TIC on NYSE
TIC Solutions, Inc.
We are a leading provider of tech-enabled Testing, Inspection, Certification and Compliance (TICC), engineering, and geospatial services.4 From its latest annual report
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Last updated Oct 19, 2026.
Overview
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- TickerTIC on NYSE2
- IndustryServices-Business Services, NEC2
- HeadquartersHollywood, United States2
- Incorporated inDE3
- Business address2700 Post Oak Blvd., Suite 2300, Houston, Tx 770563
- Filer categoryAccelerated filer3
- Legal formCorporation2
- LEI213800ZDFRNC8QXEZ4812
- StatusActive2
- LEI statusIssued and current2
- Registered addressC/O CORPORATION SERVICE COMPANY, 19808 Wilmington, United States2
- Registered withDivision of Corporations, Department of State, 37787392
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We are a leading provider of tech-enabled Testing, Inspection, Certification and Compliance (TICC), engineering, and geospatial services. We provide mission-critical services that are essential to the safety, reliability, and efficiency of industrial assets, buildings, and public infrastructure. Our services are often non-discretionary and are driven by regulatory requirements, customer risk management policies, and the need to extend the useful life of critical assets. We operate primarily in North America and serve both private and public-sector clients. Our private-sector clients span industrial, infrastructure, construction, and commercial real estate end markets. Our public-sector clients include federal, state, and municipal agencies, public utilities, transportation authorities, and environmental regulators. Within industrial markets, our services address energy processing and ref…4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
29.4%Gross margin5
-1.1%Operating margin5
-5.7%Net margin5
-4.0%Return on equity5
0.73×Debt to equity5
$61.3MFree cash flow5
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Business segments
Inspection and Mitigation brought in 72% of the revenue TIC Solutions, Inc. broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2023 | 2025 |
|---|---|---|
| Inspection and Mitigation | $1.1B | $1.1B |
| Consulting Engineering | $0 | $300.1M |
| Geospatial | $0 | $131.3M |
Regions
United States brought in 64% of the revenue TIC Solutions, Inc. broke down this way in fiscal 2025.
Regions by year
| Regions | 2025 |
|---|---|
| United States | $984.0M |
| CA [member] | $488.1M |
| Other Foreign Countries | $58.1M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue71¢$1.1B
- Selling, general and admin29¢$440.8M
- Income tax1¢$11.1M
Out of $1.5B in revenue.5 The company lost money this year.
Where each dollar of operating cash went, fiscal 2025
- Capital spending36¢$33.8M
- Kept or used elsewhere64¢$61.3M
Out of $95.0M of cash from operations.5
Financial statements
Every line of the income statement as filed: the last 2 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2023-12-31 |
|---|---|---|
| Revenue | $1.5B | $1.1B |
| Cost of revenue | $1.1B | $810.5M |
| Gross profit | $449.4M | $239.5M |
| Selling, general and administrative expenses | $440.8M | |
| Transaction costs | $25.6M | |
| Income (loss) from operations | -$17.1M | |
| Interest expense, net | $87.6M | |
| Loss on extinguishment of debt | $0 | |
| Other income, net | -$6.5M | |
| Loss before income tax provision (benefit) | -$98.2M | |
| Provision (benefit) for income taxes | -$11.1M | |
| Net loss | -$87.1M | |
