TETRA Technologies, Inc.
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Range $9 – $12
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About the company
TETRA Technologies, Inc. (TTI) is a diversified enterprise that delivers a range of services to the oil and gas industry. The company organizes its operations into two primary divisions: Completion Fluids & Products, and Water & Flowback Services.
- CEO
- Brady Murphy
- IPO
- 1990
- Employees
- 1,400
- HQ
- Spring, TX, US
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- Market Cap
- $881.59M
- P/E
- 113.77
- Fwd P/E
- 24.31
- PEG
- -1.21
- P/S
- 1.37
- P/B
- 2.06
- EV/EBITDA
- 11.61
- Div Yield
- 0.00%
- Gross Margin
- 23.73%
- Op Margin
- 7.81%
- Net Margin
- 0.97%
- ROE
- 1.95%
- ROIC
- 1.93%
Latest fiscal year · YoY change
- Revenue
- $630.93M+5.3%
- Gross Profit
- $160.11M+14.4%
- Op Income
- $59.55M
- Net Income
- $3.00M-97.2%
- EPS
- $0.02-97.2%
- OCF Growth
- +174.8%
- FCF Growth
- +180.9%
- 52W High
- $12.54
- 52W Low
- $5.40
- 50D MA
- $7.13
- 200D MA
- $9.12
- Beta
- 1.24
- RSI (14)
- 37
- Avg Volume
- 1.82M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
TETRA reported a strong second quarter with record-leaning offshore and international results, while advancing key strategic projects in bromine, deepwater fluids, and produced-water desalination.· August 4, 2026
- Revenue rose 19% sequentially and 7% year over year to $185.7 million; adjusted EBITDA was $31.9 million and income from continuing operations was $10.2 million.
- Completion Fluids & Products revenue was $113.1 million with adjusted EBITDA margin of 26.4%; Water & Flowback revenue was $72.5 million with adjusted EBITDA margin of 14.8%.
- International and global offshore revenue reached 10-year second-quarter and first-half highs, despite delays tied to Middle East conflict.
- The board approved final investment decision for the Arkansas bromine project; about $108 million of equity proceeds will fund part of the cost, with startup planned for early 2028.
- Management highlighted new TETRA Neptune Z-Lite wins, growing TETRA Oasis engagement including hyperscaler discussions, and continued momentum in Argentina and electrolyte sales.
Second-quarter revenue was $185.7 million, up from $156.3 million in Q1 2026 and $173.9 million in Q2 2025. Adjusted EBITDA was $31.9 million, versus $25.6 million in Q1 2026 and $36.2 million in Q2 2025; adjusted EBITDA margin was 17.2%, versus 16.4% in Q1 2026 and 20.8% in Q2 2025. Income from continuing operations was $10.2 million, compared with $8.3 million in Q1 and $11.3 million in Q2 2025. Completion Fluids & Products revenue was $113.1 million, adjusted EBITDA was $29.9 million, and adjusted EBITDA margin was 26.4%. Water & Flowback Services revenue was $72.5 million, adjusted EBITDA was $10.8 million, and adjusted EBITDA margin was 14.8%. Cash generated by operating activities was $34.4 million; total capital expenditures were $23.3 million; base business adjusted free cash flow was $22.8 million; total adjusted free cash flow was $9.9 million. The company ended the quarter with cash and cash equivalents of $154.6 million, total debt of $183.3 million, net debt of $28.7 million, and net leverage of 0.4x. Management said the base business should perform in line with market expectations for the rest of 2026, while recognizing Middle East conflict-related uncertainty and the timing of Neptune jobs could materially affect second-half results. Longer term, the company expects growth from deepwater completion activity, long-duration energy storage electrolytes, and Oasis TDS commercialization. The Arkansas bromine plant is scheduled for completion in Q4 2027 and startup in early 2028, and management said it will materially improve supply and cost economics.
Brady Murphy framed the quarter as one of the strongest second-quarter and first-half periods in the past decade, driven by deepwater market share, international growth, and strategic execution. He emphasized several milestones: the launch of Neptune Z-Lite, the Arkansas bromine FID, and progress on Oasis TDS, including larger project concepts and expanding customer interest. His tone was upbeat but measured, with repeated comments that the business is positioned for TETRA’s 2030 targets while acknowledging Middle East uncertainty and timing variability in Neptune work.
