Tetra Tech (TTEK)
Market Price (7/30/2026): $34.02 | Market Cap: $8.9 BilSector: Industrials | Industry: Construction & Engineering
Tetra Tech (TTEK)
Market Price (7/30/2026): $34.02Market Cap: $8.9 BilSector: IndustrialsIndustry: Construction & Engineering
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.8%, FCF Yield is 7.6% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13% Low stock price volatilityVol 12M is 37% Megatrend and thematic driversMegatrends include Water Infrastructure, Sustainable Infrastructure, and Renewable Energy Transition. Themes include Water Treatment & Delivery, Show more. | Weak multi-year price returns2Y Excs Rtn is -52%, 3Y Excs Rtn is -58% | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -6.1%, Rev Chg QQuarterly Revenue Change % is -7.7% Key risksTTEK key risks include [1] a substantial reliance on U.S. Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.8%, FCF Yield is 7.6% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 13%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13% |
| Low stock price volatilityVol 12M is 37% |
| Megatrend and thematic driversMegatrends include Water Infrastructure, Sustainable Infrastructure, and Renewable Energy Transition. Themes include Water Treatment & Delivery, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -52%, 3Y Excs Rtn is -58% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -6.1%, Rev Chg QQuarterly Revenue Change % is -7.7% |
| Key risksTTEK key risks include [1] a substantial reliance on U.S. Show more. |
Qualitative Assessment
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Tetra Tech (TTEK) stock has gained about 10% since 3/31/2026 because of the following key factors:
1. Strong Fiscal Q2 and Q3 2026 Financial Performance and Raised Full-Year Guidance.
Tetra Tech demonstrated robust financial performance in both fiscal Q2 2026 (ended March 29, 2026) and fiscal Q3 2026 (ended June 28, 2026). For fiscal Q2 2026, the company reported earnings per share (EPS) of $0.34, exceeding analysts' consensus estimates of $0.31, with revenue of $1.22 billion also surpassing the $1 billion consensus. Following these results, Tetra Tech increased its full-year fiscal 2026 guidance for net revenue and adjusted EPS. This positive momentum continued into fiscal Q3 2026, as the company announced strong results and subsequently raised its fiscal 2026 adjusted EPS guidance to a range of $1.56 to $1.59, and narrowed its net revenue range to $4.315 billion to $4.365 billion, indicating an increased midpoint for the year.
2. Significant Backlog Growth and New Contract Awards.
The company experienced substantial growth in its project backlog, which reached $4.28 billion at the close of fiscal Q2 2026, an 8% increase sequentially. This upward trend persisted into fiscal Q3 2026, with the backlog expanding to $4.49 billion, up 5% sequentially, driven by notable new orders in data center and sediment restoration projects. During this period, Tetra Tech secured several key contracts, including a $49 million multiple-award contract from the U.S. Army Corps of Engineers Mobile District, a $25 million contract from the U.S. Environmental Protection Agency's Office of Water, a $15 million multiple-award contract from the Los Angeles Department of Water and Power, and a $27 million task order contract from the Federal Aviation Administration (FAA). These significant awards and the growing backlog underscore strong future revenue visibility and sustained demand for Tetra Tech's specialized services.
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Tetra Tech (TTEK) stock has gained about 10% since 3/31/2026 because of the following key factors:
1. Strong Fiscal Q2 and Q3 2026 Financial Performance and Raised Full-Year Guidance.
Tetra Tech demonstrated robust financial performance in both fiscal Q2 2026 (ended March 29, 2026) and fiscal Q3 2026 (ended June 28, 2026). For fiscal Q2 2026, the company reported earnings per share (EPS) of $0.34, exceeding analysts' consensus estimates of $0.31, with revenue of $1.22 billion also surpassing the $1 billion consensus. Following these results, Tetra Tech increased its full-year fiscal 2026 guidance for net revenue and adjusted EPS. This positive momentum continued into fiscal Q3 2026, as the company announced strong results and subsequently raised its fiscal 2026 adjusted EPS guidance to a range of $1.56 to $1.59, and narrowed its net revenue range to $4.315 billion to $4.365 billion, indicating an increased midpoint for the year.
