Tetra Technologies (TTI)
Market Price (8/19/2026): $7.91 | Market Cap: $1.1 BilSector: Industrials | Industry: Industrial Conglomerates
Tetra Technologies (TTI)
Market Price (8/19/2026): $7.91Market Cap: $1.1 BilSector: IndustrialsIndustry: Industrial Conglomerates
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11% Megatrend and thematic driversMegatrends include Water Infrastructure, Advanced Materials, and Battery Technology & Metals. Themes include Water Treatment & Delivery, Show more. | Weak multi-year price returns3Y Excs Rtn is -22% | Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 179x Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2.4% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.0% Key risksTTI key risks include [1] permitting delays for its critical mineral extraction projects, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 11% |
| Megatrend and thematic driversMegatrends include Water Infrastructure, Advanced Materials, and Battery Technology & Metals. Themes include Water Treatment & Delivery, Show more. |
| Weak multi-year price returns3Y Excs Rtn is -22% |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 179x |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -2.4% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -4.0% |
| Key risksTTI key risks include [1] permitting delays for its critical mineral extraction projects, Show more. |
Qualitative Assessment
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Tetra Technologies (TTI) stock has lost about 15% since 4/30/2026 because of the following key factors:
1. Equity Dilution from Public Offering.
Tetra Technologies completed a public offering of approximately 12.4 million shares of common stock on June 2, 2026, at a price of $9.25 per share, which generated net proceeds of $108.2 million. This significant increase in outstanding shares likely contributed to a dilutive effect on the stock price during the period.
2. Q1 2026 Outlook and Cash Flow Concerns.
The company's First Quarter 2026 (ended March 31, 2026) earnings report, released on April 29, 2026, while generally strong, included forward-looking concerns. It highlighted that some completion fluid sales planned for fiscal Q2 2026 would likely be delayed due to geopolitical unrest and noted a year-over-year decrease in completion fluids and products revenue and Adjusted EBITDA in fiscal Q1 due to the absence of high-impact projects. Additionally, the company reported a use of $32 million in total adjusted free cash flow for fiscal Q1 2026.
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Tetra Technologies (TTI) stock has lost about 15% since 4/30/2026 because of the following key factors:
1. Equity Dilution from Public Offering.
Tetra Technologies completed a public offering of approximately 12.4 million shares of common stock on June 2, 2026, at a price of $9.25 per share, which generated net proceeds of $108.2 million. This significant increase in outstanding shares likely contributed to a dilutive effect on the stock price during the period.
2. Q1 2026 Outlook and Cash Flow Concerns.
The company's First Quarter 2026 (ended March 31, 2026) earnings report, released on April 29, 2026, while generally strong, included forward-looking concerns. It highlighted that some completion fluid sales planned for fiscal Q2 2026 would likely be delayed due to geopolitical unrest and noted a year-over-year decrease in completion fluids and products revenue and Adjusted EBITDA in fiscal Q1 due to the absence of high-impact projects. Additionally, the company reported a use of $32 million in total adjusted free cash flow for fiscal Q1 2026.
3. Contraction in Q2 2026 Profitability Margins.
Despite reporting stronger-than-expected revenue of $185.7 million for the Second Quarter 2026 (ended June 30, 2026), released on August 3, 2026, Tetra Technologies experienced a decline in key profitability metrics. The operating margin decreased to 10.8% from 13.2% in the prior year, and the free cash flow margin significantly dropped to 5.3% from 16.2% year-over-year, indicating increased cost and margin pressures that likely impacted investor sentiment.
