Acuren Corporation (TIC): A Bull Case Theory

We came across a bullish thesis on Acuren Corporation on Kairos Research’s Substack. In this article, we will summarize the bulls’ thesis on TIC. Acuren Corporation’s share was trading at $11.27 as of August 29^th. TIC’s trailing and forward P/E were 39.88 and 75.76 respectively according to Yahoo Finance.

Acuren’s Q2 results showed modest revenue growth of 1.5% year-over-year to $313.9 million, driven by strong callout services, while net loss narrowed significantly to just –$0.2 million from –$5.45 million a year earlier, reflecting lower expenses and interest costs. Adjusted EBITDA declined to $54.6 million from $59.1 million, with margin compression to 17.4% from 19.1%. However, these results were largely overshadowed by the recent merger with NV5, which closed after the reporting period and is yet to produce visible synergies or consolidated guidance.

Following the deal, Acuren’s stock fell sharply, losing 21% in just 12 trading days, as NV5 shareholders—many sitting on a substantial premium after the merger announcement—opted to sell their new Acuren shares rather than stay invested in a debt-financed acquisition. This selling pressure was amplified by short sellers anticipating the exit. Despite the volatility, some investors see the selloff as an opportunity, adding to positions with a longer-term horizon.

The core thesis centers on management’s proven “buy, integrate, improve, deleverage” playbook, previously executed at API Group. With net leverage currently at 4x, the near-term focus will be debt reduction, supported by Acuren’s cash flow generation, while cross-selling opportunities and operational efficiencies could unlock $20 million in conservative synergy estimates. Early signs of integration include joint proposals, new contracts, and expanded service offerings across geographies.

Importantly, the merger diversifies Acuren’s revenue base beyond oil and gas, now just 22% of total sales, while expanding international exposure to 30%. Execution risks remain, but if management delivers on integration, deleveraging, and margin expansion, Acuren could emerge as a leading testing, inspection, certification, and infrastructure services platform with attractive long-term cash flow generation.

Previously we covered a bullish thesis on Acuren Corporation (TIC) by Kairos Research in May 2025, which highlighted the merger with NV5, synergy potential, and long-term growth drivers. The company’s stock price has appreciated approximately 2.45% since our coverage as the deal positioned Acuren for diversification and scale. The thesis still stands, with Kairos Research emphasizing post-merger volatility and the importance of deleveraging execution.

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Disclosure: None.