2. Significant Backlog Growth and New Contract Awards.
The company experienced substantial growth in its project backlog, which reached $4.28 billion at the close of fiscal Q2 2026, an 8% increase sequentially. This upward trend persisted into fiscal Q3 2026, with the backlog expanding to $4.49 billion, up 5% sequentially, driven by notable new orders in data center and sediment restoration projects. During this period, Tetra Tech secured several key contracts, including a $49 million multiple-award contract from the U.S. Army Corps of Engineers Mobile District, a $25 million contract from the U.S. Environmental Protection Agency's Office of Water, a $15 million multiple-award contract from the Los Angeles Department of Water and Power, and a $27 million task order contract from the Federal Aviation Administration (FAA). These significant awards and the growing backlog underscore strong future revenue visibility and sustained demand for Tetra Tech's specialized services.
3. Enhanced Shareholder Returns Through Dividends and Share Repurchases.
Tetra Tech consistently returned value to its shareholders, which positively influenced investor sentiment. The company increased its quarterly dividend by 11% year-over-year to $0.072 per share in both fiscal Q2 and Q3 2026, marking its 44th and 45th consecutive double-digit dividend increases, respectively. Additionally, Tetra Tech actively repurchased its common stock, buying back $50 million in fiscal Q2 2026 and an additional $100 million in fiscal Q3 2026. These actions demonstrate management's confidence in the company's financial strength and its commitment to delivering shareholder value.
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Stock Movement Drivers
Fundamental Drivers
The 12.5% change in TTEK stock from 3/31/2026 to 7/29/2026 was primarily driven by a 27.6% change in the company's Net Income Margin (%).| (LTM values as of) | 3312026 | 7292026 | Change |
|---|---|---|---|
| Stock Price ($) | 30.04 | 33.78 | 12.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,233 | 5,131 | -1.9% |
| Net Income Margin (%) | 6.7% | 8.6% | 27.6% |
| P/E Multiple | 22.3 | 20.0 | -10.3% |
| Shares Outstanding (Mil) | 261 | 260 | 0.3% |
| Cumulative Contribution | 12.5% |
Market Drivers
3/31/2026 to 7/29/2026| Return | Correlation | |
|---|---|---|
| TTEK | 12.5% | |
| Market (SPY) | 12.2% | -2.5% |
| Sector (XLI) | 9.2% | 5.8% |
Fundamental Drivers
The 1.1% change in TTEK stock from 12/31/2025 to 7/29/2026 was primarily driven by a 88.5% change in the company's Net Income Margin (%).| (LTM values as of) | 12312025 | 7292026 | Change |
|---|---|---|---|
| Stock Price ($) | 33.40 | 33.78 | 1.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,443 | 5,131 | -5.7% |
| Net Income Margin (%) | 4.6% | 8.6% | 88.5% |
| P/E Multiple | 35.3 | 20.0 | -43.5% |
| Shares Outstanding (Mil) | 262 | 260 | 0.7% |
| Cumulative Contribution | 1.1% |
Market Drivers
12/31/2025 to 7/29/2026| Return | Correlation | |
|---|---|---|
| TTEK | 1.1% | |
| Market (SPY) | 7.3% | 20.3% |
| Sector (XLI) | 14.2% | 26.3% |
Fundamental Drivers
The -5.3% change in TTEK stock from 6/30/2025 to 7/29/2026 was primarily driven by a -60.4% change in the company's P/E Multiple.| (LTM values as of) | 6302025 | 7292026 | Change |
|---|---|---|---|
| Stock Price ($) | 35.67 | 33.78 | -5.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,461 | 5,131 | -6.1% |
| Net Income Margin (%) | 3.4% | 8.6% | 149.1% |
| P/E Multiple | 50.4 | 20.0 | -60.4% |
| Shares Outstanding (Mil) | 266 | 260 | 2.1% |
| Cumulative Contribution | -5.3% |
Market Drivers
6/30/2025 to 7/29/2026| Return | Correlation | |
|---|---|---|
| TTEK | -5.3% | |
| Market (SPY) | 19.1% | 12.8% |