Matt Sanderson focused on the financial build, noting $185.7 million of revenue, $31.9 million of adjusted EBITDA, and $10.2 million of income from continuing operations. He highlighted segment margins of 26.4% in Completion Fluids & Products and 14.8% in Water & Flowback, plus operating cash flow of $34.4 million and base business adjusted free cash flow of $22.8 million. On the balance sheet, he cited $154.6 million of cash, $183.3 million of debt, $28.7 million of net debt, and 0.4x net leverage after the roughly $108 million equity offering used to fund part of the Arkansas bromine project.
Analysts pressed on what management includes in “base business,” and Brady clarified it covers ongoing completion fluids, Water & Flowback, and electrolyte sales, but not Neptune-style jobs today. Questions also focused on deepwater timing, with management saying Gulf of America activity was more drilling than completion this year and that a reversal in the cycle is expected in 2027, with the longer-term deepwater CAGR target of 8% still intact and potentially beatable. On Oasis, management said confidence is rising due to stronger customer engagements, including a hyperscaler meeting, but the main gating issue is permitting through the TCEQ and EPA; on Middle East exposure, management said the timing of normalization is unknown, but deepwater and U.S./Argentina unconventional markets should benefit in the meantime.
The bull case from this call is that TETRA is seeing broad operating momentum across deepwater, Argentina, electrolytes, and water services, with international and offshore revenue at 10-year second-quarter highs. Management also sounded confident that Neptune Z-Lite broadens the addressable market for deepwater fluids, while Oasis could scale into much larger projects if permitting clears. The Arkansas bromine project and broader critical minerals portfolio add longer-term strategic optionality and supply-chain control.
The main risks discussed were Middle East conflict-related disruptions, which have already delayed some fluid sales and create unpredictability for the second half of 2026. Management also said second-half results could swing materially based on Neptune job timing, and Oasis remains contingent on permitting, which Brady called a potential gating item. Completion Fluids margins were down year over year, and the company still faces at least one more year of bridging costs before the Arkansas bromine plant comes online.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 93.9%
- Shares Outstanding
- 146.20M
- Float Shares
- 137.21M
of shares held by institutions
245 13F filers
Buy/sell ratio 0.50. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Blackrock, Inc. | 12.22M | ▲ 612.88K |
| Neuberger Berman Group LLC | 8.67M | ▲ 505.73K |
| Vanguard Group Inc | 8.32M | ▼ 138.86K |
| Vanguard Capital Management LLC | 6.12M | ▲ 693.77K |
| Ameriprise Financial Inc | 6.07M | ▲ 549.68K |
| Needham Investment Management LLC | 5.65M | ▲ 2.28M |
| Cramer Rosenthal Mcglynn LLC | 5.07M | ▲ 3.31M |
| American Century Companies Inc | 4.53M | ▲ 174.10K |
| Driehaus Capital Management LLC | 4.37M | ▲ 782.82K |
| State Street Corp | 3.96M | ▼ 212.90K |
| Vaughan Nelson Investment Management, L.P. | 3.88M | ▲ 1.14M |
| Broad Bay Capital Management, LP | 3.50M | ▲ 3.50M |
Held by 235 ETFs
Biggest fund positions in TTI by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Oct 4, 26 | Moeller Timothy C | other | 25,000 |
| Oct 4, 26 | Moeller Timothy C | other | 9,838 |
| Oct 4, 26 | Moeller Timothy C | other | 25,000 |
| Sep 29, 26 | Kokenes Kathrine | other | 9,881 |
| Sep 29, 26 | Kokenes Kathrine | other | 9,881 |
| Sep 29, 26 | Kokenes Kathrine | other | 3,691 |
| Sep 2, 26 | John Angela D | buy | 10,000 |
| Aug 25, 26 | Moeller Timothy C | other | 13,599 |
| Aug 25, 26 | Moeller Timothy C | other | 5,352 |
| Aug 25, 26 | Moeller Timothy C | other | 13,612 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our TTI coverage
Recent articles, reports, and earnings notes.
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