olivLaw · US equity research
Onterris, Inc. ONT
Services-Management Consulting Services · SIC 8742 · Vertical: Services-Management Consulting Services (SIC 8742)
Onterris is an environmental services company offering consulting, laboratory testing, emergency response and contamination treatment to private and public clients in North America and other markets. The company is now revising its 2026 outlook after a period of low environmental emergency response activity, with fiscal 2025 revenue of 830.5 mn USD.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, Onterris, Inc. (ONT) stock was 19.42 USD (+20.40% on the day), with market capitalisation 682.6 m USD, dividend yield 0.00%, beta 1.07, 52-week range 12.71–29.22 USD. Latest reported quarter (Q3 2026): revenue of 203.0 m USD (−9.7% YoY), net income of 9.0 m USD (+7.3% YoY), diluted EPS 0.24 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 77.1
- overbought (≥ 70)
- Bollinger (20, 2)
- 12.02 – 17.36
- above the upper band · %B 1.38 · band width 36.4%
- SMA 50 / 200
- 15.64 / 19.24
- mixed trend
- MACD (12, 26, 9)
- 0.46 / -0.06
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +33.7% | −5.9% | +39.7 pp | — |
| 3 months | +28.7% | −4.6% | +33.3 pp | — |
| 6 months | +11.3% | +0.2% | +11.1 pp | — |
| Year to date | −21.8% | +7.4% | −29.2 pp | — |
| 1 year | −25.2% | +8.2% | −33.4 pp | −19.2% |
| 3 years | −21.2% | +68.4% | −89.6 pp | −25.0% |
| 5 years | −73.5% | +56.5% | −130.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 189.1 m | 177.8 m | 234.5 m | 224.9 m | 193.3 m | 168.5 m | 186.7 m | 203.0 m |
| Cost of revenue | 112.0 m | 108.4 m | 132.8 m | 136.3 m | 118.7 m | 101.5 m | 104.4 m | 114.8 m |
| SG&A | 84.4 m | 66.2 m | 73.7 m | 65.7 m | 65.2 m | 61.3 m | 63.0 m | 63.4 m |
| Operating income | -22.8 m | -10.6 m | 14.9 m | 9.9 m | -2.6 m | -6.1 m | 6.5 m | 12.3 m |
| Depreciation & amortisation | 15.4 m | 13.3 m | 12.8 m | 13.0 m | 11.9 m | 12.6 m | 12.7 m | 12.6 m |
| Pre-tax income | -24.7 m | -16.5 m | 19.3 m | 15.7 m | -7.3 m | -10.4 m | 1.7 m | 11.3 m |
| Income tax | 3.5 m | 2.9 m | 988.0 k | 7.3 m | 924.0 k | 2.3 m | 346.0 k | 2.3 m |
| Net income | -28.2 m | -19.4 m | 18.4 m | 8.4 m | -8.2 m | -12.7 m | 1.4 m | 9.0 m |
| Diluted EPS | -0.82 ≈ | -0.64 | 0.42 | 0.21 | -0.37 ≈ | -0.35 | 0.04 | 0.24 |
| Operating cash flow | 32.0 m | 5.5 m | 21.9 m ≈ | 28.2 m ≈ | 51.9 m | -11.6 m | 6.2 m ≈ | 40.9 m ≈ |
| Capex | 2.2 m | 3.2 m | 2.0 m ≈ | 5.8 m ≈ | 5.4 m | 5.7 m | 5.7 m ≈ | 879.0 k ≈ |
| Dividends paid | 2.8 m | 2.8 m | 0 ≈ | 1.4 m ≈ | 0 | 0 | 0 ≈ | 0 ≈ |
| Share repurchases | — | — | — | 0 ≈ | — | 10.0 m | 20.0 m ≈ | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 188.8 m | 233.9 m | 328.2 m | 546.4 m | 544.4 m | 624.2 m | 696.4 m | 830.5 m |
| Revenue YoY | unavailable | +23.9% | +40.4% | +66.5% | −0.4% | +14.7% | +11.6% | +19.3% |
| Net income | -16.5 m | -23.6 m | -57.9 m | -25.3 m | -31.8 m | -30.9 m | -62.3 m | -843.0 k |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | -6.48 | -1.56 | -1.62 | -1.57 | -2.22 | -0.14 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -8.7% | -10.1% | -17.7% | -4.6% | -5.8% | -4.9% | -8.9% | -0.1% |
| Free cash flow | -6.6 m | 12.4 m | -5.9 m | 30.7 m | 11.1 m | 26.4 m | 902.0 k | 91.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 11.2 m USD
- Financial debt
- 288.3 m USD
- Net debt
- 277.1 m USD
- Equity
- 451.2 m USD
- Total assets
- 981.3 m USD
- Debt / equity
- 0.64x
- Current ratio
- 1.43x
- ROE
- -0.2%
- ROA
- -0.1%
- FCF margin
