Tetra Tech (TTEK)


Market Price (9/5/2026): $35.85 | Market Cap: $9.3 BilSector: Industrials | Industry: Construction & Engineering

Tetra Tech (TTEK)


Market Price (9/5/2026): $35.85
Market Cap: $9.3 Bil
Sector: Industrials
Industry: Construction & Engineering

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.5%, FCF Yield is 5.9%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11%

Low stock price volatility
Vol 12M is 37%

Megatrend and thematic drivers
Megatrends include Water Infrastructure, Sustainable Infrastructure, and Renewable Energy Transition. Themes include Water Treatment & Delivery, Show more.

Weak multi-year price returns
2Y Excs Rtn is -60%, 3Y Excs Rtn is -55%

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -7.6%, Rev Chg QQuarterly Revenue Change % is -4.5%

Key risks
TTEK key risks include [1] a substantial reliance on U.S. Show more.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.5%, FCF Yield is 5.9%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11%
2 Low stock price volatility
Vol 12M is 37%
3 Megatrend and thematic drivers
Megatrends include Water Infrastructure, Sustainable Infrastructure, and Renewable Energy Transition. Themes include Water Treatment & Delivery, Show more.
4 Weak multi-year price returns
2Y Excs Rtn is -60%, 3Y Excs Rtn is -55%
5 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -7.6%, Rev Chg QQuarterly Revenue Change % is -4.5%
6 Key risks
TTEK key risks include [1] a substantial reliance on U.S. Show more.

TTEK in ETFs

Weight = TTEK's share of each fund

VTI0.01%
ITOT0.01%
IWB0.01%
IJH0.25%
VIG0.04%
VB0.11%
MDYG0.50%
IJK0.48%
+20 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 9/1/2026

Tetra Tech (TTEK) stock has gained about 30% since 5/31/2026 because of the following key factors:

1. Strong Fiscal Q3 2026 Financial Performance and Raised Full-Year Guidance.

Tetra Tech reported robust results for fiscal Q3 2026, which ended on June 28, 2026, exceeding analyst expectations and leading to an increase in its full-year guidance. The company announced adjusted Earnings Per Share (EPS) of $0.42, surpassing the consensus estimate of $0.40 by $0.02. Net revenue for the quarter reached $1.11 billion, an 8% year-over-year increase excluding certain activities, significantly above analysts' estimates of $1.08 billion. Following these strong results, Tetra Tech raised its full-year fiscal 2026 guidance, projecting net revenue between $4.315 billion and $4.365 billion, with the midpoint exceeding the consensus of $4.301 billion, and adjusted EPS between $1.56 and $1.59, surpassing the consensus of $1.55.

2. Significant Backlog Growth and New Contract Awards.

The company demonstrated strong business momentum with its backlog growing 5% sequentially to $4.49 billion by the end of fiscal Q3 2026. This growth was bolstered by several notable contract wins within the period. Key awards included a $49 million multiple-award contract from the U.S. Army Corps of Engineers Mobile District for engineering services in inland navigation and water resource projects, secured on June 25, 2026. Additionally, Tetra Tech was selected by the FAA for a $27 million major airspace redesign task order contract in July 2026, and awarded a 5-year, $49 million multiple-award contract by the National Oceanic and Atmospheric Administration (NOAA) for coastal geospatial and engineering services in August 2026. Further strengthening its portfolio, the company secured two contracts totaling $12.7 million from the Millennium Challenge Corporation (MCC) in August 2026 and a $16.8 million contract from the U.S. Environmental Protection Agency (EPA) in late August 2026 for land revitalization technical services. These new orders underscore continued demand for Tetra Tech's specialized services in water, environment, and sustainable infrastructure.

Show more
Updated on 9/1/2026

Tetra Tech (TTEK) stock has gained about 30% since 5/31/2026 because of the following key factors:

1. Strong Fiscal Q3 2026 Financial Performance and Raised Full-Year Guidance.

Tetra Tech reported robust results for fiscal Q3 2026, which ended on June 28, 2026, exceeding analyst expectations and leading to an increase in its full-year guidance. The company announced adjusted Earnings Per Share (EPS) of $0.42, surpassing the consensus estimate of $0.40 by $0.02. Net revenue for the quarter reached $1.11 billion, an 8% year-over-year increase excluding certain activities, significantly above analysts' estimates of $1.08 billion. Following these strong results, Tetra Tech raised its full-year fiscal 2026 guidance, projecting net revenue between $4.315 billion and $4.365 billion, with the midpoint exceeding the consensus of $4.301 billion, and adjusted EPS between $1.56 and $1.59, surpassing the consensus of $1.55.

2. Significant Backlog Growth and New Contract Awards.

The company demonstrated strong business momentum with its backlog growing 5% sequentially to $4.49 billion by the end of fiscal Q3 2026. This growth was bolstered by several notable contract wins within the period. Key awards included a $49 million multiple-award contract from the U.S. Army Corps of Engineers Mobile District for engineering services in inland navigation and water resource projects, secured on June 25, 2026. Additionally, Tetra Tech was selected by the FAA for a $27 million major airspace redesign task order contract in July 2026, and awarded a 5-year, $49 million multiple-award contract by the National Oceanic and Atmospheric Administration (NOAA) for coastal geospatial and engineering services in August 2026. Further strengthening its portfolio, the company secured two contracts totaling $12.7 million from the Millennium Challenge Corporation (MCC) in August 2026 and a $16.8 million contract from the U.S. Environmental Protection Agency (EPA) in late August 2026 for land revitalization technical services. These new orders underscore continued demand for Tetra Tech's specialized services in water, environment, and sustainable infrastructure.

