Tetra Technologies Overview
TETRA Technologies is a Texas-based specialty fluids chemistry company with roots in oilfield services. It earns money in two ways:
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Making and selling bromine- and calcium-based clear brine fluids, industrial calcium chloride and zinc-bromide battery electrolytes.
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Providing onshore water management, frac flowback and production-testing services.
Its defensible core is vertically integrated chemical manufacturing: bromide plants at West Memphis, Arkansas and calcium chloride capacity of about 1.0 million equivalent liquid tons per year across the US and Finland. Its differentiated technologies include the patented TETRA Neptune deepwater fluids, TETRA SandStorm cyclones and TETRA Oasis TDS desalination.
The company is executing a strategy called "ONE TETRA 2030". The plan pivots the portfolio from oilfield services toward specialty chemicals, critical minerals and water desalination for long-duration energy storage and data-centre cooling. The anchor investment is a fully owned bromine plant at its 40,000-acre Smackover brine position in Arkansas, which reached final investment decision in May 2026. Management targets $1.2–1.3B of revenue and $300–350M of Adjusted EBITDA by 2030.
Company's own description (10-K FY2025, paraphrased)
The FY2025 10-K describes TETRA as an energy services and solutions company. It operates on six continents and focuses on environmentally conscious products and services. It serves the oil and gas industry and supplies calcium chloride for diverse applications. It is also expanding into low-carbon energy markets using its chemistry expertise, mineral acreage and global infrastructure.
The portfolio is presented as three businesses: Energy Services, Industrial Chemicals and emerging Critical Minerals. These are reported through two segments, Completion Fluids & Products (CFP) and Water & Flowback Services (W&FS).
At the September 2025 Investor Day, management said it plans to move toward three future reporting segments:
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Specialty Chemicals & Minerals
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Water Treatment & Desalination
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Energy Services
Reporting has not yet been changed to this structure as of the Q2 2026 10-Q.
Business model and revenue model
| Revenue stream | Nature | Approx. weight | Comment |
|---|---|---|---|
| Clear brine fluids (calcium bromide, zinc bromide, zinc-calcium bromide, sodium bromide, calcium chloride, TETRA Neptune) | Manufactured product sales plus associated fluid services | Majority of CFP revenue (FY2025 CFP total $376.5M) | Driven by deepwater completions and workovers in the Gulf of America, Brazil, the North Sea and West Africa. TETRA buys back used fluids, then reconditions and resells them. |
| Industrial chemicals (liquid and flake calcium chloride; sodium bromide biocide) | Product sales | More than 50% of CFP revenue in Q1 and Q2 2026 (company commentary) | Non-energy end markets: de-icing, dust control, food, cement, water treatment, agriculture, consumer products and semiconductor-grade product. Seasonal Q2 peak in Northern Europe. |
| Battery electrolytes (TETRA PureFlow zinc bromide; PureFlow Plus zinc bromide/zinc chloride blend) | Product sales under a supply agreement | — | Main customer is Eos Energy Enterprises. TETRA supplies 100% of Eos's zinc bromide requirement and 75% of its full electrolyte requirement through 2027. |
| Water management (transfer, storage, blending, treatment, recycling, automation) | Service (day-rate/volume-based) | Part of W&FS ($254.5M FY2025) | Concentrated in the Permian Basin. Revenue tracks US frac activity. |
| Frac flowback, production well testing, early production facilities (EPF), sand management | Service and equipment rental/sale | Part of W&FS | International production testing exceeded 50% of production-testing revenue in Q1 2026 (company call commentary). Argentina EPF contracts are a growth driver. |
| Desalination (TETRA Oasis TDS) | Pre-commercial service/infrastructure model | First revenue in Q4 2025 | Targeted at about 500,000 barrels per day of capacity by 2030. |
| Mineral royalties (lithium) | Future royalty | Nil to date | 2.5% royalty on Smackover Lithium (Standard Lithium/Equinor JV) production on about 35,000 acres, first production targeted for 2028. |
Mix characterisation. On FY2025 figures, the business is roughly 60% products (CFP) and 40% services (W&FS). There is no subscription or licensing revenue of significance. Licensing is limited to TETRA's receipt of a non-exclusive licence for Eos's electrolyte formula, under which TETRA manufactures for Eos.
Value-chain position
Upstream raw materials: TETRA buys elemental bromine from LANXESS's Arkansas operations under a long-term supply agreement. It has bridging supply agreements through 2027 with LANXESS and other suppliers. Other inputs are hydrochloric acid co-product streams, limestone, zinc and lime. Calcium chloride brines are self-produced in San Bernardino County, California. From 2028, the Arkansas Evergreen bromine plant is intended to backward-integrate elemental bromine supply.
Midstream manufacturing: West Memphis, Arkansas bromide plant; US calcium chloride plants; Kokkola, Finland calcium chloride plant.
Downstream: Fluids engineering, filtration, reclamation and well-site services; water logistics and treatment; flowback and well testing.
Customers and end markets
- No single customer exceeded 10% of consolidated revenue in FY2023, FY2024 or FY2025 (10-K FY2025).
Customer types: - Major and independent exploration and production (E&P) companies
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National oil companies (international)
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Large oilfield service companies, many of which are also competitors
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Chemical distributors
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Industrial and municipal buyers of calcium chloride
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Battery manufacturers (Eos)
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Water midstream operators
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Prospective hyperscale data-centre operators, for desalinated water
End markets: offshore deepwater (Gulf of America, Brazil, West Africa, North Sea); US onshore unconventional (Permian, Haynesville, South Texas, Appalachia, Mid-Continent); Argentina (Vaca Muerta); Middle East; European industrial chemicals; long-duration energy storage; semiconductors (tech-grade calcium chloride); data centres and power (water).
Independent characterisation
TETRA is best understood as two businesses of very different quality under one roof.
CFP is a mid-to-high-20s-margin specialty chemicals franchise. Its FY2025 Adjusted EBITDA margin was 33.1%, but management guides 25–30% through the cycle. Its moats are:
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Proprietary brominated chemistry.
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A captive bromide manufacturing plant.
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Fluid reclamation economics.
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A niche high-density fluid (Neptune) that has few direct substitutes in 20,000 psi wells.
