Team, Inc. (TISI): History, Ownership, Mission, How It Works & Makes Money

Team, Inc. (TISI) is a critical, yet often overlooked, player in the specialty industrial services sector, but with a reported net loss of $11.4 million in Q3 2025, are their operational improvements defintely enough to stabilize the balance sheet?

This is a company of significant scale, providing essential inspection, heat-treating, and mechanical services to the refining, petrochemical, and power industries with over 5,400 employees across 220 global locations.

Management is projecting approximately +5% revenue growth for the full 2025 fiscal year, aiming to build on its trailing twelve months (TTM) revenue of nearly $885 million; understanding its core business model-from its complex ownership structure to its revenue streams-is crucial for assessing its turnaround potential.

Team, Inc. (TISI) History

Team, Inc. (TISI) is a company whose modern structure was established in the early 1970s, but its operational roots stretch back over a century through strategic acquisitions. You should think of it as a long-term consolidator of specialized industrial services, focused on asset integrity. The company's evolution is a classic example of growth through M&A (mergers and acquisitions), culminating in a recent, critical financial restructuring in 2025 to secure its long-term stability.

Given Company's Founding Timeline

Year established

The company was formally established in 1973.

Original location

Team, Inc. began as an on-stream leak repair and tapping company with its initial operations spanning five locations. Today, the global headquarters is in Sugar Land, Texas.

Founding team members

Specific names of the original founders are not publicly emphasized in the company's modern history, but the initial operation started with approximately 60 people. This suggests a foundational team of industry specialists rather than a small group of venture-backed entrepreneurs.

Initial capital/funding

The precise initial capital is not disclosed in the public record. However, its early structure as a specialized service provider with only three service lines suggests a modest, organically funded start, focused on immediate, high-value industrial needs like leak repair.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The company's history is marked by a shift from a regional service provider to a global integrated asset integrity specialist. The most transformative moments center on M&A and recent financial discipline.

• The 2015 acquisition of Furmanite was the moment the company truly consolidated its position, uniting two long-standing industrial service legacies. This move allowed Team, Inc. to credibly claim a heritage of 'over a century' of expertise, which is a massive competitive advantage when bidding for large, critical industrial contracts.
• The March 2025 refinancing was a financial lifeline and a clear pivot point. Securing a $175 million First Lien Term Loan Facility that pushes maturity to 2030 moves the focus from short-term debt management to long-term operational execution. That's a defintely a huge stress reliever for management.
• The 2025 operational turnaround is showing real traction. The Inspection and Heat Treating (IHT) segment, for instance, delivered a 6.8% revenue growth in Q1 2025 and 15.2% growth in Q2 2025. This segment's focus on higher-margin services is key to the company's goal of achieving an Adjusted EBITDA margin of at least 10% for the full year 2025.

The company is now using this financial stability to execute on its strategy to drive top-line growth and lower its cost structure, anticipating at least 15% year-over-year growth in Adjusted EBITDA for the full year 2025. You can read more about what drives their strategic direction at Mission Statement, Vision, & Core Values of Team, Inc. (TISI).

Team, Inc. (TISI) Ownership Structure

Team, Inc. (TISI) is a publicly traded company on the New York Stock Exchange (NYSE: TISI), but its ownership structure is heavily influenced by a concentrated group of institutional and insider shareholders, which defintely impacts corporate governance.

The company's decision-making is largely steered by the interests of its largest institutional investors and its management team, a common dynamic when insider and institutional holdings are high. This structure means that while you, the individual investor, have a voice, the direction is set by a powerful core of stakeholders. For a deeper dive into the major players, you can look at Exploring Team, Inc. (TISI) Investor Profile: Who's Buying and Why?

Team, Inc.'s Current Status

Team, Inc. is a specialty industrial services provider, and as of November 2025, it remains a public entity trading on the NYSE. The stock price was around $14.77 per share in late November 2025. The company is actively working to improve its financial position, underscored by its Q3 2025 results which showed revenue of $225.0 million and a 6.7% year-over-year growth.

A critical factor in the current structure is the September 2025 private placement of $75 million in preferred stock and warrants to affiliates of Stellex Capital Management, LLC. This investment significantly strengthened the balance sheet by helping reduce total debt to $302.8 million as of September 30, 2025, and it also granted Stellex significant influence via board representation.

