Matrix Service Company

What Matrix Service Company does

Matrix Service Company (NASDAQ: MTRX) is a Tulsa, Oklahoma-based specialty engineering, procurement, and construction (EPC) contractor founded in 1984 and operating through four wholly-owned subsidiaries: Matrix PDM Engineering, Matrix NAC, Matrix Applied Technologies, and Matrix Service. The company builds, maintains, and repairs aboveground storage tanks, bulk and liquid terminals, LNG and cryogenic facilities, gas processing infrastructure, power and utility plants, and industrial process facilities, primarily for enterprise customers in the oil & gas, refining, chemical, midstream pipeline, power, and emerging low-carbon energy markets. Proprietary branded products include FlowDome™ geodesic domes, CryoDeck, SwingMaster™ joints, and the trade-secret-protected Devco II sulfur forming process, supported by an extensive certification stack (API 620/650/653/570/510, ASME U/U2/S/B31.3, OSHA VPP Star, and a U.S.-first GTT membrane tank license for LNG).

The company generates revenue primarily through fixed-price and time-and-materials EPC contracts on capital projects and maintenance work, with approximately 90% of revenue coming from repeat customers. Pricing is project-based with custom quotes per engagement and multi-year contract cadence. Distribution is direct enterprise field sales with no resellers, targeting major energy, industrial, and utility clients through competitive bidding and preferred-contractor relationships; named customers include BP, Cheniere/Bechtel, Enbridge, Kinder Morgan, Eagle LNG, TransCanada, and Shell Deer Park. Geographic footprint spans North America (U.S. and Canada) with operating presence in Korea and Australia.

The business is currently navigating a leadership transition (COO Shawn Payne named CEO-designate effective June 30, 2026, succeeding John R. Hewitt) and operating pressure, evidenced by a lowered FY2026 revenue guidance to $870-$890 million from $875-$925 million following a Q3 FY2026 earnings miss and multiple securities investigations launched by plaintiff law firms. Matrix Service Company has 2,000+ employees, was founded in 1984, and operates publicly on NASDAQ under the ticker MTRX.

Name

Matrix Service Company

Legal name

Matrix Service Company

Website

https://matrixservicecompany.com

Company type

Public

Founded year

1984

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Matrix Service Company (NASDAQ: MTRX) is a Tulsa-based EPC contractor founded in 1984 that designs, builds, and maintains aboveground storage tanks, terminals, LNG and cryogenic facilities, and industrial infrastructure for enterprise energy, power, and industrial customers across North America, Korea, and Australia.

Ownership category

akta.pro rank

Product category

Engineering, Procurement and Construction (EPC) Services

NAICS

Mining and Oil and Gas Field Machinery Manufacturing (33313), Agriculture, Construction, and Mining Machinery Manufacturing (3331)

SIC

Oil & Gas Field Services, Nec (1389), General Industrial Machinery & Equipment, Nec (3569)

akta.pro primary industry

Substation & Interconnection EPC (Collector/POI Substations, Switchyards) (EUAEADAC)

akta.pro secondary industries

Power Plant Electrical Systems EPC (Switchyard, Transformers, Protection & Controls) (EUAEAAAM), Electrical Balance-of-Plant EPC (MV Collection, Cabling, Earthing, Lighting) (EUAEADAB)

Keywords

• Aboveground storage tanks
• EPC construction services
• Tank maintenance and repair
• Cryogenic LNG storage
• Energy infrastructure construction

Headquarters

HQ city

Tulsa

HQ country

United States

HQ region

North America

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Infrastructure

Revenue model

1. EPC Services: Project-based engineering, procurement, and construction services for capital projects including tank storage, terminals, LNG facilities, and industrial infrastructure. Revenue is generated through fixed-price contracts and time-and-materials arrangements for both new construction and major maintenance projects.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Matrix Service Company provides engineering, procurement, and construction (EPC) services for the energy, industrial, and power + utilities markets, with specialized expertise in aboveground storage tanks, terminals, LNG and cryogenic facilities, gas processing, and carbon capture infrastructure. The company delivers full project lifecycle support from FEED through construction, commissioning, and ongoing maintenance, supported by proprietary tank products (FlowDome geodesic domes, CryoDeck, internal floating roofs) and North American fabrication facilities.

Product overview

Matrix Service Company operates as a specialty engineering and construction firm organized into four operating companies delivering infrastructure solutions across the energy, industrial, and power sectors. The company offers a comprehensive portfolio organized around EPC services (including Storage Solutions, Terminals, Power + Utility Plants, Gas Processing, Industrial EPC, and Carbon Capture), Engineering + Design through Matrix PDM Engineering, Construction Services, Maintenance Services (routine maintenance, turnarounds, API 653 repair, storm response, emergency repairs), Tank Products through Matrix Applied Technologies (FlowDome™ Geodesic Domes, Internal Floating Roofs, CryoDeck, Floating Suction/Skimmer Systems, Floating Roof Drain Systems, SwingMaster™ Joints, Leg Boots, Floating Roof Seals), and Fabrication capabilities. Approximately 90% of revenue comes from repeat customers, indicating strong client retention driven by the integrated service model where operating companies work together or independently from FEED through construction and maintenance.

