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    Tetra Technologies (TTI)

    Market Price (10/2/2026): $5.84 | Market Cap: $811.7 MilSector: Energy | Industry: Oil & Gas Equipment & Services

    Tetra Technologies (TTI)

    Market Price (10/2/2026): $5.84
    Market Cap: $811.7 Mil
    Sector: Energy
    Industry: Oil & Gas Equipment & Services

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

    0

    Megatrend and thematic drivers
    Megatrends include Water Infrastructure, Advanced Materials, and Battery Technology & Metals. Themes include Water Treatment & Delivery, Show more.

    Key risks
    TTI key risks include [1] permitting delays for its critical mineral extraction projects, Show more.

    0 Megatrend and thematic drivers
    Megatrends include Water Infrastructure, Advanced Materials, and Battery Technology & Metals. Themes include Water Treatment & Delivery, Show more.
    1 Key risks
    TTI key risks include [1] permitting delays for its critical mineral extraction projects, Show more.

    TTI in ETFs

    Weight = TTI's share of each fund

    VTI0.00%
    ITOT0.00%
    IWM0.03%
    AVUV0.08%
    IWO0.06%
    VTWO0.03%
    SCHA0.02%
    DFAS0.02%
    +3 more covered ETFs

    Valuation & Metrics

    FYE: 12/31TTI [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$641.8 Mil—
    FY 2026 Sales$662.4 Mil—
    FY 2027 Sales$710.0 Mil—
    FY 2026 Sales Growth3.2%—
    FY 2027 Sales Growth7.2%12.9%
    EARNINGS
    LTM Net Income (GAAP) [3]$6.2 Mil—
    FY 2026 Net Income (Non-GAAP)$33.4 Mil—
    FY 2027 Net Income (Non-GAAP)$43.0 Mil—
    FY 2027 Net Income Growth28.9%18.3%
    FY 2026 EPS (Non-GAAP)$0.25—
    FY 2027 EPS (Non-GAAP)$0.33—
    FY 2027 EPS Growth30.2%—
    VALUATION
    FY 2026 P/S1.21.6
    FY 2027 P/S1.1—
    FY 2026 P/E24.37.6
    FY 2027 P/E18.9—

    [1] TTI forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 10/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    TTIS&P 500
    REVENUE GROWTHFAIR
    Rev LTM ($ Bil)0.6
    Rev Chg Q6.8%9.3%
    Rev Chg LTM5.7%8.3%
    Rev Chg 3Y Avg2.1%5.8%
    PROFITABILITYPOOR
    Op Inc LTM ($ Bil)0.0
    CFO LTM ($ Bil)0.1
    Net Inc LTM ($ Bil)0.0
    Op Mgn LTM7.3%18.6%
    CFO/Rev LTM11.0%21.8%
    Net Inc Mgn1.0%13.1%
    VALUATIONLOW
    P/S1.33.0
    P/CFO11.614.2
    P/FCF-54.218.7
    P/E131.721.4
    STABILITYGOOD
    Debt/Equity0.270.21
    Cash/Assets0.190.07

    AI Analysis | Feedback

    MetricValueDateSource
    Number of Employees140012312024Link
    Number of Countries of OperationOperations on six continents2272024Link
    Issued U.S. Patents4712312022Link
    Pending U.S. Patent Applications812312022Link
    Issued Foreign Patents2112312022Link
    Pending Foreign Patent Applications3412312022Link
    BacklogRobust backlog of deep-water projects2252025Link

    Price Chart

    No Events

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 10/1/2026

    Tetra Technologies (TTI) stock has lost about 50% since 6/30/2026 because of the following key factors:

    1. Weakening Outlook from Analyst Downgrades and Price Target Cuts.

    In fiscal Q3 2026, Stifel lowered its price target for Tetra Technologies from $13 to $12 while maintaining a "Buy" rating, citing a lack of visible contract progress in the company's water desalination unit, uncertain production ramp timing at Eos Energy, and potential well-timing issues in the Fluids division that could pressure second-half 2026 results. Additionally, Northland Securities cut its 2026/2027 earnings per share (EPS) estimates and reduced its price target from $14 to $10, attributing the revision to more modest 2027 assumptions.