| Sector (XLI) | 21.0% | 22.4% |
Fundamental Drivers
The 5.3% change in TTEK stock from 6/30/2023 to 7/29/2026 was primarily driven by a 33.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302023 | 7292026 | Change |
|---|---|---|---|
| Stock Price ($) | 32.09 | 33.78 | 5.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,846 | 5,131 | 33.4% |
| Net Income Margin (%) | 7.8% | 8.6% | 9.6% |
| P/E Multiple | 28.4 | 20.0 | -29.6% |
| Shares Outstanding (Mil) | 266 | 260 | 2.3% |
| Cumulative Contribution | 5.3% |
Market Drivers
6/30/2023 to 7/29/2026| Return | Correlation | |
|---|---|---|
| TTEK | 5.3% | |
| Market (SPY) | 70.4% | 26.4% |
| Sector (XLI) | 71.5% | 32.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TTEK Return | 47% | -14% | 16% | 20% | -15% | 0% | 50% |
| Peers Return | 14% | 9% | 9% | 13% | -7% | -21% | 12% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 98% |
Monthly Win Rates [3] | |||||||
| TTEK Win Rate | 67% | 50% | 50% | 58% | 50% | 57% | |
| Peers Win Rate | 52% | 45% | 47% | 53% | 42% | 37% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 43% | |
Max Drawdowns [4] | |||||||
| TTEK Max Drawdown | -19% | -30% | -16% | -21% | -34% | -38% | |
| Peers Max Drawdown | -14% | -18% | -16% | -19% | -24% | -43% | |
| 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, ITG. 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 7/29/2026 (YTD)
How Low Can It Go
| Event | TTEK | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -15.2% | -9.5% |
| % Gain to Breakeven | 18.0% | 10.5% |
| Time to Breakeven | 103 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -10.2% | -6.7% |
| % Gain to Breakeven | 11.4% | 7.1% |
| Time to Breakeven | 8 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -30.1% | -24.5% |
| % Gain to Breakeven | 43.0% | 32.4% |
| Time to Breakeven | 393 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -32.9% | -33.7% |
| % Gain to Breakeven | 49.0% | 50.9% |
| Time to Breakeven | 184 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -28.3% | -19.2% |
| % Gain to Breakeven | 39.5% | 23.8% |
| Time to Breakeven | 148 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -14.2% | -12.2% |
| % Gain to Breakeven | 16.5% | 13.9% |
| Time to Breakeven | 32 days | 62 days |
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.
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Asset Allocation
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| Event | TTEK | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -30.1% | -24.5% |
| % Gain to Breakeven | 43.0% | 32.4% |
| Time to Breakeven | 393 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -32.9% | -33.7% |
| % Gain to Breakeven | 49.0% | 50.9% |
| Time to Breakeven | 184 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -28.3% | -19.2% |
| % Gain to Breakeven | 39.5% | 23.8% |
| Time to Breakeven | 148 days | 105 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -24.2% | -17.9% |
| % Gain to Breakeven | 32.0% | 21.8% |
| Time to Breakeven | 24 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -21.2% | -15.4% |
| % Gain to Breakeven | 26.9% | 18.2% |
| Time to Breakeven | 115 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -34.1% | -53.4% |
| % Gain to Breakeven | 51.8% | 114.4% |
| Time to Breakeven | 26 days | 1085 days |
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
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.
- 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.
- 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.
- 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
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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.