3. Increased Shareholder Returns through Dividends and Share Repurchases.

Tetra Tech enhanced its commitment to shareholder returns, announcing an 11% year-over-year increase in its quarterly dividend to $0.072 per share on July 27, 2026, payable on August 27, 2026. This marks the 45th consecutive double-digit increase in the company's quarterly dividend. In addition to dividends, the company actively pursued its share repurchase program, buying back $100 million of common stock during fiscal Q3 2026. As of June 28, 2026, Tetra Tech still had $398 million remaining under its current share repurchase authorization.

4. Positive Analyst Sentiment and Upward Price Target Revisions.

Analysts maintained a positive outlook on Tetra Tech, with a consensus rating of "Moderate Buy" or "Buy" as of August 2026. The average analyst price target for TTEK stood at $38.25, with some targets reaching as high as $43.00, indicating a potential upside from current levels. Analysts also project organic growth for Tetra Tech in the range of 6-10% for fiscal year 2026, driven by an expected 60-70 basis point year-over-year increase in EBITDA margin. This optimistic sentiment, combined with the company's strong performance, likely contributed to the upward stock movement.

Show less
Holding a concentrated position? Know your true downside before the momentum shifts.
Protect Your Wealth →

Stock Movement Drivers

Fundamental Drivers

The 30.9% change in TTEK stock from 5/31/2026 to 9/4/2026 was primarily driven by a 31.2% change in the company's P/E Multiple.
(LTM values as of)53120269042026Change
Stock Price ($)27.4335.9130.9%
Change Contribution By: 
Total Revenues ($ Mil)5,1315,069-1.2%
Net Income Margin (%)8.6%8.6%0.2%
P/E Multiple16.221.331.2%
Shares Outstanding (Mil)2602580.8%
Cumulative Contribution30.9%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 9/4/2026
ReturnCorrelation
TTEK30.9% 
Market (SPY)1.8%11.1%
Sector (XLI)1.2%10.4%

Fundamental Drivers

The 0.7% change in TTEK stock from 2/28/2026 to 9/4/2026 was primarily driven by a 27.8% change in the company's Net Income Margin (%).
(LTM values as of)22820269042026Change
Stock Price ($)35.6735.910.7%
Change Contribution By: 
Total Revenues ($ Mil)5,2335,069-3.1%
Net Income Margin (%)6.7%8.6%27.8%
P/E Multiple26.421.3-19.6%
Shares Outstanding (Mil)2612581.0%
Cumulative Contribution0.7%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 9/4/2026
ReturnCorrelation
TTEK0.7% 
Market (SPY)12.6%18.2%
Sector (XLI)-0.8%19.4%

Fundamental Drivers

The -0.6% change in TTEK stock from 8/31/2025 to 9/4/2026 was primarily driven by a -51.6% change in the company's P/E Multiple.
(LTM values as of)83120259042026Change
Stock Price ($)36.1235.91-0.6%
Change Contribution By: 
Total Revenues ($ Mil)5,4875,069-7.6%
Net Income Margin (%)3.9%8.6%118.3%
P/E Multiple44.021.3-51.6%
Shares Outstanding (Mil)2632581.9%
Cumulative Contribution-0.6%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 9/4/2026
ReturnCorrelation
TTEK-0.6% 
Market (SPY)20.4%12.3%
Sector (XLI)16.5%20.1%

Fundamental Drivers

The 16.5% change in TTEK stock from 8/31/2023 to 9/4/2026 was primarily driven by a 21.7% change in the company's Total Revenues ($ Mil).
(LTM values as of)83120239042026Change
Stock Price ($)30.8335.9116.5%
Change Contribution By: 
Total Revenues ($ Mil)4,1655,06921.7%
Net Income Margin (%)7.3%8.6%18.3%
P/E Multiple27.121.3-21.5%
Shares Outstanding (Mil)2662583.1%
Cumulative Contribution16.5%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2023 to 9/4/2026
ReturnCorrelation
TTEK16.5% 
Market (SPY)77.1%26.5%
Sector (XLI)68.7%31.8%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
TTEK Return47%-14%16%20%-15%9%63%
Peers Return26%14%19%23%-0%3%115%
S&P 500 Return27%-19%24%23%16%13%106%

Monthly Win Rates [3]
TTEK Win Rate67%50%50%58%50%67% 
Peers Win Rate65%58%63%67%53%49% 
S&P 500 Win Rate75%42%67%75%67%56% 

Max Drawdowns [4]
TTEK Max Drawdown-19%-30%-16%-21%-34%-38% 
Peers Max Drawdown-17%-23%-21%-22%-31%-36% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: J, LDOS, BAH, KBR, PWR. See TTEK Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/4/2026 (YTD)

How Low Can It Go

EventTTEKS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-15.2%-9.5%
  % Gain to Breakeven18.0%10.5%
  Time to Breakeven103 days24 days
2023 SVB Regional Banking Crisis
  % Loss-10.2%-6.7%
  % Gain to Breakeven11.4%7.1%
  Time to Breakeven8 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-30.1%-24.5%
  % Gain to Breakeven43.0%32.4%
  Time to Breakeven393 days427 days
2020 COVID-19 Crash
  % Loss-32.9%-33.7%
  % Gain to Breakeven49.0%50.9%
  Time to Breakeven184 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-28.3%-19.2%
  % Gain to Breakeven39.5%23.8%
  Time to Breakeven148 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-14.2%-12.2%
  % Gain to Breakeven16.5%13.9%
  Time to Breakeven32 days62 days

