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TTI

TETRA Technologies, Inc.

TTI

TETRA Technologies, Inc. • NYSE
$7.78 ▼ -0.58% (-0.04)
Market Cap $1.04 B
52w High $8.35
52w Low $2.03
Dividend Yield 0%
P/E 8.45
Volume 844.24K
Outstanding Shares 133.75M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $153.239M ▼ $25.24M ▼ $4.151M ▼ 2.709% ▼ $0.031 ▼ $22.044M ▼
Q2-2025 $173.872M ▲ $25.259M ▲ $11.305M ▲ 6.502% ▲ $0.085 ▲ $32.819M ▲
Q1-2025 $157.14M ▲ $24.134M ▲ $4.049M ▼ 2.577% ▼ $0.031 ▼ $18.961M ▼
Q4-2024 $134.504M ▼ $23.128M ▲ $102.724M ▲ 76.372% ▲ $0.779 ▲ $21.978M ▲
Q3-2024 $141.7M $22.406M $-2.998M -2.116% $-0.023 $21.509M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $67.198M ▼ $655.174M ▲ $359.749M ▲ $296.686M ▲
Q2-2025 $68.801M ▲ $645.576M ▲ $355.958M ▲ $290.879M ▲
Q1-2025 $41.05M ▲ $614.085M ▼ $342.342M ▼ $273.004M ▲
Q4-2024 $37.208M ▼ $718.583M ▲ $465.276M ▲ $254.568M ▲
Q3-2024 $49.013M $501.157M $345.745M $156.672M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $4.151M ▼ $16.366M ▼ $-15.747M ▲ $-1.967M ▲ $-1.603M ▼ $627K ▼
Q2-2025 $11.305M ▲ $48.333M ▲ $-19.62M ▼ $-2.495M ▼ $27.751M ▲ $28.846M ▲
Q1-2025 $4.049M ▼ $3.935M ▼ $1.345M ▲ $-2.089M ▼ $3.842M ▲ $-14.021M ▼
Q4-2024 $102.234M ▲ $5.635M ▼ $-14.615M ▼ $-1.129M ▼ $-11.805M ▼ $-9.253M ▼
Q3-2024 $2.832M $19.87M $-13.403M $-980K $6.261M $5.297M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product
Product
 $70.00M ▲$90.00M ▲$100.00M ▲$90.00M ▼
Service
Service
 $70.00M ▲$70.00M ▲$70.00M ▲$70.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has trended steadily upward over the last several years, moving from a low base during the downturn to noticeably higher levels today. Profitability has improved even more sharply: the company has shifted from losses to consistent operating profits, and most recently to a solid net profit with much stronger earnings per share. Margins in both gross profit and operating income have widened, suggesting better pricing, improved mix of higher‑value services and products, and tighter cost control. Overall, the income statement shows a business that has moved from recovery mode into a more firmly profitable phase, although it is still relatively small in scale and likely sensitive to industry cycles.

Balance Sheet

Balance Sheet The balance sheet has strengthened meaningfully. Total assets have grown, and shareholder equity has moved from slightly negative to clearly positive, which is a key sign of repair and rebuilding after past stress. Debt has come down modestly in relation to the size of the business and now looks more manageable given current profitability, though leverage is still an important risk to watch. Cash on hand is modest, so the company does not appear cash‑rich, but the overall capital structure is much healthier than a few years ago, giving it more flexibility to pursue growth initiatives and weather volatility in the energy market.

Cash Flow

Cash Flow Cash generation from day‑to‑day operations has been consistently positive in recent years, which supports the quality of reported earnings. However, free cash flow has bounced between positive and negative as the company has increased its investment in capital projects. Recently, higher spending on growth and strategic assets has pushed free cash flow slightly negative, indicating that the company is prioritizing reinvestment over near‑term cash accumulation. This pattern is typical for a business trying to scale new opportunities, but it does mean less near‑term cushion and a greater need for continued discipline and stable operations.

Competitive Edge

Competitive Edge Within oil and gas services, TETRA focuses on specialized niches rather than trying to match the broad offerings of the largest service companies. Its strengths lie in advanced completion fluids for demanding offshore and deepwater wells, and in integrated water and flowback management for shale operations. The company has built a moat around proprietary chemistry, patented fluid systems, and automation software for water handling. Vertical integration into bromine supply strengthens its cost control and reliability versus peers that rely on third‑party raw materials. While it competes against far larger firms, TETRA’s narrower, technology‑heavy focus and strong relationships with major operators help it hold defensible positions in these higher‑value segments.

Innovation and R&D

Innovation and R&D Innovation is a central part of TETRA’s strategy. It has developed branded, environmentally friendlier completion fluids that replace more hazardous legacy products in deepwater and high‑pressure wells, which both meets regulatory needs and solves complex technical problems for customers. Its water management platform combines hardware and software to automate treatment, transfer, and recycling, lowering costs and improving safety on site. Importantly, the company is extending its chemistry and brine expertise into emerging areas like long‑duration energy storage, using ultra‑pure zinc bromide as a battery electrolyte, and exploring opportunities in lithium and bromine extraction from brine resources. These efforts position TETRA as a technology bridge between traditional oilfield services and the broader energy transition.

Summary

TETRA Technologies today looks like a much more resilient and forward‑looking company than it was several years ago. Financial performance has improved from losses to consistent profitability, with a stronger equity base and healthier leverage, though cash remains tight and free cash flow is being consciously sacrificed to fund growth projects. Competitively, the company is not trying to be the biggest oilfield service provider; instead, it is carving out leadership in specialized, chemistry‑driven fluids and integrated water solutions where its patents, know‑how, and vertical integration matter most. Its innovation pipeline—especially in energy storage materials and water reuse—creates meaningful upside potential but also adds execution and commercialization risk. Overall, TETRA sits at the intersection of conventional oil and gas activity and emerging clean‑energy and water‑management needs, with improving fundamentals but continued sensitivity to project execution and industry cycles.

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