Revenue growth remains highly cyclical with a 0.6% year-over-year decline in 2026Q1, while operating margins have struggled to scale, fluctuating between 2.7% and 13.2% over the last ten quarters.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 630.04M | 630.93M | 599.11M | 626.26M | 553.21M | 388.27M | 377.71M | 561.24M | 998.77M | 723.1M | 694.76M | 1.13B | 1.08B | 909.4M | 880.83M | 845.27M | 872.68M | 878.88M | 1.01B | 982.48M | 767.79M | 531.02M | 353.19M | 318.67M | 242.61M | 303.44M | 224.5M | 178.06M | 211.73M | 219.4M | 160.8M |
| Revenue Growth % | 4.09% | 5.31% | -4.34% | 13.2% | 42.48% | 2.79% | -32.7% | -43.81% | 38.12% | 4.08% | -38.52% | 4.88% | 18.49% | 3.24% | 4.21% | -3.14% | -0.71% | -12.9% | 2.71% | 27.96% | 44.59% | 50.35% | 10.83% | 31.35% | -20.05% | 35.16% | 26.08% | -15.9% | -3.5% | 36.44% | 41.67% |
| Cost of Goods Sold | 475.23M | 470.82M | 459.15M | 484.62M | 439.68M | 328.45M | 309.74M | 458.61M | 832.86M | 602.18M | 625.17M | 896.75M | 947.68M | 764.43M | 703.6M | 739.03M | 740.1M | 652.79M | 804.47M | 792.72M | 510.09M | 394.66M | 270.32M | 244.87M | 185.9M | 218.2M | 155.75M | 152.61M | 161.8M | 144.8M | 103.8M |
| COGS % of Revenue | - | 74.62% | 76.64% | 77.38% | 79.48% | 84.59% | 82% | 81.71% | 83.39% | 83.28% | 89.98% | 79.35% | 87.95% | 84.06% | 79.88% | 87.43% | 84.81% | 74.28% | 79.72% | 80.69% | 66.44% | 74.32% | 76.54% | 76.84% | 76.63% | 71.91% | 69.37% | 85.7% | 76.42% | 66% | 64.55% |
| Gross Profit | 154.82M | 160.11M | 139.96M | 141.64M | 113.53M | 59.82M | 67.97M | 102.63M | 165.92M | 120.91M | 69.59M | 233.39M | 129.89M | 144.97M | 177.23M | 105.07M | 83.64M | 226.09M | 204.6M | 189.76M | 257.71M | 130.68M | 82.87M | 73.8M | 56.7M | 85.23M | 68.76M | 62.69M | 76.7M | 74.6M | 57M |
| Gross Margin % | 24.57% | 25.38% | 23.36% | 22.62% | 20.52% | 15.41% | 18% | 18.29% | 16.61% | 16.72% | 10.02% | 20.65% | 12.05% | 15.94% | 20.12% | 12.43% | 9.58% | 25.72% | 20.28% | 19.31% | 33.56% | 24.61% | 23.46% | 23.16% | 23.37% | 28.09% | 30.63% | 35.21% | 36.23% | 34% | 35.45% |
| Gross Profit Growth % | - | 14.4% | -1.19% | 24.76% | 89.79% | -12% | -33.77% | -38.15% | 37.22% | 73.75% | -70.18% | 79.69% | -10.4% | -18.2% | 68.68% | 25.63% | -63.01% | 10.5% | 7.82% | -26.37% | 97.21% | 57.69% | 12.29% | 30.14% | -33.47% | 23.97% | 9.67% | -18.26% | 2.81% | 30.88% | 30.43% |
| Operating Expenses | 101.83M | 100.56M | 89.97M | 96.09M | 90.73M | 73M | 76.7M | 96.47M | 132.05M | 115.41M | 115.96M | 157.81M | 133.99M | 135.25M | 130.34M | 123.81M | 100.13M | 100.83M | 106.15M | 101.47M | 93.5M | 72.3M | 55.3M | 44.72M | 40.36M | 44.44M | 52.63M | 58.65M | 55.3M | 49.5M | 36.2M |
| OpEx % of Revenue | - | 15.94% | 15.02% | 15.34% | 16.4% | 18.8% | 20.31% | 17.19% | 13.22% | 15.96% | 16.69% | 13.96% | 12.43% | 14.87% | 14.8% | 14.65% | 11.47% | 11.47% | 10.52% | 10.33% | 12.18% | 13.62% | 15.66% | 14.03% | 16.64% | 14.64% | 23.44% | 32.94% | 26.12% | 22.56% | 22.51% |
| Selling, General & Admin | 101.83M | 100.56M | 89.97M | 96.59M | 91.94M | 75.05M | 76.7M | 96.47M | 132.05M | 115.41M | 115.96M | 157.81M | 133.99M | 131.47M | 133.14M | 113.27M | 100.13M | 100.83M | 104.95M | 99.87M | 92M | 71M | 53.8M | 44.72M | 40.36M | 44.44M | 37.57M | 41.89M | 39.1M | 37.9M | 27.9M |
