TETRA TECHNOLOGIES INC (TTI) Stock Analysis

Price updated today · SEC data refreshed 2 months ago ⓘ · Not investment advice

TETRA TECHNOLOGIES INC

TTI Energy Oil & Gas Extraction📄 SEC filings ↗
Valuation N/A
Long-term trend (200d) 3% above 200-day Risk 54/100 Elevated
▾ What's in the 54/100 risk score? (higher = riskier)
Fundamental health (43%) 62/100 → +26.6
leverage 40/100 · FCF trend 90/100
Smart money (short interest + insider buying) (31%) 65/100 → +20.4
Macro backdrop (VIX, curve, credit, fear/greed + week-over-week momentum) (26%) 28/100 → +7.2
Total54/100

Contributions (weight × component score) sum to the total. This near-term score now includes fundamental health (leverage, FCF trend). See the Financial Health section for the full balance-sheet read.

💵 Price $8.55 · today 📄 Financials SEC EDGAR · refreshed 2 months ago
📍 START HERE

How to read TTI (cyclical commodity producer)

A miner or energy producer earns whatever the commodity price is, so a single DCF swings with the cycle. Judge it against peers and where you think the commodity cycle is heading.

Where to start — the sections that matter most for this stock
  1. 1 EV/Sales peer comparison ↓
    How the price compares to similar producers is more meaningful than a through-cycle DCF.
  2. 2 Interactive calculator (test cycle assumptions) ↓
    Flex the growth/discount inputs to see how sensitive the value is to where we are in the cycle.
Or — what are you trying to decide?
One rule first: never trade out of fear — and that includes the fear of missing out. A stock up 10% a day for three days is excitement, not data. If you can't point to the evidence behind a trade, you're more likely to lose. So whichever of these you are, check the data below before you act.
🚀
"It's surging — should I chase it?"
The momentum / FOMO trade. Before you chase, see whether the people who know it best are quietly selling into the rally.
🏷️
"Is it a cheap bargain?"
The deep-value trade. How far below assets and our value it trades — and whether it's cheap for a reason.
ⓘ Using the right valuation lens for this business type

Standard DCF doesn't fit TTI well — but that's expected for this kind of business. The EV/Sales Peer Comparison below uses the metrics actually used by analysts who value oil & gas extraction. Reverse DCF + Football Field also work as cross-checks.

ⓘ Why a standard DCF doesn't settle this one — TTI is a cyclical commodity producer

Miners, metals and energy producers earn whatever the commodity price is at the time. A discounted-cash-flow model leans on recent cash flow, so it swings with the cycle: the result is dominated by where we are in the commodity cycle rather than by durable business economics.

For this business type, lean on the EV/Sales peer comparison and Reverse-DCF below (how today's price compares to similar producers and what growth it implies), and weigh the commodity-price outlook. Treat the DCF number as a rough mid-cycle reference, not a buy/sell trigger.

ⓘ Why does TTI trade at $8.55?

TETRA TECHNOLOGIES INC has 135.2 million shares outstanding. At $8.55 per share, the market values all outstanding TTI equity at $1.2 billion. That's market capitalization, not enterprise value — enterprise value also accounts for debt and cash — and it matters here because TTI carries substantial debt. The share price by itself tells you almost nothing — a company can pick any share price by splitting or issuing more shares. What matters is the total value (Market Cap?Market Cap — The total dollar value the market is assigning to the entire company.
Why it matters: This is the number that actually matters when comparing companies. Two companies with the same business but different share counts have the same market cap.
Reference: Mega cap >$200B · Large $10–200B · Mid $2–10B · Small $300M–2B · Micro <$300M
Full explanation →) compared to what the business actually produces. This page values TTI in Per Share?Per Share — A company-level figure divided by total shares — what one share represents.
Why it matters: Per-share metrics are the only way to fairly compare two companies with different share counts.
Full explanation → economics — what each share represents of the underlying business. Play with the share-price calculator on the homepage →

Loading insider & short-seller data…
PEER BASKET — TIGHT COMPARABLES

How does TTI stack up against its closest peers?