    2. Investor Skepticism Regarding Emerging Growth Initiatives.

    A significant driver of the stock's decline stems from investor concerns surrounding key emerging growth initiatives. Specifically, Stifel highlighted a "lack of visible progress" in Tetra's water desalination business (no new contract announcements) and "uncertainty around Eos Energy's production ramp." Eos Energy, in which Tetra Technologies has an investment, is a crucial part of the company's expansion into the low-carbon energy market, with an aim to reach 4 GWh of capacity by year-end 2026 to drive electrolyte and PureFlow volumes in 2027 and beyond. Delays or lack of clear progress in these areas have negatively impacted investor sentiment.

    Show more
    Updated on 10/1/2026

    Tetra Technologies (TTI) stock has lost about 50% since 6/30/2026 because of the following key factors:

    1. Weakening Outlook from Analyst Downgrades and Price Target Cuts.

    In fiscal Q3 2026, Stifel lowered its price target for Tetra Technologies from $13 to $12 while maintaining a "Buy" rating, citing a lack of visible contract progress in the company's water desalination unit, uncertain production ramp timing at Eos Energy, and potential well-timing issues in the Fluids division that could pressure second-half 2026 results. Additionally, Northland Securities cut its 2026/2027 earnings per share (EPS) estimates and reduced its price target from $14 to $10, attributing the revision to more modest 2027 assumptions.

    2. Investor Skepticism Regarding Emerging Growth Initiatives.

    A significant driver of the stock's decline stems from investor concerns surrounding key emerging growth initiatives. Specifically, Stifel highlighted a "lack of visible progress" in Tetra's water desalination business (no new contract announcements) and "uncertainty around Eos Energy's production ramp." Eos Energy, in which Tetra Technologies has an investment, is a crucial part of the company's expansion into the low-carbon energy market, with an aim to reach 4 GWh of capacity by year-end 2026 to drive electrolyte and PureFlow volumes in 2027 and beyond. Delays or lack of clear progress in these areas have negatively impacted investor sentiment.

    3. Dilution and Market Reaction to Equity Offering.

    In June 2026, Tetra Technologies completed an equity offering, issuing approximately 12.4 million shares of common stock at $9.25 per share, which generated net proceeds of $108.2 million. While these funds were raised to support the final investment decision for the Arkansas Bromine Project, the offering likely contributed to stock dilution and exerted downward pressure on the share price. The issuance of new shares at a specific price point, particularly amidst existing market uncertainties, can lead to a re-evaluation of the stock's intrinsic value by the market.

    4. Significant Underperformance Relative to Broader Markets and Sector.

    Despite reporting Q2 2026 EPS of $0.08, which met consensus estimates, and revenue of $185.66 million, which exceeded analysts' expectations of $176.16 million, Tetra Technologies' shares fell approximately 47% since June 30, 2026. This sharp decline significantly underperformed both the S&P 500, which gained 3.5%, and the XLE energy sector index, which rose 16.6% over the same period. This suggests that company-specific issues and concerns, rather than broader market or sector trends, were the primary contributors to the stock's substantial loss.

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    Stock Movement Drivers

    Fundamental Drivers

    The -48.5% change in TTI stock from 6/30/2026 to 10/1/2026 was primarily driven by a -37.7% change in the company's P/E Multiple.
    (LTM values as of)630202610012026Change
    Stock Price ($)11.335.83-48.5%
    Change Contribution By: 
    Total Revenues ($ Mil)6306421.9%
    Net Income Margin (%)1.2%1.0%-16.2%
    P/E Multiple209.5130.6-37.7%
    Shares Outstanding (Mil)134139-3.2%
    Cumulative Contribution-48.5%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2026 to 10/1/2026
    ReturnCorrelation
    TTI-48.5% 
    Market (SPY)2.3%42.9%
    Sector (XLE)18.1%18.8%

