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what it is
TETRA sells specialty well fluids, water services, and industrial chemicals to oil and gas operators around the world.
how it gets paid
Last year Tetra Technologies made -$17M in revenue.
why growth slowed
Revenue fell 22.9% last year. $0.15 matters because it shows TTI can still produce profit in a messy revenue quarter.
what just happened
Latest quarter EPS came in at $0.15, up 400% vs. prior year, while revenue was reported at -$13M.
At a glance
C++ balance sheet — some cracks in the foundation
30/100 earnings predictability — expect surprises
61.2x trailing p/e — you're paying up for this one
28.8% return on capital — every dollar works hard here
$0.86 fy2024 eps est
xvary composite: 48/100 — below average
What they do
TETRA sells specialty well fluids, water services, and industrial chemicals to oil and gas operators around the world.
This is a niche business where failure is expensive. If your well needs specialty brine fluids, the cheapest option can become the most expensive mistake. That helps a 1,400-employee company keep a place in a market where operators pay for reliability, not vibes.
How they make money
-$17M
annual revenue · revenue declined -22.9% last year
total revenue
-$17M
22.9%
The products that matter
offshore completion fluids
Completion Fluids & Products
$446M · 71% of revenue
this is the engine. it grew 8% to $446M and made record company revenue possible even while the other segment slipped.
growth driver
water handling and recycling
Water & Flowback Services
$185M · 29% of revenue
this $185M segment fell 2% as U.S. land pricing got competitive. if you want the bull case, this is the piece that needs to stop leaking.
pressure point
Key numbers
61.2x
trailing p/e
P/E → price divided by profit → so what: you are paying 61.2 years of trailing earnings for a cyclical oilfield business.
$0.86
2024 eps
EPS → profit per share → so what: the stock price assumes that 2024 profit level holds up.
28.8%
return on capital
Return on capital → profit earned on money used in the business → so what: when projects work, TTI can earn far above average returns.
$204M
long-term debt
Debt is 16% of capital, which means the balance sheet is manageable in calm markets and less fun in an oilfield slowdown.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 2 — safer than 80% of stocks
- price stability 10 / 100
- long-term debt $204M (16% of capital)
C++ — risk rank looks solid but balance sheet grade needs watching.
Total return vs. market
Return history isn't available for TTI right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Latest quarter EPS came in at $0.15, up 400% vs. prior year, while revenue was reported at -$13M.
The quarter showed a sharp profit improvement versus the prior year. The weird part is revenue data remains messy across sources, so your real debate is earnings durability, not a clean sales trend.
-$13M
revenue
$0.15
eps
+400%
vs. last year eps growth
the number that mattered
$0.15 matters because it shows TTI can still produce profit in a messy revenue quarter, and this stock needs that to justify 61.2x trailing earnings.
source: company filings and quarterly data provided
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What could go wrong
the #1 risk is competitive pricing pressure in U.S. land water services.
high
U.S. land pricing pressure
management already cited pricing pressure in U.S. land markets, and the Water & Flowback Services segment slipped 2% to $185M. this is not theoretical. it is in the current numbers.
it directly pressures 29% of company revenue
high
earnings multiple compression
the page shows a 61.2x trailing p/e in one spot and 274.0x in another. the exact number matters less than the message: the stock has very little room for an earnings stumble.
even modest disappointment would hit sentiment fast
med
oil and gas spending swings
Tetra sells into drilling and completion activity. if operators trim budgets, demand for fluids, water handling, and related services slows with them.
that risk runs through the full $631M revenue base
pricing pressure is already visible in the $185M water segment, and a thin-profit stock priced at 61.2x or 274.0x earnings does not give you much room to absorb it.
source: institutional data · regulatory filings · risk analysis
Pay attention to
next print
q1 2026 earnings report
expected around may 4, 2026. if EPS lands near the $0.04 forecast, you then need to ask whether the earnings multiple still looks sane.
segment trend
water & flowback revenue
the catch is simple: the $185M segment fell 2%. if that decline continues, Completion Fluids keeps doing all the work.
macro
oil price and rig activity
TTI sells into drilling budgets. if those budgets get cut, service demand follows. this is an operating leverage story whether you like it or not.
street view
the $11–$13 target range
Clear Street sits at $11 and Stifel at $13. same stock. same month. that tells you conviction is narrow and upside expectations are not huge.
Analyst rankings
earnings predictability
30 / 100
in human-speak, analysts do not expect smooth quarters here. this stock can beat, miss, or confuse you with equal enthusiasm.
risk rank
2
that score points to lower distress risk than the stock chart suggests. operating risk and share-price drama are not the same thing.
source: institutional data
Institutional activity
institutional ownership data for TTI is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$10
current price
n/a
target midpoint · n/a from current
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