olivLaw · US equity research
TETRA Technologies, Inc. TTI
Crude Petroleum & Natural Gas · SIC 1311 · Vertical: Crude Petroleum & Natural Gas (SIC 1311)
TETRA Technologies is an energy services company that supplies brine-based completion fluids to oil and gas operators and, in parallel, develops bromine chemistry for energy storage and produced water treatment. Its relevance now lies in rising deepwater activity, the final investment decision for the Arkansas bromine facility and the expansion of its battery electrolyte business, while U.S. onshore water services remain weak. Revenue was 630.9 million USD in fiscal 2025 and 341.9 million USD in the first six months of 2026.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, TETRA Technologies, Inc. (TTI) stock was 6.18 USD (+3.87% on the day), with market capitalisation 917.3 m USD, P/E 100.8 on diluted EPS of 0.06 USD over the last 12 months, beta 1.59, 52-week range 5.15–12.32 USD. Latest reported quarter (Q3 2026): revenue of 168.0 m USD (+9.6% YoY), net income of 6.8 m USD (+65.0% YoY), diluted EPS 0.05 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)
- 57.3
- strong (55–70)
- Bollinger (20, 2)
- 4.96 – 6.35
- in the upper half of the band · %B 0.88 · band width 24.6%
- SMA 50 / 200
- 6.10 / 8.65
- mixed trend
- MACD (12, 26, 9)
- -0.06 / -0.17
- 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 | +2.5% | −1.1% | +3.6 pp | — |
| 3 months | −26.9% | −0.5% | −26.4 pp | — |
| 6 months | −37.3% | +4.4% | −41.7 pp | — |
| Year to date | −34.0% | +12.3% | −46.4 pp | — |
| 1 year | −11.7% | +13.5% | −25.3 pp | +16.2% |
| 3 years | +35.5% | +76.4% | −40.9 pp | +3.6% |
| 5 years | +60.5% | +63.7% | −3.2 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 | 134.5 m | 157.1 m | 173.9 m | 153.2 m | 146.7 m | 156.3 m | 185.7 m | 168.0 m |
| Cost of revenue | 94.0 m | 104.6 m | 116.3 m | 107.4 m | 105.4 m | 108.9 m | 130.3 m | — |
| Gross profit | 31.1 m | 42.9 m | 48.2 m | 36.4 m | 28.4 m | 38.2 m | 45.7 m | 35.1 m |
| Operating income | 8.0 m | 18.8 m | 23.0 m | 11.1 m | 2.5 m | 12.8 m | 20.1 m | 9.7 m |
| Depreciation & amortisation | 9.4 m | 9.2 m | 9.2 m ≈ | 9.5 m ≈ | 9.3 m | 9.2 m | 9.6 m ≈ | 9.8 m ≈ |
| Interest expense | — | 4.7 m | 4.2 m | 4.4 m | — | 3.2 m | 3.3 m | 2.4 m |
| Pre-tax income | 7.4 m | 5.1 m | 19.4 m | 8.1 m | -6.1 m | 11.6 m | 15.9 m | 6.4 m |
| Income tax | -94.8 m | 1.0 m | 8.1 m | 4.0 m | 9.2 m | 3.3 m | 5.6 m | -419.0 k |
| Net income | 102.7 m | 4.0 m | 11.3 m | 4.2 m | -16.5 m | 8.3 m | 10.2 m | 6.8 m |
| Diluted EPS | 0.77 ≈ | 0.03 | 0.08 | 0.03 | -0.12 ≈ | 0.06 | 0.07 | 0.05 |
| Operating cash flow | 5.6 m | 3.9 m | 48.3 m ≈ | 16.4 m ≈ | 31.7 m | -11.9 m | 34.4 m ≈ | 8.8 m ≈ |
| Capex | 14.9 m | 18.0 m | 19.5 m | 15.7 m | 27.6 m | 19.0 m | 23.3 m ≈ | 35.3 m ≈ |
≈ 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.
