At a glance
Tetra Tech Inc is worth $9.42B, about 40 times its fiscal 2025 earnings. Revenue grew 4.7% to $5.44B in fiscal 2025, with 4.6% kept as profit; over 5 years it has grown 12.7% a year. It pays a 0.76% dividend yield, raised every year for at least 9 years, and returned $772.1M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +13.9% over the past year with dividends reinvested and +1.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 31.8% in the 2020 crash (S&P 500: 33.7%) and 30.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 6 months and 13 months after the lows.
The business in plain English
Tetra Tech is a consulting and engineering firm that specializes in water, the environment and sustainable infrastructure. Its experts study problems and design solutions for things like water supply and treatment, flood protection, waste management, environmental cleanup and disaster response. They often start at the earliest planning stage of a project. In the fiscal year ended September 28, 2025, it worked on more than 100,000 projects in over 100 countries with more than 25,000 staff, and revenue was about $5.44 billion.
It makes money mainly by billing clients for its specialists' work under project contracts. Some contracts are fixed-price, which means Tetra Tech pays for any cost overruns. It also offers some of its in-house data, modeling and AI tools, branded Tetra Tech Delta, as software subscriptions. Many clients have worked with the company for decades, and that history helps it win new contracts.
The company reports two segments of similar size. The Government Services Group, 49.1% of fiscal 2025 revenue, serves U.S. federal, state and local agencies and development agencies worldwide. The Commercial/International Services Group, 52.3%, serves U.S. businesses and other international clients. The two add up to more than 100% because work between the segments is removed from the total. By country, the United States produced 63.3% of revenue, the United Kingdom 14.2%, Canada 9.4% and Australia 9%.
Price history
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TTEK +13.9% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| CIG | $2.84B | 52.3% |
| GSG | $2.67B | 49.1% |
By geography
| United States | $3.45B | 63.3% |
| United Kingdom | $771.7M | 14.2% |
| Canada | $512.3M | 9.4% |
| Australia | $489.1M | 9% |
| Other Countries | $223.6M | 4.1% |
Latest results
- In Q3 FY2026 (ended Jun 28, 2026), revenue was $1.31B, down 4.5% from a year earlier, and net income was $109.6M (-3.7%).
- For fiscal 2025, revenue was $5.44B (+4.7% year over year; +12.7% a year from FY2020 to FY2025) with a 4.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +12.7% good |
|---|---|
| Operating margin | 7.5% watch |
| Free cash flow margin | 8.1% watch |
| Return on equity (FY2025) | 13.9% watch |
| Return on assets (FY2025) | 5.8% watch |
| Net cash (cash minus debt) | $-572.7M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.99B | $173.9M | $250.2M |
| FY2021 | $3.21B | $232.8M | $295.8M |
| FY2022 | $3.50B | $263.1M | $325.6M |
| FY2023 | $4.52B | $273.4M | $341.6M |
| FY2024 | $5.20B | $333.4M | $340.6M |
| FY2025 | $5.44B | $247.7M | $439.1M |
Valuation snapshot
| Market value | $9.42B |
|---|---|
| P/E ratio | 39.5 |
| Dividend yield | 0.76% |
Rank among 1514 US companies
Market value at each year end
Tetra Tech’s market value went from $2.46B at the end of 2016 to $9.42B on Oct 28, 2026, about 3.8 times as much; since the end of 2025 it is up 8%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $9.42B | +7.6% |
| 2025 | $8.75B | -18.0% |
| 2024 | $10.67B | +20.0% |
| 2023 | $8.89B | +14.8% |
| 2022 | $7.74B | -15.4% |
| 2021 | $9.15B | +47.0% |
| 2020 | $6.23B | +32.4% |
| 2019 | $4.70B | +64.1% |
| 2018 | $2.87B | +6.8% |
| 2017 | $2.68B | +9.0% |
| 2016 | $2.46B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| TTEK price data to Oct 28, 2026 | +10.4% | +13.9% | +9.1% | +1.8% | +17.8% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +10.4% |
| 2025 | -15.2% |
| 2024 | +20.0% |
| 2023 | +15.8% |
| 2022 | -14.0% |
| 2021 | +47.5% |
| 2020 | +35.4% |
| 2019 | +67.8% |
| 2018 | +8.4% |
| 2017 | +12.6% |
| 2016 | +67.7% |
| 2015 | -1.4% |
| 2014 | -3.8% |
| 2013 | +5.7% |
| 2012 | +22.6% |
| 2011 | -13.8% |
| 2010 | -7.8% |
| 2009 | +12.5% |
| 2008 | +12.3% |
| 2007 | +18.9% |
| 2006 | +15.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 8.6% over that stretch · deepest drop along the way 49.9%, back to its old high 6.9 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 31.8% over that stretch · deepest drop along the way 31.8%, back to its old high 6.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 25.3% over that stretch · deepest drop along the way 30.5%, back to its old high 13 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 1 open-market purchases ($50K) and 1 sales ($401K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Feb 4, 2026 | Brian N Carter SVP, Corporate Controller | sell | $401K |
| May 15, 2026 | Jeffrey R Feeler Director | buy | $50K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 9.7% | Dec 31, 2024 |
| Vanguard Capital Management | 5.23% | Mar 31, 2026 |
| PICTET ASSET MANAGEMENT SA | 5.2% | Dec 31, 2024 |
ETFs with the most weight in TTEK
| PHO Invesco Water Resources ETF | 4.45% |
| EVX VanEck Environmental Services ETF | 4.32% |
| EFRA iShares Environmental Infrastructure and Industrials ETF | 3.16% |
| RISN Inspire Tactical Balanced ETF | 2.97% |
| SIMS SPDR S&P Kensho Intelligent Structures ETF | 2.67% |
| TBLU Tortoise Global Water ESG Fund | 2.64% |
| FIW First Trust Water ETF | 2.2% |
| QMID WisdomTree U.S. MidCap Quality Growth Fund | 0.81% |
What could go wrong
- Government budgets drive about half of revenue. The Government Services Group made up 49.1% of fiscal 2025 revenue. Some contracts rely on yearly funding approved by lawmakers. Delays, budget cuts, lost renewals or early terminations could reduce revenue and profit.
