TIC Solutions, Inc. — Earnings Quality Grade F
TIC · Industrials
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO increased by 13 days
AR growth 70.7% exceeds revenue growth 45.7%
Revenue grew 45.7% but CFFO declined -0.8%
Small-cap context: Small-cap revenue/CFFO ratio is sensitive to growth-stage working-capital draws.
Expense Quality
No material inventory
CapEx growth 52.5% vs revenue 45.7%. Normal
SG&A/Gross Profit = 98.1%, exceeds 70%
Gross margin swung +6.6pp (22.8% → 29.4%)
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF $0.1B, FCF/NI = -0.70
Accruals ratio = -4.1%. Low accruals
Cash $0.4B covers only 26% of debt $1.7B
Balance Sheet Health
Goodwill+Intangibles $3.0B = 139% of equity. Over 50%
Debt/EBITDA = 10.2x (>4x). Interest coverage = 0.1x (<2x). Financial stress
Other assets grew 146.4% vs revenue 45.7%
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles surged 92% YoY
Manipulation Score
M-Score = -2.41 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25