# Tetra Tech, Inc. (TTEK)

> Source: Nexqual · https://nexqual.com/TTEK · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Tetra Tech, Inc. (TTEK), nexqual.com/TTEK" · informational, not investment advice.

**Price:** USD 36.81 (+5.02% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 35.05 · day 35.17–36.82 · 52w 25.81–43.14 · market cap $9.42B · NMS

## Key facts
- Last four reported quarters (through Jun 28, 2026): revenue $5.07B, net income $437M (8.6% margin), free cash flow $547M (SEC filings).
- Valuation: P/E 21.6x (avg 34.6x at the last 3 fiscal year-ends), EV/EBITDA 15.3x, net debt $573M.
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $50K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.13 on a 1–5 scale) (8 analysts), mean target USD 40.17 (range 37–44).
- Total return with dividends: 1Y +9.9% vs S&P 500 +14.9%; 5Y +14.4% vs S&P 500 +80.3%.
- Next earnings: 2026-11-11, EPS estimate USD 0.47, revenue estimate $1.15B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $3.21B | $3.50B | $4.52B | $5.20B | $5.44B | $5.07B |
| Gross profit | $498M | $576M | $725M | $866M | $961M | — |
| Operating income | $279M | $340M | $358M | $501M | $408M | $612M |
| Net income | $233M | $263M | $273M | $333M | $248M | $437M |
| EPS (diluted) | $0.85 | $0.97 | $1.02 | $1.23 | $0.93 | — |
| Free cash flow | $296M | $326M | $342M | $341M | $439M | $547M |
| Gross margin | 15.5% | 16.4% | 16.0% | 16.7% | 17.7% | — |
| Operating margin | 8.7% | 9.7% | 7.9% | 9.6% | 7.5% | 12.1% |
| Net margin | 7.2% | 7.5% | 6.0% | 6.4% | 4.6% | 8.6% |
| Revenue growth | +7.3% | +9.0% | +29.1% | +15.0% | +4.7% | — |
| Cash + short-term investments | $167M | $185M | $169M | $233M | $167M | — |
| Total debt | $213M | $259M | $880M | $813M | $766M | — |
Fiscal years end Sep. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 28, 2026)
P/E 21.6x · P/S 1.9x · EV/EBITDA 15.3x · EV/Sales 2.0x · P/FCF 17.2x · P/B 5.1x · FCF yield 5.81% · Earnings yield 4.63% · Dividend yield (paid, TTM) 0.74% · Buyback yield (TTM) 2.67% · Net debt $573M · EV $10.00B
P/E at fiscal year-ends: Sep 2025 36.0x, Sep 2024 38.2x, Oct 2023 29.6x.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $50K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-05-15 | Feeler Jeffrey R | Director | 1,900 | $50K | 26.41 | Too little history (no open-market trades in 2023–2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.13 on a 1–5 scale), 8 analysts; mean target USD 40.17 (low 37, high 44).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-15 | RBC Capital | Target lowered | Outperform | $46 → $44 |
| 2026-10-15 | Keybanc | Target lowered | Overweight | $43 → $41 |
| 2026-07-22 | RBC Capital | Target lowered | Outperform | $48 → $43 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +9.9% | +14.4% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +10.0% | +2.7% |
| Volatility (annualized) | 37.0% | 31.6% |
| Max drawdown | -38.3% (Feb 2026→May 2026) | -46.2% (Oct 2024→May 2026) |

## Peers (Engineering & Construction)
IESC (IES Holdings, Inc.) USD 220.75 -6.70% · STN (Stantec Inc) USD 72.77 +3.63% · ACM (AECOM) USD 60.83 +2.25% · STRL (Sterling Infrastructure, Inc.) USD 372.83 -9.72% · ACA (Arcosa, Inc.) USD 149.15 +0.08% · DY (Dycom Industries, Inc.) USD 225.16 -5.18%

## More
Full page: https://nexqual.com/TTEK · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-28)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| CIG | $728.3M | 55.7% | +7.7% | $95.5M | 13.1% |
| GSG | $598.4M | 45.7% | -15.6% | $82.8M | 13.8% |
| Total revenue | $1.31B | 100% | — | $178.4M | 13.6% |

## Revenue by region (fiscal year ended 2025-09-28)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $3.45B | 63.3% | +7.7% |
| United Kingdom | $771.7M | 14.2% | +8.4% |
| Canada | $512.3M | 9.4% | +2.8% |
| Australia | $489.1M | 9.0% | -7.6% |
| Other Countries | $223.6M | 4.1% | -14.2% |
| Total revenue | $5.44B | 100% | — |

## Company outlook (8-K filed 2026-07-29)

- "For the fourth quarter of fiscal 2026, Tetra Tech expects net revenue 2 to range from $1.12 billion to $1.17 billion and EPS to range from $0.45 to $0.48."
- "For fiscal 2026, Tetra Tech is increasing adjusted EPS 3 guidance to range from $1.56 to $1.59."

Analysts expect $1.15B for the current quarter, +0.5% vs the guidance midpoint $1.15B. Source: https://www.sec.gov/Archives/edgar/data/831641/000110465926088213/tm2621536d1_ex99-1.htm

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.47 | $0.46 | +0.9% | $1.15B | 6 |
| Next quarter (ends 2026-12-31) | $0.38 | $0.38 | +0.0% | $1.07B | 4 |
| Current fiscal year (ends 2026-09-30) | $1.58 | $1.55 | +2.0% | $4.35B | 7 |
| Next fiscal year (ends 2027-09-30) | $1.71 | $1.71 | -0.0% | $4.47B | 7 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-11): ±11.1%; last 8 reports averaged ±7.4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 48.3% | ±11.1% |
| 2026-12-18 | 56 | 39.2% | ±12.6% |
| 2027-03-19 | 147 | 36.5% | ±18.3% |
| 2027-06-17 | 237 | 36.8% | ±23.2% |