Team, Inc.'s Ownership Breakdown

The ownership breakdown highlights a high level of concentration among major investors and company insiders, which aligns their interests-for better or worse-with the company's performance. Here's the quick math on who holds the shares:

The largest individual shareholder is Corre Partners Management LLC, which holds approximately 35.06% of the company's shares. This single entity's position is powerful, meaning their strategic view carries substantial weight in any shareholder vote or corporate action.

Team, Inc.'s Leadership

The executive team and board are focused on driving the full-year 2025 guidance of approximately 5% revenue growth and about 13% Adjusted EBITDA growth, a clear sign of their cost and margin improvement focus. The leadership structure has seen recent changes, reflecting the influence of major investors like Stellex Capital Management.

• Chief Executive Officer: Keith D. Tucker is steering the company's operational and strategic initiatives.
• Chief Financial Officer: Nelson Hay manages the financial strategy, including the recent debt reduction efforts.
• Chairman of the Board: Michael J. Caliel returned to this role on October 24, 2025, a move that followed his tenure as Executive Chairman since November 2023.
• Key Board Appointments: K. Niclas Ytterdahl and Michael D. Stewart joined the board in October 2025, nominated by Stellex Capital Management as part of their investment agreement. This gives Stellex direct oversight and influence over the company's strategic path.

The average tenure for the management team is around 3.7 years, which suggests an experienced group is in place to execute the current turnaround strategy. The board's composition is now firmly aligned with the major institutional and strategic investors.

Team, Inc. (TISI) Mission and Values

When you look at Team, Inc., you're seeing a company whose core purpose goes beyond just fixing pipes; it's about ensuring the foundational safety and reliability of the world's most critical industrial assets. Their mission and values are the blueprint for how they deliver specialized industrial services, which is a surprisingly high-stakes business.

Team, Inc.'s Core Purpose

Honest to goodness, the company's cultural DNA is built on preventing catastrophic failures in energy and industrial infrastructure-think refineries, pipelines, and power plants. This focus translates directly into their financial performance, as evidenced by their Q2 2025 revenue of $248.0 million, a clear sign that clients are paying a premium for this reliability.

Official mission statement

Team, Inc.'s mission is fundamentally about asset integrity management (AIM), which is industry jargon for making sure your billion-dollar equipment doesn't break down and cause an environmental or safety disaster. It's a multi-faceted commitment, but the goal is simple: keep the lights on and the oil flowing, safely.

• Ensure the integrity and reliability of energy and industrial infrastructure.
• Deliver high-quality, specialized services through advanced technology and expertise.
• Prioritize safety and regulatory compliance in all operations.
• Provide value to clients by enhancing the performance and longevity of their assets.

This commitment to quality is defintely a key differentiator, and it's how they drove their Q3 2025 Adjusted EBITDA up by a significant 28.6% year-over-year. You can see how this plays out in the market by Exploring Team, Inc. (TISI) Investor Profile: Who's Buying and Why?

Vision statement

The vision statement for Team, Inc. maps out their long-term ambition: to be the undisputed leader in their niche by combining their century-plus of expertise with modern digital solutions. They want to move beyond just being a service provider to being a true partner in asset performance management.

• Lead the way globally in providing integrated, digitally-enabled asset performance assurance and optimization solutions.
• Aspire to be the premier global provider of integrated asset performance management solutions.

This is a smart play. The industrial world is rapidly adopting digital transformation, and by positioning themselves as a leader in 'digitally-enabled' solutions, they are setting the stage for future growth. Their full-year 2025 outlook anticipates revenue growth of approximately 5% and Adjusted EBITDA growth of approximately 13%, showing this strategy is already paying off.

Team, Inc. slogan/tagline

The company's tagline is a concise statement that links their technical work to a broader, more impactful outcome for society. It's a simple, powerful message that captures the essential nature of their work.

• To fuel a better tomorrow.

Here's the quick math: when you ensure the integrity of a major pipeline or a chemical plant, you are directly contributing to the stable, safe energy supply that powers our economy. That's what 'fuel a better tomorrow' really means on Main Street, USA. The six core values-Safety First/Quality Always, Integrity, Service Leadership, Innovation, Pride and Respect, and Teamwork-are the operational guideposts that allow them to deliver on that promise every day. Finance: review the Q4 2025 guidance for any shifts in the projected $349.5 million net debt figure by the end of the year.

