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Tetra Tech

TTEK Nasdaq Construction & Engineering Financials FY2016–FY2025

Tetra Tech's revenue rose 4.7% to $5.4 billion in fiscal 2025. Its operating margin was 7.5%, down from 9.6% a year earlier. Free cash flow was $439 million, up 28.9%. It paid out $315 million in dividends and buybacks, 72% of free cash flow. The diluted share count fell 1.1%.

Last close · Oct 23, 2026

$36.98

0.5%
Value it Compare
Revenue Total sales reported in the income statement.
$5.4B
4.7% vs prior year
Operating margin Operating income as a share of revenue.
7.5%
2.1 pts
Net income Profit after all expenses, interest and tax.
$248M
25.6%
Free cash flow Cash from operations minus capital spending.
$439M
28.9%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
11.2%
4.7 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$9.6B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
22.3x
On $1.66 EPS (TTM)

About these figures. Share counts and per-share figures for earlier years are restated for a stock split (5-for-1), so every year is on today's share basis.

What Tetra Tech does

No business description yet.

Legal name
TETRA TECH INC
Fiscal year ends
September 28, 2025
Latest annual report
—
Accession · CIK
0000831641-25-000032
0000831641

Revenue and margins

Tetra Tech had $5.4B of revenue in fiscal 2025, up 4.7% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 14.3% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $439M in fiscal 2025, 8.1% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Tetra Tech returned $315M to shareholders in fiscal 2025, 72% of free cash flow. The diluted share count fell 1.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Tetra Tech yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$596M and divides by 267.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 22.3x · peers 20.5x · sector 26.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Tetra Tech can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $167M$185M$169M$233M$168M
Debt incl. finance leases $213M$259M$880M$813M$763M
Net debt / EBITDA 0.2x0.2x1.7x1.0x1.3x
Debt / equity 0.2x0.2x0.6x0.4x0.4x
Interest coverage 21.9x25.5x6.8x11.2x10.1x
Current ratio 1.3x1.3x1.1x1.3x1.2x
Quick ratio 1.3x1.3x1.1x1.3x1.2x
Total assets $2.6B$2.6B$3.8B$4.2B$4.3B
Total liabilities $1.3B$1.4B$2.4B$2.4B$2.5B
Shareholders' equity $1.2B$1.2B$1.4B$1.8B$1.8B
Net debt (− = net cash) $45.9M$73.7M$711M$580M$596M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.1M

1 insider

Sold, 12 months

$0.4M

1 insider

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
May 15, 2026 Jeffrey R FeelerDirector Bought 1,900 $26.41 $0.1M Form 4
Feb 4, 2026 Brian N CarterSVP, Corporate Controller Sold 9,979 $40.23 $0.4M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✓ ✓
Current ratio rose ✕ ✓ ✕
Share count didn't rise ✓ ✕ ✓
Gross margin rose ✕ ✓ ✓
Revenue rose relative to assets ✓ ✕ ✕
F-score 6 / 96 / 96 / 9
Accruals ratio −3.0%−0.6%−5.0%
Altman Z'' 2.863.553.18