We take the 8 same-industry companies most similar to TTI (similar size) and check what investors are paying for each dollar of their revenue (or profits). If TTI is much more expensive on the same yardstick, that's a red flag — unless you have a specific reason it deserves a premium. For a leveraged business, EV/EBIT and FCF yield (both in the table) are usually more reliable than EV/Sales, because revenue multiples ignore differences in margins and debt.

▾ What's "EV / Sales" in plain English?

EV (Enterprise Value) = market cap + total debt − cash. It's "what you'd pay to buy the entire company outright" — you pay the market cap to shareholders and take over their debt, but you keep their cash. EV is fairer than market cap alone because it includes the debt the new owner inherits.

EV / Sales = EV ÷ annual revenue. So "2.5×" means investors pay $2.50 of enterprise value per $1 of yearly sales. Higher = market is paying more per dollar of sales (usually because they expect future growth or fat margins).

p25 / median / p75 are the 25th, 50th (middle), and 75th percentile of the peers' multiples. Half the peers fall between p25 and p75. The median (p50) is the typical peer — that's the benchmark we compare to.

What peers trade at (p25 / median / p75)
EV / Sales?EV / Sales — For every $1 of yearly revenue, this is how many dollars investors pay to own the whole business (including debt).
Why it matters: Works for pre-profit growth companies where P/E and FCF don't apply. The most apples-to-apples cross-company multiple because it ignores accounting choices.
Reference: 1–3x for mature companies · 4–10x for software/SaaS · 10–20x for hypergrowth · >20x is rare and demanding
Full explanation →		 2.1x / 3.0x / 8.6x

Bold middle number = median peer. Half the peers trade above it, half below. Computed over 8 same-industry peers; implausible multiples excluded.

What TTI would be worth at the median peer's multiple
$13.17
If TTI traded at the typical (median) peer's EV/Sales multiple, the share price would be about $13.17.
Plain English: the stock currently trades at $8.55. That's 35.1% LESS than peer multiples imply — the stock looks cheap vs peers. Either an opportunity, or the market sees something wrong with this name that doesn't apply to peers.

⚠️ Important caveat: peer multiples only work if the peers are genuinely comparable. Always check the peer list below — if the auto-picker grabbed micro-caps or unrelated businesses, the comparison is noise. A medical-device giant priced against tiny biotech startups won't produce a useful signal.

▾ View peer list (8)
Ticker Company Industry Mcap EV/Sales EV/GP EV/EBIT FCF Yield
NUAI New ERA Energy & Digital, Inc. Oil & Gas Extraction $1.1B 1,271.0x — — 0.1%
DEC Diversified Energy Co Oil & Gas Extraction $1.1B 2.1x — 7.0x 20.0%
DMLP DORCHESTER MINERALS, L.P. Oil & Gas Extraction $1.3B 8.6x — — 8.2%
TBN Tamboran Resources Corp Oil & Gas Extraction $952M — — — 0.0%
INR INFINITY NATURAL RESOURCES, INC. Oil & Gas Extraction $826M 2.4x — 69.4x 17.2%
KOS Kosmos Energy Ltd. Oil & Gas Extraction $1.7B 3.7x — — 20.3%
VET VERMILION ENERGY INC. Oil & Gas Extraction $1.7B — — — —
OBE OBSIDIAN ENERGY LTD. Oil & Gas Extraction $737M — — — —
FINANCIAL HEALTH SCREENS

Quality & solvency checks

Cheap stocks can be cheap for a reason. These screens warn when a low valuation comes paired with structural fragility.

Altman Z-Score?Altman Z-Score — A bankruptcy-risk score combining 5 financial ratios into one number. Predictive of bankruptcy within 2 years.
Why it matters: Cheap-looking stocks (low P/E or P/B) often have low Z-scores because the market knows the company is dying. Z-score warns you before you fall into a value trap.
Reference: > 3.0 = safe zone · 1.81–3.0 = grey zone · < 1.81 = distress zone
Full explanation →
Not available for this filer

The Z-score needs working capital, retained earnings, EBIT, sales and total assets from the latest balance sheet, and at least one of those isn't reported in machine-readable form here — common for foreign private issuers. We leave it blank rather than compute a distress verdict from an estimated input. It doesn't affect the reported figures in the financial tables below.

