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Tetra Tech, Inc.

TTEK Industrials Engineering & Construction

Tetra Tech, Inc.’s revenue for fiscal 2025 (year ended September 2025) was $5.4 billion, up 4.69% from fiscal 2024.

Revenue
−4.47%
EPS
−2.33%
Free cash flow
−35.0%
Total debt
−7.12%

Quarter to June 2026, against a year earlier

40.29 0.27 −0.67%
Market cap
$10.4B
P/E
24.1×
Fwd P/E
24.8×
Dividend yield
0.68%
F-score
6/9
Altman Z
4.38
Beneish M
−2.69
Dividend safety
92/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • CIG
  • GSG

Every year since 2016 →

Insider Decisions last twelve months

Bought, $m 0.05
Sold, $m 0.40
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — 1 — — — — — —
Sell — — 1 — — — — — — — — —
Insider Ownership 1.33%

Capital & Financial Ratios $m

Size
Market Cap 10,390.00
Revenue ttm 5,069.48
Net income ttm 436.70
Free cash flow ttm 548.25
Net debt Q 570.22
Valuation
P/E 24.12
Forward P/E 24.80
Price / sales 2.05
Forward P/S Powerpack
Price / FCF 18.97
Price / book 5.61
Financial health
Current ratio Q 1.18
Debt / equity Q 0.43 (at or below 0.5: strong)
Interest coverage Q 22.06
Growth
Revenue growth Q −4.47% (below 0%: shrinking)
Operating income growth Q −4.28% (below 0%: shrinking)
EPS, this year +1.06%
EPS, next year A +8.65%
Revenue, next year A −20.04% (below 0%: weak)
EPS, past 5 yrs +8.03%
EPS, next 5 yrs A +6.79%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.2×, against a ten-year median of 1.8×; over the ten years it ranged from 0.7× in 2016 to 3.1× in 2021.
P/E against its own 10 years 22.40%
10-year low 10-year high
P/S against its own 10 years 71.00%
10-year low 10-year high
P/B against its own 10 years 61.95%
10-year low 10-year high
EV/Sales against its own 10 years 76.58%
10-year low 10-year high
EV/FCF against its own 10 years 26.87%
10-year low 10-year high

Dividends

Yield
0.68%
Annual rate
0.27
Payout ratio
16.5%
Growth, 2018–26
+10.8%/yr
  1. 0.09 ’18
  2. 0.11 ’19 +24
  3. 0.13 ’20 +16
  4. 0.15 ’21 +17
  5. 0.18 ’22 +16
  6. 0.20 ’23 +13
  7. 0.23 ’24 +12
  8. 0.25 ’25 +12
  9. 0.21 ’26 −17
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 169 233 167 231
Receivables 984 1,073 1,174 1,076
Inventory — — — —
Other 114 130 196 153
1,356 1,527 1,621 1,580
2023 2024 2025 Q'26
Payables 173 197 205 221
ST’ Debt — — — —
Other 667 627 758 722
1,208 1,220 1,379 1,334

Compound Annual Growth %

10y 5y 3y
Sales 9.00% 12.69% 15.81%
Cash Flow 10.89% 11.76% 10.83%
Earnings 20.28% 7.34% (1.99%)
Book Value 7.59% 11.41% 14.59%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.40 Actual 0.42

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.40 0.45 Beat by 0.05
Q1 FY26 0.31 0.35 Beat by 0.04
Q2 FY26 0.31 0.34 Beat by 0.03
Q3 FY26 0.40 0.42 Beat by 0.02
Q4 FY26 0.47 — Reports 11 November 2026

EPS $

Dec Mar Jun Sep Year
’26 0.40 0.36 0.42 — —
’25 0.00 0.02 0.43 0.48 0.93
’24 0.28 0.28 0.32 0.35 1.23
’23 0.44 0.16 0.22 0.20 1.02
’22 0.25 0.20 0.22 0.31 0.97
’21 0.19 0.17 0.19 0.30 0.85
’20 0.17 0.13 0.17 0.16 0.63
Fiscal quarters ending in the months shown.

Revenue $m

Dec Mar Jun Sep Year
’26 1,211 1,220 1,309 — —
’25 1,421 1,322 1,370 1,330 5,443
’24 1,228 1,252 1,344 1,374 5,199
’23 895 1,158 1,209 1,261 4,523
’22 859 853 890 903 3,504
’21 765 755 802 892 3,214
’20 798 734 710 753 2,995
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Dec Mar Jun Sep Year
’26 72 165 229 — —
’25 13 (6) 350 101 458
’24 9 103 141 106 359
’23 25 88 133 122 368
’22 82 95 98 60 336
’21 33 124 69 78 304
’20 (18) 101 111 68 262
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Dec Mar Jun Sep Year
’26 68 159 225 — —
’25 10 (11) 346 96 440
’24 6 99 138 99 341
’23 20 83 126 113 342
’22 84 91 96 58 330
’21 31 122 67 76 296
’20 (21) 105 119 66 268
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 6.6% a year for ten years. It grew 13.1% a year over the last ten.