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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.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 53.05 |
| Mkt Cap | 8.8 |
| Rev LTM | 11,093 |
| Op Inc LTM | 601 |
| FCF LTM | 668 |
| FCF 3Y Avg | 624 |
| CFO LTM | 688 |
| CFO 3Y Avg | 726 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -2.8% |
| Rev Chg 3Y Avg | 5.9% |
| Rev Chg Q | -4.2% |
| QoQ Delta Rev Chg LTM | -1.1% |
| Op Inc Chg LTM | -6.8% |
| Op Inc Chg 3Y Avg | 18.4% |
| Op Mgn LTM | 9.5% |
| Op Mgn 3Y Avg | 10.1% |
| QoQ Delta Op Mgn LTM | -0.0% |
| CFO/Rev LTM | 10.8% |
| CFO/Rev 3Y Avg | 7.8% |
| FCF/Rev LTM | 10.1% |
| FCF/Rev 3Y Avg | 7.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 8.8 |
| P/S | 0.8 |
| P/Op Inc | 8.5 |
| P/EBIT | 7.6 |
| P/E | 11.4 |
| P/CFO | 7.9 |
| Total Yield | 10.7% |
| Dividend Yield | 1.5% |
| FCF Yield 3Y Avg | 7.3% |
| D/E | 0.5 |
| Net D/E | 0.4 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 11.4% |
| 3M Rtn | -3.7% |
| 6M Rtn | -18.9% |
| 12M Rtn | -25.0% |
| 3Y Rtn | -18.7% |
| 1M Excs Rtn | 13.1% |
| 3M Excs Rtn | -6.0% |
| 6M Excs Rtn | -23.1% |
| 12M Excs Rtn | -39.3% |
| 3Y Excs Rtn | -77.4% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Commercial/International Group (CIG) | 2,845 | 2,787 | 2,425 | 1,738 | 1,326 |
| Government Services Group (GSG) | 2,674 | 2,483 | 2,159 | 1,821 | 1,943 |
| Elimination of inter-segment revenue | -76 | -71 | -61 | -55 | -56 |
| Remediation and Construction Management (RCM) | 1 | ||||
| Total | 5,443 | 5,199 | 4,523 | 3,504 | 3,214 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Commercial/International Group (CIG) | 357 | 329 | 244 | 194 | 132 |
| Government Services Group (GSG) | 341 | 281 | 232 | 198 | 195 |
| Contingent consideration - fair value adjustments | 12 | ||||
| Impairment of goodwill | -92 | ||||
| Other corporate expenses | -94 | ||||
| Legal contingency costs | -115 | ||||
| Corporate | -109 | -117 | -52 | -48 | |
| Total | 408 | 501 | 358 | 340 | 279 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Corporate | 2,474 | 2,283 | 1,375 | 1,321 | 1,236 |
| Commercial/International Group (CIG) | 1,060 | 994 | 689 | 699 | 479 |
| Government Services Group (GSG) | 658 | 543 | 559 | 546 | 649 |
| Remediation and Construction Management (RCM) | 11 | 14 | |||
| Total | 4,193 | 3,820 | 2,623 | 2,577 | 2,379 |
Price Behavior
| Market Price | $33.78 | |
| Market Cap ($ Bil) | 8.8 | |
| First Trading Date | 12/17/1991 | |
| Distance from 52W High | -20.4% | |
| 50 Days | 200 Days | |
| DMA Price | $29.25 | $32.54 |
| DMA Trend | down | indeterminate |
| Distance from DMA | 15.5% | 3.8% |
| 3M | 1YR | |
| Volatility | 33.3% | 36.6% |
| Downside Capture | -66.01 | 40.47 |
| Upside Capture | -29.32 | 21.70 |
| Correlation (SPY) | -6.5% | 12.5% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.15 | -0.37 | -0.03 | 0.60 | 0.37 | 0.55 |
| Up Beta | 0.32 | 0.39 | 0.46 | 0.32 | 0.38 | 0.57 |
| Down Beta | 0.94 | 0.54 | 0.33 | 1.60 | 0.46 | 0.43 |
| Up Capture | -37% | -101% | -26% | 11% | 12% | 21% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 11 | 16 | 28 | 59 | 115 | 372 |
| Down Capture | -93% | -78% | -58% | 63% | 62% | 87% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 10 | 24 | 34 | 65 | 134 | 374 |
