No, the membrane is only about 6 years old. It still has plenty of life. What happens, typically, is that some of the welds don't hold, particularly where multiple pieces overlap. The long seams are machine welded and hold up well. But, the corner welds are done by hand. They tend to come loose.

When the repair crew comes over, they will clean the material and weld a patch. Here's a picture of some patches made previously.