Detailed financial statements for Tetra Tech, Inc. (TTEK): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Tetra Tech, Inc. operates as a global provider of specialized consulting and engineering services. The firm organizes its activities into two primary divisions: the Government Services Group (GSG) and the Commercial/International Services Group (CIG).
Analysis Summary
Tetra Tech, Inc. reported revenue of $5.44B in the most recent fiscal year, growing at a 5-year CAGR of 18.3%. Net income reached $247.7M, with a 7.3% 5-year CAGR.
Trailing-twelve-month margins: gross margin 18.8%, operating margin 11.9%, net margin 8.6%. Free cash flow grew at 11.9% CAGR over 5 years.
At the current price of $33.12, TTEK trades at a P/E of 19.95 and an ROE of 23.76%. Market capitalisation stands at $8.6B.
Balance sheet quality for TTEK: current ratio of 1.2, net debt of $819.7M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $439.1M represents 177% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.58B | $2.75B | $2.96B | $3.11B | $2.35B | $3.21B | $2.84B | $4.52B | $5.20B | $5.44B |
| Cost of Revenue | $2.25B | $2.40B | $2.58B | $2.70B | $1.90B | $2.72B | $2.26B | $3.80B | $4.33B | $4.48B |
| Gross Profit | $330.2M | $353.6M | $384.5M | $408.2M | $446.5M | $498.4M | $575.6M | $725.0M | $866.4M | $961.3M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $172.0M | $177.2M | $190.1M | $200.2M | 0 | $223.0M | 0 | $305.1M | $356.0M | $355.2M |
| Operating Expenses | $172.0M | $177.2M | $190.1M | $200.2M | $205.4M | $219.7M | $235.1M | $366.9M | $365.7M | $355.2M |
| Operating Income | $135.9M | $183.3M | $190.1M | $188.8M | $241.1M | $278.7M | $340.4M | $358.1M | $500.7M | $606.1M |
| EBITDA | $203.8M | $222.2M | $229.3M | $219.3M | $268.1M | $303.4M | $367.8M | $514.6M | $581.7M | $476.5M |
| Interest Expense | $12.4M | $12.3M | $17.3M | $15.4M | $14.5M | $12.7M | $13.4M | $52.4M | $44.6M | $40.6M |
| Pre-tax Income | $124.5M | $171.8M | $174.6M | $175.1M | $228.0M | $266.9M | $348.8M | $401.0M | $463.5M | $377.6M |
| Income Tax | $40.6M | $53.8M | $37.6M | $16.4M | $54.1M | $34.0M | $85.6M | $127.5M | $130.0M | $129.7M |
| Net Income | $83.8M | $117.9M | $136.9M | $158.7M | $173.9M | $232.8M | $263.1M | $273.4M | $333.4M | $247.7M |
| EPS | $0.29 | $0.41 | $0.49 | $0.58 | $0.64 | $0.86 | $0.98 | $1.03 | $1.25 | $0.94 |
| EPS (Diluted) | $0.28 | $0.41 | $0.48 | $0.57 | $0.63 | $0.85 | $0.97 | $1.02 | $1.23 | $0.93 |
| Shares Outstanding (Diluted) | $294.8M | $289.6M | $283.0M | $279.7M | $275.1M | $273.4M | $270.8M | $268.2M | $270.0M | $267.1M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $1.33B | $1.21B | $1.22B | $1.31B |
| Gross Profit | $274.1M | $220.4M | $214.1M | $243.2M |
| Operating Income | $171.6M | $141.0M | $131.5M | $157.9M |
| EBITDA | $195.9M | $162.7M | $150.5M | $157.9M |
| Net Income | $127.7M | $105.2M | $93.6M | $109.6M |
| EPS | $0.49 | $0.40 | $0.36 | $0.42 |