    Fundamental Drivers

    The -31.6% change in TTI stock from 3/31/2026 to 10/1/2026 was primarily driven by a -65.6% change in the company's P/E Multiple.
    (LTM values as of)331202610012026Change
    Stock Price ($)8.525.83-31.6%
    Change Contribution By: 
    Total Revenues ($ Mil)6316421.7%
    Net Income Margin (%)0.5%1.0%103.0%
    P/E Multiple379.6130.6-65.6%
    Shares Outstanding (Mil)134139-3.7%
    Cumulative Contribution-31.6%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    3/31/2026 to 10/1/2026
    ReturnCorrelation
    TTI-31.6% 
    Market (SPY)17.8%36.9%
    Sector (XLE)3.1%9.0%

    Fundamental Drivers

    The 1.4% change in TTI stock from 9/30/2025 to 10/1/2026 was primarily driven by a 1862.4% change in the company's P/E Multiple.
    (LTM values as of)930202510012026Change
    Stock Price ($)5.755.831.4%
    Change Contribution By: 
    Total Revenues ($ Mil)6076425.7%
    Net Income Margin (%)19.0%1.0%-94.9%
    P/E Multiple6.7130.61862.4%
    Shares Outstanding (Mil)133139-4.2%
    Cumulative Contribution1.4%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2025 to 10/1/2026
    ReturnCorrelation
    TTI1.4% 
    Market (SPY)15.6%35.7%
    Sector (XLE)43.5%19.5%

    Fundamental Drivers

    The -8.6% change in TTI stock from 9/30/2023 to 10/1/2026 was primarily driven by a -74.2% change in the company's Net Income Margin (%).
    (LTM values as of)930202310012026Change
    Stock Price ($)6.385.83-8.6%
    Change Contribution By: 
    Total Revenues ($ Mil)6046426.2%
    Net Income Margin (%)3.7%1.0%-74.2%
    P/E Multiple36.5130.6257.7%
    Shares Outstanding (Mil)129139-6.9%
    Cumulative Contribution-8.6%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    9/30/2023 to 10/1/2026
    ReturnCorrelation
    TTI-8.6% 
    Market (SPY)84.9%36.9%
    Sector (XLE)51.6%46.1%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    TTI Return230%22%31%-21%162%-38%574%
    Peers Return25%59%2%13%0%30%201%
    S&P 500 Return27%-19%24%23%16%12%104%

    Monthly Win Rates [3]
    TTI Win Rate67%50%50%33%67%44% 
    Peers Win Rate53%63%45%48%53%62% 
    S&P 500 Win Rate75%42%67%75%67%44% 

    Max Drawdowns [4]
    TTI Max Drawdown-45%-42%-38%-44%-57%-53% 
    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 10/1/2026 (YTD)

    How Low Can It Go

    EventTTIS&P 500
    2025 US Tariff Shock
      % Loss-52.0%-18.8%
      % Gain to Breakeven108.5%23.1%
      Time to Breakeven136 days79 days
    2023 SVB Regional Banking Crisis
      % Loss-37.4%-6.7%
      % Gain to Breakeven59.7%7.1%
      Time to Breakeven116 days31 days
    2020 COVID-19 Crash
      % Loss-83.8%-33.7%
      % Gain to Breakeven517.9%50.9%
      Time to Breakeven273 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-68.9%-19.2%
      % Gain to Breakeven221.5%23.8%
      Time to Breakeven919 days105 days
    2016-2017 Trump Reflation Bond Selloff
      % Loss-53.3%-3.7%
      % Gain to Breakeven114.1%3.9%
      Time to Breakeven2272 days6 days
    2015-2016 China Devaluation / Global Growth Scare
      % Loss-37.0%-12.2%
      % Gain to Breakeven58.7%13.9%
      Time to Breakeven71 days62 days

    Compare to WTTR, LBRT, HAL, SLB, BKR

    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.