[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 | |
|---|---|---|---|---|
| TTEK | -9.4% | 36.5% | -0.20 | - |
| Sector ETF (XLI) | 15.6% | 16.9% | 0.69 | 21.7% |
| Equity (SPY) | 15.6% | 12.8% | 0.86 | 12.2% |
| Gold (GLD) | 21.6% | 28.1% | 0.68 | 12.6% |
| Commodities (DBC) | 31.5% | 19.7% | 1.27 | 2.6% |
| Real Estate (VNQ) | 15.9% | 14.0% | 0.82 | 21.0% |
| Bitcoin (BTCUSD) | -46.1% | 42.9% | -1.32 | 15.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TTEK | |
|---|---|---|---|---|
| TTEK | 6.6% | 32.2% | 0.24 | - |
| Sector ETF (XLI) | 12.9% | 17.6% | 0.57 | 46.5% |
| Equity (SPY) | 12.4% | 17.1% | 0.55 | 45.5% |
| Gold (GLD) | 17.1% | 18.4% | 0.75 | 11.8% |
| Commodities (DBC) | 9.3% | 19.5% | 0.36 | 10.9% |
| Real Estate (VNQ) | 2.9% | 18.9% | 0.05 | 44.2% |
| Bitcoin (BTCUSD) | 14.7% | 53.3% | 0.46 | 24.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TTEK | |
|---|---|---|---|---|
| TTEK | 19.1% | 32.1% | 0.62 | - |
| Sector ETF (XLI) | 13.6% | 20.0% | 0.60 | 57.4% |
| Equity (SPY) | 14.7% | 17.9% | 0.70 | 56.6% |
| Gold (GLD) | 11.3% | 16.1% | 0.57 | 7.1% |
| Commodities (DBC) | 7.1% | 18.0% | 0.32 | 18.9% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.21 | 49.7% |
| Bitcoin (BTCUSD) | 57.7% | 66.2% | 0.98 | 16.4% |
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Earnings Returns History
Updated 7/29/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/29/2026 | 1.4% | -2.7% | -13.5% |
| 1/28/2026 | 3.0% | 9.8% | -3.2% |
| 11/12/2025 | 15.3% | 8.9% | 6.3% |
| 7/30/2025 | -1.1% | 0.4% | -0.4% |
| 5/7/2025 | 13.0% | 12.5% | 15.5% |
| 1/30/2025 | 0.6% | -7.6% | -22.6% |
| 11/13/2024 | -13.5% | -15.1% | -11.1% |
| 7/31/2024 | 9.0% | 7.2% | 10.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 14 | 13 |
| # Negative | 9 | 10 | 11 |
| Median Positive | 3.5% | 7.7% | 9.0% |
| Median Negative | -1.4% | -4.4% | -10.8% |
| Max Positive | 15.7% | 13.0% | 15.5% |
| Max Negative | -13.5% | -15.1% | -22.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/29/2026 | 1.4% | -2.7% | -13.5% |
| 1/28/2026 | 3.0% | 9.8% | -3.2% |
| 11/12/2025 | 15.3% | 8.9% | 6.3% |
| 7/30/2025 | -1.1% | 0.4% | -0.4% |
| 5/7/2025 | 13.0% | 12.5% | 15.5% |
| 1/30/2025 | 0.6% | -7.6% | -22.6% |
| 11/13/2024 | -13.5% | -15.1% | -11.1% |
| 7/31/2024 | 9.0% | 7.2% | 10.8% |
| 5/1/2024 | 6.1% | 10.1% | 9.0% |
| 1/31/2024 | 3.9% | 10.2% | 11.8% |
| 11/15/2023 | 3.5% | 4.0% | 4.8% |
| 8/9/2023 | -0.9% | -0.3% | -6.7% |
| 5/10/2023 | 1.9% | -1.6% | 9.0% |
| 2/1/2023 | -0.4% | -5.0% | -10.6% |
| 11/9/2022 | 15.7% | 13.0% | 9.3% |
| 8/3/2022 | -1.5% | -3.8% | -11.6% |
| 5/4/2022 | -6.2% | -12.9% | -2.2% |
| 2/2/2022 | 4.3% | 8.1% | 13.7% |
| 11/17/2021 | 2.3% | 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% |
| 11/12/2020 | 2.7% | 6.0% | 1.1% |
| 7/29/2020 | 1.9% | 3.9% | 5.9% |
| SUMMARY STATS | |||
| # Positive | 15 | 14 | 13 |
| # Negative | 9 | 10 | 11 |
| Median Positive | 3.5% | 7.7% | 9.0% |
| Median Negative | -1.4% | -4.4% | -10.8% |
| Max Positive | 15.7% | 13.0% | 15.5% |
| Max Negative | -13.5% | -15.1% | -22.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 01/30/2026 | 10-Q |
| 09/30/2025 | 11/20/2025 | 10-K |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 01/31/2025 | 10-Q |
| 09/30/2024 | 11/19/2024 | 10-K |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/02/2024 | 10-Q |