| SG&A % of Revenue | - | 15.94% | 15.02% | 15.42% | 16.62% | 19.33% | 20.31% | 17.19% | 13.22% | 15.96% | 16.69% | 13.96% | 12.43% | 14.46% | 15.12% | 13.4% | 11.47% | 11.47% | 10.4% | 10.17% | 11.98% | 13.37% | 15.23% | 14.03% | 16.64% | 14.64% | 16.73% | 23.53% | 18.47% | 17.27% | 17.35% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | -502K | -1.21M | -2.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.79M | -2.8M | 10.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 15.06M | 16.76M | 16.2M | 11.6M | 8.3M |
| Operating Income | 52.98M | 59.55M | 49.99M | 45.55M | 22.8M | -13.18M | -8.72M | 6.16M | 33.87M | 5.5M | -46.38M | 75.58M | -4.1M | 9.72M | 46.89M | -18.74M | -16.5M | 125.26M | 98.45M | 88.29M | 164.21M | 58.38M | 27.57M | 29.08M | 16.34M | 40.8M | 16.12M | 4.04M | 21.4M | 25.1M | 20.8M |
| Operating Margin % | 8.41% | 9.44% | 8.34% | 7.27% | 4.12% | -3.4% | -2.31% | 1.1% | 3.39% | 0.76% | -6.67% | 6.69% | -0.38% | 1.07% | 5.32% | -2.22% | -1.89% | 14.25% | 9.76% | 8.99% | 21.39% | 10.99% | 7.81% | 9.12% | 6.74% | 13.45% | 7.18% | 2.27% | 10.11% | 11.44% | 12.94% |
| Operating Income Growth % | - | 19.12% | 9.74% | 99.78% | 272.98% | -51.1% | -241.58% | -81.81% | 515.87% | 111.86% | -161.36% | 1942.12% | -142.22% | -79.27% | 350.21% | -13.6% | -113.17% | 27.23% | 11.51% | -46.23% | 181.27% | 111.75% | -5.19% | 77.92% | -59.94% | 153.03% | 298.81% | -81.11% | -14.74% | 20.67% | 55.22% |
| EBITDA | 90.11M | 96.65M | 85.71M | 79.88M | 55.62M | 20.32M | 29.49M | 53.73M | 148.8M | 109.55M | 83.22M | 230.6M | 112.81M | 90.7M | 122.64M | 76.1M | 131.53M | 274.58M | 257.34M | 218.14M | 245.14M | 105.09M | 60.12M | 58.49M | 37.42M | 59.05M | 31.19M | 20.8M | 37.6M | 36.7M | 29.1M |
| EBITDA Margin % | 14.3% | 15.32% | 14.31% | 12.76% | 10.05% | 5.23% | 7.81% | 9.57% | 14.9% | 15.15% | 11.98% | 20.4% | 10.47% | 9.97% | 13.92% | 9% | 15.07% | 31.24% | 25.5% | 22.2% | 31.93% | 19.79% | 17.02% | 18.35% | 15.42% | 19.46% | 13.89% | 11.68% | 17.76% | 16.73% | 18.1% |
| EBITDA Growth % | -6.21% | 12.76% | 7.3% | 43.62% | 173.73% | -31.1% | -45.11% | -63.89% | 35.82% | 31.64% | -63.91% | 104.41% | 24.37% | -26.04% | 61.16% | -42.14% | -52.1% | 6.7% | 17.97% | -11.01% | 133.26% | 74.8% | 2.8% | 56.3% | -36.63% | 89.34% | 49.94% | -44.68% | 2.45% | 26.12% | 49.23% |
| D&A (Non-Cash Add-back) | 37.12M | 37.1M | 35.72M | 34.33M | 32.82M | 33.5M | 38.21M | 47.56M | 114.92M | 104.05M | 129.59M | 155.01M | 116.91M | 80.98M | 75.75M | 94.84M | 148.02M | 149.33M | 158.89M | 129.84M | 80.93M | 46.71M | 32.55M | 29.41M | 21.08M | 18.25M | 15.06M | 16.76M | 16.2M | 11.6M | 8.3M |
| EBIT | 46.84M | 43.83M | 51.21M | 54.05M | 27M | 1.66M | -6.16M | -106.85M | 35.64M | 13.98M | -177.09M | -146.6M | -123.56M | 16.99M | 45.26M | 22.67M | -105.43M | 118.16M | 13.64M | 20.05M | 166.01M | 62.37M | 28.32M | 29.08M | 19.09M | 40.19M | 16.12M | 1.78M | 20.66M | 25.11M | 20.8M |