Today's P/E sits at the 78 percentile of its own 23-quarter history (min 3.5, median 29.6, max 439.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 560.1 m | 561.2 m | 377.7 m | 388.3 m | 553.2 m | 626.3 m | 599.1 m | 630.9 m |
| Revenue YoY | −22.5% | +0.2% | −32.7% | +2.8% | +42.5% | +13.2% | −4.3% | +5.3% |
| Net income | -61.6 m | -147.4 m | -51.1 m | 103.3 m | 7.8 m | 25.8 m | 108.3 m | 3.0 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | −92.4% | +228.9% | +320.0% | −97.2% |
| Diluted EPS | -0.50 | -1.17 | -0.41 | 0.82 | 0.06 | 0.20 | 0.82 | 0.02 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | −92.7% | +233.3% | +310.0% | −97.6% |
| net % | -11.0% | -26.3% | -13.5% | 26.6% | 1.4% | 4.1% | 18.1% | 0.5% |
| Free cash flow | -95.3 m | -18.0 m | 47.5 m | -15.9 m | -21.1 m | 32.1 m | -24.2 m | 19.5 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 72.6 m USD
- Financial debt
- 181.4 m USD
- Net debt
- 108.7 m USD
- Equity
- 282.5 m USD
- Total assets
- 675.8 m USD
- Debt / equity
- 0.64x
- Current ratio
- 1.96x
- ROE
- 1.1%
- ROA
- 0.5%
- FCF margin
- 3.1%
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 | 377.7 m | 388.3 m | 553.2 m | 626.3 m | 599.1 m | 630.9 m | SEC (XBRL)· 25 Feb 2026verified |
| Cost of revenue | — | — | 400.2 m | 438.2 m | 423.4 m | 433.7 m | SEC (XBRL)· 25 Feb 2026verified |
| Gross profit | 67.5 m | 59.2 m | 121.1 m | 153.6 m | 139.9 m | 155.9 m | SEC (XBRL)· 25 Feb 2026verified |
| Operating income | — | — | — | 44.9 m | 49.9 m | 55.4 m | SEC (XBRL)· 25 Feb 2026verified |
| Depreciation & amortisation | 118.7 m | 33.5 m | 32.8 m | 34.3 m | 35.7 m | 37.1 m | SEC (XBRL)· 25 Feb 2026verified |
| EBITDA | — | — | — | 79.3 m ≈ | 85.6 m ≈ | 92.5 m ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Interest expense | 19.3 m | 16.6 m | 16.8 m | 22.9 m | — | — | SEC (XBRL)· 27 Feb 2024verified |
| Pre-tax income | -25.1 m | -14.7 m | 11.2 m | 31.7 m | 28.7 m | 26.5 m | SEC (XBRL)· 25 Feb 2026verified |
| Income tax | 1.8 m | 2.1 m | 3.6 m | 6.2 m | -84.9 m | 22.3 m | SEC (XBRL)· 25 Feb 2026verified |
| Net income | -51.1 m | 103.3 m | 7.8 m | 25.8 m | 108.3 m | 3.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Diluted EPS | -0.41 | 0.82 | 0.06 | 0.20 | 0.82 | 0.02 | SEC (XBRL)· 25 Feb 2026verified |
| Weighted average diluted shares | 125.8 m | 126.6 m | 129.8 m | 131.2 m | 132.2 m | 135.2 m | SEC (XBRL)· 25 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 67.3 m | 31.6 m | 13.6 m | 52.5 m | 37.0 m | 72.6 m | SEC (XBRL)· 25 Feb 2026verified |
| Receivables | 64.1 m | 91.2 m | 129.6 m | 111.8 m | 104.8 m | 99.6 m | SEC (XBRL)· 25 Feb 2026verified |
| Inventories | 76.7 m | 69.1 m | 72.1 m | 96.5 m | 101.7 m | 115.7 m | SEC (XBRL)· 25 Feb 2026verified |
| Current assets | 931.5 m | 210.4 m | 238.4 m | 282.0 m | 269.6 m | 316.7 m | SEC (XBRL)· 25 Feb 2026verified |
| Property, plant & equipment, net | 96.9 m | 89.0 m | 101.6 m | 107.7 m | 142.2 m | 194.2 m | SEC (XBRL)· 25 Feb 2026verified |
| Intangibles (excl. goodwill) | 41.5 m | 37.0 m | 33.0 m | 29.1 m | 24.9 m | 21.5 m | SEC (XBRL)· 25 Feb 2026verified |