Compare to LDOS, J, ACM, BAH, ITG

In The Past

Tetra Tech's stock fell -8.2% during the 2025 US Tariff Shock. Such a loss loss requires a 9.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventTTEKS&P 500
2022 Inflation Shock & Fed Tightening
  % Loss-30.1%-24.5%
  % Gain to Breakeven43.0%32.4%
  Time to Breakeven393 days427 days
2020 COVID-19 Crash
  % Loss-32.9%-33.7%
  % Gain to Breakeven49.0%50.9%
  Time to Breakeven184 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-28.3%-19.2%
  % Gain to Breakeven39.5%23.8%
  Time to Breakeven148 days105 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-24.2%-17.9%
  % Gain to Breakeven32.0%21.8%
  Time to Breakeven24 days123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-21.2%-15.4%
  % Gain to Breakeven26.9%18.2%
  Time to Breakeven115 days125 days
2008-2009 Global Financial Crisis
  % Loss-34.1%-53.4%
  % Gain to Breakeven51.8%114.4%
  Time to Breakeven26 days1085 days

Compare to LDOS, J, ACM, BAH, ITG

In The Past

Tetra Tech's stock fell -8.2% during the 2025 US Tariff Shock. Such a loss loss requires a 9.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Tetra Tech (TTEK)

Tetra Tech, Inc. is a global provider of consulting and engineering services, specializing in addressing complex challenges related to water, environment, infrastructure, resource management, and energy. The company offers a comprehensive suite of technical solutions, which includes early data collection and monitoring, advanced data analysis and information management, scientific and engineering applied research, and detailed engineering design. They also provide project management, operations and maintenance services, and expert consulting in climate change and energy management, including greenhouse gas inventory assessment and reduction strategies.

The company operates a Government Services Group (GSG) that primarily serves federal, state, and local governments, as well as international development agencies. This segment focuses on critical areas such as water resources analysis and management, environmental monitoring, data analytics, government consulting, waste management, and master planning and engineering design for various civil infrastructure projects.

Tetra Tech also has a Commercial/International Services Group (CIG) which caters to clients in the natural resources, energy, and utilities markets. This segment delivers similar core services, including feasibility studies and assessments, alongside sustainable infrastructure master planning and engineering design, addressing the specific needs of commercial and international clients in these sectors.

AI Analysis | Feedback

Here are 1-3 brief analogies to describe Tetra Tech (TTEK):

  • The "Accenture for environmental and infrastructure engineering."
  • The "IBM for water management and sustainable development."

AI Analysis | Feedback

  • Consulting and Engineering Design: Provides comprehensive consulting services, including early data collection, monitoring, data analysis, scientific and engineering applied research, feasibility studies, and detailed engineering design for complex projects.
  • Project Management and Operations: Offers end-to-end project management services and provides ongoing operations and maintenance support for various infrastructure and environmental systems.
  • Environmental and Water Management: Delivers specialized services in water resources analysis, water management, environmental monitoring, and waste management solutions.
  • Climate Change and Energy Management: Furnishes consulting services related to climate change, energy management, greenhouse gas inventory assessment, certification, reduction, and overall sustainability strategies.
  • Infrastructure Master Planning and Engineering: Specializes in master planning and engineering design for civil, sustainable, and critical infrastructure across governmental, commercial, and international sectors.

AI Analysis | Feedback

Tetra Tech (TTEK) primarily sells its consulting and engineering services to governments and other companies, not individuals.

Major Customers:

  • Government Agencies:

    This includes federal, state, and local governments, as well as development agencies worldwide.

  • Commercial Entities:

    Companies operating within the natural resources, energy, and utilities markets.

AI Analysis | Feedback

null

AI Analysis | Feedback

Roger R. Argus, Chief Executive Officer

Mr. Argus was promoted to President of Tetra Tech and appointed Chief Executive Officer in February 2026. He brings 40 years of professional experience, with over 30 years at Tetra Tech. Previously, he served as Executive Vice President of Corporate Development and President of the Commercial/International Services Group. Mr. Argus has directed Tetra Tech's mergers and acquisitions program, identifying, negotiating, and integrating companies.

Steven M. Burdick, Executive Vice President and Chief Financial Officer

Mr. Burdick has served as Executive Vice President and Chief Financial Officer of Tetra Tech since April 2011. He joined Tetra Tech in April 2003 as Vice President, Management Audit, and held the role of Senior Vice President and Corporate Controller from January 2004 to March 2011. Prior to joining Tetra Tech, Mr. Burdick held senior financial and executive positions with Aura Systems, Inc., TRW Ventures, and Ernst & Young LLP. He is also on the board of Tetra Tech Industries, Inc. and Tetra Tech UK Holdings Ltd.

Dan L. Batrack, Executive Chairman

Mr. Batrack was named Executive Chairman in February 2026, having served as Chief Executive Officer from 2005 to 2026 and Chairman since 2003. He joined Tetra Tech in 1980 and has held numerous roles including arctic research scientist, deep water oceanographic hydrographer, and President of the Engineering Division. During his tenure as Chief Executive Officer, Tetra Tech's annual revenue and employee count more than tripled. He established the firm's strategic direction, focusing on becoming a leading firm in Water Consulting and Engineering, Environmental Management, and Climate Change Response.