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Stock Movement Drivers
Fundamental Drivers
The -16.2% change in TTI stock from 4/30/2026 to 8/18/2026 was primarily driven by a -16.2% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 8182026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.52 | 7.98 | -16.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 630 | 642 | 1.9% |
| Net Income Margin (%) | 1.2% | 1.0% | -16.2% |
| P/E Multiple | 176.0 | 178.7 | 1.5% |
| Shares Outstanding (Mil) | 134 | 139 | -3.2% |
| Cumulative Contribution | -16.2% |
Market Drivers
4/30/2026 to 8/18/2026| Return | Correlation | |
|---|---|---|
| TTI | -16.2% | |
| Market (SPY) | 6.8% | 36.0% |
| Sector (XLI) | 5.1% | 16.9% |
Fundamental Drivers
The -30.0% change in TTI stock from 1/31/2026 to 8/18/2026 was primarily driven by a -95.1% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 8182026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.40 | 7.98 | -30.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 619 | 642 | 3.7% |
| Net Income Margin (%) | 19.8% | 1.0% | -95.1% |
| P/E Multiple | 12.4 | 178.7 | 1336.1% |
| Shares Outstanding (Mil) | 133 | 139 | -4.0% |
| Cumulative Contribution | -30.0% |
Market Drivers
1/31/2026 to 8/18/2026| Return | Correlation | |
|---|---|---|
| TTI | -30.0% | |
| Market (SPY) | 11.2% | 36.9% |
| Sector (XLI) | 11.3% | 18.9% |
Fundamental Drivers
The 94.6% change in TTI stock from 7/31/2025 to 8/18/2026 was primarily driven by a 3667.0% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 8182026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.10 | 7.98 | 94.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 607 | 642 | 5.7% |
| Net Income Margin (%) | 19.0% | 1.0% | -94.9% |
| P/E Multiple | 4.7 | 178.7 | 3667.0% |
| Shares Outstanding (Mil) | 133 | 139 | -4.2% |
| Cumulative Contribution | 94.6% |
Market Drivers
7/31/2025 to 8/18/2026| Return | Correlation | |
|---|---|---|
| TTI | 94.6% | |
| Market (SPY) | 22.4% | 36.0% |
| Sector (XLI) | 22.0% | 26.6% |
Fundamental Drivers
The 77.7% change in TTI stock from 7/31/2023 to 8/18/2026 was primarily driven by a 595.7% change in the company's P/E Multiple.| (LTM values as of) | 7312023 | 8182026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.49 | 7.98 | 77.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 604 | 642 | 6.2% |
| Net Income Margin (%) | 3.7% | 1.0% | -74.2% |
| P/E Multiple | 25.7 | 178.7 | 595.7% |
| Shares Outstanding (Mil) | 129 | 139 | -6.9% |
| Cumulative Contribution | 77.7% |
Market Drivers
7/31/2023 to 8/18/2026| Return | Correlation | |
|---|---|---|
| TTI | 77.7% | |
| Market (SPY) | 73.6% | 35.9% |
| Sector (XLI) | 73.2% | 37.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TTI Return | 230% | 22% | 31% | -21% | 162% | -10% | 877% |
| Peers Return | 25% | 59% | 2% | 13% | 0% | 47% | 240% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| TTI Win Rate | 67% | 50% | 50% | 33% | 67% | 62% | |
| Peers Win Rate | 53% | 63% | 45% | 48% | 53% | 70% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| TTI Max Drawdown | -45% | -42% | -38% | -44% | -57% | -41% | |
| Peers Max Drawdown | -34% | -41% | -30% | -27% | -39% | -28% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: WTTR, LBRT, HAL, SLB, BKR.
[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 8/18/2026 (YTD)
How Low Can It Go
| Event | TTI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -52.0% | -18.8% |
| % Gain to Breakeven | 108.5% | 23.1% |
| Time to Breakeven | 136 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -37.4% | -6.7% |
| % Gain to Breakeven | 59.7% | 7.1% |
| Time to Breakeven | 116 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -83.8% | -33.7% |
| % Gain to Breakeven | 517.9% | 50.9% |
| Time to Breakeven | 273 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -68.9% | -19.2% |
| % Gain to Breakeven | 221.5% | 23.8% |
| Time to Breakeven | 919 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -53.3% | -3.7% |
| % Gain to Breakeven | 114.1% | 3.9% |
| Time to Breakeven | 2272 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -37.0% | -12.2% |
| % Gain to Breakeven | 58.7% | 13.9% |
| Time to Breakeven | 71 days | 62 days |
In The Past
Tetra Technologies's stock fell -52.0% during the 2025 US Tariff Shock. Such a loss loss requires a 108.5% gain to breakeven.
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| Event | TTI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -52.0% | -18.8% |
| % Gain to Breakeven | 108.5% | 23.1% |
| Time to Breakeven | 136 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -37.4% | -6.7% |
| % Gain to Breakeven | 59.7% | 7.1% |
| Time to Breakeven | 116 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -83.8% | -33.7% |
| % Gain to Breakeven | 517.9% | 50.9% |
| Time to Breakeven | 273 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -68.9% | -19.2% |
| % Gain to Breakeven | 221.5% | 23.8% |
| Time to Breakeven | 919 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -53.3% | -3.7% |
| % Gain to Breakeven | 114.1% | 3.9% |
| Time to Breakeven | 2272 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -37.0% | -12.2% |
| % Gain to Breakeven | 58.7% | 13.9% |
| Time to Breakeven | 71 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -60.1% | -6.8% |
| % Gain to Breakeven | 150.5% | 7.3% |
| Time to Breakeven | 3825 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -47.0% | -17.9% |
| % Gain to Breakeven | 88.7% | 21.8% |
| Time to Breakeven | 746 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -43.1% | -15.4% |
| % Gain to Breakeven | 75.7% | 18.2% |
| Time to Breakeven | 240 days | 125 days |
In The Past
Tetra Technologies's stock fell -52.0% during the 2025 US Tariff Shock. Such a loss loss requires a 108.5% 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 Technologies (TTI)
Tetra Technologies (TTI) is a diversified oil and gas services company that supports the energy industry through two primary divisions. Its Completion Fluids & Products segment is a key supplier to the oil and gas sector, manufacturing and marketing clear brine fluids, specialized additives, and associated products and services. These offerings are critical for various stages of well development, including drilling, completion, and workover operations. This segment also provides liquid and dry calcium chloride products.
