Latest Ratios: P/E Ratio 100.7x · EV/EBITDA 12.7x · ROE 1.1%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $877M | $1.3B | $473M | $593M | $449M | $360M | $108M | $246M | $208M | $489M | $438M |
| Enterprise Value | $1.1B | $1.5B | $658M | $738M | $630M | $519M | $287M | $485M | $1.0B | $1.2B | $1.1B |
| P/E Ratio → | 100.67 | 422.07 | 4.37 | 23.00 | 57.28 | — | — | — | — | — | — |
| P/S Ratio | 1.34 | 2.01 | 0.79 | 0.95 | 0.81 | 0.93 | 0.29 | 0.44 | 0.21 | 0.68 | 0.63 |
| P/B Ratio | 2.87 | 4.48 | 1.87 | 4.03 | 4.22 | 3.65 | 1.53 | 1.51 | 0.67 | 1.39 | 1.09 |
| P/FCF | — | 64.81 | — | 18.51 | — | — | 2.28 | — | — | 38.58 | 13.31 |
| P/OCF | 8.74 | 12.62 | 12.96 | 8.45 | 23.69 | 77.21 | 1.41 | 2.73 | 4.48 | 7.57 | 8.12 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.35 | 1.10 | 1.18 | 1.14 | 1.34 | 0.76 | 0.86 | 1.01 | 1.60 | 1.59 |
| EV / EBITDA | 12.65 | 15.36 | 7.67 | 9.23 | 11.32 | 25.56 | 9.74 | 9.02 | 6.79 | 10.53 | 13.25 |
| EV / EBIT | 18.39 | 33.87 | 12.84 | 13.65 | 23.32 | 313.69 | — | — | 28.37 | 82.51 | — |
| EV / FCF | — | 75.98 | — | 23.01 | — | — | 6.05 | — | — | 91.05 | 33.50 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 25.4% | 25.4% | 23.4% | 22.6% | 20.5% | 15.4% | 18.0% | 18.3% | 16.6% | 16.7% | 10.0% |
| Operating Margin | 9.4% | 9.4% | 8.3% | 7.3% | 4.1% | -3.4% | -2.3% | 1.1% | 3.4% | 0.8% | -6.7% |
| Net Profit Margin | 0.5% | 0.5% | 18.1% | 4.1% | 1.4% | -4.3% | -13.5% | -24.9% | -2.8% | -5.4% | -23.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 1.1% | 1.1% | 54.1% | 20.3% | 7.6% | -19.8% | -43.7% | -58.8% | -8.3% | -10.4% | -35.3% |
| ROA | 0.4% | 0.4% | 17.8% | 5.4% | 1.8% | -2.2% | -4.3% | -10.5% | -2.0% | -3.0% | -10.9% |
| ROIC | 9.5% | 9.5% | 10.3% | 11.8% | 6.3% | -3.9% | -2.0% | 0.6% | 2.4% | 0.4% | -2.9% |
| ROCE | 9.7% | 9.7% | 10.3% | 12.9% | 7.2% | -4.1% | -1.2% | 0.5% | 2.9% | 0.5% | -3.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.93 | 0.93 | 0.87 | 1.34 | 1.82 | 1.94 | 3.47 | 1.56 | 2.69 | 1.96 | 1.75 |
| Debt / EBITDA | 2.72 | 2.72 | 2.58 | 2.46 | 3.49 | 9.42 | 8.35 | 4.73 | 5.66 | 6.31 | 8.42 |
| Net Debt / Equity | — | 0.77 | 0.73 | 0.98 | 1.70 | 1.62 | 2.52 | 1.46 | 2.57 | 1.89 | 1.66 |
| Net Debt / EBITDA | 2.26 | 2.26 | 2.15 | 1.81 | 3.25 | 7.87 | 6.07 | 4.44 | 5.39 | 6.07 | 7.98 |
| Debt / FCF | — | 11.16 | — | 4.50 | — | — | 3.77 | — | — | 52.47 | 20.18 |
| Interest Coverage | 2.53 | 2.53 | 2.28 | 2.42 | 1.71 | 0.10 | -0.33 | -5.03 | 0.49 | 0.24 | -2.95 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.02 | 2.02 | 2.19 | 2.24 | 1.92 | 2.17 | 1.17 | 1.86 | 2.00 | 1.96 | 2.36 |
| Quick Ratio | 2.02 | 2.02 | 1.36 | 1.47 | 1.34 | 1.45 | 1.07 | 1.44 | 1.28 | 1.29 | 1.45 |
| Cash Ratio | 0.29 | 0.29 | 0.30 | 0.42 | 0.11 | 0.32 | 0.08 | 0.08 | 0.20 | 0.15 | 0.31 |
| Asset Turnover | — | 0.80 | 0.83 | 1.25 | 1.21 | 0.97 | 0.33 | 0.44 | 0.72 | 0.55 | 0.53 |
| Inventory Turnover | — | — | 4.51 | 5.02 | 6.10 | 4.75 | 4.04 | 5.70 | 5.80 | 5.22 | 5.87 |
| Days Sales Outstanding | — | 3.35 | 63.86 | 65.16 | 85.53 | 85.74 | 61.92 | 72.31 | 71.31 | 72.71 | 60.04 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | 1.1% | 0.5% | 9.2% | 3.9% | 6.6% |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.0% | 0.2% | 22.9% | 4.3% | 1.7% | — | — | — | — | — | — |
| FCF Yield | — | 1.5% | — | 5.4% | — | — | 43.8% | — | — | 2.6% | 7.5% |
| Buyback Yield | 0.0% | 0.0% | 0.6% | 0.0% | 0.0% | 0.0% | 0.0% | 11.4% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.6% | 0.0% | 0.0% | 0.0% | 1.1% | 11.9% | 9.2% | 3.9% | 6.6% |
| Shares Outstanding | — | $135M | $132M | $131M | $130M | $127M | $126M | $126M | $124M | $114M | $87M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying TTI stock.