- Project overruns can wipe out profits. If a project runs over budget or misses a guaranteed deadline or standard, Tetra Tech may absorb the cost. It books revenue as work progresses, so bad estimates can reverse profits already reported.
- Overseas work adds currency and political risk. The UK supplied 14.2% of fiscal 2025 revenue, and Canada and Australia about 9% each. Foreign laws and politics add risk, and a stronger dollar shrinks the dollar value of overseas revenue.
- Acquisitions may disappoint or force write-downs. Tetra Tech expects to keep acquiring firms. A deal that is poorly vetted or integrated could disrupt operations and force a write-down of goodwill, the premium paid above a target's asset value.
- Debt and convertible notes add financial risk. As of June 28, 2026, debt was about $804 million, against $231 million in cash and investments. Convertible notes (debt that can become shares) could dilute owners or require large cash payments.
- Demand drops in downturns and recovers late. Clients delay or cancel projects when economies weaken or government budgets tighten. The company says its business usually lags the wider recovery, so revenue may stay weak after the economy improves.
Recent events
- Other company announcement
- Quarterly results released; Other company announcement
- Quarterly results released; Other company announcement
- Executive or board change; Other company announcement
- Executive or board change; Shareholder vote results
- Quarterly results released; Other company announcement
- Executive or board change; Other company announcement
- Executive or board change; Other company announcement
- Quarterly results released; Other company announcement
For income and retirement investors
Tetra Tech pays a small but rising dividend, increased for at least 9 straight fiscal years through 2025. Split-adjusted dividends per share grew from $0.128 in fiscal 2020 to $0.246 in fiscal 2025, about 14% a year. Dividends used only 26.3% of fiscal 2025 earnings and 14.8% of free cash flow (cash left after running and investing in the business). But the yield was just 0.76% as of October 28, 2026, so the shares produce little income for someone living off dividends. Over fiscal 2021–2025 the company spent about $510 million on buybacks (repurchasing its own shares), more than the $262 million it paid in dividends.
In past downturns the shares fell sharply: 49.9% in the 2008 financial crisis, 31.8% in the 2020 COVID crash and 30.5% in the 2022 bear market. They regained their peaks about 7, 6 and 13 months after those lows. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Tetra Tech make money?
Tetra Tech makes money mainly by charging fees for consulting and engineering work on water, environmental and infrastructure projects. Its clients include U.S. federal, state and local governments, international development agencies, U.S. businesses and other international clients. In the fiscal year ended September 28, 2025, it worked on more than 100,000 projects and brought in about $5.44 billion of revenue. It also offers some of its data and AI tools, called Tetra Tech Delta, as software subscriptions.
How much of Tetra Tech's revenue comes from the government?
About half. The Government Services Group works mainly for U.S. federal, state and local agencies and for development agencies worldwide. It produced 49.1% of revenue in the fiscal year ended September 28, 2025, up from 47.7% two years earlier. Most of the rest came from the Commercial/International Services Group, which serves U.S. businesses and other international clients. Government work depends on public budgets, and clients can delay some contracts or end them early.
Does Tetra Tech raise its dividend every year?
Yes, so far. Tetra Tech has increased its dividend for at least 9 consecutive fiscal years through fiscal 2025, and the streak may be longer. Adjusted for its 5-for-1 stock split in late 2024, dividends per share rose from $0.128 in fiscal 2020 to $0.246 in fiscal 2025, about 14% a year. The yield was small, 0.76% as of October 28, 2026, and the company's annual report warns that it may not keep paying dividends.
Is Tetra Tech still growing?
Over five years, yes, but growth has slowed. Revenue grew about 12.7% a year from fiscal 2020 to fiscal 2025 and reached about $5.44 billion, but the fiscal 2025 gain was only 4.7%. Net income fell 25.7% that year to about $248 million, while free cash flow rose to about $439 million. In the quarter ended June 28, 2026, revenue was about $1.31 billion, down 4.5% from a year earlier, and net income of about $110 million was down 3.7%.
How has Tetra Tech stock performed?
Strongly over 10 years, weakly over five. As of October 28, 2026, the share price had gained about 415% over 10 years, or 17.8% a year, but just 1.8% a year over five years. It fell 15.2% in 2025 and rose 10.4% in 2026 through October 28. The worst drop in the three years to that date was 47.5%. On that date the price-to-earnings (P/E) ratio, based on fiscal 2025 earnings, was 39.5.