Profitable, but burning cash. Reports a profit, but free cash flow is negative.
TETRA Technologies reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.
Shareholders being diluted. Shares outstanding up 15% from December 2022 to July 2026.
TETRA Technologies had 15% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.TETRA Technologies had 15% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Investment surge. Capital spending 13% of revenue, up from 7.2% in 2022.
TETRA Technologies is spending 13% of revenue on facilities and equipment, up from 7.2% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.
Profit recovered from an unusually weak 2022.Since 2022 (an unusually weak year for operating profit): revenue +14%, operating profit +727%.Since 2022: revenue +14%, operating profit +727%.
Since 2022, TETRA Technologies's revenue grew 14% while operating profit grew 727%: each extra dollar of sales is adding more profit.
Valuation also moves with the share price every day.
Why it changed since the Oct 27, 2026 close: Score 20 → 18
Share price +3.5%-1
Peer companies moved-1
Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.
Sector-normalized EBITDA, earnings, and free cash flow yields.
Earnings yield0.7%
SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score -1.29Sector median: 0.0522 · MAD: 0.0351
EBITDA yield9.2%
SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.56Sector median: 0.1209 · MAD: 0.0518
Free cash flow yield-1.7%
SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.26Sector median: 0.0618 · MAD: 0.0491
Why it changed since the Oct 27, 2026 close: Safety percentile 47 → 48
Peer companies moved+1
Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.
Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.
Questions investors ask about TETRA Technologies
Is TETRA Technologies getting weaker?
Its latest SEC filing (Aug 4, 2026) got weaker in some ways: share count up 9.4%; free cash flow turned negative over the last 12 months. Its overall score is unchanged at 31/100 since Oct 28, 2026.
How is TETRA Technologies valued vs its peers?
Priced higher than most peers relative to what it earns. Valuation scores 18/100 against 404 energy peers.Free cash flow yield -1.7% vs a peer median of 6.2% (weaker than 100% of peers).Free cash flow yield -1.7% vs peers 6.2% (weaker than 100% of peers).
Is TETRA Technologies growing?
More slowly than most of its peers. Growth scores 32/100 against 404 energy peers.3-year revenue growth 2.0% vs a peer median of -1.3% (stronger than 62% of peers).3-year revenue growth 2.0% vs peers -1.3% (stronger than 62% of peers).Earnings per share growth -95.1% vs a peer median of 1.1% (weaker than 100% of peers).Earnings per share growth -95.1% vs peers 1.1% (weaker than 100% of peers).
How profitable is TETRA Technologies?
Less profitable than most of its peers. Profitability scores 27/100 against 404 energy peers.Return on assets 0.8% vs a peer median of 4.4% (weaker than 81% of peers).Return on assets 0.8% vs peers 4.4% (weaker than 81% of peers).
How risky is TETRA Technologies?
Moderate risk relative to 404 energy peers, judged on debt, liquidity and share-price swings.Current ratio 2.46× vs a peer median of 1.37× (stronger than 82% of peers).Current ratio 2.46× vs peers 1.37× (stronger than 82% of peers).Beta 1.24 vs a peer median of 0.57 (weaker than 92% of peers).Beta 1.24 vs peers 0.57 (weaker than 92% of peers). A relative measure, not a bankruptcy probability.
Latest filing: what changed
Quarter ended Jun 30, 2026 · filed Aug 4, 2026 · compared with the quarter ended Mar 31, 2026
Got weaker
Share count up 9.4% (existing holders diluted)
Free cash flow turned negative over the last 12 months
Previous quarter
Latest quarter
Change
Revenue (12 months)
630.0M USD
641.8M USD
+1.9%
Net income (12 months)
7.3M USD
6.2M USD
−14.7%
Operating margin
7.8%
7.3%
−0.6 pts
Free cash flow (12 months)
2.7M USD
−15.1M USD
turned negative
Debt
190.0M USD
190.0M USD
0.0%
Cash
35.5M USD
154.6M USD
+335.8%
Shares outstanding
135.4M
148.1M
+9.4%
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.
Industry valuation context
Sector: Energy · 117 companies
Valuations in Energy are above their usual range since 2016.
71% of months since 2016 were valued lower than now.
41% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +37% and earnings +10% (medians): prices rose faster than earnings.
Median price-to-sales is −30% vs the whole market, against a usual −35%.
2016Shaded: most expensive fifth of its range2026
Shown for Energy: too few Oil & Gas Equipment & Services companies have a long enough history of their own.
This is a cyclical group: after a downturn, trailing earnings and sales fall faster than prices, which can make valuations look high near a cycle's low.
Describes valuations since 2016; it does not predict prices. US companies worth $1B+, from SEC filings and month-end prices, as of Aug 2026. Today's companies and industry labels are used throughout. Measured on earnings, EBITDA, sales and free cash flow yields. How this works
Financials
Fiscal years from SEC annual filings · change vs the prior year
Key ratios
FY 2021
FY 2022
FY 2023
FY 2024
FY 2025
Change
Gross margin
15.3%
21.9%
24.5%
23.3%
24.7%
▲ 1.4 pts
Operating margin
-8.3%
1.2%
7.2%
8.3%
8.8%
▲ 0.5 pts
Net margin
26.6%
1.4%
4.1%
18.1%
0.5%
▼ 18 pts
Return on assets (ROA)
25.9%
1.8%
5.4%
17.9%
0.4%
▼ 17 pts
Return on equity (ROE)
103.6%
7.3%
17.4%
42.5%
1.1%
▼ 41 pts
Free cash flow margin
-4.1%
-3.8%
5.1%
-4.0%
3.1%
▲ 7.1 pts
Current ratio
2.17×
1.92×
2.24×
2.19×
2.02×
▼ 7.4%
Quick ratio
1.45×
1.34×
1.47×
1.36×
1.28×
▼ 5.7%
Debt to equity
1.52×
1.45×
1.06×
0.75×
0.67×
▼ 10%
Interest coverage
-1.94×
0.40×
1.96×
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TTI price history
Price history is added with the daily price update and will appear after the next one.