Leslie L. Shoemaker, PhD, Executive Vice President, Chief Innovation and Sustainability Officer

Dr. Shoemaker is the Executive Vice President, Chief Innovation and Sustainability Officer for Tetra Tech.

Preston Hopson, Executive Vice President, Chief Legal and Human Capital Officer

Mr. Hopson serves as the Executive Vice President, Chief Legal and Human Capital Officer.

AI Analysis | Feedback

The key risks to Tetra Tech's business are primarily associated with its significant reliance on government contracts, its financial stability due to escalating operating costs and high debt, and the inherent project execution risks, particularly with an increasing focus on fixed-price contracts.

  1. Reliance on Government Contracts and Shifting Government Spending Priorities: A substantial portion of Tetra Tech's revenue is derived from U.S. federal, state, and local government contracts, which are typically multi-year agreements. Changes in terms, funding, or priorities within these contracts can negatively impact the company's business. For example, the termination of USAID contracts has led to a reduction in backlog and a goodwill impairment charge. Shifts in government spending, influenced by the political landscape or budgetary constraints, pose ongoing challenges for securing and maintaining project opportunities in sectors like environmental services and water management.
  2. Escalating Operating Costs and High Debt Levels: Tetra Tech faces challenges from rising operating costs and expenses, which can threaten its profitability. The company's total cost of sales increased significantly in the first quarter of fiscal 2025 due to rising input costs. Additionally, high debt levels represent a significant financial obligation that can strain profitability. Tetra Tech's long-term debt has shown a substantial increase over the past five years, raising concerns about its financial stability and ability to service this debt, especially with potential changes in interest rates or credit conditions.
  3. Project Execution Risks, Especially with Fixed-Price Contracts: As a provider of consulting and engineering services, Tetra Tech undertakes large-scale and complex projects. The successful execution of these projects is critical, and delays, cost overruns, or failure to meet performance standards can result in financial losses and damage to the company's reputation. The company's increasing shift towards fixed-price contracts, while potentially offering better margins, also introduces greater execution risks. If projects under fixed-price arrangements encounter unforeseen issues or cost escalations, profitability could be negatively impacted.

AI Analysis | Feedback

null

AI Analysis | Feedback

Tetra Tech (TTEK) operates within several large addressable markets, offering a range of consulting and engineering services globally.

Addressable Markets for Tetra Tech's Main Products and Services:

  • Environmental Consulting Services: The global environmental consulting services market was valued at approximately USD 43.20 billion in 2024 and is projected to reach USD 92.85 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 7.95% from 2025 to 2034. North America is anticipated to continue its dominance in this market. Other estimates place the global market at USD 46.50 billion in 2025, expected to grow to USD 65.72 billion by 2031, and over USD 51.8 billion in 2025, poised to exceed USD 100.01 billion by 2035.
  • Waste Management Market: The global waste management market size was estimated at USD 1.51 trillion in 2025 and is projected to reach around USD 2.69 trillion by 2035, expanding at a CAGR of 5.95% between 2026 and 2035. Another source valued the global market at USD 1,497.17 billion in 2025, projecting it to reach USD 2,365.14 billion by 2033.
  • Engineering Consulting Services: The global engineering consulting services market size was valued at USD 202.8 billion in 2025 and is projected to reach USD 296.2 billion by the end of 2035, with a CAGR of 4.3% during the forecast period of 2026-2035. Other estimates indicate the market was USD 175.43 billion in 2025, expected to rise to USD 348.79 billion by 2034.
  • Civil Engineering Market: The global civil engineering market size was estimated at USD 9.7032 trillion in 2024 and is expected to reach approximately USD 17.214 trillion by 2034, growing at a CAGR of 5.9% from 2025 to 2034. Another valuation placed it at USD 10.4 trillion in 2025, projected to reach USD 15.5 trillion by 2034.
  • Water Management Systems/Smart Water Management Market: The global water management systems market size was valued at USD 15.6 billion in 2023 and is projected to exceed USD 52.9 billion by 2033, growing at a CAGR of 12.99% from 2023 to 2033. More specifically, the global smart water management market size was estimated at USD 18,340.5 million in 2024 and is projected to reach USD 50,740.8 million by 2033.
  • Energy Consulting Market: The global energy consulting market size was approximately USD 16 billion in 2024 and is projected to reach USD 21 billion by 2030, with an estimated CAGR of 5% during the forecast period of 2025-2030. Another estimate valued the market at USD 18.7 billion in 2025, expected to reach USD 22.94 billion by 2030.
  • Natural Resource Management Consulting: The global market size for the natural resource management consulting sector was estimated at $6.5 billion in 2023 and is anticipated to reach approximately $12.1 billion by 2032, with a projected CAGR of 7.2%.

AI Analysis | Feedback

Tetra Tech (TTEK) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and market trends.

One significant driver is the company's focus on **expanding its services in water and environmental markets, particularly in response to new regulatory requirements and increasingly complex challenges**. This includes addressing emerging contaminants such as PFAS, as well as engaging in more sophisticated projects related to watershed management, coastal protection, and decarbonization. This aligns with the strong demand seen in the U.S. water infrastructure and environmental sectors, including steady spending on U.S. water systems, power grid upgrades, and the rising need for water cooling in data centers.

