TETRA TECHNOLOGIES INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data TETRA TECHNOLOGIES INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	695	820	560	561	378	388	553	626	599	631
Cost of revenue	557	615	836	946			400	438	423	434
Gross profit	60.8	108	103	11.8	67.5	59.2	121	154	140	156
General and administrative	108	115	92.9	96.5	76.7	75	91.9	96.6	90	101
Operating income								44.9	49.9	55.4
Interest expense	58.6	58	19.7	21.8	19.3	16.6	16.8	22.9
Other non-operating income	-4.31	-0.87	-5.61	1.93	2.99	17.5	4.47	9.11	6.86	-11.6
Pre-tax income	-223	-44	-2.63	-128	-25.1	-14.7	11.2	31.7	28.7	26.5
Income tax	2.16	0.75	-3.68	2.81	1.76	2.08	3.57	6.22	-84.9	22.3
Net income to minority interests			-22.6	-13.1	-47.8	0.27	-0.04	-0.03	-0	-0.01
Net income	-161	-39	-61.6	-147	-51.1	103	7.84	25.8	108	3.01
EBITDA								79.3	85.6	92.5
EPS, basic	-1.85	-0.34	-0.50	-1.17	-0.41	0.82	0.06	0.20	0.83	0.02
EPS, diluted	-1.85	-0.34	-0.50	-1.17	-0.41	0.82	0.06	0.20	0.82	0.02
Shares, basic (weighted)	87.3	114	124	126	126	127	128	130	131	133
Shares, diluted (weighted)	87.3	114	124	126	126	127	130	131	132	135

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	29.8	26.1	40	15.3	67.3	31.6	13.6	52.5	37	72.6
Receivables	114	144	188	111	64.1	91.2	130	112	105	99.6
Inventory	107	115	144	80.5	76.7	69.1	72.1	96.5	102	116
Other current assets	18.2	17.6	20.5	21.2	13.5	18.5	23.1	21.2	25.9	28.7
Total current assets	276	338	401	351	932	210	238	282	270	317
Property, plant and equipment	945	809	854	116	96.9	89	102	108	142	194
Lease right-of-use assets			0	47.1	43.4	37	33.8	31.9	29.8	37
Goodwill	6.64	6.64	25.9	0
Intangible assets	67.7	47.4	82.2	46.2	41.5	37	33	29.1	24.9	21.5
Other non-current assets	19.9	20.5	22.8	15.6	16.8	13.7	13.3	9.92	12.4	7.28
Total assets	1,316	1,309	1,386	1,272	1,133	398	434	479	605	676
Accrued liabilities					14.3	20.8	31	26.9	23	28.9
Deferred revenue				0.33	2.68
Short-term debt	0	0	0		0	0	0			4.75
Total current liabilities	117	174	200	189	798	97.1	124	126	123	161
Long-term debt	624	630	816	205	200	152	156	158	180	177
Lease liabilities			0	40.1	37.6	31.4	28.1	27.5	25	32.7
Other non-current liabilities	17.6	13.5	12.3	7.35	11.8	4.54	3.43	4.14	4.1	4.77
Total liabilities	915	956	1,073	1,109	1,062	300	328	332	352	393
Total debt	624	630	816	843	200	152	156	158	180	190
Paid-in capital	419	426	461	467	472	476	478	489	493	500
Retained earnings	-117	-156	-218	-363	-414	-310	-302	-277	-168	-165
Treasury stock	-18.3	-18.7	-19	-19.2	-19.5	-20	-20	-20	-20	-20
Other comprehensive income	-51.3	-43.8	-51.7	-52.2	-49.9	-46.9	-49.1	-45.2	-51.1	-32.7
Shareholders' equity	234	208	173	34.4	-9.64	99.7	108	149	255	284
Minority interests	167	144	139	128	80.7	-1.14	-1.23	-1.26	-1.26	-1.27
Total equity	400	353	313	163	71.1	98.6	106	147	253	282
Total liabilities and equity	1,316	1,309	1,386	1,272	1,133	398	434	479	605	676
Shares outstanding	115	116	126	125	126	127	129	130	132	134