- 11.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 328.2 m | 546.4 m | 544.4 m | 624.2 m | 696.4 m | 830.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | 215.5 m | 369.0 m | 351.9 m | 383.9 m | 418.2 m | 496.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | 112.8 m ≈ | 177.4 m ≈ | 192.5 m ≈ | 240.3 m ≈ | 278.2 m ≈ | 334.3 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| SG&A | 85.5 m | 117.7 m | 176.3 m | 222.9 m | 261.6 m | 270.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | -23.0 m | -9.5 m | -28.0 m | -28.4 m | -36.7 m | 11.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 37.3 m | 44.8 m | 47.5 m | 45.8 m | 52.8 m | 50.9 m | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | 14.3 m ≈ | 35.4 m ≈ | 19.5 m ≈ | 17.4 m ≈ | 16.0 m ≈ | 62.6 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Pre-tax income | -57.1 m | -23.6 m | -29.6 m | -31.8 m | -54.3 m | 11.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 851.0 k | 1.7 m | 2.3 m | -980.0 k | 8.0 m | 12.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | -57.9 m | -25.3 m | -31.8 m | -30.9 m | -62.3 m | -843.0 k | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | -6.48 | -1.56 | -1.62 | -1.57 | -2.22 | -0.14 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 16.5 m | 26.7 m | 29.7 m | 30.1 m | 33.1 m | 35.1 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 34.4 m | 146.3 m | 89.8 m | 23.2 m | 12.9 m | 11.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | 54.1 m | 98.5 m | 94.7 m | 112.4 m | 158.9 m | 155.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 134.3 m | 293.9 m | 247.9 m | 200.9 m | 238.0 m | 240.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 34.4 m | 31.5 m | 36.0 m | 56.8 m | 63.8 m | 63.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Goodwill | 274.7 m | 311.9 m | 323.9 m | 364.4 m | 467.8 m | 466.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Intangibles (excl. goodwill) | 154.9 m | 161.0 m | 142.1 m | 140.8 m | 152.8 m | 126.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 602.7 m | 833.1 m | 791.9 m | 816.8 m | 990.4 m | 981.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 15.5 m | 24.2 m | 25.4 m | 31.1 m | 33.4 m | 34.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Short-term debt | 5.6 m | 10.9 m | 12.0 m | 14.2 m | 17.9 m | 11.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Long-term debt | 170.3 m | 161.8 m | 152.5 m | 149.0 m | 204.8 m | 277.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 111.5 m | 147.7 m | 111.4 m | 126.3 m | 158.7 m | 168.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 312.7 m | 363.7 m | 325.8 m | 342.6 m | 451.2 m | 530.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 137.1 m † | 316.5 m † | 313.2 m † | 321.3 m † | 446.3 m † | 451.2 m † | SEC (XBRL)· 26 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.9 m | 37.6 m | 20.6 m | 56.0 m | 22.2 m | 107.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 7.8 m | 6.9 m | 9.6 m | 29.6 m | 21.3 m | 16.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | -5.9 m ≈ | 30.7 m ≈ | 11.1 m ≈ | 26.4 m ≈ | 902.0 k ≈ | 91.2 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -179.7 m | -71.6 m | -38.7 m | -101.6 m | -138.0 m | -15.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | 205.9 m | 146.1 m | -38.8 m | -20.1 m | 106.0 m | -93.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividends paid | 7.0 m | 16.4 m | 16.4 m | 16.4 m | 11.1 m | 4.2 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 50 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 682.6 m USD
Key indicators
Coverage and freshness
Score by group
- Returns40
- Growth100
- Balance sheet26
- Valuation60
- Quality44
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 11.65 – 17.58 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDA11.65 – 17.58 (Mid 14.87)10 companies used · median multiple 13.8x · quartiles 11.9x – 15.4xACCS, ASTH, BAH, BWMN, FCN, HCKT, HURN, ICFI, III, TSSI
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 50/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 1.1% | 44 (vs peers) | 15% |