Another key growth driver for Tetra Tech is its **growth in international markets**. The company anticipates continued strong performance in regions such as the U.K. and Canada, fueled by significant water investment cycles like the U.K.'s AMP8 and Canada's large infrastructure programs. Additionally, increased high-priority defense spending in the U.K. and Australia is expected to contribute to international revenue growth.

Tetra Tech is also driving revenue growth through **technological innovation, specifically by leveraging proprietary data analytic tools and artificial intelligence (AI)-augmented consulting services**. This strategy aims to increase productivity and enhance margins. Furthermore, the company is focused on generating higher recurring revenue through increased software subscriptions from its proprietary suite of applications.

Finally, **strategic mergers and acquisitions (M&A)** are expected to accelerate Tetra Tech's growth. With a strong balance sheet, the company has the capacity to pursue material acquisitions that align with its strategic priorities, particularly in expanding its front-end consulting business.

AI Analysis | Feedback

Share Repurchases

  • As of December 28, 2025, Tetra Tech had $548 million remaining under its approved share repurchase programs.
  • The company expanded its share repurchase program by an additional $500 million in Q2 2025 (ended March 30, 2025).
  • Tetra Tech repurchased $50 million of common stock in the first quarter ended December 28, 2025, and another $50 million in the fourth quarter of fiscal 2025 (ended September 28, 2025).

Share Issuance

  • On February 20, 2026, Tetra Tech's CEO received a grant of 28,174 restricted stock units (RSUs).
  • A five-for-one stock split was approved by Tetra Tech's Board of Directors on July 29, 2024, becoming effective after the close of trading on September 6, 2024.

Outbound Investments

  • Tetra Tech completed the acquisition of RPS Group, a global professional services firm, on January 24, 2023, to strengthen its positions in water, renewable energy, and sustainable infrastructure.
  • Recent acquisitions, including LS Technologies and Convergence Controls & Engineering, have expanded Tetra Tech's capabilities in enterprise technology services, data analytics, and cybersecurity.
  • The company has highlighted over $2 billion in immediate borrowing capacity for strategic acquisitions, indicating an ongoing focus on acquisitions as a growth strategy.

Capital Expenditures

  • Tetra Tech's capital expenditures forecast median consensus for the next fiscal year is $20 million, and it is expected to average $18.5 million over the next five fiscal years.
  • For the three months ended December 2025, Tetra Tech spent $4 million on purchasing property, plant, and equipment.
  • Over the past decade (up to March 2025), the company incurred USD 74 million on capital expenditures.

Better Bets vs. Tetra Tech (TTEK)

Peer Outperformance in Construction & Engineering

TTEK has trailed 80% of its 30 Construction & Engineering peers over 5Y. Among the peers that beat it are ACA, PRIM and MYRG. Construction & Engineering ranks 1st of 23 industries in Industrials by median 5Y return. That makes it one of the strongest corners of the sector.
Share of Construction & Engineering constituents that TTEK has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
38%
of 34 industry peers · 1.5% return
3Y
25%
of 32 industry peers · 16.1% return
5Y
20%
of 30 industry peers · 22.4% return
Construction & Engineering peers with revenue growth within 4pp of TTEK's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
Ticker Name Rev Growth 3Y Avg P/E 1Y3Y5Y 5Y Gap
TTEK Tetra Tech 7.5% 21.3x 1.5%16.1%22.4%
ACA Arcosa 7.1% 14.5x 48.3%98.1%191.2% +169pp
PRIM Primoris Services 11.4% 28.8x -36.4%119.5%190.3% +168pp
MYRG MYR 6.3% 27.0x 55.3%111.1%161.0% +139pp
APG APi 7.5% 50.1x 14.3%117.7%156.7% +134pp
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Industrials sector, ranked by 5Y. Construction & Engineering is TTEK's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Construction & Engineering ← 31 18.0%111.1%190.3% CDNL 2702% · FIX 2049% · STRL 2005%
Marine Transportation 5 72.8%70.4%164.7% HOS 48321% · MATX 188% · KEX 165%
Construction Machinery & Heavy Transportation Equipment 13 14.7%63.4%115.4% CAT 322% · ALSN 270% · WAB 223%
Aerospace & Defense 55 -1.3%57.5%70.3% ATI 1074% · FTAI 885% · HWM 739%
Passenger Ground Transportation 3 -11.4%41.2%58.1% UBER 88% · CAR 58% · LYFT -65%
Rail Transportation 7 30.7%72.2%46.1% FSTR 135% · CSX 65% · UNP 51%
Industrial Machinery & Supplies & Components 71 8.8%49.3%45.1% CRS 1411% · PSIX 952% · EROC 609%
Cargo Ground Transportation 16 35.6%5.9%35.4% XPO 258% · R 251% · CVLG 209%
Trading Companies & Distributors 19 0.7%39.0%32.8% DXPE 533% · AIT 289% · WCC 214%
Diversified Support Services 33 13.1%32.4%26.8% LIME 4173% · TH 371% · WLFC 360%
Electrical Components & Equipment 41 19.1%51.3%21.7% POWL 2201% · BE 1055% · VRT 900%
Building Products 33 -9.7%7.2%19.4% LMB 575% · GFF 398% · PPIH 300%
Research & Consulting Services 13 -9.7%-20.5%-6.3% HURN 214% · GRNQ 137% · CRAI 89%
Agricultural & Farm Machinery 17 14.0%-1.4%-7.2% BLBD 213% · DE 90% · GENC 59%
Industrial Conglomerates 17 10.4%15.4%-8.5% RCMT 676% · CSW 141% · CSL 80%
Environmental & Facilities Services 29 -8.8%16.4%-12.0% CECO 880% · ADUR 558% · NVRI 352%
Data Processing & Outsourced Services 6 -31.6%-12.8%-26.0% EXLS 49% · BR 11% · G -23%
Passenger Airlines 11 3.6%-1.0%-26.4% LTM 2504% · UAL 141% · SKYW 117%
Office Services & Supplies 9 12.7%23.7%-30.4% PBI 186% · TILE 157% · HNI 59%
Human Resource & Employment Services 22 5.8%-18.3%-35.7% BBSI 86% · ADP 49% · KFY 31%
Air Freight & Logistics 12 -6.0%-22.3%-39.1% CHRW 85% · FDX 67% · EXPD 62%
Security & Alarm Services 10 -33.9%5.0%-45.5% CIX 137% · MG 96% · NL 53%
Airport Services 3 -66.4%-76.9%-57.6% JOBY -34% · ASLE -58% · UP -100%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