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Tetra Tech TTEK $9.6B 4.7% 7.5% 8.1% 11.2% 22.3x 6
Dycom Industries DY $6.8B 18.0% — 7.2% 10.9% 20.5x 6 Compare →
APi Group APG $17.2B 12.7% 7.0% 8.4% 7.7% — 8 Compare →
IES IESC $4.3B 16.9% 11.4% 6.5% 50.5% 9.5x 6 Compare →
Comfort Systems USA FIX $40.9B 29.5% 14.4% 11.3% 73.3% 25.1x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $2.6B $2.8B $3.0B $3.1B $3.0B $3.2B $3.5B $4.5B $5.2B $5.4B
Gross profit $330M $354M $385M $408M $447M $498M $576M $725M $866M $961M
Operating income $136M $183M $190M $189M $241M $279M $340M $358M $501M $408M
Interest expense $12.4M $12.3M $17.3M $15.4M $14.5M $12.7M $13.4M $52.4M $44.6M $40.6M
Pretax income $125M $172M $175M $175M $228M $267M $349M $401M $464M $378M
Income tax $40.6M $53.8M $37.6M $16.4M $54.1M $34.0M $85.6M $128M $130M $130M
Net income $83.9M $118M $137M $159M $174M $233M $263M $274M $333M $248M
Diluted EPS $0.28 $0.41 $0.48 $0.57 $0.63 $0.85 $0.97 $1.02 $1.23 $0.93
Diluted shares 0.29B 0.29B 0.28B 0.28B 0.28B 0.27B 0.27B 0.27B 0.27B 0.27B
Cash flow
Cash from operations $142M $142M $186M $209M $263M $304M $336M $369M $359M $458M
Capital expenditure $11.9M $9.7M $9.7M $16.2M $12.2M $8.6M $10.6M $26.9M $18.1M $18.6M
Free cash flow $130M $132M $176M $192M $250M $296M $326M $342M $341M $439M
Depreciation and amortization $45.6M $45.8M $38.6M $28.8M $24.6M $23.8M $27.0M $61.2M $73.7M $58.3M
Stock-based compensation $13.0M $13.4M $19.6M $17.6M $19.4M $23.1M $26.2M $28.6M $31.2M $33.9M
Acquisitions $81.3M $8.0M $68.3M $84.2M $68.5M $84.9M $49.1M $854M $93.6M $97.3M
Share buybacks $99.5M $100M $75.0M $100M $117M $60.0M $200M $0.0M $0.0M $250M
Dividends paid $19.7M $21.7M $24.5M $29.7M $34.7M $40.0M $46.1M $52.1M $58.8M $65.0M
Dividends and buybacks $119M $122M $99.5M $130M $152M $100M $246M $52.1M $58.8M $315M
Balance sheet
Cash and short-term investments $161M $190M $146M $121M $158M $167M $185M $169M $233M $168M
Total debt $347M $357M $277M $277M $292M $213M $259M $880M $813M $763M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $935M $1.0B $1.1B $1.1B $1,000M $1.1B $1.2B $1.4B $1.5B $1.6B
Current liabilities $481M $538M $618M $770M $794M $849M $916M $1.2B $1.2B $1.4B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $67.8M $56.8M $43.3M $39.4M $35.5M $37.7M $32.3M $74.8M $73.1M $66.1M
Total assets $1.8B $1.9B $2.0B $2.1B $2.4B $2.6B $2.6B $3.8B $4.2B $4.3B
Total liabilities $931M $974M $992M $1.2B $1.3B $1.3B $1.4B $2.4B $2.4B $2.5B
Shareholders' equity $869M $929M $967M $989M $1.0B $1.2B $1.2B $1.4B $1.8B $1.8B
Margins
Gross margin 12.8% 12.8% 13.0% 13.1% 14.9% 15.5% 16.4% 16.0% 16.7% 17.7%
Operating margin 5.3% 6.7% 6.4% 6.1% 8.1% 8.7% 9.7% 7.9% 9.6% 7.5%
EBITDA margin 7.0% 8.3% 7.7% 7.0% 8.9% 9.4% 10.5% 9.3% 11.1% 8.6%
Net margin 3.3% 4.3% 4.6% 5.1% 5.8% 7.3% 7.5% 6.1% 6.4% 4.6%
FCF margin 5.0% 4.8% 5.9% 6.2% 8.4% 9.2% 9.3% 7.6% 6.6% 8.1%
Returns
Return on capital 9.3% 11.7% 13.6% 15.3% 15.9% 19.8% 20.3% 14.5% 15.9% 11.2%
Return on capital employed 11.2% 13.7% 14.1% 13.9% 16.3% 16.8% 19.8% 16.6% 17.9% 13.9%
Return on equity 9.7% 13.1% 14.5% 16.2% 17.2% 20.5% 21.8% 21.1% 20.6% 13.7%
Return on assets 5.0% 6.4% 7.1% 7.7% 7.7% 9.4% 10.1% 8.5% 8.3% 5.9%
Growth
Revenue growth — 6.6% 7.7% 4.8% −3.6% 7.3% 9.0% 29.1% 15.0% 4.7%
Net income growth 113.8% 40.6% 16.2% 15.9% 9.5% 33.9% 13.0% 3.9% 21.9% −25.6%
EPS growth 121.9% 43.7% 18.6% 17.4% 11.3% 34.8% 13.9% 5.2% 20.6% −24.4%
FCF growth −6.1% 1.3% 33.6% 9.3% 30.1% 18.2% 10.1% 4.9% −0.3% 28.9%
Share count change −4.2% −1.8% −2.3% −1.2% −1.6% −0.6% −0.9% −1.0% 0.7% −1.1%
Financial health
Net debt / EBITDA 1.0x 0.7x 0.6x 0.7x 0.5x 0.2x 0.2x 1.7x 1.0x 1.3x
Debt / equity 0.4x 0.4x 0.3x 0.3x 0.3x 0.2x 0.2x 0.6x 0.4x 0.4x
Interest coverage 11.0x 14.9x 11.0x 12.3x 16.7x 21.9x 25.5x 6.8x 11.2x 10.1x
Current ratio 1.9x 1.9x 1.7x 1.4x 1.3x 1.3x 1.3x 1.1x 1.3x 1.2x
Quick ratio 1.9x 1.9x 1.7x 1.4x 1.3x 1.3x 1.3x 1.1x 1.3x 1.2x
Capital allocation
Capex / revenue 0.5% 0.4% 0.3% 0.5% 0.4% 0.3% 0.3% 0.6% 0.4% 0.3%
Stock comp / revenue 0.5% 0.5% 0.7% 0.6% 0.7% 0.7% 0.8% 0.6% 0.6% 0.6%
Payouts / FCF 91.7% 92.4% 56.5% 67.4% 60.7% 33.8% 75.6% 15.3% 17.3% 71.8%
Quality scores
Piotroski F-score — 7.0 8.0 8.0 6.0 7.0 8.0 6.0 6.0 6.0
Altman Z'' 4.5 4.8 4.7 4.1 3.7 4.0 4.1 2.9 3.6 3.2
Accruals ratio −3.5% −1.3% −2.5% −2.4% −3.9% −2.9% −2.8% −3.0% −0.6% −5.0%

Source: SEC EDGAR XBRL filings (CIK 0000831641). Data updated October 18, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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