Team, Inc
TEAM, Inc. is a U.S.-based specialty industrial services company that provides inspection, heat-treating, and mechanical repair services for critical industrial assets. Its work supports customers that operate complex facilities by helping them assess condition, maintain equipment, and perform repairs through both project-based and ongoing service arrangements.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueCondition assessment, non-destructive evaluation, and heat-treating services for industrial assets.
Field repair, maintenance, and turnaround work for plant equipment and piping systems.
Products
Reported · share of revenue- Repairand Maintenance Services47.6 %
- Non Destructive Evaluation and Testing Services40.0 %
- Heat Treating7.7 %
- Other Services4.6 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
TEAM sells primarily to industrial operators that run large, safety-critical facilities and need specialized maintenance and repair support. The company’s customer base is concentrated in refining and petrochemical end markets, with additional exposure to aerospace and other industrial users that require inspection or turnaround services. Work is typically purchased on a time-and-materials basis, under purchase orders, or through run-and-maintain and project contracts.
Buy inspection, heat-treating, leak repair, and mechanical services to keep critical assets safe and compliant.
Purchase short-duration, high-intensity work during plant outages, shutdowns, and major maintenance events.
Use ongoing nested service arrangements for recurring inspection and maintenance support at operating sites.
Buy enhanced non-destructive evaluation and laboratory testing services for specialized quality assurance needs.
Strategy
TEAM’s strategy centers on being a bundled service provider that can inspect, assess, and repair industrial assets across multiple service lines. The company emphasizes proximity to customer sites, rapid response, and integrated offerings that reduce the number of vendors a customer needs to manage.
Integrated service scope increases customer stickiness and cross-sell opportunities.
Service locations near customer plants are central to winning callout and outage work.
Recurring work can smooth project volatility and improve customer retention.
Geography
Q2/2026TEAM operates globally, with a large share of its workforce and service footprint in the United States and additional activity in Canada and other international markets. Recent disclosures highlight meaningful business in eastern Canada, the United Kingdom, Trinidad, and Latin America, reflecting the company’s exposure to industrial plant activity across multiple regions. Geography matters because turnaround timing, local regulations, and customer project cycles can vary significantly by country and site.
Share of the revenue the company reports by geography.
Risks
TEAM is exposed to customer concentration by end market, especially refining and petrochemicals, where spending can fall sharply during industry downturns or plant shutdown cycles. The business also carries meaningful leverage and depends on working-capital discipline, while international operations add foreign-exchange, regulatory, and geopolitical exposure. Because much of the work is short-notice and contract-based, pricing pressure, project timing, and customer outages can materially affect results.
- End-market concentration in refining and petrochemicalsImpact: HighLikelihood: Medium
Customer spending is tied to maintenance cycles, plant utilization, and capital budgets in these industries.
Exposure: Refining and petrochemical customers
- High leverage and covenant pressureImpact: HighLikelihood: Medium
Debt service and covenant compliance can limit financial flexibility and absorb cash flow.
Exposure: Credit facilities and term debt
- Competitive pricing pressureImpact: MediumLikelihood: Medium
Many services are bid in competitive markets, limiting pricing power.
Exposure: Industrial service contracts
- International and geopolitical exposureImpact: MediumLikelihood: Medium
Operations across multiple countries expose the company to FX, sanctions, and local legal changes.
Exposure - Project and turnaround timing variabilityImpact: MediumLikelihood: Low
Large jobs are episodic, so revenue and utilization can swing with outage schedules.
Exposure
Accounting
Judgemental itemsTime-and-materials, fixed-price, and recurring service jobs can recognize revenue at different points in time.
Impact: Quarterly comparability and backlog conversion
Cash flow depends heavily on customer collections and payment timing to suppliers.
Impact: Operating cash flow volatility
Realization depends on future taxable income and management’s assessment of recoverability.
Impact: Income tax expense and balance sheet assets
Interest expense, amortization of debt issuance costs, and extinguishment items can materially affect reported results.
Impact: Net income and leverage metrics
International operations create exposure to exchange-rate movements against the euro, pound, Canadian dollar, and Brazilian real.
Impact: Reported earnings and cash balances
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Last updated: 24/09/2026