| Net margin · Quality | -1.4% | 42 (vs peers) | 9% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 15.1% | 100 (on a fixed band) | 12% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 5.0x | 0 (vs peers) | 15% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.9x | 90 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | 16.4x | 27 (vs peers) | 15% |
| FCF yield · Valuation | 10.2% | 100 (on a fixed band) | 12% |
| Shareholder yield (distributions) · Returns | 0.0% | 0 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | 0.0% | 100 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet26/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality44/100 · 2/3 factors with a value
- Returns40/100 · 2/2 factors with a value
- Valuation60/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Onterris, Inc. (ONT). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 830.5 m USD in 2025; YoY growth 19.3%; net margin -1.4%; ROE -2.3%; net debt/EBITDA 5.0x.
The estimated value range is 11.65–17.58 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 14.87 USD, the price of 19.42 USD leaves a potential of -23.5% (value / price − 1) and a margin of safety of -30.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 50/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 15.1%
- Current ratio: 1.9x
- FCF yield: 10.2%
- Payout ratio (FCF): 0.0%
What contradicts it
- Net debt / EBITDA: 5.0x
- EV/EBITDA: 16.4x
- Shareholder yield (distributions): 0.0%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Interest coverage, P/E (TTM).
Versus the vertical median
Services-Management Consulting Services (SIC 8742) · same industry (4-digit SIC) · compared with 33 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| BAHBooz Allen Hamilton Holding Corporation | 10.6 bn | 13.8 | 70.0% | 7.1% | −6.4% | +7% / −29% |
| GGenpact Limited | 6.9 bn | 12.2 | 22.4% | 11.1% | +6.6% | −7% / +21% |
| FCNFti Consulting, Inc | 5.3 bn | 24.4 | 15.2% | 5.9% | +2.4% | +20% / −11% |
| EXPOExponent, Inc. | 4.1 bn | 38.5 | 31.2% | 17.7% | +4.2% | +19% / +12% |
| HURNHuron Consulting Group Inc. | 2.8 bn | 26.2 | 25.5% | 6.1% | +11.7% | +7% / +69% |
| ASTHAstrana Health, Inc. | 2.2 bn | 47.5 | 5.1% | 1.1% | +56.4% | +69% / +17% |
| ICFIICF International, Inc. | 1.7 bn | 18.0 | 9.1% | 5.3% | −7.3% | +22% / −32% |
| BWMNBowman Consulting Group Ltd. | 745.4 m | 105.5 | 2.9% | 1.4% | +14.9% | +19% / +39% |
| ONTOnterris, Inc. | 682.6 m | — | -2.3% | -1.4% | +19.3% | −25% / −21% |
| PPHCPublic Policy Holding Company, Inc. | 342.7 m | — | -39.5% | -18.9% | +24.7% | unavailable / unavailable |
| HCKTHackett Group, Inc. | 329.4 m | 19.0 | 20.7% | 6.3% | −2.6% | −28% / −40% |
| IIIInformation Services Group Inc. | 283.8 m | 24.7 | 12.7% | 4.7% | −1.2% | +11% / +43% |
| AERTAeries Technology, Inc. | 262.2 m | 19.5 | — | 3.6% | −0.3% | +26% / −70% |
| RMRRmr Group Inc. | 239.0 m | 12.1 | 8.7% | 3.1% | −22.0% | +4% / −33% |
| SUPXSuperx Ai Technology Limited | 208.9 m | — | -101.8% | -527.7% | +1,878.6% | −84% / unavailable |
| TSSITss, Inc. | 167.9 m | 10.2 | 23.3% | 8.4% | +65.9% | −38% / +1,703% |
| GRNQGreenpro Capital Corp. | 126.9 m | — | -26.8% | -169.6% | −40.7% | −55% / −16% |
| AUCAtif Holdings Limited | 108.2 m | — | -90.5% | -723.7% | −74.7% | −13% / −70% |
| ROMARoma Green Finance Limited | 97.6 m | — | -44.2% | -287.8% | −22.2% | +130% / unavailable |
| RTBRTB Digital, INC. | 83.3 m | — | -141.9% | -198.5% | −38.7% | −54% / −95% |
| MHHMastech Digital, Inc. | 76.6 m | 72.6 | 1.3% | 0.7% | −3.8% | −19% / −25% |
| EGGEnigmatig Ltd | 62.1 m | 256.8 | 6.3% | 12.6% | +12.2% | +34% / unavailable |
| CTMCastellum, Inc. | 45.0 m | — | -8.6% | -5.7% | +18.1% | −55% / +115% |
| ACCLAcco Group Holdings Limited | 35.2 m | 120.2 | 7.0% | 5.6% | +5.8% | −37% / unavailable |
