Detailed financial statements for TIC Solutions, Inc. (TIC): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Established in 1974 and headquartered in Tomball, Texas, TIC Solutions, Inc. delivers a comprehensive suite of services encompassing nondestructive testing, inspection, engineering, and laboratory analysis. The company's operations extend across both the United States and Canada.
Analysis Summary
Trailing-twelve-month margins: gross margin 32.0%, operating margin -1.9%, net margin -5.6%.
At $10.05 (closing price, October 30, 2026), TIC has negative trailing earnings (P/E not meaningful) and an ROE of -5.55%. Market capitalisation stands at $2.2B.
Balance sheet quality for TIC: debt-to-equity ratio of 0.81, current ratio of 2.91 over the last 12 months, net debt of $1.27B at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $928.3M | $1.05B | $1.10B | $1.53B |
| Cost of Revenue | $725.4M | $810.5M | $831.7M | $1.08B |
| Gross Profit | $203.0M | $239.5M | $265.7M | $449.4M |
| Research & Development | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $168.2M | $185.0M | 0 | $440.8M |
| Operating Expenses | $168.2M | $185.0M | $312.9M | $440.8M |
| Operating Income | $34.7M | $54.5M | -$47.2M | $8.5M |
| EBITDA | $134.0M | $150.6M | $87.1M | $167.8M |
| Interest Expense | $24.2M | $60.0M | $70.4M | $87.6M |
| Pre-tax Income | $23.5M | -$4.3M | -$123.2M | -$98.2M |
| Income Tax | $3.4M | $2.0M | -$2.0M | -$11.1M |
| Net Income | $20.0M | -$6.3M | -$121.2M | -$87.1M |
| EPS | $3.99 | -$1.25 | -$1.00 | -$0.60 |
| EPS (Diluted) | $3.93 | -$1.25 | -$1.00 | -$0.59 |
| Shares Outstanding (Diluted) | 5.1 M | 5.0 M | 121.5 M | 157.6 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $473.9M | $508.3M | $488.0M | $584.3M |
| Gross Profit | $152.7M | $178.9M | $121.3M | $204.2M |
| Operating Income | -$6.5M | -$13.8M | -$29.1M | $10.8M |
| EBITDA | $65.0M | $51.7M | $29.9M | $72.2M |
| Net Income | -$13.9M | -$47.2M | -$41.5M | -$13.3M |
| EPS | -$0.11 | -$0.34 | -$0.27 | -$0.09 |
| EPS (Diluted) | -$0.11 | -$0.34 | -$0.26 | -$0.08 |
Balance Sheet (10y)
| Year | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $87.1M | $139.1M | $439.5M |
| Short-term Investments | 0 | 0 | 0 |
| Receivables | $233.2M | $236.5M | $520.7M |
| Inventory | 0 | 0 | 0 |
| Total Current Assets | $333.9M | $394.2M | $1.02B |
| Property, Plant & Equipment | $134.7M | $219.2M | $315.8M |
| Goodwill | $511.5M | $845.9M | $1.65B |
| Intangible Assets | $264.3M | $740.7M | $1.39B |
| Total Assets | $1.26B | $2.21B | $4.40B |
| Accounts Payable | $32.8M | $18.0M | $60.4M |
| Short-term Debt | $7.3M | $7.8M | $25.5M |
| Total Current Liabilities | $112.9M | $106.3M | $319.0M |
| Long-term Debt | $668.0M | $747.0M | $1.59B |
| Total Liabilities | $880.6M | $1.06B | $2.22B |
| Retained Earnings | $17.4M | -$107.0M | -$194.1M |
| Total Equity | $382.0M | $1.15B | $2.18B |
| Total Debt | $730.0M | $812.6M | $1.71B |
| Net Debt | $642.9M | $673.4M | $1.27B |
| Working Capital | $221.0M | $287.9M | $702.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $164.4M | $439.5M | $426.6M | $362.4M |
| Total Assets | $4.22B | $4.40B | $4.33B | $4.29B |
| Total Liabilities | $2.27B | $2.22B | $2.20B | $2.20B |
| Total Equity | $1.95B | $2.18B | $2.13B | $2.10B |
| Total Debt | $1.72B | $1.71B | $1.70B | $1.70B |
Cash Flow (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | $20.0M | -$6.3M | -$121.2M | -$87.1M |
| Depreciation & Amortization | $86.4M | $94.8M | $93.1M | $178.3M |
| Stock-based Compensation | $2.6M | $5.0M | 0 | $17.2M |
| Change in Working Capital | -$39.9M | $3.6M | -$36.1M | -$5.3M |
| Operating Cash Flow | $40.0M | $95.8M | $23.1M | $95.0M |
| Capital Expenditure | -$23.1M | -$22.1M | -$27.6M | -$33.8M |
| Acquisitions | -$45.6M | -$6.0M | -$1.87B | -$845.0M |
| Stock Repurchased | -$753,000 | 0 | 0 | 0 |
| Dividends Paid | 0 | -$150.0M | 0 | 0 |
| Free Cash Flow | $16.9M | $73.7M | -$4.5M | $61.3M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | $2.4M | $49.7M | $9.9M | -$9.8M |
| Capital Expenditure | -$15.7M | -$12.6M | -$5.7M | -$19.7M |
| Free Cash Flow | -$13.3M | $37.1M | $4.2M | -$29.5M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | $7.9M | 0 | $11.3M |
Growth & Margins (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +13.1% | +4.5% | +39.4% |
| Net Income Growth (YoY) | | -131.4% | -1,826.5% | +28.1% |
| EPS Growth (YoY) | | -131.3% | +20.0% | +40.0% |
| Shares Change (YoY) | | -1.4% | +2,317.5% | +29.7% |
| FCF Growth (YoY) | | +335.8% | -106.1% | +1,459.2% |
| Gross Margin | 21.9% | 22.8% | 24.2% | 29.4% |
| Operating Margin | 3.7% | 5.2% | -4.3% | 0.6% |
| EBITDA Margin | 14.4% | 14.3% | 7.9% | 11.0% |
| Net Margin | 2.2% | -0.6% | -11.0% | -5.7% |
| FCF Margin | 1.8% | 7.0% | -0.4% | 4.0% |
| Effective Tax Rate | 14.5% | -46.9% | 1.6% | 11.3% |
Per-Share Data (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $3.32 | $14.66 | -$0.04 | $0.39 |
| Dividends Per Share | $0.00 | $29.85 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 5.0 M | 5.0 M | 121.5 M | 156.6 M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | -5.55% |
| Return on Invested Capital | -0.73% |
| Return on Assets | -2.70% |
| Gross Margin | 31.98% |
| Operating Margin | -1.87% |
| Net Margin | -5.65% |
Financial Health
| Debt / Equity | 0.81 |
| Current Ratio | 2.91 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 0.91 |
Key Ratios (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 3.01 | -9.60 | -12.00 | -16.85 |
| P/B | 0.00 | 0.16 | 1.27 | 0.73 |
| P/S | 0.06 | 0.06 | 1.33 | 1.03 |
| Gross Margin | 21.9% | 22.8% | 24.2% | 29.4% |
| Operating Margin | 3.7% | 5.2% | -4.3% | 0.6% |
| Net Margin | 2.2% | -0.6% | -11.0% | -5.7% |