TIC Solutions: 2Q First Take: NV5-Fueled Beat, Mix-Driven Quality, Cash the Debate

研报英文原文证据摘录

J P M O R G A N

North America Equity Research

06 August 2026

TIC Solutions

2Q First Take: NV5-Fueled Beat, Mix-Driven Quality,

Cash the Debate

TIC Solutions' 2Q26 reflected solid execution, with reported revenue of $584M

(+86% YoY) driven primarily by NV5 and Adjusted EBITDA of $94.8M (+74%

YoY). On a pro forma basis, revenue grew +3% YoY (2.5% organic). The key

driver was C&E/Geospatial, posting record C&E revenue and a record combined

backlog of $1.18B, up 20% YoY, offset by softer I&M. Management reaffirmed

FY26 revenue of $2.15–2.25B and Adjusted EBITDA of $330–355M. Adjusted

EBITDA of $95M landed slightly above consensus of $93M, a modest positive that

should drive modest positive share performance.

Beat the Print, But Mix Is the Message: TIC delivered a solid 2Q with

revenue of $584M (+86% YoY) above consensus $571M, driven almost

entirely by the NV5 acquisition. On a pro forma basis, revenue rose ~3% YoY,

including +2.5% organic growth and a –0.1% FX headwind. Reported adjusted

EBITDA margin of 16.2% fell ~120 bps YoY, but expanded ~40 bps pro forma.

Mix was the story: Consulting & Engineering reached $207M (+17%) at

47.2% GM (+70 bps) and Geospatial $81M (+8%) at 51.5% GM (+360 bps),

offsetting Inspection & Mitigation at $297M (–5.5%) and 28.3% GM (–50

bps). Backlog grew ~20% YoY.

Cash Thin, Balance Sheet the Swing Factor: 1H operating cash flow was just

$0.2M, down from $26.3M YoY, pressured by a contract asset build (–$65M)

and integration outflows. Capex nearly doubled to $25M from $12.5M,

reflecting capacity investment, implying negative free cash flow of roughly

–$25M. The Company ended with total liquidity of $474M against $1.6B of

term loan debt. It repurchased $16M of stock and paid no dividend, prioritizing

deleveraging while retaining optionality for buybacks and bolt-on M&A.

Guide Reaffirmed, Demand Signals Encouraging: TIC reaffirmed FY26

guidance of revenue of $2.15–2.25B, bracketing consensus $2.17B, and

Adjusted EBITDA of $330–355M, also bracketing consensus $338M, with the

midpoint implying continued combined organic growth and second-half

margin progression. Encouragingly, management cited significant demand

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