| INTJIntelligent Group Limited | 27.0 m | — | -23.5% | -98.3% | −9.0% | −77% / unavailable |
1- and 3-year price returns: for ONT from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 10-Q (05 Nov 2026), 8-K (04 Nov 2026 · results).
In brief
Onterris is an environmental services company offering consulting, laboratory testing, emergency response and contamination treatment to private and public clients in North America and other markets. The company is now revising its 2026 outlook after a period of low environmental emergency response activity, with fiscal 2025 revenue of 830.5 mn USD 13.
SWOT
Strengths
- The company has an integrated portfolio of environmental services, from assessment through remediation, which increases client engagement 1. Long-standing relationships with large clients and largely non-discretionary demand support stability 1.
- Proprietary laboratories and technologies, including patents, give the company advantages in specialized areas such as ultra-trace testing and water treatment 1.
- Management has shown it can reduce costs and expand margins even when revenue has declined 3.
Weaknesses
- Revenue partly depends on unpredictable environmental events, which makes quarterly results hard to compare 13.
- Debt has increased and the company relies on its revolving credit line, adding pressure on cash flow 23.
- Large clients and concentration in emergency response work can amplify revenue swings 1.
Opportunities
- Growing compliance requirements and infrastructure investment could support long-term demand 1.
- Acquisitions remain, as the company states, a core part of its growth strategy if they can be integrated effectively 12.
- Reported strong client demand for testing into the second half of the year could accelerate revenue in that segment 3.
Risks
- Volatility of emergency responsehigh
Revenue from this activity depends on events that are hard to predict, which can lead to very different results from one period to the next 13.
- Higher debthigh
Debt increased in 2026 and borrowing costs remain elevated, which could limit financial flexibility if cash flow declines 23.
- Client concentrationmedium
One large client and a few emergency response customers generate a significant share of revenue, and losing them could affect results 1.
- Acquisition strategymedium
The company relies on acquisitions for growth, and integrating them can be difficult or deliver less than expected 1.
- Strategic review processmedium
The board has announced a strategic review with no set timetable and no assurance of any transaction, which may create uncertainty for shareholders 3.
Investment thesis
What would need to be true (bull case)
- If testing activity and contracted projects hold up and costs stay controlled, adjusted EBITDA margin could keep improving despite lower volumes 3.
- The strategic review could lead to a transaction that values the integrated portfolio, if genuine buyer interest emerges 3.
- If regulatory and infrastructure demand grows, recurring services could support steadier growth than emergency work 1.
What would break the thesis
- If emergency events remain rare, revenue could stay below earlier years and the outlook could be lowered again 3.
- High debt and interest costs could limit the company's ability to fund acquisitions or share buybacks 23.
- Competitors with greater resources could press prices, reducing margins if volumes do not recover 1.
What to watch
- Third quarter results and delivery against the revised revenue outlookQ3 2026
- Development of leverage ratio against the year-end target2026
- Outcome of the board-led strategic review2026
- How the company reports revenue in the new Consulting and Treatment segmentnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 10-Q (05 Nov 2026), 8-K (04 Nov 2026 · results).
