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olivLaw · US equity research

TIC Solutions, Inc. TIC

Services-Business Services, NEC · SIC 7389 · Vertical: Services-Business Services, NEC (SIC 7389)

10.70USD+1.33% · 1 dayClose 04 Nov 2026

TIC Solutions provides essential inspection, testing, compliance, engineering and geospatial services for industrial assets and public infrastructure, largely recurring and driven by regulation. The company expanded sharply after acquiring NV5, and second-quarter 2026 revenue reached 584.3 million USD with a record backlog.

At the close of 04 Nov 2026, TIC Solutions, Inc. (TIC) stock was 10.70 USD (+1.33% on the day), with market capitalisation 2.3 bn USD, dividend yield 96.07%, beta 1.23, 52-week range 6.54–11.86 USD. Latest reported quarter (Q2 2026): revenue of 584.3 m USD (+86.1% YoY), net income of -13.3 m USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
2.3 bn USD
shares as of 31 Jul 2026
P/E (TTM)
unavailable
E/P (TTM)
unavailable
Dividend yield
96.07%
DPS 12m 10.28
Beta (2y)
1.23
Volatility (1y) 52%
52-week range
6.5411.86

Price history

Loading chart…

Technical reading

RSI (14)
71.8
overbought (≥ 70)
Bollinger (20, 2)
8.15 – 10.82
in the upper half of the band · %B 0.95 · band width 28.1%
SMA 50 / 200
9.25 / 8.75
uptrend (price > SMA50 > SMA200)
MACD (12, 26, 9)
0.42 / 0.27
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+29.5%−2.0%+31.5 pp—
3 months+30.8%−2.2%+33.0 pp—
6 months+3.8%+4.3%−0.5 pp—
Year to date+5.8%+10.6%−4.7 pp—
1 year−8.4%+10.5%−18.9 pp−7.1%
3 yearsunavailable+73.7%unavailable+1.0%
5 yearsunavailable+61.7%unavailable—
Max drawdown (1y)
−44.9%
05 Nov 2025 → 20 Jul 2026
Max drawdown (5y)
−54.9%
26 Sept 2025 → 20 Jul 2026
Compound annual growth (5y)
unavailable
S&P 500 +10.1%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
584.3 m USD
+86.1% YoY
Net income
-13.3 m USD
unavailable YoY
Diluted EPS
unavailable
unavailable YoY
net / operating
-2.3% / 1.9%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ2 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue309.3 m234.2 m313.9 m473.9 m508.3 m488.0 m584.3 m
Cost of revenue228.7 m190.5 m239.8 m321.2 m329.4 m326.7 m380.2 m
Gross profit80.6 m43.7 m74.1 m152.7 m178.9 m161.3 m204.2 m
SG&A60.9 m39.9 m55.8 m140.5 m192.6 m150.3 m193.3 m
Operating income19.7 m-9.4 m18.4 m-6.5 m-19.5 m-29.1 m10.8 m
Depreciation & amortisation—28.6 m29.5 m51.1 m69.1 m58.9 m60.4 m
Pre-tax income2.5 m-24.3 m3.7 m-30.4 m-47.1 m-58.0 m-16.6 m
Income tax7.9 m1.5 m3.9 m-16.6 m128.0 k-16.5 m-3.2 m
Net income-5.5 m-25.8 m-233.0 k-13.9 m-47.2 m-41.5 m-13.3 m
Diluted EPS———-0.08———
Operating cash flow—32.8 m-6.5 m ≈19.0 m ≈49.7 m9.9 m-9.8 m ≈
Capex—4.5 m8.0 m ≈8.7 m ≈12.6 m5.7 m19.7 m ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20232025
Revenue1.1 bn1.5 bn
Revenue YoYunavailableunavailable
Net incomeunavailable-87.1 m
Net income YoYunavailableunavailable
Diluted EPSunavailableunavailable
Diluted EPS YoYunavailableunavailable
net %unavailable-5.7%
Free cash flowunavailable61.3 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
439.5 m USD
Financial debt
1.6 bn USD
Net debt
1.2 bn USD
Equity
2.2 bn USD
Total assets
4.4 bn USD
Debt / equity
0.74x
Current ratio
3.20x
ROE
unavailable
ROA
-2.0%
FCF margin
4.0%

Financial statements (source on every figure)

Revenue and net income (USD)