TTEKJLDOSBAHKBRPWRMedian
NameTetra Te.Jacobs S.Leidos Booz All.KBR Quanta S. 
Mkt Price35.91146.23133.0572.8036.82624.41102.93
Mkt Cap9.317.216.88.74.693.813.0
Rev LTM5,06914,21917,63411,0937,72332,90512,656
Op Inc LTM5946502,0801,0555452,014852
FCF LTM5476452,1631,1163552,391880
FCF 3Y Avg4486711,6457993411,765735
CFO LTM5677362,3001,2034093,178969
CFO 3Y Avg4687711,8008873932,403829

Growth & Margins

TTEKJLDOSBAHKBRPWRMedian
NameTetra Te.Jacobs S.Leidos Booz All.KBR Quanta S. 
Rev Chg LTM-7.6%20.1%3.4%-7.3%-3.6%26.3%-0.1%
Rev Chg 3Y Avg7.5%16.5%5.9%5.1%5.1%21.5%6.7%
Rev Chg Q-4.5%34.5%7.2%-4.2%1.6%41.1%4.4%
QoQ Delta Rev Chg LTM-1.2%7.9%1.8%-1.1%0.4%9.2%1.1%
Op Inc Chg LTM1.7%-23.4%2.9%-23.1%-5.9%38.3%-2.1%
Op Inc Chg 3Y Avg16.6%18.1%21.9%42.6%5.1%29.8%20.0%
Op Mgn LTM11.7%4.6%11.8%9.5%7.1%6.1%8.3%
Op Mgn 3Y Avg10.7%5.6%11.2%10.1%7.1%5.6%8.6%
QoQ Delta Op Mgn LTM0.0%0.0%-0.4%0.3%0.1%0.5%0.1%
CFO/Rev LTM11.2%5.2%13.0%10.8%5.3%9.7%10.3%
CFO/Rev 3Y Avg9.0%8.0%10.6%7.8%5.1%8.9%8.4%
FCF/Rev LTM10.8%4.5%12.3%10.1%4.6%7.3%8.7%
FCF/Rev 3Y Avg8.6%7.0%9.7%7.0%4.4%6.5%7.0%

Valuation

TTEKJLDOSBAHKBRPWRMedian
NameTetra Te.Jacobs S.Leidos Booz All.KBR Quanta S. 
Mkt Cap9.317.216.88.74.693.813.0
P/S1.81.21.00.80.62.91.1
P/Op Inc15.626.58.18.38.546.612.1
P/EBIT14.625.68.37.96.345.811.5
P/E21.350.912.211.210.970.716.7
P/CFO16.323.47.37.311.329.513.8
Total Yield5.5%2.9%9.5%12.1%11.0%1.5%7.5%
Dividend Yield0.7%0.9%1.3%3.2%1.8%0.1%1.1%
FCF Yield 3Y Avg5.1%4.1%10.2%8.1%6.0%2.9%5.5%
D/E0.10.20.40.50.60.10.3
Net D/E0.10.20.30.40.50.10.3

Returns

TTEKJLDOSBAHKBRPWRMedian
NameTetra Te.Jacobs S.Leidos Booz All.KBR Quanta S. 
1M Rtn4.9%1.3%4.9%2.0%1.3%-8.6%1.7%
3M Rtn29.0%19.6%7.3%-7.0%4.0%-10.2%5.7%
6M Rtn3.5%7.5%-24.8%-9.8%-7.1%15.6%-1.8%
12M Rtn1.5%2.8%-24.7%-27.4%-23.5%66.2%-11.0%
3Y Rtn16.1%37.8%41.3%-32.5%-37.1%200.1%27.0%
1M Excs Rtn3.5%1.7%-1.7%-0.9%-2.1%-6.6%-1.3%
3M Excs Rtn24.4%15.1%2.8%-11.6%-0.5%-14.7%1.1%
6M Excs Rtn-11.1%-7.0%-39.3%-24.3%-21.6%1.1%-16.3%
12M Excs Rtn-17.2%-15.9%-43.4%-46.1%-42.2%47.5%-29.7%
3Y Excs Rtn-54.7%-36.0%-30.4%-103.4%-108.8%128.0%-45.4%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Commercial/International Group (CIG)2,8452,7872,4251,7381,500
Government Services Group (GSG)2,6742,4832,1591,8211,773
Elimination of inter-segment revenue-76-71-61-55-59
Total5,4435,1994,5233,5043,214


