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 $14.21 as of October 2nd. TIC’s trailing and forward P/E were 39.88 and 48.78 respectively according to Yahoo Finance.

Acuren’s Q2 results reflected modest revenue growth of $313.9 million, up 1.5% year-over-year with 2.0% organic growth driven by callout services, while net loss narrowed sharply to –$0.2 million, a 95.7% improvement from last year. Adjusted EBITDA declined slightly to $54.6 million, reflecting compressed margins of 17.4% versus 19.1% in Q2 2024, though these results are largely irrelevant given the recent merger with NV5, which closed after the reporting period. The stock’s recent 21% decline over 12 trading days was driven by structural deal dynamics, with NV5 shareholders selling into the merger, amplified by short sellers anticipating the post-close liquidity event.

This created an opportunity for long-term investors, with current positions offering attractive entry points. The investment thesis rests on strategic capital allocation, operational synergies, and management’s playbook, modeled after Martin Franklin’s API Group strategy of “buy, integrate, improve, deleverage.” Historical precedent suggests that net leverage, currently at 4x, is likely to be reduced to around 3x as cash flows stabilize, supported by Franklin’s track record in leveraged roll-ups and operational turnarounds.

Cross-selling opportunities are already emerging, with NV5’s geospatial, pipeline, and building digitization services integrated with Acuren’s testing, inspection, and engineering capabilities, enabling in-house delivery, geographic expansion, and revenue diversification away from oil and gas. Initial synergy estimates of $20 million are expected to grow, while potential margin improvements could follow a “prune and re-invest” approach. Despite inherent risks, Acuren’s merger positions the company as a leading TIC and infrastructure player with stable cash flows and meaningful upside potential, contingent on successful integration and execution over the coming quarters.

Previously we covered a bullish thesis on Acuren Corporation (TIC) by Kairos Research in May 2025, which highlighted the planned merger with NV5, expected synergies, and long-term growth potential. The company’s stock price has appreciated approximately by 29% since our coverage due to temporary post-merger selling. The thesis still stands as strategic cross-selling and margin improvement opportunities are emerging. Kairos Research shares a similar perspective but emphasizes early post-merger operational results and integration progress.

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Disclosure: None.