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Matrix Service cash flow, quarter by quarter

Latest: Q1 FY27 · from the cash-flow statements filed with the SEC

Free cash flow−$37.7M in Q1 FY27 · −$8.4M over twelve months

Operating cash flow−$37.0M
Capital spending−$757K
Free cash flow−$37.7M
Cash / net income-6.0×
Cash conversion cycle35 days

Analysis

In Q1 FY27, Matrix Service generated −$37.0M of operating cash flow and spent $757K on capital projects, leaving free cash flow of −$37.7M. That is $9.8M less than in Q1 FY26 (−$27.9M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$4.2M; the largest uses were capital spending ($4.2M), operating cash flow ($4.2M), other financing ($3.4M); besides operations, cash came from asset & business sales ($2.0M), shares issued ($220K); the cash balance fell by $9.9M.

Operating cash flow was −$37.0M against net income of $6.2M — -6.0× profit, less cash than reported earnings, worth checking against working capital. The largest differences: payables −$23.2M, prepaid and other assets −$11.1M, deferred revenue −$8.9M.

Its cash conversion cycle was 35 days (receivables 76 + inventory 3 − payables 44).

Free cash flow

Matrix Service: free cash flow by quarterMatrix Service: free cash flow by quarter$32.7MQ2 FY25$28.7MQ3 FY25$38.4MQ4 FY25−$27.9MQ1 FY26$6.3MQ2 FY26$33.2MQ3 FY26−$10.2MQ4 FY26−$37.7MQ1 FY27
Operating cash flow less capital spending.
Matrix Service: operating cash flow against capital spendingMatrix Service: operating cash flow against capital spendingOperating cash flowCapital spending$33.6M$915KQ2 FY25$31.2M$2.6MQ3 FY25$40.7M$2.3MQ4 FY25−$25.9M$2.0MQ1 FY26$7.5M$1.2MQ2 FY26$34.2M$917KQ3 FY26−$8.8M$1.4MQ4 FY26−$37.0M$757KQ1 FY27
Latest (Q1 FY27): Operating cash flow −$37.0M, Capital spending $757K.

Capital allocation, year by year

Matrix Service: where the cash came from (up) and went (down), by fiscal yearMatrix Service: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingFY22: Operating cash flow −$54.2MFY22: Net borrowing $15.0MFY22: Shares issued $199KFY22: Asset sales $39.0MFY22: Capital spending −$3.3M$54.2MFY22FY23: Operating cash flow $10.2MFY23: Net borrowing −$5.0MFY23: Asset sales $12.8MFY23: Capital spending −$9.0M$23.0MFY23FY24: Operating cash flow $72.6MFY24: Net borrowing −$10.0MFY24: Asset sales $6.0MFY24: Capital spending −$7.0M$78.6MFY24FY25: Operating cash flow $117MFY25: Shares issued $195KFY25: Asset sales $240KFY25: Capital spending −$7.7M$118MFY25FY26: Operating cash flow $6.9MFY26: Shares issued $202KFY26: Asset sales $1.9MFY26: Capital spending −$5.5M$9.1MFY26
Over these 5 years operating cash flow totalled $153M; the largest uses were operating cash flow ($54.2M) and capital spending ($32.5M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$182M
Debtnone
Net cash$182M
Cash runwaymore than 10 years

Matrix Service is burning cash: its operations consume cash, a free cash flow of −$8.4M a year at the current rate against $182M of cash and investments: a runway of more than ten years at that rate before any new financing.

Where the cash came from and went

Matrix Service: sources (+) and uses (−) of cash, Q1 FY27Matrix Service: sources (+) and uses (−) of cash, Q1 FY27Cash drawn (+) / kept (−)$40.6MOperating cash flow−$37.0MBuybacks−$2.5MTaxes on employees’ shares−$944KCapital spending−$757KAsset & business sales$320KExchange rates$190KShares issued$61K
Matrix Service: sources (+) and uses (−) of cash, TTM to Q1 FY27Matrix Service: sources (+) and uses (−) of cash, TTM to Q1 FY27Cash drawn (+) / kept (−)$9.9MCapital spending−$4.2MOperating cash flow−$4.2MOther financing−$3.4MAsset & business sales$2.0MExchange rates−$364KShares issued$220K

From profit to cash

Matrix Service: net income to operating cash flow, Q1 FY27Matrix Service: net income to operating cash flow, Q1 FY27Net income$6.2MDepreciation & amortization$1.8MStock-based pay$1.3MGains on disposals$89KOther non-cash$103KReceivables$4.9MInventory−$1.3MPayables−$23.2MAccrued liabilities−$7.0MDeferred revenue−$8.9MContract assets$249KPrepaid and other assets−$11.1MOperating cash flow−$37.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q1 FY277634435
Q4 FY265824020
Q3 FY267534236
Q2 FY268034340
Q1 FY266834230
Q4 FY257633544
Q3 FY257633841
Q2 FY256643733

Every quarter

QuarterOperating cash flowCapital spendingBuybacksShares issuedCash drawn (+) / kept (−)Free cash flow
Q1 FY27−$37.0M−$757K−$2.5M$61K$40.6M−$37.7M
Q4 FY26−$8.8M−$1.4M—$58K$10.1M−$10.2M
Q3 FY26$34.2M−$917K—$46K−$34.1M$33.2M
Q2 FY26$7.5M−$1.2M—$55K−$6.7M$6.3M
Q1 FY26−$25.9M−$2.0M—$43K$32.3M−$27.9M
Q4 FY25$40.7M−$2.3M—$46K−$39.1M$38.4M
Q3 FY25$31.2M−$2.6M—$47K−$28.8M$28.7M
Q2 FY25$33.6M−$915K—$56K−$32.2M$32.7M

Matrix Service: income statement and cash flow

Matrix Service, Q1 FY27: revenue $219M (+4% year over year), operating margin 2.0%. The chart follows the revenue to costs, profit and cash.

Matrix Service: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.