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olivLaw · US equity research

Onterris, Inc. ONT

Services-Management Consulting Services · SIC 8742

16.13USD+2.80% · 1 dayClose 04 Nov 2026

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The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).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 04 Nov 2026, Onterris, Inc. (ONT) stock was 16.13 USD (+2.80% on the day), with market capitalisation 566.4 m USD, dividend yield 0.25%, beta 1.27, 52-week range 12.71–29.22 USD. Latest reported quarter (Q2 2026): revenue of 186.7 m USD (−20.4% YoY), net income of 1.4 m USD (−92.6% YoY), diluted EPS 0.04 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
566.4 m USD
shares as of 31 Jul 2026
P/E (TTM)
unavailable
Diluted EPS TTM -0.47 · TTM to 30 Jun 2026
E/P (TTM)
-2.94%
TTM to 30 Jun 2026
Dividend yield
0.25%
Beta (2y)
1.27
Volatility (1y) 77%
52-week range
12.7129.22

Price history

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Technical reading

RSI (14)
61.9
strong (55–70)
Bollinger (20, 2)
12.82 – 16.00
above the upper band · %B 1.04 · band width 22.1%
SMA 50 / 200
15.58 / 19.25
mixed trend
MACD (12, 26, 9)
0.12 / -0.20
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

CompanyS&P 500vs S&P 500Vertical median
1 month+13.5%−1.1%+14.6 pp—
3 months−28.7%−0.5%−28.3 pp—
6 months−26.7%+4.4%−31.1 pp—
Year to date−35.0%+12.3%−47.4 pp—
1 year−34.5%+13.5%−48.1 pp—
3 years−36.5%+76.4%−112.9 pp—
5 years−78.0%+63.7%−141.7 pp—
Max drawdown (1y)
−56.5%
27 Feb 2026 → 02 Oct 2026
Max drawdown (5y)
−86.3%
16 Nov 2021 → 08 Apr 2025
Compound annual growth (5y)
−26.1%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
186.7 m USD
−20.4% YoY
Net income
1.4 m USD
−92.6% YoY
Diluted EPS
0.04
−90.5% YoY
net / operating
0.7% / 3.5%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue178.7 m189.1 m177.8 m234.5 m224.9 m193.3 m168.5 m186.7 m
Cost of revenue105.6 m112.0 m108.4 m132.8 m136.3 m118.7 m101.5 m104.4 m
SG&A60.9 m84.4 m66.2 m73.7 m65.7 m65.2 m61.3 m63.0 m
Operating income-1.2 m-22.8 m-10.6 m14.9 m9.9 m-2.6 m-6.1 m6.5 m
Depreciation & amortisation13.2 m15.4 m13.3 m12.8 m13.0 m11.9 m12.6 m12.7 m
Pre-tax income-9.2 m-24.7 m-16.5 m19.3 m15.7 m-7.3 m-10.4 m1.7 m
Income tax1.4 m3.5 m2.9 m988.0 k7.3 m924.0 k2.3 m346.0 k
Net income-10.6 m-28.2 m-19.4 m18.4 m8.4 m-8.2 m-12.7 m1.4 m
Diluted EPS-0.39-0.82 ≈-0.640.420.21-0.37 ≈-0.350.04
Operating cash flow11.4 m ≈32.0 m5.5 m21.9 m ≈28.2 m ≈51.9 m-11.6 m6.2 m ≈
Capex1.2 m ≈2.2 m3.2 m2.0 m ≈5.8 m ≈5.4 m5.7 m5.7 m ≈
Dividends paid2.8 m ≈2.8 m2.8 m0 ≈1.4 m ≈000 ≈
Share repurchases——————10.0 m20.0 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.

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue188.8 m233.9 m328.2 m546.4 m544.4 m624.2 m696.4 m830.5 m
Revenue YoYunavailable+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 YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
Diluted EPSunavailableunavailable-6.48-1.56-1.62-1.57-2.22-0.14
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable
net %-8.7%-10.1%-17.7%-4.6%-5.8%-4.9%-8.9%-0.1%
Free cash flow-6.6 m12.4 m-5.9 m30.7 m11.1 m26.4 m902.0 k91.2 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

