Tetra Technologies Inc (TTI)
NYSE:TTI
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Tetra Technologies
(NYSE:TTI)
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Rating:66Neutral
Price Target:
$12.00
▲(44.06% Upside)
Action:ReiteratedDate:02/27/26
The score is driven primarily by improving financial health (much lower leverage and better 2025 cash generation) but held back by pronounced earnings volatility (sharp net margin drop in 2025). The earnings call adds support via constructive 2026 outlook and strategic growth catalysts, while technicals are moderately positive but not strongly momentum-driven; valuation appears reasonable at ~12x earnings with no dividend data.
Positive Factors
Balance Sheet Strength
Material deleveraging to ~0.16x debt-to-equity and rising equity materially improves financial flexibility. Lower leverage reduces refinancing risk, supports funding of growth projects and capex from internal sources, and enhances resilience across cyclical oilfield demand cycles.
Negative Factors
Earnings Volatility and Margin Collapse
Sharp swings in net margin and uneven earnings quality undermine predictability of returns and cash conversion. Such volatility complicates capital allocation, makes multi-year planning harder, and raises the risk that transient cost pressures or activity mix shifts materially depress profitability in the medium term.
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Positive Factors
Negative Factors
Balance Sheet Strength
Material deleveraging to ~0.16x debt-to-equity and rising equity materially improves financial flexibility. Lower leverage reduces refinancing risk, supports funding of growth projects and capex from internal sources, and enhances resilience across cyclical oilfield demand cycles.
Read all positive factors
Tetra Technologies (TTI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.12B
Dividend YieldN/A
Average Volume (3M)1.82M
Price to Earnings (P/E)―
Beta (1Y)1.31
Revenue Growth0.17%
EPS Growth7307.20%
CountryUS
Employees1,400
SectorIndustrials
Sector Strength72
IndustryOil & Gas Equipment & Services
Share Statistics
EPS (TTM)0.02
Shares Outstanding134,198,070
10 Day Avg. Volume1,233,081
30 Day Avg. Volume1,818,452
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 Cap1.20
Enterprise Value/Revenue2.12
Enterprise Value/Gross Profit8.38
Enterprise Value/Ebitda16.51
Forecast
1Y Price Target
$11.83Price Target Upside42.02% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)0.23
Revenue Forecast (FY)$643.34M
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
Tetra Technologies generates revenue through multiple streams, primarily by providing specialty fluids and services designed for the oil and gas industry. Key revenue streams include the sale of completion fluids and other associated services that...
Tetra Technologies Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 29, 2026
Earnings Call Sentiment Positive
The call presented a predominantly positive picture: multiple record performances (completion fluids, calcium chloride, West Memphis production), strong free cash flow ($83M base business FCF), improved balance sheet metrics (net debt down to $109M; net leverage 1.1x), strategic project milestones (bromine tower erected, patent on OASIS desalination) and clear growth catalysts (Argentina expansion, 75M lb bromine plant capacity, desalination for data centers). Near-term risks include higher short-term bromine costs due to third-party purchases, a shift toward drilling (less completions) in 2026 that may reduce segment pace vs. 2025, timing and scale execution risk for large desalination projects, and some partner execution delays (e.g., Eos). Overall, the strengths and validated strategic progress materially outweigh the near-term operational and timing headwinds.Positive Updates
Record Completion Fluids Performance & Market Recognition
Gulf of America Completion Fluids team ranked #1 supplier for product quality and overall performance for the 5th consecutive year (Kimberlite). Gulf of America revenue rose well over 50% in 2025 vs. 2024, driven by deepwater participation (including three CS Neptune wells). Completion fluids & products adjusted EBITDA margin improved 420 basis points from 28.9% (2024) to 33.0% (2025).
Negative Updates
Short-Term Bromine Supply Cost Pressure
Management is sourcing third-party bromine for 2026–2027 to bridge demand until the Evergreen plant is online; these third-party supplies come at incrementally higher cost versus the long-term supply agreement, creating margin pressure in 2026–2027 even though contractual needs for 2026 are secured.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Completion Fluids Performance & Market Recognition
Gulf of America Completion Fluids team ranked #1 supplier for product quality and overall performance for the 5th consecutive year (Kimberlite). Gulf of America revenue rose well over 50% in 2025 vs. 2024, driven by deepwater participation (including three CS Neptune wells). Completion fluids & products adjusted EBITDA margin improved 420 basis points from 28.9% (2024) to 33.0% (2025).