W&FS is a cyclical, capital-intensive onshore services business. Its margins are in the low-to-mid teens (FY2025: 11.9%). It has been resilient relative to the frac count but carries substantially all of the group's depreciation.
The investment case now rests on whether management can redeploy CFP cash flow and new equity into three things:
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Captive bromine (Evergreen).
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Electrolytes, which depend on a single customer (Eos).
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Desalination, which is pre-scale.
Together these would lift group margins toward the 25–28% 2030 target.
Strategy
Stated strategy — ONE TETRA 2030 (Investor Day, 25 Sep 2025; reaffirmed in the FY2025 release and Q2 2026 release)
| Target | 2030 goal | Baseline (TTM Q2 2025) |
|---|---|---|
| Revenue | $1.2–1.3B (about 15% CAGR) | $607M |
| Adjusted EBITDA | $300–350M | $114M |
| Adjusted EBITDA margin | 25–28% | 18.9% |
| Annual Adjusted FCF | More than $100M from 2028 | — |
| Specialty Chemicals & Minerals revenue | $430–460M (five-year CAGR above 25%), about 30% margin | — |
| Water Treatment & Desalination revenue | $340–360M (five-year CAGR above 55%), about 30% margin; 10 plants and more than 500,000 bbl/d | — |
| Energy Services revenue | $440–460M | — |
| Portfolio mix | About two-thirds Specialty Chemicals & Minerals plus Water; about one-third Energy Services | — |
Core theme. Refocus the company on its core competency, fluid chemistry, and use it to build businesses in new energy (long-duration energy storage electrolytes) and critical water (produced-water desalination). The plan creates synergies between the businesses, which is the "ONE TETRA" idea.
2030 targets (Investor Day press release):
Lithium is not included in the 2030 targets (Q2 2026 release).
Initiative register (last 24 months)
| Initiative | Status (latest) | Financial parameters | Source |
|---|---|---|---|
| Evergreen Arkansas bromine plant | FID 28 May 2026, conditional on financing, which the June 2026 equity raise largely addressed. Phase 1 done Dec 2025; Phases 2–3 under the Diversified Construction & Design agreement. Completion Q4 2027; start-up early 2028. | About $220M remaining capex at 31 Mar 2026; about $49M invested 2022 to Q1 2026. Initial output 25% above the LANXESS supply agreement; design up to 75M lb/yr. Feasibility study: incremental revenue $200–250M and Adjusted EBITDA $90–115M (about $230M and $105M at mid-point). | FID release; 424B5; Q3 2025 call; FY2025 release |
| Bridging bromine supply 2026–27 | Secured from LANXESS and others, at higher cost | Compresses CFP margin to the guided 25–30% range | FY2025 release; 10-K |
| Electrolytes (Eos) | Supply ramping. Eos targets 4 GWh of capacity by end-2026 and 8 GWh annualised. TETRA targets 8 GWh of electrolyte shipments by 2030. | Preferred supply agreement through 31 Dec 2027 | 10-K; Q2 2026 release; Investor Day |
| TETRA Oasis TDS | Commercial launch Dec 2024; EOG pilot successful; first commercial revenue Q4 2025; 25,000 bbl/d FEED done; 100,000 bbl/d design progressed; patent Jan 2026 plus new allowances. Hyperscaler and data-centre discussions under way. | 500,000 bbl/d target by 2030. Water-cooled data centres estimated about 30% cheaper to cool than air-cooled (company claim). | FY2025 and Q2 2026 releases |
| Neptune portfolio expansion | Z-Lite launched Jun 2026; Beacon three-well award | Pipeline timing could materially affect H2 2026 | Q2 2026 release |
| SandStorm international expansion | New Middle East awards; adoption broadening | — | FY2025 and Q2 2026 releases |
| Argentina EPF growth | Major contract won | Argentina revenue expected to more than double in 2026 | FY2025 release |
| Magnesium joint venture (Magrathea Metals) | Term sheet Q4 2025. Magrathea converted TETRA brine into high-purity magnesium metal at its pilot in April 2026 (Q1 2026 call). | Magrathea technology partly funded by US Defense Production Act Title III | FY2025 release; Q1 2026 call |
| Lithium (Evergreen joint venture with Saltwerx/ExxonMobil; Smackover Lithium royalty) | MOU-governed; joint venture not finalised; lithium FEED and feasibility still required. Smackover Lithium targets first production in 2028. | 65% of 585,000 t LCE; 2.5% royalty on about 35,000 acres | 10-K FY2025; FY2025 release |
| Cost programme | Headquarters move (about $2M/yr savings); W&FS downsizing and automation | — | FY2025 release |
| Capital-structure actions | $108.2M equity raise (June 2026); NOL plan extended to 2029 | — | Q2 2026 release; 2026 DEF 14A |
Near-term guidance (FY2026)
From the FY2025 release, reaffirmed in Q1 2026 and reiterated directionally in Q2 2026:
Revenue: modest, single-digit growth.
CFP Adjusted EBITDA margin: 25–30%, excluding any Neptune jobs.
W&FS Adjusted EBITDA margin: mid-teens.
Upside: if deepwater work accelerates or higher oil prices lift US activity.
