TETRA Technologies, Inc. (TTI) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-48.3%

$2.92

vs $5.66 price

Levered DCF

$12.41

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.42

Grey zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	414.6×	4.37×	22.71×	56.54×	-21.4×	-2.12×	-1.76×	-7.57×
P/B	4.4×	1.85×	3.94×	4.12×	3.61×	-11.25×	7.16×	1.2×
P/S	1.98×	0.78×	0.94×	0.8×	0.93×	0.29×	0.44×	0.21×
EV / EBITDA	18.12×	7.53×	8.26×	10.43×	14.78×	8.96×	-8.17×	6.71×
Gross margin	25.4%	23.4%	22.6%	20.5%	15.4%	18.0%	18.3%	16.6%
Operating margin	9.4%	8.3%	7.3%	4.1%	-3.4%	-2.3%	1.1%	3.4%
Net margin	0.5%	18.1%	4.1%	1.4%	-4.3%	-13.5%	-24.9%	-2.8%
Current ratio	2.02×	2.19×	2.24×	1.92×	2.17×	1.17×	1.86×	2×
Debt / equity	0.93×	0.87×	1.32×	1.8×	1.92×	-25.55×	7.39×	4.86×
Interest coverage	3.44×	2.23×	2.04×	1.44×	-0.8×	-0.46×	0.29×	0.47×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	1.1%	0.5%	9.2%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	-2.4%	-0.9%	-69.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	1.1%	42.5%	17.4%	7.3%	-16.9%	530.5%	-407.0%	-15.9%
Return on invested capital	1.5%	8.2%	9.5%	4.5%	-4.3%	-2.5%	0.6%	2.9%
Return on assets	0.4%	15.1%	5.2%	1.7%	-4.2%	-4.5%	-11.0%	-2.0%
Free cash flow yield	1.6%	-5.1%	5.5%	-4.8%	-4.4%	43.8%	-7.3%	-45.7%
Earnings yield	0.2%	23.0%	4.4%	1.8%	-4.7%	-47.2%	-56.8%	-13.2%
Enterprise value	$1.5B	$654.2M	$730M	$623.7M	$519.5M	$287.4M	$484.7M	$1B
Net debt / EBITDA	2.7×	2.12×	1.63×	3.02×	4.55×	5.58×	-4.02×	5.33×
Cash conversion cycle (days)	-39	110	98	105	120	126	104	99