Latest Ratios: P/E Ratio -13.8x · EV/EBITDA 16.5x · ROE -5.2%. (2023–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Market Cap | $1.8B | $1.6B | — | — |
| Enterprise Value | $3.1B | $2.9B | — | — |
| P/E Ratio → | -13.85 | — | — | — |
| P/S Ratio | 1.18 | 1.04 | — | — |
| P/B Ratio | 0.59 | 0.73 | — | — |
| P/FCF | 29.48 | 26.01 | — | — |
| P/OCF | 19.01 | 16.77 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| EV / Revenue | — | 1.87 | — | — |
| EV / EBITDA | 16.48 | 15.34 | — | — |
| EV / EBIT | 360.90 | 335.99 | — | — |
| EV / FCF | — | 46.79 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Gross Margin | 29.4% | 29.4% | 24.2% | 22.8% |
| Operating Margin | 0.6% | 0.6% | -4.3% | 5.2% |
| Net Profit Margin | -5.7% | -5.7% | -11.0% | -0.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| ROE | -5.2% | -5.2% | -15.8% | -1.6% |
| ROA | -2.6% | -2.6% | -7.0% | -0.5% |
| ROIC | 0.2% | 0.2% | -2.5% | 4.0% |
| ROCE | 0.3% | 0.3% | -2.9% | 4.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Debt / Equity | 0.79 | 0.79 | 0.71 | 1.91 |
| Debt / EBITDA | 9.17 | 9.17 | 17.71 | 4.89 |
| Net Debt / Equity | — | 0.58 | 0.59 | 1.68 |
| Net Debt / EBITDA | 6.81 | 6.81 | 14.68 | 4.31 |
| Debt / FCF | — | 20.79 | — | 8.73 |
| Interest Coverage | 0.10 | 0.10 | -0.09 | 0.93 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Current Ratio | 3.20 | 3.20 | 3.71 | 2.96 |
| Quick Ratio | 3.20 | 3.20 | 3.71 | 2.96 |
| Cash Ratio | 1.38 | 1.38 | 1.31 | 0.77 |
| Asset Turnover | — | 0.35 | 0.50 | 0.83 |
| Inventory Turnover | — | — | — | — |
| Days Sales Outstanding | — | 124.20 | 78.67 | 81.08 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Dividend Yield | — | — | — | — |
| Payout Ratio | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 |
|---|---|---|---|---|
| Earnings Yield | — | — | — | — |
| FCF Yield | 3.4% | 3.8% | — | — |
| Buyback Yield | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $158M | $121M | $5M |
Persistent Operating Margin Deficit
Based on reported figures, TIC trades at a P/S of 1.20 and a negative P/E, suggesting that market participants are currently prioritizing top-line expansion over bottom-line earnings, a valuation stance that warrants caution given the company's inability to consistently convert revenue into positive net income.
The negative P/E ratio reflects the company's current lack of profitability, making traditional earnings-based valuation metrics largely irrelevant for assessing TIC's intrinsic value. Investors appear to be pricing the stock based on its aggressive revenue growth, yet the 16.62 EV/EBITDA multiple suggests that the market is already baking in significant future margin expansion that has yet to materialize in the financials.
As reported in financial statements, TIC's gross margin reached 33.1% in 2026Q1, yet the operating margin remained negative at -6.0%, indicating that the firm's high overhead structure is effectively neutralizing the gains made from its specialized mechanical service offerings in the field.
While the improvement in gross margins suggests that the company is successfully capturing value from its high-barrier-to-entry mechanical services, the persistent operating losses imply that SG&A costs are not scaling efficiently with revenue. This disconnect suggests that the current business model may require a structural reduction in fixed costs or a significant increase in technician utilization to reach a sustainable break-even point.
According to recent quarterly data, TIC's ROIC has fluctuated into negative territory, hitting -1.2% in 2026Q1, which highlights a fundamental struggle to generate adequate returns on the capital invested into its service-heavy infrastructure and recent acquisition-driven expansion strategy.
The inability to maintain a positive ROIC suggests that the capital allocated toward growth is currently destroying value rather than compounding it. This trend warrants further investigation into whether the recent $1.6 billion in goodwill is truly representative of future earning power or if the company faces potential impairment risks if operational performance does not improve.
Based on TIC's reported figures, the Days Sales Outstanding (DSO) has shown significant volatility, ranging from 67 to 322 days over the last five quarters, which indicates that the company's cash conversion cycle is highly sensitive to the payment terms of its industrial client base.
Such extreme fluctuations in DSO suggest that TIC lacks sufficient leverage over its customers to enforce timely payments, leading to lumpy cash flows that complicate operational planning. This inconsistency in working capital management likely contributes to the company's reliance on its cash buffer to fund ongoing operations during periods of delayed project billing.
The most commonly misapplied metric for TIC is the year-over-year revenue growth rate, which obscures the company's underlying profitability challenges and fails to account for the high proportion of pass-through costs that artificially inflate the top line without contributing to core operating margins.
Investors should instead focus on 'Billable Utilization Rates' and 'Operating Margin per Technician' to gauge the true health of the business model. Relying on revenue growth alone ignores the reality that TIC's current scale is not yet translating into the operating leverage necessary to justify its current valuation multiples.
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Quick answers to the most common questions about buying TIC stock.
TIC Solutions, Inc.'s current P/E ratio is -13.8x. This places it at the 50th percentile of its historical range.
TIC Solutions, Inc.'s current EV/EBITDA is 16.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.3x.
TIC Solutions, Inc.'s return on equity (ROE) is -5.2%. The historical average is -7.6%.
Based on historical data, TIC Solutions, Inc. is trading at a P/E of -13.8x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
TIC Solutions, Inc. has 29.4% gross margin and 0.6% operating margin.
TIC Solutions, Inc.'s Debt/EBITDA ratio is 9.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.