Tetra Technologies
TTI on NYSE. TETRA Technologies sells oilfield fluids and water management services to oil and gas companies. Market value $893m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
See cheaper Energy stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-1.69 of spare cash in the past 12 months. A savings account pays about $4.
You pay 19.9 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 9 cents a year. Above 10 is good.
Quality score: 70 of 100. Price score: 22 of 100. Our list needs 70 on quality and 60 on price.
$6.03 a share, 12% above its 1-year low
Over the past year the price has ranged from $5.40 to $12.54.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: a shortfall of $15 million in the past 12 months, $20 million in the year to December 2025.
| Revenue | |||||
| Revenue | $388m | $553m | $626m | $599m | $631m |
| Operating margin | |||||
| Operating margin | 0.5% | 5.1% | 7.2% | 8.3% | 8.8% |
| Debt to equity | |||||
| Debt to equity | 1.52 | 1.47 | 1.08 | 0.78 | 0.69 |
| Shares outstanding | |||||
| Shares outstanding | 0.13bn | 0.13bn | 0.13bn | 0.13bn | 0.15bn |
Health checks
- Free cash flow positive2 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)6 of 9
- Profit backed by cash (accruals)No
- Debt0.69× equity
- Revenue growth, five yearsStrong, 10.8% a year
- Buying back its own sharesNo, 15% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $186 million last quarter, up 7% on a year ago.
- Profit: $10 million, down 9% on a year ago.
- It keeps 7 cents of each $1 of sales as operating profit, down from 10 cents a year earlier.
- Over the past 12 months it spent $15 million more cash than it brought in. A year earlier it had $11 million spare.
- 5% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $35 million more than cash, down from $112 million a year ago.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $142m |
| December 2024 | $135m |
| March 2025 | $157m |
| June 2025 | $174m |
| September 2025 | $153m |
| December 2025 | $147m |
| March 2026 | $156m |
| June 2026 | $186m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$3m |
| December 2024 | $103m |
| March 2025 | $4m |
| June 2025 | $11m |
| September 2025 | $4m |
| December 2025 | -$17m |
| March 2026 | $8m |
| June 2026 | $10m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 25 February 2026
- Next quarterly (estimated, 10-Q)
- 3 November 2026
Who owns it
4 long-term investors we follow own it, unchanged from 4 last quarter. 244 funds in all.
- Horizon KineticsMurray Stahl
- Value
- $184,906
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Royce & AssociatesChuck Royce | $22m | 0.2% | Added |
| Heartland AdvisorsBill Nasgovitz | $11m | 0.5% | Added |
| Boston PartnersBoston Partners team | $666,080 | <0.1% | Added |
| Horizon KineticsMurray Stahl | $184,906 | <0.1% |
Largest holders overall
- BlackRock$138mAdded
- Neuberger Berman Group$98mAdded
- Vanguard Capital Management$69mAdded
- Ameriprise Financial$69mAdded
- Needham Investment Management$64mAdded
- Cramer Rosenthal Mcglynn$57mAdded
- American Century Companies$51mAdded
- Driehaus Capital Management$50mAdded
- State Street$45mCut
- Vaughan Nelson Investment Management, L.P.$44mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
2 investors own more than 5%.
- BlackRock, Inc.Passive investor7.6%Since 30 September 2025
- PICTET ASSET MANAGEMENT SAPassive investor5.3%Since 15 April 2025
What they said
The Reporting Person acquired shares of Tetra Tech Inc. as part of its investment strategy, considering the clarity and robustness of the issuer's long-term strategy; the functioning and calibre of governance structures and effective leadership; the financial strength and…
Read the filing - Ameriprise Financial, Inc.Passive investorSold down below 5%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
- Fuller & Thaler Asset Management, Inc.Passive investorSold down below 5%Since 31 December 2025
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 7.6% | 30 September 2025 | |
PICTET ASSET MANAGEMENT SA Passive investor | 5.3% | 15 April 2025 | What they saidThe Reporting Person acquired shares of Tetra Tech Inc. as part of its investment strategy, considering the clarity and robustness of the issuer's long-term strategy; the functioning and calibre of governance structures and effective leadership; the financial strength and… Read the filing |
Ameriprise Financial, Inc. Passive investor | Sold down below 5% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 | |
Fuller & Thaler Asset Management, Inc. Passive investor | Sold down below 5% | 31 December 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 2 insiders bought $281,920 of shares on the open market. 2 sold $689,663, $536,745 of it under preset trading plans.
- John Angela DDirectorBought
- Date
- 2 September 2026
- Shares
- 10,000
- Price
- $6.50
- Value
- $65,000
- Murphy Brady MPresident & CEOSoldunder a preset trading plan
- Date
- 2 July 2026
- Shares
- 61
- Price
- $10.01
- Value
- $610
- Murphy Brady MPresident & CEOSoldunder a preset trading plan
- Date
- 1 July 2026
- Shares
- 50,000
- Price
- $10.72
- Value
- $536,135
- Hallead KurtVP-Treasurer & IRBought
- Date
- 9 June 2026
- Shares
- 22,000
- Price
- $9.86
- Value
- $216,920
- Boston Shoemake Alicia rSr. VP and General CounselSold
- Date
- 10 November 2025
- Shares
- 19,257
- Price
- $7.94
- Value
- $152,917
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 2 September 2026 | John Angela D Director | Bought | 10,000 | $6.50 | $65,000 |
| 2 July 2026 | Murphy Brady M President & CEO | Sold under a preset trading plan | 61 | $10.01 | $610 |
| 1 July 2026 | Murphy Brady M President & CEO | Sold under a preset trading plan | 50,000 | $10.72 | $536,135 |
| 9 June 2026 | Hallead Kurt VP-Treasurer & IR | Bought | 22,000 | $9.86 | $216,920 |
| 10 November 2025 | Boston Shoemake Alicia r Sr. VP and General Counsel | Sold | 19,257 | $7.94 | $152,917 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.