Revenue
2023
624.2 m
2024
696.4 m
2025
830.5 m

SEC (XBRL)· 26 Feb 2026verified

Cost of revenue
2023
383.9 m
2024
418.2 m
2025
496.2 m

SEC (XBRL)· 26 Feb 2026verified

Gross profit
2023
240.3 m ≈
2024
278.2 m ≈
2025
334.3 m ≈

SEC (XBRL)· 26 Feb 2026derived

SG&A
2023
222.9 m
2024
261.6 m
2025
270.8 m

SEC (XBRL)· 26 Feb 2026verified

Operating income
2023
-28.4 m
2024
-36.7 m
2025
11.7 m

SEC (XBRL)· 26 Feb 2026verified

Depreciation & amortisation
2023
45.8 m
2024
52.8 m
2025
50.9 m

SEC (XBRL)· 26 Feb 2026verified

EBITDA
2023
17.4 m ≈
2024
16.0 m ≈
2025
62.6 m ≈

SEC (XBRL)· 26 Feb 2026derived

Pre-tax income
2023
-31.8 m
2024
-54.3 m
2025
11.2 m

SEC (XBRL)· 26 Feb 2026verified

Income tax
2023
-980.0 k
2024
8.0 m
2025
12.1 m

SEC (XBRL)· 26 Feb 2026verified

Net income
2023
-30.9 m
2024
-62.3 m
2025
-843.0 k

SEC (XBRL)· 26 Feb 2026verified

Diluted EPS
2023
-1.57
2024
-2.22
2025
-0.14

SEC (XBRL)· 26 Feb 2026verified

Weighted average diluted shares
2023
30.1 m
2024
33.1 m
2025
35.1 m

SEC (XBRL)· 26 Feb 2026verified

Balance sheet · USD

Cash
2023
23.2 m
2024
12.9 m
2025
11.2 m

SEC (XBRL)· 26 Feb 2026verified

Receivables
2023
112.4 m
2024
158.9 m
2025
155.4 m

SEC (XBRL)· 26 Feb 2026verified

Current assets
2023
200.9 m
2024
238.0 m
2025
240.4 m

SEC (XBRL)· 26 Feb 2026verified

Property, plant & equipment, net
2023
56.8 m
2024
63.8 m
2025
63.9 m

SEC (XBRL)· 26 Feb 2026verified

Goodwill
2023
364.4 m
2024
467.8 m
2025
466.8 m

SEC (XBRL)· 26 Feb 2026verified

Intangibles (excl. goodwill)
2023
140.8 m
2024
152.8 m
2025
126.4 m

SEC (XBRL)· 26 Feb 2026verified

Total assets
2023
816.8 m
2024
990.4 m
2025
981.3 m

SEC (XBRL)· 26 Feb 2026verified

Accounts payable
2023
31.1 m
2024
33.4 m
2025
34.8 m

SEC (XBRL)· 26 Feb 2026verified

Short-term debt
2023
14.2 m
2024
17.9 m
2025
11.2 m

SEC (XBRL)· 26 Feb 2026verified

Long-term debt
2023
149.0 m
2024
204.8 m
2025
277.1 m

SEC (XBRL)· 26 Feb 2026verified

Current liabilities
2023
126.3 m
2024
158.7 m
2025
168.0 m

SEC (XBRL)· 26 Feb 2026verified

Total liabilities
2023
342.6 m
2024
451.2 m
2025
530.1 m

SEC (XBRL)· 26 Feb 2026verified

Equity
2023
321.3 m †
2024
446.3 m †
2025
451.2 m †

SEC (XBRL)· 26 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
56.0 m
2024
22.2 m
2025
107.5 m

SEC (XBRL)· 26 Feb 2026verified

Capex
2023
29.6 m
2024
21.3 m
2025
16.3 m

SEC (XBRL)· 26 Feb 2026verified

Free cash flow
2023
26.4 m ≈
2024
902.0 k ≈
2025
91.2 m ≈

SEC (XBRL)· 26 Feb 2026derived

Investing cash flow
2023
-101.6 m
2024
-138.0 m
2025
-15.8 m

SEC (XBRL)· 26 Feb 2026verified

Financing cash flow
2023
-20.1 m
2024
106.0 m
2025
-93.1 m

SEC (XBRL)· 26 Feb 2026verified

Dividends paid
2023
16.4 m
2024
11.1 m
2025
4.2 m

SEC (XBRL)· 26 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
19.3%
computed by olivLawFY 2025
Revenue CAGR 3Y
15.1%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
20.4%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
10,006.3%
computed by olivLawFY 2025

Profitability

Gross margin
40.4%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
7.5%
computed by olivLawTTM to 30 Jun 2026
EBIT margin
1.0%
computed by olivLawTTM to 30 Jun 2026
Net margin
-1.4%
computed by olivLawTTM to 30 Jun 2026
FCF margin
6.7%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
-2.5%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
-1.1%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
0.9%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROCE
0.9%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
2.7%
computed by olivLawTTM to 30 Jun 2026