    EventTTIS&P 500
    2025 US Tariff Shock
      % Loss-52.0%-18.8%
      % Gain to Breakeven108.5%23.1%
      Time to Breakeven136 days79 days
    2023 SVB Regional Banking Crisis
      % Loss-37.4%-6.7%
      % Gain to Breakeven59.7%7.1%
      Time to Breakeven116 days31 days
    2020 COVID-19 Crash
      % Loss-83.8%-33.7%
      % Gain to Breakeven517.9%50.9%
      Time to Breakeven273 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-68.9%-19.2%
      % Gain to Breakeven221.5%23.8%
      Time to Breakeven919 days105 days
    2016-2017 Trump Reflation Bond Selloff
      % Loss-53.3%-3.7%
      % Gain to Breakeven114.1%3.9%
      Time to Breakeven2272 days6 days
    2015-2016 China Devaluation / Global Growth Scare
      % Loss-37.0%-12.2%
      % Gain to Breakeven58.7%13.9%
      Time to Breakeven71 days62 days
    2014-2016 Oil Price Collapse
      % Loss-60.1%-6.8%
      % Gain to Breakeven150.5%7.3%
      Time to Breakeven3825 days15 days
    2011 US Debt Ceiling Crisis & European Contagion
      % Loss-47.0%-17.9%
      % Gain to Breakeven88.7%21.8%
      Time to Breakeven746 days123 days
    2010 Eurozone Sovereign Debt Crisis / Flash Crash
      % Loss-43.1%-15.4%
      % Gain to Breakeven75.7%18.2%
      Time to Breakeven240 days125 days

    Compare to WTTR, LBRT, HAL, SLB, BKR

    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.

    AI Analysis | Feedback

    Here are 1-3 brief analogies to describe Tetra Technologies (TTI):

    • It's like Ecolab for the oil and gas industry, providing essential specialized fluids, chemicals, and water management services for drilling and production.

    • 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.

    • It's akin to Veolia or Waste Management, but specifically providing comprehensive water management, testing, and flowback services for onshore oil and gas operations.

    AI Analysis | Feedback

    • 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.

    AI Analysis | Feedback

    Tetra Technologies (TTI) primarily sells its services and products to other companies within the oil and gas industry.

    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

    AI Analysis | Feedback

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    AI Analysis | Feedback

    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.

    AI Analysis | Feedback

    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.

    1. 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.
    2. 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.
    3. 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.

    AI Analysis | Feedback

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    AI Analysis | Feedback

    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

    • 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.

    • 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

    • 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.

    • 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.

    • 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.

    AI Analysis | Feedback

    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:

    1. 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.
    2. 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.
    3. 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.
    4. 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.
    5. 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.

    AI Analysis | Feedback

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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 Oil & Gas Equipment & Services

    TTI has outperformed 50% of its 16 Oil & Gas Equipment & Services peers over 5Y. Among the peers that beat it is WFRD. Oil & Gas Equipment & Services ranks 4th of 6 industries in Energy by median 5Y return. The sector’s gains have largely come from elsewhere.
    Share of Oil & Gas Equipment & Services constituents that TTI has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    0%
    of 18 industry peers · -0.3% return
    3Y
    28%
    of 18 industry peers · -3.3% return
    5Y
    50%
    of 16 industry peers · 83.9% return
    Oil & Gas Equipment & Services peers with revenue growth within 4pp of TTI'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
    TTI Tetra Technologies 2.1% 131.5x -0.3%-3.3%83.9% —
    WFRD Weatherford International 0.3% 15.4x 13.6%-10.6%292.3% +208pp
    Price returns, excluding dividends. P/E shown for context only and not used for matching.
    Median price return by industry across the Energy sector, ranked by 5Y. Oil & Gas Equipment & Services is TTI'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
    Oil & Gas Refining & Marketing 9 122.1%125.5%411.1% MPC 639% · PBF 575% · VLO 548%
    Coal & Consumable Fuels 3 -11.6%1.6%236.6% CNR 242% · LEU 237% · BTU 66%
    Oil & Gas Storage & Transportation 9 19.1%135.2%212.9% INSW 916% · LPG 862% · TRGP 511%
    Oil & Gas Equipment & Services ← 17 42.8%9.1%83.9% SEI 917% · FTI 799% · TDW 561%
    Oil & Gas Exploration & Production 24 23.6%22.8%82.2% PR 263% · TPL 174% · EQT 161%
    Oil & Gas Drilling 4 62.7%2.4%70.2% VAL 123% · NE 78% · HP 63%
    Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