Piotroski F-Score?Piotroski F-Score — A 9-point quality checklist scoring profitability, leverage, and operating efficiency.
Why it matters: High score = fundamentals improving. Low score = deteriorating. Especially powerful for filtering cheap stocks: cheap + high F-score historically outperforms; cheap + low F-score is often a value trap.
Reference: 7–9 = strong · 4–6 = mediocre · 0–3 = weak
Full explanation →
5 / 9
Mediocre
▾ The checks — what passed, what didn't (and what we couldn't measure)
  • ✓ Positive net income
    Net income $3.0M in the latest year.
  • ✓ Positive operating cash flow
    Operating cash flow $100.4M (was $36.5M the prior year).
  • ✓ Cash flow backs up reported profit
    Operating cash flow $100.4M vs net income $3.0M.
  • ✗ Return on assets improving
    Return on assets 0.4% vs 17.9% a year ago.
    Why this matters: Is the company squeezing more profit out of each dollar of assets than last year? Rising = getting more efficient; falling = the opposite.
  • ✓ Debt load (vs assets)
    Long-term debt is 28.1% of assets vs 29.7% a year ago ($190.0M now).
  • ✗ Short-term liquidity (current ratio)
    Current ratio 2.02x vs 2.19x a year ago.
    Why this matters: The current ratio compares assets it can turn to cash within a year against bills due within a year. Below 1.0 means it may struggle to cover near-term obligations.
  • ✗ Share count (dilution)
    Share count rose 2.2% (132.2M → 135.2M year-over-year).
    Why this matters: Issuing lots of new shares splits the pie into more pieces, shrinking your slice. Stable or falling share count protects existing owners.
  • ✓ Pricing power (gross margin)
    Gross margin 24.7% vs 23.3% a year ago.
  • ✗ Sales per asset (asset turnover)
    Asset turnover 0.93x vs 0.99x a year ago.
    Why this matters: Asset turnover measures how much revenue each dollar of assets generates. Rising = more productive use of the asset base.

Missing data is never counted as a pass or a fail — it's shown as n/a and excluded from the denominator. Each check compares the company against its own prior year.

INTERACTIVE — TWEAK YOUR ASSUMPTIONS

What if you assume different inputs?

Here's where we land — and what happens if you change the assumptions. Drag the sliders to set your own Discount Rate?Discount Rate — The annual return you demand for taking single-stock risk instead of buying a safe Treasury or index fund.
Why it matters: Higher discount rate = stricter valuation (a stock has to produce more cash to be worth holding). Lower = more generous.
Reference: 8–12% is standard · 9–10% matches S&P 500 historical return · Below 7% is illogical for single-stock risk
Full explanation → (the annual return you demand for single-stock risk) and terminal growth; the value updates live so you can see whether the stock looks cheaper or richer. The discount rate starts at 10.0%, the figure our model used for TTI. Open Advanced to also change beta, growth and the rate path.

Note: no headline intrinsic value is published for this stock (the valuation is held for a data-quality reason — see the notes above). The calculator below is a what-if tool: the values it produces are your assumptions played out, not our estimate.

4.5% (risk-free)9-10% normal18% (deep-risk)
0%2-3% (GDP)5% (rarely sustainable)

A full intrinsic value isn't shown for TTI because the valuation is currently held for a data-quality reason (see the guardrail notes above). The reverse-DCF reading still works — it needs only the price and cash flow — but we won't publish a forward value until the underlying data passes our checks.

