# TETRA Technologies, Inc. (TTI)

> Source: Nexqual · https://nexqual.com/TTI · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, TETRA Technologies, Inc. (TTI), nexqual.com/TTI" · informational, not investment advice.

**Price:** USD 6.03 (+4.87% on the day) · last close of Oct 28, 2026; US market closed, not a live price. Prev close 5.75 · day 5.74–6.09 · 52w 4.87–12.54 · market cap $893M · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $642M, net income $6.2M (1.0% margin), free cash flow -$15.1M (SEC filings).
- Valuation: P/E 143.9x (avg 149.6x at the last 3 fiscal year-ends), EV/EBITDA 11.0x, net debt $35.4M.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $537K; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $282K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 1.75 on a 1–5 scale) (4 analysts), mean target USD 11.13 (range 10–12).
- Total return with dividends: 1Y -16.4% vs S&P 500 +13.6%; 5Y +86.7% vs S&P 500 +79.8%.
- Next earnings: 2026-11-02, EPS estimate USD 0.04, revenue estimate $157M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $388M | $553M | $626M | $599M | $631M | $642M |
| Gross profit | $59.2M | $121M | $154M | $140M | $156M | — |
| Operating income | — | — | $44.9M | $49.9M | $55.4M | $46.6M |
| Net income | $103M | $7.8M | $25.8M | $108M | $3.0M | $6.2M |
| EPS (diluted) | $0.82 | $0.06 | $0.20 | $0.82 | $0.02 | — |
| Free cash flow | -$15.9M | -$21.1M | $32.1M | -$24.2M | $19.5M | -$15.1M |
| Gross margin | 15.3% | 21.9% | 24.5% | 23.3% | 24.7% | — |
| Operating margin | — | — | 7.2% | 8.3% | 8.8% | 7.3% |
| Net margin | 26.6% | 1.4% | 4.1% | 18.1% | 0.5% | 1.0% |
| Revenue growth | +2.8% | +42.5% | +13.2% | -4.3% | +5.3% | — |
| Cash + short-term investments | $31.6M | $13.6M | $52.5M | $37.0M | $72.6M | — |
| Total debt | $152M | $156M | $158M | $180M | $190M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 143.9x · P/S 1.4x · EV/EBITDA 11.0x · EV/Sales 1.4x · P/B 2.2x · FCF yield -1.69% · Earnings yield 0.70% · Net debt $35.4M · EV $928M
P/E at fiscal year-ends: Dec 2025 421.4x, Dec 2024 4.4x, Dec 2023 23.0x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
1 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-07-01…2026-07-02 | Murphy Brady M | President & CEO | 50,061 | $537K | 1.7% | Yes | Too little history (no open-market trades in 2024 or 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
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.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
2 purchases, $282K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-02 | John Angela D | Director | 10,000 | $65K | 6.5 | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-09 | Hallead Kurt | VP-Treasurer & IR | 22,000 | $217K | 9.86 | Too little history (no open-market trades in 2023 or 2024) |

## Analysts
Consensus Buy (mean 1.75 on a 1–5 scale), 4 analysts; mean target USD 11.13 (low 10, high 12).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-06 | Clear Street | Upgrade | Hold → Buy | $11 |
| 2026-09-23 | Stifel | Target lowered | Buy | $13 → $12 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -16.4% | +86.7% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | -16.4% | +13.3% |
| Volatility (annualized) | 57.0% | 62.2% |
| Max drawdown | -58.2% (Feb 2026→Oct 2026) | -64.2% (Sep 2023→Apr 2025) |

## Peers (Oil & Gas Equipment & Services)
ACDC (ProFrac Holding Corp.) USD 4.99 +8.71% · FTK (Flotek Industries, Inc.) USD 26.08 +1.12% · PUMP (ProPetro Holding Corp.) USD 7.76 +2.65% · FET (Forum Energy Technologies, Inc.) USD 90.91 +1.07% · AESI (Atlas Energy Solutions Inc.) USD 9.44 +3.96% · VTOL (Bristow Group, Inc.) USD 41.44 +1.15%

