TETRA TECHNOLOGIES INC TTI
The financial statements presented in this Annual Report are the consolidated financial statements of TETRA Technologies, Inc., a Delaware corporation and its subsidiaries. When the terms "TETRA," "the Company," "we," "us," or "our" are used in this document, those terms refer to TETRA Technologies, Inc. and its consolidated subsidiaries.
Our Corporate Governance Guidelines, Code of Business Conduct, Code of Ethics for Senior Financial Officers, Policy on Trading in Company Securities, Audit Committee Charter, Human Capital Management and Compensation Committee Charter, and Nominating, Governance and Sustainability Committee Charter, as well as our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, and all amendments to those reports are all available, free of charge, on our website at www.onetetra.com as soon as practicable after we file the reports with the SEC. Information contained on or connected to our website is not, and shall not be deemed to be, a part of this Annual Report on Form 10-K or incorporated into any other filings with the SEC. The documents referenced above are available in print at no cost to any stockholder who requests them from our Corporate Secretary.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $630.9M | $599.1M | $626.3M | $553.2M | $388.3M | $377.7M | $561.2M | $560.1M | $723.1M | $617.4M |
| Cost of revenue | $433.7M | $423.4M | $438.2M | $400.2M | — | — | $946.1M | $836.5M | $614.7M | $556.6M |
| Gross profit | $155.9M | $139.9M | $153.6M | $121.1M | $59.2M | $67.5M | $11.8M | $103.3M | $108.4M | $60.8M |
| SG&A | $100.6M | $90.0M | $96.6M | $91.9M | $75.0M | $76.7M | $96.5M | $92.9M | $115.4M | $108.4M |
| Total operating expenses | $475.0M | $459.3M | $472.6M | $432.1M | $329.0M | $310.2M | $549.4M | $456.8M | — | — |
| Operating income | $55.4M | $49.9M | $44.9M | — | — | — | — | — | — | — |
| Interest expense | $17.3M | $22.5M | $22.3M | $15.8M | $16.6M | $19.3M | $21.8M | $19.7M | $58.0M | $58.6M |
| Pre-tax income | $26.5M | $28.7M | $31.7M | $11.2M | -$14.7M | -$25.1M | -$128.1M | -$2.6M | -$44.0M | -$223.2M |
| Income tax | $22.3M | $84.9M | $6.2M | $3.6M | $2.1M | $1.8M | $2.8M | $3.7M | $751.0K | $2.2M |
| Net income | $3.0M | $108.3M | $25.8M | $7.8M | $103.3M | -$51.1M | -$147.4M | -$61.6M | -$39.0M | -$161.5M |
| EPS, basic | 0.02 | 0.83 | 0.20 | 0.06 | 0.82 | -0.41 | -1.17 | -0.50 | -0.34 | -1.85 |
| EPS, diluted | 0.02 | 0.82 | 0.20 | 0.06 | 0.82 | -0.41 | -1.17 | -0.50 | -0.34 | -1.85 |
| Shares, diluted (wtd. avg.) | $135.2M | $132.2M | $131.2M | $129.8M | $126.6M | $125.8M | $125.6M | $124.1M | $114.5M | $87.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $72.6M | $37.0M | $52.5M | $13.6M | $31.6M | $83.9M | $17.8M | $40.1M | $26.4M | $29.9M |
| Receivables | $99.6M | $104.8M | $111.8M | $129.6M | $91.2M | $64.1M | $111.2M | $187.6M | $144.1M | $114.3M |
| Inventory | $115.7M | $101.7M | $96.5M | $72.1M | $69.1M | $76.7M | $80.5M | $143.6M | $115.4M | $106.5M |
| Total current assets | $316.7M | $269.6M | $282.0M | $238.4M | $210.4M | $931.5M | $351.4M | $400.7M | $338.4M | $275.8M |
| Property, plant and equipment | $194.2M | $142.2M | $107.7M | $101.6M | $89.0M | $96.9M | $116.3M | $853.9M | $809.4M | $945.5M |
| Goodwill | — | — | — | — | — | — | $0 | $25.9M | $6.6M | $6.6M |
| Other intangibles | $21.5M | $24.9M | $29.1M | $33.0M | $37.0M | $41.5M | $46.2M | $82.2M | $47.4M | $67.7M |
| Total assets | $675.8M | $605.2M | $479.0M | $434.4M | $398.3M | $1.13B | $1.27B | $1.39B | $1.31B | $1.32B |
| Short-term debt | — | — | — | — | — | — | — | — | — | $30.0K |
| Total current liabilities | $156.5M | $123.3M | $126.0M | $124.3M | $97.1M | $798.1M | $188.7M | $200.4M | $173.7M | $116.9M |
| Long-term debt | $181.4M | $179.7M | $157.5M | $156.5M | $151.9M | $199.9M | $204.6M | $815.6M | $629.9M | $623.7M |
| Retained earnings | -$165.4M | -$168.4M | -$276.7M | -$302.5M | -$310.3M | -$413.7M | -$362.5M | -$218.0M | -$156.3M | -$117.3M |
| Total equity | $283.8M | $254.6M | $147.3M | $106.4M | $98.6M | $71.1M | $162.8M | $312.7M | $352.6M | $400.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $100.4M | $36.5M | $70.2M | $19.0M | $4.7M | $76.9M | $90.2M | $46.6M | $64.6M | $55.7M |
| Depreciation and amortisation | $37.1M | $35.7M | $34.3M | $32.8M | $33.5M | $118.7M | $124.3M | $117.0M | $116.2M | $129.6M |
| Stock-based compensation | $7.1M | $6.6M | $10.6M | $6.9M | $4.7M | $6.6M | $8.1M | $7.4M | $7.7M | $13.7M |
| Capital expenditure | $80.8M | $60.7M | $38.2M | $40.1M | $20.5M | $29.4M | $108.3M | $141.9M | $51.9M | $21.1M |
| Investing cash flow | -$61.4M | -$59.1M | -$27.0M | -$36.5M | -$5.2M | $6.0M | -$106.4M | -$188.6M | -$47.9M | -$14.3M |
| Financing cash flow | -$5.4M | $8.9M | -$4.7M | $40.0K | -$50.1M | -$17.6M | -$5.9M | $155.0M | -$21.3M | -$32.6M |
| Buybacks | — | — | — | — | $473.0K | $320.0K | $214.0K | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000844965-26-000026.
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| DVN | DEVON ENERGY CORP/DE | $52.87B | 11.5x | 5.4% |
| EQT | EQT Corp | $34.51B | 16.7x | 63.9% |
| EXE | EXPAND ENERGY Corp | $23.42B | 12.9x | 186.3% |
| PR | Permian Resources Corp | $19.57B | 18.2x | 1.3% |
| OVV | Ovintiv Inc. | $17.84B | 13.5x | -3.1% |