For comparison — the revenue growth today's price already assumes
—
—

—

⚙ Advanced — tinker with every input (beta, growth, rate path, margin → full intrinsic value)
Where the discount rate comes from — discount rate = risk-free + beta × equity-risk-premium
What you'd earn risk-free from government bonds — the floor under every other rate. Slide it down to model the market expecting rate cuts (value rises); up for higher-for-longer.
The extra yearly return investors demand for owning stocks instead of safe bonds — the price of risk. History runs ~4.5–6.5%; we default to 5.5% (slightly conservative). It's an estimate, not a law — lower it if you think equities are less risky than that.
Inflation quietly eats returns: a 9% gain at 3% inflation is only ~6% in real purchasing power. The intrinsic value above is already in today's dollars (a nominal DCF cancels inflation out of both growth and the discount rate), so this doesn't change the value — it shows what's left of your return after the tax.
Higher beta → higher discount rate (sets the rate above). 1.0 = moves with the market.
What you think TTI can grow revenue for ~5 years, then fades to terminal.
For a pre-profit company: the % of revenue that eventually becomes free cash flow once mature. (Our published value uses the sector norm.)
All inputs start at the values our model used.

    Copy shareable link to this scenario →

    Price$8.55
    Model IVNot applicable — DCF couldn't price this stock. See Reverse DCF and Football Field below.

    A standard discounted cash flow?DCF — Discounted Cash Flow — sums up all future cash a business will produce, adjusted for the fact that future dollars are worth less than dollars today.
    Why it matters: It is the most fundamentally honest valuation method when applicable — but only works for companies with predictable, positive cash flow.
    Reference: Best for: mature, profitable businesses. Fails for: pre-profit growth, banks, REITs.
    Full explanation →     (DCF) valuation is not meaningful for TETRA Technologies due to its cyclical sector and the use of normalized median operating cash flow for valuation. The market is likely pricing in expectations for continued revenue growth and gross margin expansion, betting on the company's ability to capitalize on its niche in energy services. The #1 quantifiable risk is rising long-term debt, which has increased from $152M to $190M.

    ⚠️ Cyclical sector: using normalized cash flow (median OCF minus estimated maintenance capex).

    As of 2 months ago

    ANATOMY

    Anatomy of a share

    What you're buying per share. Bars are at the same scale so you can see the relative size of revenue, costs, cash flow, and debt — not just read them in a table.

    TTI TETRA TECHNOLOGIES INC stock anatomy showing per-share revenue, operating expenses, free cash flow, and debt
    0.5%
    profit
    Where each $1 of revenue goes
    Net profit — 0.5¢ of every dollar ($0.02/sh = latest fiscal-year net income ÷ current shares. The table below shows GAAP diluted EPS of $0.02, computed on that year's weighted-average diluted shares — the share count moved, which is why they differ)
    Costs & taxes — 99.5¢ (on $4.67 revenue/sh)
    Net margin = net income ÷ revenue (most recent fiscal year).
    Plain English: $9/share buys $4.67 of revenue per share per year, generates $0.02 of net income per current share, and $0.09 of free cash flow per share. Each share carries $1.41 of debt.
    What's free cash flow / what do these mean?

    Revenue per share — how much the business earns from customers, divided by the number of shares outstanding. Top of the income statement.

    Earnings per share — profit left after operating costs, interest, and taxes, per share. Two versions appear on this page and are not interchangeable: GAAP diluted EPS uses the company's weighted-average diluted share count during the reporting period (this is the "earnings" in "price-to-earnings"); net income per current share divides annual net income by today's share count. They differ whenever the share count has changed.

    Owner-earnings free cash flow per share — the cash the business produces for shareholders. Savng's owner-earnings FCF subtracts capital expenditures and stock-based compensation from operating cash flow (SBC is a real dilution cost even though it's non-cash). This is deliberately more conservative than "standard" FCF, which subtracts only capital expenditures — so our figure is lower than the headline FCF you'll see elsewhere. FCF funds dividends, buybacks, debt repayment, and acquisitions; a company can report positive earnings yet negative FCF.

    Debt per share — total interest-bearing borrowings divided by shares. High debt-per-share next to thin FCF-per-share is a fragility signal.

    THE KEY DEBATE

    What you actually need to decide

    Every stock price is a disagreement. Here's the single thing that must go right for the bulls, the single thing that breaks the thesis, and the concrete signposts to watch so you can update your view as real results arrive.