| Total assets | 1.1 bn | 398.3 m | 434.4 m | 479.0 m | 605.2 m | 675.8 m | SEC (XBRL)· 25 Feb 2026verified |
| Short-term debt | 0 | 0 | 3.0 k | — | — | 4.8 m | SEC (XBRL)· 29 Apr 2026verified |
| Long-term debt | 199.9 m | 151.9 m | 156.5 m | 157.5 m | 179.7 m | 176.6 m | SEC (XBRL)· 29 Apr 2026verified |
| Current liabilities | 798.1 m | 97.1 m | 124.3 m | 126.0 m | 123.3 m | 161.2 m | SEC (XBRL)· 29 Apr 2026verified |
| Equity | 71.1 m | 98.6 m | 106.4 m | 147.3 m | 253.3 m | 282.5 m | SEC (XBRL)· 25 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 76.9 m | 4.7 m | 19.0 m | 70.2 m | 36.5 m | 100.4 m | SEC (XBRL)· 25 Feb 2026verified |
| Capex | 29.4 m | 20.5 m | 40.1 m | 38.2 m | 60.7 m | 80.8 m | SEC (XBRL)· 25 Feb 2026verified |
| Free cash flow | 47.5 m ≈ | -15.9 m ≈ | -21.1 m ≈ | 32.1 m ≈ | -24.2 m ≈ | 19.5 m ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Investing cash flow | 6.0 m | -5.2 m | -36.5 m | -27.0 m | -59.1 m | -61.4 m | SEC (XBRL)· 25 Feb 2026verified |
| Financing cash flow | -17.6 m | -50.1 m | 40.0 k | -4.7 m | 8.9 m | -5.4 m | SEC (XBRL)· 25 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: 20 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 917.3 m USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet50
- Quality27
- Valuation0
- Growth19
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: 0.53 – 2.49 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 · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
- Peers: EV/EBITDA1.42 – 2.49 (Mid 2.11)16 companies used · median multiple 5.0x · quartiles 3.7x – 5.6xAPA, AR, CHRD, CRGY, CRK, EOG, EQT, EXE, FANG, MGY, MTDR, OVV, REPX, TALO, VIST, WTI
- Peers: P/E0.53 – 0.77 (Mid 0.57)20 companies used · median multiple 9.4x · quartiles 8.6x – 12.5xAMPY, APA, AR, CHRD, CNX, CRK, DVN, EOG, EQT, EXE, GPRK, INR, MGY, MTDR, OVV, OXY, PR, REPX, TTE, VIST
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
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
Unattractive profile · Score 20/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 8.2% | 35 (vs peers) | 13% |
| Net margin · Quality | 1.4% | 39 (vs peers) | 8% |
| FCF conversion · Quality | -474.7% | 0 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | 4.5% | 37 (on a fixed band) | 10% |
| EPS CAGR 3Y · Growth | -30.7% | 0 (on a fixed band) | 10% |
| Net debt / EBITDA · Balance sheet | 1.2x | 29 (vs peers) | 13% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.4x | 100 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 100.8x | 0 (vs peers) | 13% |
| EV/EBITDA · Valuation | 12.2x | 0 (vs peers) | 13% |
| FCF yield · Valuation | -4.6% | 0 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet50/100 · 2/3 factors with a value
- Growth19/100 · 2/2 factors with a value
- Quality27/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation0/100 · 3/3 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
TETRA Technologies, Inc. (TTI). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 630.9 m USD in 2025; YoY growth 5.3%; net margin 1.4%; ROE 2.5%; net debt/EBITDA 1.2x.