The company's other significant division is Water & Flowback Services. This segment specializes in providing comprehensive water management services for onshore oil and gas operators, which includes solutions for frac flowback and production well testing. Tetra Technologies serves a broad global customer base, with its products and services utilized by oil and gas companies across the United States, Latin America, Europe, Asia, the Middle East, and Africa.
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Here are 1-3 brief analogies to describe Tetra Technologies (TTI):
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It's like Ecolab for the oil and gas industry, providing essential specialized fluids, chemicals, and water management services for drilling and production.
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Think of it as a specialized Dow Chemical, but entirely focused on developing and supplying the unique fluids and additives needed for oil and gas well drilling and completion.
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It's akin to Veolia or Waste Management, but specifically providing comprehensive water management, testing, and flowback services for onshore oil and gas operations.
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- Clear Brine Fluids: Manufactured and marketed for well drilling, completion, and workover operations in the oil and gas industry.
- Additives: Products associated with clear brine fluids used in oil and gas well operations.
- Calcium Chloride Products: Marketed in both liquid and dry forms.
- Water Management Services: Provides services for onshore oil and gas operators to manage water resources.
- Frac Flowback Services: Offers services related to the monitoring and management of fluids returning after hydraulic fracturing.
- Production Well Testing Services: Provides testing and analysis for the output of oil and gas production wells.
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According to its public filings, Tetra Technologies has a diversified customer base. No single customer accounted for more than 10% of its revenues in recent fiscal years, and therefore, specific names of major customers are not publicly disclosed.
However, TTI's customer base generally includes:
- Major, national, and independent oil and gas exploration and production companies
- Companies that specialize in providing completion services to the oil and gas industry
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Brady M. Murphy, President and Chief Executive Officer
Mr. Murphy has served as President and Chief Executive Officer of TETRA Technologies, Inc. since May 2019 and as a director since December 2018. Prior to this, he was President and Chief Operating Officer from February 2018 to May 2019. Before joining TETRA, Mr. Murphy was the Chief Executive Officer of Paradigm Group B.V., a private company specializing in strategic technologies for the upstream energy industry, from January 2016 until February 2018. He also spent 26 years at Halliburton, where he held various international and North American leadership positions, including Senior Vice President – Global Business Development and Marketing.
Elijio V. Serrano, Senior Vice President and Chief Financial Officer
Mr. Serrano serves as the Senior Vice President and Chief Financial Officer. He has played a key role in guiding the company through challenging periods, including the COVID-19 pandemic, and has been instrumental in shaping the company's ONE TETRA 2030 strategy. Mr. Serrano is scheduled to retire on March 31, 2026, and will continue as an advisor to the CEO and President.
Matt Sanderson, Executive Vice President and Chief Commercial Officer
Mr. Sanderson currently holds the position of Executive Vice President and Chief Commercial Officer, having joined TETRA in November 2016. He is slated to become the Executive Vice President and Chief Financial Officer upon Mr. Serrano's retirement, effective March 31, 2026. Prior to his current role, he served as Senior Vice President of Energy Services from 2016 to 2022, where he was crucial in establishing the company's leadership in the Water Management and Flowback and Completion Fluids and Products segments. Before joining TETRA, Mr. Sanderson had a 19-year career at SLB.
Katherine Kokenes, Vice President and Chief Accounting Officer
Ms. Kokenes serves as the Vice President and Chief Accounting Officer.
Roy E. McNiven, Senior Vice President of Energy Services Operations
Mr. McNiven has served as Senior Vice President of Energy Services Operations since September 2022. His previous roles include Senior Vice President of Operations for CSI Compressco GP LLC, a former subsidiary of TETRA, from December 2019 to February 2022, and Vice President of Operations from October 2018 to December 2019. Before that, he was Vice President of Rental Operations at Nabors Industries from December 2017.
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The key risks for Tetra Technologies (TTI) primarily stem from its core business in the oil and gas services sector and its strategic diversification efforts.