Team, Inc. (TISI) How It Works

Team, Inc. operates as a critical service provider, essentially acting as an outsourced asset integrity and maintenance arm for heavy industrial clients. You can think of them as the specialized doctors and mechanics who keep massive, high-pressure, and high-temperature systems-like those in a refinery-running safely and efficiently.

The company generates revenue by deploying a global workforce of roughly 5,400 highly trained experts across 220 locations in over 20 countries to prevent catastrophic failures and minimize costly downtime for clients in the energy and industrial sectors. For the trailing twelve months leading up to Q3 2025, the company generated approximately $884.95 million in total revenue, showing the scale of this essential work.

Team, Inc.'s Product/Service Portfolio

Team, Inc.'s Operational Framework

The operational framework is built on a 'nested' service model, meaning Team, Inc. embeds its personnel directly within a client's facility for ongoing, long-term maintenance, plus call-out and turnaround services for scheduled shutdowns. This is how they deliver value-by being on-site and ready.

• Global Mobilization: Quickly deploy specialized crews and equipment from a network of over 220 global locations to minimize client asset downtime.
• Digital Integration: Transitioning to fully-digitized processes for field service management and inspection data capture, which helps customers consolidate purchasing and get faster reporting.
• Segment Focus: The Inspection and Heat Treating (IHT) segment, which saw its operating income jump by 16.9% in Q3 2025, is a major driver, focusing on high-margin, preventative services.
• Project Management: Coordinating complex, multi-service projects during plant turnarounds (scheduled shutdowns) where speed and precision are defintely paramount.

Here's the quick math: faster inspection and repair means a refinery is back online sooner, converting a potential loss of millions in production into revenue.

Team, Inc.'s Strategic Advantages

The company's market success isn't just about having the right tools; it's about a unique combination of scale, specialization, and financial maneuvering that few competitors can match.

• Integrated Service Suite: Offering a full, single-source suite of inspection, mechanical, and heat-treating services, which is a key advantage over smaller, single-discipline providers.
• Proprietary Technology: Utilizing advanced non-destructive testing (NDT) and digitally-enabled solutions for asset performance assurance, moving beyond conventional inspection methods.
• Deep Industry Expertise: Leveraging over a century of accumulated integrity and reliability management expertise, which is crucial for managing critical, high-risk assets.
• Financial Flexibility: Proactively managing debt, including a March 2025 refinancing that extended term loan maturities to 2030 and reduced the blended interest rate by over 100 basis points, providing stability for long-term strategic investments.

The ability to handle both the inspection and the subsequent mechanical repair is a powerful competitive moat.

Team, Inc. (TISI) How It Makes Money

Team, Inc. makes money by providing essential, non-destructive inspection, mechanical maintenance, and heat-treating services that ensure the safety and operational efficiency of critical industrial assets like pipelines, refineries, and power plants. This is a crucial, non-discretionary spend for their clients to stay compliant and avoid catastrophic failures.

Given Company's Revenue Breakdown

As of the third quarter of 2025, the revenue is nearly split between the two operating segments, reflecting a diversified service portfolio across the energy and industrial sectors. The company's total revenue for Q3 2025 was approximately $225.0 million.

Here's the quick math: Inspection and Heat-Treating (IHT) generated about $113.8 million in revenue, while Mechanical Services (MS) brought in roughly $111.2 million for the quarter. Both segments are growing, which is defintely a positive sign for the business model.

Business Economics

The core economic engine for Team, Inc. is driven by the regulatory and safety-mandated nature of its work, which creates a relatively stable demand cycle, even during economic slowdowns. Their pricing strategy is a mix, tailored to the type of service they provide.

• Long-Term Nested Contracts: A significant portion of the IHT segment revenue comes from multi-year contracts where Team, Inc. embeds its personnel at a client's facility. This provides a predictable, recurring revenue base, acting almost like a retainer model.
• Time and Materials (T&M): This is used heavily for 'call-out' activity and most of the Mechanical Services segment, especially for emergency leak repairs or routine maintenance. The client pays for the technician's time and the materials used, which shifts scope-creep risk away from the company.
• Fixed-Price Turnarounds: Large, scheduled maintenance projects, or 'turnarounds,' for refineries often utilize fixed-price contracts. This work drove the MS segment's 7.8% revenue growth in Q3 2025, but it requires tight project management to avoid margin erosion.
• High Operating Leverage: Once a crew is mobilized for a job, the incremental cost of adding more services is relatively low. This is why the gross margin expanded to 25.8% of revenue in Q3 2025, up 40 basis points from the prior year.