Operating Income by Segment
$ Mil20252024202320222021
Commercial/International Group (CIG)357329244194152
Government Services Group (GSG)341281232198175
Contingent consideration - fair value adjustments12-3-12  
Impairment of goodwill-92    
Other corporate expenses-94-99-76  
Legal contingency costs-115    
Acquisition and integration expenses -7-28  
Right-of-use operating lease asset impairment  -1  
Corporate   -52-48
Total408501358340279


Assets by Segment
$ Mil20242023202220212020
Corporate2,4742,2831,3751,3881,236
Commercial/International Group (CIG)1,060994689573479
Government Services Group (GSG)658543559604649
Remediation and Construction Management (RCM)  01114
Total4,1933,8202,6232,5772,379


Price Behavior

Price Behavior
Market Price$35.91 
Market Cap ($ Bil)9.3 
First Trading Date12/17/1991 
Distance from 52W High-15.2% 
   50 Days200 Days
DMA Price$33.46$32.83
DMA Trendupup
Distance from DMA7.3%9.4%
 3M1YR
Volatility29.7%37.0%
Downside Capture-10.2445.37
Upside Capture108.3037.53
Correlation (SPY)13.4%12.4%
TTEK Betas & Captures as of 8/31/2026

 1M2M3M6M1Y3Y
Beta1.750.650.220.380.340.54
Up Beta1.53-0.56-0.330.040.160.54
Down Beta0.430.310.310.790.470.41
Up Capture238%204%101%29%24%27%
Bmk +ve Days10213268138427
Stock +ve Days11243661119377
Down Capture152%32%-35%45%51%86%
Bmk -ve Days11213259113324
Stock -ve Days10182865130369

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with TTEK
TTEK1.5%37.0%0.11-
Sector ETF (XLI)17.0%17.1%0.7520.2%
Equity (SPY)19.7%12.8%1.1312.6%
Gold (GLD)24.6%29.2%0.7512.5%
Commodities (DBC)44.1%20.4%1.69-0.1%
Real Estate (VNQ)9.1%13.6%0.3920.8%
Bitcoin (BTCUSD)-26.9%43.8%-0.5913.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with TTEK
TTEK5.5%32.2%0.21-
Sector ETF (XLI)12.4%17.6%0.5446.1%
Equity (SPY)12.8%17.2%0.5745.3%
Gold (GLD)19.1%18.8%0.8211.8%
Commodities (DBC)10.7%19.5%0.439.7%
Real Estate (VNQ)1.7%18.9%-0.0144.3%
Bitcoin (BTCUSD)10.6%52.6%0.3824.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with TTEK
TTEK18.5%32.2%0.60-
Sector ETF (XLI)13.4%20.0%0.5957.2%
Equity (SPY)15.3%17.9%0.7256.5%
Gold (GLD)12.4%16.3%0.627.1%
Commodities (DBC)7.9%18.1%0.3518.5%
Real Estate (VNQ)4.8%20.7%0.1949.8%
Bitcoin (BTCUSD)64.0%66.2%1.0416.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date8142026
Short Interest: Shares Quantity10.7 Mil
Short Interest: % Change Since 7312026-9.3%
Average Daily Volume2.5 Mil
Days-to-Cover Short Interest4.4 days
Basic Shares Quantity258.2 Mil
Short % of Basic Shares4.2%

Earnings Returns History

Updated 8/31/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/29/2026-3.9%1.5%8.7%
4/29/20261.4%-2.7%-13.5%
1/28/20263.0%9.8%-3.2%
11/12/202515.3%8.9%6.3%
7/30/2025-1.1%0.4%-0.4%
5/7/202513.0%12.5%15.5%
1/30/20250.6%-7.6%-22.6%
11/13/2024-13.5%-15.1%-11.1%
...
SUMMARY STATS   
# Positive141413
# Negative101011
Median Positive3.7%7.7%9.0%
Median Negative-1.4%-4.4%-10.8%
Max Positive15.7%13.0%15.5%
Max Negative-13.5%-15.1%-22.6%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
7/29/2026-3.9%1.5%8.7%
4/29/20261.4%-2.7%-13.5%
1/28/20263.0%9.8%-3.2%
11/12/202515.3%8.9%6.3%
7/30/2025-1.1%0.4%-0.4%
5/7/202513.0%12.5%15.5%
1/30/20250.6%-7.6%-22.6%
11/13/2024-13.5%-15.1%-11.1%
7/31/20249.0%7.2%10.8%
5/1/20246.1%10.1%9.0%
1/31/20243.8%10.2%11.8%
11/15/20233.5%4.0%4.8%
8/9/2023-0.9%-0.3%-6.7%
5/10/20231.9%-1.6%9.0%
2/1/2023-0.4%-5.0%-10.6%
11/9/202215.7%13.0%9.3%
8/3/2022-1.5%-3.8%-11.6%
5/4/2022-6.2%-12.9%-2.2%
2/2/20224.3%8.1%13.7%
11/17/20212.3%3.5%-11.5%
7/28/2021-0.7%1.8%6.0%
4/28/2021-5.4%-7.7%-10.8%
1/27/2021-1.4%-1.2%7.4%
11/12/20202.7%6.0%1.1%
SUMMARY STATS   
# Positive141413
# Negative101011
Median Positive3.7%7.7%9.0%
Median Negative-1.4%-4.4%-10.8%
Max Positive15.7%13.0%15.5%
Max Negative-13.5%-15.1%-22.6%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202607/31/202610-Q
03/31/202605/01/202610-Q
12/31/202501/30/202610-Q
09/30/202511/20/202510-K
06/30/202508/01/202510-Q
03/31/202505/08/202510-Q
12/31/202401/31/202510-Q
09/30/202411/19/202410-K
06/30/202408/02/202410-Q
03/31/202405/03/202410-Q
12/31/202302/02/202410-Q
09/30/202311/22/202310-K
06/30/202308/10/202310-Q
03/31/202305/11/202310-Q
12/31/202202/03/202310-Q
09/30/202211/25/202210-K
Collapse to Preview
Report DateFiling DateFiling
06/30/202607/31/202610-Q
03/31/202605/01/202610-Q
12/31/202501/30/202610-Q
09/30/202511/20/202510-K
06/30/202508/01/202510-Q
03/31/202505/08/202510-Q
12/31/202401/31/202510-Q
09/30/202411/19/202410-K
06/30/202408/02/202410-Q
03/31/202405/03/202410-Q
12/31/202302/02/202410-Q
09/30/202311/22/202310-K
06/30/202308/10/202310-Q
03/31/202305/11/202310-Q
12/31/202202/03/202310-Q
09/30/202211/25/202210-K
06/30/202208/05/202210-Q
03/31/202205/06/202210-Q
12/31/202102/04/202210-Q
09/30/202111/24/202110-K
06/30/202107/30/202110-Q
03/31/202104/30/202110-Q
12/31/202001/29/202110-Q
09/30/202011/23/202010-K
06/30/202007/31/202010-Q
03/31/202005/01/202010-Q
12/31/201901/31/202010-Q
09/30/201911/29/201910-K