| EPS (Diluted) | $0.48 | $0.40 | $0.36 | $0.42 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $160.5M | $190.0M | $146.2M | $120.7M | $157.5M | $166.6M | $185.1M | $168.8M | $232.7M | $167.5M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $749.6M | $802.1M | $874.7M | $883.0M | $761.2M | $787.0M | $857.7M | $1.10B | $1.20B | $1.31B |
| Inventory | 0 | -$49,000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $931.9M | $1.04B | $1.04B | $1.08B | $999.8M | $1.07B | $1.16B | $1.36B | $1.53B | $1.62B |
| Property, Plant & Equipment | $67.8M | $56.8M | $43.3M | $39.4M | $274.9M | $253.2M | $214.6M | $250.8M | $251.0M | $263.8M |
| Goodwill | $718.0M | $740.9M | $798.8M | $924.8M | $993.5M | $1.11B | $1.11B | $1.88B | $2.05B | $2.05B |
| Intangible Assets | $49.0M | $26.7M | $16.1M | $16.4M | $13.9M | $38.0M | $29.2M | $173.9M | $160.6M | $121.2M |
| Total Assets | $1.80B | $1.90B | $1.95B | $2.15B | $2.38B | $2.58B | $2.62B | $3.82B | $4.19B | $4.28B |
| Accounts Payable | $158.8M | $177.6M | $160.2M | $206.6M | $111.8M | $128.8M | $147.4M | $173.3M | $197.4M | $204.7M |
| Short-term Debt | $15.5M | $15.6M | $12.6M | $12.5M | $49.3M | $12.5M | $12.5M | 0 | 0 | 0 |
| Total Current Liabilities | $481.1M | $537.7M | $618.1M | $770.0M | $793.5M | $848.5M | $916.0M | $1.21B | $1.22B | $1.38B |
| Long-term Debt | $331.5M | $341.3M | $264.7M | $263.9M | $242.4M | $200.0M | $246.2M | $879.5M | $812.6M | $763.4M |
| Total Liabilities | $927.8M | $974.1M | $982.3M | $1.16B | $1.34B | $1.34B | $1.44B | $2.42B | $2.36B | $2.50B |
| Retained Earnings | $736.4M | $832.6M | $945.0M | $1.07B | $1.20B | $1.36B | $1.39B | $1.60B | $1.87B | $1.87B |
| Total Equity | $869.3M | $928.5M | $967.0M | $989.3M | $1.04B | $1.23B | $1.18B | $1.40B | $1.83B | $1.78B |
| Total Debt | $347.0M | $356.9M | $277.3M | $276.5M | $553.3M | $454.2M | $462.9M | $1.09B | $1.02B | $987.2M |
| Net Debt | $186.6M | $166.9M | $131.1M | $155.8M | $395.7M | $287.7M | $277.8M | $920.4M | $783.5M | $819.7M |
| Working Capital | $450.8M | $504.4M | $424.5M | $311.8M | $206.3M | $217.5M | $242.2M | $147.9M | $307.9M | $245.6M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $167.5M | $269.4M | $223.6M | $230.8M |
| Total Assets | $4.28B | $4.26B | $4.36B | $4.39B |
| Total Liabilities | $2.50B | $2.42B | $2.50B | $2.54B |
| Total Equity | $1.78B | $1.85B | $1.86B | $1.85B |
| Total Debt | $987.2M | $1.06B | $1.11B | $1.02B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $83.9M | $117.9M | $137.0M | $158.8M | $173.9M | $232.8M | $263.2M | $273.5M | $333.4M | $507.3M |
| Depreciation & 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 | $18.9M |
| Change in Working Capital | -$16.4M | -$24.3M | -$11.4M | $10.1M | $54.5M | $66.9M | $38.4M | $86.2M | -$66.7M | $36.4M |
| Operating Cash Flow | $142.0M | $138.0M | $176.9M | $208.5M | $262.5M | $304.4M | $336.2M | $368.5M | $358.7M | $457.7M |
| Capital Expenditure | -$11.9M | -$9.7M | -$9.7M | -$16.2M | -$12.2M | -$8.6M | -$10.6M | -$26.9M | -$18.1M | -$18.6M |
| Acquisitions | -$82.6M | -$8.1M | -$68.3M | -$84.2M | -$68.5M | -$84.9M | -$49.1M | -$854.3M | -$93.7M | -$97.3M |
| Stock Repurchased | -$99.5M | -$100.0M | -$75.0M | -$100.0M | -$117.2M | -$60.0M | -$200.0M | 0 | 0 | -$250.0M |