The estimated value range is 0.97–1.63 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 1.34 USD, the price of 6.18 USD leaves a potential of -78.3% (value / price − 1) and a margin of safety of -360.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 20/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.4x
What contradicts it
- FCF conversion: -474.7%
- EPS CAGR 3Y: -30.7%
- Net debt / EBITDA: 1.2x
- P/E (TTM): 100.8x
- EV/EBITDA: 12.2x
- FCF yield: -4.6%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Interest coverage, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Crude Petroleum & Natural Gas (SIC 1311) · same industry (4-digit SIC) · compared with 39 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 | |
|---|---|---|---|---|---|---|
| TTETotalEnergies SE | 199.6 bn | 15.7 | 11.3% | 6.5% | −6.2% | +38% / +33% |
| EOGEog Resources, Inc. | 77.1 bn | 11.4 | 22.5% | 25.4% | −4.5% | +36% / +19% |
| OXYOccidental Petroleum Corporation | 57.3 bn | 8.6 | 18.9% | 33.7% | −1.9% | +37% / −3% |
| FANGDiamondback Energy, Inc. | 51.1 bn | 25.0 | 5.3% | 11.0% | +35.8% | +20% / +18% |
| DVNDevon Energy Corp | 48.5 bn | 10.5 | 11.5% | 16.7% | +7.8% | +19% / −2% |
| EQTEqt Corporation | 32.9 bn | 12.5 | 10.9% | 28.4% | +63.9% | −14% / +31% |
| EXEExpand Energy Corporation | 20.2 bn | 7.6 | 14.6% | 19.8% | +186.3% | −28% / +9% |
| PRPermian Resources Corporation | 18.8 bn | 14.9 | 11.5% | 21.5% | +1.3% | +55% / +71% |
| OVVOvintiv Inc. | 16.8 bn | 12.7 | 12.1% | 12.8% | −2.7% | +53% / +41% |
| APAApa Corporation | 15.6 bn | 9.4 | 25.9% | — | unavailable | +78% / +24% |
| ARAntero Resources Corporation | 11.5 bn | 8.4 | 17.6% | 21.7% | +22.0% | +3% / +58% |
| CHRDChord Energy Corporation | 7.2 bn | 8.9 | 10.3% | 13.4% | −7.1% | +41% / −18% |
| MTDRMatador Resources Company | 6.2 bn | 8.6 | 12.8% | 19.9% | +5.5% | +19% / −13% |
| VISTVista Energy, S.A.B. de C.V. | 5.9 bn | 13.4 | 33.3% | 29.0% | +41.0% | +26% / +101% |
| MGYMagnolia Oil & Gas Corp | 5.5 bn | 13.0 | 20.5% | 28.8% | −0.3% | +1% / +9% |
| CNXCNX Resources Corporation | 5.1 bn | 5.8 | 20.4% | 35.2% | +76.8% | −7% / +72% |
| CRGYCrescent Energy Company | 5.0 bn | 79.8 | 1.3% | 1.3% | +22.1% | +24% / +3% |
| CRCCalifornia Resources Corp | 4.3 bn | — | -15.5% | -18.1% | +14.7% | +1% / −6% |
| CRKComstock Resources, Inc. | 3.9 bn | 7.6 | 21.1% | 23.3% | +77.0% | −50% / +36% |
| TALOTalos Energy Inc. | 2.6 bn | — | -18.1% | -18.4% | −9.8% | +36% / +12% |
| KOSKosmos Energy Ltd. | 1.3 bn | — | -58.8% | -27.4% | −23.1% | +101% / −67% |
| REPXRiley Exploration Permian, Inc. | 948.6 m | 9.2 | 16.8% | 17.3% | −4.4% | +57% / +74% |
| TTITETRA Technologies, Inc. | 917.3 m | 100.8 | 2.5% | 1.4% | +5.3% | −12% / +36% |
| AESIAtlas Energy Solutions Inc. | 843.0 m | — | -12.1% | -13.0% | +3.7% | −22% / −61% |
| VTSVitesse Energy, Inc. | 618.1 m | — | -7.6% | -15.4% | +13.2% | −31% / −38% |
1- and 3-year price returns: for TTI 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 | 3.57 Total return -42% · Per year -42% | 6.32 Total return 2% · Per year 2% | 9.52 Total return 54% · Per year 54% |
| 3 years | 3.47 Total return -44% · Per year -18% | 6.90 Total return 12% · Per year 4% | 11.41 Total return 85% · Per year 23% |
| 5 years | 3.36 Total return -46% · Per year -11% | 7.53 Total return 22% · Per year 4% | 13.67 Total return 121% · Per year 17% |
- Exit P/E± 1.72
- Net margin± 1.21
- Annual revenue growth± 0.99
- Annual dilution± 0.10
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 04 Aug 2026; since then the company filed 8-K (02 Nov 2026 · results), 10-Q (02 Nov 2026).