Products & Services
Completion Fluids & Products
| Product / service | Description and capabilities | Target customer | Launch / latest | Pricing model | Source |
|---|---|---|---|---|---|
| TETRA Neptune / TETRA CS Neptune (flagship) | Patented high-density monovalent and divalent clear brine fluids. Free of undissolved solids, zinc, priority pollutants and formate ions. Positioned as an environmentally preferable alternative to zinc bromide and a cost-effective alternative to cesium formate. Used in high-pressure, high-temperature deepwater completions and workovers and in low-solids reservoir drilling fluids. | Deepwater operators (supermajors in the Gulf of America) | Two large Gulf of Mexico projects in 2015; three wells in H1 2025 | Project-based fluid sale plus rental and reclamation (terms not disclosed) | 10-K FY2025; FY2023 and FY2025 releases |
| TETRA Neptune Z-Lite | Extension of the Neptune chemistry that reaches higher densities with significantly reduced zinc content | Deepwater 20,000 psi wells; first award from Beacon Offshore Energy (three wells, Gulf of America) | Launched 29 Jun 2026; first job expected to start in 2026 | Project-based | Q2 2026 release |
| Calcium bromide, zinc bromide, zinc-calcium bromide, sodium bromide clear brine fluids | Stock and custom-blended fluids with engineered density and crystallisation temperature. Made at West Memphis, AR using a proprietary bromine-plus-zinc process. | Oilfield service companies, E&Ps, distributors | Long-standing | Per-barrel or per-ton sale; buy-back of used fluid | 10-K FY2025 |
| Fluid buy-back and reconditioning | Repurchase of used fluids, then filtration, blending, proprietary reconditioning and resale | E&Ps | Long-standing | Credit against fluid cost | 10-K FY2025 |
| On-site fluid services | Filtration, handling and recycling, wellbore cleanup, custom blending, fluid management, fluid engineering | Offshore and onshore operators | Long-standing | Service rates | 10-K FY2025 |
| Formate-based brines | Purchased and resold, part of the fluid range | Operators | — | Product sale | 10-K FY2025, Risk Factors |
| Liquid and flake calcium chloride (Industrial Chemicals) | About 1.0M equivalent liquid tons per year of capacity across US plants and Kokkola, Finland. Uses: water treatment, industrial, cement, food processing, road maintenance, ice melt, agriculture, consumer products, oil and gas. | Industrial, municipal, retail and food customers | Long-standing; record revenue and EBITDA in FY2025 | Product sale (contract and spot) | 10-K FY2025; FY2025 release |
| Tech-grade calcium chloride for semiconductors | High-purity grade for chip fabrication | US semiconductor fabs | Revenue up 144% in FY2025 versus FY2024 (Q4 2025 call) | Product sale | Q4 2025 call; Q2 2026 release |
| Sodium bromide biocide | Biocide for recirculated cooling tower water | Industrial water treatment | Long-standing | Product sale | 10-K FY2025 |
| TETRA PureFlow | Ultra-pure zinc bromide battery electrolyte, qualified by several battery technology companies | Zinc-bromine long-duration energy storage makers (Eos) | Supply agreements since 2022; preferred supplier from Jan 2024 | Product supply agreement | 10-K FY2025 |
| TETRA PureFlow Plus | Ultra-pure zinc bromide/zinc chloride blend; full electrolyte solution made under licence from Eos. Bulk tanker loading installed at West Memphis for the 2026 ramp. | Eos (Z3 cube) | Bulk loading completed ahead of the early-2026 ramp | Product supply; at least 75% of Eos's full-electrolyte needs through 2027 | 10-K FY2025 |
| Arkansas critical minerals (development) | About 40,000 gross acres of Smackover brine leases near Magnolia, AR. Evergreen unit: 744,000 t proven and probable bromine reserves. Measured and indicated bromine resources across the acreage: 3.57 Mt. About 2.18 Mt measured and indicated magnesium. 65% ownership of about 585,000 t of lithium carbonate equivalent on about 6,900 acres. 2.5% lithium royalty on about 35,000 acres operated by Smackover Lithium. | Internal bromine supply; joint-venture partners | Bromine plant FID May 2026; first production early 2028 | Captive use and royalty | FID release; FY2025 release; Q2 2026 release |
Water & Flowback Services
| Product / service | Description and capabilities | Target customer | Launch / latest | Pricing | Source |
|---|---|---|---|---|---|
| Water management ("last mile") | Water storage ponds, movable tanks, transfer-line networks, automated produced-water transfer and blending; engineering and environmental risk mitigation | US onshore E&Ps (Permian focus) | Long-standing; automation expanded | Per-barrel or day-rate | 10-K FY2025 |
| Automated produced-water treatment | Chemical clarification system for recycling | Permian operators | Record recycling volumes and revenue in FY2025 | Per barrel | 10-K FY2025; FY2025 release |
| TETRA ORAPT (Oil Recovery After Production Technology) | Mobile oil separation system that recovers oil from produced water | E&Ps and water midstream operators | — | Service | 10-K FY2025 |
| TETRA Oasis TDS (flagship growth product) | Patented end-to-end produced-water treatment and desalination for beneficial reuse and mineral extraction. The 2025 EOG pilot met US Environmental Protection Agency, Texas Railroad Commission and customer specifications. FEED for the first commercial plant validated capex and opex assumptions. Engineering is done for 25,000 bbl/d and 100,000 bbl/d designs; the larger plant is estimated to save up to 23% on capex and 24% on opex per barrel. | E&Ps, water midstream operators, hyperscale data centres, behind-the-meter power | Commercial launch Dec 2024; patent Jan 2026; further notices of allowance in Q2 2026 | Expected build-own-operate or service contracts (structure not disclosed) | 10-K FY2025; FY2025 and Q2 2026 releases |
| TETRA SandStorm Advanced Cyclone Technology | Patented hydrocyclone sand separators with automated remote monitoring and control | Flowback and production operations, US and international; new Middle East awards | Adoption "as a standard across many markets" (Q2 2026) | Rental or service | 10-K FY2025; Q2 2026 release |
| Other sand management | Gravity and cyclonic separators, dual pod filter, horizontal filter system | Operators | — | Rental or service | 10-K FY2025 |
| Frac flowback | Well control, cleanup and laboratory analysis after hydraulic fracturing | Onshore E&Ps | Long-standing | Service | 10-K FY2025 |
| Production well testing | One of the largest US fleets of high-pressure testing equipment, including high-H2S (sour) service. Domestic locations in LA, NM, OK, PA and TX; also Latin America and the Middle East. | E&Ps and national oil companies; sometimes subcontracted to Halliburton or SLB | International production testing above 50% of that sub-segment in Q1 2026 | Service | 10-K FY2025; Q1 2026 call |
| Early Production Facilities (EPF) | Build, sell and/or operate EPFs; one EPF sold to an Argentine operator in 2023 for more than $5M, then operated for a fixed monthly fee | Argentina (Vaca Muerta) operators | New contracts in 2026 expected to more than double 2025 Argentina revenue | Sale and fixed-fee operation and maintenance | FY2023, FY2025 and Q2 2026 releases |
Financial Narrative
Income statement
Notes on the table:
FY2021 operating income and pre-tax income: are from aggregators (Fintel, Stockanalysis). Gross profit and G&A are from Stockanalysis. The FY2021 tax line is derived as the difference between pre-tax income and income from continuing operations.
FY2021 net income: includes $120.4M of discontinued-operations income from the CSI Compressco general partner sale.