TETRA Technologies, Inc.'s current P/E ratio is 100.7x. The historical average is 34.6x. This places it at the 94th percentile of its historical range.
TETRA Technologies, Inc.'s current EV/EBITDA is 12.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.1x.
TETRA Technologies, Inc.'s return on equity (ROE) is 1.1%. The historical average is -0.5%.
Based on historical data, TETRA Technologies, Inc. is trading at a P/E of 100.7x. This is at the 94th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
TETRA Technologies, Inc. has 25.4% gross margin and 9.4% operating margin.
TETRA Technologies, Inc.'s Debt/EBITDA ratio is 2.7x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Thin margins and rising capex
Metrics are mathematically derived from official filings.
Trailing Multiples Distorted by Depressed Earnings
According to the reported multiples, TTI trades at a trailing P/E of 270.27 against a forward P/E of 25.39, a gap that suggests trailing earnings are depressed and not representative of normalized earning power.
The trailing P/E is effectively meaningless given net margins near 4% and a 2025Q4 net loss, so the forward P/E of 25.39 and the EV/EBITDA of 11.33 versus a forward 10.00 are the more informative anchors. Compared with WTTR at 80.90 P/E and 12.33 EV/EBITDA, TTI's EBITDA multiple appears in line with the peer group rather than at a discount, which suggests the market is pricing in a recovery that recent free cash flow deterioration has not yet confirmed. The P/FCF of 44.90 reinforces that valuation rests on earnings recovery rather than current cash generation.
Gross Margin Erosion Outpacing Operating Leverage
As reported in financial statements, TTI's gross margin fell from 27.7% in 2025Q2 to 20.9% in 2026Q3, while operating margin compressed from 13.2% to 5.8%, indicating that cost pressure is flowing through to earnings.
The decline in gross margin appears tied to a mix shift toward lower-margin water and flowback services, though the exact weighting is an inference rather than a disclosed figure. Operating margin compression of roughly seven points over the same window, combined with a net margin of 4.1%, suggests limited buffer against further revenue softness. Relative to NCSM's 12.9% net margin, TTI's profitability appears structurally weaker in its current configuration, warranting monitoring of whether the gap is cyclical or persistent.
ROIC Stagnant Near Two Percent
Based on TTI's reported figures, ROIC has ranged between 1.0% and 4.9% over the ten quarters, with the 2026Q3 reading of 1.6% well below the 4.9% peak in 2024Q2, suggesting returns on invested capital are not compounding.
ROE has been volatile, distorted by the 50.3% reading in 2024Q4 that appears driven by non-operating items rather than operating performance, so ROIC is the more reliable gauge here. A return on invested capital in the low single digits, against a capex base rising toward 21% of revenue, implies that incremental investment is not yet generating returns above the cost of capital. Peer ROIC of 7.9% at NCSM highlights the gap, which may reflect the early-stage nature of the Arkansas mineral build-out rather than a permanent impairment.
Deleveraging Masks Coverage Fragility
According to the reported quarterly figures, TTI's debt-to-equity fell from 1.38 in 2024Q3 to 0.10 in 2026Q3, yet interest coverage has swung between negative and 5.85x, indicating debt service comfort that is inconsistent across periods.
The apparent improvement in leverage coincides with a sharp contraction in equity, so the lower D/E may reflect a shrinking denominator rather than a stronger capital structure. Debt/EBITDA rose to 17.17 in 2025Q4 before recovering to 2.03 in 2026Q3, which suggests EBITDA volatility, not debt alone, has driven coverage risk. Investors should monitor whether the reduced debt base holds as the company funds capex, since negative free cash flow could necessitate renewed borrowing.
Current Ratio Strong, Cash Timing Volatile
As reported in financial statements, TTI's current ratio held between 2.0 and 2.5 across most quarters, while the quick ratio of 1.76 in 2026Q2 and 1.20 in 2026Q1 indicates a liquidity cushion that depends on inventory and receivables timing.
A quick ratio that moves from 1.76 to 1.20 within a single quarter suggests working capital is sensitive to inventory build and collections rather than static cash. Under severe stress, a sharp drop in receivables or a delayed inventory sale could compress the quick ratio toward levels offering limited margin for error. This points to a liquidity position that is adequate on paper but warrants scrutiny of cash conversion during downturns.
Headline Leverage Ratio Flatters Thin Equity
The strongest bear case is that TTI's low debt-to-equity ratio of 0.10 reflects a shrinking equity base rather than strength, and with net margins near 4%, a modest revenue shortfall could quickly erase the cushion.
A sub-0.10 D/E ratio looks conservative in isolation, but the denominator has contracted sharply and the accumulated deficit weighs on book value, so the ratio may overstate balance sheet resilience. Ratios that look favorable on a headline basis can mislead when equity is eroding, and investors should instead weigh debt/EBITDA and free cash flow coverage. Using EBITDA-based leverage and cash-flow coverage as primary measures would better reflect the risk that thin margins and negative free cash flow leave limited room for error.