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    Peer Comparisons

    Peers to compare with:

    Financials

    TTIWTTRLBRTHALSLBBKRMedian
    NameTetra Te.Select W.Liberty .Hallibur.SLB Baker Hu. 
    Mkt Price--18.4831.8648.6955.7140.27
    Mkt Cap--3.026.672.555.340.9
    Rev LTM--4,19622,37336,36627,72525,049
    Op Inc LTM--562,9394,9843,5923,266
    FCF LTM---3171,7254,5543,1282,426
    FCF 3Y Avg--712,0804,5162,3022,191
    CFO LTM--3882,7506,5334,4363,593
    CFO 3Y Avg--7173,3916,5453,5763,484

    Growth & Margins

    TTIWTTRLBRTHALSLBBKRMedian
    NameTetra Te.Select W.Liberty .Hallibur.SLB Baker Hu. 
    Rev Chg LTM--2.3%0.6%2.5%0.4%1.5%
    Rev Chg 3Y Avg---4.7%-0.0%5.4%6.2%2.7%
    Rev Chg Q--14.0%3.7%5.0%-2.4%4.3%
    QoQ Delta Rev Chg LTM--3.6%0.9%1.2%-0.6%1.1%
    Op Inc Chg LTM---70.8%-14.4%-17.2%2.1%-15.8%
    Op Inc Chg 3Y Avg---55.3%-7.7%1.0%16.5%-3.3%
    Op Mgn LTM--1.3%13.1%13.7%13.0%13.0%
    Op Mgn 3Y Avg--6.3%15.4%15.9%12.3%13.9%
    QoQ Delta Op Mgn LTM---0.4%-0.3%-0.7%-0.0%-0.4%
    CFO/Rev LTM--9.3%12.3%18.0%16.0%14.1%
    CFO/Rev 3Y Avg--16.7%15.0%18.4%13.0%15.8%
    FCF/Rev LTM---7.5%7.7%12.5%11.3%9.5%
    FCF/Rev 3Y Avg--1.5%9.2%12.7%8.4%8.8%

    Valuation

    TTIWTTRLBRTHALSLBBKRMedian
    NameTetra Te.Select W.Liberty .Hallibur.SLB Baker Hu. 
    Mkt Cap--3.026.672.555.340.9
    P/S--0.71.22.02.01.6
    P/Op Inc--53.99.114.615.415.0
    P/EBIT--16.011.016.414.615.3
    P/E--24.616.623.417.920.6
    P/CFO--7.89.711.112.510.4
    Total Yield--6.0%8.2%6.6%7.3%6.9%
    Dividend Yield--1.9%2.1%2.3%1.6%2.0%
    FCF Yield 3Y Avg--3.8%8.8%7.7%5.3%6.5%
    D/E--0.50.30.20.30.3
    Net D/E--0.40.20.10.00.2