Income statement · USD

Revenue
2023
1.1 bn
2025
1.5 bn

SEC (XBRL)· 12 Mar 2026verified

Cost of revenue
2023
810.5 m
2025
1.1 bn

SEC (XBRL)· 12 Mar 2026verified

Gross profit
2023
239.5 m
2025
449.4 m

SEC (XBRL)· 12 Mar 2026verified

SG&A
2023
—
2025
440.8 m

SEC (XBRL)· 12 Mar 2026verified

Operating income
2023
—
2025
-17.1 m

SEC (XBRL)· 12 Mar 2026verified

Depreciation & amortisation
2023
94.8 m
2025
178.3 m

SEC (XBRL)· 12 Mar 2026verified

EBITDA
2023
—
2025
161.2 m ≈

SEC (XBRL)· 12 Mar 2026derived

Pre-tax income
2023
—
2025
-98.2 m

SEC (XBRL)· 12 Mar 2026verified

Income tax
2023
—
2025
-11.1 m

SEC (XBRL)· 12 Mar 2026verified

Net income
2023
—
2025
-87.1 m

SEC (XBRL)· 12 Mar 2026verified

Dividend per share
2023
—
2025
10.28

SEC (XBRL)· 12 Mar 2026verified

Balance sheet · USD

Cash
2023
—
2025
439.5 m

SEC (XBRL)· 12 Mar 2026verified

Receivables
2023
—
2025
366.3 m

SEC (XBRL)· 12 Mar 2026verified

Current assets
2023
—
2025
1.0 bn

SEC (XBRL)· 12 Mar 2026verified

Property, plant & equipment, net
2023
—
2025
255.6 m

SEC (XBRL)· 12 Mar 2026verified

Goodwill
2023
—
2025
1.6 bn

SEC (XBRL)· 12 Mar 2026verified

Intangibles (excl. goodwill)
2023
—
2025
1.4 bn

SEC (XBRL)· 12 Mar 2026verified

Total assets
2023
—
2025
4.4 bn

SEC (XBRL)· 12 Mar 2026verified

Accounts payable
2023
—
2025
60.4 m

SEC (XBRL)· 12 Mar 2026verified

Short-term debt
2023
—
2025
25.5 m

SEC (XBRL)· 12 Mar 2026verified

Long-term debt
2023
—
2025
1.6 bn

SEC (XBRL)· 12 Mar 2026verified

Current liabilities
2023
—
2025
319.0 m

SEC (XBRL)· 12 Mar 2026verified

Total liabilities
2023
—
2025
2.2 bn

SEC (XBRL)· 12 Mar 2026verified

Equity
2023
—
2025
2.2 bn †

SEC (XBRL)· 12 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
—
2025
95.0 m

SEC (XBRL)· 12 Mar 2026verified

Capex
2023
—
2025
33.8 m

SEC (XBRL)· 12 Mar 2026verified

Free cash flow
2023
—
2025
61.3 m ≈

SEC (XBRL)· 12 Mar 2026derived

Investing cash flow
2023
—
2025
-874.1 m

SEC (XBRL)· 12 Mar 2026verified

Financing cash flow
2023
—
2025
1.1 bn

SEC (XBRL)· 12 Mar 2026verified

Dividends paid
2023
—
2025
0

SEC (XBRL)· 12 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
unavailable
input data missing
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
input data missing
Net income growth (YoY)
unavailable
input data missing
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
unavailable
input data missing
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
33.9%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
9.5%
computed by olivLawTTM to 30 Jun 2026
EBIT margin
-2.2%
computed by olivLawTTM to 30 Jun 2026
Net margin
-5.6%
computed by olivLawTTM to 30 Jun 2026
FCF margin
1.1%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
-7.1%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
-3.5%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
-1.4%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROCE
-1.1%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
0.0%
computed by olivLawTTM to 30 Jun 2026

Balance sheet

Net debt
1.3 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Net debt / EBITDA
6.4x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Debt / equity
0.8x
computed by olivLawbalance sheet at 30 Jun 2026
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
2.9x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
unavailable
input data missing
Cash ratio
1.0x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
68.9 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
46.6 m USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
22.2 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
unavailable
insufficient data
Cash conversion
35.3%
computed by olivLawTTM to 30 Jun 2026

Efficiency

Days sales outstanding
57 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
10 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
2.3 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
3.6 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-5.0%
computed by olivLawTTM to 30 Jun 2026
P/B
1.1x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
1.1x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
18.4x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBIT
unavailable
insufficient data
EV/Sales
1.7x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
P/FCF
105.1x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
FCF yield
1.0%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
96.1%
computed by olivLawTTM to 30 Jun 2026
Shareholder yield (distributions)
0.0%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Unattractive profile

Score: 27 / 100

A scoring methodology on indicators and valuation, not investment advice.

