TIC Solutions, Inc. (TIC) FY2025 10-K Annual Report
TIC Solutions, Inc. (TIC) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Mar 12, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
TIC Solutions, Inc. FY2025 10-K Analysis
Business Overview
- • Core business: Tech-enabled Testing, Inspection, Certification, Compliance (TICC), engineering, and geospatial services for industrial and infrastructure assets
- • NV5 Global acquisition on Aug 4, 2025, adding engineering and geospatial services, prompting company name change to TIC Solutions, Inc. on Oct 10, 2025
- • Strategic shift: Expanded integrated service offering combining NDT, rope access, environmental consulting, and geospatial analytics for full asset life cycle
- • Employee and operational scale increase implied by acquisition, broadening geographic footprint to US, Canada, Europe, Asia, Middle East
- • Emphasis on digital transformation with drone-enabled inspections, LiDAR, and subscription-based geospatial software enhancing data analytics and recurring revenues
Management Discussion & Analysis
- • Revenue $1.53B in 2025 (Successor) vs $1.05B in 2023; Inspection and Mitigation up 0.1% ($1.1B vs $633.9M)
- • Operating segments: Inspection and Mitigation gross profit $240.6M (down 9.4% YoY), Consulting Engineering $142.5M, Geospatial $66.3M in 2025
- • Best performing segment by gross profit: Inspection and Mitigation $240.6M; worst: Geospatial $66.3M in 2025
- • Operating cash flow $95.0M in 2025, up $72.0M YoY; investing cash flow used $874.1M vs $58.0M prior; financing cash flow provided $1.1B
- • Outlook: Sufficient liquidity via $1.6B term loans, no revolving credit use; management cites risks from regional and sector softness impacting margins
Risk Factors
- • Regulatory risk: Non-compliance with ITAR, EAR export controls and OSHA safety standards may lead to material financial or legal penalties
- • Geopolitical risk: Revenue materially affected by Russia-Ukraine conflict, Hamas-Israel conflict, and tariffs on China and Canada impacting global oil and gas clients
- • Operational risk: 12.9% unionized workforce risks strikes causing revenue decline and potential contract loss
- • Competitive risk: Competitors with low overhead and niche pricing threaten market share and margins in fragmented TICC and related markets
- • Financial risk: Material weaknesses in internal controls over financial reporting may impair timely, accurate financial disclosures and stock price stability
TIC Solutions, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$1.5B
▲ +141.4% YoY
Net Income
-$87M
▲ +17.4% YoY
Gross Margin
29.4%
▲ +381bp YoY
Operating Margin
-1.1%
▲ +1192bp YoY
Net Margin
-5.7%
▲ +1094bp YoY
ROE
-4.0%
▲ +516bp YoY
Total Assets
$4.4B
▲ +99.1% YoY
Operating Cash Flow
$95M
▲ +3514.2% YoY
Source: XBRL data from TIC Solutions, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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