The business
The company has provided environmental services since 2012, with a mission to help clients and communities meet their environmental goals 1. Its activities cover assessment and permitting, testing and analysis of air, water and soil, and contamination treatment. According to the annual report, services are largely non-discretionary, driven by regulatory requirements and public health concerns 1. The company has also grown through acquisitions, integrating businesses across several segments and regions.
Clients span oil and gas, utilities, industry, transportation, telecommunications and government, with the majority in the private sector 1. Clients buying more than one service generated 62.1% of revenue in 2025, indicating integrated client relationships 1. The company has said that emergency response activity can be highly volatile and difficult to predict 1.
Effective the first quarter of 2026, the company realigned its segments, combining assessment, permitting, response and remediation into a new Consulting and Treatment segment, while Measurement and Analysis was unchanged 2. The new structure reflects how management views the full lifecycle of clients' environmental objectives 2.
Segments
Assessment, Permitting and Response (until 2025)
This segment provides scientific consulting, environmental assessments, emergency response, audits and permits for operations, new projects and decommissioning. It generated 37.0% of revenue in 2025 1. It is largely based on time and materials billing, and in 2025 three customers accounted for 56.9% of its revenue 1.
Measurement and Analysis
This is described as one of the largest environmental testing and laboratory providers in North America, covering air, water and soil 1. It contributed 29.6% of revenue in 2025 1. In the second quarter of 2026 its revenue declined slightly, but management points to strong client demand and acceleration into the second half of 2026 3.
Remediation and Reuse (until 2025)
This segment provides engineering, design and implementation, mainly treatment of contaminated water and soil remediation, with patented technologies 1. It contributed 33.4% of revenue in 2025, largely through fixed price projects 1. From 2026 it has been part of the new Consulting and Treatment segment 2.
Market context
According to a study cited by the company, the global environmental industry could generate about 1.9 trillion USD in 2026, with about 620.0 bn USD in the United States 1. The US market is expected to grow at roughly 4.0% a year from 2026 through 2028 1. The industry is highly fragmented with no single market leader 1.
Demand is supported by regulation, infrastructure investment and the effects of climate change 1. However, emergency response revenue depends on events that are hard to predict, which can make results uneven from year to year 13.
Trends
- Environmental regulation and non-discretionary demandtailwind
Legal requirements for air, water, waste and emissions create relatively steady demand for testing and compliance services. If regulations persist or expand, recurring activity could support revenue 1.
- Lower emergency response activityheadwind
Emergency response revenue fell sharply in 2026, and the company reduced its revenue outlook because of this factor 3. If such events remain rare, quarterly results could stay below earlier years.
- Cost pressure and efficiencymixed
The company says ongoing cost optimization has improved adjusted EBITDA margin even as revenue declined 3. This direction could support profitability if volumes recover.
- Debt and financing costsheadwind
Debt rose in the first half of 2026 and interest remains a significant cost, which limits financial flexibility 2. If interest rates stay high, pressure on cash flow could persist.
Competitive position
The company describes the market as fragmented, with competitors that are either divisions of large companies or small firms focused on niches or regions 1. Competition is based on reputation, quality, geographic reach, price and technical capabilities 1. Barriers to entry are high due to required accreditation and licensing 1.
The company states that few competitors offer its full range of services, but large engineering and testing firms can compete with greater financial resources 1. If these firms expand integrated offerings, pricing pressure could increase.
- SGS
Testing and laboratory competitor named by the company for its Measurement and Analysis segment 1.
- TRC Companies
Environmental testing and services competitor named in the measurement and analysis area 1.
- Tetra Tech
Environmental engineering and remediation competitor named in the remediation area 1.
- AECOM
Large engineering company with remediation divisions, named as a competitor 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report05 Nov 2026
- Current report04 Nov 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report08 Oct 2026Departure or appointment of officers
- Current report (amendment)10 Aug 2026Material agreement · Item 3.03 · Amendments to articles or bylaws · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report05 Aug 2026Material agreement · Item 3.03 · Amendments to articles or bylaws · Other events
- Current report05 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report11 May 2026Shareholder vote
- Quarterly report07 May 2026
- Current report06 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Onterris, Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Onterris, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Onterris, Inc. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.