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what it is
Team inspects, repairs, and heat-treats industrial equipment so refineries, pipelines, and power plants do not break at expensive times.
how it gets paid
Last year Team made $896M in revenue. Inspection & Heat Treating was the main engine at $403.2M, or 45% of sales.
why it's growing
Revenue grew 5.2% last year. EDGAR shows latest-quarter revenue of $672 million, up 199% vs. prior year, with EPS of negative $10.24.
what just happened
The quarter said the quiet part out loud: revenue jumped to $672M, but the business still posted a loss.
At a glance
C balance sheet — red flag territory — real financial stress
45/100 earnings predictability — expect surprises
-$8.64 fy2024 eps est
$852M fy2024 rev est
6.2% operating margin
xvary composite: 21/100 — weak
What they do
Team inspects, repairs, and heat-treats industrial equipment so refineries, pipelines, and power plants do not break at expensive times.
This business lives where failure gets expensive fast. If your refinery or pipeline is down, you care less about slogans and more about who can show up with 5,400 employees and specialized inspection crews. Team's edge is service density: $896 million of annual revenue says it already sits inside critical industrial sites, and switching vendors during a shutdown is painful.
How they make money
$896M
annual revenue · their business grew +5.2% last year
Inspection & Heat Treating
$403.2M
Mechanical Services
$358.4M
Pipeline Integrity Management
$89.6M
Engineering & Condition Assessment
$44.8M
The products that matter
on-site maintenance and repair
Field Services
$671M · ~75% of revenue
this segment brings in about $671M, or roughly three quarters of the business. if utilization slips here, you will see it quickly in the company-wide numbers.
core segment
inspection and heat treatment work
Inspection & Heat Treating
$225M · ~25% of revenue
smaller at $225M, but still important because 25.9% Q4 gross margin says this business does not have much room to hide weak execution.
margin watch
Key numbers
$331M
long-term debt
Debt is 4.6 times the $72 million market cap, which means lenders matter more than shareholders right now.
$896M
annual revenue
The company is large in sales and tiny in equity value, which tells you the market does not trust those sales to turn into durable profits.
25.8%
gross margin
Gross margin is what is left after direct job costs. Plain English: core work is profitable before overhead. So what: the turnaround is possible, but overhead and debt still eat it.
$8.64
FY2024 EPS
Per-share loss improved from negative $17.32 in 2023, but you are still paying for a business that loses money.
Financial health
C
strength
- balance sheet grade C — very weak — significant financial distress
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $331M (82% of capital)
C — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for TISI right now.
source: institutional data · return history unavailable
What just happened
missed estimates
The quarter said the quiet part out loud: revenue jumped to $672M, but the business still posted a loss.
EDGAR shows latest-quarter revenue of $672 million, up 199% vs. prior year, with EPS of negative $10.24. Gross margin was 25.8%, so the issue is not demand alone. It is what happens after the work is booked.
$672M
revenue
$10.24
eps
25.8%
gross margin
the number that mattered
The 25.8% gross margin matters most because it says the jobs have value, but overhead, restructuring, and debt costs are still swallowing the business.
source: company earnings report, 2026
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What could go wrong
tisi does not need a dramatic collapse to stay in trouble. it needs the current mix of debt, thin margins, and losses to keep hanging around.
high
annual losses keep eating the cushion
TISI reported a $49M net loss for full-year 2025. a turnaround can survive one bad year. it cannot make a habit of it.
erodes equity and reduces room to invest
high
$331M of long-term debt on a $72M equity value
long-term debt is 82% of capital. that is not a footnote. it is the structure every operating result has to answer to.
raises distress risk and limits flexibility
med
thin margins leave almost no shock absorber
profit margin is -5.49% and operating margin is 1.57%. when the spread is this tight, a small revenue miss becomes a much bigger earnings problem.
small operational slips create outsized damage
med
the $75M capital raise buys time, not proof
the Stellex placement helps liquidity. if the underlying business stays low-margin and loss-making, fresh capital only pushes the next financing question into the future.
turnaround timeline gets longer and more expensive
a company that lost $49M last year while carrying $331M of long-term debt does not need a major shock to stay under pressure. it just needs margins to stay thin.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
q1 2026 earnings report
expected around may 12, 2026. you want to know whether the narrower Q4 loss was the start of a pattern or just one cleaner quarter.
metric
gross margin
Q4 gross margin was 25.9%. with operating margin at 1.57%, this line tells you quickly whether the business is getting better or just staying busy.
risk
debt, liquidity, and covenant language
a 1.05 Altman Z-score is the kind of number that makes every filing worth reading carefully. you are watching for any tighter language around liquidity.
trend
whether operating income stays positive
FY2025 operating income was $14.1M. if that flips back below zero, the turnaround case gets much harder to defend.
Analyst rankings
earnings predictability
45 / 100
in human-speak, analysts do not trust this earnings stream to stay steady. if you own it, expect sharp swings in sentiment when quarterly numbers land.
source: institutional data
Institutional activity
institutional ownership data for TISI is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$14
current price
n/a
target midpoint · n/a from current
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