| Dividends | -$6.8M | |
| Undistributed Earnings (Loss) Allocated to Participating Securities, Basic | $596.0K | |
| Net loss allocated to common stockholders | -$93.3M | |
| Foreign currency translation adjustments | $46.5M | |
| Total other comprehensive income (loss) | -$40.6M |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2024-07-31 |
|---|---|---|---|
| Cash and cash equivalents | $439.5M | $139.1M | |
| Accounts receivable, net | $366.3M | $212.6M | |
| Contract assets, net | $154.4M | $23.9M | |
| Prepaid expenses and other current assets | $60.8M | $18.6M | |
| Total current assets | $1.0B | $394.2M | |
| Property and equipment, net | $255.6M | $189.2M | |
| Operating lease right-of-use assets, net | $60.2M | $30.0M | |
| Goodwill | $1.6B | $845.9M | $0 |
| Intangible assets, net | $1.4B | $740.7M | |
| Deferred tax assets | $1.4M | $765.0K | |
| Other assets | $17.0M | $6.9M | |
| Total assets | $4.4B | $2.2B | |
| Accounts payable | $60.4M | $13.9M | |
| Accrued expenses and other current liabilities | $151.6M | $66.0M | |
| Contract liabilities | $47.8M | $1.6M | |
| Current portion of long-term debt | $25.5M | $7.8M | |
| Current portion of lease obligations | $33.6M | $17.0M | |
| Total current liabilities | $319.0M | $106.3M | |
| Long-term debt, net of current portion | $1.6B | $747.0M | |
| Non-current lease obligations | $66.0M | $40.8M | |
| Deferred tax liabilities | $223.0M | $150.7M | |
| Other non-current liabilities | $20.7M | $11.8M | |
| Total liabilities | $2.2B | $1.1B | |
| Series A Preferred Stock, $0.0001 par value, 1,000,000 shares issued and outstanding | $0 | $0 | |
| Common stock, $0.0001 par value, 220,485,045 and 121,476,215 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | $21.0K | $12.0K | |
| Additional paid-in capital | $2.4B | $1.3B | |
| Accumulated deficit | -$194.1M | -$107.0M | |
| Accumulated other comprehensive income (loss) | $11.1M | -$35.5M | |
| Total stockholders' equity | $2.2B | $1.2B | $555.9M |
| Total liabilities and stockholders' equity | $4.4B | $2.2B | |
| Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | |
| Preferred stock, shares issued (in shares) | 1.0M shares | 1.0M shares | |
| Preferred stock, shares outstanding (in shares) | 1.0M shares | 1.0M shares | |
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | |
| Common stock, shares issued (in shares) | 220.5M shares | 121.5M shares | |
| Common stock, shares outstanding (in shares) | 220.5M shares | 121.5M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2024-07-31 |
|---|---|---|---|
| Cash and cash equivalents | $439.5M | $139.1M | |
| Accounts receivable, net | $366.3M | $212.6M | |
| Contract assets, net | $154.4M | $23.9M | |
| Prepaid expenses and other current assets | $60.8M | $18.6M | |
| Total current assets | $1.0B | $394.2M | |
| Property and equipment, net | $255.6M | $189.2M | |
| Operating lease right-of-use assets, net | $60.2M | $30.0M | |
| Goodwill | $1.6B | $845.9M | $0 |
| Intangible assets, net | $1.4B | $740.7M | |
| Deferred tax assets | $1.4M | $765.0K | |
| Other assets | $17.0M | $6.9M | |
| Total assets | $4.4B | $2.2B | |
| Accounts payable | $60.4M | $13.9M | |
| Accrued expenses and other current liabilities | $151.6M | $66.0M | |
| Contract liabilities | $47.8M | $1.6M | |
| Current portion of long-term debt | $25.5M | $7.8M | |
| Current portion of lease obligations | $33.6M | $17.0M | |
| Total current liabilities | $319.0M | $106.3M | |
| Long-term debt, net of current portion | $1.6B | $747.0M | |
