IES
IESC · Construction & Engineering
$213.54
3.3%Tetra Tech
TTEK · Construction & Engineering
$36.98
0.5%The short version
- Tetra Tech is the larger business, with $5.4B of revenue in fiscal 2025 against $3.4B for IES, about 1.6 times as much.
- IES grew revenue faster (16.9%, against 4.7%).
- IES kept more of each dollar of sales as operating profit (11.4% operating margin, against 7.5% operating margin).
- Tetra Tech turned more of its sales into free cash flow (8.1% FCF margin, against 6.5% FCF margin).
- IES earned a higher return on the capital invested in it (50.5%, against 11.2%).
- Investors pay more for each dollar of Tetra Tech’s earnings: a P/E of 22.3x against 9.5x for IES.
| Latest fiscal year | IESC · FY25 | TTEK · FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.3B | $9.6B |
| Revenue | $3.4B | $5.4B |
| Free cash flow | $219M | $439M |
| Net income | $306M | $248M |
| Growth | ||
| Revenue growth | 16.9% | 4.7% |
| 5-year growth | 23.1% | 12.7% |
| Share count change | −1.1% | −1.1% |
| Profitability | ||
| Gross margin | 25.5% | 17.7% |
| Operating margin | 11.4% | 7.5% |
| Net margin | 9.1% | 4.6% |
| FCF margin | 6.5% | 8.1% |
| Return on capital | 50.5% | 11.2% |
| Return on equity | 40.9% | 13.7% |
| Balance sheet | ||
| Net debt | −$224M | $596M |
| Net debt / EBITDA | −0.5x | 1.3x |
| Dividends and buybacks | $41.6M | $315M |
| Valuation & quality | ||
| P/E | 9.5x | 22.3x |
| Piotroski F-score | 6 | 6 |
FY16
IESC $696M
TTEK $2.6B
FY17
IESC $811M
TTEK $2.8B
FY18
IESC $877M
TTEK $3.0B
FY19
IESC $1.1B
TTEK $3.1B
FY20
IESC $1.2B
TTEK $3.0B
FY21
IESC $1.5B
TTEK $3.2B
FY22
IESC $2.2B
TTEK $3.5B
FY23
IESC $2.4B
TTEK $4.5B
FY24
IESC $2.9B
TTEK $5.2B
FY25
IESC $3.4B
TTEK $5.4B
IESC
TTEK
FY16
IESC 3.6%
TTEK 5.3%
FY17
IESC 2.5%
TTEK 6.7%
FY18
IESC 3.0%
TTEK 6.4%
FY19
IESC 3.9%
TTEK 6.1%
FY20
IESC 4.2%
TTEK 8.1%
FY21
IESC 5.6%
TTEK 8.7%
FY22
IESC 2.6%
TTEK 9.7%
FY23
IESC 6.7%
TTEK 7.9%
FY24
IESC 10.4%
TTEK 9.6%
FY25
IESC 11.4%
TTEK 7.5%
IESC
TTEK
FY16
IESC $21.6M
TTEK $130M
FY17
IESC $17.8M
TTEK $132M
FY18
IESC $7.7M
TTEK $176M
FY19
IESC $32.4M
TTEK $192M
FY20
IESC $72.0M
TTEK $250M
FY21
IESC $30.5M
TTEK $296M
FY22
IESC −$13.0M
TTEK $326M
FY23
IESC $136M
TTEK $342M
FY24
IESC $189M
TTEK $341M
FY25
IESC $219M
TTEK $439M
IESC
TTEK
FY16
IESC 17.6%
TTEK 9.3%
FY17
IESC 6.4%
TTEK 11.7%
FY18
IESC 5.6%
TTEK 13.6%
FY19
IESC 15.5%
TTEK 15.3%
FY20
IESC 18.0%
TTEK 15.9%
FY21
IESC 23.2%
TTEK 19.8%
FY22
IESC 10.7%
TTEK 20.3%
FY23
IESC 29.6%
TTEK 14.5%
FY24
IESC 52.7%
TTEK 15.9%
FY25
IESC 50.5%
TTEK 11.2%
IESC
TTEK
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