Matrix Service vs Innovate
Innovate is the larger business, with $1.25bn of revenue in fiscal 2025 against $874m for Matrix Service (1.4 times as much). Matrix Service grew faster (13.6% against 12.5%). Matrix Service kept more of each dollar of sales as profit: a net margin of -0.3% against -4.9%.
| Latest fiscal year | Matrix ServiceMTRX, 2026 | InnovateVATE, 2025 |
|---|---|---|
| Revenue | $874m | $1.25bn |
| Revenue growth | 13.6% | 12.5% |
| Net income | −$2.6m | −$60.6m |
| Operating margin | -1.1% | 2.3% |
| Net margin | -0.3% | -4.9% |
| Return on equity | -1.8% | — |
| Free cash flow | $1.4m | $146m |
| Cash | $223m | $108m |
| Total debt | $65 | $687m |
| Debt to equity | 0.0% | — |
| Dividend per share | — | — |
| Dividend yield | — | 2.5% |
| Share buybacks | — | — |
| Employees | 2,370 | 3,587 |
| Market value | $263m | $76.1m |
| Price vs our value range | Below our value range | Below our value range |
| Moat score | 39 (Weak) | 25 (Weak) |
| Insider trades, 12 months | 0 buys, 11 sales | 0 buys, 0 sales |