Tetra Technologies (TTI)
NYSE:TTI
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Tetra Technologies
(NYSE:TTI)
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Rating:56Neutral
Price Target:
$10.00
▲(13.51% Upside)
Action:Reiterated
Date:06/05/26
The score is driven primarily by a mixed financial profile: materially improved leverage and solid operating cash flow are offset by declining TTM revenue, thin/volatile profitability, and weak free-cash-flow conversion. Earnings-call commentary is supportive with maintained guidance and strong Q1 operational performance, but valuation is a clear drag due to the very high P/E, and technicals are only mildly constructive.
Positive Factors
Improved leverage / balance sheet
Material reduction in leverage (TTM debt-to-equity ~0.17) and stable equity near the high-$200M range meaningfully lowers financial risk. This durable balance-sheet improvement increases funding flexibility for projects, reduces refinancing pressure, and helps absorb commodity shocks over the next several quarters.
Negative Factors
Top-line decline and thin profitability
TTM revenue decline (~14%) combined with a thin net margin (~1.2%) signals structural pressure on scale economics and returns. Sustained top-line softness limits ability to absorb fixed costs and new project start-up expenses, making it harder to deliver durable improvements in ROE and long-term profitability without consistent revenue recovery.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved leverage / balance sheet
Material reduction in leverage (TTM debt-to-equity ~0.17) and stable equity near the high-$200M range meaningfully lowers financial risk. This durable balance-sheet improvement increases funding flexibility for projects, reduces refinancing pressure, and helps absorb commodity shocks over the next several quarters.
Read all positive factors
Tetra Technologies (TTI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.26B
Dividend YieldN/A
Average Volume (3M)1.61M
Price to Earnings (P/E)171.8
Beta (1Y)1.23
Revenue Growth4.09%
EPS Growth-93.54%
CountryUS
Employees1,400
SectorIndustrials
Sector Strength72
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)0.06
Shares Outstanding135,389,980
10 Day Avg. Volume1,936,729
30 Day Avg. Volume1,610,296
Financial Highlights & Ratios
PEG Ratio-4.27
Price to Book (P/B)4.40
Price to Sales (P/S)1.98
P/FCF Ratio63.88
Enterprise Value/Market Cap1.25
Enterprise Value/Revenue2.50
Enterprise Value/Gross Profit10.17
Enterprise Value/Ebitda18.75
Forecast
1Y Price Target
$12.25Price Target Upside39.05% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.26
Revenue Forecast (FY)$652.16M
Tetra Technologies Business Overview & Revenue Model
Company Description
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 & Products se...
How the Company Makes Money
TTI makes money by selling a mix of services and consumable products to upstream oil and gas operators and other energy-industry customers. A major revenue stream is its water management business, where it generates fees for managing produced wate...
Tetra Technologies Earnings Call Summary
Earnings Call Date:Apr 29, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 03, 2026
Earnings Call Sentiment Positive
The call presented a predominately positive operational and strategic outlook: the company reported one of its strongest Q1s in a decade (ex-Neptune), delivered record or ten-year-high performance across several segments (completion fluids, industrial chemicals, production testing, Brazil, Gulf of America), and confirmed on-time/on-budget progress on strategic projects (Arkansas bromine plant, OASIS pilot, magnesium JV). Management maintained 2026 guidance and highlighted attractive long-term demand drivers (battery electrolytes, deepwater growth). Key negatives were near-term cash outflows (adjusted free cash flow use of $32M), ongoing geopolitical uncertainty in the Middle East with potential short-term delays, and that several growth initiatives remain in engineering/pilot stages with FIDs and commercial scale timing yet to be determined. Overall, the positive operational momentum, diversification and project progress materially outweigh the near-term cash and geopolitical headwinds.Positive Updates
Strong Q1 Financial Performance (Ten-Year Highs)
Reported revenue of $156 million and adjusted EBITDA of $26 million for Q1 2026 (ten-year highs when excluding the prior-year Gulf of America Neptune benefit); management cited ten-year highs for Brazil and the Gulf of America as well.
Negative Updates
Negative Adjusted Free Cash Flow and Cash Usage
Total adjusted free cash flow was a use of $32 million and base business adjusted free cash flow was a use of $23.5 million in Q1; cash used in operating activities was $12 million. Seasonal AR build and inventory builds (to be monetized in Q2) contributed to cash use. Total CapEx was $19 million, including $8.4 million for the Arkansas bromine project.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Q1 Financial Performance (Ten-Year Highs)
Reported revenue of $156 million and adjusted EBITDA of $26 million for Q1 2026 (ten-year highs when excluding the prior-year Gulf of America Neptune benefit); management cited ten-year highs for Brazil and the Gulf of America as well.