FY2024 net income: includes a $97.5M unusual tax benefit from the valuation-allowance release and a $5.5M loss on debt extinguishment.
FY2025 net income: includes $31.6M of unusual charges, including a $9.5M foreign-currency translation loss, a $7.2M Brazil tax reclassification and headquarters lease costs.
Adjusted EBITDA: for FY2021–FY2023 is as originally reported. FY2024–FY2025 are as reported in the FY2025 release. FY2021 is the rounded "$50 million" from the FY2021 call.
Revenue CAGR, FY2021–FY2025: 12.9% (from $388.3M to $630.9M). Over FY2022–FY2025 it was 4.5%.
TTM to 30 Jun 2026:
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Revenue: $641.8M (Stockanalysis)
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Adjusted EBITDA: $100.6M on the 2026 definition (Q2 2026 release, Schedule I)
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Pre-tax income: $29.4M
Balance sheet
Notes:
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FY2021 debt ("total long-term debt about $152M") and net debt are from the FY2021 release. FY2021 intangibles and cash are from Stockanalysis.
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The FY2025 current portion reflects the $4.8M immaterial-error reclassification disclosed in the Q1 2026 10-Q.
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No goodwill is carried on the balance sheet.
At 30 Jun 2026 (Q2 2026 release):
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Cash: $154.6M
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Total debt: $183.3M (term loan carrying value $182.3M plus $1.0M Argentina facilities)
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Net debt: $28.7M
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Total equity: $406.5M (after the $108.2M equity raise)
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Total assets: $800.1M
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Net leverage ratio (covenant definition): 0.4x
Cash flow
Buybacks are shown as zero because no repurchases were identified in the filings reviewed and treasury stock was unchanged at $19.96M (FY2021–Q2 2026, Stockanalysis).
H1 2026:
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Operating cash flow: $22.5M
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Capex net of asset sales: $42.1M (including $17.5M Arkansas and $3.9M capitalised interest)
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Total Adjusted FCF: -$22.0M
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Base-business Adjusted FCF: -$0.6M (Q1 2026 seasonal working-capital build of -$23.5M, then Q2 2026 +$22.8M)
Ratios (calculated by analyst from the filed figures above)
Notes:
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RONCE is the company's return on net capital employed (Adjusted EBIT / average net capital employed), from the 2026 and 2024 proxies and FY2023 release. The FY2022 value of 13.5% is derived from the FY2023 statement that RONCE improved by 710 basis points to 20.5%.
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ROE and ROA for FY2024 are distorted by the $97.5M tax benefit; excluding it, FY2024 ROE would be about 5.5%.
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Days measures use year-end balances and cost of product sales and services.
Commentary on trends, inflections and drivers
Revenue. FY2022 (+42.5%) was the post-COVID onshore rebound: W&FS revenue rose 66% on frac recovery and share gains. FY2023 set the 10-year high at the time, $626.3M, with international operations contributing 65% of that year's growth. FY2024 dipped 4.3% as US onshore softened. FY2025 reached $630.9M, the highest in 10 years, entirely because of CFP (+20.9%) while W&FS fell 11.6%. TTM Q2 2026 is $641.8M. Management has guided to "modest" or single-digit growth in FY2026. The first half of 2026 ran about 2% above the first half of 2025 ($341.9M versus about $331M).
Margins. Gross margin has expanded about 940 basis points since FY2021, to 24.7%, as mix shifted toward CFP and industrial chemicals. Adjusted EBITDA margin reached 18.0% in FY2025. The step-down in H1 2026 (17.2% in Q2 2026 versus 20.8% in Q2 2025) has three causes:
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No Neptune jobs.
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Higher-cost bridging bromine.
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Rising corporate cost.
Corporate Adjusted EBITDA was -$41.3M in FY2025 versus -$28.8M in FY2024, reflecting Investor Day and growth spending.
GAAP earnings quality is low and volatile. Unusual items dominate the bottom line. FY2024's net income of $108.3M is mostly the tax valuation-allowance release. FY2025's net income of $3.0M is depressed by $31.6M of unusual charges. Adjusted EPS ($0.17 in FY2024, $0.26 in FY2025) is the more representative run-rate. Because TETRA now books US deferred tax, its GAAP tax rate is high (FY2025 tax of $22.3M on $26.5M pre-tax). Cash taxes remain lower because of about $316M of federal NOLs (2026 proxy).
Balance sheet. Leverage has fallen materially. After the June 2026 equity raise, net debt is only $28.7M and covenant leverage 0.4x. The capital need is now the Evergreen plant: about $220M of remaining capex at 31 Mar 2026, of which about $95M is under the Diversified Construction & Design master services agreement. Funding sources are cash ($154.6M), operating cash flow, the $75M delayed-draw term loan if still available, and the ABL facility. The term loan matures on 1 Jan 2030 and the ABL on 13 May 2029, so 2029 refinancing is a monitorable.
Cash conversion. Base-business FCF of $82.9M in FY2025 was strong; net working capital fell from $109M to $88M on the company's definition. However, inventory days have risen steadily (66 to 97 days), reflecting electrolyte and bromine stock-building ahead of the Eos ramp. Q1 seasonal working-capital consumption is structural, driven by the European chemicals season.