    Returns

    TTIWTTRLBRTHALSLBBKRMedian
    NameTetra Te.Select W.Liberty .Hallibur.SLB Baker Hu. 
    1M Rtn---7.7%-13.0%-14.4%-12.5%-12.8%
    3M Rtn---22.0%-2.9%8.4%5.9%1.5%
    6M Rtn---33.8%-15.8%-0.5%-7.1%-11.4%
    12M Rtn--49.3%30.5%42.1%17.0%36.3%
    3Y Rtn--9.1%-14.2%-9.2%71.7%-0.0%
    1M Excs Rtn---8.1%-13.5%-14.8%-12.9%-13.2%
    3M Excs Rtn---24.4%-5.3%6.0%3.5%-0.9%
    6M Excs Rtn---49.9%-32.0%-18.3%-23.6%-27.8%
    12M Excs Rtn--37.4%17.5%30.5%1.5%24.0%
    3Y Excs Rtn---69.6%-95.7%-90.5%-13.4%-80.1%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/4/20264/29/20262/25/202610/28/20257/29/20254/29/20252/25/202510/29/20247/31/20244/30/20242/27/202410/30/2023
    Key Financials Quarterly            
    Total Revenue186156147153174157135142172151153151
    Ebitda29247223319222227161121
    Operating Income20133112319812219210
    Net Income108-164114103-381-45
    EPS0.070.06-0.120.030.080.030.78-0.020.060.01-0.030.04
    Key Financials TTM            
    Total Revenue TTM642630631619607605599618627631626621
    Ebitda TTM828681969590877675838890
    Operating Income TTM474955616260504442414547
    Net Income TTM673122115111108210212628
    Growth Rates Quarterly            
    Total Revenue Growth6.8%-0.6%9.1%8.1%1.1%4.1%-12.2%-6.4%-2.0%3.3%3.9%12.2%
    EBITDA Growth-12.5%26.6%-67.7%2.5%19.6%18.5%106.0%2.8%-22.7%-24.9%-14.6%41.9%
    Operating Income Growth-12.4%-31.7%-68.7%-6.9%8.9%113.2%393.0%16.0%2.6%-29.1%-60.7%119.2%
    Net Income Growth-9.4%105.5%-116.1%238.5%47.9%342.5%2740.0%-155.3%-58.0%-84.9%-104.4%1849.6%
    Margins Quarterly            
    EBITDA Margin15.5%15.4%4.8%14.4%18.9%12.1%16.3%15.2%16.0%10.6%7.0%13.8%
    Operating Income Margin10.8%8.2%1.7%7.3%13.2%11.9%6.0%8.4%12.3%5.8%1.1%6.8%
    Net Income Margin5.5%5.3%-11.2%2.7%6.5%2.6%76.4%-2.1%4.4%0.6%-2.5%3.6%
    Cash & Debt            
    Total Cash1553573676941374838365234
    Total Debt224224225215217215214214214215194195
    Net Debt / (Cash)69189153147148174177166177179142162
    Cash Flows Quarterly            
    FCF from Operations34-12321648462025-141914
    Cash Flows TTM            
    FCF from Operations TTM7185100747854375044477044
    Returns to Shareholders Quarterly            
    Dividends000000000000
    Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC8.6%6.0%1.7%4.0%9.3%10.1%5.5%3.1%8.9%4.3%1.2%6.0%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM1.9%2.1%1.5%10.6%10.8%10.1%8.6%3.1%4.2%5.7%6.6%7.0%

    Segment Financials

    Revenue by Segment
    $ Mil20252024202320222021
    Completion Fluids & Products376311313273220
    Water & Flowback Services254288313280169
    Corporate000  
    Compression Division   0 
    Total631599626553388


    Operating Income by Segment
    $ Mil20252024202320052004
    Completion Fluids & Products1118468  
    Water & Flowback Services-01228  
    Corporate-56-46-50  
    Fluids   3416
    Testing & Services/Product Enhancement   2711
    Well Abandonment/Decommisiong   017
    Other    -18
    Total5550456126


    Assets by Segment
    $ Mil20252024202320222021
    Completion Fluids & Products348291250221201
    Corporate166156   
    Water & Flowback Services162158166179146
    Corporate, other and eliminations  633451
    Total676605479434398


    Price Behavior

    Price Behavior
    Market Price$5.83 
    Market Cap ($ Bil)0.8 
    First Trading Date04/03/1990 
    Distance from 52W High-52.7% 
       50 Days200 Days
    DMA Price$7.18$9.13
    DMA Trenddowndown
    Distance from DMA-18.8%-36.1%
     3M1YR
    Volatility50.3%59.9%
    Downside Capture302.02201.47
    Upside Capture10.04168.46
    Correlation (SPY)43.3%35.8%
    TTI Betas & Captures as of 9/30/2026