score < 40

Closing price

10.70 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 2.3 bn USD

Key indicators

Market capitalisation
2.3 bn USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
1.1x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
18.4x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROE
-7.1%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
-5.6%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
unavailable
input data missing
Dividend yield
96.1%
computed by olivLawTTM to 30 Jun 2026

Coverage and freshness

30/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 31 Jul 2026
Source: SEC (XBRL)published 06 Aug 2026
verified 249derived 13

Score by group

  • Balance sheet32
  • Valuation24
  • Quality19
  • Returns40

Estimated value range

Low
70.35
USD per share
Mid
81.76
USD per share
High
96.58
USD per share
Price: 10.70 USD
The price is below the range
Potential to the central value: 664.1% (value / price − 1)
Margin of safety: 86.9% (1 − price / value)
Agreement between methods: low · 2 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 5.61 – 181.67 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDA5.61 – 11.50 (Mid 8.56)
    18 companies used · median multiple 16.0x · quartiles 12.7x – 19.2x
    BR, CBZ, CPAY, CSGP, EBAY, FICO, FIS, GPN, HQY, MELI, MSCI, PAYS, PHR, PSFE, PYPL, RBA, UBER, WEX
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)135.09 – 181.67 (Mid 154.96)
Multiple comparisons use the SIC vertical: Services-Business Services, NEC (SIC 7389)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Unattractive profile · Score 27/100

FactorValueScoreWeight used
ROIC · Quality-1.4%13 (vs peers)17%
Net margin · Quality-5.6%28 (vs peers)10%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheet6.4x5 (vs peers)17%
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet2.9x100 (on a fixed band)7%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuation18.4x33 (vs peers)17%
FCF yield · Valuation1.0%12 (on a fixed band)14%
Shareholder yield (distributions) · Returns0.0%0 (on a fixed band)10%
Payout ratio (FCF) · Returns0.0%100 (on a fixed band)7%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet32/100 · 2/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality19/100 · 2/3 factors with a value
  • Returns40/100 · 2/2 factors with a value
  • Valuation24/100 · 2/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

TIC Solutions, Inc. (TIC). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 1.5 bn USD in 2025; net margin -5.6%; ROE -7.1%; net debt/EBITDA 6.4x.

The estimated value range is 70.35–96.58 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 81.76 USD, the price of 10.70 USD leaves a potential of 664.1% (value / price − 1) and a margin of safety of 86.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 27/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Current ratio: 2.9x
  • Payout ratio (FCF): 0.0%
  • The price is below the estimated value range

What contradicts it

  • ROIC: -1.4%
  • Net margin: -5.6%
  • Net debt / EBITDA: 6.4x
  • FCF yield: 1.0%
  • Shareholder yield (distributions): 0.0%
  • The valuation methods diverge

Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Interest coverage, P/E (TTM).

Versus the vertical median

Services-Business Services, NEC (SIC 7389) · same industry (4-digit SIC) · compared with 39 companies

Multiples and returns vs the median

P/E
—
vertical median 29.8x
EV/EBITDA
18.4x
vertical median 16.0x
above median (+15.0%)
P/S
1.1x
vertical median 2.5x
below median (−53.9%)
P/B
1.1x
vertical median 3.0x
below median (−62.3%)
ROE
-7.1%
vertical median 7.8%
below median (−190.7%)
Net margin
-5.6%
vertical median 5.8%
below median (−196.6%)
EBIT margin
-2.2%
vertical median 7.5%
below median (−128.8%)
Revenue YoY
—
vertical median 8.5%
Net debt/EBITDA
6.4x
vertical median 1.8x
above median (+253.9%)
Dividend yield
96.1%
vertical median 1.1%
above median (+8,286.7%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
BABAAlibaba Group Holding Ltd195.6 bn131.610.3%10.1%+8.1%−33% / +41%
UBERUber Technologies, Inc136.0 bn14.638.4%17.3%+18.3%−24% / +18%
MELIMercadoLibre, Inc.84.3 bn45.227.5%5.3%+39.1%−20% / +3%
EBAYeBay Inc.52.1 bn25.846.6%16.9%+7.9%+43% / +189%
PYPLPayPal Holdings, Inc.48.4 bn11.123.8%13.8%+4.3%−7% / +1%
MSCIMsci Inc.45.7 bn33.9—40.3%+9.7%+13% / +23%
FISVFiserv, Inc.31.1 bn11.210.7%13.4%+3.6%−5% / −55%
CPAYCorpay, Inc26.7 bn24.730.5%22.7%+13.9%+37% / +69%
GPNGlobal Payments Inc.25.9 bn—-4.1%-9.1%−0.4%+29% / −16%
BRBroadridge Financial Solutions, Inc.20.8 bn20.340.2%13.9%+8.5%−19% / −5%
FISFidelity National Information Services, Inc.20.1 bn6.022.3%27.6%+5.4%−41% / −34%
RBARB Global, Inc17.3 bn39.18.8%10.0%+7.2%−5% / +46%
FICOFair Isaac Corp15.6 bn20.9—34.1%+15.9%−60% / −33%
CSGPCoStar Group, Inc.13.1 bn74.32.2%4.9%+18.7%−53% / −61%
HQYHealthequity, Inc.9.0 bn39.411.4%17.4%+9.5%+3% / +62%
WEXWEX Inc.5.9 bn15.535.6%14.0%+1.2%+21% / +2%
ALITAlight, Inc.5.7 bn—-67.9%-46.0%−3.0%−72% / −92%
XMTRXometry, Inc.5.2 bn—-3.9%-2.0%+25.9%+94% / +364%
CBZCBIZ, Inc.3.0 bn25.86.8%4.6%+52.1%−0% / +6%
FLYWFlywire Corporation2.7 bn83.84.2%4.8%+26.6%+56% / −6%
TICTIC Solutions, Inc.2.3 bn—-7.1%-5.6%unavailable−8% / unavailable
AHGAkso Health Group2.2 bn133.0-9.8%-135.0%−6.4%−11% / +56%
PAYSPaysign, Inc.863.9 m58.430.8%15.7%+40.5%+194% / +551%
PHRPhreesia, Inc.818.1 m77.13.1%2.1%+14.5%−36% / −14%
CASSCass Information Systems, Inc.704.7 m19.815.1%18.5%+5.3%+31% / +33%