Implied
6.6%
10 years, reported
13.1%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to September

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 2,583 2,753 2,964 3,107 2,995 3,214 3,504 4,523 5,199 5,443 5,069 +8.6% 4,352 4,474 4,698 (4.8%)
Gross margin, % 12.78 12.84 12.97 13.14 14.91 15.51 16.43 16.03 16.67 17.66 18.78 +4.9 pt
EBT 124 172 175 175 228 267 349 401 463 378 594 +13.1%
EBT margin, % 4.82 6.24 5.89 5.64 7.61 8.30 9.95 8.87 8.92 6.94 11.72 +2.1 pt
Net income 84 118 137 159 174 233 263 273 333 248 437 +12.8%
Per share, $
Per share, $ Revenue 8.88 9.68 10.65 11.30 11.04 11.88 13.07 17.00 19.44 20.56 19.64 +9.8%
Earnings 0.29 0.41 0.49 0.58 0.64 0.86 0.98 1.03 1.25 0.94 1.67 +14.0%
Cash flow 0.49 0.50 0.67 0.76 0.97 1.13 1.25 1.39 1.34 1.73 2.20 +15.1%
Capex (0.03) (0.03) (0.03) (0.06) 0.02 (0.03) (0.02) (0.10) (0.07) (0.07) (0.07) +9.1%
Free cash flow 0.46 0.47 0.63 0.70 0.99 1.10 1.23 1.29 1.28 1.66 2.12 +15.4%
Book value 2.99 3.26 3.47 3.60 3.83 4.56 4.41 5.28 6.85 6.72 7.18 +9.4%
Shares, m 291 285 278 275 271 270 268 266 267 265 261 (1.0%)
Valuation, ×
Valuation, × P/E 24.79 22.89 27.80 30.12 29.75 34.65 26.13 29.58 37.79 35.40 24.12 29.9
P/S 0.80 0.97 1.28 1.54 1.73 2.51 1.97 1.78 2.43 1.62 2.05 1.7
P/B 2.37 2.89 3.92 4.82 4.99 6.54 5.83 5.74 6.89 4.96 5.61 4.9
EV/Sales 0.87 1.04 1.32 1.59 1.77 2.53 1.99 1.95 2.55 1.78 2.21 1.7
EV/FCF 16.89 21.50 22.28 25.53 19.83 27.41 21.14 25.81 38.83 22.01 20.46 24.1
Cash, $m
Cash, $m Operating cash flow 142 141 186 209 262 304 336 368 359 458 567 +13.9%
Capex (9) (9) (10) (16) 5 (8) (7) (26) (17) (18) (19) +8.0%
Free cash flow 133 133 176 193 268 296 330 342 341 440 548 +14.2%
Balance, $m
Balance, $m Working capital 454 504 432 310 206 217 242 148 308 242 246 (6.8%)
Net debt 187 167 131 156 134 46 74 711 580 596 570 +13.8%
Shareholders’ equity 869 929 967 989 1,037 1,234 1,183 1,404 1,830 1,780 1,853 +8.3%
Returns, %
Returns, % ROA 4.99 6.37 7.09 7.73 7.68 9.40 10.12 8.49 8.32 5.85 9.97 +0.9 pt
ROIC 8.04 10.46 10.82 10.30 12.86 13.61 16.93 10.59 12.98 10.74 15.78 +2.7 pt
ROE 9.71 13.11 14.44 16.22 17.16 20.50 21.77 21.14 20.62 13.72 24.26 +4.0 pt
People
People Employees 16,000 16,000 17,000 20,000 20,000 21,000 21,000 27,000 30,000 25,000 — +5.1%
Revenue/emp, $m 0.16 0.17 0.17 0.16 0.15 0.15 0.17 0.17 0.17 0.22 — +3.4%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Sep 2025 · latest quarter Jun 2026

Business profile

Updated

Tetra Tech is a consulting and engineering company focused on water, the environment and infrastructure. Founded in 1966 and headquartered in Pasadena, it works for government agencies, utilities and commercial clients around the world. Roger Argus is its chief executive officer.

