MeritValue

TEAM INC

TISIdata completeness 100%17 fiscal years on file
The thesis, from the filings

TEAM INC earns about -16% on invested capital, but has diluted owners by 45% over 5 years — worth asking whether the growth reaches owners. 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 2021FY 2022FY 2023FY 2024FY 2025
Revenue$794.2M1$840.2M2$862.6M3$852.3M4$896.5M4
Net income−$186M5$70.1M6−$75.7M7−$38.3M8−$49.2M8
Operating cash flow−$35.5M9−$57.9M10−$11M11$22.8M12−$11.3M12
Capital expenditure$17.6M13$24.7M14$10.4M15$9.47M16$9.29M16
Free cash flow (derived)−$53.1M9−$82.6M10−$21.4M11$13.3M12−$20.6M12
Total debt$312.5M17$239.4M18$305.7M19$320M20$288.5M20
Cash & equivalents$55.2M21$58.1M22$35.4M23$35.5M24$18.1M24
Diluted shares3.1M4.2M4.4M4.4M4.5M

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
−$54.39
your share of equity
Profit it earned you last year
−$109.33
Free cash flow it threw off
−$45.85
Debt you’d be carrying
$641.03

10 shares is a claim on −$54.39 of net worth that earned you −$109.33 and generated −$45.85 of cash last year, against $641.03 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-16% avg · 5y
FY21 -33%FY22 -16%FY23 -4%FY24 -10%FY25 -15%

It earned an average -16% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+45% shares · 5y

Share count is up 45% over 5 years — owners have been diluted. Worth asking what they got for it. 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
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
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 2021-12-31 · accession 0000318833-23-000005 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000318833-24-000005 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000318833-25-000015 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0000318833-26-000007 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0000318833-23-000005 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0000318833-24-000005 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0000318833-25-000015 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0000318833-26-000007 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0000318833-23-000005 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0000318833-24-000005 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0000318833-25-000015 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0000318833-26-000007 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0000318833-23-000005 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0000318833-24-000005 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0000318833-25-000015 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0000318833-26-000007 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0000318833-23-000005 (LongTermDebt)
  18. 10-K · period ending 2022-12-31 · accession 0000318833-24-000005 (LongTermDebt)
  19. 10-K · period ending 2023-12-31 · accession 0000318833-25-000015 (LongTermDebt)
  20. 10-K · period ending 2024-12-31 · accession 0000318833-26-000007 (LongTermDebt)
  21. 10-K · period ending 2021-12-31 · accession 0000318833-23-000005 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2022-12-31 · accession 0000318833-24-000005 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2023-12-31 · accession 0000318833-25-000015 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K · period ending 2024-12-31 · accession 0000318833-26-000007 (CashAndCashEquivalentsAtCarryingValue)