TTI

MKT CAP:$1B

TETRA Technologies, Inc.

Market Cap

$1B

Energy·Oil & Gas Equipment & Services·🇺🇸 United States·NYSE

Energy·Oil & Gas Equipment & Services·🇺🇸·NYSE

Stock Price

$9.66-$0.13 (-1.33%)

Apr 23, 2026

Company Details

TETRA Technologies, Inc., together with its subsidiaries, operates as a diversified oil and gas services company. It operates through Completion Fluids & Products Division and Water & Flowback Services segments. The Completion Fluids & Prod...

CEO

Brady Murphy

IPO Date

Apr 3, 1990

Website

www.tetratec.com

Key Metrics TTM

Revenue

$619M

-4.8% YoY

Net Income

$122M

EPS (Diluted)

$0.92

Free Cash Flow

$6M

Revenue / Share

$4.59

Gross Margin

25.6%

Operating Margin

9.8%

Net Margin

19.8%

FCF Margin

1.0%

P/S

2.1x

P/E

10.6x

Earnings Reports

Q4 2025

Apr 29, 2026

PENDING

Q3 2025

Oct 28, 2025

$153MEPS $0.03

Q2 2025

Jul 29, 2025

$174M+1.1%EPS $0.08

Q1 2025

Apr 29, 2025

$157M+4.1%EPS $0.03

Q4 2024

Feb 25, 2025

$135MEPS $0.77

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 16	$177M	$29M	$164.0K
Q4 16	$173M	$9M	-$18M
Q1 17	$168M	$14M	-$14M
Q2 18	$260M	$48M	$14M
Q4 19	$259M	$54M	$20M
Q3 21	$95M	$16M	-$3M
Q1 22	$130M	$27M	$6M
Q1 23	$146M	$33M	$10M
Q2 23	$175M	$47M	$21M
Q3 23	$151M	$34M	$10M
Q1 24	$151M	$31M	$9M
Q2 24	$172M	$43M	$21M
Q4 24	$135M	$31M	$8M
Q1 25	$157M	$43M	$19M
Q2 25	$174M	$48M	$23M
Q3 25	$153M	$36M	$11M

Valuation

Quarter	P/S	P/E
Q3 16	—	—
Q4 16	—	—
Q1 17	—	—
Q2 18	1.7x	—
Q4 19	1.5x	—
Q3 21	1.7x	—
Q1 22	1.7x	—
Q1 23	2.1x	—
Q2 23	2.4x	37.7x
Q3 23	2.2x	34.8x
Q1 24	2.1x	42.5x
Q2 24	2.0x	40.4x
Q4 24	2.1x	11.1x
Q1 25	2.1x	11.3x
Q2 25	2.0x	10.3x
Q3 25	2.1x	10.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 16	-$8M	-$14M
Q4 16	$28M	$23M
Q1 17	-$21M	-$26M
Q2 18	$19M	-$19M
Q4 19	$5M	-$14M
Q3 21	$3M	$1M
Q1 22	$6M	-$3M
Q1 23	$9M	-$4M
Q2 23	$28M	$18M
Q3 23	$14M	$7M
Q1 24	-$14M	-$30M
Q2 24	$25M	$9M
Q4 24	$6M	-$9M
Q1 25	$4M	-$14M
Q2 25	$48M	$29M
Q3 25	$16M	$627.0K