Recent Forward Guidance

Updated 7/30/2026

Latest: Q3 2026 Earnings Reported 7/29/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q4 2026 Net RevenueReported1.12 Bil1.15 Bil1.17 Bil6.5% Higher NewGuidance: 1.07 Bil for Q3 2026
Q4 2026 EPSReported0.450.470.4817.7% Higher NewGuidance: 0.4 for Q3 2026
2026 Net RevenueReported4.32 Bil4.34 Bil4.37 Bil0.3% RaisedGuidance: 4.33 Bil for 2026
2026 Adjusted EPSReported1.561.571.59  RaisedGuidance: 1.54 for 2026


Prior: Q2 2026 Earnings Reported 4/29/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q3 2026 Net RevenueReported1.05 Bil1.07 Bil1.10 Bil   
Q3 2026 EPSReported0.380.40.41   
2026 Net RevenueReported4.25 Bil4.33 Bil4.40 Bil2.4% RaisedGuidance: 4.22 Bil for 2026
2026 Adjusted EPSReported1.51.541.582.0% RaisedGuidance: 1.51 for 2026

Q1 2026 Earnings Reported 1/28/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q2 2026 Net RevenueReported975.00 Mil1.00 Bil1.02 Bil2.6% Higher NewGuidance: 975.00 Mil for Q1 2026
Q2 2026 EPSReported0.30.320.330.0% Same NewGuidance: 0.32 for Q1 2026
2026 Net RevenueReported4.15 Bil4.22 Bil4.30 Bil1.8% RaisedGuidance: 4.15 Bil for 2026
2026 Adjusted EPSReported1.461.511.562.4% RaisedGuidance: 1.48 for 2026

Q4 2025 Earnings Reported 11/12/2025

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
Q1 2026 Net RevenueReported950.00 Mil975.00 Mil1.00 Bil-7.1% Lower NewGuidance: 1.05 Bil for Q4 2025
Q1 2026 EPSReported0.30.320.33 -9.0%Lower NewGuidance: 0.41 for Q4 2025
2026 Net RevenueReported4.05 Bil4.15 Bil4.25 Bil-7.9% Lower NewGuidance: 4.50 Bil for 2025
2026 EPSReported1.41.481.55 -4.0%Lower NewGuidance: 1.51 for 2025

Insider Activity

Updated 8/7/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Feeler, Jeffrey R DirectBuy515202626.411,90050,17950,179Form
2Carter, Brian NSVP, Corporate ControllerDirectSell206202640.239,979401,4051,870,302Form
3Birkenbeuel, Gary DirectSell815202536.002,39086,0501,358,258Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Feeler, Jeffrey R DirectBuy515202626.411,90050,17950,179Form
2Carter, Brian NSVP, Corporate ControllerDirectSell206202640.239,979401,4051,870,302Form
3Birkenbeuel, Gary DirectSell815202536.002,39086,0501,358,258Form

Investor Activity (13F)

Updated Sep 5, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Fernbridge Capital Management LP$102.4 Mil6.6%17ADD +10.9%13F
Neumeier Poma Investment Counsel LLC$39.3 Mil3.2%41ADD +15.7%13F
L1 Capital International Pty Ltd$28.8 Mil1.7%23New13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
L1 Capital International Pty Ltd$28.8 Mil1.7%23New13F
Neumeier Poma Investment Counsel LLC$39.3 Mil3.2%41ADD +15.7%13F
Fernbridge Capital Management LP$102.4 Mil6.6%17ADD +10.9%13F
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Fernbridge Capital Management LP$102.4 Mil6.6%17ADD +10.9%13F
Neumeier Poma Investment Counsel LLC$39.3 Mil3.2%41ADD +15.7%13F
L1 Capital International Pty Ltd$28.8 Mil1.7%23New13F
Core Cache Last Updated: 9/4/2026