TETRA Technologies, Inc.

Rank #364Value

TTI · NYSE · Energy

TETRA Technologies, Inc. (TTI) — Rank #364 by gross profitability (GP/assets 0.19) · ROE 0.7% · Piotroski F-Score 7 / 9.

As-of 2026-09-15 · CIK 0000844965 · all metrics point-in-time as of the filing date.

About

TETRA Technologies, Inc., together with its subsidiaries, operates as an energy services and solutions company.

It operates through two segments, Completion Fluids & Products; and Water & Flowback Services. The Completion Fluids & Products segment manufactures and markets clear brine fluids, additives, and associated products and services to the oil and gas industry for use in well drilling, completion, and workover operations in the United States, as well as in Latin America, Europe, Asia, the Middle East, and Africa. This segment also markets liquid and dry calcium chloride products; and TETRA PureFlow ultra-pure zinc bromide to battery technology companies. Its Water & Flowback Services segment provides water management services for onshore oil and gas operators. This segment also offers frac flowback, early production facilities and services, production well testing, and other associated services in oil and gas producing regions in the United States, as well as in various basins in Latin America, Europe, and the Middle East.

The company was incorporated in 1981 and is headquartered in Spring, Texas.

Industry: Oil & Gas Equipment & Services
Sector: Energy
State: DE
Filer Category: Accelerated filer
Fiscal Year End: December 31
Website: onetetra.com

Price History

TTI+111.5% · +16.2% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

P/E and dividend yield are the primary valuation lenses for mature businesses.

Market Cap

$972.84M

P/E (annual)

328.5

P/S (annual)

1.5

P/B

2.4

P/OCF (annual)

9.7

Shareholder Yield

-78.9%

Employees

1,400

Industry

Oil & Gas Equipment & Services

Exchange

NYSE

Signal Flags

1 green2 yellow2 red

Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 2-quarter streak

Dilution above 2%Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation

Disclosure regressionA previously-disclosed line item is no longer reported — worth checking the filing for why

Revenue declining YoYRevenue contracted year over year

Valuation convergenceEPS declining, shares diluting, and revenue growth decelerating simultaneously

Quality Profile

Profitability

1/1 pass

GP / assets

0.19

Return on equity

0.7%

Gross margin trend

PASS

Safety

1/1 pass

Balance-sheet safety

PASS

Debt / equity

0.97

Current ratio

2.46×

Net cash

-$20.61M

Cash Flow

3/3 pass

Positive FCF

PASS

Cash-backed earnings

PASS

Accruals healthy

PASS

SBC / revenue

1.1%

Growth

0/2 pass

Revenue growth

-27.7%

Piotroski F-Score

7 / 9

Share dilution

78.9%

Terry Smith quality gate

Passes 1/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

18.9%

fairly valued

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Dilution drag: 78.9% — per-share value needs a total required return of 97.8% once share-count change is priced in.

vs. own 6-year median revenue growth: -1.1%

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

13.9%

r = 10% (base)

18.9%

r = 12%

23.2%

Net debt / market cap: 2.3%

Note: current FCF margin is 1.5σ above its historical mean — implied growth may understate valuation risk if the margin reverts.

Base FCF: $19.5M3Y mean FCF: -$79.8M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / E

Price / diluted EPS

N/A

10.0xmed 44.2x181.8x

P / S

Price / revenue per share

0.4xCheap

0.4xmed 0.8x1.0x

P / B

Price / book value per share

1.2xCheap

1.2xmed 1.3x1.9x

P / GP

Price / gross profit per share

4.5xFair

3.2xmed 6.6x15.7x

P / FCF

Price / free cash flow per share

N/A

2.2xmed 5.7x15.0x

Earnings bubble check

Current margins may be above sustainable levels — a P/E based on peak earnings can overstate cheapness.

FCF margin-2.1% now vs -10.2%–29.9% 10yr range

1.5σ above average

Revenue growth23.5% now vs -3.1%–23.5% 10yr range

2.2σ above average

Disclosure regression check

3 previously-disclosed line items are no longer reported. Worth checking the filing for why.

Interest expenseCost structure

last seen FY2012

GoodwillBalance sheet detail

last seen FY2013

AcquisitionsCash flow detail

last seen FY2012

Dividend yield and payout ratio are the primary reads at this stage (trailing P/E — see valuation above).

Profitability

Gross profitability (GP / assets)

0.19

Primary signal (Novy-Marx).

4th of 6 SIC 13 peers

Return on equity

0.7%

Gross margin

24.7%

4th of 6 SIC 13 peers

Revenue growth (YoY)

-27.7%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

	2011	2012	2013	2014
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

—

Revenue CAGR (5Y)

—

Earnings CAGR (3Y)

-27.4%

FCF CAGR (3Y)

—

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.97

5th of 6 SIC 13 peers (best = lowest)

Current ratio

2.46×

2nd of 6 SIC 13 peers

Quick ratio

1.61×

Net cash

-$20.61M

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$19.54M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

5.50

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

1.1%

Stock-based comp intensity.

Piotroski F-Score

F-Score

7 / 9

Fundamental-strength score (0-9).

Lifecycle Phase History

2009-2013

2014

20092014

Value

Hypergrowth

View full financial statements →