TIC (TIC Solutions) Beneish M-Score: -1.05 (As of Aug. 09, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

TIC TIC Solutions Inc TIC
14 GF Score
Price $10.06
! 3 Warning Signs
View Full Analysis

What is TIC Solutions Beneish M-Score?

TIC Solutions TIC +15.90% 14 Beneish M-Score is -1.05 as of Aug. 09, 2026. GuruFocus rates TIC with a GF Score™ of 14/100. The stock has 3 warning signs investors should review. Among 1,018 Business Services companies, TIC Solutions ranks worse than 92.24% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Warning Sign:

Beneish M-Score -1.05 higher than -1.78, which implies that the company might have manipulated its financial results.

The historical rank and industry rank for TIC Solutions's Beneish M-Score or its related term are showing as below:

TIC' s Beneish M-Score Range Over the Past 10 Years
Min: -1.05   Med: 0   Max: 0
Current: -1.05

During the past 4 years, the highest Beneish M-Score of TIC Solutions was 0.00. The lowest was -1.05. And the median was 0.00.

TIC Solutions Beneish M-Score Historical Data

* Premium members only.

The historical data trend for TIC Solutions's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

TIC Solutions Beneish M-Score Chart

TIC Solutions Annual Data
Trend Dec22 Nov23 Dec24 Dec25
Beneish M-Score
0.00 0.00 0.00 0.00

TIC Solutions Quarterly Data
May23 Nov23 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only 0.00 0.00 0.00 0.00 -1.05

TIC vs TH, BV, LZ: Beneish M-Score Comparison

For the Specialty Business Services subindustry, TIC Solutions's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

TIC Solutions Beneish M-Score vs Business Services Industry

For the Business Services industry and Industrials sector, TIC Solutions's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where TIC Solutions's Beneish M-Score falls into.


TIC
14GF Score
TIC Solutions Inc TIC
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

TIC Solutions Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of TIC Solutions for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 0.6058+0.528 * 0.6333+0.404 * 0.9583+0.892 * 3.7482+0.115 * 0.4715
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.8883+4.679 * -0.038686-0.327 * 1.1521
=-1.05

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Jun26) TTM:Last Year (Jun25) TTM:
Total Receivables was $585 Mil.
Revenue was 584.347 + 488.029 + 508.268 + 473.888 = $2,055 Mil.
Gross Profit was 204.158 + 161.301 + 178.862 + 152.727 = $697 Mil.
Total Current Assets was $1,014 Mil.
Total Assets was $4,293 Mil.
Property, Plant and Equipment(Net PPE) was $294 Mil.
Depreciation, Depletion and Amortization(DDA) was $239 Mil.
Selling, General, & Admin. Expense(SGA) was $677 Mil.
Total Current Liabilities was $348 Mil.
Long-Term Debt & Capital Lease Obligation was $1,649 Mil.
Net Income was -13.342 + -41.549 + -47.2 + -13.89 = $-116 Mil.
Non Operating Income was 0.946 + 0.077 + -3.644 + -16.17 = $-19 Mil.
Cash Flow from Operations was -9.767 + 9.925 + 49.688 + 19.025 = $69 Mil.
 Total Receivables was $258 Mil.
Revenue was 313.925 + 234.215 + 0 + 0 = $548 Mil.
Gross Profit was 74.101 + 43.669 + 0 + 0 = $118 Mil.
Total Current Assets was $399 Mil.
Total Assets was $2,242 Mil.
Property, Plant and Equipment(Net PPE) was $216 Mil.
Depreciation, Depletion and Amortization(DDA) was $58 Mil.
Selling, General, & Admin. Expense(SGA) was $96 Mil.
Total Current Liabilities was $119 Mil.
Long-Term Debt & Capital Lease Obligation was $786 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(585.019 / 2054.532) / (257.646 / 548.14)
=0.284746 / 0.470037
=0.6058

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(117.77 / 548.14) / (697.048 / 2054.532)
=0.214854 / 0.339273
=0.6333

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (1014.337 + 293.715) / 4292.521) / (1 - (399.143 + 216.399) / 2242.358)
=0.695272 / 0.725493
=0.9583

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=2054.532 / 548.14
=3.7482

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(58.136 / (58.136 + 216.399)) / (239.497 / (239.497 + 293.715))
=0.211762 / 0.449159
=0.4715

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(676.777 / 2054.532) / (95.623 / 548.14)
=0.329407 / 0.17445
=1.8883

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((1648.607 + 348.156) / 4292.521) / ((786.162 + 119.19) / 2242.358)
=0.465173 / 0.40375
=1.1521

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(-115.981 - -18.791 - 68.871) / 4292.521
=-0.038686

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

TIC Solutions has a M-score of -1.05 signals that the company is likely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -1.05 mean?
TIC Solutions (TIC) has a Beneish M-Score of -1.05 as of Aug. 09, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on TIC Solutions and its competitors. According to the industry distribution chart, TIC Solutions ranks #939 out of 1018 companies in the Business Services industry, placing it in the top 92.2%.
Is TIC Solutions' Beneish M-Score too high?
TIC Solutions' current Beneish M-Score is -1.05. Based on the distribution chart, TIC Solutions ranks #939 out of 1018 companies in the Business Services industry, which is in the bottom quartile relative to peers. Overall, TIC Solutions has a GF Score™ of 14/100, reflecting its overall financial health beyond just this single metric.
How does TIC Solutions' Beneish M-Score compare to TH and BV?
According to the Business Services industry distribution chart, TIC Solutions ranks #939 out of 1018 companies for Beneish M-Score. This places TIC Solutions in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Business Services company?
A good Beneish M-Score depends on the Business Services industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on TIC Solutions and its competitors. TIC Solutions's current Beneish M-Score is -1.05. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is TIC Solutions stock overvalued right now?
TIC Solutions (TIC) has a current Beneish M-Score of -1.05. The current Beneish M-Score is -1.05. TIC Solutions' overall GF Score™ is 14/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For TIC Solutions (TIC), the current Beneish M-Score is -1.05 as of Aug. 09, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

TIC Solutions Business Description

Address 200 South Park Road, Suite 350, Hollywood, FL, USA, 33021
TIC Solutions Inc is a provider of tech-enabled Testing, Inspection, Certification and Compliance (TICC), engineering, and geospatial services. It provides mission-critical services that are essential to the safety, reliability, and efficiency of industrial assets, buildings and public infrastructure. The company's services are often non-discretionary and are driven by regulatory requirements, customer risk management policies, and the need to extend the useful life of critical assets. It operates in North America and serve both public- and private-sector clients. Its public-sector clients include federal, state, and municipal agencies, public utilities, and environmental regulators. Its private-sector clients span industrial, infrastructure, construction, and real estate end markets.
14GF Score

Get the complete analysis for TIC

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$10.06
Price