    🐂 The Bull Case
    Gross margin must continue expanding beyond 24.7% and revenue growth must be sustained to drive higher profitability and cash generation in a cyclical industry.
    🐻 The Bear Case
    Long-term debt rising from $152M to $190M poses a significant risk; if not managed effectively, it could strain the company's financial flexibility, especially in a downturn.
    📌 Signposts to watch — update your view as these print
    • Continued gross margin expansion in future quarters
    • Reduction in long-term debt levels
    • Sustained revenue growth rates above 10%
    MOMENTUM — WHAT'S GETTING BETTER & WORSE

    The trend, in plain numbers (2024 → 2025)

    Straight from the financial statements — no model, no opinion. For a small or unprofitable company, the direction of these numbers usually tells you more than any single valuation.

    ✅ Improving
    • Revenue grew +5% to $630.9M.
    • Free cash flow turned positive at $12.4M.
    • Gross margin improved to 25% (+1 pts).
    ⚠ Worsening
    • Net income fell -97% to $3.0M.
    WHO

    Management & Leadership

    Brady M. Murphy serves as the President and CEO of TETRA Technologies, Inc., leading the company's strategic direction and operations in the energy services sector. E. Troy Thacker is the Chief Operating Officer, overseeing the company's global operations.

    Brady M. Murphy
    President and Chief Executive Officer
    E. Troy Thacker
    Chief Operating Officer
    WHAT

    What They Make

    TETRA Technologies provides completion fluids, water management solutions, and associated products and services to the oil and gas industry. Their customers are primarily exploration and production companies.

    End Markets

    Oil and Gas ExplorationWater ManagementEnergy Services

    Revenue Drivers

    Completion Fluids
    Water Management Services
    Compressor Services
    Market Cap: 1.2BBeta: 1.40
    WHY

    Why Is It Priced Like This?

    Why Customers Pay

    Optimizing well completion efficiency
    Ensuring environmental compliance for water
    Reducing operational costs for energy producers
    No discounted-cash-flow value for this filer We aren't publishing a discounted-cash-flow value here: the model's output failed our plausibility checks, so showing it would imply more precision than we have.

    What we use instead: earnings (P/E, EV/EBIT), book value (P/B) — computed from the figures this company does report, shown in the sections below. Those numbers are unaffected by the missing cash-flow data.

    The market is likely pricing TETRA Technologies based on its revenue growth of 12.9%/yr over four years and expanding gross margins from 15.3% to 24.7%. Despite the cyclical sector, investors appear to be betting on continued operational improvements and the company's ability to generate positive operating cash flow, which has been consistent for five years.

    HOW

    Business Model & Valuation

    How They Make Money

    Completion Fluids
    Water Management Services
    Compressor Services

    Normalized FCF

    Cyclical/commodity sector (Oil & Gas Extraction): normalized FCF uses 5-year median to smooth peak/trough distortions.

    Show advanced inputs
    RevenueGrowth12.9%
    EpsGrowth-59.4%
    HistoricalFcfGrowth-41.9%
    SectorDefault4.0%
    BestEstimate10.2%
    Methodblend(70% revenue_cagr, 30% sector)
    GrowthBasistotal

    What this model does NOT do: this is a consolidated owner-earnings FCF model. Standalone segment assumptions: none. It does not project production volumes, realized commodity prices and unit cash costs independently; their combined effect is embedded in the historical revenue and cash-flow trend the model extrapolates. The calculator above can only approximate a segment's impact through the single consolidated growth rate — it cannot model any one line separately. For a true segment-level view, build a separate model from the company's segment disclosures.

    WHEN

    Maturity & Competitive Position

    Cyclical / commodity-linked producer

    Moat Signals

    Specialized fluid technology
    Integrated water management solutions
    Established customer relationships in energy

    Revenue has been growing at 12.9%/yr over four years, from $388M to $631M, and net income has been positive for five out of five years.

    WHERE

    Geography & Markets

    TETRA Technologies is headquartered in the US and operates globally, serving energy markets in various international regions, though specific geographic revenue percentages are not available from current data sources.

    Geographic Risks

    Exposure to cyclical oil and gas commodity prices
    Rising long-term debt ($190M)
    SIGNALS

    Market Signals

    These are timing signals, not value signals — they describe the stock's recent price behavior, not what the business is worth. Use them for the "the thesis looks good, but is now the moment?" question. Each tile below explains what it's saying.