| Non-current lease obligations | $66.0M | $40.8M | |
| Deferred tax liabilities | $223.0M | $150.7M | |
| Other non-current liabilities | $20.7M | $11.8M | |
| Total liabilities | $2.2B | $1.1B | |
| Series A Preferred Stock, $0.0001 par value, 1,000,000 shares issued and outstanding | $0 | $0 | |
| Common stock, $0.0001 par value, 220,485,045 and 121,476,215 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | $21.0K | $12.0K | |
| Additional paid-in capital | $2.4B | $1.3B | |
| Accumulated deficit | -$194.1M | -$107.0M | |
| Accumulated other comprehensive income (loss) | $11.1M | -$35.5M | |
| Total stockholders' equity | $2.2B | $1.2B | $555.9M |
| Total liabilities and stockholders' equity | $4.4B | $2.2B | |
| Preferred stock, par value (in dollars per share) | $0.00 | $0.00 | |
| Preferred stock, shares issued (in shares) | 1.0M shares | 1.0M shares | |
| Preferred stock, shares outstanding (in shares) | 1.0M shares | 1.0M shares | |
| Common stock, par value (in dollars per share) | $0.00 | $0.00 | |
| Common stock, shares issued (in shares) | 220.5M shares | 121.5M shares | |
| Common stock, shares outstanding (in shares) | 220.5M shares | 121.5M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years (annual) or 1 quarters (quarterly), latest first.5
| Period ending | 2025-12-31 | 2023-12-31 |
|---|---|---|
| Net loss | -$87.1M | |
| Depreciation and amortization | $178.3M | $94.8M |
| Noncash lease expense | $16.6M | |
| Share-based compensation expense | $17.2M | |
| Amortization of deferred financing costs | $5.3M | |
| Loss on extinguishment of debt | $0 | |
| Fair value adjustments on interest rate derivatives | $0 | |
| Deferred taxes | -$33.0M | |
| Other | $2.9M | |
| Accounts receivable | $41.1M | |
| Contract assets | -$5.5M | |
| Prepaid expenses and other current assets | -$4.6M | |
| Accounts payable | -$1.4M | |
| Accrued expenses and other current liabilities | -$12.2M | |
| Operating lease obligations | -$16.0M | |
| Contract liabilities | -$1.5M | |
| Other assets and liabilities | -$5.1M | |
| Net cash provided by operating activities | $95.0M | |
| Business acquisitions, net of cash acquired | -$845.0M | |
| Purchases of property and equipment | -$33.8M | |
| Proceeds from sale of property and equipment | $4.7M | |
| Net cash used in investing activities | -$874.1M | |
| Proceeds from long-term borrowings | $875.0M | |
| Payments on long-term borrowings | -$12.1M | |
| Payments of debt issuance costs | -$24.3M | |
| Payments on finance lease obligations and other long-term debt | -$13.3M | |
| Dividends paid to stockholder | $0 | |
| Proceeds from issuance of common shares and exercise of warrants, net of issuance costs | $250.5M | |
| Net cash provided by (used in) financing activities | $1.1B | |
| Net effect of exchange rate fluctuations on cash and cash equivalents | $3.7M | |
| Net change in cash and cash equivalents | $300.4M | |
| Interest paid | $80.8M | |
| Income taxes paid | $27.8M | |
| Equity consideration issued for business combinations | $798.0M | |
| Purchase of property and equipment accrued and not yet paid | $6.5M | |
| Notes payable and other obligations issued for acquisitions | $6.7M | |
| Settlement of derivative liability | $0 | |
| Operating leases | $44.9M | |
| Finance leases | $21.5M |
| Period ending | 2024-09-30 |
|---|---|
| Net loss | -$105.5M |
| Depreciation and amortization | $47.3M |
| Noncash lease expense | $3.7M |
| Share-based compensation expense | $64.6M |
| Amortization of deferred financing costs | $1.4M |