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-239	-62.2	-84.2	-161	-98.9	104	7.8	25.8	108	3
Depreciation and amortization	130	116	117	124	119	33.5	32.8	34.3	35.7	37.1
Stock-based compensation	13.7	7.73	7.38	8.13	6.62	4.66	6.88	10.6	6.57	7.09
Deferred income tax	-1.81	-3.34	-0.42	-0.43	-0.03	-0.07	0.54	-0.73	-94.5	8.75
Change in receivables	64.3	-55.2	-5.51	6.47	62.6	-27.8	-39.8	20.2	5.7	5.79
Change in inventory	1.38	-11.3	-29.2	-2.77	17	5.39	-4.47	-23.2	-8.78	-9.66
Change in payables	-54.1	58.9	5.46	-16.5	-62.3	27	22.7	-0.13	-4.14	27.4
Cash from operations	55.7	64.6	46.6	90.2	76.9	4.66	19	70.2	36.5	100
Capital expenditures	-21.1	-51.9	-142	-108	-29.4	-20.5	-40.1	-38.2	-60.7	-80.8
Acquisitions	0	0	-49.6	-12	0	0	-0.92	0	0
Purchases of investments				0	0	-5	0	-0.35	-1.02	0
Cash from investing	-14.3	-47.9	-189	-106	6.04	-5.18	-36.5	-27	-59.1	-61.4
Debt issued	459	385	768	283	478	1.61	13.8	97.5	185	0.39
Debt repaid	-690	-384	-582	-258	-488	-50.5	-12.5	-100	-164	-0.39
Stock issued	153	0.01	28.2	-0				0	0	3.86
Cash from financing	-32.6	-21.3	155	-5.93	-17.6	-50.1	0.04	-4.66	8.87	-5.37
Exchange rate effect	-1.99	1.12	0.78	-0.2	0.81	-1.77	-0.45	0.38	-1.61	1.85
Net change in cash	6.74	-3.52	13.7	-22.3	66.1	-52.3	-18	38.9	-15.3	35.5
Free cash flow	34.6	12.7	-95.3	-18	47.5	-15.9	-21.1	32.1	-24.2	19.5
Interest paid	54.5	46.3	56.3	68.3	63.9	14.3	15.7	19.2	21.7	16.8
Income taxes paid	4.25	6.78	4.68	7.27	5.63	2.1	3.27	4.78	5.96	12.5

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $6.08 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	23.2%	Gross profit / revenue.
Operating margin	7.3%	Operating income / revenue.
EBITDA margin	13.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	4.6%	Pre-tax income / revenue.
Net margin	1.0%	Net income / revenue.
FCF margin	-2.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	11.0%	Cash from operations / revenue.
Effective tax rate	74.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	1.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.8%	Net income / average total assets.
Return on invested capital (ROIC)	8.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	1.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	13.4%	Capital expenditures / revenue.
D&A / revenue	5.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	5.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	11.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	8.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	18.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	11.0%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	8.0%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	-97.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-27.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-97.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-30.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	174.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	74.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	5.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-16.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	11.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	38.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	11.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	15.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-9.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	2.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.46x	Current assets / current liabilities.
Quick ratio	1.61x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.92x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.47x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	23.7%	Total debt / total assets.
Liabilities / assets	49.2%	Total liabilities / total assets.
Net debt	$35.4M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.42x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$243.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	2.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$388.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.80x	Revenue / average total assets.
Fixed asset turnover	2.79x	Revenue / average property, plant and equipment.
Inventory turnover	3.86x	Cost of revenue / average inventory.
Days inventory	95 days	365 x average inventory / cost of revenue.
Receivables turnover	5.61x	Revenue / average receivables.
Days sales outstanding	65 days	365 x average receivables / revenue.
FCF conversion	-243.1%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	121.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.04	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$4.56	Revenue / diluted weighted shares.
FCF per share	-$0.11	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.50	Cash from operations / diluted weighted shares.
Book value per share	$2.75	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$2.62	Tangible book value / shares outstanding.
Cash per share	$1.04	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$900.3M	Share price x shares outstanding.
Enterprise value	$935.7M	Market cap + total debt - cash - short-term investments.
P/E	145x	Market cap / net income. Only when net income is positive.
P/S	1.40x	Market cap / revenue.
P/B	2.21x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.32x	Market cap / tangible book value, when positive.
P/OCF	12.7x	Market cap / cash from operations, when positive.
EV/Sales	1.46x	Enterprise value / revenue.
EV/EBIT	20.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	11.1x	Enterprise value / EBITDA, when both are positive.
FCF yield	-1.7%	Free cash flow / market cap.
Earnings yield	0.7%	Net income / market cap (the inverse of P/E).

What was TETRA TECHNOLOGIES INC's revenue in fiscal 2025?

TETRA TECHNOLOGIES INC reported revenue of $630.9M for fiscal 2025, 5.3% higher than the year before.

Was TETRA TECHNOLOGIES INC profitable in fiscal 2025?

Yes. Net income was $3.0M, a net margin of 0.5%.

How much free cash flow did TETRA TECHNOLOGIES INC generate in fiscal 2025?

Cash from operations of $100.4M minus capital expenditures of $80.8M left free cash flow of $19.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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