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Segment Overview
| Segment | What it contains | Key products and services |
|---|---|---|
Completion Fluids & Products (CFP) | Clear brine fluid manufacturing and fluids services; industrial chemicals; battery electrolytes; Arkansas mineral development (bromine plant capex is booked in this segment) | Calcium, zinc, zinc-calcium and sodium bromide; calcium chloride (liquid and flake); TETRA Neptune / CS Neptune / Neptune Z-Lite; filtration, reclamation, custom blending, fluid management; TETRA PureFlow and PureFlow Plus electrolytes; sodium bromide biocide |
Water & Flowback Services (W&FS) | Onshore water management; frac flowback; production well testing; early production facilities; sand management; desalination (Oasis TDS) | Water transfer, storage, blending, recycling and treatment; automated clarification; ORAPT oil-recovery unit; TETRA SandStorm cyclones; high-pressure and sour-service well-testing fleet; EPFs (Argentina) |
Corporate | General and administrative costs, interest, equity compensation | — |
CFP – deepwater fluids | Gulf of America, Brazil, North Sea, West Africa / Europe-Sub-Saharan Africa region, Mexico, Middle East, Asia | Gulf of America revenue up "well over 50%" in FY2025. Brazil and Gulf of America each had 10-year-high Q1 revenue in Q1 2026. International offshore revenue in Q2 2026 was 59% above the best Q2 of the prior 10 years. |
CFP – industrial chemicals | United States, Northern Europe (Sweden, Finland) | Record FY2025 revenue and EBITDA. Q1 2026 industrial chemicals revenue up 15% year on year. |
W&FS – water management | US Permian (Texas and New Mexico) | Concentration risk acknowledged in the 10-K |
W&FS – flowback and testing | US (LA, NM, OK, PA, TX), Argentina, Middle East, Latin America | Argentina revenue expected to more than double in 2026 versus 2025. Every international region had 10-year-high Q2 2026 revenue except the Middle East. Middle East is historically less than 5% of group revenue. |
Segment revenue (USD Mn)
| Segment revenue (USD Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Completion Fluids & Products | 220 | 273.4 | 313.0 | 311.3 | 376.5 |
Water & Flowback Services | 169 | 279.8 | 313.2 | 287.8 | 254.5 |
Consolidated revenue | 388.3 | 553.2 | 626.3 | 599.1 | 630.9 |
Segment YoY growth (%)
| Segment YoY growth (%) | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
Completion Fluids & Products | 24.3 | 14.5 | -0.6 | 20.9 |
Water & Flowback Services | 65.6 | 11.9 | -8.1 | -11.6 |
Segment % of revenue (%)
| Segment % of revenue (%) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Completion Fluids & Products | 56.6 | 49.4 | 50.0 | 52.0 | 59.7 |
Water & Flowback Services | 43.4 | 50.6 | 50.0 | 48.0 | 40.3 |
Segment pre-tax income (USD Mn)
| Segment pre-tax income (USD Mn) | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
Completion Fluids & Products | 57.4 | 78.3 | 82.9 | 115.1 |
Water & Flowback Services | 15.7 | 25.7 | 10.7 | -9.5 |
Corporate and other (incl. interest) | -61.9 | -72.3 | -64.9 | -79.1 |
Segment Adjusted EBITDA (USD Mn)
| Segment Adjusted EBITDA (USD Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Completion Fluids & Products | 63 | 67.5 | 89.1 | 90.1 | 124.5 |
Water & Flowback Services | 14.9 | 43.4 | 53.2 | 38.1 | 30.4 |
Corporate | — | -33.7 | -35.5 | -28.8 | -41.3 |
Segment Adjusted EBITDA margin (%)
| Segment Adjusted EBITDA margin (%) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Completion Fluids & Products | 28.6 | 24.7 | 28.5 | 28.9 | 33.1 |
Water & Flowback Services | 8.8 | 15.5 | 17.0 | 13.2 | 11.9 |
Revenue by Segment
| Quarterly metric (USD Mn) | Q2-2025 | Q3-2025 | Q4-2025 | Q1-2026 | Q2-2026 |
|---|---|---|---|---|---|
CFP revenue | 109.4 | 90.3 | 83.7 | 91.7 | 113.1 |
W&FS revenue | 64.4 | 63.0 | 63.0 | 64.5 | 72.5 |
Consolidated revenue | 173.9 | 153.2 | 146.7 | 156.3 | 185.7 |
CFP Adjusted EBITDA | 40.4 | 27.6 | 23.6 | 25.7 | 29.9 |
W&FS Adjusted EBITDA | 6.4 | 7.5 | 8.1 | 9.1 | 10.8 |
Consolidated Adjusted EBITDA | 36.2 | 25.0 | 20.4 | 25.6 | 31.9 |
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View Subscription PlansIncome Statement and Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue (USD Mn) | 388.3 | 553.2 | 626.3 | 599.1 | 630.9 |
Revenue growth (%) | 2.8 | 42.5 | 13.2 | -4.3 | 5.3 |
Gross profit (USD Mn) | 59.2 | 121.1 | 153.6 | 139.9 | 155.9 |
General and administrative expense (USD Mn) | 75.1 | 91.9 | 96.6 | 90.0 | 100.6 |
Exploration and pre-development costs (USD Mn) | 0 | 6.6 | 12.1 | 0 | 0 |
Operating income (USD Mn) | -15.2 | 22.5 | 44.9 | 49.9 | 55.4 |
Interest expense, net (USD Mn) | 16.4 | 15.8 | 22.3 | 22.5 | 17.3 |
Pre-tax income from continuing operations (USD Mn) | -14.7 | 11.2 | 31.7 | 28.7 | 26.5 |
Income tax expense (benefit) (USD Mn) | 2.1 | 3.6 | 6.2 | -84.9 | 22.3 |
Income from continuing operations (USD Mn) | -16.8 | 7.6 | 25.5 | 113.6 | 4.2 |
Net income attributable to TETRA (USD Mn) | 103.3 | 7.8 | 25.8 | 108.3 | 3.0 |
Adjusted EBITDA as reported (USD Mn) | 50.0 | 78.1 | 106.8 | 99.4 | 113.6 |
EPS basic, net (USD) | 0.82 | 0.06 | 0.20 | 0.83 | 0.02 |
EPS diluted, net (USD) | 0.82 | 0.06 | 0.20 | 0.82 | 0.02 |
EPS diluted, continuing operations (USD) | -0.13 | 0.06 | 0.20 | 0.86 | 0.03 |
