Free cash flow remains highly volatile, swinging from a $37.1 million inflow in 2025Q4 to a $13.3 million outflow in 2025Q3, reflecting the lumpy nature of project-based industrial maintenance.
| Cash from Operations | 55.54M | 95.02M | 23.07M | 95.81M |
| Operating CF Margin % | - | 6.21% | 2.1% | 9.12% |
| Operating CF Growth % | -69.73% | 311.9% | -75.92% | - |
| Net Income | -102.87M | -87.12M | -121.16M | -6.29M |
| Depreciation & Amortization | 226.44M | 178.33M | 93.09M | 94.82M |
| Stock-Based Compensation | 9.76M | 17.16M | 0 | 4.97M |
| Deferred Taxes | -53.99M | -32.97M | -22.36M | -23.44M |
| Other Non-Cash Items | 37.5M | 24.91M | 109.57M | 22.1M |
| Working Capital Changes | -56.75M | -5.29M | -36.08M | 3.65M |
| Change in Receivables | 87.82M | 41.08M | -5.01M | 881K |
| Change in Inventory | 0 | 0 | 0 | 0 |
| Change in Payables | -10.36M | -1.44M | -14.17M | 2.92M |
| Cash from Investing | -1.17B | -874.09M | -1.89B | -26.53M |
| Capital Expenditures | -41.98M | -33.76M | -27.57M | -22.14M |
| CapEx % of Revenue | 2.35% | 2.21% | 2.51% | 2.11% |
| Acquisitions | -1.13B | -845.02M | -1.87B | -6.01M |
| Investments | - | - | - | - |
| Other Investing | 2M | 4.69M | 0 | 1.62M |
| Cash from Financing | 1.39B | 1.08B | 1.42B | -49.18M |
| Debt Issued (Net) | 1.14B | 825.27M | 755.53M | 103.67M |
| Equity Issued (Net) | 250.45M | 250.45M | 666.63M | 0 |
| Dividends Paid | 0 | 0 | 0 | -150M |
| Share Repurchases | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | -2.84M |
| Net Change in Cash | 327.76M | 300.4M | 136.47M | 24.48M |
| Free Cash Flow | 13.56M | 61.26M | -4.51M | 73.67M |
| FCF Margin % | 0.76% | 4% | -0.41% | 7.02% |
| FCF Growth % | - | 1459.22% | -106.12% | - |
| FCF per Share | 0.06 | 0.39 | -0.04 | 14.66 |
| FCF Conversion (FCF/Net Income) | -0.13x | -1.09x | -0.19x | -15.23x |
| Interest Paid | 13.94M | 0 | 0 | 0 |
| Taxes Paid | 6.12M | 0 | 0 | 0 |
Persistent Operating Margin Deficit
According to the provided quarterly data, TIC exhibits a persistent divergence between net income and operating cash flow, highlighted by a 2025Q4 OCF/NI ratio of -1.05, which suggests that reported losses are being significantly mitigated by non-cash charges rather than genuine operational cash generation.
The consistent gap between net losses and positive operating cash flow indicates that depreciation and amortization are the primary drivers of the company's cash position. Investors should monitor whether this reliance on non-cash add-backs masks an underlying inability to generate sustainable profit from core service activities.
As reported in financial statements, TIC's free cash flow trajectory remains highly erratic, swinging from a $37.1 million inflow in 2025Q4 to a $13.3 million outflow in 2025Q3, reflecting the lumpy nature of project-based industrial maintenance and the company's struggle to maintain consistent cash margins.
The lack of a stable FCF trend suggests that the company's cash flow is highly sensitive to the timing of large-scale industrial turnarounds. This volatility warrants further investigation into whether the current cash generation profile can support long-term capital requirements without external financing.
Based on TIC's reported figures, working capital changes have been a significant source of cash flow instability, ranging from a $36.0 million outflow in 2025Q2 to a $30.8 million inflow in 2025Q1, indicating that the company's cash position is heavily dependent on the timing of client payments.
These sharp fluctuations in working capital suggest that TIC may be facing challenges in managing its receivables cycle effectively. Such variability often indicates that the company is absorbing the impact of delayed project milestones, which may pressure liquidity during periods of high operational activity.
As evidenced by the $1.1 billion net acquisition outflow in 2025Q3, TIC has prioritized inorganic growth over organic cash retention, a strategy that appears to be placing significant strain on the company's ability to maintain a consistent and positive free cash flow profile.
The scale of these acquisitions relative to the company's operating cash flow suggests a high-risk deployment strategy that may be intended to buy market share. Investors should monitor whether these investments will eventually yield the necessary synergies to offset the current negative net income and cash burn.
Quick answers to the most common questions about buying TIC stock.
TIC Solutions, Inc. (TIC) generated $95.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
TIC Solutions, Inc. (TIC) generated $61.3M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
TIC Solutions, Inc. (TIC) spent $33.8M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.