1- and 3-year price returns: for TIC from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Scenarios are not available. input data missing

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

TIC Solutions provides essential inspection, testing, compliance, engineering and geospatial services for industrial assets and public infrastructure, largely recurring and driven by regulation. The company expanded sharply after acquiring NV5, and second-quarter 2026 revenue reached 584.3 million USD with a record backlog.

SWOT

Strengths

  • Broad integrated service portfolio covering the full asset life cycle, from testing and engineering to geospatial analytics. Skilled workforce and long-standing relationships with public and private clients 1.
  • Recurring, compliance-driven revenue and repeat contracts provide a stable base. The record backlog in engineering and geospatial supports near-term visibility 3.
  • Ability to combine industrial inspection with geospatial data and software, giving clients integrated insight for safety and compliance 1.

Weaknesses

  • Significant debt following the NV5 acquisition, with large term loans that limit financial flexibility 13.
  • Net losses in recent reported periods, and integration of NV5 still affects the comparability of financial results 3.
  • Dependence on certain industries, notably oil and gas and the public sector, where budget delays can affect demand 1.

Opportunities

  • Rising demand from data centers, energy and utilities, highlighted in the August 2026 release, could open new contracts 3.
  • Cross-selling across inspection, engineering and geospatial could raise the average contract value with existing clients 3.
  • Pipeline integrity rules and infrastructure investment programs could support long-term demand 1.

Threats

  • Intense competition from low-cost providers could press prices down and compress margins 1.
  • Delays in government budgets and infrastructure projects could postpone collections and activity 1.
  • Integration risks from acquisitions and internal control weaknesses reported as material could weigh on financial credibility 1.

Risks

  • Industry concentration and cycleshigh

    Demand from oil and gas, chemicals and industrial clients can fall during downturns or geopolitical stress, affecting maintenance projects 1.

  • High indebtednesshigh

    Significant debt from the term loans taken on for the NV5 acquisition could limit financing options and investment capacity 13.

  • NV5 integrationmedium

    If the expected synergies and benefits of the acquisition do not materialize within the expected timeframe, results could remain below expectations 3.

  • Internal controlsmedium

    Material weaknesses in internal control over financial reporting could delay reporting and weaken investor confidence if not remediated 1.

  • Operational and safety risksmedium

    The inherently dangerous nature of work sites can lead to accidents, penalties and extra costs, and fixed-price contracts can produce cost overruns 1.

Investment thesis

What would need to be true (bull case)

  • The record backlog and revenue growth in engineering and geospatial could support steadier growth if integration of NV5 keeps progressing 3.
  • Recurring, regulation-driven demand could provide predictable revenue even during periods of economic uncertainty 1.
  • The reaffirmed 2026 outlook suggests management expects margin improvement as synergies materialize 3.

What would break the thesis

  • High debt and reported net losses could limit flexibility if industrial demand weakens 13.
  • Reliance on public budgets and the energy sector could delay projects and collections during economic strain 1.
  • Strong competition from low-cost providers could limit price increases and press margins lower 1.