What this estimate hides is the high operating cost of maintaining a global footprint and 5,400 highly skilled employees, plus the seasonality of the business where Q3 is typically stronger than Q1.

Given Company's Financial Performance

The company is showing operational improvement but still faces significant debt and a GAAP net loss, which is common during a major corporate restructuring. The focus is on Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) as the key indicator of core business health.

• Revenue and Growth: Trailing Twelve Months (TTM) revenue as of Q3 2025 was approximately $884.95 million, with management guiding for full-year 2025 revenue growth of around 5%.
• Profitability: Consolidated Adjusted EBITDA for Q3 2025 rose 28.6% year-over-year to $14.5 million, or 6.5% of consolidated revenue. This is a strong signal of margin recovery in the core business.
• Net Loss: Despite the operational gains, the company reported a GAAP net loss of $11.4 million in Q3 2025, largely due to high corporate costs, including non-recurring professional fees and legal reserves.
• Debt and Liquidity: The company materially reduced its total debt to $302.8 million as of September 30, 2025, after a $75.0 million preferred stock private placement. This action boosted total liquidity to $57.1 million, which is crucial for managing working capital.
• Cost Control: Adjusted Selling, General and Administrative (SG&A) expense improved to 20.8% of consolidated revenue in Q3 2025, down from 21.7% in the prior year, showing solid cost discipline.

For a deeper dive into the balance sheet and cash flow, you should check out Breaking Down Team, Inc. (TISI) Financial Health: Key Insights for Investors.

Team, Inc. (TISI) Market Position & Future Outlook

Team, Inc. is in a critical transformation phase, shifting from a period of restructuring and high debt to one focused on profitable growth, aiming for approximately 5% full-year 2025 revenue growth and about 13% growth in Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization). The company's future trajectory hinges on its ability to leverage a recent $75 million capital injection and a new cost-saving program to finally deliver positive free cash flow, moving past the adjusted net loss reported in the first nine months of 2025.

Competitive Landscape

The specialty industrial services market, which includes Non-Destructive Testing (NDT), is highly fragmented, with the global services segment valued at approximately $18.17 billion in 2025. Team, Inc. is a major player in this fragmented space, but it competes against both specialized firms and much larger, diversified organizations.

Here's the quick math: Team, Inc.'s TTM (Trailing Twelve Months) revenue of $0.87 billion relative to the estimated $18.17 billion global NDT services market size gives you the approximate 4.8% market share estimate above. This is not a dominant position, but it's a significant footprint in a specialized niche. The recent merger of Acuren and NV5 Global, creating a $2 billion revenue platform, is a clear sign that consolidation is intensifying.

Opportunities & Challenges

You need to map the company's strategic focus against the market's tailwinds and headwinds. Team, Inc.'s path to sustained profitability is a two-part equation: grow the top line in high-margin areas and lock in cost savings. Breaking Down Team, Inc. (TISI) Financial Health: Key Insights for Investors for a deeper dive into the balance sheet. Honesty, the debt load is the biggest immediate concern.

Industry Position

Team, Inc. is positioned as a global leader in specialty industrial services, offering a full suite of conventional, specialized, and proprietary mechanical, heat-treating, and inspection services. They have a global reach with 5,400 employees across 220 locations in more than 20 countries. That's a massive logistical advantage. The company is actively moving toward a more sophisticated model, developing fully-digitized processes for customers.

• Specialization: Core strength is in integrated mechanical and inspection services for critical, high-pressure assets.
• Digitalization Focus: Enhancing value by developing digital inspection platforms to meet the demand for predictive asset management.
• Financial Volatility: The stock carries a high Beta of 1.58, indicating its price is significantly more volatile than the S&P 500, which is defintely a risk factor for investors.
• Growth Engine: The Inspection and Heat Treating (IHT) segment is the clear growth driver, showing 9.4% year-over-year growth for the first nine months of 2025, compared to the Mechanical Services segment's modest growth.

The strategic focus on high-growth, high-margin areas like LNG and aerospace, coupled with a disciplined cost structure, is the company's clearest path to achieving its projected 13% Adjusted EBITDA growth for the full year 2025.