     1M2M3M6M1Y3Y
    Beta1.482.362.171.581.651.41
    Up Beta-0.994.074.711.751.561.07
    Down Beta3.604.780.360.331.232.03
    Up Capture87%56%13%116%239%148%
    Bmk +ve Days6162766132424
    Stock +ve Days9172761127363
    Down Capture288%307%330%226%150%109%
    Bmk -ve Days16263760120328
    Stock -ve Days13243664124369

    [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
    TTI1.4%59.8%0.25-
    Sector ETF (XLE)43.7%22.0%1.5619.5%
    Equity (SPY)15.7%13.0%0.8535.7%
    Gold (GLD)7.7%29.6%0.2515.0%
    Commodities (DBC)43.7%20.8%1.648.0%
    Real Estate (VNQ)1.2%13.6%-0.167.8%
    Bitcoin (BTCUSD)-27.0%44.5%-0.5817.7%

    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
    TTI14.7%60.0%0.47-
    Sector ETF (XLE)24.1%25.5%0.8356.2%
    Equity (SPY)13.0%17.2%0.5736.4%
    Gold (GLD)18.6%18.9%0.8014.3%
    Commodities (DBC)10.3%19.6%0.4038.7%
    Real Estate (VNQ)0.4%18.9%-0.0825.9%
    Bitcoin (BTCUSD)13.2%52.3%0.4317.2%

    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
    TTI0.7%75.4%0.34-
    Sector ETF (XLE)10.6%29.6%0.3950.4%
    Equity (SPY)15.3%17.9%0.7234.3%
    Gold (GLD)11.6%16.4%0.585.0%
    Commodities (DBC)8.2%18.1%0.3736.6%
    Real Estate (VNQ)4.4%20.7%0.1728.2%
    Bitcoin (BTCUSD)63.9%66.2%1.0411.3%

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

    Short Interest

    Short Interest: As Of Date9152026
    Short Interest: Shares Quantity11.1 Mil
    Short Interest: % Change Since 831202614.8%
    Average Daily Volume2.1 Mil
    Days-to-Cover Short Interest5.3 days
    Basic Shares Quantity139.0 Mil
    Short % of Basic Shares8.0%

    Returns Analyses

    Earnings Returns History

    Updated 9/4/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/4/2026-2.5%1.7%-23.5%
    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%
    7/29/20252.4%4.7%18.1%
    4/29/20253.3%-1.1%-0.7%
    2/25/2025-4.1%-16.3%-13.9%
    10/29/202422.7%18.6%30.5%
    ...
    SUMMARY STATS   
    # Positive91211
    # Negative151213
    Median Positive6.2%8.6%18.1%
    Median Negative-7.3%-11.8%-14.0%
    Max Positive22.7%31.7%55.8%
    Max Negative-18.7%-22.8%-33.5%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/4/2026-2.5%1.7%-23.5%
    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%
    7/29/20252.4%4.7%18.1%
    4/29/20253.3%-1.1%-0.7%
    2/25/2025-4.1%-16.3%-13.9%
    10/29/202422.7%18.6%30.5%
    7/31/2024-3.5%-16.9%-13.9%
    4/30/2024-13.8%-9.3%-14.0%
    2/27/20246.0%2.3%14.8%
    10/30/2023-15.1%-20.4%-15.8%
    7/31/202311.6%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%
    5/2/202218.9%7.8%47.8%
    2/28/2022-3.1%15.6%18.1%
    11/1/20216.2%9.4%-26.7%
    8/3/2021-7.4%-2.4%-6.8%
    5/4/202118.5%31.7%55.8%
    2/25/20211.5%-0.8%3.4%
    11/3/2020-1.1%10.6%44.3%
    SUMMARY STATS   
    # Positive91211
    # Negative151213
    Median Positive6.2%8.6%18.1%
    Median Negative-7.3%-11.8%-14.0%
    Max Positive22.7%31.7%55.8%
    Max Negative-18.7%-22.8%-33.5%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/04/202610-Q
    03/31/202604/29/202610-Q
    12/31/202502/25/202610-K
    09/30/202510/28/202510-Q
    06/30/202507/29/202510-Q
    03/31/202504/29/202510-Q
    12/31/202402/25/202510-K
    09/30/202410/29/202410-Q
    06/30/202407/31/202410-Q
    03/31/202404/30/202410-Q
    12/31/202302/27/202410-K
    09/30/202310/30/202310-Q
    06/30/202307/31/202310-Q
    03/31/202305/01/202310-Q
    12/31/202202/27/202310-K
    09/30/202210/31/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/04/202610-Q
    03/31/202604/29/202610-Q
    12/31/202502/25/202610-K
    09/30/202510/28/202510-Q
    06/30/202507/29/202510-Q
    03/31/202504/29/202510-Q
    12/31/202402/25/202510-K
    09/30/202410/29/202410-Q
    06/30/202407/31/202410-Q
    03/31/202404/30/202410-Q
    12/31/202302/27/202410-K
    09/30/202310/30/202310-Q
    06/30/202307/31/202310-Q
    03/31/202305/01/202310-Q
    12/31/202202/27/202310-K
    09/30/202210/31/202210-Q
    06/30/202208/02/202210-Q
    03/31/202205/02/202210-Q
    12/31/202102/28/202210-K
    09/30/202111/01/202110-Q
    06/30/202108/02/202110-Q
    03/31/202105/05/202110-Q
    12/31/202003/05/202110-K
    09/30/202011/03/202010-Q
    06/30/202008/07/202010-Q
    03/31/202005/07/202010-Q
    12/31/201903/16/202010-K
    09/30/201911/08/201910-Q

