TICTIC Solutions, Inc.

Services-Business Services, NEC

Revenue: $1.5B; 46% YoY
Operating margin: -1.1%
EBITDA: $161M
Market cap: $2.2B
Employees: 12,760; $120K revenue each
Net debt / EBITDA: 7.8×; $1.3B net debt
AI in 10-K: 2.2; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
39% of assets
Over 40% of assets
Shareholder dissentNo
99% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$120K · 6th pct
Bottom quartile of its SIC industry
Quiet on AINo
2.2 per 10K words · 58th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
7.8× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$2.2B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$503K net
Net sales over $10M in 12 months

Financials

Metric	FY2023	FY2025	YoY	Trend
Revenue	$1.1B	$1.5B	46%
Operating income	—	−$17M
Net income	—	−$87M
Operating cash flow	—	$95M
Capex	—	$34M
Stock-based comp	—	$17M
Dividends	—	$0

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jan 2, 2026	FRANKLIN MARTIN E	SCHEDULE 13D/A	7.4%	Passive
Aug 7, 2025	FRANKLIN MARTIN E	SCHEDULE 13D/A	9.9%	Passive
May 16, 2025	FRANKLIN MARTIN E	SCHEDULE 13D/A	16.4%	Passive
Feb 14, 2025	FRANKLIN MARTIN E	SCHEDULE 13D	16.4%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $503K · 1
Net: −$503K

Pay vs performance

No pay-versus-performance disclosure yet.