The company often enters a project early, identifying technical solutions and preparing plans suited to a client’s needs and resources. Its work can continue through data collection, analysis, engineering design, project management, operations and maintenance. For example, it helps clients plan water supplies, manage wastewater and flooding, clean up contaminated sites and design buildings and transportation infrastructure.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
CIG 2,845 52.27%
GSG 2,674 49.13%
Gross margin 17.66%
Operating margin 7.50%
Pre-tax margin 6.94%

Revenue by segment since 2016

Tetra Tech, Inc. vs peers in Engineering & Construction (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
APG APi Group Corporation $17.3B — (loss-making) 37.9× +22.49% (above 0%: growing) +32.25% (above 0%: growing) −0.98% (below 0%: shrinking) 30.15% 7.91% Compare
J Jacobs Solutions Inc. $17.3B 51.8× 39.1× +34.46% (above 0%: growing) −25.16% (below 0%: shrinking) +59.31% (above 0%: growing) 19.89% 7.03% Compare
MTZ MasTec, Inc. $12.8B 27.2× 29.9× +29.88% (above 0%: growing) +2.46% (above 0%: growing) +473.20% (above 0%: growing) 12.83% 5.35% Compare
TTEK Tetra Tech, Inc. $10.4B 24.1× 24.8× −4.47% (below 0%: shrinking) −2.33% (below 0%: shrinking) −34.95% (below 0%: shrinking) 18.59% 12.07%
ACM AECOM $8.6B 30.1× 25.5× −14.18% (below 0%: shrinking) n/m −78.95% (below 0%: shrinking) (0.95%) (2.12%) Compare
STRL Sterling Infrastructure, Inc. $7.5B 13.6× 13.1× +126.98% (above 0%: growing) +148.46% (above 0%: growing) −16.84% (below 0%: shrinking) 24.12% 19.62% Compare
FLR Fluor Corporation $6.0B — (loss-making) 13.1× +10.45% (above 0%: growing) n/m −32.12% (below 0%: shrinking) 5.46% 6.05% Compare
IESC IES Holdings, Inc. $5.9B 13.9× 13.7× +39.60% (above 0%: growing) +98.70% (above 0%: growing) −14.63% (below 0%: shrinking) 27.41% 14.37% Compare
DY Dycom Industries, Inc. $5.8B 18.7× 18.2× +45.57% (above 0%: growing) +13.95% (above 0%: growing) +106.51% (above 0%: growing) 21.96% 9.57% Compare
Median of peers $8.0B 22.9× 21.9× +32.17% +23.10% −7.81% 20.93% 7.47%

All 51 Engineering & Construction stocks →

From the latest earnings call

Updated

  • CEO Roger Argus said backlog rose for a second consecutive quarter, supported by orders including data-center automation and sediment restoration work.
  • Argus said federal contracting staff shortages were delaying awards, while reduced federal co-funding had affected Tetra Tech’s flood protection work.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 97.99%
Held by the ten largest 44.38%
Holder Shares Stake Change
BlackRock 28.68m 11.20% +1.88m
Vanguard 26.23m 10.24% −142.85k
Capital Group 13.12m 5.12% +194.51k
State Street 9.76m 3.81% +125.73k
Fidelity (FMR) 8.77m 3.42% +8.44m
Geode Capital Management 6.83m 2.67% +1.62m
Fidelity International (FIL) 5.47m 2.14% +639.02k
Amundi 5.10m 1.99% +349.27k
FULLER & THALER ASSET MANAGEMENT, INC. 4.92m 1.92% +1.61m
Pictet Asset Management 4.76m 1.86% −4.89m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 9 January 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 11.62m 5.69m 188.30
2024 12.56m 24.90m 263.94
2023 11.89m 16.02m 169.64
2022 10.33m 9.31m 142.49
2021 7.91m 18.48m 167.37

Ownership

Directors and executive officers, together less than 1%
The Vanguard Group, Inc.3 10.10%
BlackRock, Inc.2 9.70%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Tetra Tech, Inc. (TTEK) Latest News

23 Oct

Impact 4 · · Simply Wall St.

2 Oct

Impact 3 · · Simply Wall St.
Impact 3 ·
Impact 3 · · Simply Wall St.

30 Sep

Impact 3 · · Zacks

29 Sep

Impact 4 · · Business Wire
Impact 3 · · Insider Monkey

28 Sep

Impact 3 · · StockStory

23 Sep

Impact 3 ·

21 Sep

Impact 3 · · MT Newswires

14 Sep

Impact 3 ·

10 Sep

Impact 3 ·

7 Sep

Impact 3 ·

4 Sep

Impact 3 ·

3 Sep

Impact 4 ·

24 Aug

Impact 3 ·

20 Aug

Impact 3 ·

8 Aug

Impact 4 ·

7 Aug

Impact 3 · · The Motley Fool transcript

31 Jul

Impact 4 ·

30 Jul

Impact 4 · transcript
Impact 4 · · Moby
Impact 3 · · MarketBeat transcript
Impact 3 ·

29 Jul

Impact 4 ·
Impact 4 ·

28 Jul

Impact 3 ·

23 Jul

Impact 3 ·

22 Jul

Impact 4 ·

21 Jul

Impact 4 ·

TTEK metrics, ten years each

stockrow.com/TTEK · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com