| Net Interest Income | -15.84M | -17.33M | -22.46M | -22.35M | -15.83M | -16.38M | -18.93M | -21.26M | -70.95M | -57.25M | -58.63M | -54.48M | -32M | -17.12M | -17.08M | -16.44M | -17.3M | -12.79M | -16.78M | -17.16M | -13.29M | -5.98M | -1.68M | -312K | -2.62M | -2.09M | -3.75M | 0 | -6.5M | 0 | -1.3M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.12M | 781K | 1.37M | 690K | 0 | 0 | 0 | 0 | 0 | 0 | 779K | 731K | 348K | 330K | 286K | 0 | 269K | 402K | 441K | 0 | 0 | 0 | 0 |
| Interest Expense | 15.84M | 17.33M | 22.46M | 22.35M | 15.83M | 16.38M | 18.93M | 21.26M | 72.07M | 58.03M | 60M | 55.16M | 32M | 17.12M | 17.08M | 16.44M | 17.3M | 12.79M | 17.56M | 17.89M | 13.64M | 6.31M | 1.96M | 312K | 2.89M | 2.49M | 4.19M | 0 | 6.5M | 0 | 1.3M |
| Other Income/Expense | -19.98M | -33.05M | -21.25M | -13.86M | -11.64M | -1.54M | -16.36M | -134.27M | -70.3M | -49.54M | -190.72M | -277.35M | -153.77M | -9.85M | -18.71M | 24.97M | -57.3M | -19.89M | -102.37M | -86.13M | -11.84M | -2.32M | -1.21M | 253K | -1.8M | -2.53M | -3.71M | 22.23M | -5.35M | -2.01M | -300K |
| Pretax Income | 33.01M | 26.5M | 28.74M | 31.7M | 11.17M | -14.72M | -25.09M | -128.11M | -36.43M | -44.04M | -237.09M | -201.76M | -157.87M | -128K | 28.18M | 6.23M | -73.79M | 105.37M | -3.92M | 2.16M | 152.37M | 56.06M | 26.36M | 29.33M | 13.83M | 38.27M | 12.41M | 25.89M | 14.6M | 23.1M | 20.5M |
| Pretax Margin % | 5.24% | 4.2% | 4.8% | 5.06% | 2.02% | -3.79% | -6.64% | -22.83% | -3.65% | -6.09% | -34.13% | -17.85% | -14.65% | -0.01% | 3.2% | 0.74% | -8.46% | 11.99% | -0.39% | 0.22% | 19.84% | 10.56% | 7.46% | 9.2% | 5.7% | 12.61% | 5.53% | 14.54% | 6.9% | 10.53% | 12.75% |
| Income Tax | 24.53M | 22.3M | -84.88M | 6.22M | 3.56M | 2.08M | 1.76M | 2.81M | 6.3M | 751K | 2.3M | 7.7M | 9.7M | -3.45M | 9.43M | 751K | -30.47M | 36.56M | 5.74M | 941K | 52.49M | 18.77M | 8.3M | 9.93M | 4.93M | 14.4M | 4.67M | 9.88M | 5.7M | 9.2M | 7.4M |
| Effective Tax Rate % | 74.32% | 84.13% | -295.31% | 19.62% | 31.93% | -14.16% | -7.01% | -2.19% | -17.29% | -1.71% | -0.97% | -3.82% | -6.15% | 2698.44% | 33.46% | 12.05% | 41.29% | 34.7% | -146.62% | 43.52% | 34.45% | 33.48% | 31.5% | 33.86% | 35.64% | 37.62% | 37.65% | 38.14% | 39.04% | 39.83% | 36.1% |
| Net Income | 7.28M | 3M | 108.28M | 25.78M | 7.84M | -16.8M | -51.14M | -139.91M | -27.55M | -39.05M | -161.46M | -126.18M | -169.68M | 153K | 15.96M | 4.15M | -43.72M | 68.38M | -12.14M | 2.94M | 101.88M | 38.06M | 17.7M | 21.66M | 8.9M | 23.87M | -6.72M | 10.23M | 8.9M | 13.9M | 13.1M |
| Net Margin % | 1.15% | 0.48% | 18.07% | 4.12% | 1.42% | -4.33% | -13.54% | -24.93% | -2.76% | -5.4% | -23.24% | -11.17% | -15.75% | 0.02% | 1.81% | 0.49% | -5.01% | 7.78% | -1.2% | 0.3% | 13.27% | 7.17% | 5.01% | 6.8% | 3.67% | 7.87% | -2.99% | 5.75% | 4.2% | 6.34% | 8.15% |
| Net Income Growth % | -93.47% | -97.22% | 319.97% | 228.92% | 146.65% | 67.14% | 63.45% | -407.94% | 29.46% | 75.82% | -27.96% | 25.63% | -111000.65% | -99.04% | 284.86% | 109.49% | -163.93% | 663.46% | -512.23% | -97.11% | 167.66% | 115.05% | -18.3% | 143.44% | -62.72% | 455.15% | -165.7% | 14.97% | -35.97% | 6.11% | 39.36% |