Read all positive updates
Company Guidance
Guidance highlights: TETRA expects 2026 completion fluids & products adjusted EBITDA margins of 25–30% (versus 33% in 2025 after a 420 bps improvement from 2024), while water & flowback services margins are expected to rise from 12% in 2025 to the mid‑teens in 2026; management sees modest overall onshore growth in 2026 but material incremental revenue from the electrolyte business and Argentina (Argentina revenues are expected to double in 2026 vs. 2025). Quarter and 2025 cash/ops context supporting guidance: Q4 completion fluids & products revenue was $83.7M (up 22% YoY) and water & flowback revenue was $63.0M; base‑business free cash flow was $83M in 2025 (exceeding the >$50M target) with Q4 cash flow of $21.8M, consolidated free cash flow including Arkansas investments of $33M, cash on hand $73M (2x start of year), net debt $109M (down from $143M), net leverage 1.1x (from 1.8x), working capital down ~20% to $88M, DSO improved to 62 days (from 71), base capex $30.5M, Arkansas investments $45M, and $4.5M of capitalized interest. Supply and project timing guidance: third‑party bromine supply is secured for 2026–27 to bridge rising demand, the planned Arkansas bromine plant is designed for 75 million lbs/year (vs prior 48 million lbs) with plant‑driven EBITDA uplift expected beginning in 2028 and full demand reaching plant capacity by 2029, and desalination plans have shifted from 25,000 bpd modules to >100,000 bpd (one data center could require ~200,000 bpd) with the earliest large‑scale plant possible mid‑2027.Tetra Technologies Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
72
Positive
Cash Flow
63
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 630.93M | 599.11M | 626.26M | 553.21M | 388.27M |
| Gross Profit | 160.11M | 139.96M | 141.64M | 113.53M | 59.82M |
| EBITDA | 80.93M | 86.93M | 88.38M | 59.82M | 35.16M |
| Net Income | 3.00M | 108.28M | 25.78M | 7.84M | -16.80M |
Balance Sheet | |||||
| Total Assets | 785.19M | 718.58M | 499.52M | 457.59M | 398.27M |
| Cash, Cash Equivalents and Short-Term Investments | 44.99M | 37.21M | 52.48M | 13.59M | 31.55M |
| Total Debt | 263.12M | 221.39M | 196.80M | 194.15M | 191.47M |
| Total Liabilities | 502.70M | 465.28M | 352.19M | 351.19M | 299.70M |
| Stockholders Equity | 283.75M | 254.57M | 148.59M | 107.63M | 99.70M |
Cash Flow | |||||
| Free Cash Flow | 19.54M | -24.16M | 32.05M | -21.10M | -15.88M |
| Operating Cash Flow | 100.36M | 36.52M | 70.21M | 18.96M | 4.66M |
| Investing Cash Flow | -61.37M | -59.06M | -27.03M | -36.50M | -5.17M |
| Financing Cash Flow | -5.37M | 8.87M | -4.66M | 40.00K | -50.05M |
Tetra Technologies Technical Analysis
Negative
8.33
Price Trends
9.64
Negative
9.39
Negative
7.21
Positive
Market Momentum
-0.26
Negative
44.66
Neutral
32.66
Neutral
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 8.33 is above the 20-day moving average (MA) of 8.30, below the 50-day MA of 9.64, and above the 200-day MA of 7.21, indicating a neutral trend. The MACD of -0.26 indicates Negative momentum. The RSI at 44.66 is Neutral, neither overbought nor oversold. The STOCH value of 32.66 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
67 Neutral | $1.42B | 30.17 | 1.97% | ― | -1.95% | 530.91% | |
66 Neutral | $1.12B | -19.01 | 1.05% | ― | 0.17% | 7307.20% | |
66 Neutral | $1.48B | 37.20 | 2.93% | 2.94% | 4.20% | -59.96% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
61 Neutral | $771.81M | 26.31 | 11.94% | 0.24% | -1.02% | 6.34% | |
61 Neutral | $1.69B | 1,198.42 | 0.10% | ― | -11.65% | 87.57% | |
52 Neutral | $1.12B | -1.69 | -41.79% | ― | -11.92% | -53.72% |
* Industrials Sector Average
TTI
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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.