IES vs Tetra Tech
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KIRA’s take AI analyst
I put IES and Tetra Tech side by side, using each one’s latest annual report. Here is what stands out:
- 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%).
- Tetra Tech turned more of its sales into free cash flow (8.1% FCF margin, against 6.5%).
- 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.
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
IES
IESC
9/11
Revenue growth5-year growthGross marginOperating marginNet marginReturn on capitalReturn on equityNet debt / EBITDAShare count change
Tetra Tech
TTEK
1/11
FCF margin
Side by side
Best in the row
| 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 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.