| Net Income (Continuing) | 8.48M | 4.21M | 113.62M | 25.48M | 7.6M | -16.8M | -26.84M | -130.92M | -42.73M | -44.79M | -239.39M | -209.47M | -167.57M | 3.33M | 18.75M | 5.48M | -43.33M | 68.81M | -9.65M | 1.22M | 99.88M | 37.29M | 18.06M | 19.4M | 9.41M | 23.57M | 7.74M | 14.33M | 9.32M | 13.9M | 13.1M |
| Discontinued Operations | -1000K | -1.21M | -5.34M | 278K | 195K | -63K | -24.19M | -8.54M | -7.44M | -17.39M | 0 | 0 | 0 | -1K | 3K | -64K | -393K | -426K | -2.48M | 1.72M | 2M | 773K | -357K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -1.27M | -1.27M | -1.26M | -1.26M | -1.23M | -1.14M | 80.7M | 128.45M | 139.35M | 144.48M | 166.94M | 272.96M | 395.89M | 41.96M | 42.19M | 41.94M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.05 | 0.02 | 0.82 | 0.20 | 0.06 | -0.13 | -0.41 | -1.11 | -0.22 | -0.34 | -1.85 | -1.59 | -2.16 | 0.00 | 0.20 | 0.05 | -0.58 | 0.91 | -0.16 | 0.04 | 1.36 | 0.53 | 0.25 | 0.26 | 0.15 | 0.36 | -0.11 | 0.24 | 0.14 | 0.22 | 0.22 |
| EPS Growth % | -92.12% | -97.29% | 317.3% | 225.33% | 145.52% | 67.35% | 63.52% | -401.8% | 34.9% | 81.57% | -16.35% | 26.39% | - | -99.05% | 300% | 108.62% | -163.74% | 668.75% | -500% | -97.06% | 156.6% | 112% | -3.85% | 73.33% | -58.33% | 427.27% | -145.83% | 71.43% | -36.36% | 0% | 37.5% |
| EPS (Basic) | - | 0.02 | 0.82 | 0.20 | 0.06 | -0.13 | -0.41 | -1.11 | -0.22 | -0.34 | -1.85 | -1.59 | -2.16 | 0.00 | 0.21 | 0.05 | -0.58 | 0.92 | -0.16 | 0.04 | 1.42 | 0.55 | 0.26 | 0.27 | 0.16 | 0.38 | -0.11 | 0.24 | 0.15 | 0.23 | 0.23 |
| Diluted Shares Outstanding | 137.31M | 135.15M | 132.23M | 131.24M | 129.78M | 126.6M | 125.84M | 125.6M | 124.1M | 114.5M | 87.29M | 79.17M | 78.6M | 78.84M | 77.96M | 77.99M | 75.54M | 75.72M | 74.52M | 75.92M | 74.82M | 72.14M | 84.28M | 83.32M | 59.33M | 66.77M | 61.27M | 61.09M | 62.97M | 62.62M | 60.71M |
| Basic Shares Outstanding | 134.5M | 133.2M | 131.28M | 129.57M | 128.08M | 126.6M | 125.84M | 125.6M | 124.1M | 113.99M | 87.25M | 79.17M | 78.55M | 77.95M | 77.29M | 76.62M | 75.54M | 75.05M | 74.52M | 73.57M | 71.63M | 68.59M | 67.11M | 65.55M | 55.62M | 62.98M | 61.27M | 60.86M | 61.02M | 60.46M | 57.74M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | 3167.32% | 28.28% | 27.95% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Commodity price volatility exposure
According to reported financial statements, TTI's revenue trajectory exhibits significant volatility, with the most recent quarter showing a 0.6% year-over-year decline to $156.3 million, highlighting the company's sensitivity to fluctuating offshore completion cycles and the seasonal demand patterns inherent in its calcium chloride business.
The inconsistent revenue growth suggests that TTI remains tethered to the capital expenditure cycles of its oil and gas clients rather than achieving steady organic expansion. Investors should monitor whether the strategic pivot toward mineral extraction can eventually decouple the top line from traditional energy sector volatility.
Based on the provided income statement data, TTI's gross margins have fluctuated between 17.7% and 27.7% over the last ten quarters, reflecting the inherent difficulty in maintaining pricing power across both high-value specialty chemical fluids and lower-margin, labor-intensive water management services in a competitive market.
