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Specialty business services · Industrials · Fiscal year ends Dec 31
TIC Solutions reported revenue of $1.5B in the fiscal year ended Dec 2025, up 45.7% from the year before. Operating income was −$17M, an operating margin of −1.1%, and net income was −$87M. Operating cash flow of $95M less capital expenditure of $34M left free cash flow of $61M. Net debt was $1.2B.
Ranks among the 24 specialty business services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2023 | Dec 2025 |
|---|---|---|
| Revenue | 1,050 | 1,530 |
| Cost of revenue | 811 | 1,081 |
| Gross profit | 240 | 449 |
| Selling, general & admin | – | 441 |
| Operating income | – | −17.1 |
| Interest expense | – | 87.6 |
| Pre-tax income | – | −98.2 |
| Income tax | – | −11.1 |
| Net income | – | −87.1 |
| Fiscal year | Dec 2023 | Dec 2025 |
|---|---|---|
| Cash & equivalents | – | 440 |
| Receivables | – | 366 |
| Current assets | – | 1,021 |
| Net PP&E | – | 256 |
| Goodwill | – | 1,650 |
| Total assets | – | 4,396 |
| Payables | – | 60.4 |
| Deferred revenue | – | 47.8 |
| Current liabilities | – | 319 |
| Short-term debt | – | 25.5 |
| Long-term debt | – | 1,588 |
| Total liabilities | – | 2,216 |
| Shareholders' equity | – | 2,180 |
| Backlog (remaining obligations) | – | 1,100 |
| Fiscal year | Dec 2023 | Dec 2025 |
|---|---|---|
| Operating cash flow | – | 95.0 |
| Capital expenditure | – | 33.8 |
| Free cash flow | – | 61.3 |
| Depreciation & amortisation | 94.8 | 178 |
| Stock-based compensation | – | 17.2 |
| Acquisitions | – | 845 |
| Dividends paid | – | 0.0 |
| Dividend per share | – | 10.28 |
| Fiscal year | Dec 2023 | Dec 2025 |
|---|---|---|
| Revenue growth (YoY) | – | 45.7% |
| Gross margin | 22.8% | 29.4% |
| Operating margin | – | −1.1% |
| Net margin | – | −5.7% |
| Return on equityBlank when equity is negative | – | −4.0% |
| ROCEEBIT ÷ (assets − current liabilities) | – | −0.4% |
| Free cash flow margin | – | 4.0% |
| Cash conversion (CFO ÷ net income) | – | −1.09x |
| Receivable days | – | 87 |
| Payable days | – | 20 |
| Interest cover | – | −0.20x |
| Debt ÷ equity | – | 0.74x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | 1,174 |
| Current ratio | – | 3.20x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.