    Recent Forward Guidance

    Updated 10/1/2026

    Latest: Q2 2026 Earnings Reported 8/4/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2027 Arkansas Bromine Project CompletionReported      
    2028 Arkansas Bromine Project Start-upReported      
    2026 Eos Manufacturing CapacityReported 4.00 Bil    


    Prior: Q1 2026 Earnings Reported 4/29/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2026 Adjusted EBITDA MarginReported 15.0%  0.0%AffirmedGuidance: 15.0% for 2026

    Q4 2025 Earnings Reported 2/25/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2026 Completion Fluids & Products Adjusted EBITDA MarginReported25.0%27.5%30.0%   
    2026 Water & Flowback Services Adjusted EBITDA MarginReported 15.0%  3.0%Higher NewActual: 12.0% for 2025

    Q3 2025 Earnings Reported 10/28/2025

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    2025 RevenueReported620.00 Mil625.00 Mil630.00 Mil0.8% RaisedGuidance: 620.00 Mil for 2025
    2025 Adjusted EBITDAReported107.00 Mil109.50 Mil112.00 Mil4.3% RaisedGuidance: 105.00 Mil for 2025
    2025 GAAP Net Income Before TaxesReported19.00 Mil23.00 Mil27.00 Mil-16.4% LoweredGuidance: 27.50 Mil for 2025
    2030 Total RevenueReported1.20 Bil1.25 Bil1.30 Bil   
    2030 Consolidated Adjusted EBITDAReported300.00 Mil325.00 Mil350.00 Mil   

    Insider Activity

    Updated 9/30/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1John, Angela DDirectBuy90220266.5010,00065,000633,321Form
    2Murphy, Brady MPresident & CEODirectSell702202610.016161029,672,939Form
    3Murphy, Brady MPresident & CEODirectSell702202610.7250,000536,13531,797,706Form
    4Hallead, KurtVP-Treasurer & IRDirectBuy60920269.8622,000216,8981,683,562Form
    5Boston, Shoemake Alicia RSr. VP and General CounselDirectSell111220257.9419,257152,9631,053,843Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1John, Angela DDirectBuy90220266.5010,00065,000633,321Form
    2Murphy, Brady MPresident & CEODirectSell702202610.016161029,672,939Form
    3Murphy, Brady MPresident & CEODirectSell702202610.7250,000536,13531,797,706Form
    4Hallead, KurtVP-Treasurer & IRDirectBuy60920269.8622,000216,8981,683,562Form
    5Boston, Shoemake Alicia RSr. VP and General CounselDirectSell111220257.9419,257152,9631,053,843Form

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    Core Cache Last Updated: 10/1/2026