrete Pumping Holdings Inc Innovate Corp NWPX Infrastructure Inc Orion Group Holdings Inc Tutor Perini Corp QualTek Services Inc. Quanta Services Inc