Adjusted EPS diluted (USD) | — | 0.15 | 0.26 | 0.17 | 0.26 |
Dividends per share (USD) | 0 | 0 | 0 | 0 | 0 |
Diluted weighted average shares (M) | — | 129.8 | 131.2 | 132.2 | 135.2 |
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View Subscription PlansMargins (%)
| Margins (%) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross margin | 15.3 | 21.9 | 24.5 | 23.3 | 24.7 |
Operating margin | -3.9 | 4.1 | 7.2 | 8.3 | 8.8 |
Adjusted EBITDA margin | 12.9 | 14.1 | 17.1 | 16.6 | 18.0 |
Net margin (attributable) | 26.6 | 1.4 | 4.1 | 18.1 | 0.5 |
Financial Analysis
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets | 398.3 | 434.4 | 479.0 | 605.2 | 675.8 |
Cash and equivalents | 31.6 | 13.6 | 52.5 | 37.0 | 72.6 |
Short-term debt (current portion) | — | 0 | 0 | 0 | 4.8 |
Long-term debt, net | 152 | 156.5 | 157.5 | 179.7 | 176.6 |
Total debt (carrying) | 152 | 156.5 | 157.5 | 179.7 | 181.4 |
Net debt | 120.4 | 142.9 | 105.0 | 142.7 | 108.7 |
Total equity | 98.6 | 106.4 | 147.3 | 253.3 | 282.5 |
Goodwill | 0 | 0 | 0 | 0 | 0 |
Intangible assets, net | 37.0 | 33.0 | 29.1 | 24.9 | 21.5 |
Plant, property and equipment, net | — | 101.6 | 107.7 | 142.2 | 194.2 |
Deferred tax assets | — | — | — | 98.1 | 87.3 |
Working capital (current assets minus current liabilities) | — | 114.2 | 156.1 | 146.3 | 160.2 |
Financial Analysis — Operating cash flow
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Operating cash flow | 4.7 | 19.0 | 70.2 | 36.5 | 100.4 |
Capital expenditure (gross purchases of plant and equipment) | — | 40.1 | 38.2 | 60.7 | 80.8 |
Free cash flow (operating cash flow minus gross capex) | — | -21.1 | 32.1 | -24.2 | 19.5 |
Company "Total Adjusted Free Cash Flow" | 9.3 | -20.5 | 41.1 | -24.5 | 33.2 |
Base-business Adjusted FCF (excludes Arkansas) | — | — | — | -1.0 | 82.9 |
Arkansas investment, net of partner reimbursements, excluding capitalised interest | — | — | — | 22.4 | 45.2 |
Dividends paid | 0 | 0 | 0 | 0 | 0 |
Share buybacks | 0 | 0 | 0 | 0 | 0 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
ROE (net income / average equity, %) | 7.6 | 20.3 | 54.1 | 1.1 |
ROA (net income / average assets, %) | 1.9 | 5.6 | 20.0 | 0.5 |
ROIC proxy: company RONCE (%) | 13.5 | 20.5 | — | 15.3 |
Current ratio (x) | 1.92 | 2.24 | 2.19 | 2.02 |
Debt / equity (x) | 1.47 | 1.07 | 0.71 | 0.64 |
Net debt / Adjusted EBITDA (x) | 1.83 | 0.98 | 1.44 | 0.96 |
Company covenant net leverage (x) | — | 1.13 | — | 1.1 |
Interest coverage, Adjusted EBITDA / net interest (x) | 4.9 | 4.8 | 4.4 | 6.6 |
Interest coverage, operating income / net interest (x) | 1.4 | 2.0 | 2.2 | 3.2 |
Asset turnover (revenue / average assets, x) | 1.33 | 1.37 | 1.11 | 0.99 |
Days sales outstanding | 86 | 65 | 64 | 58 |
Days inventory outstanding | 66 | 80 | 88 | 97 |
Days payables outstanding | 45 | 44 | 37 | 46 |
Cash conversion cycle (days) | 106 | 102 | 114 | 109 |
Region revenue (USD Mn)
| Region revenue (USD Mn) | FY2021 | FY2022 | FY2023 |
|---|---|---|---|
United States | 251.8 | 392.0 | 417.7 |
International | 136.5 | 161.2 | 208.6 |
Total | 388.3 | 553.2 | 626.3 |
Region growth (%)
| Region growth (%) | FY2022 | FY2023 |
|---|---|---|
United States | 55.7 | 6.6 |
International | 18.1 | 29.4 |
Region share of revenue (%)
| Region share of revenue (%) | FY2021 | FY2022 | FY2023 |
|---|---|---|---|
United States | 64.8 | 70.9 | 66.7 |
International | 35.2 | 29.1 | 33.3 |
Capital Markets Data (USD)
| Price point (USD) | Oct 2021 | Oct 2022 | Oct 2023 | Oct 2024 | Oct 2025 | Sep 2026 |
|---|---|---|---|---|---|---|
Month-end / latest observed close | 3.23 | 4.94 | 4.74 | 3.35 | 7.06 | 6.08 |
Period return to 25 Sep 2026 (approx., %)
| Period return to 25 Sep 2026 (approx., %) | Value |
|---|---|
1-year (from Oct 2025) | -14 |
3-year (from Oct 2023) | 28 |
5-year (from Oct 2021) | 88 |
Valuation Multiples
| Multiple | TTI | Basis |
|---|---|---|
Market capitalisation (USD Mn) | about 900 | $6.08 × about 148M shares |
Enterprise value (USD Mn) | about 929 | Plus debt $183.3M, less cash $154.6M (30 Jun 2026) |
EV / TTM revenue (x) | 1.45 | TTM revenue $641.8M |
EV / TTM Adjusted EBITDA (x) | 9.2 | TTM $100.6M (2026 definition) |
P/E, TTM GAAP (x) | above 100 (not meaningful) | TTM net income about $7.4M |
P/E on FY2025 Adjusted EPS (x) | 23.4 | $0.26 |
P/B (x) | 2.2 | Equity $406.5M |
Firm Details
| Firm | Analyst | Rating | Price target | Date |
|---|---|---|---|---|
Stifel | Stephen Gengaro | Buy | $12 (cut from $13) | 23 Sep 2026 |
Northland Capital Markets | Bobby Brooks | Outperform | $14 (raised from $11.50) | 30 Jun 2026 |
Clear Street | — | Hold (downgraded from Buy) | $11 (raised from $10) | — |
Boral Capital | — | Buy | about $5 (stale) | 2025 |
Capital Instruments
| Instrument | Principal / availability | Pricing | Maturity |
|---|---|---|---|
Term Credit Agreement | $190.0M principal (carrying value $182.3M); $8.1M current portion; $75M delayed-draw feature (availability as of 2026 not confirmed) | SOFR + 575bps | 1 Jan 2030 |
ABL Credit Agreement | Undrawn; $3.05M letters of credit and guarantees | Floating | 13 May 2029 |
Swedish Credit Facility | Seasonal working capital | Floating | — |
Argentina Credit Facilities | $1.0M | Local | — |
Finance leases | $2.9M | — | Various |
Analyst Conclusions
Management guidance and consensus
FY2026: - Single-digit revenue growth.