- Volatility of Oil and Gas Markets and Geopolitical/Macroeconomic Factors: Tetra Technologies' financial performance is highly dependent on the demand for and prices of oil and natural gas, which are inherently volatile. Fluctuations are influenced by global economic conditions, geopolitical events, and regulatory changes. A continued weakness in the U.S. onshore oil and gas market and declines in frac activity directly impact the company's Completion Fluids & Products and Water & Flowback Services segments. Broader geopolitical conflicts, sanctions, tariffs, and macroeconomic uncertainties can also significantly alter oil and gas exploration and production spending, thereby affecting TTI’s revenues, margins, and liquidity.
- Execution Risks of Strategic Diversification into Critical Minerals and Water Treatment: Tetra Technologies is undertaking an ambitious strategic pivot to expand its business into critical minerals, specifically lithium and bromine extraction, and innovative water management solutions. This initiative involves substantial uncertainty and capital investment, with success contingent on technological validation, regulatory approvals, and market demand for these new resources. Delays, cost overruns, or challenges in the execution of projects like the Arkansas bromine facility could place significant pressure on the company's balance sheet and overall financial health.
- Regulatory and Environmental Pressures: Operating within the energy sector, Tetra Technologies is subject to extensive and evolving U.S. and international health, safety, and environmental regulations. Increased scrutiny on Environmental, Social, and Governance (ESG) matters, along with legislative actions such as the Inflation Reduction Act of 2022, could impose new costs on TTI and its customers. Furthermore, potential regulatory initiatives related to hydraulic fracturing or operations on public land could lead to operating restrictions, delays, or a decrease in demand for the company's services, adversely impacting its business.
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Addressable Markets for Tetra Technologies (TTI) Products and Services
Tetra Technologies, Inc. operates in diversified oil and gas services, primarily through its Completion Fluids & Products Division and Water & Flowback Services segments. The addressable markets for its main products and services are outlined below, with regional specifications where available.
Completion Fluids & Products Division
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Clear Brine Fluids (CBFs): The global clear brine fluids market was valued at approximately USD 1.29 billion in 2024 and is projected to reach about USD 2.21 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 7%. North America held approximately 38% of this global market share in 2024, with its market valued at USD 640.25 million in 2024 and expected to reach USD 884.69 million by 2030, expanding at a CAGR of 5.54%. The Asia Pacific region captured around 28% of the global share in 2024, while Europe accounted for nearly 22% in the same year.
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Liquid and Dry Calcium Chloride Products: The global calcium chloride market was valued at USD 2.12 billion in 2024 and is projected to increase to approximately USD 3.66 billion by 2034, with a CAGR of 5.61%. Another estimate indicates the global market was valued at around USD 1.42 billion in 2024 and is projected to reach USD 2.23 billion by 2034, at a CAGR of roughly 4.59%. North America leads this market, holding approximately 45% of the global market share, with the U.S. being the largest contributor. The North America calcium chloride market size reached USD 910 million in 2024 and is expected to attain around USD 1.57 billion by 2034, growing at a CAGR of 5.61%. The U.S. market alone was evaluated at USD 640 million in 2024 and is projected to be worth around USD 1.13 billion by 2034. The Middle East and Africa region holds approximately 5% of the global market share.
Water & Flowback Services Segment
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Water Management Services for Oil and Gas: The global market for water management services in the oil and gas sector was estimated at USD 30.9 billion in 2021 and is projected to grow to over USD 62.0 billion by 2033, demonstrating a CAGR of 5.98% from 2025 to 2033. North America is the dominant market, holding over 38% of the global share in 2025, with the United States as the primary contributor at 26.44% of the global market. Another source indicates North America holds approximately 45% of the global market share for oil and gas water management services. The Asia Pacific region is the fastest-growing market, holding 29.50% of the global market share in 2025.
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Frac Flowback Services: The global flowback services market is projected to be valued at USD 4.23 billion in 2026 and is expected to reach USD 8.11 billion by 2035, growing at a CAGR of 7.5%. North America dominated this market in 2023.
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Production Well Testing Services: The global well testing services market was valued at USD 8.24 billion in 2025 and is projected to grow to USD 14.08 billion by 2034, at a CAGR of 5.93%. Another estimate places the global market at USD 9.36 billion in 2025, growing to USD 14.78 billion by 2033 with a CAGR of 5.88%. North America accounts for the largest share of the market, representing 47.81% in 2025. The U.S. market for well testing services is projected to be worth USD 3.74 billion in 2026. The Middle East and Africa region is expected to experience the fastest growth, with a CAGR of 6.63% over 2026-2031.
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Expected Revenue Growth Drivers for Tetra Technologies (TTI)
Over the next 2-3 years, Tetra Technologies (TTI) is expected to drive future revenue growth through several key initiatives and market trends:
- Strong Deepwater Completion Fluids Activity: The Completion Fluids & Products segment is a significant growth leader for Tetra Technologies, particularly driven by high-density zinc-based bromine brines and robust deepwater project activity. The company anticipates completion fluids to reach a 10-year high, supported by deepwater completion activity and strategic market penetration, especially in the Gulf of America and Brazil.