What to watch

  • Delivery against reaffirmed 2026 revenue and Adjusted EBITDA guidanceQ4 2026
  • Backlog trend in the engineering and geospatial segmentsQ3 2026
  • Progress on NV5 integration and cost synergies2027
  • Remediation of reported material weaknesses in internal controlnext 10-K

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

TIC Solutions, Inc. (formerly Acuren Corporation, renamed on October 10, 2025) is a provider of tech-enabled testing, inspection, certification and compliance (TICC), engineering and consulting, and geospatial services. Its services are often non-discretionary and driven by regulatory requirements, customer risk policies and the need to extend the life of critical assets. The company operates primarily in North America and serves private and public-sector clients. Its headquarters moved to Houston, Texas, per the August 2026 release. The NV5 acquisition, completed August 4, 2025, added infrastructure engineering, building systems, environmental consulting and geospatial analytics. Fiscal 2025 revenue was 1.5 billion USD, up 39.4% 1.

The business model relies on master service agreements with terms from a few days to five years, priced on time-and-materials, cost-plus, fixed-price or unit-rate bases. Most work is done under multi-year or recurring relationships. The company stresses that these services generate relatively stable and predictable cash flows, although revenue can fluctuate with turnaround and project activity 1.

Across the two reviewed filings, the company reaffirmed its 2026 outlook: revenue of 2150 to 2250 million USD and Adjusted EBITDA of 330 to 355 million USD 3. Debt management remains a priority, and total liquidity stood at 473.5 million USD on June 30, 2026 3.

Segments

Inspection and Mitigation

Covers nondestructive testing (NDT), rope access technician (RAT) solutions and mitigation work, often for refineries, pipelines, power plants and chemical facilities. Demand is largely regulatory and driven by asset aging. According to the August 2026 release, the segment shows signs of improving commercial trends 13.

Consulting Engineering

Covers infrastructure engineering, building systems, environmental consulting, conformity assessment, materials engineering and laboratory testing. The segment reached record revenue in the second quarter of 2026, and public-sector clients are a significant part of demand 13.

Geospatial

Provides geospatial data collection and analytics (LiDAR, aerial imagery, unmanned aerial systems) and subscription software for asset and environmental risk management. Combined with industrial inspection, it supports integrated services, with utilities and public agencies as core customers 13.

Market context

Industrial inspection and engineering markets are generally fragmented, with many small local providers, but customers are consolidating spending with larger firms that can deliver integrated solutions at scale. Demand for engineering and geospatial services is supported by public spending on transport, water and energy 1. Growth differs across operating segments because demand varies by industry 3.

Expansion of TICC and consulting services depends on infrastructure investment, extending asset life and industrial demand, including data centers and energy, as noted in the August 2026 release 3.

Trends

  • Aging infrastructuretailwind

    Extending the life of existing assets increases the need for inspection and maintenance, which could support long-term demand if new infrastructure investment stays limited 1.

  • Digitalization of asset managementtailwind

    The move from paper-based programs to digital platforms and inspection data analytics opens opportunities for providers with integrated expertise, but requires continued technology investment 1.

  • Inflation and tariffsheadwind

    Rising labor and material costs, along with tariff uncertainty, could compress margins if prices cannot be adjusted enough 2.

  • Public budgets and energy marketsmixed

    Government funding supports public demand, but budget delays and volatility in oil and gas could postpone projects and affect collections 1.

Competitive position

The company describes its market as highly competitive, with rivals ranging from small private firms to multi-billion dollar public companies. Some competitors have low-overhead models and may price below it. Contracts are awarded on quality, experience, reputation and price, and barriers to entry are limited 1.

Claimed advantages include an integrated service range, a skilled workforce and the ability to combine inspection with engineering and geospatial work, which could matter in winning large contracts 13.

  • Regional private NDT and inspection providers

    Small and mid-sized local firms competing mainly on price and niche services, as described in the annual report 1.

  • Engineering and consulting firms with multidisciplinary operations

    Compete for public-sector and utility contracts where scale and multidisciplinary expertise matter 1.

  • Geospatial and data solution providers

    Firms with proprietary analytics software and long-term monitoring services for public agencies and utilities 1.

  • Low-overhead service providers

    Competitors with lean cost structures that may offer more aggressive pricing in certain markets, per the risks the company describes 1.

News & filings

In the press

No news in our archive over the last 180 days.

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / TIC Solutions, Inc. · 12 Mar 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / TIC Solutions, Inc. · 06 Aug 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / TIC Solutions, Inc. · 06 Aug 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.