## More
Full page: https://nexqual.com/TTI · 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

## Supply chain and relationships (SEC annual reports)

Named in TTI's own 10-K filed 2026-02-25 (https://www.sec.gov/Archives/edgar/data/844965/000084496526000015/tti-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | LANXESS AG (LNXSY) | "We have a long-term supply agreement with LANXESS, AG ("LANXESS") under which the Completion Fluids & Products Segment purchases its requirements of raw material bromine from LANXESS' Arkansas bromine production faciliti…" |
| Supplier | Eos Energy Enterprises, Inc. (EOSE) | "In January 2024, we entered into a preferred supply agreement through December 31, 2027 in which Eos has agreed to purchase 100% of its requirement of zinc bromide products, including TETRA PureFlow zinc bromide, and 75%…" |
| Partner | Saltwerx and Magrathea Metals | "Prior to producing magnesium, lithium and/or bromine from TETRA's brine leases, including the Evergreen Brine Unit, we must complete a lithium FEED study and a feasibility study for our lithium acreage, validate the lith…" |
| Partner | Saltwerx | "Unless and until we finalize any contractual agreements with Saltwerx, including a joint venture agreement, our relationship with Saltwerx will be governed by the Memorandum of Understanding ("MOU") and the Brine Unit Op…" |
| Partner | Maritech Resources | "While the ultimate outcome of this matter cannot be predicted, we could potentially be liable for an estimated amount in the range of $11.3 million to $27.0 million, before Maritech's proportionate share of the bond proc…" |
| Partner | STANDARD LITHIUM LTD. (SLI) | "Smackover Lithium ("SWA"), a joint venture between Standard Lithium and Equinor, an international energy company headquartered in Norway, is expected to reach first production with respect to this acreage in 2028." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Completion Fluids & Products | $113.1M | 60.9% | +3.3% | $27.6M | 24.4% |
| Water & Flowback Services | $72.5M | 39.1% | +12.6% | $4.0M | 5.5% |
| Corporate costs (not allocated) | — | — | — | -$11.4M | — |
| Total revenue | $185.7M | 100% | — | $20.1M | 10.8% |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product sales | $103.6M | 55.8% | +0.9% |
| Services | $82.0M | 44.2% | +15.3% |
| Total revenue | $185.7M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $95.0M | 51.2% | -14.6% |
| International | $90.6M | 48.8% | +44.7% |
| Total revenue | $185.7M | 100% | — |

## Company outlook (8-K filed 2026-08-04)

- "As announced, we have been awarded the three-well TETRA Neptune Z-lite project in the Gulf of America for Completion Fluids and Products, which we believe will start in 2026."
- "Overall, we expect our base business to perform in line with market expectations, while recognizing that broader global market volatility may remain and that the timing of Neptune pipeline jobs could meaningfully impact our second half 2026 results."
- "A growing pipeline of Neptune projects, expanding data center and power infrastructure development in West Texas, along with the startup of the Arkansas Bromine facility, position TETRA to accelerate progress toward its ONE TETRA 2030 objectives."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.04 | $0.06 | -33.3% | $157.1M | 3 |
| Next quarter (ends 2026-12-31) | $0.04 | $0.06 | -18.2% | $157.2M | 2 |
| Current fiscal year (ends 2026-12-31) | $0.23 | $0.26 | -9.8% | $658.0M | 2 |
| Next fiscal year (ends 2027-12-31) | $0.29 | $0.38 | -22.4% | $716.5M | 2 |

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

Expected move by 2026-11-20 (includes earnings 2026-11-02): ±16.2%; last 8 reports averaged ±8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 23 | 72.6% | ±16.2% |
| 2026-12-18 | 51 | 64.4% | ±19.1% |
| 2027-03-19 | 142 | 67.2% | ±32.8% |
| 2027-06-17 | 232 | 65.1% | ±40.2% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Aug 4, 2026 | Quarter ended Jun 30, 2026 | $0.08 | $0.08 | In line | +8.3% |
| Apr 29, 2026 | Quarter ended Mar 31, 2026 | $0.06 | $0.03 | Beat +$0.03 | -2.3% |
| Feb 25, 2026 | Quarter ended Dec 31, 2025 | $0.02 | $0.02 | In line | -19.1% |
| Oct 28, 2025 | Quarter ended Sep 30, 2025 | $0.04 | $0.04 | In line | -5.6% |
| Jul 29, 2025 | — | — | — | — | +4.0% |
| Apr 29, 2025 | — | — | — | — | +5.2% |
| Feb 25, 2025 | — | — | — | — | -5.1% |
| Oct 29, 2024 | — | — | — | — | +14.2% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-08 | 8-K | Entered a material agreement — “First Amendment to Term Loan Credit Agreement On October 2, 2026, TETRA Technologies, Inc. (the "Company") entered into the First Amendment to Credit Agreement (the "First Amendment"), by and among the Company, as borrower, the other loan parties party thereto, the lenders party thereto (the "Lenders") and Silver Point Finance, LLC, as administrative agent (in such capacity, the "Administrative Agent"), which amends the Credit Agreement, dated as of January 12, 2024 (the "Term Loan Credit Agreement") by and among…” | https://www.sec.gov/Archives/edgar/data/844965/000084496526000061/0000844965-26-000061-index.htm |
| 2026-10-06 | Schedule 13G/A | Neuberger Berman Group LLC, Neuberger Berman Investment Advisers LLC: 4.9% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/844965/000146510926000077/0001465109-26-000077-index.htm |
| 2026-08-04 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/844965/000084496526000058/0000844965-26-000058-index.htm |
| 2026-08-04 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/844965/000084496526000056/0000844965-26-000056-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.