In brief
TETRA Technologies is an energy services company that supplies brine-based completion fluids to oil and gas operators and, in parallel, develops bromine chemistry for energy storage and produced water treatment. Its relevance now lies in rising deepwater activity, the final investment decision for the Arkansas bromine facility and the expansion of its battery electrolyte business, while U.S. onshore water services remain weak. Revenue was 630.9 million USD in fiscal 2025 1 and 341.9 million USD in the first six months of 2026 2.
SWOT
Strengths
- Strong position in deepwater completion fluids, with the TETRA Neptune technology and revenue support from industrial calcium chloride.
- Cleaner balance sheet after the June 2026 equity offering, with low net leverage relative to adjusted EBITDA.
- Mineral resources in Arkansas including bromine and lithium, backed by a global production infrastructure.
Weaknesses
- The Water & Flowback Services segment depends heavily on U.S. onshore activity, which has declined, and some service lines have been closed.
- Dependence on a single supplier for elemental bromine limits flexibility in bromine-based fluid production.
- Quarterly results are sensitive to the timing of Neptune projects, which makes profit harder to predict from one quarter to the next.
Opportunities
- TETRA Oasis desalination projects could become a major revenue source if customers move from pilots to large-scale plants.
- Energy storage demand from data centers in West Texas could support expansion of the electrolyte line.
- The Arkansas bromine facility, if it enters production in early 2028, could reduce reliance on outside suppliers.
Threats
- Volatility in oil and gas prices could reduce industry customers' investment budgets.
- Larger competitors with greater financial resources could offer lower prices for similar services.
- Geopolitical tensions and sanctions could disrupt raw material supply chains.
Risks
- Volatility in oil and gas priceshigh
Demand for the company's services depends on the level of exploration and production activity, which is directly influenced by oil and gas prices. If prices fall significantly for an extended period, results could be affected.
- Dependence on a single bromine suppliermedium
The company must buy elemental bromine mainly from one supplier under a long-term agreement. If supply is interrupted or prices rise, production of bromine-based fluids could be affected.
- Asset impairments and supply chain disruptionmedium
If economic conditions worsen, the company could be required to record further impairments of long-lived assets, which would reduce earnings.
- Minority investments and volatile holdingslow
The company holds stakes in listed and private companies whose values can fluctuate significantly and affect its financial results.
- Uncertain economic extraction of lithium and bromine in Arkansasmedium
There is no assurance that the mineral resources on the Arkansas brine leases can be extracted economically, and future exploration may not succeed.
Investment thesis
What would need to be true (bull case)
- If deepwater activity keeps growing, the Completion Fluids & Products segment could support higher revenue and margins, especially through TETRA Neptune fluids.
- If the Arkansas bromine facility and the energy storage electrolyte line meet their goals, the company could reduce reliance on outside suppliers and diversify its revenue.
- The consolidated balance sheet after the equity offering could provide flexibility for investment, particularly if desalination projects expand.
What would break the thesis
- If U.S. onshore activity does not recover, the Water & Flowback Services segment could keep reporting declining revenue and operating profit.
- If dependence on Neptune projects with uncertain timing persists, quarterly results could be hard to predict and could show large swings.
- If Arkansas investment costs exceed estimates, the company could need additional borrowing, which would add pressure on cash flow.
