In 2Q:F24, MTRX repaid its remaining debt and in 4Q:F25 had total cash of $249.6 million (net cash per share of $8.95), which includes $25 million in restricted cash. Our $16 price target is based on 18x our F2026 EPS estimate of $0.91. Our moderate risk rating reflects the company's clean balance sheet, countered by end market cyclicality and uncertainty in the timing of realizing project-based work.