- Expansion into Battery Electrolytes for Long-Duration Energy Storage: Leveraging its fluids chemistry expertise, Tetra Technologies is expanding into the high-growth market for battery electrolytes for long-duration energy storage. The ongoing progress of its bromine plant, which is on schedule and under budget for Phase 1, is expected to become operational by the end of 2027 and potentially add $200-$250 million in revenue. This is a crucial part of the "One TETRA 2030" strategy to diversify revenue streams.
- Growth in Produced Water Desalination and Treatment: As part of its "One TETRA 2030" strategy, Tetra Technologies is capitalizing on opportunities in produced water desalination for beneficial reuse, including projects for data center cooling and behind-the-meter power demands in West Texas. This initiative leverages the company's expertise in fluid chemistry to expand into new water treatment markets.
- International Market Expansion: Tetra Technologies is experiencing significant international growth, particularly through new contracts and increased activity in regions such as Argentina and the Middle East. Strategic wins in Argentina are expected to double revenue in that country in 2026 over 2025, and new Sandstorm awards in the Middle East are also projected to contribute to revenue growth.
- Continued Demand for Industrial Calcium Chloride and Tech-Grade Products: The industrial calcium chloride business has achieved record revenue and Adjusted EBITDA. Notably, the tech-grade calcium chloride for chip manufacturing grew significantly in 2025 over 2024, indicating growth in specialized, high-value applications.
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Share Repurchases
- Tetra Technologies made minor share repurchases in 2021, including $448.95K in Q1, $6.07K in Q2, and $5.53K in Q3.
- In 2020, minor share repurchases were recorded, with $89.59K in Q1, $12.87K in Q2, and $22.16K in Q3.
- No significant share repurchase programs or large dollar amounts were reported for the period of 2022-2025.
Share Issuance
- The number of shares outstanding for Tetra Technologies increased from approximately 126 million at the end of 2020 to 133.419 million as of December 31, 2025, and February 2026. This represents an increase of approximately 7.4 million shares over this period.
Inbound Investments
- No information is available regarding large strategic investments made in Tetra Technologies by third-parties, such as strategic partners or private equity firms, over the last 3-5 years.
Outbound Investments
- In the first quarter of 2025, Tetra Technologies received $19 million in cash proceeds from the sale of shares in Kodiak Gas Services, LLC.
Capital Expenditures
- Total capital expenditures for 2025 amounted to $81 million, with $45 million specifically allocated to the Arkansas project.
- Capital expenditures in Q1 2025 were $18 million, of which $11.2 million was directed towards the Arkansas bromine facility.
- The company has invested $28 million in the Arkansas bromine and lithium project during the first nine months of 2025, as part of a long-term growth initiative to become a critical minerals player.
Peer Outperformance in Industrial Conglomerates
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Construction & Engineering | 31 | 34.4% | 131.4% | 215.6% | CDNL 3372% · STRL 2462% · FIX 2322% |
| Marine Transportation | 4 | 54.2% | 63.4% | 163.0% | MATX 224% · KEX 165% · SFL 161% |
| Construction Machinery & Heavy Transportation Equipment | 13 | 14.4% | 56.3% | 127.2% | CAT 348% · ALSN 267% · WAB 255% |
| Aerospace & Defense | 54 | 13.2% | 77.2% | 95.6% | DFNS 2733% · ATI 1147% · FTAI 1018% |
