MeritValue

TETRA TECHNOLOGIES INC

TTIdata completeness 100%18 fiscal years on file
The thesis, from the filings

TETRA TECHNOLOGIES INC earns about 5% on invested capital, below its ~9% cost of capital, but has diluted owners by 7% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $0.36 and $1.98 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$388.3M1$553.2M2$626.3M3$599.1M3$630.9M3
Net income$103.3M4$7.84M5$25.8M6$108.3M6$3.01M6
Operating cash flow$4.66M7$19M8$70.2M9$36.5M9$100.4M9
Capital expenditure$20.5M10$40.1M11$38.2M12$60.7M12$80.8M12
Free cash flow (derived)−$15.9M7−$21.1M8$32.1M9−$24.2M9$19.5M9
Total debt$151.9M13$156.5M14$157.5M15$369.7M16$371.4M16
Cash & equivalents$31.6M17$13.6M18$52.5M19$37M19$72.6M19
Diluted shares126.6M129.8M131.2M132.2M135.2M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$21
your share of equity
Profit it earned you last year
$0.22
Free cash flow it threw off
$1.45
Debt you’d be carrying
$27.48

10 shares is a claim on $21 of net worth that earned you $0.22 and generated $1.45 of cash last year, against $27.48 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
5% avg · 5y
FY21 1%FY22 8%FY23 17%FY24 1%FY25 1%

It earned about 5% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
+7% shares · 5y

Share count is up 7% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 144% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $0.36 and $1.98 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$0.57
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$19.5M
DCF · Growth Exit 5Y
$0.36
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$19.5M
Earnings Power Value
$1.98
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$25.8M
  • growthAssumed0.0%
Graham Number
$0.97
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years5.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $0.36
The three cases
Bear0.0%−$0.14
Base5.0%$0.36
Bull10.0%$0.95

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 5.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000844965-24-000020 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000844965-25-000013 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000844965-26-000015 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000844965-24-000020 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000844965-25-000013 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000844965-26-000015 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000844965-24-000020 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000844965-25-000013 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000844965-26-000015 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000844965-24-000020 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000844965-25-000013 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0000844965-26-000015 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000844965-23-000009 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0000844965-24-000020 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0000844965-25-000013 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0000844965-26-000015 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0000844965-23-000009 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000844965-25-000013 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0000844965-26-000015 (CashAndCashEquivalentsAtCarryingValue)