The compression of gross margins during periods of lower revenue suggests that the company's cost structure is not fully variable, leaving profitability vulnerable to volume declines. The ability to sustain margins above 25% appears contingent on the successful deployment of proprietary fluids rather than commoditized water services.
As indicated by the income statement, TTI's operating income has shown limited scalability, with operating margins ranging from 2.7% to 13.2% over the observed period, suggesting that SG&A expenses remain a significant drag on the company's ability to convert gross profit into meaningful bottom-line growth.
The lack of consistent operating leverage implies that the company's overhead is relatively fixed, which may hinder profitability during cyclical downturns. Analysts should investigate whether current SG&A levels are necessary to support the ongoing transition into lithium and bromine development or if they represent operational inefficiencies.
Financial filings reveal that TTI's net income is frequently impacted by non-operating items, as evidenced by the significant variance between quarterly net income figures, such as the $102.7 million reported in 2024Q4 compared to the $16.5 million loss in 2025Q4, complicating the assessment of core profitability.
The presence of lumpy net income suggests that headline EPS may not accurately reflect the underlying operational performance of the business. Investors should focus on operating income trends to strip away the noise created by non-recurring items and potential accounting adjustments related to mineral rights.
While management emphasizes the potential of Arkansas brine assets, the income statement data suggests that TTI remains fundamentally reliant on traditional oilfield services, with recent performance indicating that the company has yet to demonstrate a sustainable, high-margin growth trajectory independent of energy sector activity.
Short-term volatility in lithium and bromine prices poses a material risk to the valuation of the company's undeveloped assets, which the market may be overestimating. The transition to a capital-intensive resource developer may further strain cash flows if the expected returns on these new projects fail to materialize as anticipated.
Quick answers to the most common questions about buying TTI stock.
For fiscal year 2025, TETRA Technologies, Inc. (TTI) reported total revenue of $630.9M. This represents a 292.4% increase compared to $160.8M in 1996.
TETRA Technologies, Inc. (TTI) is profitable, generating $3.0M in net income for the fiscal year ending 2025 with a net profit margin of 0.5%.
TETRA Technologies, Inc. (TTI) reported an operating income of $59.6M, resulting in an operating profit margin of 9.4%. This margin reflects the operational efficiency of the business before interest and taxes.
TETRA Technologies, Inc. (TTI) generated $160.1M in gross profit for the year, representing a gross profit margin of 25.4%. This demonstrates the company's core pricing power and production efficiency.