Balance sheet

Net debt
336.3 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Net debt / EBITDA
5.8x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Debt / equity
0.8x
computed by olivLawbalance sheet at 30 Jun 2026
Interest coverage
unavailable
input data missing

Liquidity

Current ratio
2.0x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
unavailable
input data missing
Cash ratio
0.1x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
74.6 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
22.5 m USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
52.1 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
unavailable
insufficient data
Cash conversion
128.7%
computed by olivLawTTM to 30 Jun 2026

Efficiency

Days sales outstanding
69 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
23 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
566.4 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
902.8 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-2.9%
computed by olivLawTTM to 30 Jun 2026
P/B
1.3x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
0.7x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
15.6x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBIT
116.5x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/Sales
1.2x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
P/FCF
10.9x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
FCF yield
9.2%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Dividend yield
0.2%
computed by olivLawTTM to 30 Jun 2026
Shareholder yield (distributions)
0.2%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

16.13 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 566.4 m USD

Key indicators

Market capitalisation
566.4 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
1.3x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
15.6x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROE
-2.5%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
-1.4%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
19.3%
computed by olivLawFY 2025
Dividend yield
0.2%
computed by olivLawTTM to 30 Jun 2026

Coverage and freshness

31/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 31 Jul 2026
Source: SEC (XBRL)published 06 Aug 2026
verified 1120derived 79

Score by group

69% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · not enough peers
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · input data missing

no valuation method could be computed

Multiple comparisons use the SIC vertical

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

Insufficient data

Minimum-evidence gate: valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Quality0.9%0 (on a fixed band)15%
Net margin · Quality-1.4%0 (on a fixed band)9%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth15.1%100 (on a fixed band)12%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheet5.8x0 (on a fixed band)15%
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet2.0x100 (on a fixed band)6%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuation15.6x0 (on a fixed band)15%
FCF yield · Valuation9.2%100 (on a fixed band)12%
Shareholder yield (distributions) · Returns0.2%4 (on a fixed band)9%
Payout ratio (FCF) · Returns2.7%100 (on a fixed band)6%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet29/100 · 2/3 factors with a value
  • Growth· partial100/100 · 1/2 factors with a value
  • Quality0/100 · 2/3 factors with a value
  • Returns42/100 · 2/2 factors with a value
  • Valuation44/100 · 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 2026-06-30.

Figures computed from the financial statements: revenue 830.5 m USD in 2025; YoY growth 19.3%; net margin -1.4%; ROE -2.5%; net debt/EBITDA 5.8x.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Revenue CAGR 3Y: 15.1%
  • Current ratio: 2.0x
  • FCF yield: 9.2%
  • Payout ratio (FCF): 2.7%

What contradicts it

  • ROIC: 0.9%
  • Net margin: -1.4%
  • Net debt / EBITDA: 5.8x
  • EV/EBITDA: 15.6x
  • Shareholder yield (distributions): 0.2%

Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Interest coverage, P/E (TTM).

Versus the vertical median

Not enough comparable companies with data for an average.

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

Scenarios are not available. input data missing

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 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.

Threats

  • Larger competitors with greater resources could cut prices or attract the company's clients 1.
  • Changes in trade policy and economic uncertainty could reduce client spending 1.
  • If environmental emergencies remain rare, emergency response revenue could stay below earlier levels 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 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.

News & filings

In the press

No news in our archive over the last 180 days.

SEC filings

  • Current report04 Nov 2026
    Results of operations · Regulation FD disclosure · Financial statements and exhibits
  • Current report08 Oct 2026
    Departure or appointment of officers
  • Material agreement · Item 3.03 · Amendments to articles or bylaws · Financial statements and exhibits
  • Quarterly report06 Aug 2026
  • Current report05 Aug 2026
    Material agreement · Item 3.03 · Amendments to articles or bylaws · Other events
  • Current report05 Aug 2026
    Results of operations · Regulation FD disclosure · Financial statements and exhibits
  • Current report11 May 2026
    Shareholder vote
  • Quarterly report07 May 2026
  • Current report06 May 2026
    Results of operations · Regulation FD disclosure · Financial statements and exhibits
  • Current report21 Apr 2026
    Amendments to articles or bylaws · Regulation FD disclosure · Financial statements and exhibits

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Onterris, Inc. · 26 Feb 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Onterris, Inc. · 06 Aug 2026
  3. [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.