| Passenger Ground Transportation | 3 | -13.3% | 52.1% | 59.3% | UBER 87% · CAR 59% · LYFT -64% |
| Industrial Machinery & Supplies & Components | 71 | 13.4% | 57.6% | 59.2% | CRS 1647% · PSIX 867% · GHM 841% |
| Cargo Ground Transportation | 16 | 46.9% | 13.3% | 52.4% | R 301% · XPO 297% · CVLG 225% |
| Diversified Support Services | 34 | 12.4% | 37.0% | 43.9% | LIME 4409% · TH 429% · WLFC 380% |
| Rail Transportation | 7 | 38.8% | 69.9% | 43.5% | FSTR 123% · CSX 60% · UNP 49% |
| Trading Companies & Distributors | 18 | 6.7% | 37.2% | 42.3% | DXPE 572% · AIT 330% · URI 250% |
| Electrical Components & Equipment | 40 | 24.1% | 42.2% | 35.9% | POWL 2534% · BE 969% · ELVA 956% |
| Building Products | 33 | -4.2% | 19.8% | 32.1% | GFF 444% · LMB 431% · PPIH 278% |
| Industrial Conglomerates ← | 17 | 25.8% | 28.8% | 11.6% | RCMT 812% · TTI 215% · CSW 163% |
| Office Services & Supplies | 10 | 18.1% | 30.7% | 7.1% | TILE 200% · PBI 168% · EBF 63% |
| Environmental & Facilities Services | 28 | -7.5% | 14.2% | 4.8% | CECO 972% · ADUR 642% · NVRI 300% |
| Research & Consulting Services | 13 | -9.4% | -20.9% | -5.0% | HURN 206% · CRAI 89% · GRNQ 87% |
| Agricultural & Farm Machinery | 17 | -6.1% | -17.7% | -16.7% | BLBD 201% · DE 75% · GENC 68% |
| Passenger Airlines | 11 | 10.9% | -3.7% | -21.4% | LTM 2330% · UAL 170% · SKYW 161% |
| Data Processing & Outsourced Services | 6 | -32.9% | -12.8% | -27.3% | EXLS 48% · BR 7% · MMS -27% |
| Human Resource & Employment Services | 21 | 13.5% | -21.7% | -31.5% | BBSI 87% · ADP 42% · KFY 39% |
| Air Freight & Logistics | 12 | -12.1% | -23.4% | -35.9% | CHRW 86% · FDX 69% · EXPD 61% |
| Security & Alarm Services | 10 | -31.9% | -19.0% | -47.1% | CIX 119% · MG 94% · BCO 52% |
| Airport Services | 3 | -69.5% | -68.1% | -56.0% | JOBY -10% · ASLE -56% · UP -100% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Tetra Technologies Earnings Notes | 12/16/2025 | |
| Would You Still Hold Tetra Technologies Stock If It Fell 30%? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 27.97 |
| Mkt Cap | 16.2 |
| Rev LTM | 13,284 |
| Op Inc LTM | 1,499 |
| FCF LTM | 855 |
| FCF 3Y Avg | 1,076 |
| CFO LTM | 1,569 |
| CFO 3Y Avg | 2,054 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 1.5% |
| Rev Chg 3Y Avg | 1.0% |
| Rev Chg Q | 5.9% |
| QoQ Delta Rev Chg LTM | 1.5% |
| Op Inc Chg LTM | -15.8% |
| Op Inc Chg 3Y Avg | -3.3% |
| Op Mgn LTM | 10.1% |
| Op Mgn 3Y Avg | 10.2% |
| QoQ Delta Op Mgn LTM | -0.4% |
| CFO/Rev LTM | 14.1% |
| CFO/Rev 3Y Avg | 15.8% |
| FCF/Rev LTM | 2.7% |
| FCF/Rev 3Y Avg | 4.9% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Completion Fluids & Products | 376 | 311 | 313 | 273 | 220 |
| Water & Flowback Services | 254 | 288 | 313 | 280 | 169 |
| Corporate | 0 | 0 | 0 | ||
| Compression Division | 0 | ||||
| Total | 631 | 599 | 626 | 553 | 388 |
| $ Mil | 2025 | 2024 | 2023 | 2005 | 2004 |
|---|---|---|---|---|---|
| Completion Fluids & Products | 111 | 84 | 68 | ||
| Water & Flowback Services | -0 | 12 | 28 | ||
| Corporate | -56 | -46 | -50 | ||
| Fluids | 34 | 16 | |||
| Testing & Services/Product Enhancement | 27 | 11 | |||
| Well Abandonment/Decommisiong | 0 | 17 | |||
| Other | -18 | ||||
| Total | 55 | 50 | 45 | 61 | 26 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Completion Fluids & Products | 348 | 291 | 250 | 221 | 201 |
| Corporate | 166 | 156 | |||
| Water & Flowback Services | 162 | 158 | 166 | 179 | 146 |
| Corporate, other and eliminations | 63 | 34 | 51 | ||
| Total | 676 | 605 | 479 | 434 | 398 |
Price Behavior
| Market Price | $7.98 | |
| Market Cap ($ Bil) | 1.1 | |
| First Trading Date | 04/03/1990 | |
| Distance from 52W High | -35.2% | |
| 50 Days | 200 Days | |
| DMA Price | $9.15 | $9.31 |
| DMA Trend | up | down |
