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what it is
TIC checks bridges, plants, pipelines, and job sites, then sells the engineering and mapping work around those assets.
how it gets paid
Last year Tic Solutions made $1.5B in revenue. Testing & inspection was the main engine at $0.53B, or 35% of sales.
why it's growing
Revenue grew 230.1% last year. The number that mattered was -$0.08 EPS, because a company doing $1.0B in quarterly revenue still failed to turn that scale into profit.
what just happened
TIC printed $1.0B in quarterly revenue, but the real story was another loss.
At a glance
n/a balance sheet
0.8x trailing p/e — the market's not buying it — or you found a deal
$12.00 fy2025 eps est
$464M fy2024 rev est
1.1% operating margin
What they do
TIC checks bridges, plants, pipelines, and job sites, then sells the engineering and mapping work around those assets.
TIC wins by showing up across the whole asset lifecycle, from planning to compliance, with 5,498 employees across North America. Asset lifecycle → every step from design to inspection to sign-off → so what: once your project manager uses one vendor for all of it, switching gets painful. Public agencies and private operators both buy this work, which gives TIC more ways to fill crews than a single-end-market contractor.
How they make money
$1.5B
annual revenue · their business grew +230.1% last year
Testing & inspection
$0.53B
Certification & compliance
$0.30B
Engineering & consulting
$0.38B
Inspection mitigation & rope access
$0.17B
Geospatial services
$0.12B
The products that matter
inspection and compliance work
Testing, Inspection & Compliance
$1.1B · 73% of shown revenue
This is the center of gravity at roughly $1.1B, and it grew 39% compared to last year. If TIC hits its $2.15B target, this segment is doing most of the lifting.
core engine
advisory and project services
Engineering & Consulting
$300M · 20% of shown revenue
At roughly $300M, this is meaningful but not dominant. It broadens customer touchpoints, but it still lives in a competitive, project-based market.
second leg
mapping and spatial data
Geospatial Services
$130M · 9% of shown revenue
This $130M segment is the smallest of the three. It matters as a capability add-on, not as the earnings story by itself.
supporting role
Key numbers
$1.5B
annual revenue
This business got big fast. Revenue reached $1.5B, up 230.1% vs. prior year, which means scale arrived before profits did.
$1.7B
long-term debt
Debt is 51% of capital, which means lenders already own a large part of the room you are walking into.
1.1%
operating margin
Operating margin → profit after running the business → so what: TIC still loses money after overhead, even with $1.5B in sales.
0.8x
trailing p/e
Price-to-earnings → how much investors pay for profit → so what: this number looks absurd next to trailing EPS of -$0.32, which tells you the data picture is messy.
Financial health
n/a
strength
- balance sheet grade n/a
- long-term debt $1.7B (51% of capital)
n/a — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for TIC right now.
source: institutional data · return history unavailable
What just happened
missed estimates
TIC printed $1.0B in quarterly revenue, but the real story was another loss.
Latest-quarter revenue rose 116% vs. prior year, while EPS came in at -$0.08. Gross margin was 26.5%, which says the field work has value, but overhead and integration are still doing damage.
$1.0B
revenue
$0.08
eps
26.5%
gross margin
the number that mattered
The number that mattered was -$0.08 EPS, because a company doing $1.0B in quarterly revenue still failed to turn that scale into profit.
source: company earnings report, 2026
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What could go wrong
The #1 risk here is missing the $2.15B 2026 revenue target while staying unprofitable.
med
Execution miss
Q4 EPS came in at -$0.25 versus $0.17 expected. When a company misses by $0.42 in a single quarter, investors stop modeling upside and start modeling credibility.
Another miss at anything close to that scale would pressure a stock already trading 39% below its 52-week high.
med
CEO transition risk
Ben Heraud takes over on March 31, 2026. Leadership changes can clarify a story, but they can also expose how dependent the prior plan was on deal momentum and founder judgment.
If the first two quarters under new leadership bring strategy changes without cleaner numbers, the market will assume the reset takes longer than expected.
med
Leverage risk
Long-term debt is $1.7B, or 51% of capital. That is manageable only if operating results keep improving.
Leverage limits how much room TIC has to absorb integration issues, slower project activity, or another stretch of weak earnings.
Put the numbers together and you get the real picture: a ~$2B stock, an $87M net loss, and a management team now required to prove that scale can become profit.
source: institutional data · regulatory filings · risk analysis
Pay attention to
ceo handoff
March 31 is the real reset date
Ben Heraud takes over at the end of March. Your first read on this story is whether the new CEO keeps the $2.15B target and sounds credible doing it.
profitability
Watch the gap between EBITDA and net income
A 14.8% adjusted EBITDA margin sounds fine until it lands next to an $87M annual net loss. You want that gap getting smaller, fast.
balance sheet
$1.7B of debt leaves less room for error
Debt is 51% of capital. If operating performance slips, this turns from a background issue into the story.
core segment
Testing, Inspection & Compliance has to stay strong
At $1.1B and 73% of shown revenue, the core segment carries the case. If growth slows there, the rest of the portfolio is not large enough to cover it.
Analyst rankings
source: institutional data
Institutional activity
institutional ownership data for TIC is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$9
current price
n/a
target midpoint · n/a from current
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