MeritValue

TIC Solutions, Inc.

TICdata completeness 100%2 fiscal years on file

Data notes: no data for concept 'epsDiluted'; no data for concept 'interestExpense'

The thesis, from the filings

TIC Solutions, Inc. earns about -2% on invested capital, with a roughly flat share count. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2023FY 2025
Revenue$1.05B1$1.53B1
Net income—−$87.1M2
Operating cash flow—$95M3
Capital expenditure—$33.8M4
Free cash flow (derived)—$61.3M3
Total debt—$3.23B5
Cash & equivalents—$439.5M6
Diluted shares—220.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$98.87
your share of equity
Profit it earned you last year
−$3.95
Free cash flow it threw off
$2.78
Debt you’d be carrying
$146.33

10 shares is a claim on $98.87 of net worth that earned you −$3.95 and generated $2.78 of cash last year, against $146.33 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-2% avg · 2y
FY23 —FY25 -2%

It earned an average -2% on invested capital over 2 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−0% shares · 2y

Share count is roughly flat over 2 years — little dilution, little buyback. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 1 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
only 1 years of net income (need ≥3)
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2023-12-31 · accession 0001628280-26-017015 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2025-12-31 · accession 0001628280-26-017015 (NetIncomeLoss)
  3. 10-K · period ending 2025-12-31 · accession 0001628280-26-017015 (NetCashProvidedByUsedInOperatingActivities)
  4. 10-K · period ending 2025-12-31 · accession 0001628280-26-017015 (PaymentsToAcquirePropertyPlantAndEquipment)
  5. 10-K · period ending 2025-12-31 · accession 0001628280-26-017015 (LongTermDebtNoncurrent)
  6. 10-K · period ending 2025-12-31 · accession 0001628280-26-017015 (CashAndCashEquivalentsAtCarryingValue)