| Distance from DMA | -12.7% | -14.3% |
| 3M | 1YR | |
| Volatility | 63.1% | 59.1% |
| Downside Capture | 276.94 | 156.41 |
| Upside Capture | 109.43 | 198.42 |
| Correlation (SPY) | 32.2% | 35.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.83 | 1.14 | 1.35 | 1.46 | 1.57 | 1.35 |
| Up Beta | 5.84 | 1.22 | 1.21 | 0.82 | 1.33 | 1.03 |
| Down Beta | -3.25 | -0.87 | -0.53 | 0.36 | 1.51 | 2.02 |
| Up Capture | -62% | 104% | 148% | 163% | 315% | 182% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 10 | 22 | 33 | 62 | 137 | 370 |
| Down Capture | 467% | 239% | 240% | 202% | 126% | 105% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 12 | 21 | 30 | 64 | 113 | 363 |
[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 TTI | |
|---|---|---|---|---|
| TTI | 104.1% | 59.3% | 1.43 | - |
| Sector ETF (XLI) | 23.4% | 17.0% | 1.06 | 25.8% |
| Equity (SPY) | 20.4% | 12.8% | 1.17 | 35.3% |
| Gold (GLD) | 29.8% | 28.5% | 0.91 | 15.1% |
| Commodities (DBC) | 40.2% | 20.2% | 1.56 | 9.0% |
| Real Estate (VNQ) | 13.1% | 13.9% | 0.65 | 6.5% |
| Bitcoin (BTCUSD) | -45.4% | 42.7% | -1.30 | 22.3% |
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 TTI | |
|---|---|---|---|---|
| TTI | 20.6% | 61.0% | 0.55 | - |
| Sector ETF (XLI) | 13.7% | 17.6% | 0.60 | 39.9% |
| Equity (SPY) | 13.1% | 17.2% | 0.59 | 36.6% |
| Gold (GLD) | 19.8% | 18.6% | 0.87 | 14.5% |
| Commodities (DBC) | 9.8% | 19.6% | 0.39 | 40.2% |
| Real Estate (VNQ) | 2.4% | 18.9% | 0.02 | 25.8% |
| Bitcoin (BTCUSD) | 7.1% | 52.6% | 0.32 | 18.2% |
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 TTI | |
|---|---|---|---|---|
| TTI | 3.1% | 75.3% | 0.37 | - |
| Sector ETF (XLI) | 14.1% | 20.0% | 0.62 | 38.0% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 34.5% |
| Gold (GLD) | 12.1% | 16.2% | 0.61 | 5.1% |
| Commodities (DBC) | 7.8% | 18.1% | 0.35 | 37.1% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.20 | 28.4% |
| Bitcoin (BTCUSD) | 59.9% | 66.0% | 1.00 | 11.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/13/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | -2.5% | 1.7% | |
| 4/29/2026 | -1.9% | 1.6% | 5.5% |
| 2/25/2026 | -18.7% | -22.8% | -24.6% |
| 10/28/2025 | -7.3% | -10.0% | 0.5% |
| 7/29/2025 | 2.4% | 4.7% | 18.1% |
| 4/29/2025 | 3.3% | -1.1% | -0.7% |
| 2/25/2025 | -4.1% | -16.3% | -13.9% |
| 10/29/2024 | 22.7% | 18.6% | 30.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 12 | 11 |
| # Negative | 15 | 13 | 13 |
| Median Positive | 6.1% | 8.6% | 18.1% |
| Median Negative | -7.3% | -11.9% | -14.0% |
| Max Positive | 22.7% | 31.7% | 55.8% |
| Max Negative | -18.7% | -22.8% | -33.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | -2.5% | 1.7% | |
| 4/29/2026 | -1.9% | 1.6% | 5.5% |
| 2/25/2026 | -18.7% | -22.8% | -24.6% |
| 10/28/2025 | -7.3% | -10.0% | 0.5% |
| 7/29/2025 | 2.4% | 4.7% | 18.1% |
| 4/29/2025 | 3.3% | -1.1% | -0.7% |
| 2/25/2025 | -4.1% | -16.3% | -13.9% |
| 10/29/2024 | 22.7% | 18.6% | 30.5% |
| 7/31/2024 | -3.5% | -16.9% | -13.9% |
| 4/30/2024 | -13.8% | -9.3% | -14.0% |
| 2/27/2024 | 6.0% | 2.3% | 14.8% |
| 10/30/2023 | -15.1% | -20.4% | -15.8% |
| 7/31/2023 | 11.6% | 18.9% | 21.8% |
| 5/1/2023 | -3.8% | 1.7% | -10.7% |
| 2/27/2023 | -9.6% | -11.7% | -33.5% |
| 10/31/2022 | -18.2% | -11.9% | -22.9% |
| 8/1/2022 | -9.1% | -12.6% | -8.8% |
| 5/2/2022 | 18.9% | 7.8% | 47.8% |
| 2/28/2022 | -3.1% | 15.6% | 18.1% |
| 11/1/2021 | 6.2% | 9.4% | -26.7% |
| 8/3/2021 | -7.4% | -2.4% | -6.8% |
| 5/4/2021 | 18.5% | 31.7% | 55.8% |
| 2/25/2021 | 1.5% | -0.8% | 3.4% |
| 11/3/2020 | -1.1% | 10.6% | 44.3% |
| 8/4/2020 | 3.5% | -14.6% | -14.4% |
| SUMMARY STATS | |||
| # Positive | 10 | 12 | 11 |
| # Negative | 15 | 13 | 13 |