    Model neutral, tape bullish
    RSI?RSI — Relative Strength Index — a 0-100 momentum gauge. Above 70 = overbought; below 30 = oversold.
    Why it matters: Short-term contrarian indicator. Extreme readings often precede mean reversion, though not always.
    Reference: 30–70 normal · >70 overbought · <30 oversold
    Full explanation →     (14)    54.4NeutralMomentum is balanced — neither overbought nor oversold.
    MACD?MACD — Moving Average Convergence Divergence — compares a fast and a slow price trend to gauge momentum direction.
    Why it matters: When the fast line crosses above the slow line, short-term momentum is turning up; below, turning down. A timing cue, not a value signal.
    Reference: Line above signal = bullish momentum · below = bearish
    Full explanation →    BearishLine below signalThe fast trend is below the slow trend — short-term momentum is currently downward.
    50-Day Average$9.33Price below (-8.4%)Price below its 50-day average = near-term downtrend.
    200-Day Average$8.30Price aboveThe 200-day line is the long-term trend divider — above it is generally considered a bull market for the stock.
    50 vs 200 CrossGolden50-day above 200-dayA "golden cross" — the medium trend has overtaken the long trend (often read as bullish).

    Technicals describe price, not the business. A great company can have a "bearish" tape (a buying chance) and a weak one a "bullish" tape (a trap). Pair these with the valuation and health sections above.

    QUALITY

    Data Quality & Risk Flags (6 notes — click to expand/collapse)
    Guardrail Notes (6)
    • Cyclical sector: using normalized cash flow (median OCF minus estimated maintenance capex).
    • Median OCF: $36.52M, est. maintenance capex: $21.91M, normalized FCF: $14.61M.
    • Price is 6.8x model IV - market may be pricing optionality, narrative catalysts, or margin expansion beyond what trailing cash flows support.
    • Illiquidity discount 7% applied (small/micro-cap — harder to exit, demand a margin).
    • Extreme valuation (P/IV 7.3333x, IV $1.40 vs price $10.23); output dominated by data/units issue (often a multi-class share-count mismatch). Suppressed.
    • DATA UNAVAILABLE: per-share values suppressed due to missing/unreliable shares data.
    FINANCIALS

    Financial Statements (5-year tables — click to expand)

    From TETRA TECHNOLOGIES INC's SEC filings (EDGAR).

    Income (5yr)

    YearRevenueNet IncomeEPS
    2025630.9M3.0M$0.02
    2024599.1M108.3M$0.82
    2023626.3M25.8M$0.20
    2022553.2M7.8M$0.06
    2021388.3M103.3M$0.82

    Cash Flow (5yr)

    YearOperating CFCapEx− SBC & adj.Free Cash Flow
    2025 100.4M 80.8M 7.1M 12.4M
    2024 36.5M 60.7M 6.6M -30.7M
    2023 70.2M 38.2M 10.6M 21.4M
    2022 19.0M 40.1M 6.9M -28.0M
    2021 4.7M 20.5M 4.7M -20.5M

    How we define FCF: operating cash flow − capital expenditure − stock-based compensation (owner-earnings basis — SBC is a real cost to shareholders even though it's non-cash). Latest year: 100.4M − 80.8M − 7.1M (SBC & adj.) = 12.4M. This is the same owner-earnings FCF definition the valuation model uses, though the DCF's starting value is a normalized multi-year median, not this single year.

    Balance Sheet

    Total Assets675.8M
    Total Liabilities—
    Equity283.8M
    Total Debt190.0M
    YOU MIGHT ALSO LIKE

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    PG
    Methodology by Pouyan Golshani, MD — founder of Gighz. Savng was built by a physician for busy professionals: every number on this page comes from SEC filings (EDGAR) and FINRA data through transparent, rules-based models — no analyst opinions, no hidden inputs. How we calculate every number →
    ⚠️ Not investment advice. Automated model outputs, last refreshed May 30, 2026 (the analysis-refresh date, not the latest filing period). All models have blind spots. Full disclaimer →
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