-
CFP Adjusted EBITDA margin 25–30%; W&FS margin mid-teens.
-
H2 sensitive to Neptune job timing.
-
Implied FY2026 Adjusted EBITDA is roughly $105–120M, which is an analyst inference rather than company guidance. H1 2026 delivered $57.5M.
Q3 2026 results: 2 Nov 2026.
2027: expected stronger Gulf of America completions.
2028+: Evergreen bromine start-up and more than $100M of annual adjusted FCF.
2030: revenue $1.2–1.3B and Adjusted EBITDA $300–350M.
Bull case
-
Evergreen transforms CFP economics. The feasibility study points to $90–115M of incremental Adjusted EBITDA. That is close to the entire FY2025 group EBITDA of $113.6M, from about $270M of total capex. It is funded and under contract, and Phase 1 finished on time and under budget.
-
Base business is at a cyclical trough with balance-sheet optionality. Q2 2026 was the best Q2 in a decade despite a weak US frac market. Net debt is only $28.7M, and deepwater investment is the highest since 2022.
-
Multiple free options are not in the price. Lithium royalty and equity (not in 2030 targets), magnesium (pilot metal produced), and data-centre desalination (100,000 bbl/d design, hyperscaler talks) sit on top of a stock trading around 9x TTM EV/EBITDA.
Bear case
-
Execution and timing risk is concentrated in 2027–28. About $220M of construction, liquidated damages capped at $2.0M, and start-up risk on a first-of-kind TETRA bromine plant. In the meantime, higher-cost bridging bromine compresses CFP margins (Q2 2026: 26.4% versus 36.9%).
-
The 2030 targets rely on unproven or single-counterparty markets. Water revenue of $340–360M from a business with first revenue in Q4 2025, and electrolytes tied to one customer (Eos). GAAP earnings remain marginal (FY2025 net income $3.0M).
-
Legacy liabilities and further dilution. Maritech suits carry an estimated $11–27M of exposure for Anadarko alone, plus Arena. Desalination plants at 10 × 100,000 bbl/d scale would require capital well beyond current liquidity, implying further equity or project finance.
Catalysts and monitorables (next 12 months)
| Timing | Catalyst / monitorable |
|---|---|
| 2 Nov 2026 | Q3 2026 results: H2 Neptune timing; FY2026 guide; Evergreen spend versus budget |
| End-2026 | Evergreen mechanical completion milestone (per the 10-K / 2026 proxy) |
| End-2026 | Eos reaching 4 GWh capacity, which drives 2027 electrolyte volumes |
| H2 2026 – 2027 | Beacon Neptune Z-Lite job execution; further Neptune awards |
| 2026–27 | First large-scale (100,000 bbl/d) Oasis contract with a hyperscaler or midstream customer |
| 2026–27 | Definitive Magrathea and Saltwerx joint venture agreements |
| Ongoing | Arena and Anadarko litigation developments; BSEE orders |
| Feb 2027 | FY2026 10-K; possible segment re-alignment into three segments |
| By 2029 | Refinancing of the ABL (May 2029) and term loan (Jan 2030) |
Analyst verdict
TETRA is a small-cap company carrying a credible transformation plan on top of a better-than-perceived base business. The base business delivered record FY2025 revenue ($631M), Adjusted EBITDA ($113.6M) and base-business free cash flow ($83M). The Completion Fluids & Products segment is the crown jewel: a specialty-chemicals franchise earning high-20s to low-30s margins, with genuine technological differentiation in Neptune and a non-energy calcium chloride business now generating more than half of segment revenue. Water & Flowback, by contrast, is a cyclical services business that has managed share and cost well but dilutes group returns.
The equity story has shifted from oilfield services to industrial transformation. The decisive asset is the Evergreen bromine plant. With FID taken, $108M of equity raised and construction contracted, the investment is largely de-risked from a funding standpoint. Its feasibility-study economics (roughly doubling CFP EBITDA from about $270M of capex) are compelling if delivered by early 2028. Electrolytes and desalination give real upside, but they rest on a single customer and an unproven commercial model respectively. Investors should treat the $300–350M 2030 EBITDA target as aspirational until large Oasis contracts are signed.
The roughly 50% fall from the January 2026 high reflects several things: dilution, bridging-bromine margin compression, H2 2026 timing uncertainty, and a sector-wide de-rating. At about 9x TTM EV/EBITDA with near-zero net debt, the stock prices in little beyond the base business, while carrying Maritech tail risk.