Capital Expenditures

Quarter	CapEx
Q3 16	$6M
Q4 16	$6M
Q1 17	$5M
Q2 18	$39M
Q4 19	$19M
Q3 21	$2M
Q1 22	$9M
Q1 23	$13M
Q2 23	$10M
Q3 23	$7M
Q1 24	$16M
Q2 24	$15M
Q4 24	$15M
Q1 25	$18M
Q2 25	$19M
Q3 25	$16M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 19	+47.0%	+36.0%
Q3 21	-44.9%	-48.6%
Q1 22	-22.6%	-32.0%
Q1 23	-43.8%	-44.4%
Q2 23	-32.4%	-35.5%
Q3 23	+58.6%	+43.8%
Q1 24	+16.1%	+14.6%
Q2 24	+17.6%	+10.4%
Q4 24	-23.3%	-18.3%
Q1 25	+3.7%	-2.0%
Q2 25	+15.2%	+6.2%
Q3 25	-10.9%	-5.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 16	$0	0.0%
Q4 16	$0	0.0%
Q1 17	$0	0.0%
Q2 18	$0	0.0%
Q4 19	$0	0.0%
Q3 21	$0	0.0%
Q1 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$2M	1.2%
Q2 25	$0	0.0%
Q3 25	$5M	3.5%

OpEx Breakdown

Quarter	G&A
Q3 16	$29M
Q4 16	$27M
Q1 17	$28M
Q2 18	$34M
Q4 19	$34M
Q3 21	$19M
Q1 22	$21M
Q1 23	$23M
Q2 23	$26M
Q3 23	$24M
Q1 24	$22M
Q2 24	$22M
Q4 24	$23M
Q1 25	$24M
Q2 25	$25M
Q3 25	$25M

Revenue Segments

Quarter	Completion Fluids & Products Division	Compression	Water & Flowback Services	Product	Service
Q4 19	$79M	$124M	$57M	—	—
Q3 21	$49M	—	$47M	—	—
Q1 22	$73M	—	$57M	—	—
Q1 23	$69M	—	$77M	—	—
Q2 23	$98M	—	$77M	—	—
Q3 23	—	—	—	$69M	$82M
Q1 24	—	—	—	$73M	$78M
Q2 24	—	—	—	$97M	$75M
Q4 24	—	—	—	$67M	$68M
Q1 25	—	—	—	$88M	$69M
Q2 25	—	—	—	$103M	$71M
Q3 25	—	—	—	$85M	$68M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$33M	$0	$33M
Q2 22	$36M	$0	$36M
Q3 22	$25M	$0	$25M
Q4 22	$14M	$0	$14M
Q1 23	$17M	$0	$17M
Q2 23	$28M	$0	$28M
Q3 23	$34M	$0	$34M
Q4 23	$52M	$0	$52M
Q1 24	$36M	$0	$36M
Q2 24	$43M	$0	$43M
Q3 24	$49M	$0	$49M
Q4 24	$37M	$0	$37M
Q1 25	$41M	$0	$41M
Q2 25	$69M	$0	$69M
Q3 25	$67M	$0	$67M
Q4 25	$45M	$0	$45M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 16	92M	—	—
Q4 16	96M	+4.6%	—
Q1 17	114M	+19.1%	—
Q2 18	122M	+7.1%	—
Q4 19	126M	+2.5%	+36.8%
Q3 21	129M	+2.5%	+34.1%
Q1 22	129M	+0.4%	+13.0%
Q1 23	130M	+0.6%	+6.1%
Q2 23	130M	-0.0%	+3.5%
Q3 23	132M	+1.7%	+2.6%
Q1 24	132M	+0.0%	+2.3%
Q2 24	132M	+0.0%	+1.7%
Q4 24	133M	+0.5%	+2.2%
Q1 25	134M	+0.7%	+1.3%
Q2 25	133M	-0.3%	+1.0%
Q3 25	135M	+1.1%	+2.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 16	$58.9K	3K
Q4 16	$72.2K	2K
Q1 17	$70.0K	2K
Q2 18	$100.0K	3K
Q4 19	$99.8K	3K
Q3 21	$53.0K	2K
Q1 22	$118.2K	1K
Q1 23	$112.5K	1K
Q2 23	$135.0K	1K
Q3 23	$116.5K	1K
Q1 24	$100.6K	2K
Q2 24	$114.6K	2K
Q4 24	$96.1K	1K
Q1 25	$112.2K	1K
Q2 25	$124.2K	1K
Q3 25	$109.5K	1K

Revenue / Employee