Read all positive updates
Company Guidance
Management reiterated 2026 guidance of single‑digit revenue growth versus 2025 with Completion Fluids margins targeted at 25–30% and Water & Flowback margins in the mid‑teens, and said they expect to generate positive base‑business free cash flow in 2026 to be reinvested in the Arkansas bromine plant; this guidance is supported by Q1 results of $156 million revenue and $26 million adjusted EBITDA (ten‑year highs excluding Neptune), Completion Fluids revenue of $92 million and adjusted EBITDA of $26 million (sequential +10–12%), industrial chemicals +15% YoY/+13% QoQ, Water & Flowback revenue of $65 million and adjusted EBITDA of $9 million (rev +3% QoQ/+1% YoY; EBITDA +20% QoQ/+9% YoY), and a balance sheet with $36 million cash, $182 million total debt (net leverage 1.5x), Q1 cash used in operations of $12 million, total CapEx $19 million (including $8.4 million for the Arkansas project), total adjusted free cash flow use of $32 million (base business A‑FCF use $23.5 million); key project/timing metrics cited include an Arkansas bromine plant capacity up to 75 million pounds with phase‑three in 2027 and first production early 2028, an OASIS pilot at >96% uptime, and market indicators such as EIA’s 24 GW planned battery storage for 2026 (+60% growth) and the referenced EOS path to 8 GWh.Tetra Technologies Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
70
Positive
Cash Flow
45
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 630.04M | 630.93M | 599.11M | 626.26M | 553.21M | 388.27M |
| Gross Profit | 154.82M | 160.11M | 139.96M | 141.64M | 113.53M | 59.82M |
| EBITDA | 83.96M | 80.93M | 86.93M | 88.38M | 59.82M | 35.16M |
| Net Income | 7.28M | 3.00M | 108.28M | 25.78M | 7.84M | -16.80M |
Balance Sheet | ||||||
| Total Assets | 662.35M | 785.19M | 718.58M | 499.52M | 457.59M | 398.27M |
| Cash, Cash Equivalents and Short-Term Investments | 35.52M | 44.99M | 37.21M | 52.48M | 13.59M | 31.55M |
| Total Debt | 224.35M | 263.12M | 221.39M | 196.80M | 194.15M | 191.47M |
| Total Liabilities | 376.73M | 502.70M | 465.28M | 352.19M | 351.19M | 299.70M |
| Stockholders Equity | 286.88M | 283.75M | 254.57M | 148.59M | 107.63M | 99.70M |
Cash Flow | ||||||
| Free Cash Flow | 2.69M | 19.54M | -24.16M | 32.05M | -21.10M | -15.88M |
| Operating Cash Flow | 84.57M | 100.36M | 36.52M | 70.21M | 18.96M | 4.66M |
| Investing Cash Flow | -81.44M | -61.37M | -59.06M | -27.03M | -36.50M | -5.17M |
| Financing Cash Flow | -10.01M | -5.37M | 8.87M | -4.66M | 40.00K | -50.05M |
Tetra Technologies Technical Analysis
Negative
8.81
Price Trends
9.51
Negative
9.84
Negative
8.45
Positive
Market Momentum
0.08
Positive
40.38
Neutral
18.62
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TTI, the sentiment is Negative. The current price of 8.81 is below the 20-day moving average (MA) of 10.31, below the 50-day MA of 9.51, and above the 200-day MA of 8.45, indicating a neutral trend. The MACD of 0.08 indicates Positive momentum. The RSI at 40.38 is Neutral, neither overbought nor oversold. The STOCH value of 18.62 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TTI.
Tetra Technologies Risk Analysis
Tetra Technologies disclosed 31 risk factors in its most recent earnings report. Tetra Technologies reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Tetra Technologies Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $1.36B | 94.77 | 0.91% | ― | -2.91% | -82.51% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
60 Neutral | $1.81B | -138.74 | -1.43% | ― | -15.55% | 91.88% | |
58 Neutral | $1.51B | 72.10 | 1.91% | 2.94% | 27.62% | -73.36% | |
57 Neutral | $596.03M | 20.52 | 10.68% | 0.24% | 1.34% | 12.50% | |
56 Neutral | $1.26B | 171.75 | 2.51% | ― | 4.09% | -93.54% | |
48 Neutral | $1.25B | -2.60 | -53.92% | ― | -18.94% | -69.29% |
* Industrials Sector Average
TTI
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Tetra Technologies Corporate Events
Business Operations and StrategyPrivate Placements and Financing
TETRA Technologies Announces Public Equity Offering for Expansion
Positive
Jun 4, 2026
On June 2, 2026, TETRA Technologies, Inc. priced an underwritten public offering of 10,810,811 common shares at $9.25 per share, under an effective shelf registration with the U.S. SEC. The company and a syndicate led by J.P. Morgan Securities LLC...
Business Operations and StrategyPrivate Placements and Financing
TETRA Technologies Launches $100 Million Equity Offering
Neutral
Jun 2, 2026
On June 2, 2026, TETRA Technologies announced an underwritten public offering of $100 million in common stock, with an additional $15 million over-allotment option, to support general corporate purposes including its Arkansas bromine project. The ...
Executive/Board ChangesShareholder Meetings
Tetra Technologies Shareholders Back Board, Leadership and Governance
Positive
May 26, 2026
TETRA Technologies held its Annual Meeting on May 22, 2026, where shareholders elected eight directors to the board, including the reappointment of John F. Glick, and approved on an advisory basis the compensation of the company’s named exec...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.