Team Inc

teaminc.com

What Do They Do?

Provides inspection, heat-treating, maintenance and repair services to energy and process-industry companies, infrastructure operators, and aerospace and defense customers.

How Do They Make Money?

Customers are billed mainly for service work on a time-and-materials basis, though some jobs have a fixed price. They are generally billed as work is performed and typically pay 30 to 120 days after the invoice; fixed-price jobs may be billed at milestones or in advance.

revenue

Segment	Share	Revenue
Non-Destructive Evaluation and Testing Services	40% FY2022: 40%
Repair and Maintenance Services	48% FY2022: 49%
Heat-Treating	7.7% FY2022: 7.4%
Other	4.6% FY2022: 3.3%

Who Are Their Customers?

Work is marketed by personnel at service locations; customers usually order jobs through purchase orders under written agreements, with some ongoing run-and-maintain arrangements.

Do Revenues Turn Into Profits?

No. It lost $49.2M in FY2025.

Operating income, FY2025

2% of revenue

▲ +39% vs FY2024 ($10.1M, 1%)

Net income, FY2025

−5% of revenue

▲ +29% (Loss) vs FY2024 (−$38.3M, −4%)

Free cash flow, FY2025

−2% of revenue

▼ Now a loss vs FY2024 ($13.3M, 2%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −8%; vs $248M in Q2 FY2025
Net income: ▲ +60% (Loss); vs −$4.3M in Q2 FY2025

Aug 10, 2026 Team provides full-year 2026 guidance Guidance midpoint increases are approximately 4% for revenue, 8% for gross margin and 16% for Adjusted EBITDA over 2025 results.
Jun 23, 2026 Team appoints a new CFO after its CFO departs Clinton Roeder was appointed CFO effective June 22, 2026, following Nelson Haight's departure from the role.

Growing. Revenue grew 13% in 4 years, from $794.2M in FY2021 to $896.5M in FY2025, about 3% a year.

Revenue over time

Non-Destructive Evaluation and Testing Services Repair and Maintenance Services Heat-Treating Other

$1B$500M$0

FY2021 FY2022 FY2023 FY2024 FY2025

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