| Median Positive | 6.1% | 8.6% | 18.1% |
| Median Negative | -7.3% | -11.9% | -14.0% |
| Max Positive | 22.7% | 31.7% | 55.8% |
| Max Negative | -18.7% | -22.8% | -33.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 04/29/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 10/30/2023 | 10-Q |
| 06/30/2023 | 07/31/2023 | 10-Q |
| 03/31/2023 | 05/01/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 10/31/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 04/29/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 10/30/2023 | 10-Q |
| 06/30/2023 | 07/31/2023 | 10-Q |
| 03/31/2023 | 05/01/2023 | 10-Q |
| 12/31/2022 | 02/27/2023 | 10-K |
| 09/30/2022 | 10/31/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
| 03/31/2022 | 05/02/2022 | 10-Q |
| 12/31/2021 | 02/28/2022 | 10-K |
| 09/30/2021 | 11/01/2021 | 10-Q |
| 06/30/2021 | 08/02/2021 | 10-Q |
| 03/31/2021 | 05/05/2021 | 10-Q |
| 12/31/2020 | 03/05/2021 | 10-K |
| 09/30/2020 | 11/03/2020 | 10-Q |
| 06/30/2020 | 08/07/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 03/16/2020 | 10-K |
| 09/30/2019 | 11/08/2019 | 10-Q |
Recent Forward Guidance
Updated 8/5/2026Latest: Q2 2026 Earnings Reported 8/4/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2027 Arkansas Bromine Project Completion | |||||||
| 2028 Arkansas Bromine Project Start-up | |||||||
| 2026 Eos Manufacturing Capacity | 4.00 Bil | ||||||
Prior: Q1 2026 Earnings Reported 4/29/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Adjusted EBITDA Margin | 15.0% | 0.0% | Affirmed | Guidance: 15.0% for 2026 | |||
Q4 2025 Earnings Reported 2/25/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Completion Fluids & Products Adjusted EBITDA Margin | 25.0% | 27.5% | 30.0% | ||||
| 2026 Water & Flowback Services Adjusted EBITDA Margin | 15.0% | 3.0% | Higher New | Actual: 12.0% for 2025 | |||
Q3 2025 Earnings Reported 10/28/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 GAAP Net Income Before Taxes | 19.00 Mil | 23.00 Mil | 27.00 Mil | -16.4% | Lowered | Guidance: 27.50 Mil for 2025 | |
| 2025 Adjusted EBITDA | 107.00 Mil | 109.50 Mil | 112.00 Mil | 4.3% | Raised | Guidance: 105.00 Mil for 2025 | |
| 2025 Revenue | 620.00 Mil | 625.00 Mil | 630.00 Mil | 0.8% | Raised | Guidance: 620.00 Mil for 2025 | |
| 2030 Total Revenue | 1.20 Bil | 1.25 Bil | 1.30 Bil | ||||
| 2030 Consolidated Adjusted EBITDA | 300.00 Mil | 325.00 Mil | 350.00 Mil | ||||
Insider Activity
Updated 7/2/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Murphy, Brady M | President & CEO | Direct | Sell | 7022026 | 10.01 | 61 | 610 | 29,672,939 | Form |
| 2 | Murphy, Brady M | President & CEO | Direct | Sell | 7022026 | 10.72 | 50,000 | 536,135 | 31,797,706 | Form |
| 3 | Hallead, Kurt | VP-Treasurer & IR | Direct | Buy | 6092026 | 9.86 | 22,000 | 216,898 | 1,683,562 | Form |
| 4 | Boston, Shoemake Alicia R | Sr. VP and General Counsel | Direct | Sell | 11122025 | 7.94 | 19,257 | 152,963 | 1,053,843 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Murphy, Brady M | President & CEO | Direct | Sell | 7022026 | 10.01 | 61 | 610 | 29,672,939 | Form |
| 2 | Murphy, Brady M | President & CEO | Direct | Sell | 7022026 | 10.72 | 50,000 | 536,135 | 31,797,706 | Form |
| 3 | Hallead, Kurt | VP-Treasurer & IR | Direct | Buy | 6092026 | 9.86 | 22,000 | 216,898 | 1,683,562 | Form |
| 4 | Boston, Shoemake Alicia R | Sr. VP and General Counsel | Direct | Sell | 11122025 | 7.94 | 19,257 | 152,963 | 1,053,843 | Form |
Tetra Technologies — Investor Video Playlist
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Industrial Conglomerates Resources |
| Bloomberg Businessweek |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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