TETRA Technologies

TTI

Oil & Gas Equipment & Services · Energy

Price

$9.26

+0.23 (+2.55%)

Market Cap

$1.35B

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+6.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 126.6M (2021) → 135.2M (2025)

TETRA Technologies is an oil and gas services company that helps energy companies drill and complete oil and gas wells. Its main products include specialty completion fluids — dense liquids used to control pressure during well completion — along with water management services. TETRA also owns a stake in a business that produces industrial chemicals, including calcium chloride used for road de-icing and dust control.

The company earns revenue by selling these fluids and chemicals and by providing services to oil and gas producers, primarily in North America but also in international offshore markets. TETRA is a relatively small player in the oilfield services industry, but it holds a strong position in the niche completion fluids market where technical expertise and product quality create some switching costs. Its main risk is that revenue depends heavily on oil and gas drilling activity, which rises and falls with commodity prices — meaning a prolonged drop in oil prices could significantly reduce demand for its services.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-0.6% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+102.3% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

6.2%ownership

Insiders own a meaningful stake in the company

Cash Runway

~3 months

$36M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

TETRA Technologies has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

24.5%

Thin — 24.5% gross margin

Operating Margin

8.2%

Modest — 8.2% operating margin

ROCE

2.7%

Weak — 2.7% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+4.1%

Slow sales growth (4.1% YoY)

EPS YoY

-92.0%

Earnings shrinking (-92.0% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

1162%

Turns 1162% of profit into real cash

FCF Margin

0.4%

Thin free cash flow (0.4%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.68

Moderate — manageable debt (0.68)

Interest Cover

3.35x

Tight — interest eats into profit (3.3x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

136.4x

Expensive — P/E 136.4

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+97.9

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (136.4 → 38.5)

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Dividends

Not applicable for this business.

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