| 09/30/2023 | 11/22/2023 | 10-K |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 02/03/2023 | 10-Q |
| 09/30/2022 | 11/25/2022 | 10-K |
| 06/30/2022 | 08/05/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 01/30/2026 | 10-Q |
| 09/30/2025 | 11/20/2025 | 10-K |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 01/31/2025 | 10-Q |
| 09/30/2024 | 11/19/2024 | 10-K |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/02/2024 | 10-Q |
| 09/30/2023 | 11/22/2023 | 10-K |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 05/11/2023 | 10-Q |
| 12/31/2022 | 02/03/2023 | 10-Q |
| 09/30/2022 | 11/25/2022 | 10-K |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 02/04/2022 | 10-Q |
| 09/30/2021 | 11/24/2021 | 10-K |
| 06/30/2021 | 07/30/2021 | 10-Q |
| 03/31/2021 | 04/30/2021 | 10-Q |
| 12/31/2020 | 01/29/2021 | 10-Q |
| 09/30/2020 | 11/23/2020 | 10-K |
| 06/30/2020 | 07/31/2020 | 10-Q |
| 03/31/2020 | 05/01/2020 | 10-Q |
| 12/31/2019 | 01/31/2020 | 10-Q |
| 09/30/2019 | 11/29/2019 | 10-K |
| 06/30/2019 | 08/02/2019 | 10-Q |
Recent Forward Guidance
Updated 7/29/2026Latest: Q3 2026 Earnings Reported 7/29/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Net Revenue | 1.12 Bil | 1.15 Bil | 1.17 Bil | 6.5% | Higher New | Guidance: 1.07 Bil for Q3 2026 | |
| Q4 2026 EPS | 0.45 | 0.47 | 0.48 | 17.7% | Higher New | Guidance: 0.4 for Q3 2026 | |
| 2026 Adjusted EPS | 1.56 | 1.57 | 1.59 | Raised | Guidance: 1.54 for 2026 | ||
| 2026 Net Revenue | 4.32 Bil | 4.34 Bil | 4.37 Bil | 0.3% | Raised | Guidance: 4.33 Bil for 2026 | |
Prior: Q2 2026 Earnings Reported 4/29/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Net Revenue | 1.05 Bil | 1.07 Bil | 1.10 Bil | ||||
| Q3 2026 EPS | 0.38 | 0.4 | 0.41 | ||||
| 2026 Net Revenue | 4.25 Bil | 4.33 Bil | 4.40 Bil | 2.4% | Raised | Guidance: 4.22 Bil for 2026 | |
| 2026 Adjusted EPS | 1.5 | 1.54 | 1.58 | 2.0% | Raised | Guidance: 1.51 for 2026 | |
Q1 2026 Earnings Reported 1/28/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Net Revenue | 975.00 Mil | 1.00 Bil | 1.02 Bil | 2.6% | Higher New | Guidance: 975.00 Mil for Q1 2026 | |
| Q2 2026 EPS | 0.3 | 0.32 | 0.33 | 0.0% | Same New | Guidance: 0.32 for Q1 2026 | |
| 2026 Net Revenue | 4.15 Bil | 4.22 Bil | 4.30 Bil | 1.8% | Raised | Guidance: 4.15 Bil for 2026 | |
| 2026 Adjusted EPS | 1.46 | 1.51 | 1.56 | 2.4% | Raised | Guidance: 1.48 for 2026 | |
Q4 2025 Earnings Reported 11/12/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Net Revenue | 950.00 Mil | 975.00 Mil | 1.00 Bil | -7.1% | Lower New | Guidance: 1.05 Bil for Q4 2025 | |
| Q1 2026 EPS | 0.3 | 0.32 | 0.33 | -9.0% | Lower New | Guidance: 0.41 for Q4 2025 | |
| 2026 Net Revenue | 4.05 Bil | 4.15 Bil | 4.25 Bil | -7.9% | Lower New | Guidance: 4.50 Bil for 2025 | |
| 2026 EPS | 1.4 | 1.48 | 1.55 | -4.0% | Lower New | Guidance: 1.51 for 2025 | |
Investor Activity (13F)
Updated Jul 30, 2026Active 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 Manager |
|---|
Industry Resources
| Industrials Resources |
| IndustryWeek |
| Manufacturing.net |
| Aviation Week |
| Construction & Engineering Resources |
| Engineering News-Record (ENR) |
| Construction Dive |
| Civil Engineering Magazine |
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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