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TETRA Technologies, Inc.
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$814M
Market Cap
468.5
P/E
2.04
PEG
2.2%
ROCE
1.6%
ROE
0.82
D/E
9.5%
OPM
-50.4%
% from 52W High
37
α RS
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🌏 Global Investor Returns
Currency-adjusted total returns for TTI including FX impact
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📈 Price History
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About

TETRA Technologies, Inc., together with its subsidiaries, operates as an energy services and solutions company. It operates through two segments, Completion Fluids & Products; and Water & Flowback Services. The Completion Fluids & Products segment manufactures and markets clear brine fluids, additives, and associated products and services to the oil and gas industry for use in well drilling, completion, and workover operations in the United States, as well as in Latin America, Europe, Asia, the Middle East, and Africa. This segment also markets liquid and dry calcium chloride products; and TETRA PureFlow ultra-pure zinc bromide to battery technology companies. Its Water & Flowback Services segment provides water management services for onshore oil and gas operators. This segment also offers frac flowback, early production facilities and services, production well testing, and other associated services in oil and gas producing regions in the United States, as well as in various basins in Latin America, Europe, and the Middle East. The company was incorporated in 1981 and is headquartered in Spring, Texas.

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⭐ Superinvestors Holding TTI
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Manager Shares Value % of Fund Period
Steve Cohen Point72 Asset Management 442.5K $3.8M 0.00% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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📊 MIXED TETRA Q1 2026: 10-year high revenue of $156M and adjusted EBITDA $26M
Revenue & Profitability
Revenue was $156M and adjusted EBITDA $26M. Completion Fluids & Products revenue of $92M increased 10% sequentially and adjusted EBITDA of $26M increased 12% sequentially. Water & Flowback revenue of $65M increased 3% sequentially. Cash was $36M, total debt $182M, net leverage 1.5x. Cash used in operating activities was $12M, total CapEx $19M (including $8.4M for Evergreen bromine plant), and adjusted free cash flow was a use of $32M. Management expects to generate positive base business free cash flow in 2026.
Outlook
Management believes geopolitical unrest in the Middle East will not materially impact TETRA's financial results, as the region historically accounts for about 5% of revenue and strength in the U.S., Europe, and Latin America will offset any reductions. At current elevated oil prices, offshore projects may be pulled forward and U.S. unconventional activity will eventually respond. The long-term outlook for deepwater is robust, and the company maintains its 2026 guidance of single-digit revenue growth over 2025.
Growth Drivers
Key growth levers include deepwater completion fluids (growing Neptune project pipeline, stronger in hotter deeper wells), industrial chemicals (record Q1 revenue up 15% year-over-year), Water & Flowback (international revenue to double in Argentina in 2026, market share gains for SandStorm technology), and battery energy storage (electrolyte revenue grew meaningfully in 2025 with record grid-scale battery additions). Produced water desalination (OASIS) and critical minerals (lithium, magnesium) are longer-term growth drivers.
Balance Sheet & CapEx
Total CapEx was $19 million in Q1 2026, including $8.4 million for the Evergreen bromine plant. The bromine plant project is on time and on budget; Phase 2 is underway, Phase 3 is slated for 2027, and first production is expected at the start of 2028. The plant will have annual capacity of up to 75 million pounds, more than double existing third-party supply. Management plans to fund the plant primarily through free cash flow and has financing options if needed.
Margins
Management's 2026 margin guidance for completion fluids is 25%-30%, and for water flowback is mid-teens. In Q1 2026, Water & Flowback adjusted EBITDA of $9 million improved 20% sequentially, driven by cost reduction initiatives and higher-margin automation technology. International production testing margins are overall accretive to the segment. The base business is expected to generate positive free cash flow despite seasonal working capital builds.
Key Risks
Key risks flagged include geopolitical unrest in the Middle East potentially causing delays in Q2 2026 completion fluid sales and logistics disruptions, although the impact is limited due to the region's small revenue contribution (about 5%). Uncertainty in oil and gas prices and customer activity levels could affect demand. The company also faces seasonal patterns (European Q2 peak) and the need to execute its bromine plant construction on schedule.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-08-04
Q2 revenue rose 19% sequentially and 7% year-over-year, with international and offshore revenues at 10-year highs. Strategic milestones included the Arkansas bromine project FID and expansion of Neptune Z-Lite fluids, while strong demand for electrolytes and desalination solutions supports a positive outlook.
Q1 2026 Q1 2026 2026-04-30
Q1 delivered 10-year highs in revenue and adjusted EBITDA, driven by strong industrial chemicals and production testing segments. Strategic projects in bromine, lithium, and magnesium are progressing, with robust guidance and positive cash flow outlook for 2026.
Q4 2025 Q4 2025 2026-02-26
Record 2025 results driven by strong completion fluids, West Memphis, and calcium chloride businesses, with robust free cash flow and improved margins. Strategic projects in bromine, desalination, and Argentina set up for growth, despite near-term margin pressures from higher bromine costs.
Q3 2025 Q3 2025 2025-10-29
Q3 saw record nine-month revenue and EBITDA, driven by chemicals and deepwater fluids. Guidance for 2025 EBITDA was raised, with Argentina and Eos Energy as key growth drivers. The bromine plant and desalination projects are on track, and the industrial calcium chloride business continues to outperform.
Q2 2025 Q2 2025 2025-07-30
Record Q2 results driven by deepwater activity and strong industrial chemicals, with adjusted EBITDA and free cash flow exceeding expectations. Strategic investments in bromine and desalination projects position for future growth, while guidance remains strong despite U.S. land activity declines.
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📊 Analysis Methodology

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Information Sources:
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