What to watch
- Construction progress of the Arkansas bromine facility and adherence to the start-up schedule2027
- Timing and value of Neptune projects, including the Z-Lite contract in the Gulf of AmericaQ3 2026
- Progress of the TETRA Oasis project from pilot to a 100,000 bbl/d plant2030
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 04 Aug 2026; since then the company filed 8-K (02 Nov 2026 · results), 10-Q (02 Nov 2026).
The business
TETRA Technologies, Inc., a Delaware corporation headquartered in Spring, Texas, is listed on the NYSE under the symbol TTI 1. The company describes itself as an energy services and solutions company with operations on six continents, combining oilfield products with calcium chloride for diverse applications and low-carbon energy projects 1. Its activity is organized in two reporting segments: Completion Fluids & Products and Water & Flowback Services 1.
The company presents its zinc-bromide long-duration energy storage line as a new direction linked to data center power demand 1. The supply agreement with Eos Energy Enterprises, running through December 31, 2027, provides that Eos buys all of its zinc bromide requirements from TETRA 1.
Market context
Trends
- Growth in offshore deepwater projectstailwind
Deepwater investment is rising and subsea tree installations, a leading indicator for completion fluids, could increase through the end of the decade, which would support demand for high-value fluids 3.
- Long-duration energy storage for data centerstailwind
Demand for zinc-bromide electrolytes grows as data centers need reliable large-scale storage, and if this market expands, the TETRA PureFlow line could become a growth driver 1.
- Weaker U.S. onshore activityheadwind
Lower U.S. frac activity has reduced revenue in the water segment, although the company says its performance is outpacing the year-over-year decline in the market 3.
- Bromine costs and international trademixed
Dependence on bromine supplied by LANXESS and geopolitical tensions affecting raw materials could raise costs, and new tariffs could influence component prices 1. The Middle East conflict did not materially affect the first two quarters of 2026, but longer-term effects remain uncertain 2.
Competitive position
The company operates in a sector with numerous competitors, many with far greater financial resources, and some offer equipment or services at lower prices or lower quality 1. Large customers may also perform services internally 1.
In electrolytes and water treatment, the company is compared with specialized partners and suppliers, and its stated advantage is lower unit costs at larger desalination plant scale and its patent portfolio 3.
- Eos Energy EnterprisesEOSE
Major partner and customer for zinc bromide, not strictly a competitor, depending on TETRA supply for electrolytes
- Standard LithiumSLI
Partner holding lithium rights on Arkansas leases and an investment held by the company, a potential competitor for mineral resources
- Kodiak Gas ServicesKGS
Energy services company cited through the investment sold in January 2025, with no direct competitive relationship in the sources
- LANXESS
Long-term supplier of bromine, essential for bromine-based fluids, and a source of dependence for the company
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
- Tetra Tech (TTEK): Navigating Growth Amid Infrastructure Investment UncertaintyYahoo Finance — News · 07 Sept 2026 · EN
- Tetra Pak Tycoons Slash US Stocks in $17 Billion PortfolioBloomberg Markets · 24 Aug 2026 · EN
- Când viitorul contează Ce e în spatele ambalajului Tetra Pak și de ce e bine ca viața cutiei de lapte să nu se termine la coșSpotMedia.ro · 15 Jun 2026 · RO
The latest news item in our archive is from 07 Sept 2026; the newest SEC filing is from 02 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report02 Nov 2026Results of operations · Financial statements and exhibits
- Quarterly report02 Nov 2026
- Current report08 Oct 2026Material agreement · Financial statements and exhibits
- Quarterly report04 Aug 2026
- Current report04 Aug 2026Results of operations · Financial statements and exhibits
- Current report15 Jun 2026Material agreement · Financial statements and exhibits
- Current report04 Jun 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report02 Jun 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report26 May 2026Shareholder vote · Other events
- Quarterly report29 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / TETRA Technologies, Inc. · 25 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / TETRA Technologies, Inc. · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / TETRA Technologies, Inc. · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.