TIC Solutions, Inc. (TIC)

Price$9.39Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkThe market price looks reasonable against forward earnings, but leverage keeps the discount understandable.

Using the latest market capitalization and June net debt, enterprise value is roughly 9.5-10 times the midpoint of management's 2026 adjusted EBITDA guidance. Enterprise value means the value of the whole operating business, including debt and cash. That multiple is not obviously cheap for a levered services company, yet it is below trailing valuation readings and leaves room for upside if integration improves margins. I therefore view the shares as fair-priced rather than clearly mispriced.

Big pictureTIC Solutions combines recurring infrastructure services with acquisition-driven growth and a still-heavy balance sheet.

TIC Solutions, Inc. trades on the NYSE as TIC. The NV5 combination materially expanded its engineering and geospatial exposure, so year-over-year reported growth overstates underlying momentum; second-quarter combined revenue growth was 3.3%, including 2.5% organic growth. Management reaffirmed 2026 revenue of 2.15-2.25 billion dollars and adjusted EBITDA of 330-355 million dollars. The business benefits from aging infrastructure, energy demand and compliance work, but weather, project timing and customer spending create real seasonality and cyclicality.

Business strengthBacklog and recurring work support demand, while cash conversion has not yet matched adjusted earnings.

Second-quarter adjusted EBITDA was 94.8 million dollars, but GAAP net income remained negative, and first-half operating cash flow was only about 0.2 million dollars as working capital absorbed cash. Adjusted EBITDA is a management profit measure before interest, taxes and selected noncash or one-time items. June liquidity was 473.5 million dollars, including 362.4 million dollars of cash, against about 1.6 billion dollars of term debt. Debt matures in 2031, the revolver was undrawn, and a repricing plus interest-rate swap reduced some financing risk. Cash durability therefore depends on converting backlog and adjusted profit into actual cash.

What could change the storyDeleveraging and margin gains could unlock value; weak cash conversion or dilution would undermine it.

Bull case: organic growth stays around low-to-mid single digits, NV5 synergies lift margins toward management's 18% long-term target, and free cash flow funds debt reduction plus selective buybacks. Bear case: project softness, weather or integration problems stall growth, while interest and acquisition spending keep leverage elevated. Capital allocation is mixed: the company repurchased about 1.9 million shares in the second quarter, yet stock compensation and roughly 3.7 million potential warrant shares remain dilution risks. The August cash-funded acquisitions also reduce near-term liquidity, though they add about 90 million dollars of annualized revenue.

AI: News

Three acquisitions completedCash-funded deals add utility software, Canadian geospatial scale, European commissioning, and about 90 million dollars of annualized revenue.

On August 18, TIC Solutions said it completed acquisitions of we-do-IT, GeoVerra Holdings and Core Group. Together they contribute about 90 million dollars of annualized revenue and broaden capabilities in utility data management, Canadian surveying and geomatics, and European building commissioning. Management said each purchase was funded with cash on hand and expects the deals to support its long-term financial targets. The strategic upside is cross-selling; the trade-off is lower cash reserves after an already acquisition-heavy period.

Second-quarter resultsRevenue and adjusted EBITDA rose sharply with NV5 included, while organic growth remained modest and guidance held.

On August 6, TIC reported second-quarter revenue of 584.3 million dollars and adjusted EBITDA of 94.8 million dollars, while recording a 13.3 million dollar net loss. On a combined basis, revenue grew 3.3% year over year, including 2.5% organic growth, which better reflects underlying momentum than the headline 86% reported increase. Consulting and geospatial backlog reached 1.18 billion dollars, up 20%, and management reaffirmed its 2026 revenue and adjusted EBITDA guidance.

Debt repricedLower borrowing margins trim interest costs, but substantial debt still constrains financial flexibility.

On June 1, TIC said it repriced about 1.6 billion dollars of first-lien term debt to SOFR plus 250 basis points, cutting the margin by 25 basis points while leaving the July 2031 maturity unchanged. Management estimated about 4 million dollars of annual cash interest savings. A basis point is one-hundredth of a percentage point. The move improves financing efficiency, but the absolute debt load remains substantial and still makes cash conversion and deleveraging central to the investment case.

2029 targets introducedManagement set ambitious revenue, margin and free-cash-flow targets that require sustained execution beyond current levels.

At its May 19 investor day, TIC introduced a 2029 framework targeting more than 3 billion dollars of revenue, adjusted EBITDA margin above 18%, and free cash flow conversion above 85%. The company defines that conversion as adjusted EBITDA less capital expenditures, divided by adjusted EBITDA, and it excludes cash taxes, cash interest and working-capital changes. Those exclusions matter because first-half 2026 operating cash flow was weak. The framework is a credible bull-case roadmap, but not yet proof that cash earnings will reach those targets.

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Revenue

2022

2023

2025

Net income

2022

2023

2025

Free cash flow

2022

2023

2025

Total cash / debt

CashTotal debt

2023

2024

2025

Financial statements

	2025	2023	2023	2022
Revenue	$1.53B	$1.05B	$0	$928.3M
Gross profit	$449.4M	$239.5M	—	$203.0M
Gross margin	29.36%	22.81%	—	21.86%
Operating expenses	$466.5M	$185.0M	$1.3M	$168.2M
Operating income	−$17.1M	$54.5M	−$1.3M	$34.7M
Operating margin	−1.12%	5.19%	—	3.74%
EBITDA	$161.2M	$150.6M	−$1.3M	$134.0M
EBITDA margin	10.54%	14.34%	—	14.44%
Net income	−$87.1M	−$6.3M	$14.0M	$20.0M
Net profit margin	−5.69%	−0.60%	—	2.16%
Basic EPSper basic share	-$0.60	-$1.25	$0.25	$3.99
Diluted EPSper diluted share	-$0.60	-$1.25	$0.25	$3.93

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

16.36%of listed shares

VIKING GLOBAL INVESTORS LP35.82M shares · Jun 30, 2026

View holders

Top 20 reported holders of TIC
Holder	% owned
VIKING GLOBAL INVESTORS LP	16.36%35.82M shares
Permian Investment Partners, LP	9.73%21.31M shares
Gates Capital Management, Inc.	8.91%19.5M shares
Alyeska Investment Group, L.P.	8.50%18.6M shares
Progeny 3, Inc.	7.11%15.56M shares
FRANKLIN MARTIN E	≈5.58%12.22M shares
VANGUARD CAPITAL MANAGEMENT LLC	3.77%8.25M shares
WRIGHT DICKERSON	≈3.65%8M shares
Jefferies Financial Group Inc.	2.28%5M shares
Point72 Asset Management, L.P.	2.20%4.81M shares
GEODE CAPITAL MANAGEMENT, LLC	2.12%4.65M shares
STATE STREET CORP	1.95%4.26M shares
DIMENSIONAL FUND ADVISORS LP	1.93%4.22M shares
Clearline Capital LP	1.79%3.92M shares
Long Focus Capital Management, LLC	1.76%3.86M shares
REAVES W H & CO INC	1.44%3.15M shares
Swedbank AB	1.15%2.53M shares
ADW Capital Management, LLC	0.91%2M shares
GOLDMAN SACHS GROUP INC	0.90%1.98M shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	0.88%1.93M shares

Percentages use 218.99M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)1$502.6K disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Nov 18, 2025Form 4	Tong RichardGeneral Counsel	SellCommon Stock	52.5K	$9.58	$502.6K	0

Review ownership filings at SEC.gov ↗

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TIC Solutions, Inc. (TIC)

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