Verdict: a constructive, execution-dependent opportunity for investors with a 2028 horizon. Near-term catalysts (Q3 results, Neptune awards, Evergreen milestones) should determine whether the de-rating reverses. Key watch items are CFP margins holding in the 25–30% band, construction staying on budget, and any first commercial-scale desalination contract.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Tenure / background | Age | Source |
|---|---|---|---|---|
Brady M. Murphy | President & CEO; Director | CEO since 2019; director since 2018; formerly Chief Operating Officer. Previously CEO of Paradigm Group B.V. and 26 years at Halliburton (senior vice president roles in global business development and marketing, Eastern Hemisphere business development, and Europe/Sub-Saharan Africa). BS Chemical Engineering, Penn State; Harvard Advanced Management Program. | 66 | 2026 DEF 14A |
Matthew J. Sanderson | EVP & CFO (from 1 Apr 2026); continues some Chief Commercial Officer duties | Joined TETRA in Nov 2016; EVP & Chief Commercial Officer since Sep 2022 | 52 (at Oct 2025) | 8-K 27 Oct 2025 |
Elijio V. Serrano | Former SVP & CFO (retired 31 Mar 2026); now advisor to the CEO | — | — | 8-K 27 Oct 2025; 10-K FY2025 |
Timothy C. Moeller | SVP, Global Supply Chain & Chemicals | 2025 named executive officer | — | 10-K FY2025; 2026 DEF 14A |
Roy E. McNiven | SVP, Energy Services Operations | 2025 named executive officer | — | 10-K FY2025 |
Alicia P. Boston | SVP, General Counsel & Chief Compliance Officer | — | — | 10-K FY2025 |
Katherine Kokenes | VP & Chief Accounting Officer | — | — | 10-K FY2025 |
Kurt Hallead | VP Investor Relations & Treasurer | Bought 22,000 shares at $9.86 on 9 Jun 2026 | — | 10-K FY2025; Form 4 via MarketBeat |
Kimberly M. O'Brien | Corporate Secretary | — | — | 2026 DEF 14A |
Board of Directors
| Director | Role | Age | Tenure (yrs) | Committees | Background | Other public boards |
|---|---|---|---|---|---|---|
John F. "Jay" Glick | Independent Board Chair (since 2022) | 73 | 12 | Ex-officio member of all committees | Former President & CEO of Lufkin Industries (sold to GE); Cameron Iron Works | None (formerly Hunting PLC and Weatherford) |
Thomas R. Bates, Jr., PhD | Independent | 76 | 14 | Chair, Human Capital Management & Compensation Committee | Former CEO of Weatherford Enterra; Baker Hughes; 15 years at Schlumberger; Lime Rock Management; TCU adjunct professor | SSR Mining; Vantage Drilling International |
Christian A. Garcia | Independent; audit committee financial expert | 62 | 3 | Chair, Audit Committee | Former CFO of BrandSafway, Weatherford and Visteon; former acting CFO of Halliburton | Bausch Health; Mueller Water Products |
Angela D. John | Independent | 55 | 2 | Audit; Nominating, Governance & Sustainability | Energy advisor; Williams New Energy Ventures; 27 years at BP | — |
Sharon B. McGee | Independent | 61 | 4 | Chair, Nominating, Governance & Sustainability; Human Capital & Compensation | 33 years at Albemarle (bromine and lithium; investor relations and corporate development) | — |
Brady M. Murphy | Director; CEO (not independent) | 66 | 7 | — | See above | — |
Julia A. "Julie" Sloat | Independent; audit committee financial expert | 57 | 1 | Audit; Nominating, Governance & Sustainability | Former Chair, President & CEO and former CFO of American Electric Power | Jacobs Solutions |
Shawn D. Williams | Independent | 62 | 5 | Audit; Human Capital & Compensation | Former CEO of Nexeo Plastics; Momentive; 22 years at GE; Executive Chair of Covia | Kirby Corp. |
Directors' Remuneration
| Item | Value | Source |
|---|---|---|
2025 change in base salary for named executive officers | No change for any of them | 2026 DEF 14A |
2025 target bonus | Unchanged for Murphy, Serrano and Sanderson; increased to 80% of base salary for Moeller and McNiven | 2026 DEF 14A |
Share of 2025 target direct compensation that is variable or performance-based | Murphy 84.2%; Serrano 76.2%; Sanderson 70.6%; Moeller 70.2%; McNiven 71.1% | 2026 DEF 14A |
CEO total compensation, FY2022 (historical reference) | $5,014,482 | ERI aggregator, citing the 2023 proxy |
Sanderson total compensation, FY2022 (historical reference) | $1,648,043 | ERI aggregator |
FY2025 director compensation | Glick $334,673 ($150,000 cash); Bates $240,426; Garcia $236,415; John $225,426. Annual stock award about $135,426 per director. | 2026 DEF 14A |
Major Shareholders
| Holder | Shares | % | As of / source |
|---|---|---|---|
BlackRock, Inc. | 11,269,705 | 8.70 | 13G/A dated 25 Jan 2024 (2024 proxy) |
The Vanguard Group | 8,462,443 sole dispositive plus 492,471 shared | about 6–7 | 13G dated 12 Nov 2024 (2025 proxy) |
Fuller & Thaler Asset Management | n.d. (listed as a 5%+ holder) | — | 2024 proxy |
Wellington Management Group | 2,343,491 | about 1.6 | 13F, Q2 2026 (MarketBeat) |
Bank of America Corp. | about $20.1M position | — | 13F, Q2 2026 (MarketBeat) |
Brady M. Murphy (CEO) | 2,965,457 direct after selling 50,000 shares at $10.72 on 1 Jul 2026 | about 2.0 | Form 4 via MarketBeat |
All directors and officers as a group | — | — | — |
Competitive Landscape
Competitors by Segment
| Segment / product | Competitor | Positioning versus TETRA | Source of competitor identification |
|---|---|---|---|
Clear brine fluids | SLB (M-I SWACO) | Global drilling and completion fluids leader; also a TETRA customer | 10-K: "major international drilling fluids and energy services companies, to many of which we provide products"; industry knowledge |
Clear brine fluids | Halliburton (Baroid) | Integrated fluids and services; customer and competitor | 10-K (industry knowledge for name) |
Bromine and bromides | Albemarle | Largest US bromine producer (Arkansas); integrated clear brine fluids | Industry knowledge |
Bromine and bromides | ICL Group | Dead Sea bromine; clear brine fluids and industrial bromides | Industry knowledge |
Bromine (supplier and competitor) | LANXESS | TETRA's bromine supplier; bromine derivatives | 10-K |
Calcium chloride (North America) | Occidental Chemical | Large US calcium chloride producer | 10-K (named) |
Calcium chloride (North America) | Vitro | Calcium chloride producer | 10-K (named) |
Calcium chloride (Europe) | Nedmag B.V. | Dutch magnesium and calcium chloride producer | 10-K (named) |
US water management | Select Water Solutions (NYSE: WTTR) | Larger scale, infrastructure-led; 2025 revenue about $1.4B | 10-K (named); WTTR FY2025 release |
US water management | Regional private operators | Fragmented market | 10-K |
International production testing | Halliburton, SLB | Global scale; TETRA sometimes subcontracts to them | 10-K (named) |
Well testing and flowback (global) | Expro Group (NYSE: XPRO) | Well flow management leader; 2025 revenue $1,607M | Industry knowledge; XPRO FY2025 release |
US production testing | Numerous small private operators | Dominate the US onshore market | 10-K |
Peer Comparison FY2025
| Metric | TETRA (TTI) | Select Water Solutions (WTTR) | Expro Group (XPRO) | Oil States (OIS) |
|---|---|---|---|---|
Revenue | 630.9 | about 1,400 | 1,607 | — |
Revenue growth, YoY (%) | 5.3 | about -7 (from about $1.5B in 2024) | — | — |
Adjusted EBITDA | 113.6 | 260.3 | 353 | 83 |
Adjusted EBITDA margin (%) | 18.0 | about 18.6 | 22.0 | — |
Net income | 3.0 | 21.5 | — | — |