| Dividends Paid | -$19.7M | -$21.7M | -$24.5M | -$29.7M | -$34.7M | -$40.0M | -$46.1M | -$52.1M | -$58.8M | -$65.0M |
| Free Cash Flow | $130.1M | $128.3M | $167.1M | $192.3M | $250.2M | $295.8M | $325.6M | $341.6M | $340.6M | $439.1M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $100.8M | $72.3M | $165.3M | $228.9M |
| Capital Expenditure | -$5.2M | -$4.2M | -$6.0M | -$3.8M |
| Free Cash Flow | $95.6M | $68.1M | $159.4M | $225.1M |
| Dividends Paid | -$17.0M | -$16.9M | -$16.9M | -$18.6M |
| Stock-based Compensation | 0 | 0 | -$106.8M | $9.8M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +6.6% | +7.7% | +4.8% | -24.4% | +36.8% | -11.8% | +59.5% | +15.0% | +4.7% | |
| Net Income Growth (YoY) | +40.7% | +16.1% | +15.9% | +9.6% | +33.9% | +13.0% | +3.9% | +21.9% | -25.7% | |
| EPS Growth (YoY) | +41.4% | +19.5% | +18.4% | +10.3% | +34.4% | +14.0% | +5.1% | +21.4% | -24.8% | |
| Shares Change (YoY) | -1.8% | -2.3% | -1.2% | -1.6% | -0.6% | -0.9% | -1.0% | +0.7% | -1.1% | |
| FCF Growth (YoY) | -1.4% | +30.3% | +15.1% | +30.1% | +18.2% | +10.1% | +4.9% | -0.3% | +28.9% | |
| Gross Margin | 12.8% | 12.8% | 13.0% | 13.1% | 19.0% | 15.5% | 20.3% | 16.0% | 16.7% | 17.7% |
| Operating Margin | 5.3% | 6.7% | 6.4% | 6.1% | 10.3% | 8.7% | 12.0% | 7.9% | 9.6% | 11.1% |
| EBITDA Margin | 7.9% | 8.1% | 7.7% | 7.1% | 11.4% | 9.4% | 13.0% | 11.4% | 11.2% | 8.8% |
| Net Margin | 3.2% | 4.3% | 4.6% | 5.1% | 7.4% | 7.2% | 9.3% | 6.0% | 6.4% | 4.6% |
| FCF Margin | 5.0% | 4.7% | 5.6% | 6.2% | 10.7% | 9.2% | 11.5% | 7.6% | 6.6% | 8.1% |
| Effective Tax Rate | 32.6% | 31.3% | 21.5% | 9.3% | 23.7% | 12.8% | 24.5% | 31.8% | 28.1% | 34.3% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.44 | $0.44 | $0.59 | $0.69 | $0.91 | $1.08 | $1.20 | $1.27 | $1.26 | $1.64 |
| Dividends Per Share | $0.07 | $0.07 | $0.09 | $0.11 | $0.13 | $0.15 | $0.17 | $0.19 | $0.22 | $0.24 |
| Shares Outstanding (Basic) | $290.9M | $284.6M | $278.4M | $274.9M | $271.2M | $270.4M | $268.1M | $266.0M | $267.4M | $264.7M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | 23.76% |
| Return on Invested Capital | 14.14% |
| Return on Assets | 9.94% |
| Gross Margin | 18.78% |
| Operating Margin | 11.88% |
| Net Margin | 8.60% |
Financial Health
| Debt / Equity | 0.55 |
| Current Ratio | 1.18 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 4.55 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 24.45 | 22.71 | 27.80 | 29.91 | 29.84 | 34.73 | 26.23 | 29.52 | 37.73 | 35.78 |
| P/B | 2.37 | 2.85 | 3.92 | 4.82 | 4.99 | 6.54 | 5.83 | 5.76 | 6.89 | 5.00 |
| P/S | 0.80 | 0.96 | 1.28 | 1.54 | 2.21 | 2.51 | 2.43 | 1.79 | 2.43 | 1.64 |
| Gross Margin | 12.8% | 12.8% | 13.0% | 13.1% | 19.0% | 15.5% | 20.3% | 16.0% | 16.7% | 17.7% |
| Operating Margin | 5.3% | 6.7% | 6.4% | 6.1% | 10.3% | 8.7% | 12.0% | 7.9% | 9.6% | 11.1% |
| Net Margin | 3.2% | 4.3% | 4.6% | 5.1% | 7.4% | 7.2% | 9.3% | 6.0% | 6.4% | 4.6% |
Related companies: AAON · AWI · CAE · DY · FLR · IESC · PRIM
Explore sector: Industrials · Engineering & Construction
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