| Loss on extinguishment of debt | $0 |
| Fair value adjustments on interest rate derivatives | $0 |
| Deferred taxes | -$14.0M |
| Other | $2.2M |
| Accounts receivable | $18.4M |
| Contract assets | $9.4M |
| Prepaid expenses and other current assets | -$9.4M |
| Accounts payable | -$4.5M |
| Accrued expenses and other current liabilities | -$7.9M |
| Operating lease obligations | -$3.4M |
| Contract liabilities | $17.0K |
| Other assets and liabilities | $273.0K |
| Net cash provided by operating activities | $2.6M |
| Business acquisitions, net of cash acquired | -$1.8B |
| Purchases of property and equipment | -$13.2M |
| Proceeds from sale of property and equipment | $776.0K |
| Net cash used in investing activities | -$1.8B |
| Proceeds from long-term borrowings | $775.0M |
| Payments on long-term borrowings | -$1.9M |
| Payments of debt issuance costs | -$21.4M |
| Payments on finance lease obligations and other long-term debt | -$4.0M |
| Dividends paid to stockholder | $0 |
| Proceeds from issuance of common shares and exercise of warrants, net of issuance costs | $666.6M |
| Net cash provided by (used in) financing activities | $1.4B |
| Net effect of exchange rate fluctuations on cash and cash equivalents | -$123.0K |
| Net change in cash and cash equivalents | -$417.8M |
Leadership
Who has led TIC Solutions, Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
President
Chief financial officer
Chief operating officer
- Chief executive officerBenjamin Heraud Apr 30, 2026 to now8
- Chief executive officerTalman Pizzey Feb 14, 2025 to Apr 30, 20269
- PresidentBenjamin Heraud Aug 6, 2025 to now10
- Chief financial officerKristin B. Schultes Feb 14, 2025 to now11
- Chief operating officerBenjamin Heraud Aug 6, 2025 to now10
Board members and other officers (18)
- VP & Chief Accounting OfficerLeslie Warren Aug 13, 2026 to now12
- Chief Accounting OfficerGregory F. Conaway Feb 14, 2025 to now13
- Chief Human Resources OfficerJohn Lourinda St. Feb 14, 2025 to now14
- CHIEF HUMAN RESOURCES OFFICERAnthony Gaucher Apr 15, 2025 to now15
- Chief Human Resources OfficerMaryjo O'Brien Aug 15, 2025 to now16
- Board memberAntoinette Cook Bush Feb 14, 2025 to now17
- Board memberElizabeth Meloy Feb 14, 2025 to now18
- Board memberJames E. Lillie Feb 14, 2025 to now19
- Board memberMartin E. Franklin Feb 14, 2025 to now20
- Board memberPeter A. Hochfelder Feb 14, 2025 to now21
- Board memberRory Cullinan Feb 14, 2025 to now22
- Board memberTalman Pizzey Apr 15, 2025 to now23
- Board memberBenjamin Heraud Aug 6, 2025 to now10
- Board memberByron Roth Aug 6, 2025 to now24
- Board memberDickerson Wright Aug 6, 2025 to now25
- General counselJennifer N. Phan Jun 16, 2026 to now26
- General counselFiona Sutherland Feb 14, 2025 to now27
- General counselRichard Tong Aug 15, 2025 to now28
Former names
- ACUREN CORPAug 12, 2024 to Oct 7, 20253
Timeline
Filings
177 filings to the SEC since October 2021: 3 annual reports, 5 quarterly reports, 23 major events, 67 insider forms, 18 large holders, 61 other. The latest 20:
- Oct 2, 20264 EDGAR
- Aug 14, 2026SCHEDULE 13G/A EDGAR
- Aug 13, 20263 EDGAR
- Aug 6, 202610-Q EDGAR
- Aug 6, 20268-K EDGAR
- Aug 4, 20264 EDGAR
- Aug 4, 20264 EDGAR
- Aug 4, 20264 EDGAR
- Aug 4, 20264 EDGAR
- Aug 4, 20264 EDGAR
- Aug 4, 20264 EDGAR
- Aug 4, 20264 EDGAR
- Jul 2, 20264 OWNERSHIP DOCUMENT EDGAR
- Jul 2, 20264 OWNERSHIP DOCUMENT EDGAR
- Jul 2, 20264 OWNERSHIP DOCUMENT EDGAR
- Jul 2, 20264 OWNERSHIP DOCUMENT EDGAR
- Jul 2, 20264 OWNERSHIP DOCUMENT EDGAR