Differentiator

Problem solved

Functional benefit

Brands

• FlowDome™: Geodesic dome system for aboveground storage tanks offering protection against leak points
• SwingMaster™
• Matrix PDM Engineering
• Matrix NAC
• Matrix Applied Technologies
• Devco II Process

Products and services

• EPC (Engineering, Procurement, and Construction) Full-service EPC, EPFC, and EPCM delivery model covering storage solutions, terminals, power plants, gas processing, industrial facilities, and carbon capture projects for energy, power, and industrial clients.
• Storage Solutions Aboveground storage tank design, construction, and maintenance services, including cone roof tanks, floating roof tanks, LNG/cryogenic tanks, and thermal energy storage tanks for energy and industrial clients.
• Terminals Turnkey liquid and bulk terminal storage design, construction, and maintenance, including bulk and liquid terminals, blending systems, metering systems, and loading/unloading facilities.
• Power + Utility Plants Construction, retrofits, and maintenance of fossil fuel and renewable power facilities, substations, air quality control systems, nuclear services, smart grid optimization, and storm damage response for utility operators.
• Gas Processing Natural gas processing and treating, compression, and gathering system projects including FEED, detailed engineering, procurement, construction, and commissioning of gas processing facilities.
• Industrial EPC EPC services for fertilizer, metals, mining and minerals, iron and steel, manufacturing, bulk terminal, and marine customers including process plant design, aboveground storage solutions, specialty vessels, and equipment installation.
• Carbon Capture EPC Comprehensive EPC services for carbon capture, utilization, and storage (CCUS) initiatives including engineering, procurement, construction, commissioning, and ongoing maintenance.
• Matrix PDM Engineering + Design Services Global engineering and design services providing multi-discipline solutions including FEED, conceptual design, seismic preparedness, facility upgrades, modular construction, procurement, and controls/automation for energy, power, and industrial markets.
• Construction Services Design-build construction services for cryogenic and refrigerated tanks, spheres and specialty vessels, aboveground storage tanks, bulk and liquid terminals, natural gas processing, power distribution, thermal energy storage, thermal vacuum chambers, and sulfur recovery.
• Maintenance Services Comprehensive maintenance and repair services including routine maintenance, turnarounds, API 653 repair, terminal and plant maintenance, storm response, and emergency repairs for storage tanks, terminals, refineries, petrochemical plants, and power facilities.
• Fabrication Strategically located fabrication facilities throughout North America providing plate, pipe, structural, and vessel fabrication, anchored by the OSHA VPP Star certified Catoosa facility.

Quantifiable outcome

• 90% repeat business rate
• +1 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Scale indicators7 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Quanta Services: Larger publicly traded EPC firm focused on electric power, oil & gas, and renewable energy infrastructure. Comparable to Matrix because it competes for utility-scale power, substation, and pipeline projects, though Quanta is significantly larger and more diversified toward transmission and renewables.
• MasTec: Public infrastructure construction company serving power delivery, oil & gas, and clean energy markets. Comparable to Matrix NAC's power and pipeline construction work and to Matrix's overall EPC business across energy end markets.
• EMCOR Group: Large public mechanical & electrical construction and facilities services firm serving industrial, utility, and commercial customers. Comparable to Matrix in industrial mechanical construction and fabrication services, though EMCOR is far larger and more diversified into commercial and building services.
• KBR: Global engineering, procurement, and construction services firm with strong positions in energy, hydrogen, ammonia, and LNG. Comparable to Matrix PDM Engineering and to Matrix's low-carbon energy EPC work, though KBR is much larger and more engineering-led.
• Bechtel: Privately held global EPC leader with major LNG, midstream, and energy infrastructure franchise. Comparable to Matrix because Cheniere/Bechtel appears as a Matrix customer/partner and Bechtel sets the competitive ceiling on large LNG and terminal scopes Matrix chases as a subcontractor or specialist.

Direct peers

• Primoris Services: Public specialty contractor providing construction, maintenance, and EPC services to utilities, energy, and pipeline customers. Closely comparable to Matrix in size, end markets (oil & gas, power, midstream), and project-based fixed-price contracting model.
• MYR Group: Public specialty contractor in electrical construction, T&D, and commercial & industrial markets. Comparable to Matrix NAC's union electrical construction and power delivery work for utility and industrial customers.
• Chart Industries: Manufacturer of cryogenic equipment and provider of LNG, hydrogen, and CO2 processing technology. Comparable to Matrix Applied Technologies' CryoDeck and cryogenic tank scope, and to Matrix's LNG/cryogenic EPC capability, though Chart is product-led rather than services-led.

Regional players

• Cimc (CIMC) Holdings / CIMC-TianDa: Large Asian-headquartered manufacturer of tanks, tank containers, and cryogenic equipment with global EPC reach. Comparable to Matrix on tank product manufacturing and terminal/tank construction; primarily competes in non-North American markets but overlaps in cross-region LNG and storage projects.

Emerging players

• Hiringa Energy / APT (Cryogenic Tank Specialists): Emerging cryogenic and clean-fuel infrastructure specialists competing in LNG and hydrogen tank scopes. Comparable to Matrix's CryoDeck-enabled cryogenic offering and to its low-carbon energy EPC segment, though these specialists are typically smaller and earlier-stage than Matrix.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/matrixserviceco
• Facebookfacebook.com/matrixservicecompany

Compliance26 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A4 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Matrix Service Company