- Jul 2, 20264 OWNERSHIP DOCUMENT EDGAR
- Jul 2, 20264 OWNERSHIP DOCUMENT EDGAR
- Jul 2, 20264 OWNERSHIP DOCUMENT EDGAR
The 177 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
1 open-market trades by officers, directors and large owners since October 2021: 0 buys and 1 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Nov 18, 2025 | Tong RichardGeneral Counsel | Sale | 52,467 | $9.58 | $502.6K | Form 4 |
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Gates Capital ManagementSCHEDULE 13G/A, 6 filings Feb 14, 2025 to Aug 14, 202629
- VIKING GLOBAL INVESTORS LPSCHEDULE 13G/A, 2 filings May 15, 2025 to May 15, 202630
- Permian Investment Partners, LPSCHEDULE 13G/A, 3 filings May 15, 2025 to Apr 7, 202631
- Alyeska Investment Group, L.P.SCHEDULE 13G, 1 filing Feb 17, 202632
- Progeny 3, Inc.SCHEDULE 13G/A, 2 filings May 9, 2025 to Feb 9, 202633
- FRANKLIN MARTIN ESCHEDULE 13D/A, 4 filings Feb 14, 2025 to Jan 2, 202634
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Viking Global Investors LP | 35,824,562 | $289.8M | 0.8% | No change |
| Permian Investment Partners, LP | 21,310,094 | $172.4M | 19.6% | −635,000 |
| Gates Capital Management, Inc. | 19,501,621 | $157.8M | 5.2% | −2,348,379 |
| Alyeska Investment Group, L.P. | 18,604,954 | $150.5M | 0.4% | −157,834 |
| Progeny 3, Inc. | 15,562,990 | $125.9M | 6.5% | +239,885 |
| Vanguard Capital Management LLC | 8,246,458 | $66.7M | 0.0% | +39,840 |
| Jefferies Financial Group Inc. | 5,000,000 | $40.5M | 0.4% | No change |
| Point72 Asset Management, L.P. | 4,814,719 | $39.0M | 0.1% | New |
| Geode Capital Management, LLC | 4,650,345 | $37.6M | 0.0% | +163,531 |
| State Street Corp | 4,262,899 | $34.5M | 0.0% | +2,216 |
| Dimensional Fund Advisors LP | 4,218,248 | $34.1M | 0.0% | +644,802 |
| Clearline Capital LP | 3,915,001 | $31.7M | 2.0% | −311,396 |
| Long Focus Capital Management, LLC | 3,863,677 | $31.3M | 1.3% | −237,535 |
| Reaves W H & Co Inc | 3,145,735 | $25.4M | 0.4% | +69,565 |
| Swedbank AB | 2,526,000 | $20.4M | 0.0% | −1,854,000 |
| ADW Capital Management, LLC | 2,000,000 | $16.2M | 5.9% | +896,200 |
| Goldman Sachs Group Inc | 1,978,044 | $16.0M | 0.0% | +510,928 |
| Charles Schwab Investment Management Inc | 1,933,126 | $15.6M | 0.0% | +145,217 |
| Bank Of America Corp /de/ | 1,684,971 | $13.6M | 0.0% | +1,017,448 |
| Northern Trust Corp | 1,620,323 | $13.1M | 0.0% | +11,567 |
| Nuveen, LLC | 1,547,632 | $12.5M | 0.0% | +1,205,015 |
| Vanguard Portfolio Management LLC | 1,390,054 | $11.2M | 0.0% | +47,845 |
| Vanguard Fiduciary Trust Co | 1,206,422 | $9.8M | 0.0% | −4,141 |
| Aqr Capital Management LLC | 1,169,031 | $9.5M | 0.0% | +922,156 |
| NewEdge Wealth, LLC | 992,629 | $8.0M | 0.1% | −46,924 |
13F reports cover disclosed long positions in U.S. stocks only.
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 10SEC EDGARBenjamin Heraud, President
- 11
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- 17SEC EDGARAntoinette Cook Bush, Board member
- 18SEC EDGARElizabeth Meloy, Board member
- 19SEC EDGARJames E. Lillie, Board member
- 20SEC EDGARMartin E. Franklin, Board member
- 21SEC EDGARPeter A. Hochfelder, Board member
- 22SEC EDGARRory Cullinan, Board member
- 23SEC EDGARTalman Pizzey, Board member
- 24SEC EDGARByron Roth, Board member
- 25SEC EDGARDickerson Wright, Board member
- 26SEC EDGARJennifer N. Phan, General counsel
- 27SEC EDGARFiona Sutherland, General counsel
- 28SEC EDGARRichard Tong, General counsel
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